Document:

Canadian Security Agreement, dated as of December 30, 2005

 Exhibit 10.10 
 CANADIAN SECURITY AGREEMENT 
 By 
 SOUTHERN GRAPHIC SYSTEMS-CANADA, CO./SYSTEMES GRAPHIQUES 
 SOUTHERN-CANADA, CO.
and PROJECT DOVE MANITOBA LP 
 as Pledgors 
 and 
 UBS AG, STAMFORD BRANCH, 
 as Canadian Collateral Agent 
  

 Dated as of December 30, 2005 

 TABLE OF CONTENTS 
  

					
	 ARTICLE I DEFINITIONS AND INTERPRETATION
	  	S-2
	 Section 1.1
	  	Definitions	  	S-2
	 Section 1.2
	  	Interpretation	  	S-8
	 Section 1.3
	  	Resolution of Drafting Ambiguities	  	S-8
	 Section 1.4
	  	Perfection Certificate	  	S-9
		
	 ARTICLE II GRANT OF SECURITY AND SECURED OBLIGATIONS
	  	S-9
	 Section 2.1
	  	Grant of Security Interest	  	S-9
	 Section 2.2
	  	Filings	  	S-10
		
	 ARTICLE III PERFECTION; SUPPLEMENTS; FURTHER ASSURANCES; USE OF PLEDGED COLLATERAL
	  	S-10
	 Section 3.1
	  	Delivery of Certificated Securities Collateral	  	S-10
	 Section 3.2
	  	Perfection of Uncertificated Securities Collateral	  	S-11
	 Section 3.3
	  	Financing Statements and Other Filings; Maintenance of Perfected Security Interest	  	S-11
	 Section 3.4
	  	Other Actions	  	S-12
	 Section 3.5
	  	Joinder of Additional Pledgors	  	S-13
	 Section 3.6
	  	Supplements; Further Assurances	  	S-14
		
	 ARTICLE IV REPRESENTATIONS, WARRANTIES AND COVENANTS
	  	S-15
	 Section 4.1
	  	Title	  	S-15
	 Section 4.2
	  	Validity of Security Interest	  	S-15
	 Section 4.3
	  	Defence of Claims; Transferability of Pledged Collateral	  	S-15
	 Section 4.4
	  	Other Financing Statements	  	S-15
	 Section 4.5
	  	Chief Executive Office; Change of Name; Jurisdiction of Organization	  	S-16
	 Section 4.6
	  	Location of Inventory and Equipment	  	S-16
	 Section 4.7
	  	Due Authorization and Issuance	  	S-16
	 Section 4.8
	  	Consents, etc.	  	S-16
	 Section 4.9
	  	Pledged Collateral	  	S-17
	 Section 4.10
	  	Insurance	  	S-17
	 Section 4.11
	  	Assets in Quebec	  	S-17
		
	 ARTICLE V CERTAIN PROVISIONS CONCERNING SECURITIES COLLATERAL
	  	S-17
	 Section 5.1
	  	Pledge of Additional Securities Collateral	  	S-17
	 Section 5.2
	  	Voting Rights; Distributions; etc.	  	S-18
	 Section 5.3
	  	Defaults, etc.	  	S-19
	 Section 5.4
	  	Certain Agreements of Pledgor As Issuer and Holder of Equity Interests	  	S-19
		
	 ARTICLE VI CERTAIN PROVISIONS CONCERNING INTELLECTUAL PROPERTY COLLATERAL
	  	S-20
	 Section 6.1
	  	Grant of Intellectual Property Licence	  	S-20
	 Section 6.2
	  	Protection of Collateral Agent’s Security	  	S-20
	 Section 6.3
	  	After-Acquired Property	  	S-21
	 Section 6.4
	  	Litigation	  	S-21
		
	 ARTICLE VII CERTAIN PROVISIONS CONCERNING RECEIVABLES
	  	S-22
	 Section 7.1
	  	Maintenance of Records	  	S-22
	 Section 7.2
	  	Legend	  	S-22
	 Section 7.3
	  	Modification of Terms, etc.	  	S-22

  

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	 Section 7.4
	  	Collection	  	S-22
		
	 ARTICLE VIII TRANSFERS
	  	S-23
	 Section 8.1
	  	Transfers of Pledged Collateral	  	S-23
		
	 ARTICLE IX REMEDIES
	  	S-23
	 Section 9.1
	  	Remedies	  	S-23
	 Section 9.2
	  	Appointment of a Receiver	  	S-25
	 Section 9.3
	  	Notice of Sale	  	S-25
	 Section 9.4
	  	Waiver of Notice and Claims	  	S-26
	 Section 9.5
	  	Certain Sales of Pledged Collateral	  	S-26
	 Section 9.6
	  	No Waiver; Cumulative Remedies	  	S-28
	 Section 9.7
	  	Certain Additional Actions Regarding Intellectual Property	  	S-28
		
	 ARTICLE X PROCEEDS OF CASUALTY EVENTS AND COLLATERAL DISPOSITIONS; APPLICATION OF PROCEEDS
	  	S-28
	 Section 10.1
	  	Application of Proceeds	  	S-28
		
	 ARTICLE XI MISCELLANEOUS
	  	S-29
	 Section 11.1
	  	Concerning Collateral Agent	  	S-29
	 Section 11.2
	  	Collateral Agent May Perform; Collateral Agent Appointed Attorney-in-Fact	  	S-30
	 Section 11.3
	  	Continuing Security Interest; Assignment	  	S-30
	 Section 11.4
	  	Termination; Release	  	S-31
	 Section 11.5
	  	Modification in Writing	  	S-31
	 Section 11.6
	  	Notices	  	S-32
	 Section 11.7
	  	Governing Law, Submission to Jurisdiction, Waiver of Venue, Service of Process and Waiver of Jury Trial	  	S-32
	 Section 11.8
	  	Severability of Provisions	  	S-33
	 Section 11.9
	  	Execution in Counterparts	  	S-33
	 Section 11.10
	  	Business Days	  	S-33
	 Section 11.11
	  	No Credit for Payment of Taxes or Imposition	  	S-33
	 Section 11.12
	  	No Claims Against Collateral Agent	  	S-33
	 Section 11.13
	  	No Release	  	S-34
	 Section 11.14
	  	Obligations Absolute	  	S-34
		
	 SIGNATURES
	  	S-l

			
		
	Exhibit 1	  	Form of Issuer’s Acknowledgment
	Exhibit 2	  	Form of Securities Pledge Amendment
	Exhibit 3	  	Form of Joinder Agreement
	Exhibit 4	  	Form of Control Agreement Concerning Deposit Accounts
	Exhibit 5	  	Form of Intellectural Property Security Agreement
	Exhibit 6	  	Form of Bailee’s Letter

  

 - ii - 

 CANADIAN SECURITY AGREEMENT 
 This CANADIAN SECURITY AGREEMENT dated as of December 30, 2005 (as amended, amended and restated, supplemented or otherwise modified from
time to time in accordance with the provisions hereof, this “Agreement”) made by SOUTHERN GRAPHIC SYSTEMS-CANADA, CO./SYSTEMES GRAPHIQUES SOUTHERN-CANADA, CO., a Nova Scotia unlimited liability company (the
“Borrower”) and PROJECT DOVE MANITOBA LP, a limited partnership formed under the laws of the Province of Manitoba (“Manitoba LP”), as pledgors, assignors and debtors, (the Borrower and Manitoba LP, in such
capacities and together with any successors in such capacities, the “Pledgors”, and each, a “Pledgor”), in favor of UBS AG, STAMFORD BRANCH, in its capacity as Canadian Collateral Agent pursuant to the Credit
Agreement (as hereinafter defined), as pledgee, assignee and secured party (in such capacities and together with any successors in such capacities, the “Collateral Agent”). 
 R E C I T A L S: 
 A. The Pledgors and the other Loan Parties party
thereto, the Collateral Agent, the other agents listed therein and the lending institutions listed therein have, in connection with the execution and delivery of this Agreement, entered into that certain credit agreement, dated as of
December     , 2005 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; which term shall also include and refer to any increase in the amount of
indebtedness under the Credit Agreement and any one or more successor or replacement facilities with the same agents or lenders. 
 B.
Each Pledgor will receive substantial benefits from the execution, delivery and performance of the obligations under the Credit Agreement and the other Loan Documents and is, therefore, willing to enter into this Agreement. 
 C. This Agreement is given by each Pledgor in favor of the Collateral Agent for the benefit of the Secured Parties (as hereinafter defined) to
secure the payment and performance of all of the Secured Obligations. 
 D. It is a condition to (i) the obligations of the
Canadian Lenders to make the Canadian Loans under the Credit Agreement, (ii) the obligations of the Issuing Bank to issue Letters of Credit and (iii) the performance of the obligations of the Secured Parties under Hedging Agreements that
constitute Secured Obligations that each Pledgor execute and deliver the applicable Loan Documents, including this Agreement. 

 A G R E E M E N T: 
 NOW THEREFORE, in consideration of the foregoing premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each Pledgor and the Collateral Agent hereby
agree as follows: 
 ARTICLE I 
 DEFINITIONS AND INTERPRETATION 
 Section 1.1 Definitions. 
 Unless otherwise defined herein or in the Credit Agreement, capitalized terms used herein that are defined in the PPSA shall have the meanings assigned to
them in the PPSA. 
 (a) Terms used but not otherwise defined herein that are defined in the Credit Agreement shall have the meanings given
to them in the Credit Agreement. Sections 1.03 and 1.05 of the Credit Agreement shall apply herein mutatis mutandis. 
 (b) The
following terms shall have the following meanings: 
 “$ or Canadian dollars” shall mean the lawful currency of Canada.

 “Accounts” shall mean all “accounts” as such term is defined in the PPSA, and shall include all rights and
entitlements of each Pledgor to payment for goods sold or leased or for services rendered, which are not evidenced by Instruments or Chattel Paper, and whether or not earned by performance. 
 “Account Debtor” shall mean each person who is obligated on a Receivable or Supporting Obligation related thereto. 
 “Agreement” shall have the meaning assigned to such term in the Preamble hereof.  
 “Bailee Letter” shall be an agreement in form substantially similar to Exhibit 9 hereto.  
 “Collateral Agent” shall have the meaning assigned to such term in the Preamble hereof. 
 “Collateral Support” shall mean all property (real or personal) assigned, charged, hypothecated or otherwise securing any Pledged
Collateral and shall include any security agreement or other agreement granting a lien, encumbrance, hypothec or security interest in such real or personal property. 
 “Contracts” shall mean the Acquisition Documents, all sale, service, performance, equipment or property lease contracts, agreements, obligations and grants and all other contracts, agreements,
obligations or grants (in each case, whether written, oral or otherwise, or third party or intercompany), whether now existing or hereafter arising, between each Pledgor and any third party, and all assignments, amendments, restatements,
supplements, extensions, renewals, replacements or modifications thereof. 
 “Copyrights” shall mean all copyrights (whether
statutory or common law, whether established or registered in Canada or any other country or any political subdivision thereof, whether registered or unregistered and whether published or unpublished) and all copyright registrations and applications
made by each Pledgor, in each case, whether now owned or hereafter created or acquired by or assigned to such Pledgor, together with any and all (i) rights 

  

 S-2 

 
and privileges arising under applicable law with respect to such Pledgor’s use of such copyrights, (ii) reissues, renewals, continuations and
extensions thereof and amendments and modifications thereto, (iii) income, fees, royalties, damages, claims and payments now or hereafter due and/or payable with respect thereto, including damages and payments for past, present or future
infringements thereof, (iv) rights corresponding thereto throughout the world and (v) rights to sue and other rights of action for past, present or future infringements thereof. 
 “Credit Agreement” shall have the meaning assigned to such term in Recital A hereof. 
 “Customer Locations” shall mean each of the locations set forth in Schedule 2(e) to the Perfection Certificate where any Pledgor
maintains Pledged Collateral valued at less than $750,000. 
 “Deposit Account Control Agreement” shall mean an agreement
substantially in the form of Exhibit 4 hereto or such other form that is reasonably satisfactory to the Collateral Agent establishing the Collateral Agent’s control with respect to any Deposit Account. 
 “Deposit Accounts” shall mean (i) any demand, time, savings, passbook, or similar account maintained with a financial institution
that is engaged in the business of banking and all accounts and sub-accounts relating to any of the foregoing accounts and (ii) all cash, funds, checks, notes, bills of exchange, acceptances and Instruments from time to time on deposit in any
of the accounts or sub-accounts described in clause (i) of this definition. 
 “Distributions” shall mean all
dividends, cash, options, warrants, rights, instruments, distributions, returns of capital or principal, income, interest, profits and other property, interests (debt or equity) or proceeds, including as a result of a split, revision,
reclassification or other like change of the Pledged Securities, from time to time received, receivable or otherwise distributed to each Pledgor in respect of or in exchange for any or all of the Pledged Securities or Intercompany Notes. 

“Equipment” shall mean, with respect to each Pledgor, all “equipment” as such term is defined in the PPSA, and shall
include all equipment, machinery, computers and computer hardware and software (whether owned or licensed), motor vehicles, tools, appliances, chattels, furniture, fixtures, all attachments, accessions and property now or hereafter affixed thereto
or used in connection therewith, and substitutions and replacements thereof, wherever located. 
 “Excluded Property” shall
mean 
 (a) any Contract or Licence to which each Pledgor is a party or of which each Pledgor has the benefit, to the extent that the
creation of the security therein would constitute a breach of the terms of or permit any person to terminate or suspend such Contract or Licence, but such Pledgor shall hold its interest therein in trust for the Collateral Agent until such time as
the consent of the other party to such Contract or Licence is obtained; and 
 (b) Equipment owned by any Pledgor on the date hereof or
hereafter acquired that is subject to a Lien securing a Purchase Money Obligation or Capital Lease Obligation permitted to be incurred pursuant to the provisions of the Credit Agreement if the contract or other agreement in which such Lien is
granted (or the documentation providing for such Purchase Money 

  

 S-3 

 
Obligation or Capital Lease Obligation) validly prohibits the creation of any other Lien on such Equipment; and 
 (c) (i) the last day of the term of any lease (but upon the enforcement of the Collateral Agent’s rights hereunder, the Collateral Agent shall stand
possessed of such last day in trust to assign the same to any person acquiring such term) or (ii) any Consumer Goods; and 
 (d) Equity
Interests in any unlimited liability company owned by any Pledgor or acquired hereafter, 
 provided, however, that Excluded Property shall not include any
Proceeds, substitutions or replacements of any Excluded Property referred to in clause (a), (b), (c) or (d) (unless such Proceeds, substitutions or replacements would constitute Excluded Property referred to in clause (a), (b), (c) or
(d)). 
 “General Intangibles” shall mean, collectively, with respect to each Pledgor, all “intangibles,” as such
term is defined in the PPSA, of such Pledgor and, in any event, shall include (i) all of such Pledgor’s rights, title and interest in, to and under all Contracts and insurance policies (including all rights and remedies relating to
monetary damages, including indemnification rights and remedies, and claims for damages or other relief pursuant to or in respect of any Contract), (ii) all know-how and warranties relating to any of the Pledged Collateral or the Mortgaged
Property, (iii) any and all other rights, claims, choses-in-action and causes of action of such Pledgor against any other person and the benefits of any and all collateral or other security given by any other person in connection therewith,
(iv) all guarantees, endorsements and indemnifications on, or of, any of the Pledged Collateral or any of the Mortgaged Property, (v) all lists, books, records, correspondence, ledgers, printouts, files (whether in printed form or stored
electronically), tapes and other papers or materials containing information relating to any of the Pledged Collateral or any of the Mortgaged Property, including all customer or tenant lists, identification of suppliers, data, plans, blueprints,
specifications, designs, drawings, logos, business identifiers, appraisals, recorded knowledge, surveys, studies, engineering reports, test reports, manuals, standards, processing standards, performance standards, catalogs, research data, computer
and automatic machinery software and programs and the like, field repair data, accounting information pertaining to such Pledgor’s operations or any of the Pledged Collateral or any of the Mortgaged Property and all media in which or on which
any of the information or knowledge or data or records may be recorded or stored and all computer programs used for the compilation or printout of such information, knowledge, records or data, (vi) all Licences, however characterized, now or
hereafter acquired or held by such Pledgor, including building permits, certificates of occupancy, environmental certificates, industrial permits or licences and certificates of operation and (vii) all rights to reserves, deferred payments,
deposits, refunds, indemnification of claims and claims for tax or other refunds against any Governmental Authority. 
 “Goodwill” shall mean, collectively, with respect to each Pledgor, the goodwill connected with such Pledgor’s business including all goodwill connected with (i) the use of and symbolized by any Trademark or
Trademark Intellectual Property Licence in which such Pledgor has any interest, (ii) all know-how, trade secrets, customer and supplier lists, proprietary information, inventions, methods, procedures, formulae, descriptions, compositions,
technical data, drawings, specifications, name plates, catalogs, confidential information, derivative works 

  

 S-4 

 
and the right to limit the use or disclosure thereof by any person, pricing and cost information, business and marketing plans and proposals, consulting
agreements, engineering contracts and such other assets which relate to such goodwill, and (iii) all product lines of such Pledgor’s business. 
 “Instruments” shall mean, collectively, with respect to each Pledgor, all “instruments,” as such term is defined in the PPSA, and shall include all promissory notes, drafts, bills of
exchange or acceptances. 
 “Intellectual Property Collateral” shall mean, collectively, the Patents, Trademarks,
Copyrights, Intellectual Property Licences and Goodwill. 
 “Intellectual Property Licences” shall mean, collectively, with
respect to each Pledgor, all licence and distribution agreements with, and covenants not to sue, any other party with respect to any Patent, Trademark or Copyright or any other patent, trademark or copyright, whether such Pledgor is a licensor or
licensee, distributor or distributee under any such licence or distribution agreement, together with any and all (i) renewals, extensions, supplements, modifications and continuations thereof, (ii) income, fees, royalties, damages, claims
and payments now and hereafter due and/or payable thereunder and with respect thereto including damages and payments for past, present or future infringements or violations thereof, (iii) rights to sue and other rights of action for past,
present and future infringements or violations thereof, and (iv) other rights to use, exploit or practice any or all of the Patents, Trademarks or Copyrights or any other patent, trademark or copyright. 
 “Intellectual Property Security Agreement” shall mean an agreement substantially in the form of Exhibit 5 hereto. 
 “Intercompany Notes” shall mean, with respect to each Pledgor, all intercompany notes described in Schedule 11 to the Perfection
Certificate and intercompany notes hereafter acquired by such Pledgor and all certificates, instruments or agreements evidencing such intercompany notes, and all assignments, amendments, restatements, supplements, extensions, renewals, replacements
or modifications thereof to the extent permitted pursuant to the terms hereof. 
 “Inventory” shall mean, with respect to
each Pledgor, all “inventory” as such term is defined in the PPSA, and shall include all raw materials, work in process, work in transit, finished goods, new and unused production, packing and shipping materials, new and unused maintenance
items, and all other inventory of whatsoever kind or nature, wherever located. 
 “Joinder Agreement” shall mean an
agreement substantially in the form of Exhibit 3 hereto. 
 “Licences” shall mean, collectively, with respect to each
Pledgor, all franchises, licences, quotas, exclusivity rights, territorial rights, authorizations, certifications, approvals, permits, consents, variances and operating rights authorizing or relating to such Pledgor’s rights to carry on or
operate its business. 
  

 S-5 

 “Material Intellectual Property Collateral” shall mean any Intellectual Property
Collateral that is material (i) to the use and operation of the Pledged Collateral or (ii) to the business, results of operations, prospects or condition, financial or otherwise, of any Pledgor. 
 “Patents” shall mean, collectively, with respect to each Pledgor, all patents issued or assigned to, and all patent applications and
registrations made by, such Pledgor (whether established or registered or recorded in Canada or any other country or any political subdivision thereof), together with any and all (i) rights and privileges arising under applicable law with
respect to such Pledgor’s use of any patents, (ii) inventions and improvements described and claimed therein, (iii) reissues, divisions, continuations, renewals, extensions and continuations-in-part thereof and amendments and
modifications thereto, (iv) income, fees, royalties, damages, claims and payments now or hereafter due and/or payable thereunder and with respect thereto including damages and payments for past, present or future infringements thereof,
(v) rights corresponding thereto throughout the world and (vi) rights to sue and other rights of action for past, present or future infringements thereof. 
 “Payment Intangible” means a General Intangible under which the account debtor’s principal obligation is a monetary obligation. 
 “Perfection Certificate” shall mean that certain perfection certificate dated as of the Closing Date, executed and delivered by each
Pledgor in favor of the Collateral Agent for the benefit of the Secured Parties, and each other Perfection Certificate (which shall be in substantially similar form as the Perfection Certificate dated as of the Closing Date or such other form
reasonably acceptable to the Collateral Agent) executed and delivered by the applicable person in favor of the Collateral Agent for the benefit of the Secured Parties contemporaneously with the execution and delivery of each Joinder Agreement
executed in accordance with Section 3.5 hereof, in each case, as the same may be amended, amended and restated, supplemented or otherwise modified from time to time in accordance with the Credit Agreement or upon the request of the Collateral
Agent. 
 “Pledge Amendment” shall have the meaning assigned to such term in Section 5.1 hereof. 
 “Pledged Collateral” shall have the meaning assigned to such term in Section 2.1 hereof. 
 “Pledged Securities” shall mean, collectively, with respect to each Pledgor, (i) all issued and outstanding Equity Interests of
each issuer set forth on Schedule 10(a) to the Perfection Certificate as being owned by such Pledgor and all options, warrants, rights, agreements and additional Equity Interests of whatever class of any such issuer acquired by such Pledgor
(including by issuance), together with all rights, privileges, authority and powers of such Pledgor relating to such Equity Interests in each such issuer or under any Organizational Document of each such issuer, and the certificates and instruments
representing such Equity Interests and any and all interest of the such Pledgor in the entries on the books of any financial intermediary pertaining to such Equity Interests, (ii) all Equity Interests of any Subsidiary, which Equity Interests
are hereafter acquired by such Pledgor (including by issuance) and all options, warrants, rights, agreements and additional Equity Interests of whatever class of any such Subsidiary acquired by such Pledgor (including by issuance), together with all
rights, privileges, authority and powers of such Pledgor relating to such Equity Interests or under any Organizational 

  

 S-6 

 
Document of any such Subsidiary, and the certificates, instruments and agreements representing such Equity Interests and any and all interest of such Pledgor
in the entries on the books of any financial intermediary pertaining to such Equity Interests, from time to time acquired by such Pledgor in any manner, and (iii) all Equity Interests issued in respect of the Equity Interests referred to in
clause (i) or (ii) upon any consolidation, amalgamation, continuation or merger of any issuer of such Equity Interests; provided, however, that Pledged Securities shall not include any (w) Equity Interests which are not required to be
pledged pursuant to Section 5.11(b) of the Credit Agreement, (x) Equity Interests in any unlimited liability company owned by such Pledgor or acquired hereafter in the Borrower. 
 “Pledgor” shall have the meaning assigned to such term in the Preamble hereof. 
 “PPSA” shall mean the Personal Property Security Act (Ontario) as in effect from time to time and any other applicable federal,
provincial or territorial personal property security or similar legislation, together with all rules, regulations and interpretations thereunder or related thereto. 
 “Proceeds” shall mean, all “proceeds” as such term is defined in the PPSA, and shall include all proceeds in any form derived from the sale, lease or other disposition of any of the Pledged
Collateral, including, without limitation, in the case of the Intellectual Property Collateral, all licence royalties and proceeds of suits relating to the Intellectual Property Collateral. 
 “Quebec Collateral” shall have the meaning assigned to such term in Section 4.11(b) hereof. 
 “Receivables” shall mean all (i) Accounts, (ii) Chattel Paper, (iii) Payment Intangibles, (iv) General Intangibles,
(v) Instruments and (vi) to the extent not otherwise covered above, all other rights to payment, whether or not earned by performance, for goods or other property sold, leased, licensed, sublicensed, assigned or otherwise disposed of, or
services rendered or to be rendered, regardless of classification, together with all of each Pledgor’s rights, if any, in any goods or other property giving rise to such right to payment and all Collateral Support and Supporting Obligations
related thereto and all Records relating thereto. 
 “Receiver” shall have the meaning assigned to such term in
Section 9.2 hereof. 
 “Records” shall mean all of each Pledgor’s books of account of every kind or nature,
purchase and sale agreements, invoices, ownership certificates, manuals, publications, ledger cards, bills of lading and other shipping evidence, statements, correspondence, memoranda, credit files and other data relating to the Pledged Collateral
or any account debtor, together with the tapes, disks, diskettes and other data and software storage media and devices, internet, intranet and extranet sites, file cabinets or containers in or on which the foregoing are stored (including any rights
of such Pledgor with respect to the foregoing maintained with or by any other person). 
 “Refinancing Indebtedness” shall
have the meaning assigned to such term in Section 11.4(b) hereof. 
  

 S-7 

 “Remaining Secured Obligations” shall have the meaning assigned to such term in
Section 11.4(b) hereof. 
 “Secured Obligations” shall mean the Canadian Obligations as such term is defined in the
Credit Agreement. 
 “Secured Parties” shall mean, collectively, the Canadian Administrative Agent, the Collateral Agent,
the Lenders and each party to a Hedging Agreement if at the date of entering into such Hedging Agreement such person was a Lender or an Affiliate of a Lender and such person executes and delivers to the Administrative Agents a letter agreement in
form and substance acceptable to the Administrative Agents pursuant to which such person (i) appoints the Collateral Agent as its agent under the applicable Loan Documents and (ii) agrees to be bound by the provisions of Sections
9.03,10.03 and 10.09 of the Credit Agreement. 
 “Securities Collateral” shall mean, collectively, the Pledged Securities,
the Intercompany Notes and the Distributions. 
 “Supporting Obligation” shall mean a letter-of-credit right or secondary
obligation that supports the payment or performance of an Account, Chattel Paper, a Document of Title, a General Intangible or an Instrument. 
 “Trademarks” shall mean, collectively, with respect to each Pledgor, all trademarks (including service marks), slogans, logos, business identifiers, certification marks, trade dress, uniform resource locations (URL’s),
domain names, corporate names used in commerce and trade names, whether registered or unregistered, owned by or assigned to such Pledgor and all registrations and applications for the foregoing (whether statutory or common law and whether
established or registered in Canada or any other country or any political subdivision thereof), together with any and all (i) rights and privileges arising under applicable law with respect to such Pledgor’s use of any trademarks,
(ii) reissues, continuations, extensions and renewals thereof and amendments and modifications thereto, (iii) income, fees, royalties, damages and payments now and hereafter due and/or payable thereunder and with respect thereto, including
damages, claims and payments for past, present or future infringements thereof, (iv) rights corresponding thereto throughout the world and (v) rights to sue and other rights of action for past, present and future infringements thereof.

 Section 1.2 Interpretation. 
 The
rules of interpretation specified in the Credit Agreement (including Section 1.03 thereof) shall be applicable to this Agreement. 
 Section 1.3
Resolution of Drafting Ambiguities. 
 Each Pledgor acknowledges and agrees that it was represented by counsel in connection with the
execution and delivery hereof, that it and its counsel reviewed and participated in the preparation and negotiation hereof and that any rule of construction to the effect that ambiguities are to be resolved against the drafting party (i.e., the
Collateral Agent) shall not be employed in the interpretation hereof. 
  

 S-8 

 Section 1.4 Perfection Certificate. 
 The Collateral Agent and each Secured Party agree that the Perfection Certificate and all descriptions of Pledged Collateral, schedules, amendments and
supplements thereto are and shall at all times remain a part of this Agreement. 
 ARTICLE II 
 GRANT OF SECURITY AND SECURED OBLIGATIONS 
 Section 2.1 Grant of Security Interest. 
 As collateral security for the payment and performance in full of all the
Secured Obligations, each Pledgor hereby pledges and grants to the Collateral Agent for the benefit of the Secured Parties, a lien on and security interest in all of the right, title and interest of such Pledgor in, to and under the following
property, wherever located, and whether now existing or hereafter arising or acquired from time to time (collectively, the “Pledged Collateral”): 
  

	 	(i)	all Accounts; 

  

	 	(ii)	all Equipment, Goods and Inventory; 

  

	 	(iii)	all Documents of Title, Instruments and Chattel Paper; 

  

	 	(iv)	all Securities Collateral; 

  

	 	(v)	all Intellectual Property Collateral; 

  

	 	(vi)	all General Intangibles; 

  

	 	(vii)	all Money and all Deposit Accounts; 

  

	 	(viii)	all Supporting Obligations; 

  

	 	(ix)	all Records relating to the Pledged Collateral; and 

  

	 	(x)	to the extent not covered by clauses (i) through (ix) of this sentence, all other personal property of such Pledgor, whether tangible or intangible, and all Proceeds and
products of each of the foregoing and all accessions to, substitutions and replacements for, and rents, profits and products of, each of the foregoing, any and all Proceeds of any insurance, indemnity, warranty or guaranty payable to such Pledgor
from time to time with respect to any of the foregoing. 

 Notwithstanding anything to the contrary contained in clauses
(i) through (ix) above, the security interest created by this Agreement shall not extend to, and the term “Pledged Collateral” shall not include, any Excluded Property and (i) the Pledgors shall from time to time at the
request of the Collateral Agent give written notice to the Collateral Agent identifying in 

  

 S-9 

 
reasonable detail the Excluded Property and shall provide to the Collateral Agent such other information regarding the Excluded Property as the Collateral
Agent may reasonably request and (ii) from and after the Closing Date, no Pledgor shall permit to become effective in any document creating, governing or providing for any Licence, a provision that would prohibit the creation of a Lien on such
Licence in favor of the Collateral Agent unless such Pledgor believes, in its reasonable judgment, that such action is permitted by Section 6.19 of the Credit Agreement. 
 Section 2.2 Filings. 
 (a) Each Pledgor hereby irrevocably authorizes the Collateral Agent at any
time and from time to time to file in any relevant jurisdiction any financing statements and amendments thereto that contain the information required by the PPSA or similar legislation of each applicable jurisdiction for the filing of any financing
statement or amendment relating to the Pledged Collateral, including (i) whether such Pledgor is an organization, the type of organization and any organizational identification number issued to such Pledgor, (ii) any financing or
continuation statements or other documents without the signature of such Pledgor where permitted by law, including the filing of a financing statement describing the Pledged Collateral as “all of the present and after acquired personal property
of the debtor or in which debtor otherwise has rights and all substitutions therefor and proceeds thereof, and (iii) in the case of a financing statement covering Pledged Collateral constituting minerals, hydrocarbons or the like to be
extracted or timber to be cut, growing crops or the unborn young of animals, a sufficient description of the real property to which such Pledged Collateral relates. Each Pledgor agrees to provide all information described in the immediately
preceding sentence to the Collateral Agent promptly upon request by the Collateral Agent. 
 (b) Each Pledgor hereby ratifies its
authorization for the Collateral Agent to file in any relevant jurisdiction any financing statements or amendments thereto relating to the Pledged Collateral if filed prior to the date hereof. 
 (c) Each Pledgor hereby further authorizes the Collateral Agent to file filings with the Canadian Intellectual Property Office (or any successor office
or any similar office in any other country), including this Agreement and the Intellectual Property Security Agreement, or other documents for the purpose of perfecting, confirming, continuing, enforcing or protecting the security interest granted
by such Pledgor hereunder, without the signature of such Pledgor, and naming such Pledgor, as debtor, and the Collateral Agent, as secured party. 
 ARTICLE III 
 PERFECTION; SUPPLEMENTS; FURTHER ASSURANCES; 
 USE OF PLEDGED COLLATERAL 
 Section 3.1 Delivery of Certificated Securities Collateral.

 Each Pledgor represents and warrants that all certificates, agreements or instruments representing or evidencing the Securities
Collateral in existence on the date hereof have been delivered to the Collateral Agent in suitable form for transfer by delivery or accompanied by 

  

 S-10 

 
duly executed instruments of transfer or assignment in blank and that the Collateral Agent has a perfected first priority security interest therein. Each
Pledgor hereby agrees that all certificates, agreements or instruments representing or evidencing Securities Collateral acquired by such Pledgor after the date hereof shall promptly (but in any event within five (5) Business Days after receipt
thereof by such Pledgor) be delivered to and held by or on behalf of the Collateral Agent pursuant hereto. All certificated Securities Collateral shall be in suitable form for transfer by delivery or shall be accompanied by duly executed instruments
of transfer or assignment in blank, all in form and substance reasonably satisfactory to the Collateral Agent. The Collateral Agent shall have the right, at any time upon the occurrence and during the continuance of any Event of Default, to endorse,
assign or otherwise transfer to or to register in the name of the Collateral Agent or any of its nominees or endorse for negotiation any or all of the Securities Collateral, without any indication that such Securities Collateral is subject to the
security interest hereunder. In addition, upon the occurrence and during the continuance of an Event of Default, the Collateral Agent shall have the right upon one (1) day prior written notice to such Pledgor to exchange certificates
representing or evidencing Securities Collateral for certificates of smaller or larger denominations. 
 Section 3.2 Perfection of Uncertificated
Securities Collateral. 
 Each Pledgor represents and warrants that the Collateral Agent has a perfected first priority security interest
in all uncertificated Pledged Securities pledged by it hereunder that are in existence on the date hereof. Each Pledgor hereby agrees that if any of the Pledged Securities are at any time not evidenced by certificates of ownership, then such Pledgor
shall, to the extent permitted by applicable law, (i) cause the issuer to execute and deliver to the Collateral Agent an acknowledgment of the pledge of such Pledged Securities substantially in the form of Exhibit 1 hereto, (ii) if
necessary or desirable to perfect a security interest in such Pledged Securities, cause such pledge to be recorded on the equity holder register or the books of the issuer, execute any customary pledge forms or other documents reasonably necessary
or appropriate to complete the pledge and give the Collateral Agent the right to transfer such Pledged Securities under the terms hereof, (iii) upon the reasonable request by the Collateral Agent, provide to the Collateral Agent an opinion of
counsel, in form and substance reasonably satisfactory to the Collateral Agent, confirming such pledge and perfection thereof, and (iv) after the occurrence and during the continuance of any Event of Default, upon request by the Collateral
Agent, (A) cause the Organizational Documents of such issuer to be amended to provide that such Pledged Securities shall be treated as “securities” for purposes of the PPSA, and (B) cause such Pledged Securities to become
certificated and delivered to the Collateral Agent in accordance with the provisions of Section 3.1. 
 Section 3.3 Financing Statements and
Other Filings; Maintenance of Perfected Security Interest. 
 Each Pledgor represents and warrants that all financing statements,
agreements, instruments and other documents necessary to perfect the security interest granted by it to the Collateral Agent in respect of the Pledged Collateral have been delivered to the Collateral Agent in completed and, to the extent necessary
or appropriate, duly executed form for filing in each governmental, municipal or other office specified in Schedule 7 to the Perfection Certificate. Each Pledgor agrees that at the sole cost and expense of such Pledgor, such Pledgor will 

  

 S-11 

 
maintain the security interest created by this Agreement in the Pledged Collateral as a perfected first priority security interest subject only to Permitted
Liens. 
 Section 3.4 Other Actions. 
 In order to further ensure the attachment, perfection and priority of, and the ability of the Collateral Agent to enforce, the Collateral Agent’s security interest in the Pledged Collateral, each Pledgor represents and warrants as
follows and agrees, at such Pledgor’s own expense, to take the following actions with respect to the following Pledged Collateral: 
 (a)
Attachment. 
 (i) Value has been given; 
 (ii) such Pledgor has rights in the Pledged Collateral (other than Pledged Collateral acquired after the date hereof); and 
 (iii) they have not agreed to postpone the time for attachment of the Lien which shall attach upon the execution of this Agreement and, in
the case of Pledged Collateral acquired after the date hereof, when such Pledgor has rights therein. 
 (b) Instruments and Chattel
Paper. As of the date hereof, no amounts payable under or in connection with any of the Pledged Collateral are evidenced by any Instrument or Chattel Paper other than such Instruments and Chattel Paper listed in Schedule 11 to the Perfection
Certificate. Each Instrument and each item of Chattel Paper listed in Schedule 11 to the Perfection Certificate has been properly endorsed, assigned and delivered to the Collateral Agent, accompanied by instruments of transfer or assignment duly
executed in blank. If any amount then payable under or in connection with any of the Pledged Collateral shall be evidenced by any Instrument or Chattel Paper, and such amount, together with all amounts payable evidenced by any Instrument or Chattel
Paper not previously delivered to the Collateral Agent exceeds$ 500, 000 in the aggregate for all Pledgors, the Pledgor acquiring such Instrument or Chattel Paper shall promptly (but in any event within five (5) Business Days after receipt
thereof) endorse, assign and deliver such Instrument or Chattel Paper to the Collateral Agent, accompanied by such instruments of transfer or assignment duly executed in blank as the Collateral Agent may from time to time specify. 
 (c) Deposit Accounts. As of the date hereof, no Pledgor has any Deposit Accounts otherthan the accounts listed in Schedule 14 to the Perfection
Certificate. The Collateral Agent has a first priority perfected security interest in each such Deposit Account. No Pledgor shall hereafter establish and maintain any Deposit Account unless (1) it shall have given the Collateral Agent
30days’ prior written notice of its intention to establish such new Deposit Account with a financial institution, (2) such financial institution shall be reasonably acceptable to the Collateral Agent and (3) such financial institution
and such Pledgor shall have duly executed and delivered to the Collateral Agent a Deposit Account Control Agreement with respect to such Deposit Account unless the Collateral Agent shall have waived such requirement in writing. The Collateral Agent
agrees with each Pledgor that the Collateral Agent shall not give any instructions directing the disposition of funds from time to time credited to any Deposit Account or withhold any withdrawal rights from each Pledgor with respect to funds from
time to time credited to any 

  

 S-12 

 
Deposit Account unless an Event of Default has occurred and is continuing. The provisions of this Section 3.4(c) shall not apply to (i) Deposit
Accounts specially and exclusively used as trust accounts for the benefit of each Pledgor’s customers if all or any portion of the proceeds on deposit therein are for the benefit of one or more customers of such Pledgor, (ii) Deposit
Accounts specially and exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of each Pledgor’s employees, or (iii) to any Deposit Accounts for which the Collateral Agent is the
financial institution. Each Pledgor shall not grant a Lien or any Deposit Account to any person other than the Collateral Agent. 
 (d)
Letter-of-Credit Rights. If any Pledgor is at any time a beneficiary under a Letter of Credit now or hereafter issued, such Pledgor shall promptly notify the Collateral Agent thereof and such Pledgor shall, at the request of the Collateral
Agent, pursuant to an agreement in form and substance reasonably satisfactory to the Collateral Agent, either (i) arrange for the issuer and any confirmer of such Letter of Credit to consent to an assignment to the Collateral Agent of the
proceeds of any drawing under the Letter of Credit or (ii) arrange for the Collateral Agent to become the transferee beneficiary of such Letter of Credit, with the Collateral Agent agreeing, in each case, that the proceeds of any drawing under
the Letter of Credit are to be applied as provided in the Credit Agreement. The actions in the preceding sentence shall not be required to the extent that the amount of any such Letter of Credit, together with the aggregate amount of all other
Letters of Credit for which the actions described above in clause (i) and (ii) have not been taken, does not exceed S500,000 in the aggregate. 
 (e) Landlord’s Access Agreements/Bailee Letters. Each Pledgor shall use its commercially reasonable efforts to obtain as soon as practicable after the date hereof with respect to each location set forth in
Schedule 4.01(m)(vi) to the Credit Agreement, where such Pledgor maintains Pledged Collateral (other than Customer Locations), a Bailee Letter and/or Landlord Access Agreement, as applicable, and use commercially reasonable efforts to obtain a
Bailee Letter, Landlord Access Agreement and/or landlord’s lien waiver, as applicable, from all such bailees and landlords, as applicable, who from time to time have possession of any Pledged Collateral if reasonably requested by the Collateral
Agent. Notwithstanding the foregoing, a waiver of bailee’s lien shall not be required in any event if the value of the Pledged Collateral held by such bailee is less than $50,000, provided that the aggregate value of the Pledged Collateral held
by all bailees who have not delivered a Bailee Letter is less than $250,000 in the aggregate. 
 (f) Motor Vehicles. Upon the request
of the Collateral Agent, each Pledgor shall deliver to the Collateral Agent originals of the certificates of title or ownership for the motor vehicles (and any other Equipment covered by certificates of title or ownership) owned by it, with the
Collateral Agent listed as lienholder therein. Such requirement shall not apply if any such motor vehicle (or any such other Equipment) is valued at less than $50,000 (on a replacement value basis), provided that the aggregate replacement value of
all motor vehicles (and such Equipment) as to which any Pledgor has not delivered a certificate of title or ownership is less than $500,000. 
 Section 3.5 Joinder of Additional Pledgors. 
 Each Pledgor shall cause its Subsidiaries which, from time to time, after
the date hereof shall be required to pledge any assets to the Collateral Agent for the benefit of the Secured Parties pursuant to the provisions of the Credit Agreement, (a) to execute and deliver to the 

  

 S-13 

 
Collateral Agent (i) a Joinder Agreement substantially in the form of Exhibit 3 hereto and (ii) a Perfection Certificate, in each case, within
thirty (30) days of the date on which it was acquired or created or (b) in the case of a Subsidiary organized outside of Canada required to pledge any assets to the Collateral Agent, to execute and deliver to the Collateral Agent such
documentation as the Collateral Agent shall reasonably request and, in each case with respect to clauses (a) and (b) above, upon such execution and delivery, such Subsidiary shall constitute a “Pledgor” for all purposes hereunder
with the same force and effect as if originally named as a Pledgor herein. The execution and delivery of such Joinder Agreement shall not require the consent of any Pledgor hereunder. The rights and obligations of each Pledgor hereunder shall remain
in full force and effect notwithstanding the addition of any new Pledgor as a party to this Agreement. 
 Section 3.6 Supplements; Further
Assurances. 
 Each Pledgor shall take such further actions, and execute and/or deliver to the Collateral Agent such additional financing
statements, amendments, assignments, agreements, supplements, powers and instruments, as the Collateral Agent may in its reasonable judgment deem necessary or appropriate in order to create, perfect, preserve and protect the security interest in the
Pledged Collateral as provided herein and the rights and interests granted to the Collateral Agent hereunder, to carry into effect the purposes hereof or better to assure and confirm the validity, enforceability and priority of the Collateral
Agent’s security interest in the Pledged Collateral or permit the Collateral Agent to exercise and enforce its rights, powers and remedies hereunder with respect to any Pledged Collateral, including the filing of financing statements,
continuation statements and other documents (including this Agreement) under the PPSA (or other similar laws) in effect in any jurisdiction with respect to the security interest created hereby and the execution and delivery of Deposit Account
Control Agreements, all in form reasonably satisfactory to the Collateral Agent and in such offices (including the Canadian Intellectual Property Office) wherever required by law to perfect, continue and maintain the validity, enforceability and
priority of the security interest in the Pledged Collateral as provided herein and to preserve the other rights and interests granted to the Collateral Agent hereunder, as against third parties, with respect to the Pledged Collateral. Without
limiting the generality of the foregoing, each Pledgor shall make, execute, endorse, acknowledge, file or refile and/or deliver to the Collateral Agent from time to time upon reasonable request by the Collateral Agent such lists, schedules,
descriptions and designations of the Pledged Collateral, copies of warehouse receipts, receipts in the nature of warehouse receipts, bills of lading, documents of title, vouchers, invoices, schedules, confirmatory assignments, supplements,
additional security agreements, conveyances, financing statements, transfer endorsements, powers of attorney, certificates, reports and other assurances or instruments as the Collateral Agent may in its reasonable, judgment deem necessary or
appropriate. If an Event of Default has occurred and is continuing, the Collateral Agent may institute and maintain, in its own name or in the name of any Pledgor, such suits and proceedings as the Collateral Agent may be advised by counsel shall be
necessary or expedient to prevent any impairment of the security interest in or the perfection thereof in the Pledged Collateral. All of the foregoing shall be at the sole cost and expense of the Pledgors. 
  

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 ARTICLE IV 
 REPRESENTATIONS, WARRANTIES AND COVENANTS 
 Each Pledgor represents, warrants and covenants as
follows:  
 Section 4.1 Title. 
 Except for the security interest granted to the Collateral Agent for the ratable benefit of the Secured Parties pursuant to this Agreement and Permitted Liens, such Pledgor owns and has rights and, as to Pledged Collateral acquired by it
from time to time after the date hereof, will own and have rights in each item of Pledged Collateral pledged by it hereunder, free and clear of any and all Liens or claims of others. In addition, no Liens or claims exist on the Securities
Collateral, other than as permitted by Section 6.02 of the Credit Agreement. 
 Section 4.2 Validity of Security Interest. 
 The security interest in and Lien on the Pledged Collateral granted to the Collateral Agent for the benefit of the Secured Parties hereunder constitutes
(a) a legal and valid security interest in all the Pledged Collateral securing the payment and performance of the Secured Obligations, and (b) subject to the filings and other actions described in Schedule 7 to the Perfection Certificate
(to the extent required to be listed on the schedules to the Perfection Certificate as of the date this representation is made or deemed made), a perfected security interest in all the Pledged Collateral. The security interest and Lien granted to
the Collateral Agent for the benefit of the Secured Parties pursuant to this Agreement in and on the Pledged Collateral will at all times constitute a perfected, continuing security interest therein, prior to all other Liens on the Pledged
Collateral except for Permitted Liens. 
 Section 4.3 Defence of Claims; Transferability of Pledged Collateral. 
 Subject to Section 5.05 of the Credit Agreement, such Pledgor shall, at its own cost and expense, defend title to the Pledged Collateral pledged by
it hereunder and the security interest therein and Lien thereon granted to the Collateral Agent and the priority thereof against all claims and demands of all persons, at any time claiming any interest therein adverse to the Collateral Agent or any
other Secured Party other than Permitted Liens. As of the date hereof, there is no agreement, order, judgment or decree, and such Pledgor shall not enter into any agreement or take any other action, that would restrict the transferability of any of
the Pledged Collateral or otherwise materially impair or conflict with such Pledgor’s obligations or the rights of the Collateral Agent hereunder. 
 Section 4.4 Other Financing Statements. 
 No Pledgor has filed or authorized any third party to file, any valid or
effective financing statement (or similar statement, instrument of registration or public notice under the law of any jurisdiction) covering or purporting to cover any interest of any kind in the Pledged Collateral, except such as have been filed in
favor of the Collateral Agent pursuant to this Agreement or in favor of any holder of a Permitted Lien with respect to such Permitted Lien or financing statements or public notices relating to the termination statements listed on Schedule 9 to the

  

 S-15 

 
Perfection Certificate. No Pledgor shall execute, authorize or permit to be filed in any public office any financing statement (or similar statement,
instrument of registration or public notice under the law of any jurisdiction) relating to any Pledged Collateral, except financing statements and other statements and instruments filed or to be filed in respect of and covering the security
interests granted by such Pledgor to the holder of the Permitted Liens. 
 Section 4.5 Chief Executive Office; Change of Name; Jurisdiction of
Organization. 
 The Collateral Agent may rely on advice of counsel as to whether any or all PPSA financing statements of each Pledgor
need to be amended as a result of any of the changes described in Section 5.13(a) of the Credit Agreement. If any Pledgor fails to provide information to the Collateral Agent about such changes when required by Section 5.13(a) of
the Credit Agreement, the Collateral Agent shall not be liable or responsible to any party for any failure to maintain a perfected security interest in such Pledgor’s property constituting Pledged Collateral, for which the Collateral Agent
needed to have information relating to such changes. The Collateral Agent shall have no duty to inquire about such changes if such Pledgor does not inform the Collateral Agent of such changes, the parties acknowledging and agreeing that it would not
be feasible or practical for the Collateral Agent to search for information on such changes if such information is not provided by such Pledgor. 
 Section 4.6 Location of Inventory and Equipment. 
 It shall not move any Equipment or Inventory to any location, other
than any location that is listed in the relevant Schedules to the Perfection Certificate, unless (i) it shall have given the Collateral Agent not less than thirty (30) days’ prior written notice (in the form of an Officers’
Certificate) of its intention so to do, clearly describing such new location and providing such other information in connection therewith as the Collateral Agent may reasonably request and (ii) to the extent applicable with respect to such new
location, such Pledgor shall have complied with Section 3.4(e); provided that in no event shall any Equipment or Inventory be moved to any location outside of Canada unless such Pledgor has complied with Section 5.12 of the Credit
Agreement. 
 Section 4.7 Due Authorization and Issuance. 
 All of the Pledged Securities existing on the date hereof have been, and to the extent any Pledged Securities are hereafter issued, such Pledged Securities will be, upon such issuance, duly authorized, validly issued
and fully paid and non-assessable. There is no amount or other obligation owing by any Pledgor to any issuer of the Pledged Securities in exchange for or in connection with the issuance of the Pledged Securities or any Pledgor’s status as a
shareholder, unitholder, partner or a member of any issuer of the Pledged Securities. 
 Section 4.8 Consents, etc. 
 In the event that the Collateral Agent desires to exercise any remedies, voting or consensual rights or attorney-in-fact powers set forth in this
Agreement and determines it necessary to obtain any approvals or consents of any Governmental Authority or any other person therefor, then, upon the reasonable request of the Collateral Agent, the Pledgor agrees to use its commercially reasonable
efforts to assist and aid the Collateral Agent to obtain as soon as 

  

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practicable any necessary approvals or consents for the exercise of any such remedies, rights and powers. 
 Section 4.9 Pledged Collateral. 
 As of the date
hereof, all information set forth herein, and all information contained in any documents, schedules and lists heretofore delivered to any Secured Party, including the Perfection Certificate and the schedules thereto, in connection with this
Agreement, in each case, relating to the Pledged Collateral, is true, accurate and complete in all material respects. The Pledged Collateral described on the schedules to the Perfection Certificate constitutes all of the material property of such
type of Pledged Collateral owned or held by the Pledgors. 
 Section 4.10 Insurance. 
 In the event that the proceeds of any insurance claim are paid to any Pledgor after the Collateral Agent has exercised its right to foreclose after an
Event of Default, such Net Cash Proceeds shall be held in trust for the benefit of the Collateral Agent and immediately after receipt thereof shall be paid to the Collateral Agent for application in accordance with the Credit Agreement. 

Section 4.11 Assets in Quebec. 
 With the
exception of inventory in transit, the aggregate fair market value of all assets and property comprising the Pledged Collateral situated in the Province of Quebec (the “Quebec Collateral”) does not exceed $1,000,000. If at any time
the fair market value of the Quebec Collateral exceeds $1,000,000, the Borrower shall (i) promptly provide the Collateral Agent with written notice thereof, and (ii) within thirty (30) days of such notice, execute and/or deliver to
the Collateral Agent any and all agreements, instruments and documents as the Collateral Agent shall reasonably require to grant to the Collateral Agent a valid and perfected first priority security interest in the Quebec Collateral. 
 ARTICLE V 
 CERTAIN PROVISIONS
CONCERNING SECURITIES COLLATERAL 
 Section 5.1 Pledge of Additional Securities Collateral. 
 Each Pledgor shall, upon obtaining any Pledged Securities or Intercompany Notes of any person, accept the same in trust for the benefit of the Collateral
Agent and promptly (but in any event within five (5) Business Days after receipt thereof) deliver to the Collateral Agent a pledge amendment, duly executed by such Pledgor, in substantially the form of Exhibit 2 hereto (each, a “Pledge
Amendment”), and the certificates and other documents required under Section 3.1 and Section 3.2 hereof in respect of the additional Pledged Securities or Intercompany Notes which are to be pledged pursuant to this Agreement, and
confirming the attachment of the Lien hereby created on and in respect of such additional Pledged Securities or Intercompany Notes. Each Pledgor hereby authorizes the Collateral Agent to attach each Pledge Amendment to this Agreement and agrees that
all Pledged Securities or Intercompany Notes listed on any Pledge 

  

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Amendment delivered to the Collateral Agent shall for all purposes hereunder be considered Pledged Collateral. 
 Section 5.2 Voting Rights; Distributions; etc. 
 (a) So long as no Event of Default shall have occurred and be continuing: 
 (i) Each Pledgor shall be entitled to
exercise any and all voting and other consensual rights pertaining to the Securities Collateral or any part thereof for any purpose not inconsistent with the terms or purposes hereof, the Credit Agreement or any other document evidencing the Secured
Obligations; provided, however, that such Pledgor shall not in any event exercise such rights in any manner which could reasonably be expected to have a Material Adverse Effect. 
 (ii) Each Pledgor shall be entitled to receive and retain, and to utilize free and clear of the Lien hereof, any and all Distributions,
but only if and to the extent made in accordance with the provisions of the Credit Agreement; provided, however, that any and all such Distributions consisting of rights or interests in the form of securities shall be forthwith delivered to the
Collateral Agent to hold as Pledged Collateral and shall, if received by such Pledgor, be received in trust for the benefit of the Collateral Agent, be segregated from the other property or funds of such Pledgor and be promptly (but in any event
within five (5) days after receipt thereof) delivered to the Collateral Agent as Pledged Collateral in the same form as so received (with any necessary endorsement). 
 (b) So long as no Event of Default shall have occurred and be continuing, the Collateral Agent shall be deemed without further action or formality to have granted to each Pledgor all necessary consents relating to
voting rights and shall, if necessary, upon written request of any Pledgor and at the sole cost and expense of the Pledgors, from time to time execute and deliver (or cause to be executed and delivered) to such Pledgor all such instruments as such
Pledgor may reasonably request in order to permit such Pledgor to exercise the voting and other rights which it is entitled to exercise pursuant to Section 5.2(a)(i) hereof and to receive the Distributions which it is authorized to receive and
retain pursuant to Section 5.2(a)(ii) hereof. 
 (c) Upon the occurrence and during the continuance of any Event of Default (in respect
of which the Collateral Agent agrees in connection with the exercise of its rights set forth in (i) and (ii) below to provide a concurrent notice to the applicable Pledgor): 
 (i) All rights of each Pledgor to exercise the voting and other consensual rights it would otherwise be entitled to exercise pursuant to
Section 5.2(a)(i) hereof shall immediately cease, and all such rights shall thereupon become vested in the Collateral Agent, which shall thereupon have the sole right to exercise such voting and other consensual rights. 
 (ii) All rights of each Pledgor to receive Distributions which it would otherwise be authorized to receive and retain pursuant to
Section 5.2(a)(ii) hereof shall immediately cease and all such rights shall thereupon become vested in the Collateral Agent, which shall thereupon have the sole right to receive and hold as Pledged Collateral such Distributions. 
  

 S-18 

 (d) Each Pledgor shall, at its sole cost and expense, from time to time execute and deliver to the
Collateral Agent appropriate instruments as the Collateral Agent may reasonably request in order to permit the Collateral Agent to exercise the voting and other rights which it may be entitled to exercise pursuant to Section 5.2(a)(i) hereof
and to receive all Distributions which it may be entitled to receive under Section 5.2(a)(ii) hereof. 
 (e) All Distributions which are
received by any Pledgor contrary to the provisions of Section 5.2(a)(ii) hereof shall be received in trust for the benefit of the Collateral Agent, shall be segregated from other funds of such Pledgor and shall immediately be paid over to the
Collateral Agent as Pledged Collateral in the same form as so received (with any necessary endorsement). 
 Section 5.3 Defaults, etc.

 No Pledgor is in default in the payment of any portion of any mandatory capital contribution, if any, required to be made under any
agreement to which such Pledgor is a party relating to the Pledged Securities pledged by it, and such Pledgor is not (a) in violation of any other provisions of any such agreement to which such Pledgor is a party, or (b) or otherwise in
default or violation thereunder which could, in the case of (a) or (b) not be reasonably expected to have a Material Adverse Effect. No Securities Collateral pledged by such Pledgor is subject to any defence, offset or counterclaim, nor
have any of the foregoing been asserted or alleged against such Pledgor by any person with respect thereto, which could reasonably be expected to have a Material Adverse Effect, and as of the date hereof, there are no certificates, instruments,
documents or other writings (other than the Organizational Documents and certificates representing such Pledged Securities that have been delivered to the Collateral Agent) which evidence any Pledged Securities of such Pledgor. 
 Section 5.4 Certain Agreements of Pledgor As Issuer and Holder of Equity Interests. 
 (a) In the case where a Pledgor is an issuer of Securities Collateral, such Pledgor agrees to be bound by the terms of this Agreement relating to the
Securities Collateral issued by it and will comply with such terms insofar as such terms are applicable to it. 
 (b) In the case where a
Pledgor is a partner, shareholder, unitholder or member, as the case may be, in a partnership, limited liability company or other person, such Pledgor hereby consents to the extent required by the applicable Organizational Document to the pledge by
each other Pledgor, pursuant to the terms hereof, of the Pledged Securities in such partnership, limited liability company or other person and, upon the occurrence and during the continuance of an Event of Default, to the transfer of such Pledged
Securities to the Collateral Agent or its nominee and to the substitution of the Collateral Agent or its nominee as a substituted partner, shareholder, unitholder or member in such partnership, limited liability company or other person with all the
rights, powers and duties of a general partner, limited partner, shareholder, unitholder or member, as the case may be. Notwithstanding anything contained in this Agreement and for greater certainty, the consents to pledge and transfer granted by
each Pledgor herein do not, and shall not, under any circumstances extend to, and the Pledged Securities shall not include, any Equity Interests in an unlimited liability company. 
  

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 ARTICLE VI 
 CERTAIN PROVISIONS CONCERNING INTELLECTUAL 
 PROPERTY COLLATERAL 
 Section 6.1 Grant of Intellectual Property Licence. 
 For the purpose of enabling the Collateral Agent, during the occurrence and continuance of an Event of Default, to exercise rights and remedies under Article IX hereof at such time as the Collateral Agent shall be lawfully entitled to
exercise such rights and remedies, and for no other purpose, each Pledgor hereby grants to the Collateral Agent, to the extent assignable, an irrevocable, non-exclusive licence to use, assign, license or sublicense any of the Intellectual Property
Collateral now owned or hereafter acquired by such Pledgor, wherever the same may be located; provided that (i) such licence shall only become effective upon the occurrence of such Event of Default and (ii) all goods or services provided
under any Trademarks during the term of such licence shall be substantially similar in quality to such goods and services as were provided or sold prior to the Event of Default. Such licence shall include access to all media in which any of the
licensed items may be recorded or stored and to all computer and internet, intranet and extranet programs used for the compilation or printout hereof. 
 Section 6.2 Protection of Collateral Agent’s Security. 
 On a continuing basis, each Pledgor shall, at its sole
cost and expense, (i) promptly following its becoming aware thereof, notify the Collateral Agent of any adverse determination in any proceeding or the institution of any proceeding in any federal, state, provincial, territorial or local court
or administrative body or in the Canadian Intellectual Property Office (other than non-final refusals to register or maintain) regarding any Material Intellectual Property Collateral, such Pledgor’s right to register such Material Intellectual
Property Collateral or its right to keep and maintain such registration in full force and effect, (ii) maintain and not permit to lapse or become abandoned any Material Intellectual Property Collateral, and not settle or compromise any material
pending or future litigation, dispute resolution or administrative proceeding with respect to any such Material Intellectual Property Collateral, in either case except as shall be consistent with commercially reasonable business judgment,
(iii) upon such Pledgor obtaining knowledge thereof, promptly notify the Collateral Agent in writing of any event which could be reasonably expected to have a Material Adverse Effect the value or utility of any Material Intellectual Property
Collateral or the rights and remedies of the Collateral Agent in relation thereto including a levy or threat of levy or any legal process against any Material Intellectual Property Collateral, (iv) not license any Intellectual Property
Collateral other than licences entered into by such Pledgor in, or incidental to, the ordinary course of business, or amend or permit the amendment of any of the licences in a manner that materially and adversely affects the right to receive
payments thereunder, or in any manner that would materially impair the value of any Intellectual Property Collateral or the Lien on and security interest in the Intellectual Property Collateral created therein hereby, without the consent of the
Collateral Agent, (v) diligently keep adequate records respecting all Intellectual Property Collateral and (vi) furnish to the Collateral Agent from time to time upon the Collateral Agent’s reasonable request therefor reasonably
detailed statements and amended schedules further identifying and describing the Intellectual Property Collateral and such other materials evidencing or reports 

  

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pertaining to any Intellectual Property Collateral as the Collateral Agent may from time to time reasonably request. 
 Section 6.3 After-Acquired Property. 
 If any
Pledgor shall at any time after the date hereof (i) obtain any rights to any additional Intellectual Property Collateral or (ii) become entitled to the benefit of any additional Intellectual Property Collateral or any renewal or extension
thereof, including any reissue, division, continuation, or continuation-in-part of any Intellectual Property Collateral, or any improvement on any Intellectual Property Collateral, the provisions hereof shall automatically apply thereto and any such
item enumerated in the preceding clause (i) or (ii) shall automatically constitute Intellectual Property Collateral as if such would have constituted Intellectual Property Collateral at the time of execution hereof and be subject to the
Lien and security interest created by this Agreement without further action by any party. Each Pledgor shall promptly provide to the Collateral Agent written notice of any of the foregoing and confirm the attachment of the Lien and security interest
created by this Agreement to any rights described in clauses (i) and (ii) above by execution of an instrument in form reasonably acceptable to the Collateral Agent and the filing of any instruments or statements as shall be reasonably
necessary to create, preserve, protect or perfect the Collateral Agent’s security interest in such Intellectual Property Collateral. Further, each Pledgor authorizes the Collateral Agent to modify this Agreement by amending Schedules 12(a) and
12(b) to the Perfection Certificate to include any Intellectual Property Collateral of such Pledgor acquired or arising after the date hereof. 
 Section 6.4 Litigation. 
 Unless there shall occur and be continuing any Event of Default, each Pledgor shall have the
right to commence and prosecute in its own name, as the party in interest, for its own benefit and at the sole cost and expense of the Pledgors, such applications for protection of the Intellectual Property Collateral and suits, proceedings or other
actions to prevent the infringement, counterfeiting, unfair competition, dilution, diminution in value or other damage as are necessary to protect the Intellectual Property Collateral. Upon the occurrence and during the continuance of any Event of
Default, the Collateral Agent shall have the right but shall in no way be obligated to file applications for protection of the Intellectual Property Collateral and/or bring suit in the name of any Pledgor, the Collateral Agent or the Secured Parties
to enforce the Intellectual Property Collateral and any licence thereunder. In the event of such suit, each Pledgor shall, at the reasonable request of the Collateral Agent, do any and all lawful acts and execute any and all documents requested by
the Collateral Agent in aid of such enforcement and the Pledgors shall promptly reimburse and indemnify the Collateral Agent for all costs and expenses incurred by the Collateral Agent in the exercise of its rights under this Section 6.4 in
accordance with Section 10.03 of the Credit Agreement. In the event that the Collateral Agent shall elect not to bring suit to enforce the Intellectual Property Collateral, each Pledgor agrees, at the reasonable request of the Collateral Agent,
to take all commercially reasonable actions necessary, whether by suit, proceeding or other action, to prevent the infringement, counterfeiting, unfair competition, dilution, diminution in value of or other damage to any of the Intellectual Property
Collateral by any person. 
  

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 ARTICLE VII 
 CERTAIN PROVISIONS CONCERNING RECEIVABLES 
 Section 7.1 Maintenance of Records. 
 Each Pledgor shall keep and maintain at its own cost and expense complete records, in all material respects, of each Receivable, in a manner consistent
with prudent business practice, including records of all payments received, all credits granted thereon, all merchandise returned and all other documentation relating thereto. Each Pledgor shall, at the Pledgor’s sole cost and expense, upon the
Collateral Agent’s demand made at any time after the occurrence and during the continuance of any Event of Default, deliver all tangible evidence of Receivables, including all documents evidencing Receivables and any books and records relating
thereto to the Collateral Agent or to its representatives (copies of which evidence and books and records may be retained by such Pledgor). Upon the occurrence and during the continuance of any Event of Default, the Collateral Agent may transfer a
full and complete copy of any Pledgor’s books, records, credit information, reports, memoranda and all other writings relating to the Receivables to and for the use by any person that has acquired or is contemplating acquisition of an interest
in the Receivables or the Collateral Agent’s security interest therein without the consent of any Pledgor. 
 Section 7.2 Legend.

 Each Pledgor shall legend, at the request of the Collateral Agent and in form and manner reasonably satisfactory to the Collateral
Agent, the Receivables (if evidenced in writing) or the books, records and documents of such Pledgor evidencing or pertaining to the Receivables with an appropriate reference to the fact that the Receivables have been assigned to the Collateral
Agent for the benefit of the Secured Parties and that the Collateral Agent has a security interest therein. 
 Section 7.3 Modification of Terms,
etc. 
 No Pledgor shall rescind or cancel any obligations evidenced by any Receivable or modify any term thereof or make any adjustment
with respect thereto except in the ordinary course of business or extend or renew any such obligations except in the ordinary course of business or compromise or settle any dispute, claim, suit or legal proceeding relating thereto or sell any
Receivable or interest therein except in the ordinary course of business without the prior written consent of the Collateral Agent, which shall not be unreasonably withheld. Each Pledgor shall timely fulfill all obligations on its part to be
fulfilled under or in connection with the Receivables. 
 Section 7.4 Collection. 
 Each Pledgor shall cause to be collected from the Account Debtor of each of the Receivables, as and when due in the ordinary course of business (including
Receivables that are delinquent, such Receivables to be collected in accordance with generally accepted commercial collection procedures), any and all amounts owing under or on account of such Receivable, and apply forthwith upon receipt thereof all
such amounts as are so collected to the outstanding 

  

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balance of such Receivable, except that any Pledgor may, with respect to a Receivable, allow in the ordinary course of business (i) a refund or credit
due as a result of returned or damaged or defective merchandise and (ii) such extensions of time to pay amounts due in respect of Receivables and such other modifications of payment terms or settlements in respect of Receivables as shall be
commercially reasonable in the circumstances, all in accordance with such Pledgor’s ordinary course of business consistent with its collection practices as in effect from time to time. The costs and expenses (including legal fees and
disbursements) of collection, in any case, whether incurred by any Pledgor, the Collateral Agent or any Secured Party, shall be paid by the Pledgors. 
 ARTICLE VIII 
 TRANSFERS 
 Section 8.1 Transfers of Pledged Collateral. 
 No Pledgor shall sell, convey, assign or otherwise
dispose of, or grant any option with respect to, any of the Pledged Collateral pledged by it hereunder except for the sale of Inventory in the ordinary course of business or as expressly permitted by the Credit Agreement. 
 ARTICLE IX 
 REMEDIES

 Section 9.1 Remedies. 
 Upon
the occurrence and during the continuance of any Event of Default, the Collateral Agent may from time to time exercise in respect of the Pledged Collateral, in addition to the other rights and remedies provided for herein or otherwise available to
it, the following remedies: 
 (i) Personally, or by agents or attorneys, immediately (but subject to delivery of any
required notices) take possession of the Pledged Collateral or any part thereof, from any Pledgor or any other person who then has possession of any part thereof with or without notice or process of law, and for that purpose may enter upon any
Pledgor’s premises where any of the Pledged Collateral is located, remove such Pledged Collateral, remain present at such premises to receive copies of all communications and remittances relating to the Pledged Collateral and use in connection
with such removal and possession any and all services, supplies, aids and other facilities of any Pledgor; 
 (ii) Demand, sue
for, collect or receive any money or property at any time payable or receivable in respect of the Pledged Collateral including instructing the obligor or obligors on any agreement, instrument or other obligation constituting part of the Pledged
Collateral to make any payment required by the terms of such agreement, instrument or other obligation directly to the Collateral Agent, and in connection with any of the foregoing, compromise, settle, extend the time for payment and make other
modifications with respect 

  

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thereto; provided, however, that in the event that any such payments are made directly to any Pledgor, prior to receipt by any such obligor of such
instruction, such Pledgor shall segregate all amounts received pursuant thereto in trust for the benefit of the Collateral Agent and shall promptly (but in no event later than two (2) Business Day after receipt thereof) pay such amounts to the
Collateral Agent; 
 (iii) Sell, assign, grant a licence to use or otherwise liquidate, or direct any Pledgor to sell, assign,
grant a licence or sublicence to use or otherwise liquidate, any and all investments made in whole or in part with the Pledged Collateral or any part thereof, and take possession of the proceeds of any such sale, assignment, licence, sublicence or
liquidation; 
 (iv) Take possession of the Pledged Collateral or any part thereof, by directing any Pledgor in writing to
deliver the same to the Collateral Agent at any reasonable place or places so designated by the Collateral Agent, in which event such Pledgor shall at its own expense: (A) forthwith cause the same to be moved to any reasonable place or places
designated by the Collateral Agent and therewith delivered to the Collateral Agent, (B) store and keep any Pledged Collateral so delivered to the Collateral Agent at such place or places pending further action by the Collateral Agent and
(C) while the Pledged Collateral shall be so stored and kept, provide such security and maintenance services as shall be necessary to protect the same and to preserve and maintain them in good condition. Each Pledgor’s obligation to
deliver the Pledged Collateral as contemplated in this Section 9.1(iv) is of the essence hereof. Upon application to a court of equity having jurisdiction, the Collateral Agent shall be entitled to a decree requiring specific performance by any
Pledgor of such obligation; 
 (v) Withdraw all moneys, instruments, securities and other property in any bank, financial
securities, deposit or other account of any Pledgor constituting Pledged Collateral for application to the Secured Obligations as provided in Article X hereof; 
 (vi) Retain and apply the Distributions to the Secured Obligations as provided in Article X hereof; 
 (vii) Exercise any and all rights as beneficial and legal owner of the Pledged Collateral, including perfecting assignment of and
exercising any and all voting, consensual and other rights and powers with respect to any Pledged Collateral; and 
 (viii)
Exercise all the rights and remedies of a secured party on default under the PPSA, and the Collateral Agent may also in its sole discretion, without notice except as specified in Section 9.3 hereof, sell, assign or grant a licence or sublicence
to use the Pledged Collateral or any part thereof in one or more parcels at public or private sale, at any exchange, broker’s board or at any of the Collateral Agent’s offices or elsewhere, for cash, on credit or for future delivery, and
at such price or prices and upon such other terms as the Collateral Agent may deem commercially reasonable. The Collateral Agent or any other Secured Party or any of their respective Affiliates may be the purchaser, licencee, sublicencee, assignee
or recipient of the Pledged Collateral or any part thereof at any such sale and shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Pledged Collateral sold, assigned,
licensed or sublicensed at such sale, to use and apply any of the Secured Obligations owed to such person as a credit on account of the purchase price of the Pledged Collateral or any part thereof payable by such person at such sale. Each purchaser,

  

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assignee, licencee, sublicencee or recipient at any such sale shall acquire the property sold, assigned, licensed or sublicensed absolutely free from any
claim or right on the part of any Pledgor, and each Pledgor hereby waives, to the fullest extent permitted by law, all rights of redemption, stay and/or appraisal which it now has or may at any time in the future have under any rule of law or
statute now existing or hereafter enacted. The Collateral Agent shall not be obligated to make any sale of the Pledged Collateral or any part thereof regardless of notice of sale having been given. The Collateral Agent may adjourn any public or
private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. Each Pledgor hereby waives, to the fullest extent permitted
by law, any claims or other rights of action against the Collateral Agent arising by reason of the fact that the price at which the Pledged Collateral or any part thereof may have been sold, assigned, licensed or sublicensed at such a private sale
was less than the price which might have been obtained at a public sale, even if the Collateral Agent accepts the first offer received and does not offer such Pledged Collateral to more than one offeree. 
 Section 9.2 Appointment of a Receiver. 
 The
Collateral Agent may appoint or reappoint by instrument in writing, any person or persons, whether an officer or officers or any employee or employees of the Collateral Agent or not, to be a receiver or receivers (hereinafter called a
“Receiver”, which term when used herein shall include a receiver and/or manager and any permutation thereof) of any Pledged Collateral of any Pledgor (including any interest, income or profits therefrom) and may remove any Receiver
so appointed and appoint another in his/her stead. Any such Receiver shall, so far as concerns responsibility for his/her acts, be deemed the agent of any Pledgor and not the Collateral Agent, and Collateral Agent shall not be in any way responsible
for any misconduct, negligence or non-feasance on the part of any such Receiver, his/her servants, agents or employees. Subject to the provisions of the instrument appointing him/her, any such Receiver shall have power to take possession of the
Pledged Collateral, to preserve the Pledged Collateral or its value, to carry on or concur in carrying on all or any part of the business of any Pledgor and to sell, lease, licence, sublicence or otherwise dispose of or concur in selling, leasing,
licensing, sublicensing or otherwise disposing of the Pledged Collateral. To facilitate the foregoing powers, any such Receiver may, to the exclusion of all others, including such Pledgor, enter upon, use and occupy all premises owned or occupied by
such Pledgor wherein the Pledged Collateral may be situate, maintain Pledged Collateral upon such premises, borrow money on a secured or unsecured basis and use the Pledged Collateral directly in carrying on such Pledgor’s business or as
security for loans or advances to enable the Receiver to carry on such Pledgor’s business or otherwise, as such Receiver shall, in its discretion, determine. Except as may be otherwise directed by any Pledgor, all money received from time to
time by such Receiver in carrying out his/her appointment shall be received in trust for and paid over to the Collateral Agent. Every such Receiver may, in the discretion of the Collateral Agent, be vested with all or any of the rights and powers of
the Collateral Agent. The Collateral Agent, may, either directly or through its agents or nominees, exercise any or all powers and rights given to a Receiver by virtue of the foregoing provisions of this Section 9.2. 
 Section 9.3 Notice of Sale. 
 Each Pledgor
acknowledges and agrees that, to the extent notice of sale or other disposition of the Pledged Collateral or any part thereof shall be required by law, fifteen (15) 

  

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days’ prior notice to such Pledgor of the time and place of any public sale or of the time after which any private sale or other intended disposition is
to take place shall be commercially reasonable notification of such matters. To the fullest extent permitted by applicable law, no notification need be given to any Pledgor if it has signed, after the occurrence and continuance of an Event of
Default, a statement renouncing or modifying any right to notification of sale or other intended disposition. 
 Section 9.4 Waiver of Notice and
Claims. 
 Each Pledgor hereby waives, to the fullest extent permitted by applicable law, notice or judicial hearing in connection with
the Collateral Agent’s taking possession or the Collateral Agent’s disposition of the Pledged Collateral or any part thereof, including any and all prior notice and hearing for any prejudgment remedy or remedies and any such right which
such Pledgor would otherwise have under law, and each Pledgor hereby further waives, to the fullest extent permitted by applicable law: (i) all damages occasioned by such taking of possession except for the damages due to the gross negligence
or willful misconduct of Collateral Agent, (ii) all other requirements as to the time, place and terms of sale or other requirements with respect to the enforcement of the Collateral Agent’s rights hereunder and (iii) all rights of
redemption, appraisal, valuation, stay, extension or moratorium now or hereafter in force under any applicable law. The Collateral Agent shall not be liable for any incorrect or improper payment made pursuant to this Article IX in the absence of
gross negligence or willful misconduct on the part of the Collateral Agent. Any sale of, or the grant of options to purchase, or any other realization upon, any Pledged Collateral shall operate to divest all right, title, interest, claim and demand,
either at law or in equity, of the applicable Pledgor therein and thereto, and shall be a perpetual bar both at law and in equity against such Pledgor and against any and all persons claiming or attempting to claim the Pledged Collateral so sold,
optioned or realized upon, or any part thereof, from, through or under such Pledgor. 
 Section 9.5 Certain Sales of Pledged Collateral.

 (a) Each Pledgor recognizes that, by reason of certain prohibitions contained in law, rules, regulations or orders of any Governmental
Authority, the Collateral Agent may be compelled, with respect to any sale of all or any part of the Pledged Collateral, to limit purchasers to those who meet the requirements of such Governmental Authority. Each Pledgor acknowledges that any such
sales may be at prices and on terms less favorable to the Collateral Agent than those obtainable through a public sale without such restrictions, and, notwithstanding such circumstances, agrees that any such restricted sale shall be deemed to have
been made in a commercially reasonable manner and that, except as may be required by applicable law, the Collateral Agent shall have no obligation to engage in public sales. 
 (b) Each Pledgor recognizes that, by reason of certain prohibitions contained in the Securities Act (Ontario), and applicable state and provincial
securities laws, the Collateral Agent may be compelled, with respect to any sale of all or any part of the Securities Collateral, to limit purchasers to persons who will agree, among other things, to acquire such Securities Collateral for their own
account, for investment and not with a view to the distribution or resale thereof. Each Pledgor acknowledges that any such private sales may be at prices and on terms less favorable to the Collateral Agent than those obtainable through a public sale
without such restrictions (including a public offering made pursuant to a registration statement under the 

  

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Securities Act (Ontario) or similar legislation in other jurisdictions), and, notwithstanding such circumstances, agrees that any such private sale
shall be deemed to have been made in a commercially reasonable manner and that the Collateral Agent shall have no obligation to engage in public sales and no obligation to delay the sale of any Securities Collateral for the period of time necessary
to permit the issuer thereof to register it for a form of public sale requiring registration under the Securities Act (Ontario) or under applicable state and provincial securities laws, even if such issuer would agree to do so. 
 (c) Notwithstanding the foregoing, each Pledgor shall, upon the occurrence and during the continuance of any Event of Default, at the reasonable request
of the Collateral Agent, for the benefit of the Collateral Agent, use its commercially reasonable efforts to cause any registration, qualification under or compliance with any Federal, state or provincial securities law or laws to be effected with
respect to all or any part of the Securities Collateral as soon as practicable and at the sole cost and expense of the Pledgors. Each Pledgor will use its commercially reasonable efforts to cause such registration to be effected (and be kept
effective) and will use its commercially reasonable efforts to cause such qualification and compliance to be effected (and be kept effective) as may be so requested and as would permit or facilitate the sale and distribution of such Securities
Collateral including registration under the Securities Act (Ontario) (or any similar statute then in effect), appropriate qualifications under applicable blue sky or other state or provincial securities laws and appropriate compliance with
all other requirements of any Governmental Authority. Each Pledgor shall use its commercially reasonable efforts to cause the Collateral Agent to be kept advised in writing as to the progress of each such registration, qualification or compliance
and as to the completion thereof, shall furnish to the Collateral Agent such number of prospectuses, offering circulars or other documents incident thereto as the Collateral Agent from time to time may request, and shall indemnify and shall cause
the issuer of the Securities Collateral to indemnify the Collateral Agent and all others participating in the distribution of such Securities Collateral against all claims, losses, damages and liabilities caused by any untrue statement (or alleged
untrue statement) of a material fact contained therein (or in any related registration statement, notification or the like) or by any omission (or alleged omission) to state therein (or in any related registration statement, notification or the
like) a material fact required to be stated therein or necessary to make the statements therein not misleading. 
 (d) If the Collateral
Agent determines to exercise its right to sell any or all of the Securities Collateral, upon written request, the applicable Pledgor shall from time to time furnish to the Collateral Agent all such information as the Collateral Agent may reasonably
request in order to determine the number of securities included in the Securities Collateral which may be sold by the Collateral Agent as exempt transactions under the Securities Act (Ontario) and the rules of the Ontario Securities
Commission thereunder or similar legislation in other jurisdictions, as the same are from time to time in effect, 
 (e) Each Pledgor further
agrees that a breach of any of the covenants contained in this Section 9.5 will cause irreparable injury to the Collateral Agent and the other Secured Parties, that the Collateral Agent and the other Secured Parties have no adequate remedy at law in
respect of such breach and, as a consequence, that each and every covenant contained in this Section 9.5 shall be specifically enforceable against such Pledgor, and such Pledgor hereby waives and agrees not to assert any defences against an
action for specific performance of such covenants except for a defence that no Event of Default has occurred and is continuing. 
  

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 Section 9.6 No Waiver; Cumulative Remedies. 
 (a) No failure on the part of the Collateral Agent to exercise, no course of dealing with respect to, and no delay on the part of the Collateral Agent in
exercising, any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any such right, power, privilege or remedy hereunder preclude any other or further exercise thereof or the exercise of
any other right, power, privilege or remedy; nor shall the Collateral Agent be required to look first to, enforce or exhaust any other security, collateral or guaranties. All rights and remedies herein provided are cumulative and are not exclusive
of any rights or remedies provided by law or otherwise available. 
 (b) In the event that the Collateral Agent shall have instituted any
proceeding to enforce any right, power, privilege or remedy under this Agreement or any other Loan Document by foreclosure, sale, entry or otherwise, and such proceeding shall have been discontinued or abandoned for any reason or shall have been
determined adversely to the Collateral Agent, then and in every such case, the Pledgors, the Collateral Agent and each other Secured Party shall be restored to their respective former positions and rights hereunder with respect to the Pledged
Collateral, and all rights, remedies, privileges and powers of the Collateral Agent and the other Secured Parties shall continue as if no such proceeding had been instituted. 
 Section 9.7 Certain Additional Actions Regarding Intellectual Property. 
 If any Event of Default
shall have occurred and be continuing, upon the written demand of the Collateral Agent, each Pledgor shall execute and deliver to the Collateral Agent an assignment or assignments of the registered Patents, Trademarks and/or Copyrights and Goodwill
and such other documents as are reasonably necessary or appropriate to carry out the intent and purposes hereof. Within five (5) Business Days of written notice thereafter from the Collateral Agent, each Pledgor shall use its best commercial
efforts to make available to the Collateral Agent, to the extent within such Pledgor’s power and authority, such personnel in such Pledgor’s employ on the date of the Event of Default as the Collateral Agent may reasonably designate to
permit such Pledgor to continue, directly or indirectly, to produce, advertise and sell the products and services sold by such Pledgor under the registered Patents, Trademarks and/or Copyrights, and such persons shall be available to perform their
prior functions on the Collateral Agent’s behalf. 
 ARTICLE X 
 PROCEEDS OF CASUALTY EVENTS AND COLLATERAL DISPOSITIONS; 
 APPLICATION OF
PROCEEDS 
 Section 10.1 Application of Proceeds. 
 The proceeds received by the Collateral Agent in respect of any sale of, collection from or other realization upon all or any part of the Pledged Collateral pursuant to the exercise by the Collateral Agent of its
remedies shall be applied, together with any other sums then held by the Collateral Agent pursuant to this Agreement, in accordance with the Credit Agreement. 
  

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 ARTICLE XI 
 MISCELLANEOUS 
 Section 11.1 Concerning Collateral Agent. 
 (a) The Collateral Agent has been appointed as Canadian Collateral Agent pursuant to the Credit Agreement. The actions of the Collateral Agent hereunder
are subject to the provisions of the Credit Agreement. The Collateral Agent shall have the right hereunder to make demands, to give notices, to exercise or refrain from exercising any rights, and to take or refrain from taking action (including the
release or substitution of the Pledged Collateral), in accordance with this Agreement and the Credit Agreement. The Collateral Agent may employ agents and attorneys-in-fact in connection herewith and shall not be liable for the negligence or
misconduct of any such agents or attorneys-in-fact selected by it in good faith, except to the extent the liability of such person is found in a non-appealable judgment by a court of competent jurisdiction to have resulted from such person’s
gross negligence or willful misconduct. The Collateral Agent may resign and a successor Collateral Agent may be appointed in the manner provided in the Credit Agreement. Upon the acceptance of any appointment as the Collateral Agent by a successor
Collateral Agent, that successor Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Collateral Agent under this Agreement, and the retiring Collateral Agent shall
thereupon be discharged from its duties and obligations under this Agreement. After any retiring Collateral Agent’s resignation, the provisions hereof shall inure to its benefit as to any actions taken or omitted to be taken by it under this
Agreement while it was the Collateral Agent. 
 (b) The Collateral Agent shall be deemed to have exercised reasonable care in the custody and
preservation of the Pledged Collateral in its possession if such Pledged Collateral is accorded treatment substantially equivalent to that which the Collateral Agent, in its individual capacity, accords its own property consisting of similar
instruments or interests, it being understood that neither the Collateral Agent nor any of the Secured Parties shall have responsibility for (i) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or
other matters relating to any Securities Collateral, whether or not the Collateral Agent or any other Secured Party has or is deemed to have knowledge of such matters or (ii) taking any necessary steps to preserve rights against any person with
respect to any Pledged Collateral. 
 (c) The Collateral Agent shall be entitled to rely upon any written notice, statement, certificate,
order or other document or any telephone message or e-mail, in each case provided by or from a Pledgor, reasonably believed by it to be genuine and correct and to have been signed, sent or made by the proper person, and, with respect to all matters
pertaining to this Agreement and its duties hereunder, upon advice of counsel selected by it. 
 (d) If any item of Pledged Collateral also
constitutes collateral granted to the Collateral Agent under any other deed of trust, mortgage, security agreement, pledge or instrument of any type, in the event of any conflict between the provisions hereof and the provisions of such other deed of
trust, mortgage, security agreement, pledge or instrument of any type in respect of such 

  

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collateral, the Collateral Agent, in its sole discretion, shall select which provision or provisions shall control. 
 Section 11.2 Collateral Agent May Perform; Collateral Agent Appointed Attorney-in-Fact. 
 If any Pledgor shall fail to perform any covenants contained in this Agreement (including such Pledgor’s covenants to (i) pay the premiums in
respect of all required insurance policies hereunder, (ii) pay and discharge any taxes, assessments and special assessments, levies, fees, fines and governmental charges imposed upon or assessed against, and landlords’, carriers’,
mechanics’, workmen’s, repairmen’s, laborers’, materialmen’s, suppliers’ and warehousemen’s Liens and other claims arising by operation of law against, all or any portion of the Pledged Collateral, (iii) make
repairs, (iv) discharge Liens or (v) pay or perform any obligations of such Pledgor under any Pledged Collateral) or if any representation or warranty on the part of any Pledgor contained herein shall be breached, the Collateral Agent may
(but shall not be obligated to) do the same or cause it to be done or remedy any such breach, and may expend funds for such purpose; provided, however, that the Collateral Agent shall in no event be bound to inquire into the validity of any tax,
Lien, imposition or other obligation which such Pledgor fails to pay or perform as and when required hereby and which such Pledgor does not contest in accordance with the provisions of the Credit Agreement. Any and all amounts so expended by the
Collateral Agent shall be paid by the Pledgors in accordance with the provisions of Section 10.03 of the Credit Agreement. Neither the provisions of this Section 11.2 nor any action taken by the Collateral Agent pursuant to the provisions
of this Section 11.2 shall prevent any failure to observe any covenant contained in this Agreement nor any breach of representation or warranty from constituting an Event of Default. Each Pledgor hereby appoints the Collateral Agent its
attorney-in-fact, with full power and authority in the place and stead of such Pledgor and in the name of such Pledgor, or otherwise, in the Collateral Agent’s discretion at any time after the occurrence and during the continuance of an Event
of Default to take any action and to execute any instrument consistent with the terms of the Credit Agreement, this Agreement and the other Security Documents which the Collateral Agent may deem necessary or advisable to accomplish the purposes
hereof (but the Collateral Agent shall not be obligated to and shall have no liability to such Pledgor or any third party for failure to so do or take action). The foregoing grant of authority is a power of attorney coupled with an interest and made
for consideration and such appointment shall be irrevocable for the term hereof. Each Pledgor hereby ratifies all that such attorney shall lawfully do or cause to be done by virtue hereof. 
 Section 11.3 Continuing Security Interest; Assignment. 
 This Agreement shall create a continuing security interest in the Pledged Collateral and shall (i) be binding upon the Pledgors, their respective successors and assigns and (ii) inure, together with the rights and remedies of the
Collateral Agent hereunder, to the benefit of the Collateral Agent and the other Secured Parties and each of their respective successors, transferees and assigns. No other persons (including any other creditor of any Pledgor) shall have any interest
herein or any right or benefit with respect hereto. Without limiting the generality of the foregoing clause (ii), any Secured Party may assign or otherwise transfer any indebtedness held by it secured by this Agreement to any other person, and such
other person shall thereupon become vested with all the benefits in respect thereof granted to such Secured 

  

 S-30 

 
Party, herein or otherwise, subject however, to the provisions of the Credit Agreement and, in the case of a Secured Party that is a party to a Hedging
Agreement, such Hedging Agreement. 
 Section 11.4 Termination; Release. 
 (a) Notwithstanding anything to the contrary herein, when all the Secured Obligations have been paid in full and the Commitments of the Canadian Lenders
to make any Canadian Loan under the Credit Agreement shall have expired or been sooner terminated, this Agreement shall terminate. Upon termination of this Agreement the Pledged Collateral shall be released from the Lien of this Agreement. Upon such
release or any release of Pledged Collateral or any part thereof in accordance with the provisions of the Credit Agreement, the Collateral Agent shall, upon the request and at the sole cost and expense of the Pledgors, assign, transfer and deliver
to Pledgor, against receipt and without recourse to or warranty by the Collateral Agent except as to the fact that the Collateral Agent has not encumbered the released assets, such of the Pledged Collateral or any part thereof to be released (in the
case of a release) as may be in possession of the Collateral Agent and as shall not have been sold or otherwise applied pursuant to the terms hereof, and, with respect to any other Pledged Collateral, proper documents and instruments (including PPSA
termination financing statements or releases) acknowledging the termination hereof or the release of such Pledged Collateral, as the case may be. 
 (b) Notwithstanding the foregoing, if (i) the Secured Obligations (other than the Secured Obligations of the type described in clause (b) of the definition of Secured Obligations (the “Remaining Secured
Obligations”), which remain outstanding), have been paid in full and the Commitments of the Canadian Lenders to make any Canadian Loan under the Credit Agreement shall have expired or been sooner terminated, and (ii) all or a portion
of the repayment of the Secured Obligations is financed by the proceeds of Indebtedness of one or more Loan Parties or any affiliate of a Loan Party (“Refinancing Indebtedness”) which Refinancing Indebtedness is secured by property
of such persons, this Agreement shall terminate as if the Remaining Secured Obligations have been paid in full and the provisions of paragraph (a) of this Section 11.4 shall apply concurrently with the incurrence of the Refinancing
Indebtedness and the securing of the Refinancing Indebtedness and the Remaining Secured Obligations on an equal and ratable basis. For the avoidance of doubt, if the Refinancing Indebtedness is not secured, this Agreement shall not terminate but
shall remain in full force and effect. 
 Section 11.5 Modification in Writing. 
 No amendment, modification, supplement, termination or waiver of or to any provision hereof, nor consent to any departure by any Pledgor therefrom, shall
be effective unless the same shall be made in accordance with the terms of the Credit Agreement and unless in writing and signed by the Collateral Agent. Any amendment, modification or supplement of or to any provision hereof, any waiver of any
provision hereof and any consent to any departure by any Pledgor from the terms of any provision hereof in each case shall be effective only in the specific instance and for the specific purpose for which made or given. Except where notice is
specifically required by this Agreement or any other document evidencing the Secured Obligations, no notice to or demand on any Pledgor in any case shall entitle any Pledgor to any other or further notice or demand in similar or other circumstances.

  

 S-31 

 Section 11.6 Notices. 
 Unless otherwise provided herein or in the Credit Agreement, any notice or other communication herein required or permitted to be given shall be given in the manner and become effective as set forth in the Credit
Agreement, as to any Pledgor, addressed to it at the address of the Borrower set forth in the Credit Agreement and as to the Collateral Agent, addressed to it at the address set forth in the Credit Agreement, or in each case at such other address as
shall be designated by such party in a written notice to the other party complying as to delivery with the terms of this Section 11.6. 
 Section 11.7 Governing Law, Submission to Jurisdiction, Waiver of Venue, Service of Process and Waiver of Jury Trial. 
 (a) Governing Law. This Agreement shall be construed in accordance with and governed by the laws of the Province of Ontario and federal laws of Canada applicable therein, without regard to conflicts of law principles that would
require the application of the laws of another jurisdiction. 
 (b) Submission to Jurisdiction. Each Pledgor hereby irrevocably and
unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the courts of the Province of Ontario sitting in Toronto, and any appellate court from any thereof, in any action or proceeding arising out of or relating to
this Agreement, or for recognition or enforcement of any judgment, and such Pledgor hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such Ontario court. Each of
the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or any other
Loan Document shall affect any right that the Collateral Agents, the Administrative Agents or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against any Loan Party or its
properties in the courts of any jurisdiction. 
 (c) Waiver of Venue. Each Pledgor hereby irrevocably and unconditionally waives, to
the fullest extent permitted by applicable Requirements of Law, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document in any
court referred to in Section 11.7(b). Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by applicable Requirements of Law, the defence of an inconvenient forum to the maintenance of such action or proceeding in
any such court. 
 (d) Service of Process. Each party hereto irrevocably consents to service of process in any action or proceeding
arising out of or relating to any Loan Document, in the manner provided for notices (other than telecopier) in the Credit Agreement. Nothing in this Agreement or any other Loan Document will affect the right of any party hereto to serve process in
any other manner permitted by applicable Requirements of Law. 
 (e) Waiver of Jury Trial. Each Pledgor hereby waives, to the fullest
extent permitted by applicable Requirements of Law, any right it may have to a trial by jury in any legal proceeding directly or indirectly arising out of or relating to this Agreement, any other Loan 

  

 S-32 

 
Document or the transactions contemplated hereby (whether based on contract, tort or any other theory). Each party hereto (a) certifies that no
representative, agent or attorney of any other party has represented, expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce the foregoing waiver and (b) acknowledges that it and the other parties
hereto have been induced to enter into this Agreement by, among other things, the mutual waivers and certifications in this Section 11.7. 
 Section 11.8 Severability of Provisions. 
 Any provision hereof which is invalid, illegal or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without invalidating the remaining provisions hereof or affecting the validity, legality or enforceability of such provision
in any other jurisdiction. 
 Section 11.9 Execution in Counterparts. 
 This Agreement and any amendments, waivers, consents or supplements hereto may be executed in any number of counterparts and by different parties hereto
in separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but all such counterparts together shall constitute one and the same agreement. 
 Section 11.10 Business Days. 
 In the event any time period or any date provided in this
Agreement ends or falls on a day other than a Business Day, then such time period shall be deemed to end and such date shall be deemed to fall on the next succeeding Business Day, and performance herein may be made on such Business Day, with the
same force and effect as if made on such other day. 
 Section 11.11 No Credit for Payment of Taxes or Imposition. 
 No Pledgor shall be entitled to any credit against the principal, premium, if any, or interest payable under the Credit Agreement, and such Pledgor shall
not be entitled to any credit against any other sums which may become payable under the terms thereof or hereof, by reason of the payment of any Tax on the Pledged Collateral or any part thereof. 
 Section 11.12 No Claims Against Collateral Agent. 
 Nothing contained in this Agreement shall constitute any consent or request by the Collateral Agent, express or implied, for the performance of any labor or services or the furnishing of any materials or other property in respect of the
Pledged Collateral or any part thereof, nor as giving any Pledgor any right, power or authority to contract for or permit the performance of any labor or services or the furnishing of any materials or other property in such fashion as would permit
the making of any claim against the Collateral Agent in respect thereof or any claim that any Lien based on the performance of such labor or services or the furnishing of any such materials or other property is prior to the Lien hereof. 

 

 S-33 

 Section 11.13 No Release. 
 Nothing set forth in this Agreement or any other Loan Document, nor the exercise by the Collateral Agent of any of the rights or remedies hereunder, shall relieve any Pledgor from the performance of any term,
covenant, condition or agreement on such Pledgor’s part to be performed or observed under or in respect of any of the Pledged Collateral or from any liability to any person under or in respect of any of the Pledged Collateral or shall impose
any obligation on the Collateral Agent or any other Secured Party to perform or observe any such term, covenant, condition or agreement on such Pledgor’s part to be so performed or observed or shall impose any liability on the Collateral Agent
or any other Secured Party for any act or omission on the part of such Pledgor relating thereto or for any breach of any representation or warranty on the part of such Pledgor contained in this Agreement, the Credit Agreement or the other Loan
Documents, or under or in respect of the Pledged Collateral or made in connection herewith or therewith. Anything herein to the contrary notwithstanding, neither the Collateral Agent nor any other Secured Party shall have any obligation or liability
under any contracts, agreements and other documents included in the Pledged Collateral by reason of this Agreement, nor shall the Collateral Agent or any other Secured Party be obligated to perform any of the obligations or duties of any Pledgor
thereunder or to take any action to collect or enforce any such contract, agreement or other document included in the Pledged Collateral hereunder. The obligations of each Pledgor contained in this Section 11.13 shall survive the termination
hereof and the discharge of such Pledgor’s other obligations under this Agreement, the Credit Agreement and the other Loan Documents. 
 Section 11.14 Obligations Absolute. 
 All obligations of each Pledgor hereunder shall be absolute and unconditional
irrespective of: 
 (i) any bankruptcy, insolvency, winding-up, reorganization, merger, amalgamation, continuation,
arrangement, readjustment, composition, liquidation or the like of any other Pledgor; 
 (ii) any lack of validity or
enforceability of the Credit Agreement [, any Hedging Agreement] or any other Loan Document, or any other agreement or instrument relating thereto; 
 (iii) any change in the time, manner or place of payment of, or in any other term of, all or any of the Secured Obligations, or any other amendment or waiver of or any consent to any departure from the Credit
Agreement, any Hedging Agreement or any other Loan Document or any other agreement or instrument relating thereto; 
 (iv) any
pledge, exchange, release or non-perfection of any other collateral, or any release or amendment or waiver of or consent to any departure from any guarantee, for all or any of the Secured Obligations; 
 (v) any exercise, non-exercise or waiver of any right, remedy, power or privilege under or in respect hereof, the Credit Agreement [, any
Hedging Agreement] or any other Loan Document except as specifically set forth in a waiver granted pursuant to the provisions of Section 11.5 hereof; or 
  

 S-34 

 (vi) any other circumstances which might otherwise constitute a defence available to, or
a discharge of, any Pledgor. 
 [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 
  

 S-35 

 IN WITNESS WHEREOF, each Pledgor and the Collateral Agent have caused this Agreement to be duly
executed and delivered by their duly authorized officers as of the date first above written. 
  

					
	 SOUTHERN GRAPHIC SYSTEMS-CANADA, CO./SYSTEMES GRAPHIQUES SOUTHERN-CANADA, CO.,
 as Pledgor

		
	By:	 	  
		 	 Name:
	 	
		 	 Title:
	 	

  

					
	PROJECT DOVE MANITOBA LP, by its General Partner, PROJECT DOVE HOLDCO, INC., as Pledgor
		
	By:	 	  
		 	 Name:
	 	
		 	 Title:
	 	

  

 S-1 

 

 
  

 Canadian Security Agreement 

 Exhibit 1 
 [Form of] 
 ISSUER’S ACKNOWLEDGMENT 
 The undersigned hereby (i) acknowledges receipt of the Security Agreement (as amended, amended and restated, supplemented or otherwise modified from
time to time, the “Security Agreement”; capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Security Agreement), dated as of December     , 2005
made by SOUTHERN GRAPHIC SYSTEMS-CANADA, CO./SYSTEMES GRAPHIQUES SOUTHERN-CANADA, CO., PROJECT DOVE MANITOBA LP and UBS AG, STAMFORD BRANCH, as Canadian Collateral Agent (in such capacity and together with any successors in such capacity, the
“Collateral Agent”), (ii) agrees promptly to note on its books the security interests granted to the Collateral Agent and confirmed under the Security Agreement, (iii) agrees that it will comply with instructions of the
Collateral Agent with respect to the applicable Securities Collateral without further consent by the applicable Pledgor, (iv) agrees to notify the Collateral Agent upon obtaining knowledge of any interest in favor of any person in the
applicable Securities Collateral that is materially adverse to the interest of the Collateral Agent therein and (v) waives any right or requirement at any time hereafter to receive a copy of the Security Agreement in connection with the
registration of any Securities Collateral thereunder in the name of the Collateral Agent or its nominee or the exercise of voting rights by the Collateral Agent or its nominee. 
  

					
	[                                       
                 ]
		
	By:	 	  
		 	 Name:
	 	
		 	 Title:
	 	

 Exhibit 2 
 [Form of] 
 SECURITIES PLEDGE AMENDMENT 
 This Securities Pledge Amendment, dated as of [ ], is delivered pursuant to Section 5.1 of the Security Agreement (as amended, amended and restated,
supplemented or otherwise modified from time to time, the “Security Agreement”; capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Security Agreement), dated as of December
30, 2005 made by SOUTHERN GRAPHIC SYSTEMS-CANADA, CO./SYSTEMES GRAPHIQUES SOUTHERN-CANADA, CO., PROJECT DOVE MANITOBA LP and UBS AG, STAMFORD BRANCH, as Canadian Collateral Agent (in such capacity and together with any successors in such capacity,
the “Collateral Agent”). The undersigned hereby agrees that this Securities Pledge Amendment may be attached to the Security Agreement and that the Pledged Securities and/or Intercompany Notes listed on this Securities Pledge
Amendment shall be deemed to be and shall become part of the Pledged Collateral and shall secure all Secured Obligations. 
 PLEDGED
SECURITIES 
  

											
	 ISSUER
	  	 CLASS OF
 STOCK OR
 INTERESTS
	  	 PAR
 VALUE
	  	 CERTIFICATE
NO(S).
	  	 NUMBER OF
SHARES OR
INTERESTS
	  	 PERCENTAGE
 OF ALL ISSUED
CAPITAL OR
OTHER EQUITY
INTERESTS OF
ISSUER

 INTERCOMPANY NOTES 
  

									
	 ISSUER
	  	 PRINCIPAL
 AMOUNT
	  	 DATE OF
 ISSUANCE
	  	 INTEREST
 RATE
	  	 MATURITY
 DATE

  

			
	 [                                       
             ],
 as Pledgor

		
	By:	 	  
		 	 Name:

		 	 Title:

  

			
	AGREED TO AND ACCEPTED:
	
	 UBS AG, STAMFORD BRANCH,
 as Canadian
Collateral Agent

		
	By:	 	  
		 	 Name:

		 	 Title:

		
	By:	 	  
		 	 Name:

		 	 Title:

  

 S-2 

 Exhibit 3 
 [Form of] 
 JOINDER AGREEMENT 
 [Name of New Pledgor] 
 [Address of New Pledgor] 
 [Date] 
  

	
	
	   
	
	   
	
	   
	
	   

 Ladies and Gentlemen: 
 Reference is made to the Security Agreement (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Security Agreement”; capitalized terms used but not otherwise
defined herein shall have the meanings assigned to such terms in the Security Agreement), dated as of December 30, 2005 made by SOUTHERN GRAPHIC SYSTEMS-CANADA, CO./SYSTEMES GRAPHIQUES SOUTHERN-CANADA, CO., PROJECT DOVE MANITOBA LP and UBS AG,
STAMFORD BRANCH, as Canadian Collateral Agent (in such capacity and together with any successors in such capacity, the “Collateral Agent”). 
 This Joinder Agreement supplements the Security Agreement and is delivered by the undersigned,
[                            ] (the “New Pledgor”), pursuant to Section 3.5 of the
Security Agreement. The New Pledgor hereby agrees to be bound as a Pledgor party to the Security Agreement by all of the terms, covenants and conditions set forth in the Security Agreement to the same extent that it would have been bound if it had
been a signatory to the Security Agreement on the date of the Security Agreement. The New Pledgor also hereby agrees to be bound as a party by all of the terms, covenants and conditions applicable to it set forth in Articles V, VI and VII of the
Credit Agreement to the same extent that it would have been bound if it had been a signatory to the Credit Agreement on the execution date of the Credit Agreement. Without limiting the generality of the foregoing, the New Pledgor hereby grants and
pledges to the Collateral Agent, as collateral security for the full, prompt and complete payment and performance when due (whether at stated maturity, by acceleration or otherwise) of the Secured Obligations, a Lien on and security interest in, all
of its right, title and interest in, to and under the Pledged Collateral and expressly assumes all obligations and liabilities of a Pledgor thereunder. The New Pledgor hereby makes each of the representations and warranties and agrees to each of the
covenants applicable to the Pledgors contained in the Security Agreement and Article III of the Credit Agreement. 

 Annexed hereto are supplements to each of the schedules to the Security Agreement and the Credit
Agreement, as applicable, with respect to the New Pledgor. Such supplements shall be deemed to be part of the Security Agreement or the Credit Agreement, as applicable. 
 This Joinder Agreement and any amendments, waivers, consents or supplements hereto may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed
and delivered shall be deemed to be an original, but all such counterparts together shall constitute one and the same agreement. 
 THIS
JOINDER AGREEMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE PROVINCE OF ONTARIO AND FEDERAL LAWS OF CANADA APPLICABLE THEREIN. 
  

 S-2 

 IN WITNESS WHEREOF, the New Pledgor has caused this Joinder Agreement to be executed and delivered
by its duly authorized officer as of the date first above written. 
  

					
	[NEW PLEDGOR]
		
	By:	 	  
		 	Name:	 	
		 	 Title:
	 	

  

					
	AGREED TO AND ACCEPTED:
	
	 UBS AG, STAMFORD BRANCH,
 as Canadian
Collateral Agent

		
	By:	 	  
		 	Name:	 	
		 	 Title:
	 	
		
	By:	 	  
		 	Name:	 	
		 	 Title:
	 	

 [Schedules to be attached] 
  

 S-3 

 Exhibit 4 
 [Form of] 
 CONTROL AGREEMENT CONCERNING DEPOSIT ACCOUNTS 
 This CONTROL AGREEMENT CONCERNING DEPOSIT ACCOUNTS (this “Control Agreement”), dated as of
[                    ], by and among
[                    ] (the “Pledgor”), UBS AG, STAMFORD BRANCH, as Canadian Collateral Agent (the “Collateral
Agent”) and [                    ] (the “Bank”), is delivered pursuant to Section 3.4(c) of that certain
security agreement (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Security Agreement”), dated as of December     , 2005, made by the Pledgors thereto in favor
of the Collateral Agent, as pledgee, assignee and secured party. This Control Agreement is for the purpose of perfecting the security interests of the Secured Parties granted by the Pledgor in the Designated Accounts described below. Capitalized
terms used but not defined herein shall have the meanings assigned to such terms in the Security Agreement. 
 Section 1. Confirmation of Establishment and Maintenance of Designated Accounts. 
 The Bank hereby confirms and agrees that
(i) the Bank has established for the Pledgor and maintains the deposit account(s) listed in Schedule 1 annexed hereto (such account(s), together with each such other deposit account maintained by the Pledgor with the Bank collectively, the
“Designated Accounts” and each a “Designated Account”), (ii) each Designated Account will be maintained in the manner set forth herein until termination of this Control Agreement, and (iii) this Control
Agreement is the valid and legally binding obligation of the Bank. 
 Section 2. Control. 
 Upon the Collateral Agent’s delivery of a Notice of Sole Control pursuant to Section 8(i) hereof to the Bank, the Bank shall comply with
instructions originated by the Collateral Agent without further consent of the Pledgor or any person acting or purporting to act for the Pledgor being required, including, without limitation, directing disposition of the funds in each Designated
Account. The Bank shall also comply with instructions directing the disposition of funds in each Designated Account originated by the Pledgor or its authorized representatives until such time as the Collateral Agent delivers a Notice of Sole Control
pursuant to Section 8(i) hereof to the Bank. After the Collateral Agent delivers a Notice of Sole Control, the Bank shall comply with, and is fully entitled to rely upon, any instruction from the Collateral Agent, even if such instruction is
contrary to any instruction that the Pledgor may give or may have given to the Bank. 
 Section 3. Subordination of
Lien; Waiver of Set-Off. 
 The Bank hereby agrees that any security interest in, lien on, encumbrance, claim or (except as provided in the
next sentence) right of setoff against, any Designated Account or any funds therein it now has or subsequently obtains shall be subordinate to the security interest of the Collateral Agent in the Designated Accounts and the funds therein or credited
thereto. The 

 
.Bank agrees not to exercise any present or future right of recoupment or set-off against any of the Designated Accounts or to assert against any of the
Designated Accounts any present or future security interest, banker’s lien or any other lien or claim (including claim for penalties) that the Bank may at any time have against or in any of the Designated Accounts or any funds therein;
provided, however, that the Bank may set off (i) all amounts due to the Bank in respect of its customary fees and expenses for the routine maintenance and operation of the Designated Accounts, including overdraft fees, and (ii) the face
amount of any checks or other items which have been credited to any Designated Account but are subsequently returned unpaid because of uncollected or insufficient funds). 
 Section 4. Choice of Law. 
 Both this Control Agreement and the Designated Accounts shall be governed by the laws of the Province of Ontario and the federal laws of Canada applicable therein. 
 Section 5. Conflict with Other Agreements; Amendments. 
 As of the date hereof, there are no other agreements entered into between the Bank and the Pledgor with respect to any Designated Account or any funds
credited thereto (other than standard and customary documentation with respect to the establishment and maintenance of such Designated Accounts). The Bank and the Pledgor will not enter into any other agreement with respect to any Designated Account
unless the Collateral Agent shall have received prior written notice thereof. The Bank and the Pledgor have not and will not enter into any other agreement with respect to control of the Designated Accounts or purporting to limit or condition the
obligation of the Bank to comply with any orders or instructions with respect to any Designated Account as set forth in Section 2 hereof without the prior written consent of the Collateral Agent acting in its sole discretion. In the event of
any conflict with respect to control over any Designated Account between this Control Agreement (or any portion hereof) and any other agreement now existing or hereafter entered into, the terms of this Control Agreement shall prevail. No amendment
or modification of this Control Agreement or waiver of any right hereunder shall be binding on any party hereto unless it is in writing and is signed by all the parties hereto. 
 Section 6. Certain Agreements. 
 As of the date hereof, the Bank has furnished to the Collateral Agent the most recent account statement issued by the Bank with respect to each of the Designated Accounts and the cash balances held therein. Each such statement accurately
reflects the assets held in such Designated Account as of the date thereof. 
 Section 7. Notice of Adverse Claims.

 Except for the claims and interest of the Secured Parties and of the Pledgor in the Designated Accounts, the Bank on the date hereof does
not know of any claim to, security interest in, lien on, or encumbrance against, any Designated Account or in any funds credited thereto and does not know of any claim that any person or entity other than the Collateral Agent has been given control
of any Designated Account or any such funds. If the Bank becomes aware that any person or entity is asserting any lien, encumbrance, security interest or materially 

  

 S-2 

 
adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process or any claim of control) against any funds in
any Designated Account, the Bank shall promptly notify the Collateral Agent and the Pledgor thereof. 
 Section 8.
Maintenance of Designated Accounts. 
 In addition to the obligations of the Bank in Section 2 hereof, the Bank agrees to maintain the
Designated Accounts as follows: 
 (i) Notice of Sole Control. If at any time the Collateral Agent delivers to the Bank
a notice in the form of Exhibit A hereto instructing the Bank to terminate Pledgor’s access to any Designated Account (the “Notice of Sole Control”), the Bank agrees that, after receipt of such notice, it will take all
instruction with respect to such Designated Account solely from the Collateral Agent, terminate all instructions and orders originated by the Pledgor with respect to the Designated Accounts or any funds therein, and cease taking instructions from
the Pledgor, including, without limitation, instructions for distribution or transfer of any funds in any Designated Account. 
 (ii) Statements and Confirmations. The Bank will send copies of all statements and other correspondence (excluding routine confirmations) concerning any Designated Account simultaneously to the Pledgor and the Collateral Agent at the
address set forth in Section 10 hereof. The Bank will promptly provide to the Collateral Agent, upon request therefor from time to time, a statement of the cash balance in each Designated Account. The Bank shall not change the name or account
number of any Designated Account without the prior written consent of the Collateral Agent. 
 Section 9. Successors;
Assignment. 
 The terms of this Control Agreement shall be binding upon, and shall inure to the benefit of, the parties hereto and their
respective corporate successors and permitted assignees. 
 Section 10. Notices. 
 Any notice, request or other communication required or permitted to be given under this Control Agreement shall be in writing and deemed to have been
properly given when delivered in person, or when sent by telecopy or other electronic means and electronic confirmation of error free receipt is received or two (2) days after being sent by certified or registered United States mail, return
receipt requested, postage prepaid, addressed to the party at the address set forth below. 
 Pledgor: 
 [                                       
     ] 
 [Address] 
 Attention: 
 Telecopy: 
 Telephone: 
  

 S-3 

 with copy to: 
 [                                       
         ] 
 [Address] 
 Attention: 
 Telecopy: 
 Telephone: 
 Bank: 
 [                                       
         ] 
 [Address] 
 Attention: 
 Telecopy: 
 Telephone: 
 Collateral Agent: 
 UBS AG, Stamford Branch 
 677 Washington Boulevard 
 Stamford, Connecticut 06901 
 Attention: 
 Telecopy: 
 Telephone: 
 with a copy to: 
 Latham & Watkins LLP 
 233 South Wacker Drive 
 Chicago, Illinois 60606-6401 
 Attention: Donald L. Schwartz 
 Telecopy: (312)993-9767 
 Telephone: (312) 876-7631 
 Any party may change its address for notices in the manner set forth above. 
 Section 11. Termination. 
 (i) Except as otherwise provided in this Section 11, the obligations of the Bank hereunder and this Control Agreement shall continue in effect until the security interests of the Collateral Agent in the
Designated Accounts and any and all funds therein have been terminated pursuant to the terms of the Security Agreement and the Collateral Agent has notified the Bank of such termination in writing. 
 (ii) The Bank, acting alone, may terminate this Control Agreement at any time and for any reason by written notice delivered to the
Collateral Agent and the Pledgor not less than thirty (30) days prior to the effective termination date. 
  

 S-4 

 (iii) Prior to any termination of this Control Agreement pursuant to this
Section 11, the Bank hereby agrees that it shall promptly take, at Pledgor’s sole cost and expense, all reasonable actions necessary to facilitate the transfer of any funds in the Designated Accounts as follows: (a) in the case of a
termination of this Control Agreement under Section 11(i), to the institution designated in writing by Pledgor; and (b) in all other cases, to the institution designated in writing by the Collateral Agent. 
 Section 12. Fees and Expenses. 
 The Bank agrees to look solely to the Pledgor for payment of any and all fees, costs, charges and expenses incurred or otherwise relating to the Designated Accounts and services provided by the Bank hereunder (collectively, the
“Account Expenses”), and the Pledgor agrees to pay such Account Expenses to the Bank on demand therefor. The Pledgor acknowledges and agrees that it shall be, and at all times remains, solely liable to the Bank for all Account
Expenses. 
 Section 13. Severability. 
 If any term or provision set forth in this Control Agreement shall be invalid or unenforceable, the remainder of this Control Agreement, other than those provisions held invalid or unenforceable, shall be construed in
all respects as if such invalid or unenforceable term or provision were omitted. 
 Section 14. Counterparts.

 This Control Agreement may be executed in any number of counterparts, all of which shall constitute one and the same instrument, and any
party hereto may execute this Control Agreement by signing and delivering one or more counterparts. 
 [signature page follows]

  

 S-5 

					
	 [
	 		 	]
		
	 By:
	 	  
		 	 Name:
	 	
		 	 Title:
	 	
	
	 UBS AG, STAMFORD BRANCH,
 as Canadian Collateral Agent

		
	 By:
	 	  
		 	 Name:
	 	
		 	 Title:
	 	
		
	 By:
	 	  
		 	 Name:
	 	
		 	 Title:
	 	
			
	 [
	 		 	],
	 as Bank

		
	 By:
	 	  
		 	 Name:
	 	
		 	 Title:
	 	

  

 S-6 

 SCHEDULE 1  
 Designated Account(s) 
  

 S-7 

 EXHIBIT A 
 NOTICE OF SOLE CONTROL 
 [Letterhead of Agent] 
  

	To:	[BANK] 

  

	 	Re:	Account No. 

 Ladies and Gentlemen: 
 Reference is made to the Control Agreement Concerning Deposit Accounts dated
                    , 2006 (the “Agreement”) among
[                    ], us and you regarding the above-described account (the “Blocked Account”). In accordance with
Section 8 of the Agreement, we hereby give you notice that an event of default has occurred and of our exercise of control of the Blocked Account and we hereby instruct you to immediately transfer funds as reflected in the Agreement to the
following account: 
 ___________________________ 
 ___________________________ 
 ___________________________ 
  

			
	 Very truly yours,

	
	 UBS AG, STAMFORD BRANCH,
 as Canadian Collateral Agent

		
	 By:
	 	  
		 	 Name:

		 	 Title:

		
	 By:
	 	  
		 	 Name:

		 	 Title:

  

 S-8 

			
	Acknowledged:
	
	[BANK],
		
	By:	 	  
		 	Name:
		 	Title:

  

 S-9 

 Exhibit 5 
 [Form of] 
 Intellectual Property Security Agreement 
 Intellectual Property Security Agreement, dated as of
[                    ], by
[                    ] (the “Pledgor”), in favor of UBS AG, STAMFORD BRANCH, in its capacity as Canadian Collateral Agent
pursuant to the Credit Agreement (in such capacity, the “Collateral Agent”). 
 W I T N E S S E T H: 
 WHEREAS, the Pledgor is a party to a Security Agreement of even date herewith (the “Security Agreement”) in favor of the
Collateral Agent pursuant to which the Pledgor is required to execute and deliver this Intellectual Property Security Agreement; 
 NOW, THEREFORE, in consideration of the premises and to induce the Collateral Agent, for the benefit of the Secured Parties, to enter into the Credit Agreement, the Pledgor hereby agrees with the Collateral Agent as follows:

 Section 1. Defined Terms. 
 Unless otherwise defined herein, terms defined in the Security Agreement and used herein have the meaning given to them in the Security Agreement. 
 Section 2. Grant of Security Interest in Copyright Collateral. 
 The Pledgor hereby pledges and grants to the Collateral Agent for the benefit of the Secured Parties a lien on and security interest in and to all of its
right, title and interest in, to and under all the following Pledged Collateral of the Pledgor: 
 (a) Copyrights of the Pledgor listed on
Schedule I1 attached hereto; 
 (b) Patents of the Pledgor listed on Schedule II2 attached hereto; 
 (c) Trademarks of the Pledgor listed on Schedule III3 attached hereto; 
 (d) all Goodwill associated with such Trademarks; and 
 (e) all Proceeds of any and all of the foregoing (other than Excluded Property). 

	1	Should include same Copyrights
listed on Schedule 12(b) of the Perfection Certificate. 

  

	2	Should include same Patents listed on Schedule 12(a) of the Perfection Certificate. 

  

	3	Should include same Trademarks listed on Schedule 12(a) of the Perfection Certificate.

 Section 3. Security Agreement. 
 The security interest granted pursuant to this Intellectual Property Security Agreement is granted in conjunction with the security interest granted to
the Collateral Agent pursuant to the Security Agreement and Pledgor hereby acknowledges and affirms that the rights and remedies of the Collateral Agent with respect to the security interest in the Intellectual Property made and granted hereby are
more fully set forth in the Security Agreement, the terms and provisions of which are incorporated by reference herein as if fully set forth herein. In the event that any provision of this Intellectual Property Security Agreement is deemed to
conflict with the Security Agreement, the provisions of the Security Agreement shall control unless the Collateral Agent shall otherwise determine. 
 Section 4. Termination. 
 Upon the payment in full of the Secured Obligations and termination of the
Security Agreement, the Collateral Agent shall promptly execute, acknowledge, and deliver to the Pledgor an instrument in writing in recordable form releasing the collateral pledge, grant, assignment, lien and security interest in the Intellectual
Property under this Intellectual Property Security Agreement. 
 Section 5. Counterparts. 
 This Intellectual Property Security Agreement may be executed in any number of counterparts, all of which shall constitute one and the same instrument,
and any party hereto may execute this Intellectual Property Security Agreement by signing and delivering one or more counterparts. 
 THIS
INTELLECTUAL PROPERTY SECURITY AGREEMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE PROVINCE OF ONTARIO AND FEDERAL LAWS OF CANADA APPLICABLE THEREIN. 
 [signature page follows] 
  

 S-2 

 IN WITNESS WHEREOF, the Pledgor has caused this Intellectual Property Security Agreement to be
executed and delivered by its duly authorized offer as of the date first set forth above. 
  

					
	 Very truly yours,

		
		 	[PLEDGOR]4
			
		 	 By:
	 	  
		 		 	 Name:

		 		 	 Title:

  

			
	ACCEPTED AND AGREED:
	
	 UBS AG, STAMFORD BRANCH,
 as Canadian Collateral Agent

		
	By:	 	  
		 	 Name:

		 	 Title:

		
	By:	 	  
		 	 Name:

		 	 Title:

	4	This document needs only to be executed by the Pledgor which owns pledged Intellectual Property. 

  

 S-3 

 SCHEDULE I 
 to 
 INTELLECTUAL PROPERTY SECURITY AGREEMENT 
 COPYRIGHT REGISTRATIONS AND COPYRIGHT APPLICATIONS5 
 Copyright Registrations: 
  

					
	 OWNER
	  	 REGISTRATION NUMBER
	  	 TITLE

		  		  	
		  		  	
		  		  	
		  		  	

 Copyright Applications: 
  

					
	 OWNER
	  	 APPLICATION NUMBER
	  	 TITLE

		  		  	
		  		  	
		  		  	
		  		  	

	5	Note to attorney: These schedules include the minimum information required to perfect in
CIPO. A conformed version of perfection certificate would be adequate, provided it contains this information. 

  

 S-4 

 SCHEDULE II 
 to 
 INTELLECTUAL PROPERTY SECURITY AGREEMENT 
 PATENT REGISTRATIONS AND PATENT APPLICATIONS6 
 Patent Registrations: 
  

					
	 OWNER
	  	 REGISTRATION NUMBER
	  	 NAME

		  		  	
		  		  	
		  		  	
		  		  	

 Patent Applications: 
  

					
	 OWNER
	  	 APPLICATION NUMBER
	  	 NAME

		  		  	
		  		  	
		  		  	
		  		  	

	6	Note to attorney: These schedules include the minimum information required to perfect in
CIPO. A conformed version of perfection certificate would be adequate, provided it contains this information. 

 SCHEDULE III7 
 to 
 INTELLECTUAL PROPERTY SECURITY AGREEMENT 
 TRADEMARK REGISTRATIONS AND
TRADEMARK APPLICATIONS 
 Trademark Registrations: 
  

					
	 OWNER
	  	 REGISTRATION NUMBER
	  	 TRADEMARK

		  		  	
		  		  	
		  		  	
		  		  	

 Trademark Applications: 
  

					
	 OWNER
	  	 APPLICATION NUMBER
	  	 TRADEMARK

		  		  	
		  		  	
		  		  	
		  		  	

	7	Note to attorney: These schedules include the minimum information required to perfect in CIPO. A conformed version of perfection certificate would be adequate,
provided it contains this information. 

 Exhibit 6 
 FORM OF NOTICE TO BAILEE OF SECURITY INTEREST IN INVENTORY 
 CERTIFIED MAIL
— RETURN RECEIPT REQUESTED 
 [                    ], 200[  ] 
  

	TO:	[Bailee’s Name] 

 [Bailee’s Address] 

 

	 	Re:	[Borrower] 

 Ladies and Gentlemen: 
 In connection with that certain Security Agreement, dated as of December     , 2005 (the “Security
Agreement”), made by SOUTHERN GRAPHIC SYSTEMS-CANADA, CO./SYSTEMES GRAPHIQUES SOUTHERN-CANADA, CO., PROJECT DOVE MANITOBA LP and UBS AG, Stamford Branch, as Collateral Agent (“UBS”), we have granted to UBS a security
interest in substantially all of our personal property, including our inventory. 
 This letter constitutes notice to you, and your signature
below will constitute your acknowledgment, of UBS’s continuing first priority security interest in all goods with respect to which you are acting as bailee. Until you are notified in writing to the contrary by UBS, however, you may continue to
accept instructions from us regarding the delivery of goods stored by you. 
 Your acknowledgment also constitutes a waiver and release, for
UBS’s benefit, of any and all claims, liens, including bailee’s liens, and demands of every kind which you have or may later have against such goods (including any right to include such goods in any secured financing to which you may
become party). 
 In order to complete our records, kindly have a duplicate of this letter signed by an officer of your company and return
same to us at your earliest convenience. 
  

									
	 Receipt acknowledged, confirmed and
 approved:
	 		 	 Very truly yours,

			
	[BAILEE]	 		 	[PLEDGOR]
					
	 By:
	 	  	 		 	 By:
	 	  
		 	 Name:
	 		 		 	 Name:

		 	 Title:
	 		 		 	 Title:

					
	 cc:
	 	 UBS AG, Stamford BranchDebenture dated as of December 30, 2005

 Exhibit 10.11 
 EXECUTION VERSION 
 Dated 30 December 2005 
 SGS-UK HOLDINGS LIMITED 
 AND OTHERS

 (the Chargors) 
 in favour of 
 UBS AG, STAMFORD BRANCH 
 (as Canadian Collateral Agent) 
  

 DEBENTURE 
  

 

 
 London 
 99 Bishopsgate 
 London EC2M 3XF 
 (44) 020 7710 1000 (Tel) 
 (44) 020 7374 4460 (Fax) 
 www.lw.com 
 Contact: Jonathan Keil 

 CONTENTS 
  

							
	Clause	  	 	  	 	  	Page
	1.	  	INTERPRETATION	  	1
				
		  	1.1	  	Definitions	  	1
		  	1.2	  	Interpretation	  	5
		  	1.3	  	Incorporation of Terms by Reference	  	6
		  	1.4	  	Use of Lists and Examples	  	6
		  	1.5	  	Whole Agreement	  	6
		  	1 6	  	Headings	  	6
		  	1.7	  	Counterparts	  	6
		  	1.8	  	Singular/Plural	  	6
		  	1.9	  	No Partnership	  	7
		  	1.10	  	Amount of Secured Obligations	  	7
		  	1.11	  	Security Enforceable	  	7
		  	1.12	  	Statutory References	  	7
		  	1.13	  	Disposition of the Mortgaged Property	  	7
		  	1.14	  	Assets	  	7
		  	1.15	  	Schedules	  	7
		  	1.16	  	Deed	  	7
		  	1.17	  	Perpetuity Period	  	8
			
	2.	  	PAYMENT OF THE SECURED OBLIGATIONS	  	8
				
		  	2.1	  	Covenant	  	8
		  	2.2	  	Interest	  	8
		  	2.3	  	Costs and Expenses	  	8
			
	3.	  	CHARGING PROVISIONS	  	8
				
		  	3.1	  	Specific Charges	  	8
		  	3.2	  	Floating Charge	  	9
		  	3.3	  	Assignments by way of Security	  	10
		  	3.4	  	Removal of Impediments to Charges and Assignments	  	10
		  	3.5	  	Contracts	  	11
			
	4.	  	REPRESENTATIONS AND WARRANTIES AND COVENANTS	  	11
				
		  	4.1	  	Representations and Warranties	  	11
		  	4.2	  	Covenants relating to the Collateral	  	13
		  	4.3	  	Other Covenants	  	15
		  	4.4	  	Information Covenants	  	16
			
	5.	  	COLLECTION OF RECEIVABLES AND RELATED MATTERS	  	16
			
	6.	  	INSURANCE	  	17
			
	7.	  	INVESTMENTS	  	17
				
		  	7.1	  	Covenants	  	17

  

 i 

							
		  	7.2	  	Voting Rights and Dividend Entitlement	  	18
		  	7.3	  	Default Powers	  	19
		  	7.4	  	Continuing Liabilities	  	19
		  	7.5	  	No Obligation	  	19
		  	7.6	  	Retention of Documents	  	19
			
	8.	  	NEGATIVE PLEDGE AND OTHER RESTRICTIONS	  	19
			
	9.	  	FURTHER ASSURANCE AND PERFECTION OF SECURITY	  	20
				
		  	9.1	  	Further Assurance	  	20
		  	9.2	  	Conversion of Floating Charge	  	21
		  	9.3	  	Security in Jeopardy	  	22
			
	10.	  	RECEIVER	  	22
				
		  	10.1	  	Appointment of Receiver	  	22
		  	10.2	  	Joint Receivers	  	23
		  	10.3	  	General Powers of Receiver	  	23
		  	10.4	  	Specific Powers of Receiver	  	24
		  	10.5	  	Receiver as Agent	  	25
		  	10.6	  	Remuneration	  	25
		  	10.7	  	Removal	  	25
		  	10.8	  	Application of Proceeds	  	25
			
	11.	  	FINANCIAL COLLATERAL	  	26
			
	12.	  	VARIATION AND EXTENSION OF STATUTORY POWERS	  	26
				
		  	12.1	  	Declaration of Trust	  	26
		  	12.2	  	Statutory Powers Generally	  	26
		  	12.3	  	Canadian Collateral Agent’s Powers	  	26
		  	12.4	  	Mortgagee in Possession	  	27
		  	12.5	  	Protection for Third Parties	  	27
		  	12.6	  	Delegation	  	27
		  	12.7	  	Suspense Accounts	  	27
		  	12.8	  	Canadian Collateral Agent’s Power to Remedy Breaches	  	28
		  	12.9	  	No Liability	  	28
			
	13.	  	CONTINUATION AND PRESERVATION OF SECURITY	  	28
				
		  	13.1	  	Subsequent Liens	  	28
		  	13.2	  	Waiver of Defences	  	28
		  	13.3	  	Immediate Recourse	  	29
		  	13.4	  	Non-competition	  	29
		  	13.5	  	Security held by the Chargors	  	30
		  	13.6	  	Continuing Security	  	30
			
	14.	  	POWER OF ATTORNEY	  	30
				
		  	14.1	  	Appointment	  	30
		  	14.2	  	Ratification	  	31

  

 ii 

							
	 15.
	  	INDEMNITIES	  	31
				
		  	15.1	  	General	  	31
		  	15.2	  	Taxes	  	31
			
	 16.
	  	WAIVERS AND REMEDIES	  	31
				
		  	16.1	  	Waivers	  	31
		  	16.2	  	Severability	  	32
			
	 17.
	  	REINSTATEMENT AND RELEASE	  	32
				
		  	17.1	  	Reinstatement	  	32
		  	17.2	  	Release	  	32
			
	 18.
	  	CURRENCY	  	33
			
	 19.
	  	LAND REGISTRY	  	33
				
		  	19.1	  	Unregistered Property	  	33
		  	19.2	  	Existing and Future Property	  	33
		  	19.3	  	Legal Charge	  	34
		  	19.4	  	Title Information Document	  	34
		  	19.5	  	Exempt Information	  	34
			
	 20.
	  	NOTICES	  	34
				
		  	20.1	  	General	  	34
		  	20.2	  	Mode of Service	  	34
		  	20.3	  	Deemed Service	  	35
		  	20.4	  	Proof of Service	  	35
			
	 21.
	  	SET OFF	  	35
			
	 22.
	  	CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999	  	36
			
	 23.
	  	ASSIGNMENTS AND TRANSFERS	  	36
			
	 24.
	  	ACCESSION OF SUBSIDIARY GUARANTORS	  	36
			
	 25.
	  	GOVERNING LAW	  	36
				
		  	25.1	  	Governing Law	  	36
		  		  	SCHEDULE 1	  	38
		  		  	Chargors	  	
				
		  		  	SCHEDULE 2	  	39
		  		  	Contracts	  	39
				
		  		  	SCHEDULE 3	  	40
		  		  	Receivables Account(s)	  	40
				
		  		  	SCHEDULE 4	  	41
		  		  	Details of Policies	  	41
				
		  		  	SCHEDULE 5	  	42

  

 iii 

							
		 		 	Assignments	  	42
		 		 	Part A1	  	42
		 		 	Form of Notice of Assignment of Receivables	  	42
		 		 	Part A2	  	44
		 		 	Form of Acknowledgement and Agreement	  	44
		 		 	Part Bl	  	46
		 		 	Form of Notice of Assignment of Insurances	  	46
		 		 	Part B2	  	47
		 		 	Form of Acknowledgement	  	47
		 		 	Form of Endorsement	  	49
		 		 	SCHEDULE 6	  	50
		 		 	Securities	  	50
		 		 	SCHEDULE 7	  	51
		 		 	Part 1	  	51
		 		 	Form of Account Notice	  	51
		 		 	Part 2	  	53
		 		 	Form of Acknowledgement and Agreement	  	53
		 		 	SCHEDULE 8	  	54
		 		 	Property	  	54
		 		 	Part 1	  	54
		 		 	Registered Land	  	54
		 		 	Part 2	  	54
		 		 	Unregistered Land	  	54
		 		 	Part 3	  	54
		 		 	Other Immovable Property	  	54
		 		 	SCHEDULE 9	  	55
		 		 	Form of Accession Deed	  	55

  

 iv 

 THIS DEBENTURE is made as a deed on 30 December, 2005 
 BETWEEN 
  

	(1)	SGS-UK HOLDINGS LIMITED, a company incorporated in England and Wales with registered number 05429840 and whose registered office is at 1 Park Row, Leeds, LSI 5AB (“UK
Holdings”); 

  

	(2)	THE CHARGORS from time to time who accede to this Debenture by executing an Accession Deed (as defined below); and 

  

	(3)	UBS AG, STAMFORD BRANCH, as agent and trustee for itself and each of the Secured Parties (as defined below) (the “Canadian Collateral Agent”).

 NOW THIS DEED WITNESSES as follows: 
 1. INTERPRETATION 1.1 Definitions 
 Save as otherwise provided in this Debenture, the following words and phrases have the
following meanings throughout this Debenture: 
  

			
	“Accession Deed”	  	means a deed executed by a Subsidiary incorporated under the laws of England and Wales substantially in the form set out in Schedule 9, with those amendments that the Canadian Collateral
Agent may approve or reasonably require (including any representations, warranties, covenants and undertakings to the extent that the same relate to specific Collateral that the acceding Subsidiary owns or is likely to own provided that the same are
reasonable and customary for the Collateral in question)
		
	“Account Notice”	  	means, unless otherwise agreed by the Canadian Collateral Agent and taking into account any reasonable requested amendments thereto from the relevant account bank, a notice substantially in
the form set out in Schedule 7
		
	“Act”	  	means the Law of Property Act 1925
		
	“Chargors”	  	means UK Holdings, each company listed in Schedule 1 hereto (upon its execution of an Accession Deed) and each other company which grants security over its assets in favour of the Canadian
Collateral Agent by executing an Accession Deed
		
	“Collateral”	  	means all Property, Equipment, Inventory, Investments, Intellectual Property, Receivables, Receivables Accounts, Policies, Contracts and/or other assets and undertakings of any Chargor
mortgaged, charged or assigned under this Debenture and, where the context so admits, each of them and any part thereof and the proceeds of the disposal of the same and all rights, title and interest in and to the same, in each such case as may now
or in the future be the subject of the Security

  

			
	1	  	DEBENTURE

			
	“Contracts”	  	means each of the agreements specified in Schedule 2
		
	“Credit Agreement”	  	means the credit agreement dated as of the date hereof and made between SGS International, Inc., Southern Graphic Systems - Canada, Co./Systemes Graphiques Southern - Canada, Co., the
Guarantors, as defined in the Credit Agreement, the Lenders, as defined in the Credit Agreement, UBS Securities LLC and Lehman Brothers Inc., as joint arrangers and joint bookmanagers, UBS, as issuing bank, US administrative agent, US collateral
agent and Canadian collateral agent, Lehman Brothers Inc., as syndication agent, CIT Lending Services Corporation, as documentation agent, National City Bank, as Canadian administrative agent and UBS Loan Finance LLC, as swingline
lender
		
	“Default Rate”	  	means a rate of interest determined in accordance with Section 2.06(e) of the Credit Agreement
		
	“Equipment”	  	means all of any Chargor’s now owned and hereafter acquired machinery and equipment including processing equipment, conveyers, machine tools, data processing and computer equipment,
including embedded software, and peripheral equipment and all engineering, processing and manufacturing equipment, office machinery, furniture, material, handling equipment, tools, attachments, accessories, automotive and office equipment, trailers,
trucks, forklifts, mould, dies, stamps, motor vehicles, rolling stock and other equipment of every kind and nature, trade fixtures and fixtures not forming a part of real property (which, for the avoidance of doubt, includes a tenant’s fixtures
and fittings), furnishings, furniture and other tangible personal property (except Inventory), together with all additions and accessories thereto, replacements therefor, all parts therefor, all substitutes for any of the foregoing, fuel therefor
and all manuals, drawings, instructions, warranties and rights with respect thereto, and all products and proceeds thereof and condemnation awards and insurance proceeds with respect thereto, in the case of all of the foregoing, wherever they may be
located.
		
	“Insolvency Act”	  	means the Insolvency Act 1986 as amended by the Insolvency Act 2000 and the Enterprise Act 2000
		
	“Intellectual Property”	  	means:
		  	 (i)     all patents, utility models, trade marks, rights (registered or unregistered) in any designs, copyright,
database rights, topography rights, plant breeders’ rights, rights protecting goodwill and reputation, applications for any of the foregoing, and all rights and forms of protection of a similar nature or having equivalent effect to any of the
foregoing anywhere in the world, that are owned by or licensed

  

 2 

			
		  	 to any Chargor (or any nominee of any Chargor) whether now or at any time in the nature; and

		
		  	 (ii)    all confidential information and knowledge (including know how, inventions, secret formulae and processes, market
information, and lists of suppliers and customers) that is in the possession or control of any Chargor (or any nominee of any Chargor) whether now or at any time in the future

		
	“Inventory”	  	means all of any Chargor’s now owned and hereafter acquired inventory, goods and merchandise, wherever located, to be supplied under any contract of service or held for sale or lease, all
raw materials, work-in-progress, finished goods, returned goods and materials and supplies of any kind, nature or description which are or might be used or consumed in its businesses or used in connection with the manufacture, packing, shipping,
advertising, selling or finishing of such goods, merchandise and other personal property, and all documents of title or other documents representing them
		
	“Investments”	  	means the Securities and the Related Rights relating to such Securities
		
	“Licences”	  	means all licences, consents and authorisations (statutory or otherwise) now or in the future held or acquired by any Chargor, or held by a nominee of any Chargor, in connection with any
business carried on by it or the use of any of the Collateral
		
	“Notice of Assignment”	  	means, unless otherwise agreed by the Canadian Collateral Agent, a notice of assignment substantially in the applicable form set out in Schedule 5
		
	“Planning Acts”	  	means the Town and Country Planning Act 1990, the Planning (Listed Buildings and Conservation Areas) Act 1990, the Planning (Hazardous Substances) Act 1990, the Planning (Consequential
Provisions) Act 1990 and the Planning and Compensation Act 1991 or any Acts intended to control or regulate the construction, alteration, demolition or change of use of land or buildings and any orders, regulations or permissions made, issued or
granted under or by virtue of such Acts or any of them
		
	“Policies”	  	means the policies of insurance in which any Chargor is interested details of which are specified in Schedule 4 (and, in the case of any Subsidiary incorporated under the laws of England and
Wales which grants security over its assets in favour of the Canadian Collateral Agent by executing an Accession Deed, the policies of insurance details of which are specified in Schedule 3 to the relevant Accession Deed) and any other contracts and
policies of insurance (other than policies providing for indemnity insurance in respect of any third party liabilities and any directors’ and officers’ insurance) in which it may now or hereafter have an interest

  

 3 

			
	“Property”	  	means all freehold and leasehold properties and other real property both present and future owned by any Chargor or in which any Chargor is otherwise interested, including all buildings and
other structures from time to time erected thereon and all fixtures and fittings (trade or otherwise) and fixed plant and machinery from time to time thereon or therein, including, without limitation, the Property specified in Schedule 8 (and, in
the case of any Subsidiary incorporated under the laws of England and Wales which grants security over its assets in favour of the Canadian Collateral Agent by executing an Accession Deed, the Property specified in Schedule 5 to the relevant
Accession Deed)
		
	“Receivables”	  	means:
		
		  	 (a)    all book debts, both present and future, due or owing to any Chargor and all other monetary debts and claims,
choses in action and other rights and benefits both present and future (including, in each case, the proceeds and all remittances in respect thereof and all damages and dividends in relation thereto) due or owing to any Chargor and the benefit of
all related rights and remedies (including under negotiable or non-negotiable instruments, guarantees, indemnities, legal and equitable charges, reservation of proprietary rights, rights of tracing and liens);

		
		  	 (b)    all sums, both present and future, due or owing to any Chargor by way of grant, subsidy or refund by any
statutory, legal or governmental body, authority or institution or by any body, authority or institution of the European Union; and

		
		  	 (c)    all payments representing or made in respect of paragraph (a) or (b)

		
	“Receivables Account”	  	means each account of each Chargor details of which are specified in Schedule 3 (and, in the case of any Subsidiary incorporated under the laws of England and Wales which grants security over
its assets in favour of the Canadian Collateral Agent by executing an Accession Deed, the accounts details of which are specified in Schedule 2 to the relevant Accession Deed) (to which Receivables are to be paid or credited) and all other accounts
or sub-accounts opened or maintained now or in the future by any Chargor with any bank, financial institution or other person satisfactory to the Canadian Collateral Agent or (following the occurrence of an Event of Default that has not been
remedied or waived in accordance with the terms of the Credit Agreement) as the Canadian Collateral Agent shall specify

  

 4 

			
	“Receiver”	  	means a receiver and/or manager (including, as the context admits, an administrative receiver) however appointed under or in connection with this Debenture
		
	“Related Rights”	  	means in relation to any of the Securities:
		
		  	 (a)    all assets deriving from such Securities (or any other asset referred to in paragraph (b) below) including all
allotments, accretions, offers, rights, dividends, distributions, interest, income, benefits, powers, privileges, authorities, remedies and advantages whatsoever at any time accruing, offered or otherwise derived from or incidental to such
Securities (or any other asset referred to in paragraph (b) below); and

		
		  	 (b)    all stocks, shares, rights, money or property accruing or offered at any time whether by way of conversion,
consolidation, redemption, bonus, preference, exchange, purchase, subdivision, substitution, option, interest or otherwise in respect thereof

		
	“Secured Obligations”	  	means, the Canadian Obligations, provided that this shall not include any obligation or liability to the extent that, if it were so included, this Debenture or any mortgage (or any part of it)
granted pursuant to this Debenture would constitute unlawful financial assistance within the meaning of sections 151 and 152 of the Companies Act 1985
		
	“Securities”	  	means all shares, stocks, debentures, debenture stock, bonds, warrants, options, coupons or other securities and investments of any kind whatsoever owned by any Chargor (including rights to
subscribe for, convert into or otherwise acquire the same) whether marketable or otherwise, and all other interests (including loan capital) now or in the future owned by such Chargor from time to time in any company, firm, consortium or entity
wherever situate, including the Securities specified in Schedule 6 (and in the case of any Subsidiary incorporated under the laws of England and Wales which grants security over its assets in favour of the Canadian Collateral Agent by executing an
Accession Deed, the Securities specified in Schedule 4 to the relevant Accession Deed)
		
	“Security”	  	means the security created by (or purported to be created by) this Debenture

  

	1.2	Interpretation 

 Any reference in this Debenture to
(or to any specified provision of) this “Debenture”, the “Credit Agreement” or any other “Loan Document” or to any other agreement or document shall, unless
the context otherwise requires, be construed as a reference to this Debenture, the Credit Agreement or such other Loan Document or such other agreement or document (or that provision) as the same may from time to time be amended, varied,
supplemented, restated, 

  

 5 

 
re-affirmed, extended, novated or replaced (but excluding for this purpose any amendment, variation, supplement, restatement, re-affirmation, extension,
novation or replacement which is contrary to any provision of any Loan Document). Each such reference shall further include any document which is supplemental to, is expressed to be collateral with, or is entered into pursuant to or in accordance
with, and any certificate, instrument, notification or document which is entered into or delivered in connection with or pursuant to or in accordance with, the terms of this Debenture, the Credit Agreement or such other Loan Document or, as the case
may be, such other agreement or document. 
 Any reference in this Debenture to the “Canadian Collateral Agent”,
any “Lender” or any “Secured Party” (or any other person referred to in the definitions thereof) shall be construed so as to include its and any subsequent successors, transferees and
assigns in accordance with their respective interests. 
  

	1.3	Incorporation of Terms by Reference 

 Unless the
context requires otherwise, words and expressions defined or construed in the Credit Agreement, the Act or the Insolvency Act and which are not defined or construed in this Debenture shall bear the same meanings when used in this Debenture.

  

	1.4	Use of Lists and Examples 

 In construing this
Debenture general words introduced by the word “other” shall not be given a restrictive meaning by reason of the fact that they are preceded by words indicating a particular class of acts, matters or things and general words shall not be
given a restrictive meaning by reason of the fact that they are followed by particular examples intended to be embraced by the general words. 
  

	1.5	Whole Agreement 

 This Debenture supersedes any
previous agreement, whether written or oral, express or implied, between the Chargors and the Canadian Collateral Agent in relation to the subject matter of this Debenture. 
  

	1.6	Headings 

 The headings in this Debenture are for
convenience only and shall not affect its meaning and references to a paragraph, Clause or Schedule are (unless otherwise stated) to a paragraph or Clause of, or Schedule to, this Debenture. 
  

	1.7	Counterparts 

 This Debenture may be signed in any
number of counterparts, all of which taken together shall constitute one and the same instrument. Any party may enter into this Debenture by signing any such counterpart. 
  

	1.8	Singular/Plural 

 Save where the context otherwise
requires, the plural of any term includes the singular and vice versa. 
  

 6 

	1.9	No Partnership 

 Nothing in this Debenture or
envisaged hereby shall operate, whether directly or indirectly, to constitute a partnership between the Chargors and any Secured Party or the Canadian Collateral Agent. 
  

	1.10	Amount of Secured Obligations 

 A certificate of the
Canadian Collateral Agent (as agent and trustee as aforesaid) as to the amount of any Secured Obligations due at any time will be prima facie evidence of the matters stated therein. 
  

	1.11	Security Enforceable 

 The security constituted by,
and the rights of the Canadian Collateral Agent and the Secured Parties under, this Debenture shall be enforceable notwithstanding any change in the constitution of the Canadian Collateral Agent or any Secured Party or its absorption in or
amalgamation with any other person or the acquisition of all or part of its undertaking by any other person. 
  

	1.12	Statutory References 

 Unless the context otherwise
requires, a reference to a statute or any provision thereof is to be construed as a reference to that statute or such provision thereof as it may be amended, modified, extended, consolidated, re-enacted or replaced from time to time and shall also
include all bye-laws, instruments, orders and regulations for the time being made thereunder or otherwise deriving validity therefrom. 
  

	1.13	Disposition of the Mortgaged Property 

 The terms of
the other Loan Documents and of any side letters between any parties to such documents in relation to any Loan Document are incorporated in this Debenture to the extent required to ensure that any purported disposition of the Collateral contained in
this Debenture is a valid disposition in accordance with section 2(1) of the Law of Property (Miscellaneous Provisions) Act 1989. 
  

	1.14	Assets 

 A reference in this Debenture to any
“assets” includes, unless the context otherwise requires, property, business, undertakings, revenues and rights of every kind, present and future and contingent (including uncalled share capital) and every kind of interest in any
asset. 
  

	1.15	Schedules 

 The fact that no details are included in
a relevant Schedule does not affect the validity or enforceability of the Security nor does the fact that the details included in any Schedule may be incomplete. Where a definition incorporates the contents of a Schedule and that Schedule contains
details relating to a Chargor yet to accede to this Debenture, then those details shall only be incorporated into the relevant definition upon the relevant Chargor executing an Accession Deed. 
  

	1.16	Deed 

 The parties intend that this document shall
take effect as a deed. 
  

 7 

	1.17	Perpetuity Period 

 The perpetuity period applicable
to the trusts created by this Debenture is 80 years. 
  

	2.	PAYMENT OF THE SECURED OBLIGATIONS 

  

	2.1	Covenant 

 Each Chargor hereby unconditionally and
irrevocably, as primary obligor and not merely as surety, covenants with the Canadian Collateral Agent (acting as agent and trustee as aforesaid) that it will on demand pay or discharge the Secured Obligations on the due date for payment therefor in
the manner provided in the relevant Loan Document. 
  

	2.2	Interest 

 Save to the extent otherwise agreed,
interest may be added by the Canadian Collateral Agent to any amount which shall remain unpaid on the due date for payment therefor from such due date until payment in full at the Default Rate applicable to the relevant outstanding Secured
Obligations under the Loan Documents. 
  

	2.3	Costs and Expenses 

 Within ten Business Days of
receiving a demand, each Chargor shall pay all fees, costs and expenses (including legal fees and any value added tax) properly incurred from time to time in connection with the enforcement of or preservation of rights under this Debenture by the
Canadian Collateral Agent, or any Receiver, attorney, manager, trustee or any other person appointed by the Canadian Collateral Agent under this Debenture or by statute. 
  

	3.	CHARGING PROVISIONS 

  

	3.1	Specific Charges 

 Subject to Clause 3.4, each
Chargor with full title guarantee and as a continuing security for the payment, performance and discharge of the Secured Obligations hereby charges in favour of the Canadian Collateral Agent (acting as agent and trustee as aforesaid) (or, if the
Canadian Collateral Agent so chooses, its nominee) for the benefit of the Secured Parties the following assets, both present and future, from time to time owned by it or in which it has an interest: 
  

	 	(a)	by way of first legal mortgage all of its Property together with all buildings and fixtures (including trade fixtures) thereon and/or the proceeds of sale thereof and by way of
first fixed charge all future Property and any other Property not effectively charged by way of first legal mortgage in each case together with all buildings and fixtures (including trade fixtures) thereon and all proceeds of sale thereof;

  

	 	(b)	by way of first equitable mortgage, all of its Securities and, if and to the extent not effectively assigned by Clause 3.3, all Related Rights relating to such Securities;

  

	 	(c)	by way of first fixed charge: 

  

	 	(i)	its Intellectual Property, including all fees and royalties derived from the Intellectual Property; 

  

	 	(ii)	its Licences and all deeds and documents from time to time relating to the Collateral; 

  

	 	(iii)	its goodwill and its uncalled share capital both present and future; 

  

 8 

	 	(iv)	if and to the extent not effectively assigned by Clause 3.3, all of its rights, title and interest in and to (and claims under) the Policies and to any statutory or other
compensation monies (including the proceeds of any defective title, restrictive covenant or other indemnity policy or covenant relating to its Property) arising for its benefit for interference with the use and/or enjoyment of its Property or the
curtailment of any easement, right or benefit relating thereto and all other compensation monies from time to time received by it in respect of its Property; 

  

	 	(v)	all of its rights, title and interest in and to all chattels from time to time hired, leased or rented by it to any other person together, in each case, with the benefit of the
related hiring, leasing or rental contract and any guarantee, indemnity or other security for the performance of the obligation of any person under or in respect of such contract; 

  

	 	(vi)	all rights in relation to or under and all benefits of, any covenants for title given or entered into by any of its predecessors in title to its Property, all proceeds of a capital
nature in relation to the disposal of its Property, the benefit of any contract for the sale, letting or other disposal of its Property and all present and future options to renew all leases or purchase all reversions (whether or not freehold) from
time to time in relation to its Property; 

  

	 	(vii)	the benefit of all of its rights and claims against all lessees from time to time of the whole or any parts of its Property and all guarantors and sureties for the obligations of
such lessees and against all persons who are under any obligation to it in respect of any works of design, construction, repair or replacement to, on or about its Property; 

  

	 	(viii)	its Equipment (whether from time to time in or on the Property (and not comprised in the Property) or otherwise) and the benefit of all of its rights and claims against any person
in respect of the design, construction, repair or replacement of the same; 

  

	 	(ix)	all of its rights (including against third parties) and benefits in and to the Receivables, to the extent that they do not fall within any other paragraph of this Clause 3.1;

  

	 	(x)	all of its rights and benefits in and to the Receivables Accounts and all monies standing to their credit; 

  

	 	(xi)	so far as permitted under the relevant document, its rights, title and interest in and to all contracts, agreements or warranties affecting or in any way relating to the Collateral
and the benefit of all related rights and remedies; and 

  

	 	(xii)	any beneficial interest, claim or entitlement it has in any pension fund.  

  

	3.2	Floating Charge 

 Each Chargor with full title
guarantee and as a continuing security for the payment, performance and discharge of the Secured Obligations hereby charges to the Canadian Collateral Agent (acting as agent and trustee as aforesaid) for the benefit of the Secured Parties by way of
first floating charge all of its undertakings, property, assets and rights, whatsoever and wheresoever, both present and future (save insofar as any of the same shall for the time being be effectively mortgaged or charged by way of first fixed
charge under the 

  

 9 

 
provisions of Clause 3.1 or assigned by way of security under the provisions of Clause 3.3). The floating charge created by each Chargor pursuant to this
Clause 3.2 is a “qualifying floating charge” for the purposes of paragraph 14.2(a) of Schedule BI to the Insolvency Act and paragraph 14 of Schedule BI to the Insolvency Act shall apply to this Debenture. 
  

	3.3	Assignments by way of Security 

 Subject to Clause
3.4, each Chargor with full title guarantee and as a continuing security for the payment, performance and discharge of the Secured Obligations hereby assigns absolutely (in each case to the fullest extent capable of assignment) by way of security to
the Canadian Collateral Agent (acting as agent and trustee as aforesaid) for the benefit of the Secured Parties all of its present and future rights, title and interest in and to: 
  

	 	(a)	all of its rights in respect of the Policies (including without limitation any proceeds therefrom); 

  

	 	(b)	the Receivables (to the extent not effectively charged by way of fixed charge pursuant to Clause 3.1); 

  

	 	(c)	each Receivables Account maintained by it and any monies from time to time standing to the credit of any such account or any other account maintained with the Canadian Collateral
Agent into which the proceeds of Receivables are paid (to the extent not effectively charged by way of fixed charge pursuant to Clause 3.1); 

  

	 	(d)	the Related Rights; and 

  

	 	(e)	all of its rights in respect of any Contract together with all monies which at any time may be or become payable to it pursuant thereto and the proceeds of any claims, awards and
judgments which may at any time be receivable or received by it pursuant thereto. 

  

	3.4	Removal of Impediments to Charges and Assignments 

 Subject to clause 3.5, to the extent that: 
  

	 	(a)	any right, title or interest described in Clause 3.1 is not capable of being charged; or 

  

	 	(b)	any right, title or interest described in Clause 3.3 is not capable of assignment, 

 each Chargor shall upon being requested to do so in writing by the Canadian Collateral Agent (acting reasonably) use its reasonable endeavours as soon as reasonably practicable to obtain any relevant consent to such
assignment or charge or to otherwise render the same capable of assignment or charge and, pending such interest becoming capable of assignment or charge, the charge purported to be created by Clause 3.1 or the assignment purported to be effected by
Clause 3.3 (as the case may be) shall, without prejudice to the provisions of Clause 3.1 (c)(ix) in relation to Receivables, only operate as a charge or an assignment (as the case may be) by way of continuing security of any and all proceeds,
damages, compensation, remuneration, profit, rent or income which such Chargor may derive therefrom or be awarded or entitled to in respect thereof, in each case as continuing security for the payment, discharge and performance of the Secured
Obligations. Promptly following receipt of the relevant consent, the relevant right, title or interest shall stand charged or assigned to the Canadian Collateral Agent under Clause 3.1 or 3.3 (as the case may be) and such Chargor will, if required
by the Canadian Collateral Agent as soon as reasonably practicable execute a valid fixed charge or legal assignment (as the case may be) in such form as the Canadian Collateral Agent shall require but on terms no more onerous that this Debenture.

  

 10 

	3.5	Contracts 

 No Chargor shall be required to obtain
any consent under Clause 3.4 in respect of any Contract and the Shares unless the Canadian Collateral Agent so requests at any time following the occurrence of an Event of Default. 
  

	4.	REPRESENTATIONS AND WARRANTIES AND COVENANTS 

  

	4.1	Representations and Warranties 

 Each Chargor makes
the representations and warranties set out in this Clause 4.1 to the Canadian Collateral Agent on the date of this Debenture and in each day that any Secured Obligations are outstanding. 
  

	 	(a)	The Chargors are the sole unfettered legal and beneficial owners of all the Collateral now purportedly owned or hereafter purportedly acquired by them, and such Collateral is free
from all Liens whatsoever, other than the Permitted Liens and the Security, whether voluntarily or involuntarily created and whether or not perfected. 

 (b) 
  

	 	(i)	The Chargors have good title to and ownership of all Equipment. 

  

	 	(ii)	The Chargors have a full title guarantee of all the Property that is subject to a mortgage in favour of the Canadian Collateral Agent. Such Property is subject to a first priority
perfected security interest in favour of the Canadian Collateral Agent and to no other Lien whatever, other than Permitted Liens. 

  

	 	(iii)	Schedule 8 (or, in the case of any Subsidiary incorporated under the laws of England and Wales which grants security over its assets in favour of the Canadian Collateral Agent by
executing an Accession Deed, Schedule 5 to the relevant Accession Deed) sets out all Property situated in England and Wales owned by the Chargors or in relation to which the Chargors have any right, interest or liability as at the date of this
Debenture (or as at the date of the relevant Accession Deed, as applicable). 

  

	 	(c)	At the date of this Debenture only and except as disclosed in or pursuant to the Credit Agreement, none of the Collateral is the subject of any claim, assertion, infringement,
attack, right, action or other restriction or arrangement of whatever nature which could reasonably be expected to have a Material Adverse Effect. 

 (d) 
  

	 	(i)	Save as disclosed in writing to the Canadian Collateral Agent, the Chargors are in possession of the whole of each of the Properties, none of which is vacant, and no other person is
in or actually or conditionally entitled to possession, occupation use or control of any of the Properties. 

  

	 	(ii)	The Chargors have good and marketable title to each of the Properties which is, where requisite, registered at the Land Registry with title absolute free from any restriction,
caution, notice or inhibition and all original deeds and documents necessary to prove such title are in the possession or under the control of the Chargors. 

  

 11 

	 	(iii)	No Chargor has either received notice of or is aware of any outstanding material breach of any Planning Acts, by-laws or local authority or statutory requirements or covenants which
could reasonably be expected to have a Material Adverse Effect. 

  

	 	(iv)	No Chargor has either received notice of or is aware of any outstanding breach of covenant as regards any Property which could reasonably be expected to have a Material Adverse
Effect. 

  

	 	(v)	So far as it is aware, there is no covenant, restriction, burden, stipulation or outgoing (other than usual business outgoings) affecting any Property which is of an onerous or
unusual nature (either generally or in the context of the present use of such Property) and which could reasonably be expected to have a Material Adverse Effect. 

  

	 	(vi)	Save as disclosed in writing to the Canadian Collateral Agent, each Property is free from any tenancies or licences to occupy, in each case which could reasonably be expected to
have a Material Adverse Effect. 

  

	 	(vii)	So far as it is aware, each Property benefits from all permanent and legally enforceable easements and other contractual rights (if any) necessary or appropriate for the continued
use, enjoyment and maintenance of such Property by a Chargor for the purpose of its existing business carried on at or from such Property and for compliance with any obligations relating to the relevant Property (whether statutory or otherwise) and
all such easements and rights are on reasonable terms which (without limitation) do not entitle any person to terminate, restrict or curtail them or impose any unusual or onerous conditions to the extent that the absence of such easements or rights,
or the presence of such terms could reasonably be expected to have a Material Adverse Effect. 

  

	 	(viii)	So far as it is aware, there are no current, contingent or anticipated notices, actions, disputes, complaints, liabilities, claims or demands relating to or in respect of the
Properties or their use, nor are there any circumstances rendering any of the foregoing likely which could in any case be reasonably expected to have a Material Adverse Effect. 

  

	 	(e)	The relevant Chargor is the registered holder and the unfettered legal and beneficial owner of the Securities listed in Schedule 6 (or, in the case of any Subsidiary incorporated
under the laws of England and Wales which grants security over its assets in favour of the Canadian Collateral Agent by executing an Accession Deed, in Schedule 4 to the relevant Accession Deed) specified against its name (if any) and, as at the
date of this Debenture (or the date of the relevant Accession Deed), no Chargor owns any other Securities. The shares (if any) charged by the Chargors pursuant to this Debenture are all duly authorised, validly issued, fully paid and are not subject
to any Lien (other than the Security and any other Permitted Liens), option to purchase, pre-emption or similar right. Unless otherwise indicated, the Securities represent all of the issued and outstanding shares of such companies.

  

	 	(f)	Each of the Schedules (and each of the Schedules to any Accession Deed) is true, complete and accurate in all material respects and not misleading in any material respect as at the
date of this Debenture (or as at the date of the relevant Accession Deed, as applicable). 

  

 12 

	4.2	Covenants relating to the Collateral 

 Each Chargor
covenants with the Canadian Collateral Agent (as agent and trustee as aforesaid) that it will: 
  

	 	(a)	to the extent commercially reasonable, keep the Collateral in a good and substantial state of repair and in good working order and condition subject, in all cases, to any fair wear
and tear; 

  

	 	(b)	procure that no material alteration or addition is made to its Property save with the prior written consent of the Canadian Collateral Agent (such consent not to be unreasonably
withheld or delayed), no new buildings are erected thereon and that nothing is done on its Property which constitutes “development” as defined in any Planning Act which, in each case, would, or would be reasonably likely to, materially
adversely affect the value, saleability or use of the relevant Property; 

  

	 	(c)	procure that no person is registered as proprietor of any right or interest in respect of its Property (other than pursuant to this Debenture and other than Permitted Liens) and
that no new right, interest, matter or thing arises or is knowingly permitted under any of the paragraphs 1, 3 or 12 to the Land Registration Act 2002 after the date of this Debenture; 

  

	 	(d)	promptly give written notice to the Canadian Collateral Agent if it receives any notice under section 146 of the Act or any proceedings are commenced against it for the forfeiture
of any lease comprised in its Property; 

  

	 	(e)	(save as permitted pursuant to the terms of the Credit Agreement or with the prior written consent of the Canadian Collateral Agent (such consent not to be unreasonably withheld or
delayed)) not: 

  

	 	(i)	convey, transfer, assign, surrender or otherwise dispose of any interest (or agree to do any of the same) in its Property; 

  

	 	(ii)	grant any consent or licence to assign, underlet or part with possession or occupation of its Property or any part thereof; 

  

	 	(iii)	accept any surrender or waive or vary any of the material terms of any lease or tenancy relating to its Property from time to time (whether such lease is a lease under which it
holds its Property or any lease superior thereto or derivative therefrom) or any of the material terms of any guarantee, indemnity or other security in relation thereto (whether proprietary or by way of personal covenant only); or

  

	 	(iv)	institute any proceedings for forfeiture in relation to any such lease or tenancy; 

  

	 	(f)	(save as permitted under the terms of the Credit Agreement or with the prior written consent of the Canadian Collateral Agent (such consent not to be unreasonably withheld or
delayed)) not create or permit to arise or subsist any licence, interest or right to occupy in favour of, or share possession of any of its Property with, any third party and not exercise the powers of leasing and accepting surrenders of leases
contained in sections 99 and 100 of the Act (whether in respect of any lease under which it holds its Property or any lease superior thereto or derivative therefrom); 

  

 13 

	 	(g)	notify the Canadian Collateral Agent in writing promptly upon the acquisition by it from time to time of any Property and, without prejudice to the provisions of Clause 9.1, on
demand made to it by the Canadian Collateral Agent and at the cost of the relevant Chargor, execute and deliver to the Canadian Collateral Agent a legal mortgage (on reasonable terms) in favour of the Canadian Collateral Agent of any freehold and
leasehold properties which becomes vested in it after the date of this Debenture and all fixtures thereon to secure the payment and discharge of the Secured Obligations in such form as the Canadian Collateral Agent may require (but on terms no more
onerous than those contained in this Debenture) and, in the case of any leasehold property where the consent of any landlord needs to be obtained in order for the relevant Chargor to execute any such legal mortgage, exercise all reasonable
endeavours to obtain such consent and comply with its obligations under this Clause 4.1(g) forthwith upon such consent being obtained; 

  

	 	(h)	in respect of any freehold or leasehold property which is now owned or hereafter acquired by any Chargor the title to which is registered at the Land Registry or the title to which
is required to be so registered, give the Land Registry written notice of this Debenture in accordance with Clause 19 and procure that notice of this Debenture is duly noted in the register to each such title; 

  

	 	(i)	comply with and refrain (save with the prior written consent of the Canadian Collateral Agent, such consent not to be unreasonably withheld or delayed) from making any application
under the Planning Acts and comply without delay with all orders, regulations, notices and directives issued or made by any competent authority, body or person (whether or not having the force of law) which relate in any way to its Property or its
use and enjoyment; 

  

	 	(j)	promptly comply with and pay when due all material charges imposed by all statutes, statutory instruments, by-laws and other enactments relating to its Property save where the
relevant demand or claim for such charge is being contested by the relevant Chargor in good faith and not do or suffer to be done any act or thing nor make any omission whereby its Property may become subject to any material statutory charge which
is or may be or become binding upon the Canadian Collateral Agent or any person deriving title under or through the Canadian Collateral Agent and will not enter into any onerous or restrictive obligations affecting its Property and which could
reasonably be expected to have a Material Adverse Effect including, without limitation, planning agreements or obligations under the Planning Acts; 

  

	 	(k)	punctually pay and indemnify the Canadian Collateral Agent and (as a separate covenant for the benefit of the relevant Receiver) any Receiver, against all rents, rates, taxes,
duties, assessments and other outgoings (including any which shall be wholly novel) from time to time payable in respect of any of its Collateral (including any of its Property by its owner or occupier, as the case may be) save where any relevant
claim is being contested by the relevant Chargor in good faith; 

  

	 	(l)	 hold on trust (and each Chargor hereby declares itself as a trustee accordingly) the amount of any statutory or other compensation (including the proceeds of any
defective title, restrictive covenant or other indemnity policy or covenant relating to its Property) arising for its benefit from interference with the use and/or enjoyment of its Property or the curtailment of any easement, right or benefit
relating thereto and all other compensation monies from time to time received by it in respect of its Property and (without prejudice to any rights, debts, claims and/or obligations having priority to the obligations imposed by this Debenture and
subject to any prior inconsistent obligations to any relevant third party) to pay the same to the Canadian Collateral Agent (acting as agent and trustee as aforesaid) in or towards payment and 

  

 14 

	 	 
discharge of the Secured Obligations in accordance with the terms of or as contemplated by the Credit Agreement; 

  

	 	(m)	upon the occurrence of an Event of Default which is continuing and if the Canadian Collateral Agent reasonably believes (acting on advice received by it for such purpose) that the
value of the Property is materially and adversely affected, grant the Canadian Collateral Agent or its representatives on request all such facilities as the Canadian Collateral Agent may reasonably request to enable the Canadian Collateral Agent or
such representatives to carry out investigations of title to the Property and enquiries into matters in connection therewith, such investigations and enquiries to be at the expense of the Chargors; and 

  

	 	(n)	permit the Canadian Collateral Agent and its duly authorised representatives at all reasonable times (but in accordance with the provisions contained in any lease of each
Chargor’s Property) during business hours and on not less than 48 hours written notice and at any time without notice when a Default or an Event of Default has occurred and is continuing to enter into and upon its Property to view the state and
condition thereof and of any Collateral thereon (and each Chargor will remedy any material defect or want of repair forthwith after service by the Canadian Collateral Agent of notice of the defect or want of repair). Where any Collateral is located
in or on the property of a third party, each Chargor shall use its reasonable efforts to enable the Canadian Collateral Agent to legally enter into and upon such property to exercise these rights of inspection. 

  

	4.3	Other Covenants 

 Each Chargor covenants with the
Canadian Collateral Agent (as agent and trustee as aforesaid) that it will: 
  

	 	(a)	save as permitted pursuant to the terms of the Credit Agreement and to the extent commercially reasonable: 

  

	 	(i)	not surrender or abandon any Intellectual Property; 

  

	 	(ii)	take all steps necessary to prosecute, maintain and defend the Intellectual Property; 

  

	 	(iii)	not make any admission to any third party on the validity, enforceability or ownership of the Intellectual Property; and 

  

	 	(iv)	not assign or grant (nor agree to assign or grant) any right, title or interest in the Intellectual Property to any third party; 

  

	 	(b)	save where the Canadian Collateral Agent otherwise permits, deposit with the Canadian Collateral Agent (or as it shall direct) and permit the Canadian Collateral Agent to hold and
retain all deeds and documents of title relating to or constituting any of the Collateral and hold on trust for the Canadian Collateral Agent (acting as agent and trustee as aforesaid) any such deeds and documents not for the time being so deposited
(and each Chargor hereby declares itself as trustee accordingly); 

  

	 	(c)	make all such filings and registrations and take all such other steps as may be necessary in connection with the creation, perfection or protection of the Security and pay all
application, registration, renewal and other fees necessary or desirable for effecting, protecting, maintaining or renewing registrations in respect of any of the Collateral; 

  

 15 

	 	(d)	not do or cause or permit to be done anything which would materially depreciate, jeopardise or otherwise prejudice the value of the Security or the rights of the Canadian Collateral
Agent or other Secured Parties under this Debenture; 

  

	 	(e)	save as permitted in the Credit Agreement, not amend, vary, supplement, replace, release, novate, waive, surrender, determine, discharge, rescind or avoid any of the Collateral nor
compound, grant any time or other indulgence or otherwise deal with any of the Collateral nor purport to do so (save, in the case of its assets charged by this Debenture by way of floating charge only, in the ordinary course of its operations); and

  

	4.4	Information Covenants 

  

	 	(a)	So long as an Event of Default has occurred and is continuing, each Chargor authorises the Canadian Collateral Agent to communicate directly with its independent, certified or
chartered public accountants and authorises and requests those accountants and advisors to disclose and make available to the Canadian Collateral Agent any and all financial statements, and other supporting financial documents, schedules and
information relating to each Chargor (including copies of any issued management letters) with respect to the business financial affairs and other conditions of each Chargor. 

  

	 	(b)	Subject always to Clause 9, each Chargor shall promptly inform the Canadian Collateral Agent of any material additions to or deletions from the Collateral and shall agree to
(i) any consequential amendments to any relevant Schedules with the Canadian Collateral Agent and (ii) any replacement of such Collateral as the Canadian Collateral Agent may reasonably require. 

  

	5.	COLLECTION OF RECEIVABLES AND RELATED MATTERS 

 Each
Chargor covenants with the Canadian Collateral Agent (as agent and trustee as aforesaid) that it will: 
  

	 	(a)	collect (as agent of the Canadian Collateral Agent), get in and realise its Receivables in the ordinary course of its business on behalf of the Canadian Collateral Agent, pay the
proceeds into a Receivables Account forthwith on receipt (and pending that payment hold these proceeds on trust for the Canadian Collateral Agent) and not release, exchange, compound, set off, grant time or indulgence or subordinate its rights in
respect of any of its Receivables to the rights of any other person in relation to debts owed to such person or otherwise deal with its Receivables in favour of any person (nor, in each such case, purport to do so) save in the ordinary course of its
business and, in any event, not sell, assign, factor, discount or otherwise create or permit to subsist, except for the Security and Permitted Liens any Lien over its Receivables in favour of any person, nor purport to do so;

  

	 	(b)	at any time after the occurrence and during the continuation of any Event of Default and without prejudice to the generality of Clause 9.1 and the requirements of paragraph
(c) below, take such steps as the Canadian Collateral Agent may require to perfect the assignment of its Receivables assigned pursuant to Clause 3.3 including, without prejudice to the generality of the foregoing and without prejudice to the
Canadian Collateral Agent’s right to do so, giving notice of any such assignment to any of the persons (as the Canadian Collateral Agent shall specify) from whom such Receivables are due, owing or incurred by delivery to each such person of a
Notice of Assignment duly executed by it and use its reasonable endeavours to procure that each such person delivers to the Canadian Collateral Agent (if the Canadian 

  

 16 

	 	 
Collateral Agent so requires) a written acknowledgement substantially in the form of the acknowledgement and agreement attached to the Notice of Assignment;

  

	 	(c)	as soon as reasonably practicable following the date of this Debenture in respect of any Receivables Account listed in Schedule 3 (or as soon as reasonably practicable following the
date of any Accession Deed in respect of any Receivables Account listed in Schedule 2 to such Accession Deed) and as soon as reasonably practicable upon opening any new Receivables Account, deliver an Account Notice duly executed by it to the entity
with which the relevant account is maintained and use its reasonable endeavours to procure that such entity delivers to the Canadian Collateral Agent a written acknowledgement substantially in the form of the acknowledgement and agreement attached
to the Account Notice; and 

 Prior to the occurrence of an Event of Default: 
  

	 	(i)	all Receivables shall (subject to any restriction on the application of such proceeds contained in this Debenture or each other Loan Document), upon such proceeds being credited to
a Receivables Account, be released from the fixed charge created pursuant to Clause 3.1 and the relevant Chargor shall be entitled to withdraw such proceeds from such Receivables Account provided that such proceeds shall continue to be subject to
the floating charge created pursuant to Clause 3.2 and the terms of this Debenture; and 

  

	 	(ii)	each Chargor shall be entitled to receive, withdraw or otherwise transfer any credit balance from time to time on any Receivables Account, subject to the terms of this Debenture and
each other Loan Document (and, for the avoidance of doubt, following any such Event of Default, any such receipt, withdrawal or transfer shall require the prior written consent of the Canadian Collateral Agent). 

  

	6.	INSURANCE 

 As soon as reasonably practicable after
execution of this Debenture, each relevant Chargor undertakes to give a Notice of Assignment to its insurers that it has assigned its rights under the Policies to the Canadian Collateral Agent under this Debenture and it will use reasonable
endeavours to procure that each insurer served with any such Notice of Assignment countersigns and returns the notice to the Canadian Collateral Agent within 14 days of the execution of this Debenture. 
  

	7.	INVESTMENTS 

  

	7.1	Covenants 

 Each Chargor covenants with the Canadian
Collateral Agent (as agent and trustee as aforesaid) that it will, without prejudice to the generality of the provisions of Clause 13: 
  

	 	(a)	 deposit with the Canadian Collateral Agent (or as it shall direct) immediately upon execution of this Debenture (in relation to the Securities listed in Schedule 6)
or the Accession Deed to which it is a party (in relation to the Securities listed in Schedule 4 to such Accession Deed), and as soon as practicable upon receipt following its acquisition of any Investments, all stock and share certificates or other
documents evidencing an entitlement to such Investments together with stock transfer forms executed in blank and left undated in respect of all such Securities on the basis that the Canadian Collateral Agent shall be able to hold such documents of
title and stock transfer forms until the Secured Obligations have been irrevocably and 

  

 17 

	 	 
unconditionally discharged in full and shall be entitled, at any such time that it is permitted to do so in accordance with the terms of this Debenture, to
complete under its power of attorney given by Clause 14 below the stock transfer forms on behalf of the relevant Chargor in favour of itself or such other person as it shall select, provided that, in the event of any such transfer being effected,
neither the Canadian Collateral Agent nor any of its nominees shall be liable for any loss occasioned by any exercise or non-exercise of rights attached to such Investments or by any failure to report to the relevant Chargor any notice or other
communication received in respect of such Investments; 

  

	 	(b)	immediately on conversion of any Securities from certificated to uncertificated form, and on the creation or conversion of any other securities which are for the time being
comprised in the Related Rights in or into uncertificated form, comply with such instructions or directions as the Canadian Collateral Agent (acting reasonably) may give in order to protect, perfect or preserve the Security;

  

	 	(c)	ensure that its Investments are at all times free from any restriction on transfer by the Canadian Collateral Agent or its nominee to perfect or enforce the Security;

  

	 	(d)	unless it is permitted to retain such Related Rights in accordance with the terms of this Debenture, upon the accrual, offer or issue of any Related Rights deriving from its
Investments, deliver to the Canadian Collateral Agent (or procure the delivery to the Canadian Collateral Agent of) all such Related Rights and the certificates and documents of title to or representing the same together with each of the documents
required to be duly executed, completed and delivered under and in accordance with the terms of this Clause 7; 

  

	 	(e)	take all action within its power to procure, maintain in effect and comply with all the terms and conditions of all approvals authorisations, consents and registrations necessary or
appropriate to ensure and preserve the legal, valid, binding and enforceable nature of the Security and the ranking in priority thereto; 

  

	 	(f)	duly and promptly pay or procure the payment of all calls, instalments and other payments when due in respect of any of its Investments, provided that if any Chargor defaults in
making any such payment, the Canadian Collateral Agent may (but shall not be obliged to) pay such amounts on behalf of that Chargor and shall be reimbursed by that Chargor immediately on demand; 

  

	 	(g)	not, without the prior written consent of the Canadian Collateral Agent, by the exercise of any voting rights or otherwise, permit or agree to any proposed compromise, capital
reorganisation, conversion, exchange or repayment offer affecting or in respect of any of its Investments or to any variation of the rights attaching to or conferred by any of its Investments or to any conversion of any of its Investments into an
uncertificated security and which could in the case of any of the foregoing reasonably be expected to have a Material Adverse Effect. 

  

	7.2	Voting Rights and Dividend Entitlement 

  

	 	(a)	At any time when the Security is enforceable in accordance with the terms of this Debenture, all dividends and other distributions paid or payable in connection with the Securities
shall be paid directly to the Canadian Collateral Agent (or its nominee) for application in or towards the payment or discharge of the Secured Obligations in accordance with the terms of the Credit Agreement but before such time each Chargor shall
be entitled to receive and retain all such dividends and other distributions; and 

  

 18 

	 	(b)	Subject to Clause 7.3, unless the Security is enforceable in accordance with the terms of this Debenture, all voting and other rights attached to the Securities may be exercised by
the relevant Chargor or, where the Securities have been registered in the name of the Canadian Collateral Agent or its nominee, as each Chargor may direct in writing, and the Canadian Collateral Agent or its nominee shall execute any form of proxy
or other document reasonably required in order for such Chargor to do so, provided, however, that no Chargor may exercise voting rights inconsistent with the terms of this Debenture or the Credit Agreement or in any manner materially prejudicial to
the interests of the Secured Parties under this Debenture. 

  

	7.3	Default Powers 

 At any time while the Security is
enforceable in accordance with the terms of this Debenture and without any further consent or authority on the part of the Chargors, the Canadian Collateral Agent or its nominee may exercise (or refrain from exercising) at its discretion in the name
of each Chargor (or the registered holder thereof) in respect of any of the Securities any voting rights and any powers or rights which may be exercised by the person or persons in whose name or names the Securities are registered or who is the
holder or bearer of them. 
  

	7.4	Continuing Liabilities 

 Subject to due notification
thereof by the Canadian Collateral Agent where the Securities are registered in the Canadian Collateral Agent’s name (or that of its nominee) in accordance with the terms of this Debenture, it is expressly agreed that each Chargor shall remain
liable to observe and perform all of the conditions and obligations attaching to any of the Securities including the payment of any sum due in respect of the Securities. 
  

	7.5	No Obligation 

 The Canadian Collateral Agent shall
not be required to perform or fulfil any obligation of the Chargors in respect of the Investments or to make any payment, or to make any enquiry as to the nature or sufficiency of any payment received by it or the Chargors, or to present or file any
claim or take any other action to collect or enforce the payment of any amount to which it may have been or to which it may be entitled under this Debenture at any time or times. 
  

	7.6	Retention of Documents 

 The Canadian Collateral
Agent may retain any document delivered to it under this Debenture until the Security is released in accordance with the terms of this Debenture and, if for any reason it ceases to hold any such document before that time, it may by notice to the
relevant Chargor require, acting reasonably, that the relevant document be redelivered to it and the relevant Chargor shall promptly comply (or procure compliance) with that notice. 
  

	8.	NEGATIVE PLEDGE AND OTHER RESTRICTIONS 

 Each
Chargor undertakes in favour of the Canadian Collateral Agent (as agent and trustee as aforesaid) that it will not, save as permitted pursuant to the terms of the Loan Documents: 
  

	 	(a)	create, incur, assume or permit to subsist any Lien over all or any part of the Collateral (other than the Security) or any interest therein ranking in priority to, pan passu with
or subsequent to the Security, nor enter into any agreement to do any of the same; 

  

	 	(b)	 sell, transfer, assign, lease out, lend or otherwise dispose of (whether outright, by a sale and repurchase, sale and leaseback arrangement or otherwise), or grant
any rights 

  

 19 

	 	 
(whether of pre-emption or otherwise) over, all or any part of the Collateral or any interest therein, nor enter into any agreement to do any of the same
(save in the ordinary course of its operations on arm’s length terms in the case of the assets of each Chargor charged by this Debenture by way of floating charge only); or 

  

	 	(c)	do or cause or permit to be done anything which would materially depreciate, jeopardise or otherwise materially prejudice the market value or collateral value of any Collateral or
the rights of the Canadian Collateral Agent under this Debenture to the extent that the same would have a Material Adverse Effect. 

  

	9.	FURTHER ASSURANCE AND PERFECTION OF SECURITY 

  

	9.1	Further Assurance 

  

	 	(a)	Each Chargor shall, at its own expense, promptly following request by the Canadian Collateral Agent execute and do all such acts, deeds and things (including, without limitation,
payment of all stamp duties and registration fees) the Canadian Collateral Agent may reasonably require for: 

  

	 	(i)	perfecting or better perfecting the security created (or intended to be created) by this Debenture over any Collateral (including for the avoidance of doubt (but following the
occurrence of an Event of Default) arranging for any Securities which are in registered form to be registered in the name of the Canadian Collateral Agent or a nominee of the Canadian Collateral Agent); and 

  

	 	(ii)	after the security constituted by this Debenture has become enforceable in accordance with the terms of this Debenture, facilitating the realisation of any Collateral or the
exercise of any right, power or discretion exercisable by the Canadian Collateral Agent in respect of any Collateral, 

 including, without limitation, the conversion of equitable security to legal security, the execution of any transfer, conveyance, assignment or assurance of any property, whether to the Canadian Collateral Agent or its nominees, and the
giving of any notice, order or direction and the making of any registration, which in any case, the Canadian Collateral Agent may think necessary or desirable. 
  

	 	(b)	The documents referred to in paragraph (a) above shall be in such form and contain such provisions as the Canadian Collateral Agent reasonably requires. The obligations of each
Chargor under paragraph (a) above and this paragraph (b) shall be in addition to and not in substitution for the covenants for further assurance deemed to be included in this Debenture by virtue of section 1(2) of the Law of Property
(Miscellaneous Provisions) Act 1994. 

  

	 	(c)	Each Chargor shall, whenever requested by the Canadian Collateral Agent (acting reasonably) and at the relevant Chargor’s cost, affix to a visible part of such of the
Collateral, or endorse or cause to be endorsed on such documents, as the Canadian Collateral Agent shall in each case stipulate, labels, signs or memoranda in a permanent manner and in such form as the Canadian Collateral Agent shall reasonably
require (but not so as to impede or restrict the normal use or operation thereof) referring or drawing attention to the Security. 

  

	 	(d)	 Each Chargor as registered proprietor appoints the Canadian Collateral Agent as its agent to apply for the particulars of this Debenture and of the Secured
Parties’ interest in its existing trade marks and trade mark applications and any future trade marks or 

  

 20 

	 	 
trade mark applications registered or to be registered in the United Kingdom in the name of that Chargor, to be made on the Register of Trade Marks under
section 25(1) of the Trade Marks Act 1994, and each Chargor agrees upon written request by the Canadian Collateral Agent (acting reasonably) to execute all documents and forms required to enable those particulars to be entered in the Register of
Trade Marks. 

  

	9.2	Conversion of Floating Charge 

  

	 	(a)	Subject to paragraph (e) below, without prejudice to the Security, the Canadian Collateral Agent may at any time by notice in writing to the Chargors convert the floating
charge created by it pursuant to Clause 3.2 with immediate effect into a fixed charge or legal assignment as regards all or any of the Collateral specified in the notice: 

  

	 	(i)	at any time after the occurrence of an Event of Default which is continuing and which is not an event described in paragraph (b) below; or 

  

	 	(ii)	at any time after the Canadian Collateral Agent becomes entitled to appoint a Receiver notwithstanding it may elect not to do so or the Security is otherwise enforceable; or

  

	 	(iii)	if the Canadian Collateral Agent considers such Collateral to be in danger of being seized or sold under any form of distress, attachment, execution, diligence or other legal
process or to be otherwise in jeopardy; or 

  

	 	(iv)	if steps are taken to appoint an administrator in relation to any Chargor or to wind up any Chargor. 

  

	 	(b)	Subject to paragraph (e) below, the floating charge created by each Chargor pursuant to Clause 3.2 will (in addition to the circumstances in which the same will occur under
general law) automatically be converted into a fixed charge with immediate effect upon notice from the Canadian Collateral Agent to the Chargors: 

  

	 	(i)	on the convening of any general meeting of the members of any Chargor for the purposes of considering any resolution for its winding-up, dissolution, compromise, arrangement or
reconstruction; or 

  

	 	(ii)	on the commencement of any legal proceedings (or their renewal after a stay) by any Chargor or any of its directors or shareholders or other person for its winding-up or the making
of an administration order (or any order having the same or similar effect) in relation to it; or 

  

	 	(iii)	on the making of an order by a competent court or the passing of a resolution for the winding-up, dissolution, administration, compromise, arrangement or reconstruction of any
Chargor or the appointment of any receiver, administrator, administrative receiver or any similar officer in relation to it or any and all of its property, assets or revenues; or 

  

	 	(iv)	if any Chargor fails to comply with its obligations under Clause 8 or any Chargor takes or threatens to take any action which the Canadian Collateral Agent considers reasonably
likely to result in a breach thereof; 

  

	 	(v)	 upon any person taking any step with a view to levying distress against any of the Collateral of any Chargor or any judgment creditor taking any step with a view to
enforcing against any of the Collateral of any Chargor a 

  

 21 

	 	 
judgment obtained against it whether by a warrant of execution, writ of fieri facias, garnishee order, charging order or otherwise; or

  

	 	(vi)	if any other floating charge created by the Chargors crystallises for any reason. 

  

	 	(c)	The giving by the Canadian Collateral Agent of a notice pursuant to Clause 9.2(a) in relation to any class of the Collateral shall not be construed as a waiver or abandonment of the
Canadian Collateral Agent’s right to serve similar notices in respect of any other class of the Collateral or its other rights under this Debenture or any other Loan Document. 

  

	 	(d)	On the giving by the Canadian Collateral Agent of a notice pursuant to Clause 9.2(a) or the conversion of a floating charge into a fixed charge pursuant to Clause 9.2(b), each
Chargor shall, at its own expense, execute and/or deliver such documents in such form as the Canadian Collateral Agent shall reasonably require in order to perfect such fixed charge. 

  

	 	(e)	The floating charge granted by each Chargor pursuant to Clause 3.2 shall not, either by notice given by the Canadian Collateral Agent under paragraph (a) above or automatically
under paragraph (b) above, be converted into fixed charges over any Collateral or otherwise crystallize solely as a result of: 

  

	 	(i)	the obtaining of a moratorium by such Chargor; or 

  

	 	(ii)	anything done by such Chargor with a view to obtaining a moratorium, 

 in each case under section 1A of and Schedule A1 to the Insolvency Act to the extent they are applicable to such Chargor. 
  

	9.3	Security in Jeopardy 

 If at any time it shall
appear to the Canadian Collateral Agent acting in good faith that any of the Collateral is in danger of seizure, distress, attachment, execution, diligence or other legal process, or that the Security shall for any other reason be in jeopardy, the
Canadian Collateral Agent shall be entitled without notice to the Chargors to take possession of and hold the same or to appoint a Receiver of such Collateral. The provisions of Clause 10 shall govern the appointment, removal and powers of a
Receiver appointed under this Clause 9.3 as if it were a Receiver appointed under Clause 10 and each Chargor shall, at its own expense, promptly execute such deeds and other agreements and otherwise take whatever action the Canadian Collateral Agent
may require in order to enable the Canadian Collateral Agent to exercise its rights contained in this Clause 9.3. 
  

	10.	RECEIVER 

  

	10.1	Appointment of Receiver 

 Subject as provided below,
if: 
  

	 	(a)	any Chargor requests that a Receiver be appointed; or 

  

	 	(b)	an application is made, notice field or proceeding is taken for the appointment of an administrator; or 

  

 22 

	 	(c)	any Event of Default occurs under the Credit Agreement which has not been waived or cured in accordance with the terms thereof, 

 then at any time or times thereafter the Security shall be enforceable and (without prejudice to any of its other rights under this Debenture) the
Canadian Collateral Agent may by writing appoint any person or persons to be a Receiver or an administrator (as appointed under schedule B1 of the Insolvency Act) of any of the Collateral and of the rights of the Canadian Collateral Agent contained
in this Debenture in relation thereto. Section 109(1) of the Act and any other restriction imposed by law on the right of a mortgagee to appoint a Receiver shall not apply to this Debenture. 
 Notwithstanding the foregoing, the Canadian Collateral Agent may not appoint a Receiver solely as a result of: 
  

	 	(i)	the obtaining of a moratorium by such Chargor; or 

  

	 	(ii)	anything done by such Chargor with a view to obtaining a moratorium, 

 in each case under section 1A of and Schedule A1 to the Insolvency Act to the extent they are applicable to such Chargor. 
  

	10.2	Joint Receivers 

 Where two or more persons are
appointed to be a Receiver, the Canadian Collateral Agent may in the appointment declare whether any act required or authorised to be done by a Receiver is to be done by any one or more of them for the time being holding office and, subject thereto,
any such persons may act jointly and/or severally. 
  

	10.3	General Powers of Receiver 

 Any Receiver of any of
the Collateral shall (subject to any limitations or restrictions which the Canadian Collateral Agent may in its absolute and unfettered discretion incorporate in the deed or other instrument appointing him but notwithstanding the liquidation,
winding-up, or dissolution at any time of any Chargor and whether or not any such Receiver shall be an administrative receiver) have: 
  

	 	(a)	all the powers conferred from time to time on receivers (whether administrative receivers or otherwise) by law and/or statute (including the Act and the Insolvency Act) so that the
provisions set out in Schedule 1 to the Insolvency Act shall extend to every Receiver, whether or not an administrative receiver; 

  

	 	(b)	power on behalf and at the cost of the relevant Chargor and whether in the name of the relevant Chargor or otherwise to exercise all the powers and rights of an absolute owner and
do or omit to do anything which the relevant Chargor could do or omit to do or could have done or omitted to do but for any incapacity or the appointment of a liquidator, administrator or like officer in relation to the relevant Chargor or the
Collateral; and 

  

	 	(c)	power to use the name of the relevant Chargor in connection with the exercise of any of such powers and, without prejudice to the generality of the provisions of Clauses 10.3(a) and
10.3(b), on behalf and at the cost of, and in the name of the relevant Chargor or otherwise, the powers referred to in Clause 10.4. 

  

 23 

	10.4	Specific Powers of Receiver 

 Any Receiver shall, in
relation to the relevant Chargor and the Collateral in respect of which it is appointed, have the power to: 
  

	 	(a)	carry on, manage, develop, reconstruct, amalgamate or diversify (or concur in managing, developing, reconstructing, amalgamating or diversifying) the business of the relevant
Chargor or any part thereof or concur in so doing; 

  

	 	(b)	purchase, acquire, accept a lease or licence of and/or any other interest in and/or develop or improve properties or other assets without being responsible for loss or damage;

  

	 	(c)	raise or borrow any money (including, without limitation, money for the completion, with or without modification, of any building on the Property in the course of construction and
any development or project in which the relevant Chargor was engaged) from, or incur any other liability to, the Canadian Collateral Agent and/or others on such terms as he may think fit and secure the payment of any such money and liabilities,
whether or not in priority to the Secured Obligations, in such manner as he shall think fit and with or without any Lien on or affecting any of such Collateral and enter into any form of hedging arrangement, whether in relation to any such borrowing
or any Secured Obligation or otherwise, on such terms as he shall think fit; 

  

	 	(d)	without the restrictions imposed by section 103 of the Act, or the need to observe any of the provisions of sections 99 and 100 of the Act, sell by public auction or private
contract, convey, transfer, assign, let, surrender or accept surrenders, grant licences or otherwise dispose of or deal with such Collateral or concur in so doing in such manner, for such consideration and generally on such terms and conditions as
he may think fit; 

  

	 	(e)	sever plant, machinery and other fixtures and sell them separately from that part of any Property containing them and pending any such sale use the same without cost to the Receiver
and without any liability to the relevant Chargor in connection with the use thereof; 

  

	 	(f)	promote the formation of companies with a view to the same purchasing, leasing, licensing or otherwise acquiring interests in such Collateral, or otherwise arrange for such
companies to trade or cease to trade and to purchase, lease, license or otherwise acquire any of such Collateral on such terms and conditions whether or not including payment by instalments secured or unsecured as he may think fit;

  

	 	(g)	make and effect such repairs, renewals and improvements to such Collateral as he may think fit and maintain, renew, take out or increase insurances; 

  

	 	(h)	appoint managers, agents, officers and employees for any of the purposes set out in Clauses 10.3 and 10.4 or to guard or protect such Collateral at such salaries and commissions and
for such periods and on such terms as he may determine and may dismiss the same; 

  

	 	(i)	make calls, conditionally or unconditionally, on the members of the relevant Chargor in respect of uncalled capital; 

  

	 	(j)	exercise for and on behalf of the relevant Chargor all the powers and provisions conferred on a landlord or a tenant by the Landlord and Tenant Acts 1927 - 1988

  

 24 

	 	 
(inclusive) or any other legislation from time to time in force relating to rents in respect of any part of the Property but without any obligation to
exercise any of such powers and without any liability in respect of powers so exercised or omitted to be exercised; and 

  

	 	(k)	sign any document, execute any deed and do all such other acts and things, whether in the name of the relevant Chargor or otherwise, in relation to, or as may be considered by him
to be incidental or conducive to, any of the matters or powers aforesaid or to the protection and/or realisation of the security constituted or intended to be constituted by this Debenture. 

  

	10.5	Receiver as Agent 

 Any Receiver of any of the
Collateral shall, so far as the law allows, be deemed to be the agent of the relevant Chargor for all purposes and the relevant Chargor shall be solely responsible for their acts, defaults, contracts, engagements, omissions, losses, liabilities,
misconduct and remuneration and the Canadian Collateral Agent shall not be under any liability whatsoever in such regard. 
  

	10.6	Remuneration 

 The remuneration of the Receiver
shall be such sum or rate payable in such manner as may be agreed between him and the Canadian Collateral Agent at or at any time after his appointment without being limited to the maximum rate specified in section 109(6) of the Act. 
  

	10.7	Removal 

 The Canadian Collateral Agent may from
time to time remove any Receiver appointed by it and, in the case of an administrative receiver, may at any time and from time to time apply to the court for removal of any administrative receiver appointed by it and may, whenever it may deem it
expedient, appoint or as the case may be apply to the court for the appointment of another qualified person as a new Receiver in place of any Receiver whose appointment may for any reason have terminated. 
  

	10.8	Application of Proceeds 

 Any Receiver shall (so far
as the law allows) apply all monies received by him in the following order: 
  

	 	(a)	in the payment of any costs, charges and expenses of or incidental to the Receiver’s appointment, the payment of his remuneration and the payment and discharge of any other
expenses incurred by or on behalf of the Receiver; 

  

	 	(b)	in or towards payment of any debts or claims which are by statute payable in preference to the Secured Obligations but only to the extent to which such debts or claims have such
preference; 

  

	 	(c)	in or towards payment and discharge of the balance of the Secured Obligations in accordance with the terms of or as contemplated by the Credit Agreement; and

  

	 	(d)	in payment of the surplus (if any) to the relevant Chargor or other person entitled thereto. 

  

 25 

	11.	FINANCIAL COLLATERAL 

 To the extent that any of the
Security Assets constitutes “financial collateral” and this Debenture and any obligations of each Chargor hereunder constitute a “security financial collateral arrangement” (in each case as defined in, and for the purposes of,
the Financial Collateral Arrangements (No. 2) Regulations 2003 (SI 2003 No. 3226) (the “Regulations”) the Canadian Collateral Agent shall have the right, at any time on the occurrence and during the continuation of an Event of
Default, to appropriate all or any part of such financial collateral in or towards discharge of the Secured Obligations. For this purpose, the parties agree that the value of such financial collateral so appropriated shall be the market price of the
Security Assets determined by the Canadian Collateral Agent by reference to a public index or by such other process as the Canadian Collateral Agent may reasonably select, including independent valuation. The parties further agree that the method of
valuation provided for in this Debenture shall constitute a commercially reasonable method of valuation for the purposes of the Regulations. 
  

	12.	VARIATION AND EXTENSION OF STATUTORY POWERS 

  

	12.1	Declaration of Trust 

 The Canadian Collateral Agent
hereby declares (and each Chargor hereby acknowledges) that the covenants of each Chargor contained in this Debenture and the Security and other rights, titles and interests constituted by this Debenture and the assets and all other moneys, property
and assets paid to the Canadian Collateral Agent or held by the Canadian Collateral Agent pursuant to or in connection with this Debenture are held by the Canadian Collateral Agent as a trustee for and on behalf of the Secured Parties on the basis
of the duties, obligations and responsibilities set out in the Credit Agreement and the Canadian Collateral Agent shall have coupled duties, obligations or responsibilities (including without limitation but only to the extent permitted by law, any
duties, obligations or responsibilities provided for pursuant to the terms of the Trustee Act 2000 or otherwise). 
  

	12.2	Statutory Powers Generally 

 The powers conferred on
mortgagees or receivers (including administrative receivers) by the Act and the Insolvency Act shall apply to this Debenture except insofar as they are expressly or impliedly excluded and where there is any ambiguity or conflict between the powers
contained in the Act and/or the Insolvency Act and those contained in this Debenture the terms of this Debenture shall (so far as the law allows) prevail. For the purposes of all powers implied by statute, the Secured Obligations are deemed to have
become due and payable on the date of this Debenture. 
  

	12.3	Canadian Collateral Agent’s Powers 

 The
restrictions contained in sections 93 and 103 of the Act shall not apply to the Security and the power of sale and other powers contained in section 101 of the Act and all other enforcement powers conferred in this Debenture with regard to the
Security shall be immediately exercisable at any time after the occurrence and during the continuation of an Event of Default and shall be varied and extended so that the Canadian Collateral Agent shall at any such time be entitled (without
prejudice to any other rights or powers of a mortgagee) to exercise any of the powers conferred upon a Receiver by Clause 10 and shall have the benefit of all the provisions of Clause 10. 
  

 26 

	12.4	Mortgagee in Possession 

 It is agreed and declared
that no exercise (whether by the Canadian Collateral Agent or any Receiver) of any of the powers contained in this Debenture shall render the Canadian Collateral Agent or any Receiver liable as mortgagee in possession in respect of any of the
Collateral or liable for any loss or damage (including, without limitation, loss upon realisation of any of the Collateral) save where caused by gross negligence or wilful default on the part of the Canadian Collateral Agent or any Receiver.

  

	12.5	Protection for Third Parties 

 No person (including
a purchaser) dealing with the Canadian Collateral Agent, any Receiver or any of their respective agents or nominees will be concerned to enquire: 
  

	 	(a)	whether the Secured Obligations have become payable; or 

  

	 	(b)	whether any power which the Canadian Collateral Agent or any Receiver is purporting to exercise has become exercisable; or 

  

	 	(c)	whether any money remains due under the Loan Documents; or 

  

	 	(d)	how any money paid to the Canadian Collateral Agent or any Receiver is to be applied. 

 In the absence of bad faith on the part of such purchaser or other person, such dealings shall be deemed, so far as regards the safety and protection of such purchaser or other person, to be within the powers
conferred by this Debenture and to be valid accordingly. The remedy of each Chargor in respect of any impropriety or irregularity in the exercise of such power shall be in damages only. 
  

	12.6	Delegation 

 The Canadian Collateral Agent or any
Receiver may at any time delegate by power of attorney or in any other manner to any person or persons any of the powers (including the power of attorney contained in Clause 14.1), authorities and discretions which are for the time being exercisable
by the Canadian Collateral Agent or any Receiver under this Debenture in relation to the Collateral. Any such delegation may be made upon such terms (including power to sub delegate) and subject to such regulations as the Canadian Collateral Agent
or Receiver may think fit. Neither the Canadian Collateral Agent nor any Receiver shall be in any way liable or responsible to the Chargors for any loss or damage arising from any act, default, omission or misconduct on the part of any such delegate
or sub-delegate. 
  

	12.7	Suspense Accounts 

 The Canadian Collateral Agent
and any Receiver may at any time and from time to time place and keep (for such time as it or he shall consider prudent) any monies received, recovered or realised from the Chargors or in relation to any Collateral pursuant to this Debenture in a
separate suspense account (to the credit of either the Chargors or the Canadian Collateral Agent as the Canadian Collateral Agent shall think fit) without any intermediate obligation on its part to apply the same or any part thereof in or towards
the discharge of the Secured Obligations provided that if such monies are at any time sufficient to discharge the Secured Obligations in full, they shall be promptly so applied. 
  

 27 

	12.8	Canadian Collateral Agent’s Power to Remedy Breaches 

 If at any time any Chargor fails to perform any of the covenants contained in this Debenture it shall be lawful for the Canadian Collateral Agent, but the Canadian Collateral Agent shall have no obligation, to take such action on behalf of
the relevant Chargor (including, without limitation, the payment of money) as may in the Canadian Collateral Agent’s reasonable opinion be required to ensure that such covenants are performed. Any losses, costs, charges and expenses properly
incurred by the Canadian Collateral Agent in taking such action shall be reimbursed by the relevant Chargor immediately on written demand. 
  

	12.9	No Liability 

 In the execution or purported
execution of the trusts and powers conferred on it under this Debenture, the Canadian Collateral Agent shall not have any liability for any loss or damage arising by reason of any mistake or omission made in good faith or of any other act or
omission, matter or thing whatever except for breach of trust arising from fraud, gross negligence or wilful misconduct on the part of the Canadian Collateral Agent. Without prejudice to the foregoing, if the Canadian Collateral Agent enters into
possession of the Security Assets, it will not be liable to account as mortgagee in possession and may at any time at its discretion go out of such possession. 
  

	13.	CONTINUATION AND PRESERVATION OF SECURITY 

  

	13.1	Subsequent Liens 

 If the Canadian Collateral Agent
or any other Secured Party receives, or is deemed to be affected by, notice, whether actual or constructive, of, (a) any Lien other than a Permitted Lien affecting the Collateral and/or the proceeds of sale thereof, or (b) the occurrence
of any event specified in Section 8.01(g) or (h) of the Credit Agreement, the Canadian Collateral Agent or such other Secured Party may open a new account or accounts for each Chargor in its books. If the Canadian Collateral Agent or such
other Secured Party does not open a new account, it shall nevertheless be treated as if it had done so at the time when it received or was deemed to have received notice (unless it gives express notice to the contrary to the relevant Chargor). As
from that time all payments made to the Canadian Collateral Agent or such other Secured Party will (in the absence of any express appropriation to the contrary) be credited or be treated as having been credited to the new account and will not
operate to reduce the Secured Obligations. 
  

	13.2	Waiver of Defences 

 Each Chargor shall be deemed to
be a principal debtor and the sole, original and independent obligor for the Secured Obligations and the Collateral shall be deemed to be a principal security for the Secured Obligations. The liability of each Chargor under this Debenture shall not
be discharged, impaired or otherwise affected by any circumstance, act, omission, matter or thing which but for this provision might operate to reduce, release, prejudice or otherwise exonerate each Chargor from its obligations under the Loan
Documents in whole or in part, including without limitation and whether or not known to any Loan Party, the Canadian Collateral Agent or any other person: 
  

	 	(a)	the winding-up, dissolution, administration, re-organisation, amalgamation, merger or reconstruction of any Chargor or any other person or any change in its status, function,
control or ownership; or 

  

	 	(b)	any time, indulgence, concession, waiver or consent granted to, or composition with, any Chargor or any other person; or 

  

 28 

	 	(c)	the release of any Chargor or any other person under the terms of any composition or arrangement with any creditor of any Chargor or any of its Affiliates; or

  

	 	(d)	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take-up or enforce, any rights against, or security over, the assets of any
Chargor or any other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to release or to realise the full value of any security; or 

  

	 	(e)	any legal limitation, disability, incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of, or other circumstance relating
to, any Chargor or any other person; or 

  

	 	(f)	any variation (however fundamental and whether or not involving any increase in the liability of any Chargor or any other Loan Party thereunder) or replacement of any Loan Document
or any other document or security; or 

  

	 	(g)	any unenforceability, illegality, invalidity or frustration of any obligation of any Chargor or any other person under any Loan Document or any other document or security, or any
failure of any Chargor or any other Loan Party to become bound by the terms of any other Loan Document, in each case whether through any want of power or authority or otherwise; or 

  

	 	(h)	any postponement, discharge, reduction, non-provability or similar circumstances affecting any obligation of any Chargor or any other Loan Party under a Loan Document resulting from
any insolvency, liquidation or dissolution proceedings or from any law, regulation or order, 

 so that each Chargor’s
obligations under this Debenture remain in full force and effect and that this Debenture shall be construed accordingly as if there were no such circumstance, act, omission, matter or thing. 
  

	13.3	Immediate Recourse 

 Each Chargor waives any right
it may have of first requiring the Canadian Collateral Agent (or any trustee or agent on its behalf) to proceed against or enforce any other rights or security in respect of the Secured Obligations or claim payment from any person before enforcing
the Security. This waiver applies irrespective of any law or provision of the Loan Documents to the contrary. 
  

	13.4	Non-competition 

 Subject as provided below, until
the Canadian Collateral Agent is satisfied that all of the Secured Obligations have been unconditionally and irrevocably paid and discharged in full, no Chargor shall, by virtue of any payment made, security realised or moneys received or recovered
under any of the Loan Documents for or on account of the liability of any Loan Party: 
  

	 	(a)	be subrogated to any rights, security or moneys held, received or receivable by the Canadian Collateral Agent or any other Secured Party or be entitled to any right of contribution
or indemnity; or 

  

	 	(b)	claim, rank, prove or vote as a creditor of any Loan Party or its estate in competition with the Canadian Collateral Agent or any other Secured Party; or 

 

 29 

	 	(c)	receive, claim or have the benefit of any payment, distribution or security from or on account of any Loan Party, or exercise any right of set-off against any Loan Party.

 Each Chargor shall hold in trust for and forthwith pay or transfer to the Canadian Collateral Agent (acting as agent and
trustee as aforesaid) any payment or distribution or benefit of security received by it contrary to the above. If any Chargor exercises any right of set-off contrary to the above it will forthwith pay an amount equal to the amount set off to the
Canadian Collateral Agent (acting as agent and trustee as aforesaid). Notwithstanding the foregoing, following any enforcement of the Collateral by the Canadian Collateral Agent under this Debenture, each Chargor will (at its own cost) promptly take
such steps or actions as are referred to above as the Canadian Collateral Agent may from time to time stipulate. 
  

	13.5	Security held by the Chargors 

 Each Chargor
warrants that it has not taken, and agrees that it will not take, from any other Loan Party or any person party to any related security any Lien, guarantee, indemnity, bond or other assurance in respect of or in connection with its obligations under
this Debenture. If any Chargor takes any such Lien, guarantee, indemnity, bond or other assurance in contravention of this Clause, it shall hold it on trust for the Secured Parties until such time as all of the Secured Obligations have been
satisfied in full (and the Secured Parties are not under any further obligation, actual or contingent, to any Loan Party) and shall on request promptly deposit the same with and/or charge the same to the Secured Parties in such manner as the
Canadian Collateral Agent may require as security for the due and punctual payment, performance and discharge by the Chargors of the Secured Obligations. 
  

	13.6	Continuing Security 

 The Security constituted by
this Debenture shall be a continuing security and will extend to the ultimate balance of the Secured Obligations notwithstanding any interim or intermediate payment, discharge or settlement of account or other matter whatsoever and is in addition to
and shall not merge with or otherwise prejudice or affect (or be prejudiced or affected by) the security constituted by any Lien, guarantee or other assurance now or hereafter held by the Canadian Collateral Agent or any right or remedy of the
Canadian Collateral Agent in respect of the same and shall not be in any way prejudiced or affected by the invalidity thereof, or by the Canadian Collateral Agent now or hereafter dealing with, exchanging, releasing, modifying or abstaining from
perfecting or enforcing any of the same, or any rights which it may now or hereafter have, or giving time for payment or indulgence or compounding with any other person liable. 
  

	14.	POWER OF ATTORNEY 

  

	14.1	Appointment 

 Each Chargor, by way of security,
hereby irrevocably appoints the Canadian Collateral Agent and the persons deriving title under it and separately any Receiver jointly or severally to be its attorney or attorneys for them (with full power of substitution and delegation) and in the
name and on behalf and as its act and deed to sign, seal, execute, deliver, perfect and do all deeds, instruments, acts and things which may be required: 
  

	 	(a)	for carrying out any obligations imposed on each Chargor by or pursuant to this Debenture; 

  

	 	(b)	following the occurrence of an Event of Default that is continuing, for carrying any sale, lease or other dealing whatsoever by the Canadian Collateral Agent or Receiver into
effect; 

  

 30 

	 	(c)	following the occurrence of an Event of Default that is continuing, for conveying or transferring any legal estate or other interest in land or any other property whatsoever;

  

	 	(d)	following the occurrence of an Event of Default that is continuing, for getting in all or any part of the Collateral; and 

  

	 	(e)	generally for enabling the Canadian Collateral Agent and any Receiver to exercise the respective powers, authorities and discretions conferred on them by or pursuant to this
Debenture or by law. 

 The provisions of this Clause 14.1 shall take effect as and by way of variation to the provisions of
sections 109(6) and 109(8) of the Act which provisions as so varied and extended shall be deemed incorporated in this Debenture as if they related to a receiver of the Collateral and not merely a receiver of the income thereof. 
  

	14.2	Ratification 

 Each Chargor covenants with the
Canadian Collateral Agent and separately with any Receiver that, on request, it will ratify and confirm all security agreements, documents and acts and all transactions entered into by the Canadian Collateral Agent or any Receiver (or by each
Chargor at the instance of the Canadian Collateral Agent or any Receiver) in the exercise or purported exercise of its or his powers set out in this Debenture and each Chargor irrevocably acknowledges and agrees that the power of attorney contained
in Clause 14.1 is given to secure the proprietary interest of, and the performance of obligations owed to, the respective donees within the meaning of the Powers of Attorney Act 1971. 
  

	15.	INDEMNITIES 

  

	15.1	General 

 The Chargors hereby unconditionally and
irrevocably agree as primary obligors and not merely as surety to indemnify and hold harmless the Canadian Collateral Agent (and its nominees), each other Secured Party from time to time and any Receiver on demand against all losses, actions,
claims, expenses, demands or liabilities whether in contract, tort, pursuant to breach of statute or otherwise now or hereafter properly incurred by any of them or by any of their respective managers, agents, officers or employees occasioned by any
breach by any Chargor of any of its covenants or other obligations under this Debenture or otherwise arising out of or in connection with the Collateral or the Security. 
  

	15.2	Taxes 

 The Chargors agree to indemnify the Canadian
Collateral Agent, each other Secured Party and any Receiver on demand against all present or future stamp, withholding or other taxes or duties and any penalties or interest with respect thereto which may be imposed by any competent authority in
connection with the execution or enforcement of this Debenture or in consequence of any payment made pursuant hereto being impeached or declared void for any reason whatsoever. 
  

	16.	WAIVERS AND REMEDIES 

  

	16.1	Waivers 

 No failure or delay by any Secured Party
(or the Canadian Collateral Agent on their behalf) in exercising any right or remedy shall operate as a waiver thereof, nor shall any single or any partial exercise or waiver of any right or remedy preclude its further exercise or the exercise

  

 31 

 of any other right or remedy as though no waiver had been made and no relaxation or indulgence granted.
The rights and remedies provided in this Debenture are cumulative and not exclusive of any rights or remedies provided by law. 
  

	16.2	Severability 

 If any provision of this Debenture
shall be prohibited, illegal, invalid or unenforceable under applicable law, it shall be ineffective only to such extent and in the relevant jurisdiction, without invalidating or otherwise detrimentally affecting the remainder of this Debenture.

  

	17.	REINSTATEMENT AND RELEASE 

  

	17.1	Reinstatement 

 Any settlement or discharge under
this Debenture between the Chargors and the Canadian Collateral Agent or the Secured Parties (or any of them) shall be conditional upon no security or payment to the Canadian Collateral Agent or the Secured Parties (or any of them) by any Loan Party
or any Chargor or any other person on behalf of any Loan Party or, as the case may be, any Chargor being avoided or set aside or ordered to be refunded or reduced by or pursuant to any applicable law or regulation and, if such condition is not
satisfied, the Canadian Collateral Agent and/or the Secured Parties shall be entitled to recover from the Chargors on demand the value of any such security or the amount of any such payment as if such settlement or discharge had not occurred. The
Canadian Collateral Agent or any other Secured Party may concede or compromise any claim that any payment, security or other disposition is liable to avoidance or restoration. 
  

	17.2	Release 

  

	 	(a)	Once all the Secured Obligations have been paid in full and neither the Canadian Collateral Agent nor any other Secured Party has any contingent liability to advance further monies
to, or incur liability on behalf of, the Chargors or any other Loan Party, the Canadian Collateral Agent and each other Secured Party shall, at the request and cost of the Chargors, promptly take any action which may be necessary to release,
discharge and reassign the Collateral from the Security. 

  

	 	(b)	On the completion of the sale or disposal of any Collateral in accordance with the terms of the Loan Documents, the Canadian Collateral Agent hereby agrees with the Chargors that,
upon at least three Business Days’ prior written request from the Chargors, it shall release, discharge or reassign (as the case may be) the Collateral being so sold or disposed of from the Security, provided that each Chargor has certified to
the Canadian Collateral Agent that the sale or disposition is made in compliance with the provisions of the Loan Documents, and that: 

  

	 	(i)	the Canadian Collateral Agent shall not be required to execute any such release, discharge or reassignment on terms which, in the Canadian Collateral Agent’s reasonable
opinion, would expose the Canadian Collateral Agent to liability or create any obligation or entail any consequence other than the release of such Security without recourse or warranty; and 

  

	 	(ii)	such release, discharge or reassignment shall not in any manner discharge, affect or impair the Secured Obligations or the Security upon (or obligations of the Chargors in respect
of) all interest retained by the Chargors, including the proceeds of sale, all of which shall continue to form part of the Security. 

  

 32 

	18.	CURRENCY 

 Any amount received or recovered by the
Canadian Collateral Agent (as agent and trustee as aforesaid) in respect of any sum expressed to be due to it from the Chargors under this Debenture in a currency other than the currency (the “contractual currency”) in which such
sum is so expressed to be due (whether as a result of, or of the enforcement of, any judgment or order of a court or tribunal of any jurisdiction, the winding-up of any Chargor or otherwise) shall only constitute a discharge to the Chargors to the
extent of the amount of the contractual currency that the Canadian Collateral Agent is able, in accordance with its usual practice, to purchase with the amount of the currency so received or recovered on the date of receipt or recovery (or, if
later, the first date on which such purchase is practicable). If the amount of the contractual currency so purchased is less than the amount of the contractual currency so expressed to be due the Chargors shall fully indemnify the Canadian
Collateral Agent against any loss sustained by it as a result, including the cost of making any such purchase. 
  

	19.	LAND REGISTRY 

  

	19.1	Unregistered Property 

 In the case of any Property
which is not registered at the Land Registry and is not required to be so registered, the relevant Chargor will promptly apply to register this Debenture and the Security at the Land Charges Registry. 
  

	19.2	Existing and Future Property 

 In respect of any
Property the title to which is registered at the Land Registry and in respect of any other registered titles against which this Debenture may be registered or noted, including any Property which will be subject to compulsory first registration by
virtue of this Debenture, the relevant Chargor shall promptly: 
  

	 	(a)	apply to the Land Registry for first registration of future Property (if it is not already so registered) and registration of the relevant Chargor as proprietor of that Property;

  

	 	(b)	apply to the Land Registry to register the first legal mortgage created by paragraph (a) of Clause 3.1 and all other Security; 

  

	 	(c)	submit to the Land Registry the duly completed Form RX1 requesting a restriction in the following terms to be entered on the register of the title to that Property in respect of the
Security created by paragraph (a) of Clause 3.1: 

 “No disposition of the registered estate by the proprietor of the
registered estate or by the proprietor of any registered charge is to be registered without a written consent signed by the proprietor for the time being of the charge dated [            ]
in favour of [            ]”; 
  

	 	(d)	apply to the Land Registry to register the first fixed charge created by paragraph (a) of Clause 3.1; and 

  

	 	(e)	pay all appropriate registration fees, 

 or, if the
Canadian Collateral Agent gives notice to UK Holdings that the Canadian Collateral Agent will submit the relevant forms to the Land Registry, the relevant Chargor shall promptly provide the Canadian Collateral Agent with all duly completed forms
reasonably requested by the Canadian Collateral Agent and all appropriate registration fees. 
  

 33 

	19.3	Legal Charge 

 As security for the Secured
Obligations, each Chargor shall, subject to the terms of this Debenture, promptly execute and deliver to the Canadian Collateral Agent such legal charge of such of its Property situated in England and Wales from time to time as the Canadian
Collateral Agent reasonably requires save to the extent such Property is effectively charged by way of first legal mortgage and all appropriate registrations have been completed. The relevant Chargor shall apply, as soon as reasonably practicable
(and in any event within any applicable legal time limit for such registrations), for registration of any such legal charge in the same way as set out in paragraph (a)-(e) of Clause 19.2 unless the Canadian Collateral Agent gives notice to that
Chargor in relation to registration of such legal charge in the same way as set out in Clause 19.2. Any security document required to be executed by a Chargor pursuant to this Clause 19.3 will contain Clauses corresponding to the provisions set out
in this Debenture. 
  

	19.4	Title Information Document 

 On completion of the
registration of any Security pursuant to this Clause 19, the relevant Chargor shall promptly supply to the Canadian Collateral Agent a certified copy of the relevant Title Information Document issued by the Land Registry. 
  

	19.5	Exempt Information 

 The Chargors agree not to lodge
the Credit Agreement, any other Loan Document or any other incorporated document at the Land Registry without the Canadian Collateral Agent’s consent. If the Land Registry requests any such document to be lodged with it by formal requisition or
otherwise the Chargors agree not to lodge such document without an application on Form EX1 in form satisfactory to the Canadian Collateral Agent to treat that document as an exempt information document. 
  

	20.	NOTICES 

  

	20.1	General 

 Any demand, notice or other communication
or document to be made on or delivered to the Chargors under this Debenture or in respect of the Secured Obligations shall be made or delivered by fax or otherwise in writing and shall be treated as having been served if served in accordance with
Clause 20.2. Each demand, notice, communication or other document to be made on or delivered to any party to this Debenture may (unless that party has by 10 Business Days’ written notice to the other party or parties specified another address
or fax number) be made or delivered to that other person at the address or fax number set out under its name at the end of this Debenture (or in the case of any Subsidiary incorporated under the laws of England and Wales which grants security over
its assets in favour of the Canadian Collateral Agent by executing an Accession Deed, the address or fax number set out in the relevant Accession Deed). 
  

	20.2	Mode of Service 

 Service of any demand, notice,
communication or other document to be made or delivered under this Debenture may be made: 
  

	 	(a)	by leaving it at the relevant address for service referred to in Clause 20.1; 

  

 34 

	 	(b)	by sending it by pre-paid first class letter (or by airmail if to or from an address outside the United Kingdom) through the post to the relevant address for service referred to in
Clause 20.1; or 

  

	 	(c)	by fax to the relevant fax number referred to in Clause 20.1 and so that any fax shall be deemed to be in writing and, if it bears the signature of the server or its authorised
representative or agent, to have been signed by or on behalf of the server. 

  

	20.3	Deemed Service 

 Any demand, notice, communication
or other document from the Chargors shall be irrevocable and shall not be effective until its actual receipt by the Canadian Collateral Agent. Any other demand, notice, communication or other document shall be served or treated as served at the
following times: 
  

	 	(a)	in the case of service personally or in accordance with Clause 20.2(a), at the time of such service; 

  

	 	(b)	in the case of service by post, at 9.00am on the working day next following the day on which it was posted or, in the case of service to or from an address outside the United
Kingdom, at 9.00am on the fourth working day following the day on which it was posted; and 

  

	 	(c)	in the case of service by fax, if sent before 9.00am on a working day, at 11.00am on the same day, if sent between 9.00am and 5.30pm on a working day, two hours after the time of
such service or, if sent after 5.30pm on a working day, or if sent on a day other than a working day, at 9.00am on the next following working day. 

 For the purpose of this Clause 20 the term “working day” shall mean a day (other than a Saturday or a Sunday or a bank or public holiday) upon which the recipient of any demand, notice, communication or
other document is normally open for business in the country of its address for service referred to in Clause 20.1 and references to any time of day shall be construed as references to the time of day in such country. 
  

	20.4	Proof of Service 

 In proving service of a demand,
notice, communication or other document served: 
  

	 	(a)	by post, it shall be sufficient to prove that such demand, notice, communication or other document was correctly addressed, full postage paid and posted; and

  

	 	(b)	by fax, it shall be sufficient to prove that the fax was followed by such machine record as indicates that the entire fax was sent to the relevant number. 

 

	21.	SET OFF 

  

	 	(a)	Any Secured Party may at any time after an Event of Default has occurred and is continuing without giving notice to any Chargor: 

  

	 	(i)	set off or otherwise apply sums standing to the credit of a Chargor’s accounts with that Secured Party (irrespective of the terms applicable to those accounts and whether or
not those sums are then due for repayment to that Secured Party); and 

  

 35 

	 	(ii)	set off any other obligations (whether or not then due for performance) owed by that Secured Party to a Chargor, in each case against any liability of that Chargor to the relevant
Secured Party under the Loan Documents. 

  

	 	(b)	A Secured Party may exercise its rights under Clause 21(a) notwithstanding that the amounts concerned may be expressed in different currencies and each Secured Party is
authorised to effect any necessary conversions at a market rate of exchange selected by it in its absolute discretion. 

  

	 	(c)	If the relevant obligation or liability is unliquidated or unascertained, the Secured Party may set off the amount which it estimates (acting reasonably and in good faith) will be
the final amount of that obligation or liability once it becomes liquidated or ascertained. 

  

	22.	CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999 

  

	 	(a)	Except as expressly provided in this Debenture, the parties do not intend that any term of this Debenture shall be enforceable by virtue of the Contracts (Rights of Third Parties)
Act 1999 or otherwise by any person who is not a party hereto. 

  

	 	(b)	The parties may rescind, vary, waive, restore, assign, novate or otherwise dispose of all or any of their respective rights or obligations under this Debenture without the consent
of any person who is not a party hereto. 

  

	23.	ASSIGNMENTS AND TRANSFERS 

  

	 	(a)	No Chargor shall be entitled to assign or transfer all or any of its rights or obligations under this Debenture. 

  

	 	(b)	The Canadian Collateral Agent may at any time assign or otherwise transfer all or any part of its rights under this Debenture in accordance with the Loan Documents and each Chargor
authorises the Canadian Collateral Agent to execute on its behalf any document required to effect the necessary transfer of rights and obligations. 

  

	 	(c)	Each Chargor consents to new Subsidiaries becoming Chargors as contemplated by Clause 24 and irrevocably appoints UK Holdings as its agent for the purposes of executing any
Accession Deed on its behalf. 

  

	24.	ACCESSION OF SUBSIDIARY GUARANTORS 

 UK Holdings
will procure that each Subsidiary which is required to do so by the terms of the Credit Agreement executes an Accession Deed (subject to such amendments as may be required to ensure that no breach of law or regulation occurs as a result) and (if
required) amends its articles of association to remove any restriction on the transferability of such Subsidiary’s share upon the enforcement of the Security in respect thereof granted to the Canadian Collateral Agent. 
  

	25.	GOVERNING LAW 

  

	25.1	Governing Law 

 This Debenture and the rights and
obligations of the parties to this Debenture are governed by and shall be construed in accordance with English law. 
  

 36 

 IN WITNESS whereof the Chargors have duly executed this Debenture as a deed and intend to deliver and hereby
delivers the same on the date first above written and, before such delivery, this Debenture has been duly signed on behalf of the Canadian Collateral Agent, in the manner appearing below. 
  

 37 

 

 
  

			
	 Address:
	  	 677 Washington Boulevard
 Stamford, Connecticut
06901

		
	 Fax:
	  	(203) 719-3888
	 Attention:
	  	Sailoz Sikka

  

 Debenture 

 SCHEDULE 1 
 Chargors 
  

			
	 SGS-UK Limited
	  	05473088
	 MCG Graphics Limited
	  	00631503

  

 38 

 SCHEDULE 2 
 Contracts 
 None at the date of this Debenture 
  

 39 

 SCHEDULE 3 
 Receivables Account(s) 
  

									
	 Name of Chargor
	  	Name and address of
entity at which
account is held	  	Account
Number	  	Sort Code	  	Type of
Account

 None at the date of this Debenture 
  

 40 

 SCHEDULE 4 
 Details of Policies 
  

							
	 Name of Chargor
	  	Insurer	  	Policy No.	  	Type of Account

 None at the date of this Debenture 
  

 41 

 SCHEDULE 5 
 Assignments 
 Part A1 
 Form of Notice of Assignment of Receivables 
  

	To:	· [Debtor/Third Party] 

  

	    	· [Address] 

 · [Date] 
 Dear Sirs 
 We hereby give you notice that we have assigned by way of
security pursuant to the terms of a debenture dated · [Date] (such debenture, as the same may from time to time be amended, varied,
supplemented, novated or replaced being referred to as the “Debenture”) between ourselves and UBS AG, Stamford Branch (or any successor or replacement thereof) as agent and trustee for and on behalf of certain secured creditors (the
“Canadian Collateral Agent”) all our rights, title and interest in and to the[·]. 
 We irrevocably and unconditionally instruct and authorize you (notwithstanding any previous instructions which we may have given you to the contrary and without
requiring you to make any reference to or seek any further authority from us or to make any enquiry as to the justification for or validity of any notice, statement, requirement or direction) as follows: 
  

	 	(i)	to disclose to the Canadian Collateral Agent such information relating to the [debt/agreement] as the Canadian Collateral Agent may, at any time and from time to time, request you
to disclose to it; and 

  

	 	(ii)	to make all payments under or arising from the [debt/agreement] to the Canadian Collateral Agent or to its order and otherwise to comply with the terms of any written notice,
statement or instructions which you receive at any time from the Canadian Collateral Agent and which in any way relate to or purport to relate to the Debenture or the [debt/agreement]. 

 You should note that, by virtue of the assignment by way of security comprised in the Debenture to which reference is made above: 
  

	1.	all remedies under or in relation to the [debt/agreement] or available at law or in equity in respect thereof are exercisable by the Canadian Collateral Agent;

  

	2.	all rights to compel performance of the [specify relevant obligations] are exercisable by the Canadian Collateral Agent; and 

  

	3.	all rights, title and interest whatsoever accruing to or for the benefit of ourselves arising from the [debt/agreement] belong to the Canadian Collateral Agent.

 The terms of and the instructions and authorisations contained in this letter shall remain in full force and effect until the Canadian
Collateral Agent gives you notice to the contrary. 
 This letter shall be governed by and construed in accordance with English law. 
  

 42 

 Please acknowledge receipt of this letter and your acceptance of its terms and the instructions and authorisations
contained in it by signing the attached form of acknowledgement and agreement and returning it to UBS AG, Stamford Branch (marked for the attention of · [Contact] at · [Address]). 
  

	
	 Yours faithfully

	
	   
	 For
 · [Chargor]

  

 43 

 Part A2 
 Form of Acknowledgement and Agreement 
  

	To:	· [Canadian Collateral Agent] 

  

	    	· [Address] 

  

	Attention:	

 · [Date] 
 Dear Sirs 
 We acknowledge receipt of a notice dated · [Date] and addressed to us by · (the “Assignor”) regarding the [debt/agreement] referred to in such notice and we hereby acknowledge our acceptance of the terms of and the instructions and
authorisations contained in that notice. 
 We acknowledge and confirm that: 
  

	(a)	we have not received notice that any third party has or may have any rights, title or interest in or to, or has made or may be making any claim or demand or taking any action in
respect of, the [debt/agreement]; 

  

	 	(ii)	no amendment, waiver or release of any rights, title or interest of the Assignor in or to the [debt/agreement] shall be effective without your prior written consent; and

  

	 	(iii)	no termination of any such rights, title or interest in or to the [debt/agreement] shall be effective unless we have given you 30 days early written notice of the proposed
termination and specifying the action necessary to avoid such termination; furthermore we confirm that no breach or default on the part of the Assignor of any of the terms of the [agreement giving rise to the debt/agreement] shall be deemed to have
occurred unless we have given notice of such breach to you specifying how to make good such breach. 

 [FOR DEBTS] [We further confirm that we
shall not make or exercise any claims or demands, rights of combination, consolidation or set-off or any other equities which we may have in respect of such debt and we shall send you copies of all statements, orders and notices given by us relating
to such debt.] 
 We undertake that, if we become aware at any time that any person or entity other than yourselves has or may have any rights, title or
interest in or to, or has or may be making any claim or demand or taking any action in respect of, the [debt/agreement] we will immediately give written notice to you of the terms of such rights, title, interest, claim, demand or action. 

 

 44 

	
	
	
	   
	 For

	 · [Debtor/Third
Party]

  

 45 

 Part B1 
 Form of Notice of Assignment of Insurances 
  

	To:	· [Insurer] 

 · [Address] 
 · [Date] 
 Dear Sirs 
 Policy number · 
 We hereby give you notice that pursuant to the terms of a debenture (the
“Debenture”) dated · [Date] and made between ourselves and UBS AG, Stamford Branch in its capacity as Canadian Collateral
Agent for and on behalf of certain secured creditors (the “Canadian Collateral Agent”) we have assigned by way of security all our interest (including the benefit of all monies owing or to become owing to us and all interest
therein) of the above policy (the “Policy”) to the Canadian Collateral Agent. 
 We irrevocably and unconditionally authorize you to issue a
letter of undertaking to the Canadian Collateral Agent, in the form attached, which, inter alia, confirms your agreement to the above and authorises you to disclose such information relating to the Policy and the proceeds of any claim under it as
the Canadian Collateral Agent may at any time request you to disclose and, after the occurrence of an Event of Default (as such term is defined in the Debenture) which is continuing, to: 
  

	(a)	make all payments under or arising from the Policy to the Canadian Collateral Agent or to its order (save for all proceeds which we are legally obliged to pay to our employees or
any other person other than ourselves in respect of whom the Policy was taken out); and 

  

	 	(iv)	otherwise comply with the terms of any written notice or instructions which you receive at any time from the Canadian Collateral Agent in connection with the Policy or any such
proceeds. 

 In addition, we hereby request that, with effect from today’s date, the Canadian Collateral Agent be noted on the Policy as
first loss payee. 
 The terms of and the instructions and authorisations contained in this letter shall remain in full force and effect until the Canadian
Collateral Agent gives you notice to the contrary. 
 Please acknowledge receipt of this letter by signing the attached form of acknowledgement and agreement
and returning it to UBS AG, Stamford Branch (marked for the attention of: · [Contact]) at · [Address] 
  

	
	 Yours faithfully

	
	  
	 for

	 ·
[Chargor]

  

 46 

 Part B2 
 Form of Acknowledgement 
  

	To:	· [Canadian Collateral Agent] 

 · [Address] 
 · [Date] 
 Attention: · 
 Dear Sirs 
 We acknowledge receipt of a notice dated · [Date] and addressed to us by · [Chargor]
(the “Assignor”) regarding policy number • (the “Policy”) and acknowledge the instructions and authorisations contained in that notice. 
 We acknowledge and confirm that: 
  

	(1)	we shall forthwith endorse a memorandum on the Policy noting your interest as assignee and first loss payee; 

  

	(2)	we shall disclose to you without further reference to or authority from the Assignor such information relating to the Policy as you may at any time reasonably request;

  

	(3)	after you have notified us of the occurrence of an Event of Default (as such term is used in the notice referred to above) which is continuing and unless you notify us in writing to
the contrary, all payments in respect of claims under the Policy shall only be paid to you at the account which you shall notify to us at that time and we shall otherwise comply with the terms of any written notice or instructions which we receive
at any time from you in connection with the Policy or any such proceeds; 

  

	(4)	we have not received notice that any third party has or may have any rights, title or interest in or to, or has made or may be making any claim or demand or taking any action in
respect of, the Policy; 

  

	(5)	no change in any of the terms of the Policy shall be effective without the prior written consent of Canadian Collateral Agent we shall advise you at least 30 days before any
cancellation of the Policy; and 

  

	(6)	we shall advise you immediately of any default in the payment of any premium payable in respect of the Policy and shall allow 30 days during which payment of such premium shall be
accepted, such that the Policy shall continue in full force and effect if made by · [Canadian Collateral Agent] on behalf of the Assignor
and/or any other insured party. 

  

 47 

	
	 Yours faithfully

	
	  
	 for

	 ·
[Insurer]

  

 48 

 Form of Endorsement 
 Notwithstanding any other provision of this policy, the following endorsement will take effect immediately: 
  

	(1)	By an assignment of insurances effected by the Insured pursuant to a debenture dated · [Date] in favour of · [Canadian Collateral Agent] in its capacity as Canadian Collateral Agent for and on behalf of certain
secured creditors (the “Canadian Collateral Agent”) the Insured granted to the Canadian Collateral Agent all its right, title and benefit in and to the proceeds of this insurance and all the benefits thereof.

  

	(2)	Following the occurrence and during the continuation of an Event of Default, all claims in respect of loss or damage, if any, payable under this policy (save for all proceeds which
the Insured is legally obliged to pay to its employees or any other person other than itself in respect of whom the Policy was taken out) shall be paid first to the Canadian Collateral Agent who is the first loss payee under the policy.

  

 49 

 SCHEDULE 6 
 Securities 
  

							
	 Name of Chargor
	  	 Name of Subsidiary
	  	Number of Shares	  	 Class

	 SGS-UK Holdings Limited
	  	SGS-UK Limited	  	60,000	  	Ordinary

  

 50 

 SCHEDULE 7 
 Part 1 
 Form of Account Notice 
  

	To:	[·] [Third Party Bank]  

 [·] [Address] 
 [·] [Date] 
 Dear Sirs 
 We refer to the account in our name and maintained with you,
designated “[•] Account” under account No. [•] (the “Account”). 
 We hereby give you notice that we have charged by way
of a first fixed charge and assigned by way of security pursuant to a debenture dated, 2005 (such debenture, as the same may from time to time be amended, varied, supplemented, novated or replaced being referred to as the
“Debenture”) between ourselves and UBS AG, Stamford Branch (or any successor or replacement thereof) as agent and trustee for and on behalf of certain secured creditors (the “Canadian Collateral Agent”) all our
rights, title and interest in and to the Account and the monies from time to time standing to its credit. 
 We irrevocably and unconditionally instruct and
authorize you (notwithstanding any previous instructions which we may have given you to the contrary and without requiring you to make any reference to or seek any further authority from us or to make any enquiry as to the justification for or
validity of any notice, statement, requirement or direction) as follows: 
  

	1.	to disclose to the Canadian Collateral Agent such information relating to the Account as the Canadian Collateral Agent may, at any time and from time to time, request you to
disclose to it; 

  

	 	(iii)	subject to the Canadian Collateral Agent’s written directions, to hold all monies standing to the credit of the Account to the order of the Canadian Collateral Agent;

  

	 	(iv)	at any time and from time to time upon receipt by you of written instructions from the Canadian Collateral Agent (including, for the avoidance of doubt, by way of facsimile
transmission) to credit and debit the Account (as the case may require) and to act in accordance with such instructions (which instructions may be given by the Canadian Collateral Agent at any time following the occurrence of an Event of Default (as
such term is defined in the Debenture)); and 

  

	 	(v)	to comply with the terms of any written notice, statement or instructions (including, for the avoidance of doubt, by way of facsimile transmission) which you receive at any time
from the Canadian Collateral Agent in accordance with paragraph 3 above and which in any way relate to or purport to relate to any of the Debenture, the Account and the monies standing to the credit thereof from time to time.

  

 51 

 The instructions and authorisations which are contained in this letter shall remain in full force and effect until the
Canadian Collateral Agent gives you written notice revoking them. 
 In any circumstances where you are required under the terms of this letter to act on the
instruction of the Canadian Collateral Agent, you shall act only on the instruction of such person or persons as the Canadian Collateral Agent may from time to time designate and notify to you. 
 This letter shall be governed by and construed in accordance with English law. 
 Please acknowledge receipt of this letter by signing the attached form of acknowledgement and agreement and returning it to UBS AG, Stamford Branch (marked for the attention of: • [Contact]) at • [Address]

  

	
	 Yours faithfully

	
	   
	 for and on behalf of

	 [Chargor]

  

 52 

 Part 2 
 Form of Acknowledgement and Agreement 
  

	To:	[·] [The Canadian Collateral Agent] 

 [·] [Address] 
 [·] [Date] 
 Dear Sirs 
 We acknowledge receipt of a notice dated [•] and addressed
to us by • [Chargor] (the “Assignor”) regarding the account mentioned in such notice (the “Account”) and we accept the instructions and authorisations contained in such notice. 
 We acknowledge and confirm that: 
  

	1.	we do not have and, until you give us notice in writing (including, for the avoidance of doubt, by way of facsimile transmission) that the Account and the monies from time to time
standing to the credit thereof have been reassigned and released to the Assignor, will not make or exercise any claims or demands, rights of combination, consolidation or set-off or any other equities against the Assignor in respect of the Account
and the monies from time to time standing to the credit thereof save for fees and charges payable to us for the operation of the Account; and 

  

	2.	we have not received any notice that any third party has or may have any rights, title or interest in or to, or has made or may be making any claim or demand or taking any action
against, the Account and the monies from time to time standing to the credit thereof. 

 We undertake that, if we become aware at any time that
any person or entity other than yourselves has or may have any rights, title or interest in or to, or has or may be making any claim or demand or taking any action against, the Account, we will immediately give written notice to you of the terms of
such rights, title or interest, claim, demand or action. 
 We confirm that, until you give us notice in writing (including, for the avoidance of doubt, by
way of facsimile transmission) that the Assignor may no longer do so (which notice may be given by you at any time following the occurrence of an Event of Default (as such term is used in the notice referred to above)), the Assignor may continue to
make transfers or withdrawals from the Account without your prior written authority. 
  

	
	Yours faithfully
	
	   
	 for and on behalf of
 [Third Party Bank]

  

 53 

 SCHEDULE 8 
 Property 
 Part 1 
 Registered Land 
 (Freehold or leasehold property in England and Wales of which the Chargors are registered as the
proprietors at H.M. Land Registry) 
  

							
	 County and District/London Borough
	  	Freehold/Leasehold	  	Title Number	  	Description of Property
		  		  		  	

 None at the date of this Debenture 
 Part 2 
 Unregistered Land 
 (Freehold or leasehold property in England and Wales title to which is not registered at H.M. Land Registry of which the Chargors are the owners) 
 The Freehold/leasehold property known as: • and comprised in the following title deed(s) or other documents of title: 

 

							
	 Date
	  	Parties	  	Document
	 None at the date of this Debenture
	  		  	

 Part 3 
 Other Immovable Property 
  

									
	 Date
	  	Document	  	Parties	  	Description of Property
	 None at the date of this Debenture
	  		  		  	

  

 54 

 SCHEDULE 9 
 Form of Accession Deed 
 THIS ACCESSION DEED is made on •  
 BETWEEN: 
  

	(1)	• Limited (a company incorporated in England and Wales with registered number •) (the “New Chargor”); 

  

	(2)	SGS-UK Holdings Limited a company incorporated in England and Wales with registered number 05429840) (“UK Holdings”) for itself and as agent for and on behalf of
each of the existing Chargors; and 

  

	(3)	UBS AG, Stamford Branch as collateral agent and trustee for itself and the Secured Parties (the “Canadian Collateral Agent”). 

 BACKGROUND: 
 This deed is supplemental to a debenture dated
[            ] December, 2005 between, inter alia, UK Holdings and the Canadian Collateral Agent, as previously supplemented and amended by earlier Accession Deeds (if any) the
“Debenture”. 
 NOW THIS DEED WITNESSES as follows: 
  

	1.	INTERPRETATION 

 Terms defined in the Debenture have
the same meaning when used in this Accession Deed. 
  

	2.	CONSTRUCTION 

 Clauses 1.2 (Interpretation) to 1.18
(Perpetuity Period) of the Debenture will be deemed to be set out full in this Accession Deed, but as references in those clauses to the Debenture were references to this Accession Deed. 
  

	3.	ACCESSION OF NEW CHARGING COMPANY 

 The New Chargor
agrees to be a Chargor for the purposes of the Debenture with immediate effect and agrees to be bound by all of the terms of the Debenture as if it had originally been a party to it as a Chargor. 
  

	4.	COVENANT TO PAY 

 The New Chargor as primary obligor
covenants with the Canadian Collateral Agent (for the benefit of itself and the other Secured Parties) that it will satisfy on demand the Secured Obligations when it falls due for payment. 
  

	5.	SPECIFIC CHARGES 

 [Charging clauses of Debenture to
be mirrored here on finalization]. 
  

	6.	FLOATING CHARGE 

 [Charging clauses of Debenture to
be mirrored here on finalization]. 
  

 55 

	7.	ASSIGNMENTS BY WAY OF SECURITY 

 [Charging clauses
of Debenture to be mirrored here on finalization]. 
  

	8.	CONSTRUCTION OF DEBENTURE 

 The Debenture and this
Accession Deed shall be read together as one instrument on the basis that references in the Debenture to “this Debenture” will be deemed to include this Accession Deed. 
  

	9.	CONSENT OF EXISTING CHARGORS 

 The existing Chargors
agree to the terms of this Accession Deed and agree that its execution will in no way prejudice or affect the security granted by each of them under (and covenants given by each of them in) the Debenture. 
  

	10.	NOTICES 

 The New Chargor confirms that its address
details for notices in relation to the Debenture are as follows: 
  

			
	Address:	  	·
	Facsimile:	  	·
	Attention:	  	·

  

	11.	LAW 

 This Accession Deed (and any dispute,
controversy, proceedings or claims of whatever nature arising out of or in any way relating to this deed) shall be governed by, and construed in accordance with, English law. 
 IN WITNESS whereof this Accession Deed has been duly executed on the date first above written. 
  

 56 

 SCHEDULE 1 
 Contracts 
 [    ] 
 SCHEDULE 2 
 Receivables Account(s) 
 [    ] 
 SCHEDULE 3 
 Details of Policies 
 [    ] 
 SCHEDULE 4 
 Securities 
 [    ] 
 SCHEDULE 5 
 Property 
  

			
	1	  	DEBENTURE

 THE NEW CHARGOR 
 EXECUTED and DELIVERED as a DEED by 
 [                    ] 
 acting by: 
  

					
	Director	 		 	  
			
	Director/Secretary	 		 	  

 UK HOLDINGS 
 EXECUTED and DELIVERED as a DEED by 
 SGS-UK HOLDINGS LIMITED 
 acting by: 
  

					
	Director	 		 	  
			
	Director/Secretary	 		 	  

 CANADIAN COLLATERAL AGENT 
 EXECUTED and DELIVERED as a DEED by 
 UBS AG, STAMFORD BRANCH 
 acting by its duly authorised signatory: 
  

 2 

 SIGNATORIES 
 THE CHARGOR 
 EXECUTED and DELIVERED as a DEED by 
 SGS-UK HOLDINGS LIMITED 
 acting by: 
  

					
	Director	 		 	  
			
	Director/Secretary	 		 	  

 Address: 
 Fax:

 Attention: 
  

 3 

 THE CANADIAN COLLATERAL AGENT 
  

					
	 SIGNED for and on behalf of
 UBS AG, STAMFORD
BRANCH
 acting by its duly authorised signatory:
	 		 	  

 Address: 
 Fax:

 Attention: 
  

			
	1	  	DEBENTURE

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