Document:

EX-4.22

 Exhibit 4.22 
  

 
 ENCANA CORPORATION, 

as Issuer 
 and 

THE BANK OF NEW YORK, 
 as Trustee

  
  

INDENTURE 
 Dated as of
October 2, 2003 
 Providing for the issue of 

Debt Securities 
 in unlimited
principal amount 
  
  

 
  

 ENCANA CORPORATION 

Reconciliation and tie between Trust Indenture Act 

of 1939 and Indenture, dated as of October 2, 2003 
  

					
	 Trust Indenture

Act Section
	 	 	  	Indenture Section
			
	 § 310(a)(1)
	 		  	608(a)
	         (a)(2)
	 		  	608(a)
	         (b)
	 		  	609, 610
	 § 312(c)
	 		  	703
	 § 314(a)
	 		  	703
	         (a)(4)
	 		  	1004
	         (c)(1)
	 		  	102
	         (c)(2)
	 		  	102
	         (e)
	 		  	102
	 § 315(b)
	 		  	601
	 § 316(a)(last Sentence)
	 		  	101 (“Outstanding”)
	         (a)(1)(A)
	 		  	502, 512
	         (a)(1)(B)
	 		  	513
	         (b)
	 		  	508
	         (c)
	 		  	104(e)
	 § 317(a)(1)
	 		  	503
	         (a)(2)
	 		  	504
	         (b)
	 		  	1003
	 § 318(a)
	 		  	111

  

	Note:	This reconciliation and tie shall not, for any purpose, be deemed to be a part of the Indenture. 

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 TABLE OF CONTENTS 

 

							
	 	  	Page	 
		
	 PARTIES
	  	 	1	  
	 RECITALS OF THE COMPANY
	  	 	1	  
	
	 ARTICLE ONE

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	   
   

			
	 SECTION 101.
	 	Definitions	  	 	1	  
		 	 “Accelerated Indebtedness”
	  	 	2	  
		 	 “Act”
	  	 	2	  
		 	 “Additional Amounts”
	  	 	2	  
		 	 “Affiliate”
	  	 	2	  
		 	 “Authenticating Agent”
	  	 	2	  
		 	 “Authorized Newspaper”
	  	 	2	  
		 	 “Bearer Security”
	  	 	2	  
		 	 “Board of Directors”
	  	 	2	  
		 	 “Board Resolution”
	  	 	2	  
		 	 “Business Day”
	  	 	2	  
		 	 “calculation period”
	  	 	3	  
		 	 “Canadian Taxes”
	  	 	3	  
		 	 “Clearstream”
	  	 	3	  
		 	 “Commission”
	  	 	3	  
		 	 “Common Depositary”
	  	 	3	  
		 	 “Company”
	  	 	3	  
		 	 “Company Officer”
	  	 	3	  
		 	 “Company Request” or “Company Order”
	  	 	3	  
		 	 “Consolidated Net Tangible Assets”
	  	 	3	  
		 	 “Conversion Date”
	  	 	3	  
		 	 “Conversion Event”
	  	 	4	  
		 	 “Corporate Trust Office”
	  	 	4	  
		 	 “corporation”
	  	 	4	  
		 	 “coupon”
	  	 	4	  
		 	 “covenant defeasance”
	  	 	4	  
		 	 “Currency”
	  	 	4	  
		 	 “Current Assets”
	  	 	4	  
		 	 “Default”
	  	 	4	  

  

	Note:	This table of contents shall not, for any purpose, be deemed to be a part of the Indenture. 

							
		 	“Defaulted Interest”	  	 	4	  
		 	“defeasance”	  	 	4	  
		 	“Depositary” or “Depositary of Securities”	  	 	4	  
		 	“Dollar” or “$”	  	 	4	  
		 	“Dollar Equivalent of the Foreign Currency”	  	 	4	  
		 	“Election Date”	  	 	4	  
		 	“Euroclear”	  	 	4	  
		 	“Event of Default”	  	 	4	  
		 	“Exchange Act”	  	 	5	  
		 	“Exchange Date”	  	 	5	  
		 	“Exchange Rate Agent”	  	 	5	  
		 	“Exchange Rate Officer’s Certificate”	  	 	5	  
		 	“Excluded Holder”	  	 	5	  
		 	“Extension Notice”	  	 	5	  
		 	“Extension Period”	  	 	5	  
		 	“Facilities”	  	 	5	  
		 	“Final Maturity”	  	 	5	  
		 	“Financial Instrument Obligations”	  	 	5	  
		 	“First Currency”	  	 	6	  
		 	“Foreign Currency”	  	 	6	  
		 	“GAAP”	  	 	6	  
		 	“Government Obligations”	  	 	6	  
		 	“Holder”	  	 	6	  
		 	“Indenture”	  	 	6	  
		 	“Indexed Security”	  	 	7	  
		 	“interest”	  	 	7	  
		 	“Interest Payment Date”	  	 	7	  
		 	“Judgment Currency”	  	 	7	  
		 	“Lien”	  	 	7	  
		 	“Market Exchange Rate”	  	 	7	  
		 	“Maturity”	  	 	8	  
		 	“Non-Recourse Debt”	  	 	8	  
		 	“Notice of Default”	  	 	8	  
		 	“Officer’s Certificate”	  	 	8	  
		 	“Opinion of Counsel”	  	 	8	  
		 	“Optional Reset Date”	  	 	8	  
		 	“Original Issue Discount Security”	  	 	8	  
		 	“Other Currency”	  	 	8	  
		 	“Outstanding”	  	 	8	  
		 	“Paying Agent”	  	 	9	  
		 	“Permitted Liens”	  	 	10	  
		 	“Person”	  	 	12	  
		 	“Place of Payment”	  	 	12	  
		 	“Predecessor Security”	  	 	12	  
		 	“Purchase Money Mortgage”	  	 	12	  
		 	“Redemption Date”	  	 	12	  
		 	“Redemption Price”	  	 	12	  
		 	“Registered Security”	  	 	12	  

  
 ii 

							
		 	 “Regular Record Date”
	  	 	12	  
		 	 “Repayment Date”
	  	 	12	  
		 	 “Repayment Price”
	  	 	13	  
		 	 “Required Currency”
	  	 	13	  
		 	 “Reset Notice”
	  	 	13	  
		 	 “Responsible Officer”
	  	 	13	  
		 	 “Restricted Property”
	  	 	13	  
		 	 “Restricted Securities”
	  	 	13	  
		 	 “Restricted Subsidiary”
	  	 	13	  
		 	 “Securities”
	  	 	13	  
		 	 “Security Register” and “Security Registrar”
	  	 	13	  
		 	 “Shareholders’ Equity”
	  	 	13	  
		 	 “Special Record Date”
	  	 	14	  
		 	 “Stated Maturity”
	  	 	14	  
		 	 “Subsequent Interest Period”
	  	 	14	  
		 	 “Subsidiary”
	  	 	14	  
		 	 “Substantial Completion”
	  	 	14	  
		 	 “Trust Indenture Act” or “TIA”
	  	 	14	  
		 	 “Trustee”
	  	 	14	  
		 	 “UCC”
	  	 	14	  
		 	 “United States”
	  	 	14	  
		 	 “United States person”
	  	 	14	  
		 	 “Unrestricted Subsidiary”
	  	 	14	  
		 	 “Valuation Date”
	  	 	15	  
		 	 “Vice-President”
	  	 	15	  
		 	 “Voting Shares”
	  	 	15	  
		 	 “Yield to Maturity”
	  	 	15	  
	 SECTION 102.
	 	 Compliance Certificates and Opinions
	  	 	15	  
	 SECTION 103.
	 	 Form of Documents Delivered to Trustee
	  	 	16	  
	 SECTION 104.
	 	 Acts of Holders
	  	 	16	  
	 SECTION 105.
	 	 Notices, etc. to Trustee and Company
	  	 	18	  
	 SECTION 106.
	 	 Notice to Holders; Waiver
	  	 	18	  
	 SECTION 107.
	 	 Effect of Headings and Table of Contents
	  	 	19	  
	 SECTION 108.
	 	 Successors and Assigns
	  	 	19	  
	 SECTION 109.
	 	 Separability Clause
	  	 	19	  
	 SECTION 110.
	 	 Benefits of Indenture
	  	 	20	  
	 SECTION 111.
	 	 Governing Law
	  	 	20	  
	 SECTION 112.
	 	 Legal Holidays
	  	 	20	  
	 SECTION 113.
	 	 Agent for Service; Submission to Jurisdiction; Waiver of Immunities
	  	 	20	  
	 SECTION 114.
	 	 Conversion of Currency
	  	 	21	  
	 SECTION 115.
	 	 Currency Equivalent
	  	 	22	  
	 SECTION 116.
	 	 Incorporators, Shareholders, Officers and Directors of the Company Exempt from Individual
Liability
	  	 	22	  
	 SECTION 117.
	 	 Conflict with the Trust Indenture Act
	  	 	23	  

  
 iii 

							
	ARTICLE TWO	  
	SECURITIES FORMS	  
			
	 SECTION 201.
	 	 Forms Generally
	  	 	23	  
	 SECTION 202.
	 	 Form of Trustee’s Certificate of Authentication
	  	 	23	  
	 SECTION 203.
	 	 Securities Issuable in Global Form
	  	 	24	  
	
	ARTICLE THREE	  
	THE SECURITIES	  
			
	 SECTION 301.
	 	 Amount Unlimited; Issuable in Series
	  	 	25	  
	 SECTION 302.
	 	 Denominations
	  	 	29	  
	 SECTION 303.
	 	 Execution, Authentication, Delivery and Dating
	  	 	29	  
	 SECTION 304.
	 	 Temporary Securities
	  	 	31	  
	 SECTION 305.
	 	 Registration, Registration of Transfer and Exchange
	  	 	33	  
	 SECTION 306.
	 	 Mutilated, Destroyed, Lost and Stolen Securities
	  	 	37	  
	 SECTION 307.
	 	 Payment of Principal and Interest; Interest Rights Preserved; Optional Interest Reset
	  	 	38	  
	 SECTION 308.
	 	 Optional Extension of Stated Maturity
	  	 	41	  
	 SECTION 309.
	 	 Persons Deemed Owners
	  	 	41	  
	 SECTION 310.
	 	 Cancellation
	  	 	42	  
	 SECTION 311.
	 	 Computation of Interest
	  	 	43	  
	 SECTION 312.
	 	 Currency and Manner of Payments in Respect of Securities
	  	 	43	  
	 SECTION 313.
	 	 Appointment and Resignation of Successor Exchange Rate Agent
	  	 	45	  
	
	ARTICLE FOUR	  
	SATISFACTION AND DISCHARGE	  
			
	 SECTION 401.
	 	 Satisfaction and Discharge of Indenture
	  	 	46	  
	 SECTION 402.
	 	 Application of Trust Money
	  	 	47	  
	
	ARTICLE FIVE	  
	REMEDIES	  
			
	 SECTION 501.
	 	 Events of Default
	  	 	47	  
	 SECTION 502.
	 	 Acceleration of Maturity; Rescission and Annulment
	  	 	49	  
	 SECTION 503.
	 	 Collection of Indebtedness and Suits for Enforcement by Trustee
	  	 	50	  
	 SECTION 504.
	 	 Trustee May File Proofs of Claim
	  	 	51	  
	 SECTION 505.
	 	 Trustee May Enforce Claims Without Possession of Securities
	  	 	52	  
	 SECTION 506.
	 	 Application of Money Collected
	  	 	52	  
	 SECTION 507.
	 	 Limitation on Suits
	  	 	52	  
	 SECTION 508.
	 	 Unconditional Right of Holders to Receive Principal (Premium, if any)and Interest
	  	 	53	  
	 SECTION 509.
	 	 Restoration of Rights and Remedies
	  	 	53	  
	 SECTION 510.
	 	 Rights and Remedies Cumulative
	  	 	54	  
	 SECTION 511.
	 	 Delay or Omission Not Waiver
	  	 	54	  

  
 iv 

							
	 SECTION 512.
	 	 Control by Holders
	  	 	54	  
	 SECTION 513.
	 	 Waiver of Past Defaults
	  	 	54	  
	 SECTION 514.
	 	 Waiver of Stay or Extension Laws
	  	 	55	  
	 SECTION 515.
	 	 Undertaking for Costs
	  	 	55	  
	
	ARTICLE SIX	  
	THE TRUSTEE	  
			
	 SECTION 601.
	 	 Notice of Defaults
	  	 	55	  
	 SECTION 602.
	 	 Certain Duties and Responsibilities of Trustee
	  	 	56	  
	 SECTION 603.
	 	 Certain Rights of Trustee
	  	 	57	  
	 SECTION 604.
	 	 Trustee Not Responsible for Recitals or Issuance of Securities
	  	 	58	  
	 SECTION 605.
	 	 May Hold Securities
	  	 	58	  
	 SECTION 606.
	 	 Money Held in Trust
	  	 	59	  
	 SECTION 607.
	 	 Compensation and Reimbursement
	  	 	59	  
	 SECTION 608.
	 	 Corporate Trustee Required; Eligibility
	  	 	59	  
	 SECTION 609.
	 	 Resignation and Removal; Appointment of Successor
	  	 	60	  
	 SECTION 610.
	 	 Acceptance of Appointment by Successor
	  	 	61	  
	 SECTION 611.
	 	 Merger, Conversion, Consolidation or Succession to Business
	  	 	62	  
	 SECTION 612.
	 	 Authorization of Authenticating Agent
	  	 	63	  
	
	ARTICLE SEVEN	  
	HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY	  
			
	 SECTION 701.
	 	 Company to Furnish Trustee Names and Addresses of Holders
	  	 	64	  
	 SECTION 702.
	 	 Preservation of List of Names and Addresses of Holders
	  	 	65	  
	 SECTION 703.
	 	 Disclosure of Names and Addresses of Holders
	  	 	65	  
	 SECTION 704.
	 	 Reports by Trustee
	  	 	65	  
	 SECTION 705.
	 	 Reports by the Company
	  	 	65	  
	
	ARTICLE EIGHT	  
	CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE	  
			
	 SECTION 801.
	 	 Company May Consolidate, etc., Only on Certain Terms
	  	 	66	  
	 SECTION 802.
	 	 Successor Person Substituted
	  	 	67	  
	 SECTION 803.
	 	 Securities to Be Secured in Certain Events
	  	 	68	  
	
	ARTICLE NINE	  
	SUPPLEMENTAL INDENTURES	  
			
	 SECTION 901.
	 	 Supplemental Indentures Without Consent of Holders
	  	 	68	  
	 SECTION 902.
	 	 Supplemental Indentures with Consent of Holders
	  	 	69	  
	 SECTION 903.
	 	 Execution of Supplemental Indentures
	  	 	71	  
	 SECTION 904.
	 	 Effect of Supplemental Indentures
	  	 	71	  
	 SECTION 905.
	 	 Conformity with the Trust Indenture Act
	  	 	71	  

  
 v 

							
	 SECTION 906.
	 	 Reference in Securities to Supplemental Indentures
	  	 	71	  
	 SECTION 907.
	 	 Notice of Supplemental Indentures
	  	 	71	  
	
	ARTICLE TEN	  
	COVENANTS	  
			
	 SECTION 1001.
	 	 Payment of Principal (Premium, if any) and Interest
	  	 	71	  
	 SECTION 1002.
	 	 Maintenance of Office or Agency
	  	 	72	  
	 SECTION 1003.
	 	 Money for Securities Payments to Be Held in Trust
	  	 	73	  
	 SECTION 1004.
	 	 Statement as to Compliance
	  	 	74	  
	 SECTION 1005.
	 	 Additional Amounts
	  	 	75	  
	 SECTION 1006.
	 	 Limitation on Liens
	  	 	76	  
	 SECTION 1007.
	 	 Payment of Taxes
	  	 	77	  
	 SECTION 1008.
	 	 Corporate Existence
	  	 	77	  
	 SECTION 1009.
	 	 Waiver of Certain Covenants
	  	 	77	  
	
	ARTICLE ELEVEN	  
	REDEMPTION OF SECURITIES	  
			
	 SECTION 1101.
	 	 Applicability of Article
	  	 	78	  
	 SECTION 1102.
	 	 Election to Redeem; Notice to Trustee
	  	 	78	  
	 SECTION 1103.
	 	 Selection by Trustee of Securities to Be Redeemed
	  	 	78	  
	 SECTION 1104.
	 	 Notice of Redemption
	  	 	78	  
	 SECTION 1105.
	 	 Deposit of Redemption Price
	  	 	80	  
	 SECTION 1106.
	 	 Securities Payable on Redemption Date
	  	 	80	  
	 SECTION 1107.
	 	 Securities Redeemed in Part
	  	 	81	  
	 SECTION 1108.
	 	 Tax Redemption
	  	 	81	  
	
	ARTICLE TWELVE	  
	SINKING FUNDS	  
			
	 SECTION 1201.
	 	 Applicability of Article
	  	 	82	  
	 SECTION 1202.
	 	 Satisfaction of Sinking Fund Payments with Securities
	  	 	82	  
	 SECTION 1203.
	 	 Redemption of Securities for Sinking Fund
	  	 	82	  
	
	ARTICLE THIRTEEN	  
	REPAYMENT AT OPTION OF HOLDERS	  
			
	 SECTION 1301.
	 	 Applicability of Article
	  	 	83	  
	 SECTION 1302.
	 	 Repayment of Securities
	  	 	84	  
	 SECTION 1303.
	 	 Exercise of Option
	  	 	84	  
	 SECTION 1304.
	 	 When Securities Presented for Repayment Become Due and Payable
	  	 	84	  
	 SECTION 1305.
	 	 Securities Repaid in Part
	  	 	85	  

  
 vi 

							
	ARTICLE FOURTEEN	  
	DEFEASANCE AND COVENANT DEFEASANCE	  
			
	 SECTION 1401.
	 	 Company’s Option to Effect Defeasance or Covenant Defeasance
	  	 	86	  
	 SECTION 1402.
	 	 Defeasance and Discharge
	  	 	86	  
	 SECTION 1403.
	 	 Covenant Defeasance
	  	 	86	  
	 SECTION 1404.
	 	 Conditions to Defeasance or Covenant Defeasance
	  	 	87	  
	 SECTION 1405.
	 	 Deposited Money and Government Obligations to Be Held in Trust; Other Miscellaneous
Provisions
	  	 	89	  
	 SECTION 1406.
	 	 Reinstatement
	  	 	90	  
	
	ARTICLE FIFTEEN	  
	MEETINGS OF HOLDERS OF SECURITIES	  
			
	 SECTION 1501.
	 	 Purposes for Which Meetings May Be Called
	  	 	90	  
	 SECTION 1502.
	 	 Call, Notice and Place of Meetings
	  	 	90	  
	 SECTION 1503.
	 	 Persons Entitled to Vote at Meetings
	  	 	91	  
	 SECTION 1504.
	 	 Quorum; Action
	  	 	91	  
	 SECTION 1505.
	 	 Determination of Voting Rights; Conduct and Adjournment of Meetings
	  	 	92	  
	 SECTION 1506.
	 	 Counting Votes and Recording Action of Meetings
	  	 	93	  
	 SECTION 1507.
	 	 Counterparts
	  	 	93	  
			
	 TESTIMONIUM
	 		  	 	94	  
	 SIGNATURES
	 		  	 	94	  
		
	 FORMS OF CERTIFICATION
	  	 	EXHIBIT A	  

  
 vii 

 INDENTURE, dated as of October 2, 2003 between ENCANA CORPORATION, a corporation duly organized
and existing under the laws of Canada (herein called the “Company”), having its principal office at 1800, 855 – 2nd Street S.W., P.O. Box 2850, Calgary, Alberta T2P 2S5, and
THE BANK OF NEW YORK, a New York Corporation, as trustee (herein called the “Trustee”). 
 RECITALS OF THE COMPANY

 The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its
unsecured debentures, notes or other evidences of indebtedness (herein called the “Securities”), which may be convertible into or exchangeable for any securities of any Person (including the Company), to be issued in one or more
series as provided in this Indenture. 
 This Indenture is subject to the provisions of the Trust Indenture Act of 1939, as amended, that
are required to be part of this Indenture and shall, to the extent applicable, be governed by such provisions. 
 All things necessary to
make this Indenture a valid agreement of the Company, in accordance with its terms, have been done. 
 NOW, THEREFORE, THIS INDENTURE
WITNESSETH: 
 For and in consideration of the premises and the purchase of the Securities by the Holders (as defined below) thereof, it is
mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of the Securities or of series thereof, as follows: 

ARTICLE ONE 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 

SECTION 101. Definitions. 

For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires: 

(1) the terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the
singular; 
 (2) all other terms used herein which are defined in the Trust Indenture Act, either directly or by reference
therein, have the meanings assigned to them therein; 
 (3) all accounting terms not otherwise defined herein have the
meanings assigned to them in accordance with GAAP; 
 (4) the words “herein”, “hereof” and
“hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision; 

 (5) words implying any gender shall include all genders; and 

(6) the words Subsection, Section and Article refer to the Subsections, Sections and Articles, respectively, of this Indenture
unless otherwise noted. 
 Certain terms, used principally in Article Three, are defined in that Article. 

“Accelerated Indebtedness” has the meaning specified in Section 501. 

“Act” when used with respect to any Holder, has the meaning specified in Section 104. 

“Additional Amounts” has the meaning specified in Section 1005. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Authenticating Agent” means any Person authorized by the Trustee to act on behalf of the Trustee pursuant to
Section 612 to authenticate Securities. 
 “Authorized Newspaper” means a newspaper (which in the case of Canada,
will, if practicable, be The Globe & Mail, in the case of New York, New York will, if practicable, be The Wall Street Journal (Eastern Edition), in the case of the United Kingdom will, if practicable, be The Financial Times (London Edition) and,
in the case of Luxembourg, will, if practicable, be The Luxembourg (Wort), in the English language or in an official language of the country of publication, customarily published on each Business Day, whether or not published on Saturdays, Sundays
or holidays, and of general circulation in Canada, New York, New York, the United Kingdom or Luxembourg, as applicable. Where successive publications are required to be made in Authorized Newspapers, the successive publications may be made in the
same or in different newspapers in the same city meeting the foregoing requirements and in each case on any Business Day. 
 “Bearer
Security” means any Security except a Registered Security. 
 “Board of Directors” means either the board of
directors of the Company or any duly authorized committee of that board of directors. 
 “Board Resolution” means a copy of
a resolution certified by the Corporate Secretary or any Assistant Corporate Secretary of the Company to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the
Trustee. 
 “Business Day” when used with respect to any Place of Payment or any other particular location referred to in
this Indenture or in the Securities, means, unless otherwise specified with respect to any Securities pursuant to Section 301, any day other than Saturday, 

  
 2 

 
Sunday or any other day which is not a day on which commercial banking institutions in that Place of Payment or other location are closed or required by any applicable law or regulation or
executive order to close. 
 “calculation period” has the meaning specified in Section 311. 

“Canadian Taxes” has the meaning specified in Section 1005. 

“Clearstream” means Clearstream Banking, societe anonyme, or its successor. 

“Commission” means the U.S. Securities and Exchange Commission, as from time to time constituted, created under the Exchange
Act, or, if at any time after the execution of this Indenture such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time. 

“Common Depositary” has the meaning specified in Section 304. 

“Company” means the Person named as the “Company” in the first paragraph of this Indenture until a successor Person
shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person. 

“Company Officer” means any one of the Chairman, President, Chief Executive Officer, Chief Financial Officer, Vice-President,
Treasurer, Assistant Treasurer, Corporate Secretary or Assistant Corporate Secretary of the Company. 
 “Company Request” or
“Company Order” means a written request or order signed in the name of the Company by a Company Officer and delivered to the Trustee. 

“Consolidated Net Tangible Assets” means the total amount of assets of any Person on a consolidated basis (less applicable
reserves and other properly deductible items) after deducting therefrom: 
  

	 	(i)	all current liabilities (excluding any indebtedness classified as a current liability and any current liabilities which are by their terms extendible or renewable at the option of the obligor thereon to a time more than
12 months after the time as of which the amount thereof is being computed); 

  

	 	(ii)	all goodwill, trade names, trademarks, patents, unamortized debt discounts and expenses and other like intangibles; and 

  

	 	(iii)	appropriate adjustments on account of minority interests of other persons holding shares of the Subsidiaries of such Person, 

in each case, as shown on the most recent annual audited or quarterly unaudited consolidated balance sheet of such Person computed in accordance with GAAP.

 “Conversion Date” has the meaning specified in Section 312(d). 

  
 3 

 “Conversion Event” means the cessation of use of a Foreign Currency both by the
government of the country which issued such Currency and by a central bank or other public institution of or within the international banking community for the settlement of transactions. 

“Corporate Trust Office” means the principal office of the Trustee, at which at any time its corporate trust business shall
be administered, which office at the date hereof is located at 101 Barclay Street, 21st Floor West, New York, New York 10286, or such other address as the Trustee may designate from time to time
by notice to the Holders and the Company, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Holders and the Company). 

“corporation” includes corporations, associations, companies and business trusts. 

“coupon” means any interest coupon appertaining to a Bearer Security. 

“covenant defeasance” has the meaning specified in Section 1403. 

“Currency” means any currency or currencies or composite currency issued by the government of one or more countries or by any
recognized confederation or association of such governments. 
 “Current Assets” means assets which in the ordinary course
of business are expected to be realized in cash or sold or consumed within 12 months. 
 “Default” means any event which
is, or after notice or passage of time or both would be, an Event of Default. 
 “Defaulted Interest” has the meaning
specified in Section 307. 
 “defeasance” has the meaning specified in Section 1402. 

“Depositary” or “Depositary of Securities” means The Depository Trust Company, or any successor thereto or any
other Person designated pursuant to Section 301. 
 “Dollar” or “$” means a dollar or other equivalent unit in
such coin or currency of the United States of America as at the time shall be legal tender for the payment of public and private debts. 

“Dollar Equivalent of the Foreign Currency” has the meaning specified in Section 312(f). 

“Election Date” has the meaning specified in Section 312(g). 

“Euroclear” means Euroclear Bank S.A./N.A., or its successor as operator of the Euroclear System. 

“Event of Default” has the meaning specified in Section 501. 

  
 4 

 “Exchange Act” means the United States Securities Exchange Act of 1934, as
amended. 
 “Exchange Date” has the meaning specified in Section 304. 

“Exchange Rate Agent” means, with respect to Securities of or within any series, unless otherwise specified with respect to
any Securities pursuant to Section 301, a New York clearing house bank, designated pursuant to Section 301 or Section 313. 

“Exchange Rate Officer’s Certificate” means a tested telex or a certificate setting forth (i) the applicable Market
Exchange Rate and (ii) the Dollar or Foreign Currency amounts of principal (and premium, if any) and interest, if any (on an aggregate basis and on the basis of a Security having the lowest denomination principal amount determined in accordance with
Section 302 in the relevant Currency), payable with respect to a Security of any series on the basis of such Market Exchange Rate, sent (in the case of a telex) or signed (in the case of a certificate) by the Treasurer, any Vice-President or
any Assistant Treasurer of the Company. 
 “Excluded Holder” has the meaning specified in Section 1005. 

“Extension Notice” has the meaning specified in Section 308. 

“Extension Period” has the meaning specified in Section 308. 

“Facilities” means any drilling equipment, production equipment and platforms or mining equipment; pipelines, pumping
stations and other pipeline facilities; terminals, warehouses and storage facilities; bulk plants; production, separation, dehydration, extraction, treating and processing facilities; gasification or natural gas liquefying facilities, flares, stacks
and burning towers; floatation mills, crushers and ore handling facilities; tank cars, tankers, barges, ships, trucks, automobiles, airplanes and other marine, automotive, aeronautical and other similar moveable facilities or equipment; computer
systems and associated programs or office equipment; roads, airports, docks (including drydocks); reservoirs and waste disposal facilities; sewers; generating plants (including power plants) and electric lines; telephone and telegraph lines, radio
and other communications facilities; townsites, housing facilities, recreation halls, stores and other related facilities; and similar facilities and equipment of or associated with any of the foregoing. 

“Final Maturity” has the meaning specified in Section 308. 

“Financial Instrument Obligations” means obligations arising under: 

 

	 	(i)	interest rate swap agreements, forward rate agreements, floor, cap or collar agreements, futures or options, insurance or other similar agreements or arrangements, or any combination thereof, entered into by a Person
relating to interest rates or pursuant to which the price, value or amount payable thereunder is dependent or based upon interest rates in effect from time to time or fluctuations in interest rates occurring from time to time; 

 

	 	(ii)	 currency swap agreements, cross-currency agreements, forward agreements, floor, cap or collar agreements, futures
or options, insurance 

  
 5 

	 	
or other similar agreements or arrangements, or any combination thereof, entered into by a Person relating to currency exchange rates or pursuant to which the price, value or amount payable
thereunder is dependent or based upon currency exchange rates in effect from time to time or fluctuations in currency exchange rates occurring from time to time; and 

 

	 	(iii)	commodity swap or hedging agreements, floor, cap or collar agreements, commodity futures or options or other similar agreements or arrangements, or any combination thereof, entered into by a Person relating to one or
more commodities or pursuant to which the price, value or amount payable thereunder is dependent or based upon the price of one or more commodities in effect from time to time or fluctuations in the price of one or more commodities occurring from
time to time. 

 “First Currency” has the meaning specified in Section 115. 

“Foreign Currency” means any Currency other than Currency of the United States. 

“GAAP” means generally accepted accounting principles in Canada which are in effect from time to time, unless such
Person’s most recent audited or quarterly unaudited financial statements are not prepared in accordance with generally accepted accounting principles in Canada, in which case GAAP shall mean generally accepted accounting principles in the
United States in effect from time to time. 
 “Government Obligations” means, unless otherwise specified with respect to
any series of Securities pursuant to Section 301, securities which are (i) direct obligations of the government which issued the Currency in which the Securities of a particular series are payable or (ii) obligations of a Person controlled or
supervised by and acting as an agency or instrumentality of the government which issued the Currency in which the Securities of such series are payable, the payment of which is unconditionally guaranteed by such government, which, in either case,
are full faith and credit obligations of such government payable in such Currency and are not callable or redeemable at the option of the issuer thereof and shall also include a depository receipt issued by a bank or trust company as custodian with
respect to any such Government Obligation or a specific payment of interest on or principal of any such Government Obligation held by such custodian for the account of the holder of a depository receipt; provided that (except as required by
law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the Government Obligation or the specific payment of interest or
principal of the Government Obligation evidenced by such depository receipt. 
 “Holder” means, in the case of a Registered
Security, the Person in whose name a Security is registered in the Security Register and, in the case of a Bearer Security, the bearer thereof and, when used with respect to any coupon, shall mean the bearer thereof. 

“Indenture” means this instrument as originally executed and as it may from time to time be supplemented or amended by one or
more indentures supplemental hereto entered into pursuant to the applicable provisions hereof, and shall include the terms of particular series of Securities established as contemplated by Section 301; provided, however, that, if at

  
 6 

 
any time more than one Person is acting as Trustee under this instrument, “Indenture” shall mean, with respect to any one or more series of Securities for which such Person is Trustee,
this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof and shall include the terms of particular series
of Securities for which such Person is Trustee established as contemplated by Section 301, exclusive, however, of any provisions or terms which relate solely to other series of Securities for which such Person is not Trustee, regardless of when
such terms or provisions were adopted, and exclusive of any provisions or terms adopted by means of one or more indentures supplemental hereto executed and delivered after such Person had become such Trustee but to which such Person, as such
Trustee, was not a party. 
 “Indexed Security” means a Security the terms of which provide that the principal amount
thereof payable at Stated Maturity may be more or less than the principal face amount thereof at original issuance. 

“interest”, when used with respect to an Original Issue Discount Security which by its terms bears interest only after
Maturity, means interest payable after Maturity at the rate prescribed in such Original Issue Discount Security. 
 “Interest
Payment Date”, when used with respect to any Security, means the Stated Maturity of an installment of interest on such Security. 

“Judgment Currency” has the meaning specified in Section 114. 

“Lien” means, with respect to any properties or assets, any mortgage or deed of trust, pledge, hypothecation, assignment,
security interest, lien, charge, encumbrance, preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever on or with respect to such properties or assets (including, without limitation, any
conditional sale or other title retention agreement having substantially the same economic effect as any of the foregoing). 

“Market Exchange Rate” means, unless otherwise specified with respect to any Securities pursuant to Section 301, (i) for
any conversion of Dollars into any Foreign Currency, the noon (New York, New York time) buying rate for such Foreign Currency for cable transfers quoted in New York, New York as certified for customs purposes by the Federal Reserve Bank of New York
and (ii) for any conversion of one Foreign Currency into Dollars or another Foreign Currency, the spot rate at noon local time in the relevant market at which, in accordance with normal banking procedures, the Dollars or Foreign Currency into which
conversion is being made could be purchased with the Foreign Currency from which conversion is being made from major banks located in either New York, New York, London, England or any other principal market for Dollars or such purchased Foreign
Currency, in each case determined by the Exchange Rate Agent. Unless otherwise specified with respect to any Securities pursuant to Section 301, in the event of the unavailability of any of the exchange rates provided for in the foregoing
clauses (i) and (ii), the Exchange Rate Agent shall use, in its sole discretion and without liability on its part, such quotation of the Federal Reserve Bank of New York as of the most recent available date, or quotations from one or more major
banks in New York, New York, London, England or another principal market for the Currency in question, or such other quotations as the Exchange Rate Agent shall deem appropriate. Unless otherwise specified by

  
 7 

 
the Exchange Rate Agent, if there is more than one market for dealing in any Currency by reason of foreign exchange regulations or otherwise, the market to be used in respect of such Currency
shall be that upon which a non-resident issuer of securities designated in such Currency would purchase such Currency in order to make payments in respect of such securities. 

“Maturity”, when used with respect to any Security, means the date on which the principal of such Security or an installment
of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, notice of redemption, notice of option to elect repayment or otherwise. 

“Non-Recourse Debt” means indebtedness to finance the creation, development, construction or acquisition of properties or
assets and any increases in or extensions, renewals or refinancings of such indebtedness, provided that the recourse of the lender thereof (including any agent, trustee, receiver or other Person acting on behalf of such entity) in respect of such
indebtedness is limited in all circumstances to the properties or assets created, developed, constructed or acquired in respect of which such indebtedness has been incurred and to the receivables, inventory, equipment, chattels payable, contracts,
intangibles and other assets, rights or collateral connected with the properties or assets created, developed, constructed or acquired and to which such lender has recourse. 

“Notice of Default” has the meaning specified in Section 501. 

“Officer’s Certificate” means a certificate signed by any Company Officer and delivered to the Trustee. 

“Opinion of Counsel” means a written opinion of counsel, who may be counsel for the Company, including an employee of the
Company, and who shall be acceptable to the Trustee, acting reasonably. 
 “Optional Reset Date” has the meaning specified
in Section 307. 
 “Original Issue Discount Security” means any Security which provides for an amount less than the
principal amount thereof to be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502. 

“Other Currency” has the meaning specified in Section 115. 

“Outstanding”, when used with respect to Securities, means, as of the date of determination, all Securities theretofore
authenticated and delivered under this Indenture, except: 
  

	 	(i)	Securities theretofore cancelled by the Trustee or delivered to the Trustee for cancellation; 

  

	 	(ii)	 Securities, or portions thereof, for which money in the necessary amount relating to payment, redemption or
repayment at the option of the Holders has been deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders
of such Securities and any coupons appertaining thereto; provided that, if such 

  
 8 

	 	
Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; 

 

	 	(iii)	Securities, except to the extent provided in Sections 1402 and 1403, with respect to which the Company has effected defeasance and/or covenant defeasance as provided in Article Fourteen; and 

 

	 	(iv)	Securities which have been paid pursuant to Section 306 or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect
of which there shall have been presented to the Trustee proof satisfactory to it that such Securities are held by a protected purchaser (as defined in Article 8 of the UCC) in whose hands such Securities are valid obligations of the Company;

 provided, however, that in determining whether the Holders of the requisite principal amount of the Outstanding Securities
have given any request, demand, authorization, direction, notice, consent or waiver hereunder or are present at a meeting of Holders for quorum purposes, and for the purpose of making the calculations required by TIA Section 313, (A) the
principal amount of an Original Issue Discount Security that may be counted in making such determination or calculation and that shall be deemed to be Outstanding for such purpose shall be equal to the amount of principal thereof that would be (or
shall have been declared to be) due and payable, at the time of such determination, upon a declaration of acceleration of the maturity thereof pursuant to Section 502, (B) the principal amount of any Security denominated in a Foreign Currency
that may be counted in making such determination or calculation and that shall be deemed Outstanding for such purpose shall be equal to the Dollar equivalent, determined as of the date such Security is originally issued by the Company as set forth
in an Exchange Rate Officer’s Certificate delivered to the Trustee, of the principal amount (or, in the case of an Original Issue Discount Security, the Dollar equivalent as of such date of original issuance of the amount determined as provided
in clause (A) above) of such Security, (C) the principal amount of any Indexed Security that may be counted in making such determination or calculation and that shall be deemed outstanding for such purpose shall be equal to the principal face amount
of such Indexed Security at original issuance, unless otherwise provided with respect to such Security pursuant to Section 301, and (D) Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or
of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in making such calculation or in relying upon any such request, demand, authorization, direction, notice,
consent or waiver, only Securities which the Trustee knows to be so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee
the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the Company or such other obligor. 

“Paying Agent” means any Person (including the Company acting as Paying Agent) authorized by the Company to pay the principal
of (or premium, if any) or interest, if any, on any Securities on behalf of the Company. 

  
 9 

 “Permitted Liens” of any Person at any particular time means: 

 

	 	(i)	Liens existing as of the date of this Indenture, or arising thereafter pursuant to contractual commitments entered into prior to such date; 

 

	 	(ii)	Liens on Current Assets given in the ordinary course of business to any financial institution or others to secure any indebtedness payable on demand or maturing (including any right of extension or renewal) within 12
months from the date such indebtedness is incurred; 

  

	 	(iii)	Liens in connection with indebtedness, which, by its terms, is Non-Recourse Debt to the Company or any of its Subsidiaries; 

  

	 	(iv)	Liens existing on property or assets at the time of acquisition (including by way of lease) by such Person, provided that such Liens were not incurred in anticipation of such acquisition; 

 

	 	(v)	Liens or obligations to incur Liens (including under indentures, trust deeds and similar instruments) on property or assets of another Person existing at the time such other Person becomes a Subsidiary of such Person,
or is liquidated or merged into, or amalgamated or consolidated with, such Person or Subsidiary of such Person or at the time of the sale, lease or other disposition to such Person or Subsidiary of such Person of all or substantially all of the
properties and assets of such other Person, provided that such Liens were not incurred in anticipation of such other Person becoming a Subsidiary of such Person; 

 

	 	(vi)	Liens upon property or assets of whatsoever nature other than Restricted Property; 

  

	 	(vii)	Liens upon property, assets or facilities used in connection with, or necessarily incidental to, the purchase, sale, storage, transportation or distribution of oil or gas, or the products derived from oil or gas;

  

	 	(viii)	 Liens arising under partnership agreements, oil and natural gas leases, overriding royalty agreements, net
profits agreements, production payment agreements, royalty trust agreements, master limited partnership agreements, farm-out agreements, division orders, contracts for the sale, purchase, exchange, storage, transportation, distribution, gathering or
processing of Restricted Property, unitizations and pooling designations, declarations, orders and agreements, development agreements, operating agreements, production sales contracts (including security in respect of take or pay or similar
obligations thereunder), area of mutual interest agreements, natural gas balancing or deferred production agreements, injection, repressuring and recycling agreements, salt water or other disposal agreements, seismic or geophysical permits or
agreements, which in each of the foregoing cases is customary in the oil and natural gas business, and other agreements which are customary in the oil and natural 

  
 10 

	 	
gas business, provided in all instances that such Lien is limited to the property or assets that are the subject of the relevant agreement; 

 

	 	(ix)	Liens on assets or property (including oil sands property) securing: (A) all or any portion of the cost of acquisition (directly or indirectly), surveying, exploration, drilling, development, extraction, operation,
production, construction, alteration, repair or improvement of all or any part of such assets or property, the plugging and abandonment of wells and the decommissioning or removal of structures or facilities located thereon, and the reclamation and
clean-up of such properties, facilities and interests and surrounding lands whether or not owned by the Company or its Restricted Subsidiaries, (B) all or any portion of the cost of acquiring (directly or indirectly), developing, constructing,
altering, improving, operating or repairing any assets or property (or improvements on such assets or property) used or to be used in connection with such assets or property, whether or not located (or located from time to time) at or on such assets
or property, and (C) indebtedness incurred by the Company or any of its Subsidiaries to provide funds for the activities set forth in clauses (A) and (B) above, provided such indebtedness is incurred prior to, during or within two years after the
completion of acquisition, construction or such other activities referred to in clauses (A) and (B) above, and (D) indebtedness incurred by the Company or any of its Subsidiaries to refinance indebtedness incurred for the purposes set forth in
clauses (A) and (B) above. Without limiting the generality of the foregoing, costs incurred after the date hereof with respect to clauses (A) or (B) above shall include costs incurred for all facilities relating to such assets or property, or to
projects, ventures or other arrangements of which such assets or property form a part or which relate to such assets or property, which facilities shall include, without limitation, Facilities, whether or not in whole or in part located (or from
time to time located) at or on such assets or property; 

  

	 	(x)	Liens granted in the ordinary course of business in connection with Financial Instrument Obligations; 

  

	 	(xi)	Purchase Money Mortgages; 

  

	 	(xii)	Liens in favor of the Company or any of its Subsidiaries to secure indebtedness owed to the Company or any of its Subsidiaries; and 

  

	 	(xiii)	 any extension, renewal, alteration, refinancing, replacement, exchange or refunding (or successive extensions,
renewals, alterations, refinancings, replacements, exchanges or refundings) of all or part of any Lien referred to in the foregoing clauses; provided, however, that (A) such new Lien shall be limited to all or part of the property or
assets which was secured by the prior Lien plus improvements on such property or assets and (B) the indebtedness, if any, secured by the new Lien is not increased from the amount of the indebtedness secured by the prior Lien then existing at

  
 11 

	 	
the time of such extension, renewal, alteration, refinancing, replacement, exchange or refunding, plus an amount necessary to pay fees and expenses, including premiums, related to such
extensions, renewals, alterations, refinancings, replacements, exchanges or refundings. 

 “Person” means any
individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 

“Place of Payment” means, when used with respect to the Securities of or within any series, the place or places where the
principal of (and premium, if any) and interest, if any, on such Securities are payable as specified as contemplated by Sections 301 and 1002. 

“Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the same debt
as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 306 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security or a Security to
which a mutilated, destroyed, lost or stolen coupon appertains shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security or the Security to which the mutilated, destroyed, lost or stolen coupon appertains, as the
case may be. 
 “Purchase Money Mortgage” of any Person means any Lien created upon any property or assets of such Person
to secure or securing the whole or any part of the purchase price of such property or assets or the whole or any part of the cost of constructing or installing fixed improvements thereon or to secure or securing the repayment of money borrowed to
pay the whole or any part of such purchase price or cost of any vendor’s privilege or Lien on such property or assets securing all or any part of such purchase price or cost including title retention agreements and leases in the nature of title
retention agreements; provided that (i) the principal amount of money borrowed which is secured by such Lien does not exceed 100% of such purchase price or cost and any fees incurred in connection therewith, and (ii) such Lien does not extend to or
cover any other property other than such item of property and any improvements on such item. 
 “Redemption Date”, when
used with respect to any Security to be redeemed, in whole or in part, means the date fixed for such redemption by or pursuant to this Indenture. 

“Redemption Price”, when used with respect to any Security to be redeemed, in whole or in part, means the price at which it
is to be redeemed pursuant to this Indenture. 
 “Registered Security” means any Security registered in the Security
Register. 
 “Regular Record Date” for the interest payable on any Interest Payment Date on the Registered Securities of or
within any series means the date specified for that purpose as contemplated by Section 301. 
 “Repayment Date” means, when
used with respect to any Security to be repaid at the option of the Holder, the date fixed for such repayment pursuant to this Indenture. 

  
 12 

 “Repayment Price” means, when used with respect to any Security to be repaid at
the option of the Holder, the price at which it is to be repaid pursuant to this Indenture. 
 “Required Currency” has the
meaning specified in Section 114. 
 “Reset Notice” has the meaning specified in Section 307. 

“Responsible Officer”, when used with respect to the Trustee, means any vice-president, any assistant vice-president, any
assistant secretary, any assistant treasurer, any trust officer or assistant trust officer or any other officer of the Trustee customarily performing functions similar to those performed by any of the above-designated officers, and assigned to or
employed by the Trustee’s corporate trust department, and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular
subject. 
 “Restricted Property” means any oil, gas or mineral property of a primary nature located in the United States
or Canada, and any facilities located in the United States or Canada, directly related to the mining, processing or manufacture of hydrocarbons or minerals, or any of the constituents thereof, or the derivatives therefrom and includes Voting Shares
or other interests of a corporation or other Person which owns such property or facilities, but does not include (i) any property or facilities used in connection with or necessarily incidental to the purchase, sale, storage, transportation or
distribution of Restricted Property, (ii) any property which, in the opinion of the Board of Directors, is not materially important to the total business conducted by the Company and its Subsidiaries as an entirety, or (iii) any portion of a
particular property which, in the opinion of the Board of Directors, is not materially important to the use or operation of such property. 

“Restricted Securities” means shares of stock or indebtedness of any Restricted Subsidiary. 

“Restricted Subsidiary” means, on any date, any Subsidiary of the Company which owns at the time Restricted Property;
provided, however, such term shall not include a Subsidiary of the Company if the amount of the Company’s share of Shareholders’ Equity of such Subsidiary constitutes, at the time of determination, less than 2% of the
Consolidated Net Tangible Assets of the Company. 
 “Securities” has the meaning stated in the first recital of this
Indenture and more particularly means any Securities authenticated and delivered under this Indenture; provided, however, that if at any time there is more than one Person acting as Trustee under this Indenture, “Securities”
with respect to the Indenture as to which such Person is Trustee shall have the meaning stated in the first recital of this Indenture and shall more particularly mean Securities authenticated and delivered under this Indenture, exclusive, however,
of Securities of any series as to which such Person is not Trustee. 
 “Security Register” and “Security
Registrar” have the respective meanings specified in Section 305. 
 “Shareholders’ Equity” means the
aggregate amount of shareholders’ equity (including but not limited to share capital, contributed surplus and retained earnings) of a Person 

  
 13 

 
as shown on the most recent annual audited or quarterly unaudited consolidated balance sheet of the Company and computed in accordance with GAAP. 

“Special Record Date” for the payment of any Defaulted Interest on the Registered Securities of or within any series means a
date fixed by the Trustee pursuant to Section 307. 
 “Stated Maturity”, when used with respect to any Security or any
installment of principal thereof or interest thereon, means the date specified in such Security or a coupon representing such installment of interest as the fixed date on which the principal of such Security or such installment of principal or
interest is due and payable, as such date may be extended pursuant to the provisions of Section 308. 
 “Subsequent Interest
Period” has the meaning specified in Section 307. 
 “Subsidiary” of any Person means, on any date, any
corporation or other Person of which Voting Shares or other interests carrying more than 50% of the voting rights attached to all outstanding Voting Shares or other interests are owned, directly or indirectly, by or for such Person or one or more
Subsidiaries thereof. 
 “Substantial Completion” means, with respect to an improvement, the point at which the improvement
is ready for use or is being used for the purpose for which it was intended. 
 “Trust Indenture Act” or “TIA”
means the Trust Indenture Act of 1939 as in force at the date as of which this Indenture was executed, except as provided in Section 905. 

“Trustee” means the Person named as the “Trustee” in the first paragraph of this Indenture until a successor
Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder; provided, however, that if at any time there
is more than one such Person, “Trustee” as used with respect to the Securities of any series shall mean only the Trustee with respect to Securities of that series. 

“UCC” means the New York uniform commercial code in effect from time to time. 

“United States” means, unless otherwise specified with respect to any Securities pursuant to Section 301, the United
States of America (including the states and the District of Columbia), its territories, its possessions and other areas subject to its jurisdiction. 

“United States person” means, unless otherwise specified with respect to any Securities pursuant to Section 301, an
individual who is a citizen or resident of the United States, a corporation, partnership or other entity created or organized in or under the laws of the United States or an estate or trust the income of which is subject to United States federal
income taxation regardless of its source. 
 “Unrestricted Subsidiary” means a Subsidiary which is not or which has ceased
to be a Restricted Subsidiary. 

  
 14 

 “Valuation Date” has the meaning specified in Section 312(c). 

“Vice-President”, when used with respect to the Company or the Trustee, means any vice-president, whether or not designated
by a number or a word or words added before or after the title “vice-president”. 
 “Voting Shares” means shares
of any class of any corporation carrying voting rights under all circumstances, provided that, for the purposes of this definition, shares which only carry the right to vote conditionally on the happening of any event shall not be considered
Voting Shares, nor shall any shares be deemed to cease to be Voting Shares solely by reason of a right to vote accruing to shares of another class or classes by reason of the happening of such an event, or solely because the right to vote may not be
exercisable under the charter of the corporation. 
 “Yield to Maturity” means the yield to maturity, computed at the time
of issuance of a Security (or, if applicable, at the most recent redetermination of interest on such Security) and as set forth in such Security in accordance with generally accepted United States bond yield computation principles. 

SECTION 102. Compliance Certificates and Opinions. 

Upon any written application or written request by the Company to the Trustee to take any action under any provision of this Indenture, the
Company shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture (including any covenant compliance with which constitutes a condition precedent) relating to the
proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, except that in the case of any such application or request as to which the
furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished. 

Every certificate or opinion with respect to compliance with a covenant or condition provided for in this Indenture (other than pursuant to
Section 1004) shall include: 
 (1) a statement that each individual signing such certificate or opinion has read such
covenant or condition and the definitions herein relating thereto; 
 (2) a brief statement as to the nature and scope of the
examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (3)
a statement that, in the opinion of each such individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(4) a statement as to whether, in the opinion of each such individual, such covenant or condition has been complied with. 

  
 15 

 SECTION 103. Form of Documents Delivered to Trustee. 

In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that
all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other
such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
 Any
certificate or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know,
that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based are erroneous. Any such certificate or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a
certificate or opinion of, or representations by, an officer or officers of the Company stating that the information with respect to such factual matters is in the possession of the Company, unless such counsel knows, or in the exercise of
reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 
 Any
certificate or opinion of an officer of the Company or of counsel may be based, insofar as it relates to accounting matters, upon a certificate or opinion of, or representations by, an accountant or firm of accountants in the employ of the Company,
unless such officer or counsel, as the case may be, knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the accounting matters upon which such certificate or opinion may be
based are erroneous. 
 Where any Person is required to make, give or execute two or more applications, requests, consents, certificates,
statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 

SECTION 104. Acts of Holders. 

(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be
given or taken by Holders of the Outstanding Securities of all series or one or more series, as the case may be, may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agents
duly appointed in writing. If Securities of a series are issuable as Bearer Securities, any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders of such series
may, alternatively, be embodied in and evidenced by the record of Holders of Securities of such series voting in favor thereof, either in person or by proxies duly appointed in writing, at any meeting of Holders of Securities of such series duly
called and held in accordance with the provisions of Article Fifteen, or a combination of such instruments and any such record. Except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments or
record or both are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments and any such record (and the action embodied therein and evidenced thereby) are herein sometimes referred to as
the “Act” of the Holders signing 

  
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such instrument or instruments or so voting at any such meeting. Proof of execution of any such instrument or of a writing appointing any such agent, or of the holding by any Person of a
Security, shall be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section. The record of any meeting of Holders of Securities shall be proved in the manner
provided in Section 1506. 
 (b) The fact and date of the execution by any Person of any such instrument or writing may
be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to
him the execution thereof. Where such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of authority. The fact and date of the execution of any such
instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient. 

(c) The principal amount and serial numbers of Registered Securities held by any Person, and the date of holding the same,
shall be proved by the Security Register. 
 (d) The principal amount and serial numbers of Bearer Securities held by any
Person, and the date of holding the same, may be proved by the production of such Bearer Securities or by a certificate executed, as depositary, by any trust company, bank, banker or other depositary, wherever situated, if such certificate shall be
deemed by the Trustee to be satisfactory, showing that at the date therein mentioned such Person had on deposit with such depositary, or exhibited to it, the Bearer Securities therein described; or such facts may be proved by the certificate or
affidavit of the Person holding such Bearer Securities, if such certificate or affidavit is deemed by the Trustee to be satisfactory. The Trustee and the Company may assume that such ownership of any Bearer Security continues until (1) another
certificate or affidavit bearing a later date issued in respect of the same Bearer Security is produced, or (2) such Bearer Security is produced to the Trustee by some other Person, or (3) such Bearer Security is surrendered in exchange for a
Registered Security, or (4) such Bearer Security is no longer Outstanding. The principal amount and serial numbers of Bearer Securities held by any Person, and the date of holding the same, may also be proved in any other manner that the Trustee
deems sufficient. 
 (e) If the Company shall solicit from the Holders of Registered Securities any request, demand,
authorization, direction, notice, consent, waiver or other Act, the Company may, at its option, by or pursuant to a Board Resolution, fix in advance a record date for the determination of Holders entitled to give such request, demand, authorization,
direction, notice, consent, waiver or other Act, but the Company shall have no obligation to do so. Notwithstanding TIA Section 316(c), such record date shall be the record date specified in or pursuant to such Board Resolution, which shall be
a date not earlier than the date 30 days prior to the first solicitation of Holders generally in connection therewith and not later than the date such solicitation is completed. If such a record date is fixed, such request, demand,
authorization, direction, notice, consent, waiver or other Act may be given before or after such record date, but only the Holders of 

  
 17 

 
record at the close of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of Outstanding Securities have
authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the Outstanding Securities shall be computed as of such record date; provided that no such
authorization, agreement or consent by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than eleven months after the record date. 

(f) Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall
bind every future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or
the Company in reliance thereon, whether or not notation of such action is made upon such Security. 
 SECTION 105. Notices, etc. to
Trustee and Company. 
 Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other documents
provided or permitted by this Indenture to be made upon, given or furnished to, or filed with, 
 (1) the Trustee by any
Holder or by the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Trustee at its Corporate Trust Office, Attention: Corporate Trust Department, or 

(2) the Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein
expressly provided) if in writing and mailed, first-class postage prepaid, to the Company addressed to it at the address of its principal office specified in the first paragraph of this Indenture or at any other address previously furnished in
writing to the Trustee by the Company. 
 SECTION 106. Notice to Holders; Waiver. 

Where this Indenture provides for notice of any event to Holders of Registered Securities by the Company or the Trustee, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each such Holder affected by such event, at his address as it appears in the Security Register, not later than the latest date,
and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Holders of Registered Securities is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any
particular Holder shall affect the sufficiency of such notice with respect to other Holders of Registered Securities or the sufficiency of any notice to Holders of Bearer Securities given as provided. Any notice mailed to a Holder in the manner
herein prescribed shall be conclusively deemed to have been received by such Holder, whether or not such Holder actually receives such notice. 

In case, by reason of the suspension of or irregularities in regular mail service or by reason of any other cause, it shall be impractical to
mail notice of any event to Holders of Registered Securities when such notice is required to be given pursuant to any provision of this 

  
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Indenture, then any manner of giving such notice as shall be satisfactory to the Trustee shall be deemed to be sufficient giving of such notice for every purpose hereunder. 

Except as otherwise expressly provided herein or otherwise specified with respect to any Securities pursuant to Section 301, where this
Indenture provides for notice to Holders of Bearer Securities of any event, such notice shall be sufficiently given to Holders of Bearer Securities if published in an Authorized Newspaper in New York, New York and in such other city or cities as may
be specified in such Securities on a Business Day at least twice, the first such publication to be not earlier than the earliest date, and not later than the latest date, prescribed for the giving of such notice. Any such notice shall be deemed to
have been given on the date of the first such publication. 
 In case, by reason of the suspension of publication of any Authorized
Newspaper or Authorized Newspapers or by reason of any other cause, it shall be impracticable to publish any notice to Holders of Bearer Securities as provided above, then such notification to Holders of Bearer Securities as shall be given with the
approval of the Trustee shall constitute sufficient notice to such Holders for every purpose hereunder. Neither the failure to give notice by publication to Holders of Bearer Securities as provided above, nor any defect in any notice so published,
shall affect the sufficiency of such notice with respect to other Holders of Bearer Securities or the sufficiency of any notice to Holders of Registered Securities given as provided herein. 

Any request, demand, authorization, direction, notice, consent or waiver required or permitted under this Indenture shall be in the English
language, except that any published notice may be in an official language of the country of publication. 
 Where this Indenture provides
for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with
the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 

SECTION 107. Effect of Headings and Table of Contents. 

The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 

SECTION 108. Successors and Assigns. 

All covenants and agreements in this Indenture by the Company and the Trustee shall bind their successors and assigns, whether so expressed or
not. 
 SECTION 109. Separability Clause. 

In case any provision in this Indenture or in any Security or coupon shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

  
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 SECTION 110. Benefits of Indenture. 

Nothing in this Indenture or in the Securities or coupons, express or implied, shall give to any Person, other than the parties hereto, any
Authenticating Agent, any Paying Agent, any Securities Registrar and their successors hereunder and the Holders of Securities or coupons, any benefit or any legal or equitable right, remedy or claim under this Indenture. 

SECTION 111. Governing Law. 

This Indenture and the Securities and coupons shall be governed by and construed in accordance with the law of the State of New York without
regard to principles of conflicts of law. This Indenture is subject to the provisions of the Trust Indenture Act that are required to be part of this Indenture and shall, to the extent applicable, be governed by such provisions. 

SECTION 112. Legal Holidays. 

In any case where any Interest Payment Date, Redemption Date, sinking fund payment date or Stated Maturity or Maturity of any Security shall
not be a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or of any Security or coupon other than a provision in the Securities of any series which specifically states that such provision shall apply
in lieu of this Section), payment of principal (or premium, if any) or interest, if any, need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same force and
effect as if made on the Interest Payment Date or Redemption Date or sinking fund payment date, or at the Stated Maturity or Maturity; provided that no additional interest shall accrue for the period from and after such Interest Payment Date,
Redemption Date, sinking fund payment date, Stated Maturity or Maturity, as the case may be. 
 SECTION 113. Agent for Service;
Submission to Jurisdiction; Waiver of Immunities. 
 By the execution and delivery of this Indenture, the Company (i) acknowledges that
it has irrevocably designated and appointed CT Corporation System, 111 8th Avenue, 13th Floor, New York, New York, 10011 (“CT
Corporation”) as its authorized agent upon which process may be served in any suit or proceeding arising out of or relating to the Securities or this Indenture that may be instituted in any federal or New York state court located in New
York, New York or brought under federal or state securities laws or brought by the Trustee (whether in its individual capacity or in its capacity as Trustee hereunder), (ii) submits to the non-exclusive jurisdiction of any such court in any such
suit or proceeding, and (iii) agrees that service of process upon CT Corporation and written notice of said service to the Company (mailed or delivered to the Company, Attention: General Counsel, at its principal office specified in the first
paragraph of this Indenture and in the manner specified in Section 105 hereof), shall be deemed in every respect effective service of process upon the Company in any such suit or proceeding. The Company further agrees to take any and all action,
including the execution and filing of any and all such documents and instruments, as may be necessary to continue such designation and appointment of CT Corporation in full force and effect so long as any of the Securities shall be outstanding. 

  
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 To the extent that the Company has or hereafter may acquire any immunity from jurisdiction of any
court or from any legal process (whether through service of notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its property, the Company hereby irrevocably waives such immunity in
respect of its obligations under this Indenture and the Securities, to the extent permitted by law. 
 The Company hereby irrevocably and
unconditionally waives, to the fullest extent it may legally and effectively do so, 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 Indenture or the
Securities in any federal or state court in the State of New York, Borough of Manhattan. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such
action or proceeding in any such court. 
 SECTION 114. Conversion of Currency. 

(a) The Company covenants and agrees that the following provisions shall apply to conversion of currency in the case of the
Securities and this Indenture: 
 (1) If for the purposes of obtaining judgment in, or enforcing the judgment of, any court
in any country, it becomes necessary to convert into any other currency (the “Judgment Currency”) an amount due or contingently due under the Securities of any series and this Indenture (the “Required Currency”),
then the conversion shall be made at the rate of exchange prevailing on the Business Day before the day on which a final judgment which is not appealable or is not appealed is given or the order of enforcement is made, as the case may be (unless a
court shall otherwise determine). 
 (2) If there is a change in the rate of exchange prevailing between the Business Day
before the day on which the judgment referred to in (1) above is given or an order of enforcement is made, as the case may be (or such other date as a court shall determine), and the date of receipt of the amount due, the Company shall pay such
additional (or, as the case may be, such lesser) amount, if any, as may be necessary so that the amount paid in the Judgment Currency when converted at the rate of exchange prevailing on the date of receipt will produce the amount in the Required
Currency originally due. 
 (b) In the event of the winding-up of the Company at any time while any amount or damages owing
under the Securities and this Indenture, or any judgment or order rendered in respect thereof, shall remain outstanding, the Company shall indemnify and hold the Holders of Securities and the Trustee harmless against any deficiency arising or
resulting from any variation in rates of exchange between (1) the date as of which the equivalent of the amount in the Required Currency (other than under this Subsection (b)) is calculated for the purposes of such winding-up and (2) the final date
for the filing of proofs of claim in such winding-up. For the purpose of this Subsection (b) the final date for the filing of proofs of claim in the winding-up of the Company shall be the date fixed by the liquidator or otherwise in accordance with
the relevant provisions of applicable law as being the latest practicable date as at which liabilities of the Company may be ascertained for such winding-up prior to payment by the liquidator or otherwise in respect thereto. 

  
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 (c) The obligations contained in Subsections (a)(2) and (b) of this Section shall
constitute separate and independent obligations of the Company from its other obligations under the Securities and this Indenture, shall give rise to separate and independent causes of action against the Company, shall apply irrespective of any
waiver or extension granted by any Holder or Trustee from time to time and shall continue in full force and effect notwithstanding any judgment or order or the filing of any proof of claim in the winding-up of the Company for a liquidated sum in
respect of amounts due hereunder (other than under Subsection (b) above) or under any such judgment or order. Any such deficiency as aforesaid shall be deemed to constitute a loss suffered by the Holders or the Trustee, as the case may be, and no
proof or evidence of any actual loss shall be required by the Company or the applicable liquidator. In the case of Subsection (b) above, the amount of such deficiency shall not be deemed to be reduced by any variation in rates of exchange occurring
between the said final date and the date of any liquidating distribution. 
 (d) The term “rate(s) of
exchange” shall mean the Bank of Canada noon rate for purchases on the relevant date of the Required Currency with the Judgment Currency, as reported on the “Exchange Rates—Daily noon rates” page of the website of Bank of
Canada (or by such other means of reporting the Bank of Canada noon rate as may be agreed upon by each of the parties to this Indenture) and includes any premiums and costs of exchange payable. 

SECTION 115. Currency Equivalent. 

Except as otherwise provided in this Indenture, for purposes of the construction of the terms of this Indenture or of the Securities, in the
event that any amount is stated herein in the Currency of one nation (the “First Currency”), as of any date such amount shall also be deemed to represent the amount in the Currency of any other relevant nation (the “Other
Currency”) which is required to purchase such amount in the First Currency at the Bank of Canada noon rate as reported on the “Exchange Rates—Daily noon rates” page of the website of Bank of Canada (or by such other means of
reporting the Bank of Canada noon rate as may be agreed upon by each of the parties to this Indenture) on the date of determination. 

SECTION 116. Incorporators, Shareholders, Officers and Directors of the Company Exempt from Individual Liability. 

No recourse under or upon any obligation, covenant or agreement contained in this Indenture, or in any Security, or because of any
indebtedness evidenced thereby, shall be had against any incorporator, as such, or against any past, present or future shareholder, officer or director, as such, of the Company or of any successor, either directly or through the Company or any
successor, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance of the
Securities by the Holders as part of the consideration for the issue of the Securities. 

  
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 SECTION 117. Conflict with the Trust Indenture Act. 

If and to the extent that any provision hereof limits, qualifies or conflicts with the duties imposed by any of Sections 310 to 318,
inclusive, of the Trust Indenture Act, through operation of Section 318(c) thereof, such imposed duties shall control. 
 ARTICLE TWO

 SECURITIES FORMS 

SECTION 201. Forms Generally. 

The Registered Securities, if any, of each series and the Bearer Securities, if any, of each series and related coupons shall be in
substantially the forms as shall be established by or pursuant to a Board Resolution or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or
permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or as may, consistently herewith,
be determined by the officers executing such Securities or coupons, as evidenced by their execution of the Securities or coupons. If the forms of Securities or coupons of any series are established by action taken pursuant to a Board Resolution, a
copy of an appropriate record of such action shall be certified by the Corporate Secretary or an Assistant Corporate Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Company Order contemplated by Section 303
for the authentication and delivery of such Securities or coupons. Any portion of the text of any Security may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Security. 

Unless otherwise specified as contemplated by Section 301, Securities in bearer form shall have interest coupons attached. 

The Trustee’s certificate of authentication on all Securities shall be in substantially the form set forth in this Article. 

The definitive Securities and coupons shall be printed, lithographed or engraved on steel-engraved borders or may be produced in any other
manner, all as determined by the officers of the Company executing such Securities, as evidenced by their execution of such Securities or coupons. 

SECTION 202. Form of Trustee’s Certificate of Authentication. 

Subject to Section 612, the Trustee’s certificate of authentication shall be in substantially the following form: 

  
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 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

Dated:                     

This is one of the Securities of the series designated and referred to in, and issued under, the within-mentioned Indenture. 

 

			
	 THE BANK OF NEW YORK,

                          
      as Trustee

		
	By	 	  

		 	Authorized Signatory

 SECTION 203. Securities Issuable in Global Form. 

If Securities of or within a series are issuable in global form, as specified and contemplated by Section 301, then, notwithstanding clause
(8) of Section 301 and Section 302, any such Security shall represent such of the Outstanding Securities of such series as shall be specified therein and may provide that it shall represent the aggregate amount of Outstanding Securities of such
series from time to time endorsed thereon and that the aggregate amount of Outstanding Securities of such series represented thereby may from time to time be increased or decreased to reflect exchanges. Any endorsement of a Security in global form
to reflect the amount, or any increase or decrease in the amount, of Outstanding Securities represented thereby shall be made by the Trustee in such manner and upon written instructions given by such Person or Persons as shall be specified therein
or in the Company Order to be delivered to the Trustee pursuant to Section 303 or Section 304. Subject to the provisions of Section 303 and, if applicable, Section 304, the Trustee shall deliver and redeliver any Security in permanent global form in
the manner and upon written instructions given by the Person or Persons specified therein or in the applicable Company Order. If a Company Order pursuant to Section 303 or Section 304 has been, or simultaneously is, delivered, any instructions by
the Company with respect to endorsement or delivery or redelivery of a Security in global form shall be in writing but need not comply with Section 102 and need not be accompanied by an Opinion of Counsel. 

The provisions of the last sentence of Section 303 shall apply to any Security represented by a Security in global form if such Security was
never issued and sold by the Company and the Company delivers to the Trustee the Security in global form together with written instructions (which need not comply with Section 102 and need not be accompanied by an Opinion of Counsel) with regard to
the reduction in the principal amount of Securities represented thereby, together with the written statement contemplated by the last sentence of Section 303. 

Notwithstanding the provisions of Section 307, unless otherwise specified as contemplated by Section 301, payment of principal of (and
premium, if any) and interest, if any, on any Security in permanent global form shall be made to the Person or Persons specified therein. 

  
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 ARTICLE THREE 

THE SECURITIES 

SECTION 301. Amount Unlimited; Issuable in Series. 

The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited. 

The Securities may be issued in one or more series. There shall be established in one or more Board Resolutions or pursuant to authority
granted by one or more Board Resolutions and, subject to Section 303, set forth in, or determined in the manner provided in, an Officer’s Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of
Securities of any series, any or all of the following, as applicable (each of which (except for the matters set forth in clauses (1), (2) and (17) below), if so provided, may be determined from time to time by the Company with respect to unissued
Securities of the series and set forth in such Securities of the series when issued from time to time): 
 (1) the title of
the Securities of the series (which shall distinguish the Securities of the series from all other series of Securities); 

(2) any limit upon the aggregate principal amount of the Securities of the series that may be authenticated and delivered under
this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 304, 305, 306, 906, 1107 or 1305); 

(3) the date or dates, or the method by which such date or dates will be determined or extended, on which the Securities of the
series may be issued and on which the principal of the Securities of the series is payable; 
 (4) the rate or rates (whether
fixed or variable) at which the Securities of the series shall bear interest, if any, or the method by which such rate or rates shall be determined, the date or dates from which such interest shall accrue, or the method by which such date or dates
shall be determined, the Interest Payment Dates on which such interest shall be payable and the Regular Record Date, if any, for the interest payable on any Registered Security on any Interest Payment Date, or the method by which such date or dates
shall be determined, whether and under what circumstances Additional Amounts on such Securities or any of them shall be payable, the notice, if any, to Holders regarding the determination of interest on a floating rate Security and the manner of
giving such notice, and the basis upon which interest shall be calculated if other than on the basis of a 360-day year of twelve 30-day months; 

(5) the place or places, if any, other than or in addition to the Borough of Manhattan, New York, New York where the principal
of (and premium, if any) and interest, if any, on Securities of the series shall be payable, where any Registered Securities of the series may be surrendered for registration of transfer, where Securities of the series may be surrendered for
exchange, where Securities of the series that are convertible or exchangeable may be surrendered for conversion or exchange, as applicable and, if different than the location specified in Section 105, the place or places

  
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where notices or demands to or upon the Company in respect of the Securities of the series and this Indenture may be served; 

(6) the period or periods within which, the price or prices at which, the Currency in which, and other terms and conditions
upon which Securities of the series may be redeemed, in whole or in part, at the option of the Company, if the Company is to have that option; 

(7) the obligation, if any, of the Company to redeem, repay or purchase Securities of the series pursuant to any sinking fund
or analogous provision or at the option of a Holder thereof, and the period or periods within which, the price or prices at which, the Currency in which, and other terms and conditions upon which Securities of the series shall be redeemed, repaid or
purchased, in whole or in part, pursuant to such obligation; 
 (8) if other than denominations of $1,000 and any integral
multiple thereof, the denomination or denominations in which any Registered Securities of the series shall be issuable and, if other than denominations of $5,000, the denomination or denominations in which any Bearer Securities of the series shall
be issuable; 
 (9) if other than the Trustee, the identity of each Security Registrar and/or Paying Agent; 

(10) if other than the principal amount thereof, the portion of the principal amount of Securities of the series that shall be
payable upon declaration of acceleration of the Maturity thereof pursuant to Section 502 or the method by which such portion shall be determined; 

(11) if other than Dollars, the Currency in which payment of the principal of (or premium, if any) or interest, if any, on the
Securities of the series shall be payable or in which the Securities of the series shall be denominated and the particular provisions applicable thereto in accordance with, in addition to or in lieu of any of the provisions of Section 312; 

(12) whether the amount of payments of principal of (or premium, if any) or interest, if any, on the Securities of the series
may be determined with reference to an index, formula or other method (which index, formula or method may be based, without limitation, on one or more Currencies, commodities, equity indices or other indices), and the manner in which such amounts
shall be determined; 
 (13) whether the principal of (or premium, if any) or interest, if any, on the Securities of the
series are to be payable, at the election of the Company or a Holder thereof, in a Currency other than that in which such Securities are denominated or stated to be payable, the period or periods within which (including the Election Date), and the
terms and conditions upon which, such election may be made, and the time and manner of determining the exchange rate between the Currency in which such Securities are denominated or stated to be payable and the Currency in which such Securities are
to be so payable, in each case in accordance with, in addition to or in lieu of any of the provisions of Section 312; 

  
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 (14) the designation of the initial Exchange Rate Agent, if any; 

(15) the applicability, if any, of Sections 1402 and/or 1403 to the Securities of the series and any provisions in modification
of, in addition to or in lieu of any of the provisions of Article Fourteen that shall be applicable to the Securities of the series; 

(16) provisions, if any, granting special rights to the Holders of Securities of the series upon the occurrence of such events
as may be specified; 
 (17) any deletions from, modifications of or additions to the Events of Default or covenants
(including any deletions from, modifications of or additions to Section 1009) of the Company with respect to Securities of the series, whether or not such Events of Default or covenants are consistent with the Events of Default or covenants set
forth herein; 
 (18) whether Securities of the series are to be issuable as Registered Securities, Bearer Securities (with
or without coupons) or both, any restrictions applicable to the offer, sale or delivery of Bearer Securities, whether any Securities of the series are to be issuable initially in temporary global form and whether any Securities of the series are to
be issuable in permanent global form with or without coupons and, if so, whether beneficial owners of interests in any such permanent global Security may exchange such interests for Securities of such series and of like tenor of any authorized form
and denomination and the circumstances under which any such exchanges may occur, if other than in the manner provided in Section 305, whether Registered Securities of the series may be exchanged for Bearer Securities of the series (if permitted by
applicable laws and regulations), whether Bearer Securities of the series may be exchanged for Registered Securities of such series, and the circumstances under which and the place or places where any such exchanges may be made and if Securities of
the series are to be issuable in global form, the identity of any initial Depositary therefor; 
 (19) the date as of which
any Bearer Securities of the series and any temporary global Security representing Outstanding Securities of the series shall be dated if other than the date of original issuance of the first Security of the series to be issued; 

(20) the Person to whom any interest on any Registered Security of the series shall be payable, if other than the Person in
whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, the manner in which, or the Person to whom, any interest on any Bearer Security of the series shall
be payable, if otherwise than upon presentation and surrender of the coupons appertaining thereto as they severally mature, and the extent to which, or the manner in which, any interest payable on a temporary global Security on an Interest Payment
Date will be paid if other than in the manner provided in Section 304; 
 (21) if Securities of the series are to be issuable
in definitive form (whether upon original issue or upon exchange of a temporary Security of such series) only upon receipt of certain certificates or other documents or satisfaction of other conditions, the form and/or terms of such certificates,
documents or conditions; 

  
 27 

 (22) if the Securities of the series are to be issued upon the exercise of
warrants, the time, manner and place for such Securities to be authenticated and delivered; 
 (23) whether, under what
circumstances and the Currency in which the Company will pay Additional Amounts as contemplated by Section 1005 on the Securities of the series to any Holder who is not a United States person (including any modification to the definition of such
term) in respect of any tax, assessment or governmental charge and, if so, whether the Company will have the option to redeem such Securities rather than pay such Additional Amounts (and the terms of any such option); 

(24) if the Securities of the series are to be convertible into or exchangeable for any securities of any Person (including the
Company), the terms and conditions upon which such Securities will be so convertible or exchangeable; 
 (25) if payment of
the Securities will be guaranteed by any other Person; 
 (26) the extent and manner, if any, to which payment on or in
respect of the Securities of the series will be senior or will be subordinated to the prior payment of other liabilities and obligations of the Company; 

(27) if other than The Depository Trust Company, the Person designated as the Depositary for the Securities of such series;

 (28) the percentage or percentages of principal amount at which the Securities of the series will be issued; and 

(29) any other terms, conditions, rights and preferences (or limitations on such rights and preferences) relating to the series
(which terms shall not be inconsistent with the requirements of the Trust Indenture Act or the provisions of this Indenture). 
 All
Securities of any one series and the coupons appertaining to any Bearer Securities of such series shall be substantially identical except, in the case of Registered Securities, as to denomination and except as may otherwise be provided in or
pursuant to a Board Resolution (subject to Section 303) and set forth in such Officer’s Certificate or in any such indenture supplemental hereto. The Company may, from time to time, without notice or consent of the Holders, create and issue
additional Securities of a series so that such additional Securities may be consolidated and form a single series with the Securities of the same series initially issued by the Company and shall have the same terms as to status, redemption and
otherwise as the Securities of the same series originally issued. 
 If any of the terms of the series are established by action taken
pursuant to one or more Board Resolutions, such Board Resolutions shall be delivered to the Trustee at or prior to the delivery of the Officer’s Certificate setting forth the terms of the series. 

  
 28 

 SECTION 302. Denominations. 

The Securities of each series shall be issuable in such denominations as shall be specified as contemplated by Section 301. With respect to
Securities of any series denominated in Dollars, in the absence of any such provisions, the Registered Securities of such series, other than Registered Securities issued in global form (which may be of any denomination), shall be issuable in
denominations of $1,000 and any integral multiple thereof and the Bearer Securities of such series, other than the Bearer Securities issued in global form (which may be of any denomination), shall be issuable in a denomination of $5,000. 

SECTION 303. Execution, Authentication, Delivery and Dating. 

The Securities and any coupons appertaining thereto shall be executed on behalf of the Company by its Chairman, its President, its Chief
Executive Officer, its Chief Financial Officer or a Vice-President, together with any one of the Corporate Secretary, or Assistant Corporate Secretary, the Treasurer or an Assistant Treasurer. The signature of any of these officers on the Securities
or coupons may be the manual or facsimile signatures of the present or any future such authorized officer and may be imprinted or otherwise reproduced on the Securities. 

Securities or coupons bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall
bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities or coupons. 

At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series
together with any coupon appertaining thereto, executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities, and the Trustee in accordance with such Company Order
shall authenticate and deliver such Securities; provided, however, that, in connection with its original issuance, no Bearer Security shall be mailed or otherwise delivered to any location in the United States; and provided
further, that, unless otherwise specified with respect to any series of Securities pursuant to Section 301, a Bearer Security may be delivered in connection with its original issuance only if the Person entitled to receive such Bearer
Security shall have furnished a certificate in the form set forth in Exhibit A-1 to this Indenture, dated no earlier than 15 days prior to the earlier of the date on which such Bearer Security is delivered and the date on which any temporary
Security first becomes exchangeable for such Bearer Security in accordance with the terms of such temporary Security and this Indenture. If any Security shall be represented by a permanent global Bearer Security, then, for purposes of this Section
and Section 304, the notation of a beneficial owner’s interest therein upon original issuance of such Security or upon exchange of a portion of a temporary global Security shall be deemed to be delivery in connection with its original issuance
of such beneficial owner’s interest in such permanent global Security. Except as permitted by Section 306, the Trustee shall not authenticate and deliver any Bearer Security unless all appurtenant coupons for interest then matured have been
detached and cancelled. If not all the Securities of any series are to be issued at one time and if the Board Resolution or supplemental indenture establishing such series shall so permit, such Company Order may set forth procedures

  
 29 

 
acceptable to the Trustee for the issuance of such Securities and determining terms of particular Securities of such series such as interest rate, stated maturity, date of issuance and date from
which interest shall accrue. 
 In authenticating such Securities, and accepting the additional responsibilities under this Indenture in
relation to such Securities, the Trustee shall be entitled to receive, and (subject to TIA Sections 315(a) through 315(d)) shall be fully protected in relying upon, an Opinion of Counsel stating: 

(a) that the form or forms of such Securities and any coupons have been established in conformity with the provisions of this
Indenture; 
 (b) that the terms of such Securities and any coupons have been established in conformity with the provisions
of this Indenture; 
 (c) that such Securities, together with any coupons appertaining thereto, when completed by appropriate
insertions and executed and delivered by the Company to the Trustee for authentication in accordance with this Indenture, authenticated and delivered by the Trustee in accordance with this Indenture and issued by the Company in the manner and
subject to any conditions specified in such Opinion of Counsel, will constitute the legal, valid and binding obligations of the Company, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency, reorganization and
other similar laws of general applicability relating to or affecting the enforcement of creditors’ rights, to general equitable principles and to such other qualifications as such counsel shall conclude do not materially affect the rights of
Holders of such Securities and any coupons; 
 (d) that all laws and requirements in respect of the execution and delivery by
the Company of such Securities, any coupons and of the supplemental indentures, if any, have been complied with and that authentication and delivery of such Securities and any coupons and the execution and delivery of the supplemental indenture, if
any, by the Trustee will not violate the terms of the Indenture; 
 (e) that the Company has the corporate power to issue
such Securities and any coupons, and has duly taken all necessary corporate action with respect to such issuance; and 
 (f)
that the issuance of such Securities and any coupons will not contravene the articles of incorporation or amalgamation or by-laws of the Company or result in any violation of any of the terms or provisions of any law or regulation or of any
indenture, mortgage or other agreement known to such Counsel by which the Company is bound. 
 Notwithstanding the provisions of Section 301
and of the preceding two paragraphs, if not all the Securities of any series are to be issued at one time, it shall not be necessary to deliver the Officer’s Certificate otherwise required pursuant to Section 301 or the Company Order and
Opinion of Counsel otherwise required pursuant to the preceding two paragraphs prior to or at the time of issuance of each Security, but such documents shall be delivered prior to or at the time of issuance of the first Security of such series. 

  
 30 

 The Trustee shall not be required to authenticate and deliver any such Securities if the issue of
such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee. 

Each Registered Security shall be dated the date of its authentication and each Bearer Security shall be dated as of the date specified as
contemplated by Section 301. 
 No Security or coupon shall be entitled to any benefit under this Indenture or be valid or obligatory for
any purpose unless there appears on such Security a certificate of authentication substantially in the form provided for herein duly executed by the Trustee by manual signature of an authorized officer, and such certificate upon any Security shall
be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder and is entitled to the benefits of this Indenture. Notwithstanding the foregoing, if any Security shall have been authenticated and
delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Security to the Trustee for cancellation as provided in Section 310 together with a written statement (which need not comply with Section 102 and need
not be accompanied by an Opinion of Counsel) stating that such Security has never been issued and sold by the Company, for all purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and
shall never entitle a Holder to the benefits of this Indenture. 
 SECTION 304. Temporary Securities. 

Pending the preparation of definitive Securities of any series, the Company may execute, and upon Company Order the Trustee shall authenticate
and deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued, in
registered form or, if authorized, in bearer form with one or more coupons or without coupons, and with such appropriate insertions, omissions, substitutions and other variations as conclusively the officers executing such Securities may determine,
as conclusively evidenced by their execution of such Securities. Such temporary Securities may be in global form. 
 Except in the case of
temporary Securities in global form (which shall be exchanged in accordance with the provisions of the following paragraphs), if temporary Securities of any series are issued, the Company will cause definitive Securities of that series to be
prepared without unreasonable delay. After the preparation of definitive Securities of such series, the temporary Securities of such series shall be exchangeable for definitive Securities of such series upon surrender of the temporary Securities of
such series at the office or agency of the Company in a Place of Payment for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any series (accompanied by any unmatured coupons
appertaining thereto), the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of definitive Securities of the same series of authorized denominations; provided, however,
that no definitive Bearer Security shall be delivered in exchange for a temporary Registered Security; and provided further, that a definitive Bearer Security shall be delivered in exchange for a temporary Bearer Security only in
compliance with the conditions set forth in Section 303. Until so exchanged the 

  
 31 

 
temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of such series. 

If temporary Securities of any series are issued in global form, any such temporary global Security shall, unless otherwise provided therein,
be delivered to the London, England office of a depositary or common depositary (the “Common Depositary”) or the Depositary, as applicable, for the benefit of Euroclear and Clearstream, for credit to the respective accounts of the
beneficial owners of such Securities (or to such other accounts as they may direct). 
 Without unnecessary delay but in any event not later
than the date specified in, or determined pursuant to the terms of, any such temporary global Security (the “Exchange Date”), the Company shall deliver to the Trustee definitive Securities, in aggregate principal amount equal to the
principal amount of such temporary global Security, executed by the Company. On or after the Exchange Date such temporary global Security shall be surrendered by the Common Depositary to the Trustee, as the Company’s agent for such purpose, to
be exchanged, in whole or from time to time in part, for definitive Securities without charge and the Trustee shall authenticate and deliver, in exchange for each portion of such temporary global Security, an equal aggregate principal amount of
definitive Securities of the same series of authorized denominations and of like tenor as the portion of such temporary global Security to be exchanged. The definitive Securities to be delivered in exchange for any such temporary global Security
shall be in bearer form, registered form, permanent global bearer form or permanent global registered form, or any combination thereof, as specified as contemplated by Section 301, and, if any combination thereof is so specified, as requested by the
beneficial owner thereof; provided, however, that, unless otherwise specified in such temporary global Security, upon such presentation by the Common Depositary, such temporary global Security is accompanied by a certificate dated the
Exchange Date or a subsequent date and signed by Euroclear as to the portion of such temporary global Security held for its account then to be exchanged and a certificate dated the Exchange Date or a subsequent date and signed by Clearstream as to
the portion of such temporary global Security held for its account then to be exchanged, each in the form set forth in Exhibit A-2 to this Indenture (or in such other form as may be established pursuant to Section 301); and provided
further, that definitive Bearer Securities shall be delivered in exchange for a portion of a temporary global Security only in compliance with the requirements of Section 303. 

Unless otherwise specified in such temporary global Security, the interest of a beneficial owner of Securities of a series in a temporary
global Security shall be exchanged for definitive Securities of the same series and of like tenor following the Exchange Date when the account holder instructs Euroclear or Clearstream, as the case may be, to request such exchange on his behalf and
delivers to Euroclear or Clearstream, as the case may be, a certificate in the form set forth in Exhibit A-1 to this Indenture (or in such other form as may be established pursuant to Section 301), dated no earlier than 15 days prior to the Exchange
Date, copies of which certificate shall be available from the offices of Euroclear and Clearstream, the Trustee, any Authenticating Agent appointed for such series of Securities and each Paying Agent. Unless otherwise specified in such temporary
global Security, any such exchange shall be made free of charge to the beneficial owners of such temporary global Security, except that a Person receiving definitive Securities must bear the cost of insurance, postage, transportation and the like in
the event that such Person does not take delivery of such definitive Securities in person at the offices 

  
 32 

 
of Euroclear or Clearstream. Definitive Securities in bearer form to be delivered in exchange for any portion of a temporary global Security shall be delivered only outside the United States.

 Until exchanged in full as hereinabove provided, the temporary Securities of any series shall in all respects be entitled to the same
benefits under this Indenture as definitive Securities of the same series and of like tenor authenticated and delivered hereunder, except that, unless otherwise specified as contemplated by Section 301, interest payable on a temporary global
Security on an Interest Payment Date for Securities of such series occurring prior to the applicable Exchange Date shall be payable to Euroclear and Clearstream on such Interest Payment Date upon delivery by Euroclear and Clearstream to the Trustee
of a certificate or certificates in the form set forth in Exhibit A-2 to this Indenture (or in such other form as may be established pursuant to Section 301), for credit without further interest thereon on or after such Interest Payment Date to the
respective accounts of the Persons who are the beneficial owners of such temporary global Security on such Interest Payment Date and who have each delivered to Euroclear or Clearstream, as the case may be, a certificate dated no earlier than 15 days
prior to the Interest Payment Date occurring prior to such Exchange Date in the form set forth in Exhibit A-1 to this Indenture (or in such other form as may be established pursuant to Section 301). Notwithstanding anything to the contrary herein
contained, the certifications made pursuant to this paragraph shall satisfy the certification requirements of the preceding two paragraphs of this Section and of the third paragraph of Section 303 of this Indenture and the interests of the Persons
who are the beneficial owners of the temporary global Security with respect to which such certification was made will be exchanged for definitive Securities of the same series and of like tenor on the Exchange Date or the date of certification if
such date occurs after the Exchange Date, without further act or deed by such beneficial owners. Except as otherwise provided in this paragraph, no payments of principal (or premium, if any) or interest, if any, owing with respect to a beneficial
interest in a temporary global Security will be made unless and until such interest in such temporary global Security shall have been exchanged for an interest in a definitive Security. Any interest so received by Euroclear and Clearstream and not
paid as herein provided shall be returned to the Trustee immediately prior to the expiration of two years after such Interest Payment Date in order to be repaid to the Company in accordance with Section 1003. 

SECTION 305. Registration, Registration of Transfer and Exchange. 

The Company shall cause to be kept at the Corporate Trust Office of the Trustee a register for each series of Securities (the registers
maintained in the Corporate Trust Office of the Trustee and in any other office or agency of the Company in a Place of Payment being herein sometimes collectively referred to as the “Security Register”) in which, subject to such
reasonable regulations as it may prescribe, the Company shall provide for the registration of Registered Securities and of transfers of Registered Securities. The Security Register shall be in written form or any other form capable of being
converted into written form within a reasonable time. At all reasonable times, the Security Register shall be open to inspection by the Trustee. The Trustee is hereby initially appointed as security registrar (the “Security
Registrar”) for the purpose of registering Registered Securities and transfers of Registered Securities as herein provided. The Company shall have the right to remove and replace from time to time the Security Registrar for any series of
Securities; provided, that, no such removal or replacement shall be effective until a successor Security Registrar with respect to such series of Registered Securities shall have been appointed by the Company and shall have accepted
such appointment 

  
 33 

 
by the Company. In the event that the Trustee shall not be or shall cease to be the Security registrar with respect to a series of Securities, it shall have the right to examine the Security
Register for such series at all reasonable times. There shall be only one Security Register for such series of Securities. 
 Upon surrender
for registration of transfer of any Registered Security of any series at the office or agency in a Place of Payment for that series, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee,
one or more new Registered Securities of the same series, of any authorized denominations and of a like aggregate principal amount and tenor. 

At the option of the Holder, Registered Securities of any series may be exchanged for other Registered Securities of the same series, of any
authorized denomination and of a like aggregate principal amount and tenor, upon surrender of the Registered Securities to be exchanged at such office or agency. Whenever any Registered Securities are so surrendered for exchange, the Company shall
execute, and the Trustee shall authenticate and deliver, the Registered Securities which the Holder making the exchange is entitled to receive. Unless otherwise specified with respect to any series of Securities as contemplated by Section 301,
Bearer Securities may not be issued in exchange for Registered Securities. 
 If (but only if) expressly permitted in or pursuant to the
applicable Board Resolution and (subject to Section 303) set forth in the applicable Officer’s Certificate, or in any indenture supplemental hereto, delivered as contemplated by Section 301, at the option of the Holder, Bearer Securities of any
series may be exchanged for Registered Securities of the same series of any authorized denomination and of a like aggregate principal amount and tenor, upon surrender of the Bearer Securities to be exchanged at any such office or agency, with all
unmatured coupons and all matured coupons in default thereto appertaining. If the Holder of a Bearer Security is unable to produce any such unmatured coupon or coupons or matured coupon or coupons in default, any such permitted exchange may be
effected if the Bearer Securities are accompanied by payment in funds acceptable to the Company in an amount equal to the face amount of such missing coupon or coupons, or the surrender of such missing coupon or coupons may be waived by the Company
and the Trustee if there is furnished to them such security or indemnity as they may require to save each of them and any Paying Agent harmless. If thereafter the Holder of such Security shall surrender to any Paying Agent any such missing coupon in
respect of which such a payment shall have been made, such Holder shall be entitled to receive the amount of such payment; provided, however, that, except as otherwise provided in Section 1002, interest represented by coupons shall be
payable only upon presentation and surrender of those coupons at an office or agency located outside the United States. Notwithstanding the foregoing, in case a Bearer Security of any series is surrendered at any such office or agency in a permitted
exchange for a Registered Security of the same series and like tenor after the close of business at such office or agency on (i) any Regular Record Date and before the opening of business at such office or agency on the relevant Interest Payment
Date, or (ii) any Special Record Date and before the opening of business at such office or agency on the related proposed date for payment of Defaulted Interest, such Bearer Security shall be surrendered without the coupon relating to such Interest
Payment Date or proposed date for payment, as the case may be, and interest or Defaulted Interest, as the case may be, will not be payable on such Interest Payment Date or proposed date for payment, as the case may be, in respect of the Registered
Security issued in exchange for such Bearer Security, but will be 

  
 34 

 
payable only to the Holder of such coupon when due in accordance with the provisions of this Indenture. 

Whenever any Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the
Securities which the Holder making the exchange is entitled to receive. 
 Notwithstanding the foregoing, except as otherwise specified as
contemplated by Section 301, any permanent global Security shall be exchangeable only as provided in this paragraph. If any beneficial owner of an interest in a permanent global Security is entitled to exchange such interest for Securities of such
series and of like tenor and principal amount of another authorized form and denomination, as specified as contemplated by Section 301 and provided that any applicable notice provided in the permanent global Security shall have been given, then
without unnecessary delay but in any event not later than the earliest date on which such interest may be so exchanged, the Company shall deliver to the Trustee definitive Securities in aggregate principal amount equal to the principal amount of
such beneficial owner’s interest in such permanent global Security, executed by the Company. On or after the earliest date on which such interests may be so exchanged, such permanent global Security shall be surrendered by the Common Depositary
or such other Depositary as shall be specified in the Company Order with respect thereto to the Trustee, as the Company’s agent for such purpose, to be exchanged, in whole or from time to time in part, for definitive Securities without charge,
and the Trustee shall authenticate and deliver, in exchange for each portion of such permanent global Security, an equal aggregate principal amount of definitive Securities of the same series of authorized denominations and of like tenor as the
portion of such permanent global Security to be exchanged which, unless the Securities of the series are not issuable both as Bearer Securities and as Registered Securities, as specified as contemplated by Section 301, shall be in the form of Bearer
Securities or Registered Securities, or any combination thereof, as shall be specified by the beneficial owner thereof; provided, however, that no such exchanges may occur during a period beginning at the opening of business 15 days
before any selection of Securities to be redeemed and ending on the relevant Redemption Date if the Security for which exchange is requested may be among those selected for redemption; and provided further, that no Bearer Security
delivered in exchange for a portion of a permanent global Security shall be mailed or otherwise delivered to any location in the United States. If a Registered Security is issued in exchange for any portion of a permanent global Security after the
close of business at the office or agency where such exchange occurs on (i) any Regular Record Date and before the opening of business at such office or agency on the relevant Interest Payment Date, or (ii) any Special Record Date and before the
opening of business at such office or agency on the related proposed date for payment of Defaulted Interest, interest or Defaulted Interest, as the case may be, will not be payable on such Interest Payment Date or proposed date for payment, as the
case may be, in respect of such Registered Security, but will be payable on such Interest Payment Date or proposed date for payment, as the case may be, only to the Person to whom interest in respect of such portion of such permanent global Security
is payable in accordance with the provisions of this Indenture. 
 If at any time the Depositary for Securities of a series notifies the
Company that it is unwilling, unable or no longer qualifies to continue as Depositary for Securities of such series or if at any time the Depositary for Securities for such series shall no longer be registered or in good standing under the Exchange
Act, or other applicable statute or regulation, the Company 

  
 35 

 
shall appoint a successor Depositary with respect to the Securities for such series. If a successor to the Depositary for Securities is not appointed by the Company within 90 days after the
Company receives such notice or becomes aware of such condition, as the case may be, and the Trustee, as Security Registrar, has received a written request from the Depositary or a participant in the Depositary in accordance with the
Depositary’s customary procedures to issue Securities in definitive form to such participant or other beneficial owner specified by such participant to the Trustee in writing, the Company’s election pursuant to Section 301 shall no longer
be effective with respect to the Securities for such series and the Company will execute, and the Trustee, upon receipt of a Company Order for the authentication and delivery of definitive Securities of such series, will authenticate and deliver
individual Securities of such series in certificated, fully registered form, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the global Security or Securities representing such series in exchange
for such global Security or Securities. 
 The Company may at any time and in its sole discretion determine that the Securities of any
series issued in the form of one or more global Securities shall no longer be represented by such global Security or Securities. In such event the Company will execute, and the Trustee, upon receipt of a Company Order for the authentication and
delivery of definitive Securities of such series, will authenticate and deliver Securities of such series in definitive registered form, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the global
Security or Securities representing such series in exchange for such global Security or Securities. 
 Upon the exchange of a global
Security for Securities in definitive registered form, such global Security shall be cancelled by the Trustee. Securities issued in exchange for a global Security pursuant to this Section shall be registered in such names and in such authorized
denominations as the Depositary for such global Security, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee in writing. The Trustee shall deliver such Securities to the persons in whose names
such Securities are so registered. 
 All Securities issued upon any registration of transfer or exchange of Securities shall be the valid
obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange. 

Every Registered Security presented or surrendered for registration of transfer or for exchange shall (if so required by the Company or the
Security Registrar) be duly endorsed, or be accompanied by a written instrument of transfer, in form satisfactory to the Company and the Security Registrar, duly executed by the Holder thereof or his attorney duly authorized in writing. 

No service charge shall be made for any registration of transfer or exchange of Securities, but the Company may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Section 304, 906, 1107 or 1305 not involving any transfer. 

The Company shall not be required (i) to issue, register the transfer of or exchange Securities of any series during a period beginning at the
opening of business 15 days 

  
 36 

 
before the day of the selection for redemption of Securities of that series under Section 1103 or 1203 and ending at the close of business on (A) if Securities of the series are issuable only as
Registered Securities, the day of the mailing of the relevant notice of redemption and (B) if Securities of the series are issuable as Bearer Securities, the day of the first publication of the relevant notice of redemption or, if Securities of the
series are also issuable as Registered Securities and there is no publication, the mailing of the relevant notice of redemption, or (ii) to register the transfer of or exchange any Registered Security so selected for redemption in whole or in part,
except the unredeemed portion of any Security being redeemed in part, or (iii) to exchange any Bearer Security so selected for redemption except that such a Bearer Security may be exchanged for a Registered Security of that series and like tenor;
provided that such Registered Security shall be immediately surrendered for redemption, or (iv) to issue, register the transfer of or exchange any Security which has been surrendered for repayment at the option of the Holder, except the
portion, if any, of such Security not to be so repaid. 
 SECTION 306. Mutilated, Destroyed, Lost and Stolen Securities. 

If any mutilated Security or a Security with a mutilated coupon appertaining to it is surrendered to the Trustee, the Company shall execute
and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding, with coupons corresponding to the coupons, if any,
appertaining to the surrendered Security, or, in case any such mutilated Security or coupon has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, with coupons corresponding to the
coupons, if any, appertaining to the surrendered Security, pay such Security or coupon. 
 If there shall be delivered to the Company and to
the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security or coupon and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the
absence of notice to the Company or the Trustee that such Security or coupon has been acquired by a protected purchaser (as defined in Article 8 of the UCC), the Company shall execute and upon Company Order the Trustee shall authenticate and
deliver, in lieu of any such destroyed, lost or stolen Security or in exchange for the Security for which a destroyed, lost or stolen coupon appertains (with all appurtenant coupons not destroyed, lost or stolen), a new Security of the same series
and of like tenor and principal amount and bearing a number not contemporaneously outstanding, with coupons corresponding to the coupons, if any, appertaining to such destroyed, lost or stolen Security or to the Security to which such destroyed,
lost or stolen coupon appertains. 
 Notwithstanding the provisions of the previous two paragraphs, in case any such mutilated, destroyed,
lost or stolen Security or coupon has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, with coupons corresponding to the coupons, if any, appertaining to such mutilated, destroyed,
lost or stolen Security or to the Security to which such mutilated, destroyed, lost or stolen coupon appertains, pay such Security or coupon; provided, however, that payment of principal of (and premium, if any) and interest, if any,
on Bearer Securities shall, except as otherwise provided in Section 1002, be payable only at an office or agency located outside the United States and, unless otherwise specified as contemplated by Section 301, any interest on Bearer
Securities shall be payable only upon presentation and surrender of the coupons appertaining thereto. 

  
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 Upon the issuance of any new Security under this Section, the Company may require the payment of
a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 

Every new Security of any series with its coupons, if any, issued pursuant to this Section in lieu of any mutilated, destroyed, lost or stolen
Security or in exchange for a Security to which a mutilated, destroyed, lost or stolen coupon appertains, shall constitute an original additional contractual obligation of the Company, whether or not the mutilated, destroyed, lost or stolen Security
and its coupons, if any, or the mutilated, destroyed, lost or stolen coupon shall be at any time enforceable by anyone, and the Holders of such Security shall be entitled to all the benefits of this Indenture equally and proportionately with any and
all other Securities of that series and their coupons, if any, duly issued hereunder. 
 The provisions of this Section, as amended or
supplemented pursuant to this Indenture with respect to particular Securities or generally, are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Securities or coupons. 
 SECTION 307. Payment of Principal and Interest; Interest Rights Preserved; Optional Interest
Reset. 
 (a) Unless otherwise provided as contemplated by Section 301 with respect to any series of Securities,
interest, if any, on any Registered Security which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name such Security (or one or more Predecessor Securities) is registered at
the close of business on the Regular Record Date for such interest at the office or agency of the Company maintained for such purpose pursuant to Section 1002; provided, however, that each installment of the principal of (and
premium, if any, on) and interest, if any, on any Registered Security may at the Company’s option be paid by (i) mailing a check for such interest, payable to or upon the written order of the Person entitled thereto pursuant to Section 309, to
the address of such Person as it appears on the Security Register or (ii) wire transfer to an account of the person entitled to receive such payment located in the United States maintained by the payee of a Holder at $5,000,000 or more in aggregate
principle amount of the Securities of such series (with wire transfer instructions provided to the Trustee not less than 15 days prior to payment of interest by wire transfer); provided further, that principal paid in relation to any Security
redeemed at the option of the Company pursuant to Article Eleven, or paid at Maturity, shall be paid to the holder of such Security only upon presentation and surrender of such Security to such office or agency referred to in this Section 307(a).

 Unless otherwise provided as contemplated by Section 301 with respect to the Securities of any series, payment of interest, if any, may
be made, in the case of a Bearer Security, by transfer to an account located outside the United States maintained by the payee. 
 Unless
otherwise provided as contemplated by Section 301, every permanent global Security will provide that interest, if any, payable on any Interest Payment Date will be paid to each of Euroclear and Clearstream with respect to that portion of such
permanent global Security held for its account by the Common Depositary, for the purpose of permitting each of 

  
 38 

 
Euroclear and Clearstream to credit the interest, if any, received by it in respect of such permanent global Security to the accounts of the beneficial owners thereof. 

Any interest on any Registered Security of any series which is payable, but is not punctually paid or duly provided for, on any Interest
Payment Date shall forthwith cease to be payable to the Holder on the relevant Regular Record Date, and such defaulted interest and, if applicable, interest on such defaulted interest (to the extent lawful) at the rate specified in the Securities of
such series (such defaulted interest and, if applicable, interest thereon herein collectively called “Defaulted Interest”) may be paid by the Company, at its election in each case, as provided in clause (1) or (2) below: 

(1) The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Registered Securities of
such series (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee
in writing of the amount of Defaulted Interest proposed to be paid on each Registered Security of such series and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money in the Currency in
which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such series and except, if applicable, as provided in Sections 312(b), 312(d) and 312(e)) equal to the aggregate amount
proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit on or prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the
Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date
of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company,
shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be given in the manner provided in Section 106, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of
such Defaulted Interest and the Special Record Date therefor having been so given, such Defaulted Interest shall be paid to the Persons in whose name the Registered Securities of such series (or their respective Predecessor Securities) are
registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following clause (2). 

(2) The Company may make payment of any Defaulted Interest on the Registered Securities of any series in any other lawful
manner not inconsistent with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment
pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee. 
 (b) The provisions of this
Section 307(b) may be made applicable to any series of Securities pursuant to Section 301 (with such modifications, additions or substitutions as may be specified pursuant to such Section 301). The interest rate (or the

  
 39 

 
spread or spread multiplier used to calculate such interest rate, if applicable) on any Security of such series may be reset by the Company on the date or dates specified on the face of such
Security (each an “Optional Reset Date”). The Company may exercise such option with respect to such Security by notifying the Trustee of such exercise at least 50 but not more than 60 days prior to an Optional Reset Date for such
Note. Not later than 40 days prior to each Optional Reset Date, the Trustee shall transmit, in the manner provided for in Section 106, to the Holder of any such Security a notice (the “Reset Notice”) indicating whether the Company
has elected to reset the interest rate (or the spread or spread multiplier used to calculate such interest rate, if applicable), and if so (i) such new interest rate (or such new spread or spread multiplier, if applicable) and (ii) the provisions,
if any, for redemption during the period from such Optional Reset Date to the next Optional Reset Date or if there is no such next Optional Reset Date, to the Stated Maturity Date of such Security (each such period a “Subsequent Interest
Period”), including the date or dates on which or the period or periods during which and the price or prices at which such redemption may occur during the Subsequent Interest Period. 

Notwithstanding the foregoing, not later than 20 days prior to the Optional Reset Date, the Company may, at its option, revoke the interest
rate (or the spread or spread multiplier used to calculate such interest rate, if applicable) provided for in the Reset Notice and establish an interest rate (or a spread or spread multiplier used to calculate such interest rate, if applicable) that
is higher than the interest rate (or the spread or spread multiplier, if applicable) provided for in the Reset Notice, for the Subsequent Interest Period by causing the Trustee to transmit, in the manner provided for in Section 106, notice of such
higher interest rate (or such higher spread or spread multiplier, if applicable) to the Holder of such Security. Such notice shall be irrevocable. All Securities with respect to which the interest rate (or the spread or spread multiplier used to
calculate such interest rate, if applicable) is reset on an Optional Reset Date, and with respect to which the Holders of such Securities have not tendered such Securities for repayment (or have validly revoked any such tender) pursuant to the next
succeeding paragraph, will bear such higher interest rate (or such higher spread or spread multiplier, if applicable). 
 The Holder of any
such Security will have the option to elect repayment by the Company of the principal of such Security on each Optional Reset Date at a price equal to the principal amount thereof plus interest accrued to such Optional Reset Date. In order to obtain
repayment on an Optional Reset Date, the Holder must follow the procedures set forth in Article Thirteen for repayment at the option of Holders except that the period for delivery or notification to the Trustee shall be at least 25 but not more than
35 days prior to such Optional Reset Date and except that, if the Holder has tendered any Security for repayment pursuant to the Reset Notice, the Holder may, by written notice to the Trustee, revoke such tender or repayment until the close of
business on the tenth day before such Optional Reset Date. 
 Subject to the foregoing provisions of this Section and Section 305, each
Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security. 

  
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 SECTION 308. Optional Extension of Stated Maturity. 

The provisions of this Section 308 may be made applicable to any series of Securities pursuant to Section 301 (with such modifications,
additions or substitutions as may be specified pursuant to such Section 301). The Stated Maturity of any Security of such series may be extended at the option of the Company for the period or periods specified on the face of such Security (each an
“Extension Period”) up to but not beyond the date (the “Final Maturity”) set forth on the face of such Security. The Company may exercise such option with respect to any Security by notifying the Trustee of such
exercise at least 50 but not more than 60 days prior to the Stated Maturity of such Security in effect prior to the exercise of such option (the “Original Stated Maturity”). If the Company exercises such option, the Trustee shall
transmit, in the manner provided for in Section 106, to the Holder of such Security not later than 40 days prior to the Original Stated Maturity a notice (the “Extension Notice”) indicating (i) the election of the Company to extend
the Stated Maturity, (ii) the new Stated Maturity, (iii) the interest rate, if any, applicable to the Extension Period and (iv) the provisions, if any, for redemption during such Extension Period. Upon the Trustee’s transmittal of the Extension
Notice, the Stated Maturity of such Security shall be extended automatically and, except as modified by the Extension Notice and as described in the next paragraph, such Security will have the same terms as prior to the transmittal of such Extension
Notice. 
 Notwithstanding the foregoing, not later than 20 days before the Original Stated Maturity of such Security, the Company may, at
its option, revoke the interest rate provided for in the Extension Notice and establish a higher interest rate for the Extension Period by causing the Trustee to transmit, in the manner provided for in Section 106, notice of such higher interest
rate to the Holder of such Security. Such notice shall be irrevocable. All Securities with respect to which the Stated Maturity is extended will bear such higher interest rate. 

If the Company extends the Maturity of any Security, the Holder will have the option to elect repayment of such Security by the Company on the
Original Stated Maturity at a price equal to the principal amount thereof, plus interest accrued to such date. In order to obtain repayment on the Original Stated Maturity once the Company has extended the Maturity thereof, the Holder must follow
the procedures set forth in Article Thirteen for repayment at the option of Holders, except that the period for delivery or notification to the Trustee shall be at least 25 but not more than 35 days prior to the Original Stated Maturity and except
that, if the Holder has tendered any Security for repayment pursuant to an Extension Notice, the Holder may by written notice to the Trustee revoke such tender for repayment until the close of business on the tenth day before the Original Stated
Maturity. 
 SECTION 309. Persons Deemed Owners. 

Prior to due presentment of a Registered Security for registration of transfer, the Company, the Trustee and any agent of the Company or the
Trustee may treat the Person in whose name such Registered Security is registered as the owner of such Registered Security for the purpose of receiving payment of principal of (and premium, if any) and (subject to Sections 305 and 307) interest, if
any, on such Security and for all other purposes whatsoever (except for determining whether the payment of Additional Amounts is required), whether or not such Security be overdue, and none of the Company, the Trustee or any agent of the Company or
the Trustee shall be affected by notice to the contrary. 

  
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 Title to any Bearer Security and any coupons appertaining thereto shall pass by delivery. The
Company, the Trustee and any agent of the Company or the Trustee may treat the bearer of any Bearer Security and the bearer of any coupon as the absolute owner of such Security or coupon for the purpose of receiving payment thereof or on account
thereof and for all other purposes whatsoever, whether or not such Security or coupons be overdue, and none of the Company, the Trustee or any agent of the Company or the Trustee shall be affected by notice to the contrary. 

The Depositary for Securities may be treated by the Company, the Trustee, and any agent of the Company or the Trustee as the owner of such
global Security for all purposes whatsoever (except for determining whether the payment of Additional Amounts is required). None of the Company, the Trustee, any Paying Agent or the Security Registrar will have any responsibility or liability for
any aspect of the records relating to or payments made on account of beneficial ownership interests of a Security in global form or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 

Notwithstanding anything to the contrary in this Indenture, the Depositary or its nominee, as a Holder of a global Security, may grant proxies
and otherwise authorize any Person (including owners of beneficial interests in the Securities) to take any action that the Depositary or its nominee, as a Holder of a global Security, is entitled to take under this Indenture or the Securities,
provided further that, with respect to any global Security, nothing herein shall prevent the Company, the Trustee, or any agent of the Company or the Trustee, from giving effect to any written certification, proxy or other authorization furnished by
any Depositary, as a Holder, with respect to such global Security or impair, as between such Depositary and owners of beneficial interests in such global Security, the operation of customary practices governing the exercise of the rights of such
Depositary (or its nominee) as Holder of such global Security. 
 SECTION 310. Cancellation. 

All Securities and coupons surrendered for payment, redemption, repayment at the option of the Holder, registration of transfer or exchange or
for credit against any current or future sinking fund payment shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee. All Securities and coupons so delivered to the Trustee shall be promptly cancelled by it. The
Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for
delivery to the Trustee) for cancellation any Securities previously authenticated hereunder which the Company has not issued and sold, and all Securities so delivered shall be promptly cancelled by the Trustee. If the Company shall so acquire any of
the Securities, however, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same are surrendered to the Trustee for cancellation. No Securities shall be
authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section, except as expressly permitted by this Indenture. All cancelled Securities held by the Trustee shall be disposed of by the Trustee in accordance with
its customary procedures and certification of their disposal delivered to the Company unless by Company Order the Company shall direct that cancelled Securities be returned to it. 

  
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 SECTION 311. Computation of Interest. 

Except as otherwise specified as contemplated by Section 301 with respect to any Securities, interest, if any, on the Securities shall be
computed on the basis of a 360 day year of twelve 30 day months. Solely for the purposes of the Interest Act (Canada), the yearly rate of interest to which interest calculated under a Security for a period of less than one year on the basis
of a year of 360 days consisting of twelve 30 day periods (the “calculation period”) is equivalent is such rate of interest multiplied by a fraction of which (i) the numerator is the product of (A) the actual number of days in the
year commencing on the first day of such period, multiplied by (B) the sum of (y) the product of 30 multiplied by the number of complete months elapsed in such period and (z) the actual number of days elapsed in any incomplete month in such period;
and (ii) the denominator is the product of (A) 360 multiplied by (B) the actual number of days in such period. 
 SECTION 312. Currency
and Manner of Payments in Respect of Securities. 
 (a) With respect to Registered Securities of any series not
permitting the election provided for in paragraph (b) below or the Holders of which have not made the election provided for in paragraph (b) below, and with respect to Bearer Securities of any series, except as provided in paragraph (d) below,
payment of the principal of (and premium, if any) and interest, if any, on any Registered or Bearer Security of such series will be made in the Currency in which such Registered Security or Bearer Security, as the case may be, is payable. The
provisions of this Section 312 may be modified or superseded with respect to any Securities pursuant to Section 301. 

(b) It may be provided pursuant to Section 301 with respect to Registered Securities of any series that Holders shall have the
option, subject to paragraphs (d) and (e) below, to receive payments of principal of (or premium, if any) or interest, if any, on such Registered Securities in any of the Currencies which may be designated for such election by delivering to the
Trustee a written election with signature guarantees and in the applicable form established pursuant to Section 301, not later than the close of business on the Election Date immediately preceding the applicable payment date. If a Holder so elects
to receive such payments in any such Currency, such election will remain in effect for such Holder or any transferee of such Holder until changed by such Holder or such transferee by written notice to the Trustee (but any such change must be made
not later than the close of business on the Election Date immediately preceding the next payment date to be effective for the payment to be made on such payment date and no such change of election may be made with respect to payments to be made on
any Registered Security of such series with respect to which an Event of Default has occurred or with respect to which the Company has deposited funds pursuant to Article Four or Fourteen or with respect to which a notice of redemption has been
given by the Company or a notice of option to elect repayment has been sent by such Holder or such transferee). Any Holder of any such Registered Security who shall not have delivered any such election to the Trustee not later than the close of
business on the applicable Election Date will be paid the amount due on the applicable payment date in the relevant Currency as provided in Section 312(a). The Trustee shall notify the Exchange Rate Agent as soon as

  
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practicable after the Election Date of the aggregate principal amount of Registered Securities for which Holders have made such written election. 

(c) Unless otherwise specified pursuant to Section 301, if the election referred to in paragraph (b) above has been provided
for pursuant to Section 301, then, unless otherwise specified pursuant to Section 301, not later than the fourth Business Day after the Election Date for each payment date for Registered Securities of any series, the Exchange Rate Agent will deliver
to the Company a written notice specifying, in the Currency in which Registered Securities of such series are payable, the respective aggregate amounts of principal of (and premium, if any) and interest, if any, on the Registered Securities to be
paid on such payment date, specifying the amounts in such Currency so payable in respect of the Registered Securities as to which the Holders of Registered Securities of such series shall have elected to be paid in another Currency as provided in
paragraph (b) above. If the election referred to in paragraph (b) above has been provided for pursuant to Section 301 and if at least one Holder has made such election, then, unless otherwise specified pursuant to Section 301, on the second Business
Day preceding such payment date the Company will deliver to the Trustee for such series of Registered Securities an Exchange Rate Officer’s Certificate in respect of the Dollar or Foreign Currency payments to be made on such payment date.
Unless otherwise specified pursuant to Section 301, the Dollar or Foreign Currency amount receivable by Holders of Registered Securities who have elected payment in a Currency as provided in paragraph (b) above shall be determined by the
Company on the basis of the applicable Market Exchange Rate in effect on the third Business Day (the “Valuation Date”) immediately preceding each payment date, and such determination shall be conclusive and binding for all purposes,
absent manifest error. 
 (d) If a Conversion Event occurs with respect to a Foreign Currency in which any of the Securities
are denominated or payable other than pursuant to an election provided for pursuant to paragraph (b) above, then with respect to each date for the payment of principal of (and premium, if any) and interest, if any, on the applicable Securities
denominated or payable in such Foreign Currency occurring after the last date on which such Foreign Currency was used (the “Conversion Date”), the Dollar shall be the Currency of payment for use on each such payment date. Unless
otherwise specified pursuant to Section 301, the Dollar amount to be paid by the Company to the Trustee and by the Trustee or any Paying Agent to the Holders of such Securities with respect to such payment date shall be the Dollar Equivalent of the
Foreign Currency as determined by the Exchange Rate Agent in the manner provided in paragraph (f) below. 
 (e) Unless
otherwise specified pursuant to Section 301, if the Holder of a Registered Security denominated in any Currency shall have elected to be paid in another Currency as provided in paragraph (b) above, and a Conversion Event occurs with respect to such
elected Currency, such Holder shall receive payment in the Currency in which payment would have been made in the absence of such election; and if a Conversion Event occurs with respect to the Currency in which payment would have been made in the
absence of such election, such Holder shall receive payment in Dollars as provided in paragraph (d) above. 

  
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 (f) The “Dollar Equivalent of the Foreign Currency” shall be
determined by the Exchange Rate Agent and shall be obtained for each subsequent payment date by converting the specified Foreign Currency into Dollars at the Market Exchange Rate on the Conversion Date. 

(g) For purposes of this Section 312, “Election Date” shall mean the date for any series of Registered
Securities as specified pursuant to clause (13) of Section 301 by which the written election referred to in paragraph (b) above may be made. 

All decisions and determinations of the Exchange Rate Agent regarding the Dollar Equivalent of the Foreign Currency and the Market Exchange
Rate as specified above shall be in its sole discretion and shall, in the absence of manifest error, be conclusive for all purposes and irrevocably binding upon the Company, the Trustee and all Holders of such Securities denominated or payable in
the relevant Currency. The Exchange Rate Agent shall promptly give written notice to the Company and the Trustee of any such decision or determination. 

In the event that the Company determines in good faith that a Conversion Event has occurred with respect to a Foreign Currency, the Company
will immediately give written notice thereof to the Trustee and to the Exchange Rate Agent (and the Trustee will promptly thereafter give notice in the manner provided for in Section 106 to the affected Holders) specifying the Conversion Date. 

The Trustee shall be fully justified and protected in relying and acting upon information received by it from the Company and the Exchange
Rate Agent and shall not otherwise have any duty or obligation to determine the accuracy or validity of such information independent of the Company or the Exchange Rate Agent. 

SECTION 313. Appointment and Resignation of Successor Exchange Rate Agent. 

(a) Unless otherwise specified pursuant to Section 301, if and so long as the Securities of any series (i) are denominated in a
Foreign Currency or (ii) may be payable in a Foreign Currency, or so long as it is required under any other provision of this Indenture, then the Company will maintain with respect to each such series of Securities, or as so required, at least one
Exchange Rate Agent. The Company will cause the Exchange Rate Agent to make the necessary foreign exchange determinations at the time and in the manner specified pursuant to Section 301 for the purpose of determining the applicable rate of exchange
and, if applicable, for the purpose of converting the issued Currency into the applicable payment Currency for the payment of principal (and premium, if any) and interest, if any, pursuant to Section 312. 

(b) The Company shall have the right to remove and replace from time to time the Exchange Rate Agent for any series of
Securities. No resignation of the Exchange Rate Agent and no appointment of a successor Exchange Rate Agent pursuant to this Section shall become effective until the acceptance of appointment by the successor Exchange Rate Agent as evidenced by a
written instrument delivered to the Company and the Trustee. 

  
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 (c) If the Exchange Rate Agent shall resign, be removed or become incapable of
acting, or if a vacancy shall occur in the office of the Exchange Rate Agent for any cause with respect to the Securities of one or more series, the Company, by or pursuant to a Board Resolution, shall promptly appoint a successor Exchange Rate
Agent or Exchange Rate Agents with respect to the Securities of that or those series (it being understood that any such successor Exchange Rate Agent may be appointed with respect to the Securities of one or more or all of such series and that,
unless otherwise specified pursuant to Section 301, at any time there shall only be one Exchange Rate Agent with respect to the Securities of any particular series that are originally issued by the Company on the same date and that are initially
denominated and/or payable in the same Currency). 
 ARTICLE FOUR 

SATISFACTION AND DISCHARGE 

SECTION 401. Satisfaction and Discharge of Indenture. 

This Indenture shall upon a Company Request cease to be of further effect with respect to any series of Securities specified in such Company
Request (except as to any surviving rights of registration of transfer or exchange of Securities of such series expressly provided for herein or pursuant hereto and any right to receive Additional Amounts as contemplated by Section 1005) and the
Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture as to such series when 

(1) either 
 (A)
all Securities of such series theretofore authenticated and delivered and all coupons, if any, appertaining thereto (other than (i) coupons appertaining to Bearer Securities surrendered for exchange for Registered Securities and maturing after such
exchange, whose surrender is not required or has been waived as provided in Section 305, (ii) Securities and coupons of such series which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 306, (iii)
coupons appertaining to Securities called for redemption and maturing after the relevant Redemption Date, whose surrender has been waived as provided in Section 1106, and (iv) Securities and coupons of such series for whose payment money has
theretofore been deposited in trust with the Trustee or any Paying Agent or segregated and held in trust by the Company and thereafter repaid to the Company, as provided in Section 1003) have been delivered to the Trustee for cancellation; or 

(B) (1) all Securities of such series and, in the case of (i) or (ii) below, any coupons appertaining thereto not theretofore
delivered to the Trustee for cancellation 
 (i) have become due and payable, or 

(ii) will become due and payable at their Stated Maturity within one year, or 

  
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 (iii) if redeemable at the option of the Company, are to be called for
redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, 

and the Company, in the case of (i), (ii) or (iii) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds
in trust for such purpose an amount in the Currency in which the Securities of such series are payable, sufficient to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for
principal (and premium, if any) and interest, if any, to the date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be; 

(2) the Company has paid or caused to be paid all other sums payable hereunder by the Company in respect of such series; and 

(3) the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent herein provided for relating to the satisfaction and discharge of this Indenture as to such series have been complied with. 

Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 607, the
obligations of the Trustee to any Authenticating Agent under Section 612 and, if money shall have been deposited with the Trustee pursuant to subclause (B) of clause (1) of this Section, the obligations of the Trustee under Section 402 and the
last paragraph of Section 1003 shall survive. 
 SECTION 402. Application of Trust Money. 

Subject to the provisions of the last paragraph of Section 1003, all money deposited with the Trustee pursuant to Section 401 shall be
held in trust and applied by it, in accordance with the provisions of the Securities, the coupons and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee
may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest, if any, for whose payment such money has been deposited with the Trustee; but such money need not be segregated from other funds except to the
extent required by law. 
 ARTICLE FIVE 

REMEDIES 
 SECTION 501.
Events of Default. 
 “Event of Default”, wherever used herein with respect to Securities of any series, means any one
of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of
any administrative or 

  
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governmental body), unless such event is specifically deleted or modified in or pursuant to a supplemental indenture, Board Resolution or Officer’s Certificate establishing the terms of such
series pursuant to Section 301 of this Indenture: 
 (1) default in the payment of any interest on any Security of that
series, or any related coupon, when such interest or coupon becomes due and payable, and continuance of such default for a period of 30 days; or 

(2) default in the payment of the principal of (or premium, if any, on) any Security of that series when it becomes due and
payable; or 
 (3) default in the performance, or breach, of any covenant or warranty of the Company in this Indenture in
respect of the Securities of that series (other than a covenant or warranty a default in the performance of which, or the breach of which, is specifically dealt with elsewhere in this Indenture), and continuance of such default or breach for a
period of 60 days after the receipt by the Company of written notice specifying such default or breach, and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder (i) to the Company (attention of
the General Counsel to the Company via facsimile, with a hard copy then sent, by registered or certified mail) by the Trustee or (ii) to the Company (in the same manner) and the Trustee by the Holders of at least 25% in principal amount of all
Outstanding Securities of any series affected thereby; or 
 (4) if an event of default (as defined in any indenture or
instrument under which the Company or any of its Restricted Subsidiaries has at the time of this Indenture or shall thereafter have outstanding any indebtedness for borrowed money) shall happen and be continuing, or the Company or any of its
Restricted Subsidiaries shall have failed to pay principal amounts with respect to such indebtedness at maturity and such event of default or failure to pay shall result in such indebtedness being declared due and payable or otherwise being
accelerated, in either event so that an amount in excess of the greater of $75,000,000 and 2% of the Shareholders’ Equity of the Company shall be or become due and payable upon such declaration or otherwise accelerated prior to the date on
which the same would otherwise have become due and payable (the “Accelerated Indebtedness”), and such acceleration shall not be rescinded or annulled, or such event of default or failure to pay under such indenture or instrument
shall not be remedied or cured, whether by payment or otherwise, or waived by the holders of such Accelerated Indebtedness, then (a) if the Accelerated Indebtedness shall be as a result of an event of default which is not related to the failure to
pay principal or interest on the terms, at the times and on the conditions set out in any such indenture or instrument, it shall not be considered an Event of Default for purposes of this Indenture until 30 days after such indebtedness has been
accelerated, or (b) if the Accelerated Indebtedness shall occur as a result of such failure to pay principal or interest or as a result of an event of default which is related to the failure to pay principal or interest on the terms, at the times,
and on the conditions set out in any such indenture or instrument, then (i) if such Accelerated Indebtedness is, by its terms, Non-Recourse Debt to the Company or its Restricted Subsidiaries, it shall not be considered an Event of Default for
purposes of this Indenture; or (ii) if such Accelerated Indebtedness is recourse to the Company or its Restricted Subsidiaries, any requirement in connection with such failure to pay or event of default

  
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for the giving of notice or the lapse of time or the happening of any further condition, event or act under such other indenture or instrument in connection with such failure to pay principal or
an event of default shall be applicable together with an additional seven days before being considered an Event of Default for purposes of this Indenture; or 

(5) the entry of a decree or order by a court having jurisdiction in the premises adjudging the Company a bankrupt or
insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company under the Bankruptcy and Insolvency Act (Canada), the Companies ’ Creditors
Arrangement Act (Canada) or any other applicable insolvency law, or appointing a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Company or of any substantial part of its property, or ordering the winding
up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 90 consecutive days; or 

(6) the institution by the Company of proceedings to be adjudicated a bankrupt or insolvent, or the consent by it to the
institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under the Bankruptcy and Insolvency Act (Canada), the Companies’ Creditors
Arrangement Act (Canada) or any other applicable insolvency law, or the consent by it to the filing of any such petition or to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Company
or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due; or 

(7) any other Event of Default provided with respect to Securities of that series. 

SECTION 502. Acceleration of Maturity; Rescission and Annulment. 

If an Event of Default described in Section 501 with respect to Securities of any series at the time Outstanding occurs and is continuing,
then in every such case the Trustee or the Holders of not less than 25% in aggregate principal amount of the Outstanding Securities of such affected series may, subject to any subordination provisions thereof, declare the principal amount (or, if
the Securities of that series are Original Issue Discount Securities or Indexed Securities, such portion of the principal amount as may be specified in the terms of that series) of all of the Securities of that series, and all accrued and unpaid
interest thereon to the date of such acceleration, to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified portion thereof)
shall become immediately due and payable. 
 At any time after such a declaration of acceleration with respect to Securities of any series
(or of all series, as the case may be) has been made, but before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter provided in this Article, the Holders of a majority in principal amount of the
Outstanding Securities of that series (or of all series, as the case may be), by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if: 

  
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 (1) the Company has paid or deposited with the Trustee a sum sufficient to pay in
the Currency in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such series and except, if applicable, as provided in Sections 312(b), 312(d) and 312(e)): 

(A) all overdue interest, if any, on all Outstanding Securities of that series (or of all series, as the case may be) and any
related coupons, 
 (B) all unpaid principal of (and premium, if any) any Outstanding Securities of that series (or of all
series, as the case may be) which has become due otherwise than by such declaration of acceleration, and interest on such unpaid principal at the rate or rates prescribed therefor in such Securities, 

(C) to the extent that payment of such interest is lawful, interest on overdue interest, if any, at the rate or rates
prescribed therefor in such Securities, and 
 (D) all sums paid or advanced by the Trustee hereunder and the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel; and 
 (2) all Events of Default
with respect to Securities of that series (or of all series, as the case may be), other than the non-payment of amounts of principal of (or premium, if any, on) or interest on Securities of that series (or of all series, as the case may be) which
have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 513. 
 No such rescission shall affect
any subsequent default or impair any right consequent thereon. 
 Notwithstanding the preceding paragraph, in the event of a declaration of
acceleration in respect of the Securities because of an Event of Default specified in Section 501(4) shall have occurred and be continuing, such declaration of acceleration shall be automatically annulled if the indebtedness that is the subject
of such Event of Default has been discharged or the holders thereof have rescinded their declaration of acceleration in respect of such indebtedness, and written notice of such discharge or rescission, as the case may be, shall have been given to
the Trustee by the Company and countersigned by the holders of such indebtedness or a trustee, fiduciary or agent for such holders, within 30 days after such declaration of acceleration in respect of the Securities, and no other Event of Default has
occurred during such 30-day period which has not been cured or waived during such period. 
 SECTION 503. Collection of Indebtedness and
Suits for Enforcement by Trustee. 
 The Company covenants that if: 

(1) default is made in the payment of any installment of interest on any Security and any related coupon when such interest
becomes due and payable and such default continues for a period of 30 days, or 

  
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 (2) default is made in the payment of the principal of (or premium, if any, on)
any Security at the Maturity thereof, 
 then the Company will, upon demand of the Trustee, pay to the Trustee for the benefit of the Holders of such
Securities and coupons, the whole amount then due and payable on such Securities and coupons for principal (and premium, if any) and interest, if any, and interest on any overdue principal (and premium, if any) and on any overdue interest, at the
rate or rates prescribed therefor in such Securities, and, in addition thereto, such further amounts as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel. 
 If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own name as
trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company or any other obligor upon such
Securities and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever situated. 

If an Event of Default with respect to Securities of any series (or of all series, as the case may be) occurs and is continuing, the Trustee
may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such series (or of all series, as the case may be) by such appropriate judicial proceedings as the Trustee shall deem most effectual to
protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 

SECTION 504. Trustee May File Proofs of Claim. 

In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or
other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or the property of such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities
shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal, premium, if any, or interest) shall be entitled
and empowered, by intervention in such proceeding or otherwise, 
 (1) to file and prove a claim for the whole amount of
principal (and premium, if any), or such portion of the principal amount of any series of Original Issue Discount Securities or Indexed Securities as may be specified in the terms of such series, and interest, if any, owing and unpaid in respect of
the Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its
agents and counsel) and of the Holders allowed in such judicial proceeding, and 
 (2) to collect and receive any moneys or
other property payable or deliverable on any such claims and to distribute the same; 

  
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 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such
judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 607. 

Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any
plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

SECTION 505. Trustee May Enforce Claims Without Possession of Securities. 

All rights of action and claims under this Indenture or the Securities or coupons may be prosecuted and enforced by the Trustee without the
possession of any of the Securities or coupons or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of
judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities and coupons in respect of which
such judgment has been recovered. 
 SECTION 506. Application of Money Collected. 

Any money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee
and, in case of the distribution of such money on account of principal (or premium, if any) or interest, if any, upon presentation of the Securities or coupons, or both, as the case may be, and the notation thereon of the payment if only partially
paid and upon surrender thereof if fully paid: 
 First: To the payment of all amounts due the Trustee under Section
607; 
 Second: To the payment of the amounts then due and unpaid for principal of (and premium, if any) and interest,
if any, on the Securities and coupons in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities and coupons for
principal (and premium, if any) and interest, if any, respectively; and 
 Third: The balance, if any, to the Company
or to such Person or Persons as the Company instructs in writing. 
 SECTION 507. Limitation on Suits. 

No Holder of any Security of any series or any related coupons shall have any right to institute any proceeding, judicial or otherwise, with
respect to this Indenture, the Securities of any series, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 

  
 52 

 (1) such Holder has previously given written notice to the Trustee of a
continuing Event of Default with respect to the Securities of that series; 
 (2) the Holders of not less than 25% in
aggregate principal amount of the Outstanding Securities of that series in the case of any Event of Default described in Section 501, shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its
own name as Trustee hereunder; 
 (3) such Holder or Holders have offered to the Trustee reasonable indemnity against the
costs, expenses and liabilities to be incurred in compliance with such request; 
 (4) the Trustee for 60 days after its
receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and 
 (5) no direction
inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority or more in principal amount of the Outstanding Securities of that series in the case of any Event of Default described in
Section 501; 
 it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by
availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Holders of Securities of the same series, in the case of any Event of Default described in Section 501, or to obtain or to seek to obtain priority
or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all Holders of Securities of the same series, in the case of any Event of
Default described in Section 501. 
 SECTION 508. Unconditional Right of Holders to Receive Principal (Premium, if any) and
Interest. 
 Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute
and unconditional, to receive payment, as provided herein (including, if applicable, Article Fourteen) and in such Security, of the principal of (and premium, if any) and (subject to Section 307) interest, if any, on, such Security or payment of
such coupon on the respective Stated Maturities expressed in such Security or coupon (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without
the consent of such Holder. 
 SECTION 509. Restoration of Rights and Remedies. 

If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been
discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders of Securities and
coupons shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted. 

  
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 SECTION 510. Rights and Remedies Cumulative. 

Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities or coupons in the
last paragraph of Section 306, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders of Securities or coupons is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent
permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not
prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 SECTION 511. Delay or Omission Not Waiver.

 No delay or omission of the Trustee or of any Holder of any Security or coupon to exercise any right or remedy accruing upon any
Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time
to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 
 SECTION 512. Control by
Holders. 
 Subject to Article Six, with respect to the Securities of any series, the Holders of not less than a majority in principal
amount of the Outstanding Securities of such series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, relating
to or arising under Section 501, provided that in each case 
 (1) such direction shall not be in conflict with
any rule of law or with this Indenture, 
 (2) the Trustee may take any other action deemed proper by the Trustee which is
not inconsistent with such direction, and 
 (3) the Trustee need not take any action which might involve it in personal
liability or be unjustly prejudicial to the Holders of Securities of such series not consenting. 
 SECTION 513. Waiver of Past Defaults.

 Subject to Section 502, the Holders of not less than a majority in principal amount of the Outstanding Securities of any series may
on behalf of the Holders of all the Securities of such series waive any past default described in Section 501, and its consequences, except a default 

(1) in respect of the payment of the principal of (or premium, if any) or interest, if any, on any Security or any related
coupon, or 

  
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 (2) in respect of a covenant or provision hereof which under Article Nine cannot
be modified or amended without the consent of the Holder of each Outstanding Security of such series affected. 
 Upon any such waiver, any
such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or Event of Default or impair
any right consequent thereon. 
 SECTION 514. Waiver of Stay or Extension Laws. 

The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner
whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Company (to the extent that it may
lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such
power as though no such law had been enacted. 
 SECTION 515. Undertaking for Costs. 

All parties to this Indenture agree, and each Holder, by acceptance of a Security, shall be deemed to have agreed that, in any suit for the
enforcement of any right or remedy under this Indenture, or any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, any court may, in its discretion, require the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the
claims or defenses made by such party litigant; provided, however, that the provisions of this Section 515 shall not apply to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the
aggregate Securities representing more than 10% of the aggregate principal amount of the Outstanding Securities of any series, or to any suit instituted by any Holder for the enforcement of the payment of any installment of interest on any Security
on or after the Stated Maturity thereof expressed in such Security or for the enforcement of the payment of the principal of such Security at the Stated Maturity therefore. 

ARTICLE SIX 
 THE
TRUSTEE 
 SECTION 601. Notice of Defaults. 

Within 90 days after the occurrence of any Default hereunder with respect to the Securities of any series, the Trustee shall transmit in the
manner and to the extent provided in TIA Section 313(c), notice of such Default hereunder known to the Trustee, unless such Default shall have been cured or waived; provided, however, that, except in the case of a Default in the
payment of the principal of (or premium, if any) or interest, if any, on any Security of such series or in the payment of any sinking fund installment with respect to Securities of such series, the 

  
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Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors and/or Responsible Officers of the
Trustee in good faith determine that the withholding of such notice is in the interest of the Holders of Securities of such series and any related coupons, and so advises the Company in writing; and provided further, that in the case
of any Default of the character specified in Section 501(3) with respect to Securities of such series, no such notice to Holders shall be given until at least 30 days after the occurrence thereof. 

SECTION 602. Certain Duties and Responsibilities of Trustee. 

(a) The Trustee, prior to the occurrence of an Event of Default and after the curing of all Events of Default that may have
occurred, shall undertake to perform with respect to the Securities of any series, such duties and only such duties as are specifically set forth in this Indenture, and no implied covenants shall be read into this Indenture against the Trustee. If
an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture and use the same degree of care and skill in its exercise as a prudent person would exercise or use under the
circumstances in the conduct of such person’s own affairs. 
 (b) No provision of this Indenture shall be construed to
relieve the Trustee from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that: 

(1) prior to the occurrence of an Event of Default and after the curing or waiving of all such Events of Default that may have
occurred: 
 (i) the duties and obligations of the Trustee with respect to the Securities of any series shall be determined
solely by the express provisions of this Indenture, and the Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read
into this Indenture against the Trustee; and 
 (ii) in the absence of bad faith on the part of the Trustee, the Trustee may
conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture and the Trust Indenture Act;

 but in the case of any such certificates or opinions that by any provision hereof or Section 314 of the TIA are
specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture; 

(2) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer of the Trustee,
unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 

  
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 (3) the Trustee shall not be liable with respect to any action taken or omitted
to be taken by them in good faith in accordance with the direction of the Holders of not less than a majority in principal amount of the Securities of any series at the time Outstanding relating to the time, method and place of conducting any
proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee under this Indenture; and 

(4) notwithstanding anything contained herein to the contrary, subject to the provisions of TIA Sections 315(a) through
315(d), the Trustee shall not be required to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable
grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 

(c) Whether or not therein expressly so provided, except to the extent expressly provided herein to the contrary, every provision of this
Indenture relating to the conduct or effecting the liability or affording protection to the Trustee, shall be subject to the provisions of this Section. 

SECTION 603. Certain Rights of Trustee. 

Subject to the provisions of TIA Sections 315(a) through 315(d): 

(1) the Trustee may, in good faith, rely and shall be protected in acting or refraining from acting upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by
the proper party or parties; 
 (2) any request or direction of the Company mentioned herein shall be sufficiently evidenced
by a Company Request or Company Order and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution; 

(3) whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established
prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officer’s Certificate; 

(4) before the Trustee acts or refrains from acting, the Trustee may consult with counsel and the written advice of such
counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 

(5) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the
request or direction of any of the Holders of Securities of any series or any related coupons pursuant to this Indenture, unless such Holders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and
liabilities which might be incurred by it in compliance with such request or direction; 

  
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 (6) the Trustee shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion,
may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the
Company, personally or by agent or attorney; 
 (7) the Trustee may execute any of the trusts or powers hereunder or perform
any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; 

(8) the Trustee shall not be liable for any action taken, suffered or omitted by it in good faith and believed by it to be
authorized or within the discretion or rights or powers conferred upon it by this Indenture; and 
 (9) except as otherwise
specifically provided herein, (i) all references in this Indenture to the Trustee shall be deemed to refer to the Trustee in its capacity as Trustee and in its capacities as Security Registrar, Authenticating Agent and Paying Agent and (ii) every
provision of this Indenture relating to the conduct or affecting the liability or offering protection, immunity or indemnity to the Trustee shall be deemed to apply with the same force and effect to the Trustee acting in its capacities as Paying
Agent, Authenticating Agent and Security Registrar. 
 SECTION 604. Trustee Not Responsible for Recitals or Issuance of Securities.

 The recitals contained herein and in the Securities, except for the Trustee’s certificates of authentication, and in any coupons
shall be taken as the statements of the Company, and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of
the Securities or coupons, except that the Trustee represents that it is duly authorized to execute and deliver this Indenture, authenticate the Securities and perform its obligations hereunder and that the statements made by it in a Statement of
Eligibility on Form T-1 supplied to the Company are true and accurate, subject to the qualifications set forth therein. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Company of
Securities or the proceeds thereof. 
 SECTION 605. May Hold Securities. 

The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other agent of the Company or of the Trustee, in its
individual or any other capacity, may become the owner or pledgee of Securities and coupons and, subject to TIA Sections 310(b) and 311, may otherwise deal with the Company with the same rights it would have if it were not Trustee,
Authenticating Agent, Paying Agent, Security Registrar or such other agent. A Trustee that has resigned or was removed shall remain subject to TIA Section 311(a). 

  
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 SECTION 606. Money Held in Trust. 

Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall
be under no liability for interest on any money received by it hereunder except as otherwise agreed with the Company. 
 SECTION 607.
Compensation and Reimbursement. 
 The Company agrees: 

(1) to pay to the Trustee from time to time such compensation as the Trustee and the Company shall from time to time agree in
writing for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 

(2) except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses,
disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement
or advance as may be attributable to its negligence or bad faith; and 
 (3) to indemnify the Trustee for, and to hold it
harmless against, any loss, liability or expense (including, without limitation, the reasonable compensation and the expenses and disbursements of its agents and counsel) incurred without negligence or bad faith on its part, arising out of or in
connection with the acceptance or administration of the trust or trusts hereunder, the performance of its duties hereunder and/or the exercise of its rights hereunder, including the costs and expenses of defending itself against any claim or
liability in connection with the exercise or performance of any of its powers or duties hereunder. 
 The obligations of the Company under
this Section to compensate the Trustee, to pay or reimburse the Trustee for expenses, disbursements and advances and to indemnify and hold harmless the Trustee shall constitute additional indebtedness hereunder and shall survive the satisfaction and
discharge of this Indenture. As security for the performance of such obligations of the Company, the Trustee shall have a claim prior to the Securities upon all property and funds held or collected by the Trustee as such, except funds held in trust
for the payment of principal of (or premium, if any) or interest, if any, on particular Securities or any coupons. 
 When the Trustee
incurs expenses or renders services in connection with an Event of Default specified in Section 501(5), the expenses (including reasonable charges and expense of its counsel) of and the compensation for such services are intended to constitute
expenses of administration under any applicable U.S. or Canadian federal, state or provincial bankruptcy, insolvency or other similar law. 

The provisions of this Section shall survive the termination of this Indenture, the payment of the Securities and the resignation or removal
of the Trustee. 
 SECTION 608. Corporate Trustee Required; Eligibility. 

  
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 There shall be at all times a Trustee hereunder which shall be eligible to act as Trustee under
TIA Section 310(a)(1) and shall have a combined capital and surplus (together with that of its parent) of at least $50,000,000. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of federal,
state, territorial or District of Columbia supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its
most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this
Article. 
 SECTION 609. Resignation and Removal; Appointment of Successor. 

(a) No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become
effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 610. 

(b) The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to
the Company. If the instrument of acceptance by a successor Trustee required by Section 610 shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of
competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 
 (c) The
Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of not less than a majority in principal amount of the Outstanding Securities of such series, delivered to the Trustee and to the Company. 

(d) If at any time: 

(1) the Trustee shall acquire any conflicting interest as defined in TIA Section 310(b) and fail to comply with the provisions
of TIA Section 310(b)(i), or 
 (2) the Trustee shall fail to comply with the provisions of the TIA Section 310(b) after
written request therefor by the Company or by any Holder who has been a bona fide Holder of a Security for at least six months, or 

(3) the Trustee shall cease to be eligible under Section 608 and shall fail to resign after written request therefor by the
Company or by any Holder who has been a bona fide Holder of a Security for at least six months, or 
 (4) the Trustee shall
become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of such Trustee or of its property shall be appointed or any public officer shall take charge or control of such Trustee or of its property or affairs for the
purpose of rehabilitation, conservation or liquidation, 
 then, in any such case, (i) the Company may remove the Trustee with respect to all Securities or
the Securities of such series, or (ii) subject to TIA Section 315(e), any Holder who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others 

  
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similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Securities of such series and the appointment of a successor Trustee or
Trustees. 
 (e) If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the
office of Trustee for any cause, with respect to the Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Securities of that or those series (it being
understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular series). If, within
one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall be appointed by Act of the Holders of a majority in principal amount of the
Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment, become the successor Trustee with respect to the Securities of such
series and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities of any series shall have been so appointed by the Company or the Holders and accepted appointment in the
manner hereinafter provided, any Holder who has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the
appointment of a successor Trustee with respect to the Securities of such series. 
 (f) The Company shall give notice of
each resignation and each removal of the Trustee with respect to the Securities of any series and each appointment of a successor Trustee with respect to the Securities of any series to the Holders of Securities of such series in the manner provided
for in Section 106. Each notice shall include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office. 

SECTION 610. Acceptance of Appointment by Successor. 

(a) In case of the appointment hereunder of a successor Trustee with respect to all Securities, every such successor Trustee so
appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee,
without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its
charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such
retiring Trustee hereunder. 
 (b) In case of the appointment hereunder of a successor Trustee with respect to the Securities
of one or more (but not all) series, the Company, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute 

  
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and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (1) shall contain such provisions as shall be necessary or desirable to
transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, (2)
if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the
Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or
facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall
be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring
Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to
the Securities of that or those series to which the appointment of such successor Trustee relates; but, on request of the Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all
property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor Trustee relates. Whenever there is a successor Trustee with respect to one or more (but less
than all) series of securities issued pursuant to this Indenture, the terms “Indenture” and “Securities” shall have the meanings specified in the provisos to the respective definitions of those terms in Section 101 which
contemplate such situation. 
 (c) Upon request of any such successor Trustee, the Company shall execute any and all
instruments for more fully and certainly vesting in and confirming to such successor Trustee all rights, powers and trusts referred to in paragraph (i) or (ii) of this Section, as the case may be. 

(d) No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be
qualified and eligible under this Article. 
 SECTION 611. Merger, Conversion, Consolidation or Succession to Business. 

Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any
merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such
corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Securities shall have been authenticated, but not
delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same

  
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effect as if such successor Trustee had itself authenticated such Securities. In case any of the Securities shall not have been authenticated by such predecessor Trustee, any successor Trustee
may authenticate such Securities either in the name of any predecessor hereunder or in the name of the successor Trustee. In all such cases such certificates shall have the full force and effect which this Indenture provides for the certificate of
authentication of the Trustee; provided, however, that the right to adopt the certificate of authentication of any predecessor Trustee or to authenticate Securities in the name of any predecessor Trustee shall apply only to its
successor or successors by merger, conversion or consolidation. 
 SECTION 612. Authorization of Authenticating Agent. 

At any time when any of the Securities remain Outstanding, the Trustee may authorize an Authenticating Agent or Agents with respect to one or
more series of Securities which shall be authorized to act on behalf of the Trustee to authenticate Securities of such series and the Trustee shall give written notice of such appointment to all Holders of Securities of the series with respect to
which such Authenticating Agent will serve, in the manner provided for in Section 106. Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the
Trustee hereunder. Any such authorization shall be evidenced by an instrument in writing signed by a Responsible Officer of the Trustee, and a copy of such instrument shall be promptly furnished to the Company. Wherever reference is made in this
Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent
and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation organized and doing business under the laws of the
United States of America, any state thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by
federal or state authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section, the combined capital and
surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions
of this Section, it shall resign immediately in the manner and with the effect specified in this Section. 
 Any corporation into which an
Authenticating Agent maybe merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the
corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided such corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any
further act on the part of the Trustee or the Authenticating Agent. 
 An Authenticating Agent may resign at any time by giving written
notice thereof to the Trustee and to the Company. The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such a notice of
resignation or upon such a termination, or in case at 

  
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any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may authorize a successor Authenticating Agent which shall be
acceptable to the Company and shall give written notice of such authorization to all Holders of Securities of the series with respect to which such Authenticating Agent will serve, in the manner provided for in Section 106. Any successor
Authenticating Agent upon acceptance of its authorization hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor
Authenticating Agent shall be authorized unless eligible under the provisions of this Section. 
 The Company agrees to pay to each
Authenticating Agent from time to time reasonable compensation for its services under this Section. 
 If an authorization with respect to
one or more series is made pursuant to this Section, the Securities of such series may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternate certificate of authentication in the following form: 

Dated:                      

This is one of the Securities of the series designated and referred to in, and issued under, the within-mentioned Indenture.

  

			
	THE BANK OF NEW YORK,
	as Trustee
		
	By	 	  

		 	as Authenticating Agent
		
	By	 	  

		 	Authorized Signatory

 ARTICLE SEVEN 

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY 

SECTION 701. Company to Furnish Trustee Names and Addresses of Holders. 

The Company will furnish or cause to be furnished to the Trustee (1) not more than 15 days after each Regular Record Date a list, in such form
as the Trustee may reasonably require, of the names and addresses of Holders of Registered Securities as of such Regular Record Date; provided, however, that the Company shall not be obligated to furnish or cause to be furnished such
list at any time that the list shall not differ in any respect from the most recent list furnished to the Trustee by the Company and at such times as the Trustee is acting as Security Registrar for the applicable series of Securities and (2) at such
other times as the Trustee may request in writing within 30 days after the receipt by the Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished. 

  
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 SECTION 702. Preservation of List of Names and Addresses of Holders. 

The Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of the Holders of
Registered Securities contained in the most recent list furnished to it as provided in Section 701 and as to the names and addresses of Holders of Registered Securities received by the Trustee in its capacity as Security Registrar for the applicable
series of Securities (if acting in such capacity). 
 The Trustee may destroy any list furnished to it as provided in Section 701 upon
receipt of a new list so furnished. 
 Holders may communicate as provided in Section 312(b) of the Trust Indenture Act with other Holders
with respect to their rights under this Indenture or under the Securities. 
 SECTION 703. Disclosure of Names and Addresses of Holders.

 Every Holder of Securities or coupons, by receiving and holding the same, agrees with the Company and the Trustee that none of the
Company or the Trustee or any agent of either of them shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders in accordance with TIA Section 312, regardless of the source from which
such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under TIA Section 312(b). 

SECTION 704. Reports by Trustee. 

(a) Within 60 days after October 15 of each year commencing with the first October 15 after the first issuance of
Securities pursuant to this Indenture, the Trustee shall transmit to the Holders of Registered Securities, in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act, a brief report dated as of such October 15 if
required by Section 313(a) of the Trust Indenture Act. 
 (b) The Trustee shall comply with Sections 313(b) and 313(c) of the
Trust Indenture Act. 
 (c) A copy of such report shall, at the time of such transmission to the Holders of Registered
Securities, be filed by the Trustee with the Company (Attention: General Counsel), with each securities exchange upon which any of the Securities are listed (if so listed) and also with the Commission. The Company agrees to notify the Trustee in
writing when the Securities become listed on any stock exchange. 
 SECTION 705. Reports by the Company. 

The Company shall: 

(a) file with the Trustee, within 15 days after the Company is required to file the same with the Commission, copies, which may
be in electronic format, of the annual reports and of the information, documents and other reports (or copies of such portions of 

  
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any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Company may be required to file with the Commission pursuant to Section 13 or Section
15(d) of the Exchange Act; 
 (b) file with the Trustee and the Commission, in accordance with rules and regulations
prescribed from time to time by the Commission, such additional information, documents and reports with respect to compliance by the Company with the conditions and covenants of this Indenture as may be required from time to time by such rules and
regulations; 
 (c) notwithstanding that the Company may not be required to remain subject to the reporting requirements of
Section 13 or 15(d) of the Exchange Act, or otherwise report on an annual and quarterly basis on forms provided for such annual and quarterly reporting pursuant to rules and regulations promulgated by the Commission, the Company shall provide the
Trustee: 
 (1) within 140 days after the end of each fiscal year, the information required to be contained in annual reports
on Form 20-F, Form 40-F or Form 10-K as applicable (or any successor form); and 
 (2) within 65 days after the end of
each of the first three fiscal quarters of each fiscal year, the information required to be contained in reports on Form 6-K (or any successor form) which, regardless of applicable requirements, shall, at a minimum, contain such information required
to be provided in quarterly reports under the laws of Canada or any province thereof to security holders of a company with securities listed on the Toronto Stock Exchange, whether or not the Company has any of its securities so listed. 

Such reports, to the extent permitted by the rules and regulations of the Commission, will be prepared in accordance with
Canadian disclosure requirements and GAAP; provided, however, that the Company shall not be obligated to file such reports with the Commission if the Commission does not permit such filings; 

(d) transmit to all Holders of Registered Securities, in the manner and to the extent provided in Section 313(c) of the TIA,
within 15 days after the filing thereof with the Trustee, such summaries of any information, documents and reports required to be filed by the Company pursuant to paragraphs (a) and (b) of this Section as may be required by rules and regulations
prescribed from time to time by the Commission. 
 ARTICLE EIGHT 

CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE 

SECTION 801. Company May Consolidate, etc., Only on Certain Terms. 

The Company shall not consolidate or amalgamate with or merge into or enter into any statutory arrangement with any other corporation, or
convey, transfer or lease all or substantially all of its properties and assets to any Person, unless: 

  
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 (1) the entity formed by or continuing from such consolidation or amalgamation or
into which the Company is merged or with which the Company enters into such statutory arrangement or the Person which acquires or leases, all or substantially all of the Company’s properties and assets (A) shall be a corporation, partnership or
trust organized and validly existing under the laws of the United States of America, any state thereof or the District of Columbia or the laws of Canada or any province or territory thereof, or, if such consolidation, amalgamation, merger, statutory
arrangement or other transaction would not impair the rights of Holders, in any other country, provided that if such successor entity is organized under the laws of a jurisdiction other than the United States, any state thereof or the District of
Columbia, or the laws of Canada or any province or territory thereof, the successor entity assumes the Company’s obligations under the Securities and this Indenture to pay Additional Amounts, including the name of such successor jurisdiction in
addition to Canada in each place that Canada appears in Section 1005 and (B) shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, or shall assume by operation of
law, the Company’s obligation for the due and punctual payment of the principal of (and premium, if any) and interest, if any, on all the Securities and the performance and observance of every covenant of this Indenture on the part of the
Company to be performed or observed; 
 (2) immediately before and after giving effect to such transaction, no Default or
Event of Default, shall have happened and be continuing; and 
 (3) the Company or such Person shall have delivered to the
Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such amalgamation, statutory arrangement, consolidation, merger, conveyance, transfer or lease and such supplemental indenture comply with this Article and that all
conditions precedent herein provided for relating to such transaction have been complied with. 
 This Section shall only apply to a merger,
amalgamation, statutory arrangement or consolidation in which the Company is not the surviving corporation and to conveyances, leases and transfers by the Company as transferor or lessor. 

SECTION 802. Successor Person Substituted. 

Upon any amalgamation or consolidation by the Company with or merger by the Company into any other corporation or any conveyance, transfer or
lease all or substantially all of the properties and assets of the Company to any Person in accordance with Section 801, the successor Person formed by such amalgamation or consolidation or into which the Company is merged or to which such
conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein, and in
the event of any such conveyance or transfer, the Company (which term shall for this purpose mean the Person named as the “Company” in the first paragraph of this Indenture or any successor Person which shall theretofore become such in the
manner described in Section 801), except in the case of a lease, shall be discharged of all obligations and covenants under this Indenture and the Securities and the coupons and may be dissolved and liquidated. 

  
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 SECTION 803. Securities to Be Secured in Certain Events. 

If, upon any such amalgamation, consolidation or statutory arrangement of the Company with or merger of the Company into any other
corporation, or upon any conveyance, lease or transfer of all or substantially all of the property of the Company to any other Person, any Restricted Property of the Company, or any Restricted Securities owned by the Company immediately prior
thereto, would thereupon become subject to any Lien, then unless such Lien could be created pursuant to Section 1006 without equally and ratably securing the Securities, the Company, prior to or simultaneously with such consolidation, amalgamation,
statutory arrangement, merger, conveyance, lease or transfer, will, as to such Restricted Property or Restricted Securities, secure the Securities Outstanding hereunder (together with, if the Company shall so determine, any other indebtedness of the
Company now existing or hereafter created which is not subordinate to the Securities) equally and ratably with (or prior to) the indebtedness which upon such consolidation, amalgamation, merger, statutory arrangement, conveyance, lease or transfer
is to become secured as to such Restricted Property or Restricted Securities by such Lien, or will cause such Securities to be so secured; provided that, for the purpose of providing such equal and ratable security, the principal amount of
Original Issue Discount Securities and Indexed Securities shall mean that amount which would at the time of making such effective provision be due and payable pursuant to Section 502 and the terms of such Original Issue Discount Securities and
Indexed Securities upon a declaration of acceleration of the Maturity thereof, and the extent of such equal and ratable security shall be adjusted, to the extent permitted by law, as and when said amount changes over time pursuant to the terms of
such Original Issue Discount Securities and Indexed Securities. 
 ARTICLE NINE 

SUPPLEMENTAL INDENTURES 

SECTION 901. Supplemental Indentures Without Consent of Holders. 

Without the consent of any Holders, the Company, when authorized by or pursuant to a Board Resolution, and the Trustee, at any time and from
time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes: 

(1) to evidence the succession of another Person to the Company and the assumption by any such successor of the covenants of
the Company contained herein and in the Securities; or 
 (2) to add to the covenants of the Company for the benefit of the
Holders of all or any series of Securities and any related coupons (and if such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are being included solely for the benefit of such series) or to
surrender any right or power herein conferred upon the Company; or 
 (3) to add any additional Events of Default (and if
such Events of Default are to be for the benefit of less than all series of Securities, stating that such Events of Default are being included solely for the benefit of such series); or 

  
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 (4) to add to or change any of the provisions of this Indenture to provide that
Bearer Securities may be registrable as to principal, to change or eliminate any restrictions on the payment of principal of or any premium or interest on Bearer Securities, to permit Bearer Securities to be issued in exchange for Registered
Securities, to permit Bearer Securities to be issued in exchange for Bearer Securities of other authorized denominations or to permit or facilitate the issuance of Securities in uncertificated form; provided that any such action shall not
adversely affect the interests of the Holders of Securities of any series or any related coupons in any material respect; or 

(5) to change or eliminate any of the provisions of this Indenture; provided that any such change or elimination shall
become effective only when there is no Security Outstanding of any series created prior to the execution of such supplemental indenture which is entitled to the benefit of such provision; or 

(6) to secure the Securities pursuant to the requirements of Section 803 or 1006 or otherwise; or 

(7) to establish the form or terms of Securities of any series as permitted by Sections 201 and 301; or 

(8) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities
of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section
610(b); or 
 (9) to close this Indenture with respect to the authentication and delivery of additional series of Securities;
or 
 (10) to supplement any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate
the defeasance and discharge of any series of Securities pursuant to Sections 401, 1402 and 1403; provided that any such action shall not adversely affect the interests of the Holders of Securities of such series and any related coupons or
any other series of Securities in any material respect; or 
 (11) to cure any ambiguity, to correct or supplement any
provision herein or in any supplemental indenture which may be inconsistent with any other provision herein or in any supplemental indenture, or to make any other provisions with respect to matters or questions arising hereunder or in any
supplemental indenture; provided such action shall not adversely affect the interests of the Holders of Securities of any series and any related coupons in any material respect. 

SECTION 902. Supplemental Indentures with Consent of Holders. 

With the consent of the Holders of not less than a majority in principal amount of all Outstanding Securities of a series affected by such
supplemental indenture, by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by or pursuant to a Board Resolution, and the Trustee may enter into an indenture or indentures

  
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supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture which affect such series of Securities or of
modifying in any manner the rights of the Holders of Securities of such series under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security of such
series, 
 (1) change the Stated Maturity of the principal of (or premium, if any) or any installment of interest on any
Security of such series, or reduce the principal amount thereof (or premium, if any) or the rate of interest, if any, thereon, or change any obligation of the Company to pay Additional Amounts contemplated by Section 1005 (except as contemplated by
Section 801(1) and permitted by Section 901(1)), or reduce the amount of the principal of an Original Issue Discount Security of such series that would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section
502 or the amount thereof provable in bankruptcy pursuant to Section 504, or adversely affect any right of repayment at the option of any Holder of any Security of such series, or change any Place of Payment where, or the Currency in which, any
Security of such series or any premium or interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption or repayment at the option of
the Holder, on or after the Redemption Date or Repayment Date, as the case may be), or adversely affect any right to convert or exchange any Security as may be provided pursuant to Section 301 herein, or 

(2) reduce the percentage in principal amount of the Outstanding Securities of such series required for any such supplemental
indenture, or the consent of whose Holders is required for any waiver of compliance with certain provisions of this Indenture which affect such series or certain defaults applicable to such series hereunder and their consequences provided for in
this Indenture, or reduce the requirements of Section 1504 for quorum or voting with respect to Securities of such series, or 

(3) modify any of the provisions of this Section, Section 513 or Section 1009, except to increase any such percentage or to
provide that certain other provisions of this Indenture which affect such series cannot be modified or waived without the consent of the Holder of each Outstanding Security of such series. 

A supplemental indenture which changes or eliminates any covenant or other provision of this Indenture which has expressly been included
solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under this
Indenture of the Holders of Securities of any other series. Any such supplemental indenture adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture, or modifying in any manner the rights of the
Holders of Securities of such series, shall not affect the rights under this Indenture of the Holders of Securities of any other series. 

It shall not be necessary for any Act of Holders under this Section to approve the particular form of any proposed supplemental indenture, but
it shall be sufficient if such Act shall approve the substance thereof. 

  
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 SECTION 903. Execution of Supplemental Indentures. 

In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby
of the trusts created by this Indenture, the Trustee shall be entitled to receive, and shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this
Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 

SECTION 904. Effect of Supplemental Indentures. 

Upon the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such
supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall be bound thereby. 

SECTION 905. Conformity with the Trust Indenture Act. 

Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act as then in effect.

 SECTION 906. Reference in Securities to Supplemental Indentures. 

Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall
if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of any series so modified as to conform, in the opinion of
the Trustee and the Company, to any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series. 

SECTION 907. Notice of Supplemental Indentures. 

Promptly after the execution by the Company and the Trustee of any supplemental indenture pursuant to the provisions of Section 902, the
Company shall give notice thereof to the Holders of each Outstanding Security affected, in the manner provided for in Section 106, setting forth in general terms the substance of such supplemental indenture. 

ARTICLE TEN 
 COVENANTS

 SECTION 1001. Payment of Principal (Premium, if any) and Interest. 

The Company covenants and agrees for the benefit of the Holders of each series of Securities and any related coupons that it will duly and
punctually pay the principal of (and premium, if any) and interest, if any, on the Securities of that series in accordance with the terms of the Securities, any coupons appertaining thereto and this Indenture. Unless otherwise

  
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specified as contemplated by Section 301 with respect to any series of Securities, any interest installments due on Bearer Securities on or before Maturity shall be payable only upon presentation
and surrender of the several coupons for such interest installments as are evidenced thereby as they severally mature. 
 SECTION 1002.
Maintenance of Office or Agency. 
 If the Securities of a series are issuable only as Registered Securities, the Company will maintain
in each Place of Payment for any series of Securities an office or agency where Securities of that series may be presented or surrendered for payment, where Securities of that series may be surrendered for registration of transfer or exchange, where
Securities of that series that are convertible or exchangeable may be surrendered for conversion or exchange, as applicable and where notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be
served. 
 If Securities of a series are issuable as Bearer Securities, the Company will maintain (A) in New York, New York an office or
agency where any Registered Securities of that series may be presented or surrendered for payment, where any Registered Securities of that series may be surrendered for registration of transfer, where Securities of that series may be surrendered for
exchange, where Securities of that series that are convertible or exchangeable may be surrendered for conversion or exchange, as applicable, where notices and demands to or upon the Company in respect of the Securities of that series and this
Indenture may be served and where Bearer Securities of that series and related coupons may be presented or surrendered for payment in the circumstances described in the following paragraph (and not otherwise) (B) subject to any laws or regulations
applicable thereto, in a Place of Payment for that series which is located outside the United States, an office or agency where Securities of that series and related coupons may be presented and surrendered for payment; provided,
however, that, if the Securities of that series are listed on any securities exchange located outside the United States and such securities exchange shall so require, the Company will maintain a Paying Agent for the Securities of that series
in any required city located outside the United States so long as the Securities of that series are listed on such exchange, and (C) subject to any laws or regulations applicable thereto, in a Place of Payment for that series located outside the
United States an office or agency where any Registered Securities of that series may be surrendered for registration of transfer, where Securities of that series may be surrendered for exchange, where Securities of that series that are convertible
and exchangeable may be surrendered for conversion or exchange, as applicable and where notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be served. 

The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at
any time the Company shall fail to maintain any such required office or agency or shall fail to furnish in writing the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust
Office of the Trustee, except that Bearer Securities of any series and the related coupons may be presented and surrendered for payment at the offices specified in the Security, in London, and the Company hereby appoints the same as its agents to
receive such respective presentations, surrenders, notices and demands. 

  
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 Unless otherwise specified with respect to any Securities pursuant to Section 301, no payment of
principal, premium or interest on Bearer Securities shall be made at any office or agency of the Company in the United States or by check mailed to any address in the United States or by transfer to an account maintained with a bank located in the
United States; provided, however, that, if the Securities of a series are payable in Dollars, payment of principal of (and premium, if any) and interest, if any, on any Bearer Security shall be made at the office of the Company’s
Paying Agent in New York, New York if (but only if) payment in Dollars of the full amount of such principal, premium or interest, as the case may be, at all offices or agencies outside the United States maintained for such purpose by the Company in
accordance with this Indenture is illegal or effectively precluded by exchange controls or other similar restrictions. 
 The Company may
also from time to time designate one or more other offices or agencies where the Securities of one or more series may be presented or surrendered for any or all such purposes and may from time to time rescind any such designation; provided,
however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in accordance with the requirements set forth above for Securities of any series for such purposes. The
Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. Unless otherwise specified with respect to any Securities as contemplated by Section
301 with respect to a series of Securities, the Company hereby designates as a Place of Payment for each series of Securities the Corporate Trust Office in New York, New York and initially appoints the Trustee at its Corporate Trust Office as Paying
Agent in such city and as its agent to receive all such presentations, surrenders, notices and demands. 
 Unless otherwise specified with
respect to any Securities pursuant to Section 301, if and so long as the Securities of any series (i) are denominated in a Currency other than Dollars or (ii) may be payable in a Currency other than Dollars, or so long as it is required under any
other provision of the Indenture, then the Company will maintain with respect to each such series of Securities, or as so required, at least one Exchange Rate Agent. 

SECTION 1003. Money for Securities Payments to Be Held in Trust. 

If the Company shall at any time act as its own Paying Agent with respect to any series of Securities and any related coupons, it will, on or
before each due date of the principal of (or premium, if any) or interest, if any, on any of the Securities of that series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum in the Currency in which the Securities of
such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such series and except, if applicable, as provided in Sections 312(b), 312(d) and 312(e)) sufficient to pay the principal of (or premium, if any) or
interest, if any, on Securities of such series so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee in writing of its action or failure so to act. 

Whenever the Company shall have one or more Paying Agents for any series of Securities and any related coupons, it will, prior to or on each
due date of the principal of (or premium, if any) or interest, if any, on any Securities of that series, deposit with a Paying Agent a sum (in the Currency described in the preceding paragraph) sufficient to pay the principal (or premium, if any) or
interest, if any, so becoming due, such sum to be held in trust for the benefit 

  
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of the Persons entitled to such principal, premium or interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee in writing of its action or failure so
to act. 
 The Company will cause each Paying Agent (other than the Trustee) for any series of Securities to execute and deliver to the
Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will: 

(1) hold all sums held by it for the payment of the principal of (and premium, if any) and interest, if any, on Securities of
such series in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided; 

(2) give the Trustee written notice of any default by the Company (or any other obligor upon the Securities of such series) in
the making of any payment of principal of (or premium, if any) or interest, if any, on the Securities of such series; and 

(3) at any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the
Trustee all sums so held in trust by such Paying Agent. 
 The Company may at any time, for the purpose of obtaining the satisfaction and
discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same trusts as
those upon which sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such sums. 

Except as provided in the Securities of any series, any money deposited with the Trustee or any Paying Agent, or then held by the Company, in
trust for the payment of the principal of (or premium, if any) or interest, if any, on any Security of any series, or any coupon appertaining thereto, and remaining unclaimed for two years (or such shorter period as may be specified in the
applicable abandoned property statutes) after such principal, premium or interest has become due and payable shall be paid to the Company on Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of
such Security or coupon shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as
trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in an Authorized
Newspaper, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Company.

 SECTION 1004. Statement as to Compliance. 

The Company will deliver to the Trustee, within 140 days after the end of each fiscal year, a brief certificate from the Chief Executive
Officer, the Chief Financial Officer or the 

  
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Controller of the Company as to his or her knowledge of the Company’s compliance with all conditions and covenants under this Indenture. For purposes of this Section 1004, such compliance
shall be determined without regard to any period of grace or requirement of notice under this Indenture. 
 SECTION 1005. Additional
Amounts. 
 (a) Unless otherwise provided pursuant to Section 301, all payments made by or on behalf of the Company under or with
respect to the Securities of any series will be made free and clear of and without withholding or deduction for or on account of any present or future tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest
and other liabilities related thereto) imposed or levied by or on behalf of the Government of Canada or of any province or territory thereof or by any authority or agency therein or thereof having power to tax (hereinafter “Canadian
Taxes”), unless the Company is required to withhold or deduct Canadian Taxes by law or by the interpretation or administration thereof. If the Company is so required to withhold or deduct any amount for or on account of Canadian Taxes from
any payment made under or with respect to the Securities, the Company will pay to each Holder as additional interest such additional amounts (“Additional Amounts”) as may be necessary so that the net amount received by each Holder
after such withholding or deduction (and after deducting any Canadian Taxes on such Additional Amounts) will not be less than the amount the Holder would have received if such Canadian Taxes had not been withheld or deducted. However, no Additional
Amounts will be payable with respect to a payment made to a Holder (such Holder, an “Excluded Holder”) in respect of the beneficial owner thereof: 

(1) with which the Company does not deal at arm’s length for the purposes of the Income Tax Act (Canada) at the
time of the making of such payment; 
 (2) which is subject to such Canadian Taxes by reason of the Holder being a resident,
domicile or national of, or engaged in business or maintaining a permanent establishment or other physical presence in or otherwise having some connection with Canada or any province thereof otherwise than by the mere holding of Securities or the
receipt of payments thereunder; 
 (3) which is subject to such Canadian Taxes by reason of the Holder’s failure to
comply with any certification, identification, information, documentation or other reporting requirements if compliance is required by law, regulation, administrative practice or an applicable treaty as a precondition to exemption from, or a
reduction in the rate of deduction or withholding of, such Canadian Taxes; or 
 (4) which is subject to such Canadian Taxes
by reason of the legal nature of the Holder of the Securities disentitling such Holder to the benefit of an applicable treaty. 
 The
Company will also: 
  

	 	(i)	make such withholding or deduction; and 

  

	 	(ii)	remit the full amount deducted or withheld to the relevant authority in accordance with applicable law. 

  
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 The Company will furnish to the Holders of the Securities, within 60 days after the date the
payment of any Canadian Taxes is due pursuant to applicable law, certified copies of tax receipts or other documents evidencing such payment by the Company. 

(b) The Company will indemnify and hold harmless each Holder (other than an Excluded Holder) and, upon written request, reimburse each such
Holder for the amount excluding any of Additional Amounts that have been previously been paid by the Company with respect thereto of: 

(1) any Canadian Taxes so levied or imposed and paid by such Holder as a result of payments made under or with respect to the
Securities; 
 (2) any liability (including penalties, interest and expenses) arising therefrom or with respect thereto; and

 (3) any Canadian Taxes imposed with respect to any reimbursement under clause (1) or (2) in this paragraph, but excluding
any such Canadian Taxes on such Holder’s net income. 
 At least five (5) days prior to each date on which any payment under or with
respect to the Securities is due and payable, if the Company will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating the fact that such Additional
Amounts will be payable and specifying the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. 

Wherever in this Indenture there is mentioned, in any context, the payment of principal (and premium, if any), interest or any other amount
payable under or with respect to a Security, such mention shall be deemed to include mention of the payment of Additional Amounts to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof. 

SECTION 1006. Limitation on Liens. 

So long as any Securities are Outstanding and subject to the terms of this Indenture, the Company will not, and will not permit any of its
Restricted Subsidiaries to, create, incur, assume or otherwise have outstanding any Lien securing any indebtedness for borrowed money or interest thereon (or any liability of the Company or such Restricted Subsidiaries under any guarantee or
endorsement or other instrument under which the Company or such Restricted Subsidiaries are contingently liable, either directly or indirectly, for borrowed money or interest thereon), other than Permitted Liens, without also simultaneously or prior
thereto securing, or causing such Restricted Subsidiaries to secure, indebtedness under this Indenture so that the Securities are secured equally and ratably with or prior to such other indebtedness or liability, except that the Company and its
Restricted Subsidiaries may incur a Lien to secure indebtedness for borrowed money without securing the Securities if, after giving effect thereto, the principal amount of indebtedness for borrowed money secured by Liens created, incurred or assumed
after the date hereof and otherwise prohibited by this Indenture does not exceed 10% of the Company’s Consolidated Net Tangible Assets. 

  
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 Notwithstanding the foregoing, transactions such as the sale (including any forward sale) or
other transfer of: (i) oil, gas, minerals or other resources of a primary nature, whether in place or when produced, for a period of time until, or in an amount such that, the purchaser will realize therefrom a specified amount of money or a
specified rate of return (however determined), or a specified amount of such oil, gas, minerals, or other resources of a primary nature, or (ii) any other interest in property of the character commonly referred to as a “production
payment”, will not constitute a Lien and will not result in the Company or a Restricted Subsidiary being required to secure the Securities. 

SECTION 1007. Payment of Taxes. 

The Company will pay or discharge or cause to be paid or discharged, before the same shall become delinquent, all material taxes, assessments
and governmental charges levied or imposed upon the Company or any Restricted Subsidiary or upon the income, profits or property of the Company or any Restricted Subsidiary; provided, however, that the Company shall not be required to
pay or discharge or cause to be paid or discharged any such tax, assessment or charge whose amount, applicability or validity is being contested in good faith by appropriate proceedings. 

SECTION 1008. Corporate Existence. 

Subject to Article Eight, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its
corporate existence and the rights (charter and statutory) and franchises of the Company and any Restricted Subsidiary; provided, however, that the Company shall not be required to preserve any such right or franchise if the Company shall determine
that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Subsidiaries as a whole. 

SECTION 1009. Waiver of Certain Covenants. 

The Company may, with respect to any series of Securities, omit in any particular instance to comply with any term, provision or condition
which affects such series set forth in Section 803 or Sections 1006 through 1008 inclusive or, as specified pursuant to Section 301(17) for Securities of such series, in any covenants of the Company added to Article Ten pursuant to
Section 301(16) or Section 301(17) in connection with Securities of such series, if before the time for such compliance the Holders of at least a majority in principal amount of all Outstanding Securities of any series, by Act of such Holders,
waive such compliance in such instance with such term, provision or condition, but no such waiver shall extend to or affect such term, provision or condition except to the extent so expressly waived, and, until such waiver shall become effective,
the obligations of the Company and the duties of the Trustee to Holders of Securities of such series in respect of any such term, provision or condition shall remain in full force and effect. 

  
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 ARTICLE ELEVEN 

REDEMPTION OF SECURITIES 

SECTION 1101. Applicability of Article. 

Securities of any series which are redeemable before their Stated Maturity shall be redeemable in accordance with the terms of such Securities
and (except as otherwise specified as contemplated by Section 301 for Securities of any series) in accordance with this Article. 

SECTION 1102. Election to Redeem; Notice to Trustee. 

The election of the Company to redeem any Securities shall be evidenced by or pursuant to a Board Resolution. In case of any redemption at the
election of the Company, the Company shall, at least 60 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee in writing of such Redemption Date and of the principal
amount of Securities of such series to be redeemed and shall deliver to the Trustee such documentation and records as shall enable the Trustee to select the Securities to be redeemed pursuant to Section 1103. In the case of any redemption of
Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officer’s Certificate evidencing compliance with
such restriction. 
 SECTION 1103. Selection by Trustee of Securities to Be Redeemed. 

If less than all the Securities of any series are to be redeemed, the particular Securities to be redeemed shall be selected not more than 90
days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series not previously called for redemption, by such method as the Trustee shall deem fair and appropriate and which may provide for the selection for
redemption of portions of the principal of Securities of such series; provided, however, that no such partial redemption shall reduce the portion of the principal amount of a Security not redeemed to less than the minimum authorized
denomination for Securities of such series established pursuant to Section 301. 
 The Trustee shall promptly notify the Company in writing
of the Securities selected for redemption and, in the case of any Securities selected for partial redemption, the principal amount thereof to be redeemed. 

For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall
relate, in the case of any Security redeemed or to be redeemed only in part, to the portion of the principal amount of such Security which has been or is to be redeemed. 

SECTION 1104. Notice of Redemption. 

Except as otherwise specified as contemplated by Section 301, notice of redemption shall be given in the manner provided for in Section 106
not less than 30 nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed. Failure to give notice in the manner provided in Section 106 to the Holder of any Securities designated

  
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for redemption as a whole or in part, or any defect in the notice to any such Holder, shall not affect the validity of the proceedings for the redemption of any other Securities or portion
thereof. 
 All notices of redemption shall state: 

(1) the Redemption Date, 

(2) the Redemption Price and the amount of accrued interest to the Redemption Date payable as provided in Section 1106, if any,

 (3) if less than all the Outstanding Securities of any series are to be redeemed, the identification (and, in the case of
partial redemption, the principal amounts) of the particular Securities to be redeemed, 
 (4) in case any Security is to be
redeemed in part only, the notice which relates to such Security shall state that on and after the Redemption Date, upon surrender of such Security, the Holder will receive, without charge, a new Security or Securities of authorized denominations
for the principal amount thereof remaining unredeemed, 
 (5) that on the Redemption Date, the Redemption Price and accrued
interest, if any, to the Redemption Date payable as provided in Section 1106 will become due and payable upon each such Security, or the portion thereof, to be redeemed and, if applicable, that interest thereon will cease to accrue on and after said
date, 
 (6) the Place or Places of Payment where such Securities, together in the case of Bearer Securities with all coupons
appertaining thereto, if any, maturing after the Redemption Date, are to be surrendered for payment of the Redemption Price and accrued interest, if any, 

(7) that the redemption is for a sinking fund, if such is the case, 

(8) that, unless otherwise specified in such notice, Bearer Securities of any series, if any, surrendered for redemption must
be accompanied by all coupons maturing subsequent to the Redemption Date or the amount of any such missing coupon or coupons will be deducted from the Redemption Price unless security or indemnity satisfactory to the Company, the Trustee and any
Paying Agent is furnished, and 
 (9) if Bearer Securities of any series are to be redeemed and any Registered Securities of
such series are not to be redeemed, and if such Bearer Securities may be exchanged for Registered Securities not subject to redemption on such Redemption Date pursuant to Section 305 or otherwise, the last date, as determined by the Company, on
which such exchanges may be made. 
 Notice of redemption of Securities to be redeemed at the election of the Company shall be given by the
Company or, at the Company’s request, by the Trustee in the name and at the expense of the Company. 

  
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 SECTION 1105. Deposit of Redemption Price. 

At or prior to 10:00 a.m. (New York, New York time) on any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent
(or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 1003) an amount of money in the Currency in which the Securities of such series are payable (except as otherwise specified pursuant to Section
301 for the Securities of such series and except, if applicable, as provided in Sections 312(b), 312(d) and 312(e)) sufficient to pay the Redemption Price of, and accrued interest, if any, on, all the Securities which are to be redeemed on that
date. 
 SECTION 1106. Securities Payable on Redemption Date. 

Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at
the Redemption Price therein specified in the Currency in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such series and except, if applicable, as provided in Sections
312(b), 312(d) and 312(e)) (together with accrued interest, if any, to the Redemption Date), and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest, if any) such Securities shall,
if the same were interest-bearing, cease to bear interest and the coupons for such interest appertaining to any Bearer Securities so to be redeemed, except to the extent provided below, shall be void. Upon surrender of any such Security for
redemption in accordance with said notice, together with all coupons, if any, appertaining thereto maturing after the Redemption Date, such Security shall be paid by the Company at the Redemption Price, together with accrued interest, if any, to the
Redemption Date; provided, however, that installments of interest on Bearer Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable only at an office or agency located outside the United States (except
as otherwise provided in Section 1002) and, unless otherwise specified as contemplated by Section 301, only upon presentation and surrender of coupons for such interest; and provided further, that installments of interest on Registered
Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant Record Dates according to
their terms and the provisions of Section 307. 
 If any Bearer Security surrendered for redemption shall not be accompanied by all
appurtenant coupons maturing after the Redemption Date, such Security may be paid after deducting from the Redemption Price an amount equal to the face amount of all such missing coupons, or the surrender of such missing coupon or coupons may be
waived by the Company and the Trustee if there be furnished to them such security or indemnity as they may require to save each of them and any Paying Agent harmless. If thereafter the Holder of such Security shall surrender to the Trustee or any
Paying Agent any such missing coupon in respect of which a deduction shall have been made from the Redemption Price, such Holder shall be entitled to receive the amount so deducted; provided, however, that interest represented by
coupons shall be payable only at an office or agency located outside the United States (except as otherwise provided in Section 1002) and, unless otherwise specified as contemplated by Section 301, only upon presentation and surrender of those
coupons. 

  
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 If any Security called for redemption shall not be so paid upon surrender thereof for redemption,
the principal (and premium, if any) shall, until paid, bear interest from the Redemption Date at the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) set forth in such Security. 

SECTION 1107. Securities Redeemed in Part. 

Any Security which is to be redeemed only in part (pursuant to the provisions of this Article or of Article Twelve) shall be surrendered at a
Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or such Holder’s
attorney duly authorized in writing), and the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Security or Securities of the same series, of any authorized
denomination as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered. 

SECTION 1108. Tax Redemption. 

Unless otherwise specified pursuant to Section 301, the Company shall have the right to redeem, at any time, the Securities of a series, in
whole but not in part, at a redemption price equal to the principal amount thereof together with accrued and unpaid interest to the date fixed for redemption, upon the giving of a notice as described below, if (1) the Company (or its successor)
determines that (a) as a result of any change in or amendment to the laws (or any regulations or rulings promulgated thereunder) of Canada or of any political subdivision or taxing authority thereof or therein affecting taxation, or any change in
official position regarding application or interpretation of such laws, regulations or rulings (including a holding by a court of competent jurisdiction), which change or amendment is announced or becomes effective on or after a date specified
pursuant to Section 301, if any date is so specified, the Company has or will become obligated to pay, on the next succeeding date on which interest is due, Additional Amounts pursuant to Section 1005 or (b) on or after a date specified pursuant to
Section 301, any action has been taken by any taxing authority of, or any decision has been rendered by a court of competent jurisdiction in, Canada or any political subdivision or taxing authority thereof or therein, including any of those actions
specified in (a) above, whether or not such action was taken or decision was rendered with respect to the Company, or any change, amendment, application or interpretation shall be officially proposed, which, in any such case, in the Opinion of
Counsel to the Company, will result in the Company becoming obligated to pay, on the next succeeding date on which interest is due, Additional Amounts with respect to any Security of such series and (2) in any such case, the Company in its business
judgment determines that such obligation cannot be avoided by the use of reasonable measures available to the Company; provided, however, that (i) no such notice of redemption may be given earlier than 60 or later than 30 days prior to
the earliest date on which the Company would be obligated to pay such Additional Amounts were a payment in respect of the Securities then due, and (ii) at the time such notice of redemption is given, such obligation to pay such Additional Amounts
remains in effect. 

  
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 ARTICLE TWELVE 

SINKING FUNDS 
 SECTION
1201. Applicability of Article. 
 Retirements of Securities of any series pursuant to any sinking fund shall be made in accordance with
the terms of such Securities and (except as otherwise specified as contemplated by Section 301 for Securities of any series) in accordance with this Article. 

The minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a
“mandatory sinking fund payment”, and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as an “optional sinking fund payment”. If provided for
by the terms of Securities of any series, the cash amount of any mandatory sinking fund payment may be subject to reduction as provided in Section 1202. Each sinking fund payment shall be applied to the redemption of Securities of any series as
provided for by the terms of Securities of such series. 
 SECTION 1202. Satisfaction of Sinking Fund Payments with Securities. 

Subject to Section 1203, in lieu of making all or any part of any mandatory sinking fund payment with respect to any Securities of a series in
cash, the Company may at its option (1) deliver to the Trustee Outstanding Securities of a series (other than any previously called for redemption) theretofore purchased or otherwise acquired by the Company together in the case of any Bearer
Securities of such series with all unmatured coupons appertaining thereto, and/or (2) receive credit for the principal amount of Securities of such series which have been previously delivered to the Trustee by the Company or for Securities of such
series which have been redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities, in each case in
satisfaction of all or any part of any mandatory sinking fund payment with respect to the Securities of the same series required to be made pursuant to the terms of such Securities as provided for by the terms of such series; provided,
however, that such Securities have not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the Redemption Price specified in such Securities for redemption through operation of the
sinking fund and the amount of such mandatory sinking fund payment shall be reduced accordingly. 
 SECTION 1203. Redemption of
Securities for Sinking Fund. 
 Not less than 60 days prior to each sinking fund payment date for any series of Securities, the Company
will deliver to the Trustee an Officer’s Certificate specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of that series, the portion thereof, if any, which is to be satisfied by payment of cash
in the Currency in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such series and except, if applicable, as provided in Sections 312(b), 312(d) and 312(e)) and the portion
thereof, if any, which is to be satisfied by delivering or crediting Securities of that series pursuant to Section 1202 (which Securities will, if not previously delivered, accompany such certificate) and whether the Company intends to exercise its
right to make a permitted optional sinking fund payment with respect to such series. 

  
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 Such certificate shall be irrevocable and upon its delivery the Company shall be obligated to make the cash
payment or payments therein referred to, if any, on or before the next succeeding sinking fund payment date. In the case of the failure of the Company to deliver such certificate, the sinking fund payment due on the next succeeding sinking fund
payment date for that series shall be paid entirely in cash and shall be sufficient to redeem the principal amount of such Securities subject to a mandatory sinking fund payment without the option to deliver or credit Securities as provided in
Section 1202 and without the right to make any optional sinking fund payment, if any, with respect to such series. 
 Not more than 60 days
before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 1103 and cause notice of the redemption thereof to be given in the name of and
at the expense of the Company in the manner provided in Section 1104. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 1106 and 1107. 

On or prior to 10:00 a.m. (New York, New York time) on any sinking fund payment date, the Company shall pay to the Trustee or a Paying Agent
(or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 1003) in cash a sum equal to any interest that will accrue to the date fixed for redemption of Securities or portions thereof to be
redeemed on such sinking fund payment date pursuant to this Section 1203. 
 Notwithstanding the foregoing, with respect to a sinking fund
for any series of Securities, if at any time the amount of cash to be paid into such sinking fund on the next succeeding sinking fund payment date, together with any unused balance of any preceding sinking fund payment or payments for such series,
does not exceed in the aggregate $100,000, the Trustee, unless requested by the Company, shall not give the next succeeding notice of the redemption of Securities of such series through the operation of the sinking fund. Any such unused balance of
moneys deposited in such sinking fund shall be added to the sinking fund payment for such series to be made in cash on the next succeeding sinking fund payment date or, at the request of the Company, shall be applied at any time or from time to time
to the purchase of Securities of such series, by public or private purchase, in the open market or otherwise, at a purchase price for such Securities (excluding accrued interest and brokerage commissions, for which the Trustee or any Paying Agent
will be reimbursed by the Company) not in excess of the principal amount thereof. 
 ARTICLE THIRTEEN 

REPAYMENT AT OPTION OF HOLDERS 

SECTION 1301. Applicability of Article. 

Repayment of Securities of any series before their Stated Maturity at the option of Holders thereof shall be made in accordance with the terms
of such Securities and (except as otherwise specified as contemplated by Section 301 for Securities of any series) in accordance with this Article. 

  
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 SECTION 1302. Repayment of Securities. 

Securities of any series subject to repayment in whole or in part at the option of the Holders thereof will, unless otherwise provided in the
terms of such Securities, be repaid at a price equal to the principal amount thereof, together with interest, if any, thereon accrued to the Repayment Date specified in or pursuant to the terms of such Securities. The Company covenants that on or
before the Repayment Date it will deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 1003) an amount of money in the Currency in which the
Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such series and except, if applicable, as provided in Sections 312(b), 312(d) and 312(e)) sufficient to pay the principal (or, if so
provided by the terms of the Securities of any series, a percentage of the principal) of and (except if the Repayment Date shall be an Interest Payment Date) accrued interest, if any, on, all the Securities or portions thereof, as the case may be,
to be repaid on such date. 
 SECTION 1303. Exercise of Option. 

Securities of any series subject to repayment at the option of the Holders thereof will contain an “Option to Elect Repayment” form
on the reverse of such Securities. To be repaid at the option of the Holder, any Security so providing for such repayment, with the “Option to Elect Repayment” form on the reverse of such Security duly completed by the Holder (or by the
Holder’s attorney duly authorized in writing), must be received by the Company at the Place of Payment therefor specified in the terms of such Security (or at such other place or places or which the Company shall from time to time notify the
Holders of such Securities) not earlier than 45 days nor later than 30 days prior to the Repayment Date. If less than the entire principal amount of such Security is to be repaid in accordance with the terms of such Security, the principal amount of
such Security to be repaid, in increments of the minimum denomination for Securities of such series, and the denomination or denominations of the Security or Securities to be issued to the Holder for the portion of the principal amount of such
Security surrendered that is not to be repaid, must be specified. The principal amount of any Security providing for repayment at the option of the Holder thereof may not be repaid in part if, following such repayment, the unpaid principal amount of
such Security would be less than the minimum authorized denomination of Securities of the series of which such Security to be repaid is a part. Except as otherwise may be provided by the terms of any Security providing for repayment at the option of
the Holder thereof, exercise of the repayment option by the Holder shall be irrevocable unless waived by the Company. 
 SECTION 1304.
When Securities Presented for Repayment Become Due and Payable. 
 If Securities of any series providing for repayment at the option of
the Holders thereof shall have been surrendered as provided in this Article and as provided by or pursuant to the terms of such Securities, such Securities or the portions thereof, as the case may be, to be repaid shall become due and payable and
shall be paid by the Company on the Repayment Date therein specified, and on and after such Repayment Date (unless the Company shall default in the payment of such Securities on such Repayment Date) such Securities shall, if the same were
interest-bearing, cease to bear interest and the coupons for such interest appertaining to any 

  
 84 

 
Bearer Securities so to be repaid, except to the extent provided below, shall be void. Upon surrender of any such Security for repayment in accordance with such provisions, together with all
coupons, if any, appertaining thereto maturing after the Repayment Date, the principal amount of such Security so to be repaid shall be paid by the Company, together with accrued interest, if any, to the Repayment Date; provided,
however, that coupons whose Stated Maturity is on or prior to the Repayment Date shall be payable only at an office or agency located outside the United States (except as otherwise provided in Section 1002) and, unless otherwise specified
pursuant to Section 301, only upon presentation and surrender of such coupons; and provided further, that, in the case of Registered Securities, installments of interest, if any, whose Stated Maturity is on or prior to the Repayment
Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 307. 

If any Bearer Security surrendered for repayment shall not be accompanied by all appurtenant coupons maturing after the Repayment Date, such
Security may be paid after deducting from the amount payable therefor as provided in Section 1302 an amount equal to the face amount of all such missing coupons, or the surrender of such missing coupon or coupons may be waived by the Company and the
Trustee if there be furnished to them such security or indemnity as they may require to save each of them and any Paying Agent harmless. If thereafter the Holder of such Security shall surrender to the Trustee or any Paying Agent any such missing
coupon in respect of which a deduction shall have been made as provided in the preceding sentence, such Holder shall be entitled to receive the amount so deducted; provided, however, that interest represented by coupons shall be
payable only at an office or agency located outside the United States (except as otherwise provided in Section 1002) and, unless otherwise specified as contemplated by Section 301, only upon presentation and surrender of those coupons. 

If the principal amount of any Security surrendered for repayment shall not be so repaid upon surrender thereof, such principal amount
(together with interest, if any, thereon accrued to such Repayment Date) shall, until paid, bear interest from the Repayment Date at the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) set forth in such
Security. 
 SECTION 1305. Securities Repaid in Part. 

Upon surrender of any Registered Security which is to be repaid in part only, the Company shall execute and the Trustee shall authenticate and
deliver to the Holder of such Security, without service charge and at the expense of the Company, a new Registered Security or Securities of the same series, of any authorized denomination specified by the Holder, in an aggregate principal amount
equal to and in exchange for the portion of the principal of such Security so surrendered which is not to be repaid. 

  
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 ARTICLE FOURTEEN 

DEFEASANCE AND COVENANT DEFEASANCE 

SECTION 1401. Company’s Option to Effect Defeasance or Covenant Defeasance. 

Except as otherwise specified as contemplated by Section 301 for Securities of any series, the provisions of this Article Fourteen shall
apply to each series of Securities, and the Company may, at its option, effect defeasance (as defined below) of the Securities of or within a series under Section 1402, or covenant defeasance (as defined below) of or within a series under
Section 1403 in accordance with the terms of such Securities and in accordance with this Article. 
 SECTION 1402. Defeasance and
Discharge. 
 Upon the Company’s exercise of the above option applicable to this Section with respect to any Securities of or
within a series, the Company shall be deemed to have been discharged from its obligations with respect to such Outstanding Securities and any related coupons on the date the conditions set forth in Section 1404 are satisfied (hereinafter,
“defeasance”). For this purpose, such defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by such Outstanding Securities and any related coupons, which shall thereafter
be deemed to be “Outstanding” only for the purposes of Section 1405 and the other Sections of this Indenture referred to in (A) and (B) below, and to have satisfied all its other obligations under such Securities and any related
coupons and this Indenture insofar as such Securities and any related coupons are concerned (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following which shall survive until
otherwise terminated or discharged hereunder: (A) the rights of Holders of such Outstanding Securities and any related coupons to receive, solely from the trust fund described in Section 1404 and as more fully set forth in such Section,
payments in respect of the principal of (and premium, if any) and interest, if any, on such Securities and any related coupons when such payments are due, (B) the Company’s obligations with respect to such Securities under Sections 304,
305, 306, 1002 and 1003 and with respect to the payment of Additional Amounts, if any, on such Securities as contemplated by Section 1005, (C) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Company’s
obligation under Section 607 and (D) this Article Fourteen. Subject to compliance with this Article Fourteen, the Company may exercise its option under this Section 1402 notwithstanding the prior exercise of its option under
Section 1403 with respect to such Securities and any related coupons. 
 SECTION 1403. Covenant Defeasance. 

Upon the Company’s exercise of the above option applicable to this Section with respect to any Securities of or within a series, the
Company shall be released from its obligations under Section 803 and Sections 1006 through 1008 inclusive and, if specified pursuant to Section 301, its obligations under any other covenant, with respect to such Outstanding Securities
and any related coupons on and after the date the conditions set forth in Section 1404 are satisfied (hereinafter, “covenant defeasance”), and such Securities and any related coupons shall thereafter be deemed not to be
“Outstanding” for the purposes of any direction, waiver, 

  
 86 

 
consent or declaration or Act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “Outstanding” for all other
purposes hereunder. For this purpose, such covenant defeasance means that, with respect to such Outstanding Securities and any related coupons, the Company may omit to comply with and shall have no liability in respect of any term, condition or
limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of reference in any such covenant to any other provision herein or in any other document and
such omission to comply shall not constitute a Default or an Event of Default under Section 501(3) or otherwise, as the case may be, but, except as specified above, the remainder of this Indenture and such Securities and any related coupons
shall be unaffected thereby. 
 SECTION 1404. Conditions to Defeasance or Covenant Defeasance. 

The following shall be the conditions to application of either Section 1402 or Section 1403 to any Outstanding Securities of or
within a series and any related coupons: 
 (1) The Company shall irrevocably have deposited or caused to be deposited with
the Trustee (or another trustee satisfying the requirements of Section 608 who shall agree to comply with the provisions of this Article Fourteen applicable to it) as trust funds in trust for the purpose of making the following payments,
specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities and any related coupons, (A) an amount (in such Currency in which such Securities and any related coupons are then specified as payable at
Stated Maturity), or (B) Government Obligations applicable to such Securities (determined on the basis of the Currency in which such Securities are then specified as payable at Stated Maturity) which through the scheduled payment of principal and
interest in respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment of principal of (and premium, if any), and interest, if any, under such Securities and any related coupons, money in
an amount, or (C) a combination thereof, sufficient, in the opinion of a nationally recognized firm of independent public accountants (which shall be expressed in a written certification thereof delivered to the Company, that is attached to an
Officer’s Certificate delivered to the Trustee), to pay and discharge, and which shall be applied by the Trustee (or other qualifying trustee) to pay and discharge, (i) the principal of (and premium, if any) and interest, if any, on such
Outstanding Securities and any related coupons on the Stated Maturity (or Redemption Date, if applicable) of such principal (and premium, if any) or installment of interest, if any, and (ii) any mandatory sinking fund payments or analogous payments
applicable to such Outstanding Securities and any related coupons on the day on which such payments are due and payable in accordance with the terms of this Indenture and of such Securities and any related coupons; provided that the Trustee
shall have been irrevocably instructed to apply such money or the proceeds of such Government Obligations to said payments with respect to such Securities and any related coupons. Before such a deposit, the Company may give to the Trustee, in
accordance with Section 1102 hereof, a notice of its election to redeem all or any portion of such Outstanding Securities at a future date in accordance with the terms of the Securities of such series and Article Eleven hereof, which notice
shall be irrevocable. Such irrevocable redemption notice, if given, shall be given effect in applying the foregoing. 

  
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 (2) No Default or Event of Default with respect to such Securities or any related
coupons shall have occurred and be continuing on the date of such deposit or, insofar as paragraphs (5) and (6) of Section 501 are concerned, at any time during the period ending on the 91st day after the date of such deposit (it being
understood that this condition shall not be deemed satisfied until the expiration of such period). 
 (3) Such defeasance or
covenant defeasance shall not result in a breach or violation of, or constitute a default under, this Indenture or any other material agreement or instrument to which the Company is a party or by which it is bound. 

(4) In the case of an election under Section 1402, the Company shall have delivered to the Trustee an Opinion of Counsel
in the United States stating that (x) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (y) since the date of execution of this Indenture, there has been a change in the applicable U.S. federal
income tax law, in either case to the effect that, and based thereon such opinion shall confirm that, the Holders of such Outstanding Securities and any related coupons will not recognize income, gain or loss for federal income tax purposes as a
result of such defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such defeasance had not occurred. 

(5) Notwithstanding any other provisions of this Section, such defeasance or covenant defeasance shall be effected in
compliance with any additional or substitute terms, conditions or limitations in connection therewith pursuant to Section 301. 

(6) The Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that
all conditions precedent provided for relating to either the defeasance under Section 1402 or the covenant defeasance under Section 1403 (as the case may be) have been complied with. 

(7) In the case of an election under Section 1403, the Company shall have delivered to the Trustee an Opinion of Counsel
in the United States to the effect that the Holders of such Outstanding Securities will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such covenant defeasance and will be subject to U.S. federal income tax on
the same amounts, in the same manner and at the same times as would have been the case if such covenant defeasance had not occurred. 

(8) Either the Company has delivered to the Trustee an Opinion of Counsel in Canada or a ruling from Canada Customs and Revenue
Agency to the effect that the Holders of such Outstanding Securities will not recognize income, gain or loss for Canadian federal or provincial income tax or other tax purpose as a result of such defeasance or covenant defeasance and will be subject
to Canadian federal or provincial income tax and other tax on the same amounts, in the same manner and at the same times as would have been the case had such defeasance not occurred (and for the purposes of such opinion, such Canadian counsel shall
assume that Holders of the Securities include Holders who are not resident in Canada). 
 (9) The Company is not an
“insolvent person” within the meaning of the Bankruptcy and Insolvency Act (Canada) on the date of such deposit or at any time during 

  
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the period ending on the 91st day after the date of such deposit (it being understood that this condition shall not be deemed satisfied until the expiration of such period). 

(10) The Company has delivered to the Trustee an Opinion of Counsel to the effect that such deposit shall not cause the Trustee
or the trust so created to be subject to the Investment Company Act of 1940, as amended. 
 SECTION 1405. Deposited Money and Government
Obligations to Be Held in Trust; Other Miscellaneous Provisions. 
 Subject to the provisions of the last paragraph of
Section 1003, all money and Government Obligations (or other property as may be provided pursuant to Section 301) (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this
Section 1405, the “Trustee”) pursuant to Section 1404 in respect of such Outstanding Securities and any related coupons shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and
any related coupons and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Holders of such Securities and any related coupons of all
sums due and to become due thereon in respect of principal (and premium, if any) and interest, if any, but such money need not be segregated from other funds except to the extent required by law. 

Unless otherwise specified with respect to any Security pursuant to Section 301, if, after a deposit referred to in Section 1404(1)
has been made, (a) the Holder of a Security in respect of which such deposit was made is entitled to, and does, elect pursuant to Section 312(b) or the terms of such Security to receive payment in a Currency other than that in which the deposit
pursuant to Section 1404(1) has been made in respect of such Security, or (b) a Conversion Event occurs as contemplated in Section 312(d) or 312(e) or by the terms of any Security in respect of which the deposit pursuant to
Section 1404(1) has been made, the indebtedness represented by such Security and any related coupons shall be deemed to have been, and will be, fully discharged and satisfied through the payment of the principal of (and premium, if any) and
interest, if any, on such Security as they become due out of the proceeds yielded by converting (from time to time as specified below in the case of any such election) the amount or other property deposited in respect of such Security into the
Currency in which such Security becomes payable as a result of such election or Conversion Event based on the applicable Market Exchange Rate for such Currency in effect on the third Business Day prior to each payment date, except, with respect to a
Conversion Event, for such Currency in effect (as nearly as feasible) at the time of the Conversion Event. 
 The Company shall pay and
indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the Government Obligations deposited pursuant to Section 1404 or the principal and interest received in respect thereof other than any such tax, fee or
other charge which by law is for the account of the Holders of such Outstanding Securities and any related coupons. 
 Anything in this
Article Fourteen to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company Request any money or Government Obligations (or other property and any proceeds therefrom) held by it as provided in
Section 1404 which, in the opinion of, a nationally recognized firm of independent public 

  
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accountants (evidenced by an Officer’s Certificate) delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect an equivalent
defeasance or covenant defeasance, as applicable, in accordance with this Article. 
 SECTION 1406. Reinstatement. 

If the Trustee or any Paying Agent is unable to apply any money in accordance with Section 1405 by reason of any order or judgment of any
court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s obligations under this Indenture and such Securities and any related coupons shall be revived and reinstated as though no
deposit had occurred pursuant to Section 1402 or 1403, as the case may be, until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 1405; provided, however, that if the
Company makes any payment of principal of (or premium, if any) or interest, if any, on any such Security or any related coupon following the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such
Securities and any related coupons to receive such payment from the money held by the Trustee or Paying Agent. 
 ARTICLE FIFTEEN 

MEETINGS OF HOLDERS OF SECURITIES 

SECTION 1501. Purposes for Which Meetings May Be Called. 

A meeting of Holders of one or more series of Securities may be called at any time and from time to time pursuant to this Article to make,
give or take any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be made, given or taken by Holders of Securities of such series. 

SECTION 1502. Call, Notice and Place of Meetings. 

(a) The Trustee may at any time call a meeting of Holders of Securities of any series for any purpose specified in
Section 1501, to be held at such time and at such place in New York, New York, in Calgary, Alberta or in London, England as the Trustee shall determine. Notice of every meeting of Holders of one or more series of Securities, setting forth the
time and the place of such meeting and in general terms the action proposed to be taken at such meeting, shall be given, in the manner provided for in Section 106, not less than 21 nor more than 180 days prior to the date fixed for the meeting.

 (b) In case at any time the Company, pursuant to a Board Resolution, or the Holders of at least 10% in principal amount of
the Outstanding Securities of any series shall have requested the Trustee to call a meeting of the Holders of Securities of such series for any purpose specified in Section 1501, by written request setting forth in reasonable detail the action
proposed to be taken at the meeting, and the Trustee shall not have made the first publication of the notice of such meeting within 21 days after receipt of such request or shall not thereafter proceed to cause the meeting to be held as
provided herein, then the Company or the Holders of Securities of such series in the amount above specified, as the case may be, may determine the time and the place in New York, New 

  
 90 

 
York in Calgary, Alberta or in London, England for such meeting and may call such meeting for such purposes by giving notice thereof as provided in paragraph (a) of this Section. 

SECTION 1503. Persons Entitled to Vote at Meetings. 

To be entitled to vote at any meeting of Holders of Securities of any series, a Person shall be (1) a Holder of one or more Outstanding
Securities of such series, or (2) a Person appointed by an instrument in writing as proxy for a Holder or Holders of one or more Outstanding Securities of such series by such Holder of Holders. The only Persons who shall be entitled to be present or
to speak at any meeting of Holders of Securities of any series shall be the Person entitled to vote at such meeting and their counsel, any representatives of the Trustee and its counsel and any representatives of the Company and its counsel. 

SECTION 1504. Quorum; Action. 

The Persons entitled to vote a majority in principal amount of the Outstanding Securities of a series shall constitute a quorum for a meeting
of Holders of Securities of such series; provided, however, that, if any action is to be taken at such meeting with respect to a consent or waiver which this Indenture expressly provides may be given by the Holders of not less than a
specified percentage in principal amount of the Outstanding Securities of a series, the Persons entitled to vote such specified percentage in principal amount of the Outstanding Securities of such series shall constitute a quorum. In the absence of
a quorum within 30 minutes of the time appointed for any such meeting, the meeting shall, if convened at the request of Holders of Securities of such series, be dissolved. In any other case the meeting may be adjourned for a period of not less
than 10 days as determined by the chairman of the meeting prior to the adjournment of such meeting. In the absence of a quorum at any such adjourned meeting, such adjourned meeting may be further adjourned for a period of not less than 10 days as
determined by the chairman of the meeting prior to the adjournment of such adjourned meeting. Notice of the reconvening of any adjourned meeting shall be given as provided in Section 1502(a), except that such notice need be given only once not
less than five days prior to the date on which the meeting is scheduled to be reconvened. Notice of the reconvening of any adjourned meeting shall state expressly the percentage, as provided above, of the principal amount of the Outstanding
Securities of such series which shall constitute a quorum. 
 Subject to the foregoing, at the reconvening of any meeting adjourned for lack
of a quorum, the Persons entitled to vote 25% in principal amount of the Outstanding Securities at the time shall constitute a quorum for the taking of any action set forth in the notice of the original meeting. 

Except as limited by the proviso to Section 902, any resolution presented to a meeting or adjourned meeting duly reconvened at which a
quorum is present as aforesaid may be adopted by the affirmative vote of the Holders of not less than a majority in principal amount of the Outstanding Securities of such series who have cast their votes; provided, however, that,
except as limited by the proviso to Section 902, any resolution with respect to any request, demand, authorization, direction, notice, consent, waiver or other action which this Indenture expressly provides may be made, given or taken by the
Holders of a specified percentage, which is less than a majority, in principal amount of the Outstanding Securities of a series may be adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present

  
 91 

 
as aforesaid by the affirmative vote of the Holders of not less than such specified percentage in principal amount of the Outstanding Securities of such series. 

Any resolution passed or decision taken at any meeting of Holders of Securities of any series duly held in accordance with this Section shall
be binding on all the Holders of Securities of such series and the related coupons, whether or not present or represented at the meeting. 

Notwithstanding the foregoing provisions of this Section 1504, if any action is to be taken at a meeting of Holders of Securities of any
series with respect to any request, demand, authorization, direction, notice, consent, waiver or other action that this Indenture expressly provides may be made, given or taken by the Holders of a specified percentage in principal amount of all
Outstanding Securities affected thereby, or of the Holders of such series and one or more additional series: 
 (i) there
shall be no minimum quorum requirement for such meeting; and 
 (ii) the principal amount of the Outstanding Securities of
such series that vote in favor of such request, demand, authorization, direction, notice, consent, waiver or other action shall be taken into account in determining whether such request, demand, authorization, direction, notice, consent, waiver or
other action has been made, given or taken under this Indenture. 
 SECTION 1505. Determination of Voting Rights; Conduct and Adjournment
of Meetings. 
 (a) Notwithstanding any provisions of this Indenture, the Trustee may make such reasonable regulations as
it may deem advisable for any meeting of Holders of Securities of a series in regard to proof of the holding of Securities of such series and of the appointment of proxies and in regard to the appointment and duties of inspectors of votes, the
submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as its shall deem appropriate. Except as otherwise permitted or required by any such
regulations, the holding of Securities shall be proved in the manner specified in Section 104 and the appointment of any proxy shall be proved in the manner specified in Section 104 or by having the signature of the person executing the proxy
witnessed or guaranteed by any trust company, bank or banker authorized by Section 104 to certify to the holding of Bearer Securities. Such regulations may provide that written instruments appointing proxies, regular on their face, may be
presumed valid and genuine without the proof specified in Section 104 or other proof. 
 (b) The Trustee shall, by an
instrument in writing appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Company or by Holders of Securities as provided in Section 1502(b), in which case the Company or the Holders of Securities of
the series calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by vote of the Persons entitled to vote a majority in principal
amount of the Outstanding Securities of such series represented at the meeting. 

  
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 (c) At any meeting each Holder of a Security of such series or proxy shall be
entitled to one vote for each $1,000 principal amount of Outstanding Securities of such series held or represented by him (determined as specified in the definition of “Outstanding” in Section 101); provided, however,
that no vote shall be cast or counted at any meeting in respect of any Security challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. The chairman of the meeting shall have no right to vote, except as a Holder
of a Security of such series or proxy. 
 (d) Any meeting of Holders of Securities of any series duly called pursuant to
Section 1502 at which a quorum is present may be adjourned from time to time by Persons entitled to vote a majority in principal amount of the Outstanding Securities of such series represented at the meeting; and the meeting may be held as so
adjourned without further notice. 
 SECTION 1506. Counting Votes and Recording Action of Meetings. 

The vote upon any resolution submitted to any meeting of Holders of Securities of any series shall be by written ballots on which shall be
subscribed the signatures of the Holders of Securities of such series or of their representatives by proxy and the principal amounts and serial numbers, if any, of the Outstanding Securities of such series held or represented by them. The permanent
chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in duplicate of
all votes cast at the meeting. A record, at least in duplicate, of the proceedings of each meeting of Holders of Securities of any series shall be prepared by the secretary of the meeting and there shall be attached to said record the original
reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was given as provided in
Section 1502 and, if applicable, Section 1504. Each copy shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one such copy shall be delivered to the Company, and another to the Trustee
to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. Any record so signed and verified shall be conclusive evidence of the matters therein stated. 

SECTION 1507. Counterparts. 

This Indenture may be executed in any number of counterparts (either by facsimile or by original manual signature) each of which so executed
shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Indenture. 

*    *    *    *    * 

  
 93 

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of the
day and year first above written. 
  

			
	EnCana Corporation
		
	By:	 	 /s/ John D. Watson

	Name:	 	John D. Watson
	Title:	 	Executive Vice-President & Chief Financial Officer
		
	By:	 	 /s/ Thomas G. Hinton

	Name:	 	Thomas G. Hinton
	Title:	 	Treasurer
	
	The Bank of New York,
	as Trustee
		
	By:	 	 /s/ Vanessa Mack

	Name:	 	Vanessa Mack
	Title:	 	Assistant Vice President

  
 94 

 EXHIBIT A 

FORMS OF CERTIFICATION 

EXHIBIT A-1 
 FORM OF
CERTIFICATE TO BE GIVEN BY 
 PERSON ENTITLED TO RECEIVE BEARER SECURITY 

OR TO OBTAIN INTEREST PAYABLE PRIOR 

TO THE EXCHANGE DATE 
 CERTIFICATE

 ENCANA CORPORATION 
 [Insert
title of sufficient description of Securities to be delivered] 
 This is to certify that as of the date hereof, and except as set forth
below, the above-captioned Securities held by you for our account (i) are owned by person(s) that are not citizens or residents of the United States, domestic partnerships, domestic corporations or any estate or trust the income of which is subject
to United States federal income taxation regardless of its source (“United States person(s)”), (ii) are owned by United States person(s) that are (a) foreign branches of United States financial institutions (financial institutions,
as defined in United States Treasury Regulations Section 2.165-12(c)(1)(v) are herein referred to as “financial institutions”) purchasing for their own account or for resale, or (b) United States person(s) who acquired the Securities
through foreign branches of United States financial institutions and who hold the Securities through such United States financial institutions on the date hereof (and in either case (a) or (b), each such United States financial institution hereby
agrees, on its own behalf or through its agent, that you may advise EnCana Corporation or its agent that such financial institution will comply with the requirements of Section 165(j)(3)(A), (B) or (C) of the United States Internal Revenue Code
of 1986, as amended, and the regulations thereunder), or (iii) are owned by United States or foreign financial institution(s) for purposes of resale during the restricted period (as defined in United States Treasury Regulations
Section 1.163-5(c)(2)(i)(D)(7)), and, in addition, if the owner is a United States or foreign financial institution described in clause (iii) above (whether or not also described in clause (i) or (ii)), this is to further certify that such
financial institution has not acquired the Securities for purposes of resale directly or indirectly to a United States person or to a person within the United States or its possessions. 

As used herein, “United States” means the United States of America (including the states and the District of Columbia); and its
“possessions” include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands. 

We undertake to advise you promptly by tested telex on or prior to the date on which you intend to submit your certification relating to the
above-captioned Securities held by 

  
 A-1-1 

 
you for our account in accordance with your operating procedures if any applicable statement herein is not correct on such date, and in the absence of any such notification it may be assumed that
this certification applies as of such date. 
 This certificate excepts and does not relate to [U.S.$]
[        ] of such interest in the above-captioned Securities in respect of which we are not able to certify and as to which we understand an exchange for an interest in a permanent global Security or an
exchange for and delivery of definitive Securities (or, if relevant, collection of any interest) cannot be made until we do so certify. 

We understand that this certificate may be required in connection with certain tax legislation in the United States. If administrative or
legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize you to produce this certificate or a copy thereof to any interested party in such proceedings. 

Dated: 
  

	
	  

	Name:
	Title:

  
 A-1-2 

 EXHIBIT A-2 

FORM OF CERTIFICATE TO BE GIVEN BY EUROCLEAR AND CLEARSTREAM 

IN CONNECTION WITH THE EXCHANGE OF A PORTION OF A 

TEMPORARY GLOBAL SECURITY OR TO OBTAIN INTEREST 

PAYABLE PRIOR TO THE EXCHANGE DATE 

CERTIFICATE 
 ENCANA CORPORATION

 [Insert title of sufficient description of Securities to be delivered] 

This is to certify that based solely on written certifications that we have received in writing, by tested telex or by electronic transmission
from each of the persons appearing in our records as persons entitled to a portion of the principal amount set forth below (our “Member Organizations”) substantially in the form attached hereto, as of the date hereof, [U.S.$]
[        ] principal amount of the above-captioned Securities (i) is owned by person(s) that are not citizens or residents of the United States, domestic partnerships, domestic corporations or any estate or
trust the income of which is subject to United States Federal income taxation regardless of its source (“United States person(s)”), (ii) is owned by United States person(s) that are (a) foreign branches of United States financial
institutions (financial institutions, as defined in U.S. Treasury Regulations Section 1.165-12(c)(l)(v) are herein referred to as “financial institutions”) purchasing for their own account or for resale, or (b) United States person(s)
who acquired the Securities through foreign branches of United States financial institutions and who hold the Securities through such United States financial institutions on the date hereof (and in either case (a) or (b), each such financial
institution has agreed, on its own behalf or through its agent, that we may advise EnCana Corporation or its agent that such financial institution will comply with the requirements of Section 165(j)(3)(A), (B) or (C) of the Internal Revenue
Code of 1986, as amended, and the regulations thereunder), or (iii) is owned by United States or foreign financial institution(s) for purposes of resale during the restricted period (as defined in United States Treasury Regulations
Section 1.163-5(c)(2)(i)(D)(7)) and, to the further effect, that financial institutions described in clause (iii) above (whether or not also described in clause (i) or (ii)) have certified that they have not acquired the Securities for purposes
of resale directly or indirectly to a United States person or to a person within the United States or its possessions. 
 As used herein,
“United States” means the United States of America (including the states and the District of Columbia); and its “possessions” include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern
Mariana Islands. 
 We further certify that (i) we are not making available herewith for exchange (or, if relevant, collection of any
interest) any portion of the temporary global Security representing the above-captioned Securities excepted in the above-referenced certificates of Member Organizations and (ii) as of the date hereof we have not received any notification from any of
our Member Organizations to the effect that the statements made by such Member Organizations 

  
 A-2-1 

 
with respect to any portion of the part submitted herewith for exchange (or, if relevant, collection of any interest) are no longer true and cannot be relied upon as of the date hereof. 

We understand that this certification is required in connection with certain tax legislation in the United States. If administrative or legal
proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize you to produce this certificate or a copy thereof to any interested party in such proceedings. 

Dated: 
  

			
	[EUROCLEAR BANK S.A./N.A, as Operator of the Euroclear System]
	
	[CLEARSTREAM]
		
	By	 	  

  
 A-2-2EX-10.1

 Exhibit 10.1 

US$3,000,000,000 (OR EQUIVALENT) 

EXTENDIBLE REVOLVING - TERM CREDIT FACILITY 
  

 
 RESTATED CREDIT AGREEMENT

 AMONG 
 ENCANA
CORPORATION 
 (as Borrower) 

AND 
 THE FINANCIAL AND
OTHER INSTITUTIONS NAMED HEREIN 
 FROM TIME TO TIME IN THEIR 

CAPACITIES AS LENDERS 

(as Lenders) 
 AND

 ROYAL BANK OF CANADA 

(as Agent) 
 Dated as of
July 16, 2015 
  
  

RBC CAPITAL MARKETS 

CANADIAN IMPERIAL BANK OF COMMERCE 

(as Co-Lead Arrangers and Joint Bookrunners) 

AND 
 CANADIAN IMPERIAL
BANK OF COMMERCE 
 (as Syndication Agent) 

AND 
 BANK OF MONTREAL

 THE BANK OF NOVA SCOTIA 

TD SECURITIES INC. 
 (as
Co-Arrangers and Co-Documentation Agents) 
 Norton Rose Fulbright Canada LLP 

Blake, Cassels & Graydon LLP 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	 ARTICLE 1 DEFINITIONS
	  	 	1	  
	 1.1
	  	 Definitions
	  	 	1	  
	 1.2
	  	 Headings and Table of Contents
	  	 	27	  
	 1.3
	  	 References
	  	 	27	  
	 1.4
	  	 Rules of Interpretation
	  	 	27	  
	 1.5
	  	 Generally Accepted Accounting Principles
	  	 	27	  
	 1.6
	  	 Changes in GAAP or Accounting Policies
	  	 	27	  
	 1.7
	  	 Schedules
	  	 	29	  
	 1.8
	  	 Certain Matters Related to Ratings Explained
	  	 	29	  
	 1.9
	  	 Amendment and Restatement
	  	 	31	  
		
	 ARTICLE 2 REPRESENTATIONS AND WARRANTIES
	  	 	31	  
	 2.1
	  	 Representations and Warranties
	  	 	31	  
	 2.2
	  	 Deemed Representation and Warranty Upon Drawdown
	  	 	34	  
	 2.3
	  	 Deemed Representation and Warranty Upon Conversion or Rollover
	  	 	34	  
	 2.4
	  	 Nature of Representations and Warranties
	  	 	35	  
		
	 ARTICLE 3 THE CREDIT FACILITY
	  	 	35	  
	 3.1
	  	 Obligations of the Lenders
	  	 	35	  
	 3.2
	  	 Purpose/Certain Acquisitions
	  	 	35	  
	 3.3
	  	 Drawdowns
	  	 	37	  
	 3.4
	  	 LIBOR Loans
	  	 	37	  
	 3.5
	  	 Bankers’ Acceptances
	  	 	38	  
	 3.6
	  	 Agent’s Duties re Bankers’ Acceptances
	  	 	40	  
	 3.7
	  	 Letters of Credit
	  	 	41	  
	 3.8
	  	 Conversion Option
	  	 	46	  
	 3.9
	  	 Rollover Option
	  	 	47	  
	 3.10
	  	 Notice and Additional Repayment Requirements
	  	 	48	  
	 3.11
	  	 Pro-Rata Treatment of Borrowings
	  	 	49	  
	 3.12
	  	 Extension of Maturity Date
	  	 	50	  
	 3.13
	  	 Swing Line Borrowings
	  	 	55	  
	 3.14
	  	 Increase in Credit Facility
	  	 	58	  
		
	 ARTICLE 4 REPAYMENT AND CANCELLATION
	  	 	59	  
	 4.1
	  	 Repayment of Borrowings
	  	 	59	  
	 4.2
	  	 Exchange Rate Fluctuations
	  	 	60	  
	 4.3
	  	 Cancellation of Syndicated Commitments
	  	 	60	  
	 4.4
	  	 Evidence of Indebtedness
	  	 	61	  
		
	 ARTICLE 5 PAYMENT OF INTEREST AND FEES
	  	 	61	  
	 5.1
	  	 Payment of Interest on Prime Loans
	  	 	61	  
	 5.2
	  	 Payment of Interest on USBR Loans
	  	 	62	  
	 5.3
	  	 Payment of Interest on LIBOR Loans
	  	 	62	  
	 5.4
	  	 Stamping Fees for Bankers’ Acceptances
	  	 	62	  

							
	 5.5
	  	 Issuance Fees for Letters of Credit
	  	 	63	  
	 5.6
	  	 Adjustments
	  	 	63	  
	 5.7
	  	 Interest on Overdue Amounts
	  	 	64	  
	 5.8
	  	 Standby Fees
	  	 	64	  
	 5.9
	  	 Agency Fees
	  	 	64	  
	 5.10
	  	 Maximum Rate Permitted by Law
	  	 	64	  
	 5.11
	  	 Interest Act
	  	 	65	  
	 5.12
	  	 Nominal Rates; No Deemed Reinvestment
	  	 	65	  
	 5.13
	  	 Interest on Prepayments and Repayments
	  	 	65	  
		
	 ARTICLE 6 PAYMENTS
	  	 	65	  
	 6.1
	  	 Time and Place of Payment
	  	 	65	  
	 6.2
	  	 Currency of Payment
	  	 	66	  
	 6.3
	  	 Payments Free and Clear
	  	 	66	  
	 6.4
	  	 Account Debit Authorization
	  	 	67	  
		
	 ARTICLE 7 CONDITIONS PRECEDENT
	  	 	67	  
	 7.1
	  	 Conditions Precedent to Effectiveness
	  	 	67	  
	 7.2
	  	 Conditions Precedent to all Drawdowns
	  	 	68	  
	 7.3
	  	 Conditions Precedent to Conversion or Rollover
	  	 	69	  
	 7.4
	  	 Waiver
	  	 	69	  
		
	 ARTICLE 8 COVENANTS OF THE BORROWER
	  	 	69	  
	 8.1
	  	 Covenants of the Borrower
	  	 	69	  
	 8.2
	  	 Negative Covenants of the Borrower
	  	 	73	  
	 8.3
	  	 Actions in Respect of Subsidiaries
	  	 	75	  
		
	 ARTICLE 9 EVENTS OF DEFAULT
	  	 	76	  
	 9.1
	  	 Events of Default
	  	 	76	  
	 9.2
	  	 Occurrence of an Event of Default
	  	 	79	  
	 9.3
	  	 Lenders’ Right to Suspend the Borrowings
	  	 	79	  
	 9.4
	  	 Remedies Cumulative
	  	 	80	  
	 9.5
	  	 Set-Off
	  	 	80	  
	 9.6
	  	 Cash Coverage Account
	  	 	81	  
	 9.7
	  	 Application and Sharing of Payments Following Acceleration
	  	 	81	  
		
	 ARTICLE 10 CHANGE OF CIRCUMSTANCES
	  	 	82	  
	 10.1
	  	 Market Disruption
	  	 	82	  
	 10.2
	  	 Increased Costs or Reduced Income or Return Due to Change in Law
	  	 	84	  
	 10.3
	  	 Illegality
	  	 	87	  
	 10.4
	  	 Designation of Different Lending Office
	  	 	88	  
		
	 ARTICLE 11 PAYMENT OF EXPENSES AND INDEMNITIES
	  	 	88	  
	 11.1
	  	 Payment of Expenses
	  	 	88	  
	 11.2
	  	 General Indemnity
	  	 	88	  
		
	 ARTICLE 12 THE AGENT AND THE LENDERS
	  	 	90	  
	 12.1
	  	 Authorization of Agent
	  	 	90	  
	 12.2
	  	 Responsibility of Agent
	  	 	90	  
	 12.3
	  	 Acknowledgement of Lenders
	  	 	90	  

  
 - ii - 

							
	 12.4
	  	 Rights and Obligations of Each Lender
	  	 	91	  
	 12.5
	  	 Determinations by Lenders
	  	 	91	  
	 12.6
	  	 Notices between the Lenders, the Agent and the Borrower
	  	 	92	  
	 12.7
	  	 Agent’s Duty to Deliver Documents Obtained from Borrower
	  	 	92	  
	 12.8
	  	 Arrangements for Borrowings
	  	 	92	  
	 12.9
	  	 Arrangements for Repayment of Borrowings
	  	 	93	  
	 12.10
	  	 Repayment by Lenders to Agent
	  	 	93	  
	 12.11
	  	 Adjustments Among Lenders
	  	 	94	  
	 12.12
	  	 Lenders’ Consents to Waivers, Amendments, etc.
	  	 	95	  
	 12.13
	  	 Reimbursement of Agent’s Expenses
	  	 	97	  
	 12.14
	  	 Reliance by Agent on Notices, etc.
	  	 	97	  
	 12.15
	  	 Relations with Borrower
	  	 	97	  
	 12.16
	  	 Successor Agent
	  	 	97	  
	 12.17
	  	 Change of Schedule I Reference Bank
	  	 	98	  
	 12.18
	  	 Indemnity of Agent
	  	 	99	  
	 12.19
	  	 Cash Collateral and Withholding from a Defaulting Lender
	  	 	99	  
	 12.20
	  	 Funding if there is a Defaulting Lender
	  	 	100	  
	 12.21
	  	 Amendment to this Article 12
	  	 	102	  
		
	 ARTICLE 13 NOTICES
	  	 	103	  
	 13.1
	  	 Method of Giving Notice
	  	 	103	  
	 13.2
	  	 Change of Address
	  	 	103	  
	 13.3
	  	 Deemed Receipt
	  	 	103	  
		
	 ARTICLE 14 GOVERNING LAW AND JUDGMENT CURRENCY
	  	 	103	  
	 14.1
	  	 Governing Law
	  	 	103	  
	 14.2
	  	 Jurisdiction
	  	 	104	  
	 14.3
	  	 Judgment Currency
	  	 	104	  
		
	 ARTICLE 15 MISCELLANEOUS
	  	 	105	  
	 15.1
	  	 Exchange and Confidentiality of Information
	  	 	105	  
	 15.2
	  	 Severability
	  	 	106	  
	 15.3
	  	 Amendments and Waivers
	  	 	107	  
	 15.4
	  	 Survival of Representations
	  	 	107	  
	 15.5
	  	 Whole Agreement
	  	 	107	  
	 15.6
	  	 Term of Agreement
	  	 	107	  
	 15.7
	  	 Time of Essence
	  	 	107	  
	 15.8
	  	 Substitution of Lender
	  	 	107	  
	 15.9
	  	 Successors and Assigns
	  	 	108	  
	 15.10
	  	 AML Legislation and “Know Your Client” Requirements
	  	 	110	  
	 15.11
	  	 Platform
	  	 	111	  
	 15.12
	  	 Waiver of Jury Trial
	  	 	112	  
	 15.13
	  	 Electronic Communications
	  	 	112	  
	 15.14
	  	 Counterparts
	  	 	112	  

  
 - iii - 

 SCHEDULES 
  

			
	Schedule “A” -	  	Notice of Drawdown, Repayment or Cancellation of Commitment
	Schedule “B” -	  	Notice of Drawdown by way of Bankers’ Acceptances
	Schedule “C” -	  	Notice of Conversion
	Schedule “D” -	  	Notice of Rollover
	Schedule “E” -	  	Request for Extension
	Schedule “F” -	  	Compliance Certificate
	Schedule “G” -	  	Negative Pledge
	Schedule “H” -	  	Power of Attorney – Bankers’ Acceptances
	Schedule “I” -	  	Lender Transfer Agreement
	Schedule “J” -	  	Commitments

  
 - iv - 

 THIS RESTATED CREDIT AGREEMENT is dated as of the
16th day of July, 2015. 
 AMONG: 

ENCANA CORPORATION, a corporation amalgamated under the laws of Canada, having its executive office in Calgary, Alberta, Canada (the
“Borrower”) 
 AND: 

each of the financial and other institutions named on Schedule “J” from time to time, in their capacities as Lenders 

AND: 
 ROYAL BANK OF CANADA, a
Canadian chartered bank having its head office in Toronto, Ontario, Canada, in its capacity from time to time as administrative agent of the Lenders hereunder (in such capacity, the “Agent”) 

WHEREAS the Borrower, the Existing Lenders and the Agent are parties to the Existing Credit Agreement; 

AND WHEREAS the Borrower has requested and the Lenders have agreed to amend and restate the Existing Credit Agreement upon the terms
and conditions, and in the form, of this Agreement; 
 NOW THEREFORE, in consideration of the premises, the mutual covenants and for
other good and valuable consideration, the receipt of which is hereby acknowledged, the parties agree as follows: 
 ARTICLE 1 

DEFINITIONS 
  

	1.1	Definitions 

 In this Agreement: 

“Acceleration Notice” has the meaning ascribed thereto in Section 9.2; 

“Accounts” means the accounts and records established by the Agent to record the Borrower’s liability to each of the
Lenders in respect of the Borrowings and other Loan Indebtedness owing by the Borrower to each of the Lenders hereunder in accordance with Section 4.4; 

“Additional Compensation” has the meaning ascribed to that term in Section 10.2; 

 “Administrative Questionnaire” means an administrative questionnaire in the form
supplied by the Agent; 
 “Affiliate” means any Person which, directly or indirectly, controls, is controlled by or is under
common control with another Person; and, for the purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” or “under common control with”) means the power to direct or cause
the direction of the management and policies of any Person, whether through the ownership of shares or other economic interests, the holding of voting rights or contractual rights or otherwise; 

“Agent” means Royal when acting in its capacity as agent hereunder, and includes any successor agent appointed pursuant to
Section 12.16; 
 “Agent’s Account for Payments” means: 

 

	 	(i)	for all payments in Canadian Dollars, the following account maintained by the Agent at its Toronto main branch, to which payments and transfers are to be effected as follows: 

Royal Bank of Canada 
 Swift
Address: XXXXXXXX 
 Favour: /XXXXX-XXX-XXX-X 

RBC Agency Services Group 

Toronto, Ontario 

Ref: Encana Corporation 
  

	 	(ii)	for all payments in US Dollars, the following account maintained by the Agent at its Toronto main branch, to which payments and transfers are to be effected as follows: 

JPMorgan Chase Bank, New York, New York 

ABA XXXXXXXX, Swift code: XXXXXXXX 

Swift Address: XXXXXXXX 

Beneficiary: Favour: /XXXXX-XXX-XXX-X 

RBC Agency Services Group 

Toronto, Ontario 

Ref: Encana Corporation 
 or
such other places or accounts in Canada as may be stipulated by the Agent from time to time and notified in writing to the Borrower and the Lenders; 

“Agent’s Branch of Account” means: 

Royal Bank of Canada 
 RBC
Agency Services Group 

  
 - 2 - 

 Royal Bank Plaza 

P.O. Box 50, 200 Bay Street 

12th Floor, South Tower, 

Toronto, Ontario 
 M5J 2W7 

Fax: (416) 842-4023 
 or
such other office or branch of the Agent in Canada as the Agent may from time to time advise the Borrower and the Lenders in writing; 

“Agreement” or “Credit Agreement” means this agreement, including Schedules “A” to “J”
inclusive, and any further amendments or supplements to it; 
 “Amendment Effective Date” means July 16, 2015; 

“AML Legislation” has the meaning given to it in Section 15.10; 

“Anti-Corruption Laws” means all laws, rules, and regulations of Sanctions Authorities that apply to the Borrower and its
Subsidiaries from time to time concerning or relating to bribery of government officials or public corruption; 
 “Applicable
Law” means, with respect to any Person, property, transaction or event, and whether or not having the force of law, all applicable provisions of laws, statutes, regulations, rules, guidelines, by-laws, treaties, orders, policies, judgments,
decrees and official directives of Governmental/Judicial Bodies or Persons acting under the authority of any Governmental/Judicial Body; 

“Applicable Pricing Margin” means, with respect to any applicable Borrowing or the standby fees payable under
Section 5.8, a rate per annum set forth opposite the applicable Debt Rating: 
  

															
	 Level
	  	 Debt Rating

(S&P/Moody’s)
	  	Bankers’ Acceptances
/ LIBOR Loans /
Letters of Credit
(in bps)	 	  	Prime Loans /
USBR Loans
(in bps)	 	  	Standby
Fee
(in bps)	 
	1	  	A/A2 or higher	  	 	80	  	  	 	0	  	  	 	16	  
	2	  	A-/A3	  	 	100	  	  	 	0	  	  	 	20	  
	3	  	BBB+/Baa1	  	 	120	  	  	 	20	  	  	 	24	  
	4	  	BBB/Baa2	  	 	145	  	  	 	45	  	  	 	29	  
	5	  	BBB-/Baa3	  	 	170	  	  	 	70	  	  	 	34	  
	6	  	 Lower than Level 5, or unrated by both S&P and Moody’s
	  	 	225	  	  	 	125	  	  	 	45	  

 provided that:

  
 - 3 - 

	 	(i)	if at any time the Debt Rating assigned by one rating entity differs from the Debt Rating assigned by the other rating entity by only one level, then the Applicable Pricing Margin shall be the rate per annum opposite
the higher of the two Debt Ratings; 

  

	 	(ii)	if at any time the Debt Rating assigned by one rating entity differs from the Debt Rating assigned by the other rating entity by two or more levels, then the Applicable Pricing Margin shall be the average of the rates
per annum opposite those Debt Ratings; 

  

	 	(iii)	the Applicable Pricing Margin for Bankers’ Acceptances and Letters of Credit shall be determined on the date of issuance and shall be subject to adjustment in accordance with Section 5.6; 

 

	 	(iv)	with respect to Letters of Credit which are not characterized as Direct Credit Substitutes (as determined by the Fronting Bank, acting reasonably), the Applicable Pricing Margin shall be
66 2⁄3% of the applicable rates described above; provided that if any such Letter of Credit is determined by the Office of the Superintendent of
Financial Institutions Canada to be a Direct Credit Substitute after the issuance thereof, the Applicable Pricing Margin shall be adjusted to 100% of the applicable rates described above with retroactive effect to the date of issuance and the
incremental issuance fee payable for the period from the date of issuance to the date of such determination shall be payable on the first Business Day of the next Fiscal Quarter; and 

 

	 	(v)	if either or both of S&P and Moody’s ceases to carry on the business of providing ratings of the long term debt of corporate borrowers based on creditworthiness assessments, then the provisions of Section 1.8
(and not Level 6 pricing) shall apply; 

 “BA Equivalent Loan” means, in relation to a Drawdown of, Conversion
into or Rollover of, Bankers’ Acceptances, a Borrowing advanced by a Non-Acceptance Lender pursuant to Section 3.5(f) as part of such Drawdown, Conversion or Rollover; 

“BA Suspension Notice” has the meaning given to it in Section 10.1(b)(ii); 

“Bankers’ Acceptance” means either a depository bill, as defined by the Depository Bills and Notes Act (Canada),
or a blank non-interest bearing bill of exchange, as defined by the Bills of Exchange Act (Canada), in either case drawn by the Borrower and accepted by a Lender as a bankers’ acceptance, as evidenced by the Lender’s endorsement
thereof at the request of the Borrower pursuant to Section 3.3, 3.8, 3.9 or 3.13; 
 “basis point” or “bp”
means one one-hundredth of a percent; 

  
 - 4 - 

 “Borrower” means Encana Corporation, a corporation amalgamated under the
Canada Business Corporations Act, and any successor thereto permitted pursuant to Section 8.2(c); 
 “Borrower’s
Accounts” means, for all payments in Canadian Dollars, account no. XXX-XXX-X, and, for all payments in US Dollars, account no. XXX-XXX-X, in each case maintained by the Borrower with the Agent at the Agent’s Main Branch in Calgary,
Alberta, or such other account or accounts maintained by the Borrower with the Agent as the Borrower may from time to time designate and advise the Agent in writing; 

“Borrowing” means (i) an advance by way of Prime Loans, (ii) an advance by way of USBR Loans, (iii) an advance by way of LIBOR
Loans, (iv) an acceptance of drafts or Depository Bills to become Bankers’ Acceptances having the same issuance and maturity dates (or BA Equivalent Loans made in lieu thereof) or (v) an issuance of any Letter(s) of Credit, in each case made
pursuant to a Notice of Drawdown, Notice of Conversion or Notice of Rollover, or as a result of applying Section 3.4(a), 3.5(g), 3.7(d) or 3.13(h); 

“Borrowing Conversion Date” means the date on which the Borrower has elected, pursuant to Section 3.8, or is deemed pursuant
to Section 3.4(a) or 3.5(g) to have elected, to convert a Borrowing (or a portion thereof) to another type of Borrowing; 

“Borrowing Rollover Date” means the date on which the Borrower has elected, pursuant to Section 3.9, (i) to Rollover a LIBOR
Loan (or a portion thereof) for a further LIBOR Interest Period, (ii) to Rollover a Bankers’ Acceptance (or a BA Equivalent Loan made in lieu thereof) (or a portion thereof) to a new Bankers’ Acceptance (or a BA Equivalent Loan in lieu
thereof), or (iii) to Rollover a Letter of Credit (or a portion thereof) to a new or extended Letter of Credit; 
 “Bow Office
Lease” means, collectively and individually, the Headlease, the Sublease and the Encana Indemnity and all amendments, supplements, renewals, extensions, replacements and restatements of any of the foregoing and any other agreements entered
into pursuant to any of the foregoing relating to The Bow office tower or any properties ancillary thereto. For purposes of this definition, “Headlease” means, collectively, the lease made as of the 7th day of February, 2007
between EDP (as landlord) and Encana Leasehold Limited Partnership (“ELLP”) (as tenant), as assigned by EDP to Centre Street Trust pursuant to an assignment and assumption agreement dated the 8th day of February, 2007 between EDP
and Centre Street Trust, as amended pursuant to letter agreements dated December 10, 2007, February 11, 2008, February 14, 2008 and February 25, 2009 among Centre Street Trust, ELLP and EDP, and as amended by a lease amending agreement made as of
April 22, 2009 among, inter alia, Centre Street Trust and ELLP, as same may be further assigned or amended, restated, superseded, supplemented, extended, replaced or modified from time to time; “Sublease” means the Sublease with
respect to a portion of the premises located in The Bow entered into between ELLP as 

  
 - 5 - 

 sublandlord and the Borrower as subtenant dated November 29, 2009 and effective on or about
November 30, 2009, as such sublease may be amended, restated, superseded, supplemented, extended, replaced or modified from time to time; and “Encana Indemnity” means the indemnity entered into by the Borrower and Encana
Developments Partnership (“EDP”) dated February 7, 2007, as assigned by EDP to Centre Street Trust pursuant to an assignment and assumption agreement dated the 8th day of February, 2007 between EDP and Centre Street Trust, as same
may be amended, restated, superseded, supplemented, extended, replaced or modified from time to time; 
 “Branch of Account”
means, with respect to each Lender, the branch or office of such Lender at the address set forth in such Lender’s Administrative Questionnaire provided to the Agent or such other branch or office in Canada as such Lender may from time to time
advise the Borrower and the Agent in writing; provided that, for purposes of delivering any notice required to be delivered by the Agent to a Lender pursuant to Section 12.8 and for purposes of effecting any payments to a Lender in connection
with this Agreement, a Lender may specify to the Borrower and the Agent in writing any other branch or office of such Lender in Canada, and such branch or office shall thereafter be the Branch of Account of such Lender for such purpose; 

“Business Day” means a day, excluding Saturday and Sunday, on which Canadian chartered banks are open for business in Calgary,
Alberta, Canada and Toronto, Ontario, Canada and, in respect of any payments in US Dollars, a day on which banking institutions are also open for business in New York, New York, USA and, if such matter relates to any determination of LIBOR or a
Borrowing or payment in respect of LIBOR Loans, a day on which dealings in US Dollars may be carried on by and between banks in the London interbank market; 

“Canadian Dollars”, “Cdn. Dollar” and the symbol “Cdn. $” each mean lawful currency of
Canada; 
 “Capital Adequacy Guidelines” means the capital adequacy guidelines from time to time issued by the Office of the
Superintendent of Financial Institutions Canada or any other governmental agency or regulatory authority in Canada regulating or having jurisdiction with respect to any Lender; 

“Capital Lease” means, at any time, any lease or other arrangement providing for the right of the lessee thereunder to use
property, real or personal, moveable or immovable (whether or not such lease or other arrangement is intended as security), and in respect of which the present value of the minimum rental commitment or other amounts payable by the lessee thereunder
would, in accordance with GAAP, be capitalized on a balance sheet of the lessee thereunder; provided that any real property leases entered into before December 31, 2010 (including the Bow Office Lease) and any leases that would have been
characterized as operating leases under GAAP as in effect on December 31, 2010 shall be deemed to be operating leases and shall be excluded from this definition; 

  
 - 6 - 

 “Cash Coverage Account” means an account maintained by the Agent (i) which bears
interest for the Borrower’s account at the rates prevailing at the time of deposit for deposits of similar amounts and for similar terms, (ii) which contains amounts received by the Agent from the Borrower pursuant to Section 3.10(c), 3.10(d),
4.2 or 9.6 and (iii) from which the Borrower shall have no withdrawal rights or other entitlement to such amounts (except for any accrued interest thereon unless such interest is required to yield the face amount of any Bankers’ Acceptances) to
the extent and for so long as such amounts may be required to satisfy any unmatured or contingent obligations or liabilities of the Borrower to the Agent and the Lenders pursuant to the above sections or are actually used to satisfy any such
obligations and liabilities pursuant to the above sections; and, for the purposes hereof and to the foregoing extent, each such account shall be considered to be the Agent’s or Lender’s account and not the Borrower’s account; 

“CDOR One Month Rate” means, on any day, the annual rate of interest determined by the Agent as being the arithmetic average
of the “BA 1 mth” rate per annum applicable to Canadian Dollar bankers’ acceptances displayed and identified as such on the “Reuters’ Screen CDOR Page” (as defined in the International Swap Dealers Association, Inc.
1991 definitions, as modified and amended from time to time) as at approximately 10:00 a.m. (Toronto time) on such day, or if such day is not a Business Day, then on the immediately preceding Business Day (as adjusted by the Agent in good faith
after 10:00 a.m. (Toronto time) to reflect any error in a posted rate or in the posted average annual rate); provided, however, if such a rate does not appear on the Reuters’ Screen CDOR Page as contemplated, then CDOR One Month
Rate, on any day, shall be the 30 day discount rate quoted to the Agent by the Schedule I Reference Bank (determined as of 10:00 a.m. (Toronto time) on such day) which would be applicable in respect of an issue of one month Bankers’ Acceptances
accepted by the Schedule I Reference Bank and in an aggregate amount of Cdn. $10,000,000, and issued on such day, or if such day is not a Business Day, then on the immediately preceding Business Day; provided further that if and for so
long as the long term debt of the Schedule I Reference Bank is assigned a rating of A2 or lower by Moody’s, the Borrower shall be entitled to designate another Lender for the purposes of determination of CDOR One Month Rate pursuant to the
preceding proviso and CDOR One Month Rate shall be the average of (i) the rate determined in the absence of this proviso and (ii) the aforesaid rate, determined with the designated Lender substituted for the Schedule I Reference Bank; 

“Centralized Banking Arrangements” means any centralized banking arrangements entered into by the Borrower and/or any of its
Subsidiaries with any financial institution in the ordinary course of business for the purpose of obtaining cash management services (which arrangements may include, without limitation, the pooling and set-off of account balances between accounts
belonging to different entities, the provision of guarantees or indemnities or the assumption of joint and several liabilities by one or more entities in regard to obligations of one or more other entities, or other similar arrangements); 

  
 - 7 - 

 “CIBC” means Canadian Imperial Bank of Commerce, a Canadian chartered bank; 

“Code” means the United States Internal Revenue Code of 1986, as amended from time to time, and the rules and
regulations promulgated thereunder from time to time; 
 “Commitment” means, in relation to a Lender, such Lender’s
Syndicated Commitment, Fronting Bank Commitment or Swing Line Commitment, as the context may require; 
 “Common Equity
Securities” means the securities of a Person which are entitled to share without limitation in a distribution of the assets of such Person upon any liquidation, dissolution or winding-up of such Person; 

“Compliance Certificate” means a compliance certificate substantially in the form attached hereto as Schedule “F”
executed by the Borrower’s President or any Senior Financial Officer; 
 “Consolidated Capitalization” means, at the
end of a Fiscal Quarter, and as determined on a consolidated basis in accordance with GAAP, the aggregate of: 
  

	 	(i)	Consolidated Net Worth; and 

  

	 	(ii)	Consolidated Debt; 

 “Consolidated Debt” means, at the end of a Fiscal Quarter
and as determined on a consolidated basis in accordance with GAAP, all Financing Debt of the Borrower at such time but excluding any Financing Debt referred to in the proviso to the definition of Consolidated Debt to Consolidated Capitalization
Ratio; 
 “Consolidated Debt to Consolidated Capitalization Ratio” means, at the end of a Fiscal Quarter, the ratio of
Consolidated Debt at such date to Consolidated Capitalization at such date; provided that, for the purposes of calculating such ratio, Consolidated Debt shall exclude: 
  

	 	(i)	any Financing Debt where the Borrower or a Subsidiary has irrevocably deposited with the proper depository in trust the necessary cash or marketable debt instruments for the defeasance, redemption or satisfaction of
such Financing Debt prior to its scheduled maturity date in accordance with the provisions of the indenture, agreement or other instrument governing such Financing Debt (and such deposits shall be excluded in any calculation of the Consolidated
Tangible Assets); and 

  

	 	(ii)	 any new Financing Debt borrowed or issued for the purpose of repaying or satisfying any existing Financing Debt
prior to its maturity date provided that (A) such existing Financing Debt matures within 12 months of the date on which the new Financing Debt is borrowed or issued, (B) such new Financing Debt will only be excluded to the extent it is deposited
into a segregated 

  
 - 8 - 

	 	
account of the Borrower (as certified by the President or a Senior Financial Officer of the Borrower in an officer’s certificate delivered to the Agent promptly after such deposit) and (C)
such deposits shall be excluded in any calculation of the Consolidated Tangible Assets. Any such deposit and the Borrower’s intention to repay such existing Financing Debt with such deposit shall be confirmed in each regularly scheduled
Compliance Certificate which is delivered prior to repayment of such existing Financing Debt; 

 “Consolidated Net
Worth” means, at the end of a Fiscal Quarter and as determined in accordance with GAAP on a consolidated basis for the Borrower, the consolidated shareholders’ equity as shown on the consolidated balance sheet of the Borrower
(including, for certainty, to the extent included as shareholders’ equity on such balance sheet, preferred securities and minority interests, but excluding all amounts included in shareholders’ equity attributable to Non-Recourse Assets
and without giving effect to the non-cash ceiling test impairments and other changes in aggregate of US$ 7,746,000,000 as at December 31, 2011 as a consequence of the adoption of US GAAP); 

“Consolidated Tangible Assets” means, at the end of a Fiscal Quarter and as determined in accordance with GAAP on a
consolidated basis for the Borrower, the total assets of the Borrower shown on the consolidated balance sheet of the Borrower (excluding (i) goodwill, trademarks, copyrights and other similar intangible assets and (ii) Non-Recourse Assets and
without giving effect to the non-cash ceiling test impairments and other changes in aggregate of US$10,585,000,000 as at December 31, 2011 as a consequence of the adoption of US GAAP); provided that Consolidated Tangible Assets shall not
include any deposits referred to in either (i) or (ii) of the proviso to the definition of Consolidated Debt to Consolidated Capitalization Ratio; 

“Conversion” means (i) a conversion or deemed conversion of one type of Borrowing or a portion thereof into another type of
Borrowing or (ii) a conversion or deemed conversion of a Swing Line Borrowing into a Syndicated Borrowing (whether of the same type or otherwise), all in accordance with the provisions of this Agreement; 

“Credit Facility” means the credit facility established pursuant to Section 3.1; 

“Debt Ratings” means the ratings that have been most recently announced by S&P and Moody’s (or, as applicable under
Section 1.8, a Substitute Rating Entity) for any class of senior unsecured non-convertible publicly-held long term debt of the Borrower; 

“Default” means any event or circumstance which, with the giving of notice, lapse of time (or both) or the fulfillment of any
other event or condition (including, for certainty and as applicable, the making of a Borrowing) would become an Event of Default; 

  
 - 9 - 

 “Defaulting Lender” means any Lender, as reasonably determined by the Agent:

  

	 	(i)	that has failed to fund any payment or its portion of any Borrowings required to be made by it hereunder or to purchase or fund any participation required to be purchased or funded by it hereunder in each case within
one (1) Business Day after the date that such funding was required hereunder; 

  

	 	(ii)	that has notified the Borrower, the Agent or any Lender (verbally or in writing) that it does not intend to or is unable to comply with any of its funding obligations under this Agreement or has made a public statement
to that effect or to the effect that it does not intend to or is unable to fund advances generally under credit arrangements to which it is a party; 

  

	 	(iii)	that has failed, within three (3) Business Days after request by the Agent or the Borrower, to confirm that it will comply with the terms of this Agreement relating to its obligations to fund prospective Borrowings
including participations in then outstanding Letters of Credit; 

  

	 	(iv)	that has otherwise failed to pay over to the Agent or any other Lender any other amount required to be paid by it hereunder within three (3) Business Days of the date when due, unless the subject of a good faith
dispute; 

  

	 	(v)	in respect of which a Lender Insolvency Event or a Lender Distress Event has occurred in respect of such Lender or its Lender Parent; or 

 

	 	(vi)	that is generally in default of its obligations under other existing credit or loan documentation under which it has commitments to extend credit; 

“Depository Bill” has the meaning ascribed thereto in the Depository Bills and Notes Act (Canada); 

“Direct Credit Substitutes” has the meaning contemplated within the Capital Adequacy Guidelines; 

“Discount Proceeds” means the net cash proceeds to the Borrower from the sale of Bankers’ Acceptances at the applicable
Discount Rate, before deduction or payment of stamping fees to be paid to the Lenders pursuant to Section 5.4; 
 “Discount
Rate” means: 
  

	 	(i)	with respect to an issue of Bankers’ Acceptances accepted by a Lender that is a Schedule I Bank: 

  

	 	(A)	 in the case of a standard term of one (1) month, two (2) months, three (3) months or six (6) months, the annual
rate of interest determined by the Agent as being the arithmetic average of the yield rates per annum (calculated on a year of 365 days) applicable to Canadian 

  
 - 10 - 

	 	
Dollar bankers’ acceptances having identical issue and comparable maturity dates as the Bankers’ Acceptances proposed to be issued by the Borrower, displayed and identified as such on
the “Reuters Screen CDOR Page” (as defined in the International Swap Dealers Association, Inc. 1991 definitions, as modified and amended from time to time) as at approximately 10:00 a.m. (Toronto time) on such day, or if such day is not a
Business Day, then on the immediately preceding Business Day (as adjusted by the Agent in good faith after 10:00 a.m. (Toronto time) to reflect any error in a posted rate of interest or in the posted average annual rate of interest);
provided, however, if such rates do not appear on the Reuters’ Screen CDOR Page as contemplated, then the Discount Rate for purposes of this paragraph (i), on any day, shall be the discount rate quoted to the Agent by the Schedule
I Reference Bank (determined as of 10:00 a.m. (Toronto time) on such day) which would be applicable in respect of an issue of Canadian Dollar bankers’ acceptances accepted by the Schedule I Reference Bank having comparable face values and
identical issue and comparable maturity dates as the Bankers’ Acceptances proposed to be issued by the Borrower, and issued on such day, or if such day is not a Business Day, then on the immediately preceding Business Day; provided
further that if and for so long as the long term debt of the Schedule I Reference Bank is assigned a rating of A2 or lower by Moody’s, the Borrower shall be entitled to designate another Lender for the purposes of the determination of
Discount Rate pursuant to the preceding proviso and the Discount Rate for purposes of this paragraph (i) shall be the average of (A) the rate determined in the absence of the proviso and (B) the aforesaid rate, determined with the designated Lender
substituted for the Schedule I Reference Bank; and 

  

	 	(B)	in the case of any other term: 

  

	 	(1)	if such term is less than one (1) month, such rate of interest as may be determined by the Agent (acting reasonably); and 

  

	 	(2)	if such term is greater than one (1) month, such rate of interest as may be determined by the Agent (acting reasonably) in accordance with its customary practices by interpolating between the rates of interest
determined in accordance with subparagraph (A) above for the immediately shorter and immediately longer standard terms; and 

  

	 	(ii)	with respect to an issue of Bankers’ Acceptances accepted by a Lender that is a Schedule II Bank or a Schedule III Bank, the lesser of: 

  
 - 11 - 

	 	(A)	the arithmetic average of the yield rates per annum (calculated on a year of 365 days) quoted to the Agent by the Schedule II/III Reference Banks (determined as of 10:00 a.m. (Toronto time) on the date of
determination), which rates would be applicable in respect of the purchase by the Schedule II/III Reference Banks of Canadian Dollar bankers’ acceptances accepted by the Schedule II/III Reference Banks having comparable face values and
identical issue dates and comparable maturity dates as the Bankers’ Acceptances proposed to be issued by the Borrower, and issued on such day, or if such day is not a Business Day, then on the immediately preceding Business Day; and

  

	 	(B)	the sum of the Discount Rate, determined in accordance with paragraph (i) above, and 10 bps per annum; 

provided that if the Discount Rate as determined above is less than zero, then the Discount Rate shall be deemed to be zero; 

“Drawdown” means an advance or deemed advance of funds or other extension of credit in accordance with the provisions of this
Agreement, and for certainty includes the issuance of a Letter of Credit but does not include a Conversion or a Rollover; 

“Drawdown Date” means a Business Day, at the expiration of the notice period specified pursuant to Section 3.3, on which the
Borrower obtains a Drawdown; 
 “Equivalent Amount” in one currency (the “First Currency”) of an amount in
another currency (the “Other Currency”) means, as of the date of determination, the amount of the First Currency which would be required to purchase such amount of the Other Currency at the Bank of Canada noon (Toronto time)
mid-point spot rate for such currencies on such date of determination (as quoted or published from time to time by the Bank of Canada) or, if such date of determination is not a Business Day, on the Business Day immediately preceding such date of
determination; provided that, in the case of any amount in US Dollars, the Equivalent Amount of such amount shall be such amount; 

“Event of Default” means any of the occurrences referred to in Section 9.1 if, at the time of, or during the continuance of
any such occurrence, a Borrowing is outstanding; 
 “Excluded Taxes” means:

 

	 	(i)	 all taxes on, based on, measured by or with respect to the Agent’s or a Lender’s net or gross income,
gains, capital, receipts, franchises, excess profits or conduct of business (unless such taxes are in lieu of any Taxes the Borrower or a Guarantor Subsidiary would otherwise be required to pay hereunder) that are taxes imposed in a jurisdiction or
any political subdivision 

  
 - 12 - 

	 	
thereof as a consequence of the Agent or applicable Lender carrying on a trade or business or having a permanent establishment in that jurisdiction or otherwise being organized under the laws of
or being a resident in that jurisdiction;

  

	 	(ii)	all U.S. federal withholding Taxes imposed under FATCA, and any Taxes or penalties arising from a Lender’s failure to properly comply with such Lender’s obligations imposed under the Canada-United States
Enhanced Tax Information Exchange Agreement Implementation Act (Canada) or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of
FATCA-based reporting in that jurisdiction; and 

  

	 	(iii)	any Taxes imposed on a payment or deemed payment by reason of the recipient not dealing at arm’s length (within the meaning of the Income Tax Act (Canada)) with the Borrower or being a “specified
shareholder” of the Borrower (within the meaning of subsection 18(5) of the Income Tax Act (Canada)) at the time of payment or deemed payment, or by reason of such recipient not dealing at arm’s length (within the meaning of the
Income Tax Act (Canada)) with the Borrower or a “specified shareholder” of the Borrower at the time of payment or deemed payment; 

“Existing Credit Agreement” means the restated credit agreement dated as of October 12, 2011 among the Borrower, the
Existing Lenders and the Agent, as amended prior to the Amendment Effective Date; 
 “Existing Lenders” means those
financial and other institutions which are parties as “Lenders” to the Existing Credit Agreement; 
 “Extension
Date” has the meaning ascribed to that term in Section 3.12(a); 
 “FATCA” means Sections 1471 through 1474 of the
Code, as of the Amendment Effective Date (or any amended or successor version that is substantively comparable), any current or future regulations (whether final, temporary or proposed in final form) or official interpretations thereof, any
agreements entered into pursuant to Section 1471(b)(1) of the Code or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of
the Code; 
 “Fed Funds Rate” means, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of
1%) of the annual rates of interest on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or,
if such rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 

  
 - 13 - 

 
of 1%) of the quotations for such day on such transactions received by the Agent from three Federal funds brokers of recognized standing selected by it; 

“Finance Co.” means Encana Holdings Finance Corp., an unlimited liability company incorporated under the laws of Nova Scotia,
and any successor thereto; 
 “Financing Debt” means, with respect to any Person and at any time, all indebtedness for
borrowed money of such Person at such time and specifically includes (without duplication): 
  

	 	(i)	indebtedness of such Person arising pursuant to bankers’ acceptance facilities, note purchase facilities and commercial paper programs; 

 

	 	(ii)	indebtedness of such Person for borrowed money evidenced by and owed under a bond, note, debenture or similar instrument; 

  

	 	(iii)	all indebtedness of such Person representing the deferred purchase price of any property which, in accordance with its terms is, or after giving effect to any renewal or extension provisions of such arrangements may be,
payable by such Person more than 12 months after the date of acquisition; 

  

	 	(iv)	the amounts under Capital Leases under which such Person is the lessee which, in accordance with GAAP, are capitalized on the balance sheet of such Person; 

 

	 	(v)	indebtedness of such Person arising pursuant to letters of credit or letters of guarantee securing or supporting any indebtedness referred to in the foregoing parts of this definition and in paragraph (vi) of this
definition; and 

  

	 	(vi)	(y) obligations of such Person under guarantees, indemnities or other contingent obligations securing or supporting any indebtedness or other obligations of any other Person referred to in the foregoing parts of this
definition, and (z) all other obligations of such Person incurred for the purpose of or having the effect of providing financial assistance to another Person to secure or support any indebtedness or other obligations of any other Person referred to
in the foregoing parts of this definition, including endorsements with recourse of bills of exchange constituting or evidencing any such indebtedness or obligations (other than for collection or deposit in the ordinary course of business);

 provided that Financing Debt of a Person shall not include (A) any Non-Recourse Debt of such Person, (B) indebtedness
under any real property leases entered into before December 31, 2010 (including the Bow Office Lease) and any leases that would have been characterized as operating leases under GAAP as in effect on December 31, 2010 and (C) where such Person is a
Wholly-Owned Subsidiary, any of the foregoing which is owed to the Borrower or another Wholly-Owned Subsidiary or owed by the Borrower to a Wholly-Owned Subsidiary; 

  
 - 14 - 

 “Fiscal Quarter” means the first three (3) months of a Fiscal Year, and each
successive period of three (3) months in such Fiscal Year; 
 “Fiscal Year” means the fiscal year as adopted by the Borrower
from time to time and which is currently the one year period commencing on January 1 of each year and ending on December 31 of such year; 

“Fronting Bank Commitment” means, in relation to a Fronting Bank, the amount set forth opposite such Fronting Bank’s name
in the second column on Schedule “J” from time to time, as such Fronting Bank Commitment may hereafter be increased, cancelled , reduced or terminated from time to time pursuant to this Agreement; 

“Fronting Banks” means, from time to time, any Lenders selected by the Borrower and the Agent which have agreed to act as a
fronting bank to issue Letters of Credit up to their respective Fronting Bank Commitments; provided that with respect to any particular Letter of Credit issued hereunder, “Fronting Bank” shall mean the Lender which issued
that Letter of Credit; 
 “GAAP” means generally accepted accounting principles in Canada which are in effect from time to
time, unless the Borrower’s most recent audited annual or unaudited interim financial statements are not prepared in accordance with generally accepted accounting principles in Canada, in which case GAAP shall mean generally accepted accounting
principles in the United States in effect from time to time; 
 “Governmental/Judicial Body” means: 

 

	 	(i)	any government, parliament or legislature, any regulatory or administrative authority, agency, commission or board (including any board having jurisdiction in respect of pipelines or the oil and gas industry generally)
and any other statute, rule or regulation making entity having jurisdiction in the relevant circumstances; 

  

	 	(ii)	any Person to whom a government, parliament or legislature, any regulatory or administrative authority, agency, commission or board or any other statute, rule or regulation making entity referred to in paragraph (i) has
delegated power or authority under a statute, rule or regulation thereof; and 

  

	 	(iii)	any judicial, administrative or arbitral court, authority, tribunal or commission having jurisdiction in the relevant circumstances; 

“Guarantor Subsidiary” means, at any time, a Subsidiary which is then guaranteeing the Borrowings hereunder pursuant to a
guarantee in a form acceptable to the Agent (acting reasonably); 
 “Interest Date” means, in respect of Borrowings by way
of Prime Loans and USBR Loans, the first Business Day of each month; 

  
 - 15 - 

 “Investment Grade” means a Debt Rating not lower than BBB- from S&P and Baa3
from Moody’s (or, if applicable, an equivalent Debt Rating from a Substitute Rating Entity);
 “LC Draft” means any
draft, bill of exchange, receipt, acceptance, demand or other request for payment presented to a bank as provided in a Letter of Credit; 

“Lender Distress Event” means, in respect of a given Lender, such Lender or its Lender Parent is subject to a forced
liquidation, merger, sale or other change of control supported in whole or in part by guarantees or other support (including, without limitation, the nationalization or assumption of ownership or operating control by the Government of the United
States, Canada or any other Governmental/Judicial Body) or is otherwise adjudicated as, or determined by any Governmental/Judicial Body having regulatory authority over such Lender or Lender Parent or their respective assets to be, insolvent or
bankrupt or deficient in meeting any capital adequacy or liquidity standard of any such Governmental/Judicial Body; provided that a Lender shall not become a Defaulting Lender solely as the result of the acquisition or maintenance of an
ownership interest in such Lender or its Lender Parent (including the exercise of control over such Lender or its Lender Parent through such ownership interest) by a Governmental/Judicial Body or an instrumentality thereof; 

“Lender Insolvency Event” means, in respect of a given Lender, such Lender or its Lender Parent: 

 

	 	(i)	is dissolved (other than pursuant to a consolidation, amalgamation or merger); 

  

	 	(ii)	becomes insolvent, is deemed insolvent by Applicable Law or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due; 

 

	 	(iii)	makes a general assignment, arrangement or composition with or for the benefit of its creditors; 

  

	 	(iv)	 (A) institutes, or has instituted against it by a regulator, supervisor or any similar Governmental/Judicial Body
with primary insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its incorporation or organization or the jurisdiction of its head or home office, (x) a proceeding pursuant to which such Governmental/Judicial Body
takes control of such Lender’s or Lender Parent’s assets, (y) a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy, insolvency or winding-up law or other similar law affecting creditors’
rights, or (z) a petition is presented for its winding-up or liquidation by it or such regulator, supervisor or similar Governmental/Judicial Body; or (B) has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any
other relief under any bankruptcy, insolvency or winding-up law or other 

  
 - 16 - 

	 	
similar law affecting creditors’ rights, or a petition is presented for its winding-up or liquidation, and such proceeding or petition is instituted or presented by a person or entity not
described in clause (A) above and either (x) results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation or (y) is not dismissed, discharged, stayed or restrained
in each case within fifteen (15) days of the institution or presentation thereof; 

  

	 	(v)	has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger); 

 

	 	(vi)	seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or a substantial portion of all of its
assets; 

  

	 	(vii)	has a secured party take possession of all or a substantial portion of all of its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or
substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case, within fifteen (15) days thereafter; 

 

	 	(viii)	causes or is subject to any event with respect to it which, under the Applicable Law of any jurisdiction, has an analogous effect to any of the events specified in subparagraphs (i) to (vii) above, inclusive; or

  

	 	(ix)	takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing; 

“Lender Parent” means any person that directly or indirectly controls a Lender and, for the purposes of this definition,
“control” shall have the same meaning as set forth in the definition of “Affiliate” contained herein; 

“Lenders” means each of the financial and other institutions named on Schedule “J” hereto as a Lender which has
executed this Agreement or, as a Permitted Assignee, an agreement substantially in the form of Schedule “I”, and includes Royal in its capacity as a Lender, but excludes any such financial or other institution, the Commitment of which has
been reduced to zero, and also excludes the Agent in its capacity as the Agent; and “Lender” means any one of such Lenders, as applicable; 

“Lender’s Proportion” means, at any time and from time to time with respect to each Lender (subject to adjustment as
required for Swing Line Borrowings made solely by the Swing Line Lender pursuant to Section 3.13): 
  

	 	(i)	 if there has been delivered an Acceleration Notice, or during the continuance of an Event of Default specified in
Section 9.1(b) or 9.1(c), in each such case at a time during which there are Outstandings, the proportion that the amount 

  
 - 17 - 

	 	
of such Lender’s Outstandings at such time bears to the amount of the total Outstandings of all Lenders at such time; and 

 

	 	(ii)	at any other time, the proportion that the amount of such Lender’s Syndicated Commitment at such time bears to the Total Syndicated Commitment; 

“Letter of Credit” means a performance, standby or documentary letter of credit issued by the Fronting Bank at the request of
the Borrower pursuant to Section 3.7; 
 “LIBOR” means, with respect to any LIBOR Interest Period applicable to a Borrowing
by way of a LIBOR Loan: 
  

	 	(i)	in the case of a standard LIBOR Interest Period of one (1) month, two (2) months, three (3) months or six (6) months, the rate of interest per annum, based upon a year of 360 days, (rounded upwards, if necessary, to the
next 1/100 of 1%) determined by the Agent to be the offered rate listed on the “LIBOR 01 Page” (or any display substituted therefor) of Reuter’s Monitor Money Rates Service (or any successor thereto designated by the Agent) that
displays the ICE Benchmark Administration Limited (or its successor) Interest Settlement Rate applicable to such LIBOR Interest Period for purposes of displaying the rates at which US Dollar deposits are offered for deposit in the London interbank
market) at approximately 11:00 a.m. London, England time two (2) Business Days prior to the Drawdown Date, Borrowing Conversion Date or Borrowing Rollover Date, as applicable, for such Borrowing and for the LIBOR Interest Period selected; and

  

	 	(ii)	in the case of any other LIBOR Interest Period: 

  

	 	(A)	if such LIBOR Interest Period is less than one (1) month, such rate of interest as may be determined by the Agent (acting reasonably); and 

 

	 	(B)	if such LIBOR Interest Period is greater than one (1) month, such rate of interest as may be determined by the Agent (acting reasonably) in accordance with its customary practices by interpolating between the rates of
interest appearing on the page referred to in subparagraph (i) above for the immediately shorter and immediately longer standard LIBOR Interest Periods; 

provided that, (x) if such service is unavailable then LIBOR shall be determined by the Agent as the rate at which deposits of
comparable term and amount are offered by it to prime banks in the London interbank market at or approximately 11:00 a.m. London, England time on such date and (y) if LIBOR as determined above is less than zero, then LIBOR shall be deemed to be
zero; 
 “LIBOR Interest Date” means: 
  

	 	(i)	the last day of each LIBOR Interest Period; and 

  
 - 18 - 

	 	(ii)	if the Borrower selects a LIBOR Interest Period for a period longer than three (3) months, the dates falling every three (3) months after the beginning of such LIBOR Interest Period and on the last day of such LIBOR
Interest Period; 

 “LIBOR Interest Period” means, with respect to a Borrowing by way of a LIBOR Loan, the
period commencing with and including the Drawdown Date, Borrowing Conversion Date or Borrowing Rollover Date, as applicable, as the first day of the LIBOR Interest Period for that Borrowing, and ending on (but, for greater certainty, excluding for
the purpose of interest calculation) a day which is not sooner than the numerically corresponding day one (1) calendar month thereafter and not later than the numerically corresponding day six (6) calendar months thereafter, or such other day as is
agreed to by all applicable Lenders, selected by the Borrower upon giving to the Agent a Notice of Drawdown, Notice of Conversion or Notice of Rollover, as applicable, so long as deposits in US Dollars for such period are readily available to the
Lenders in the London interbank market; provided further that: 
  

	 	(i)	if any such LIBOR Interest Period commences on a day of a calendar month for which there is no numerically corresponding day in the calendar month at the end of the LIBOR Interest Period, such LIBOR Interest Period
shall end on the last Business Day of such subsequent calendar month; and 

  

	 	(ii)	if any such LIBOR Interest Period ends on a day which is not a Business Day, such LIBOR Interest Period shall end the next Business Day unless such Business Day falls in the next calendar month, in which case such LIBOR
Interest Period shall end on the immediately preceding Business Day; 

 “LIBOR Loans” means the loans made
available by the Lenders to the Borrower pursuant to Sections 3.3, 3.8 or 3.9, which the Borrower has elected to denominate in US Dollars and has agreed to pay interest thereon in accordance with Section 5.3; 

“LIBOR Suspension Notice” has the meaning given to it in Section 10.1(a)(iii); 

“Loan Documents” means this Agreement (including Schedules “G”, “H” and “J”), the letter
agreements referred to in Sections 3.7(g) and 5.9 and, when executed and delivered, Schedules “A”, “B”, “C”, “D”, “E”, “F” and “I”; 

“Loan Indebtedness” means the aggregate, at any time, of: 

 

	 	(i)	all Outstandings; and 

  

	 	(ii)	all fees and other amounts payable by the Borrower hereunder or under the other Loan Documents, 

but, for certainty, shall not include contingent obligations under the Loan Documents not then due or owing, including such obligations under
indemnities contained therein; 

  
 - 19 - 

 “Loans” means Prime Loans, USBR Loans and LIBOR Loans; 

“Majority Lenders” means any Lender or group of Lenders having Lender’s Proportions, in aggregate, of 50.1% or more;

“Material Adverse Effect” means any act, event or condition that has a material adverse effect on (i) the consolidated
financial condition and operations of the Borrower and its Subsidiaries, taken as a whole, (ii) the ability of the Borrower to pay any amounts owing from time to time under this Agreement or (iii) the validity or enforceability of this Agreement,
provided that in no event shall fluctuations in commodity prices for oil and/or natural gas be regarded as an act, event or condition that in and of itself has a Material Adverse Effect; 

“Material Subsidiary” means from time to time (i) any Subsidiary of the Borrower which, on a consolidated basis for such
Subsidiary and its Subsidiaries, has assets which have a value, as reflected on the consolidated balance sheet of the Borrower most recently delivered to the Lenders hereunder, in excess of 10% of the value of the consolidated assets of the Borrower
and Subsidiaries as reflected therein (without giving effect to the non-cash ceiling test impairments and other changes as at December 31, 2011 as a consequence of the adoption of US GAAP), and (ii) any other Subsidiary so designated by the
Borrower; 
 “Maturity Date” means, with respect to a Commitment, July 16, 2020, as such date may, from time to time, be
extended pursuant to Section 3.12 in respect of such Commitment;
 “Moody’s” means Moody’s Investors Service,
Inc., its Affiliates and their respective successors; 
 “Negative Pledge” means the covenants of the Borrower set forth in
Schedule “G”; 
 “Non-Acceptance Discount Rate” means, for any day, the simple average of the Discount Rate in
paragraph (i) of the definition of Discount Rate and the Discount Rate in paragraph (ii) of such definition; 
 “Non-Acceptance
Lender” means a Lender which does not accept bankers’ acceptances in the ordinary course of its business; 

“Non-Defaulting Lender” means a Lender that is not a Defaulting Lender; 

“Non-Guarantor Subsidiary” means, at any time, a Subsidiary which is not then a Guarantor Subsidiary; 

“Non-Recourse Assets” means the Borrower’s proportion (determined on a consolidated basis in accordance with GAAP) of
assets owned directly or indirectly by the Borrower or a Subsidiary which meet all of the following conditions: (i) the assets represent a specific Project, whether alone or in association with others, (ii)

  
 - 20 - 

 
debt for borrowed money is owed to one or more Non-Recourse Creditor(s), was incurred for the purpose of financing the costs of such Project and the recourse of such creditors in relation to such
debt is limited to the assets of such Project (including equity interests and investments in any Non-Recourse Subsidiary), and (iii) neither the Borrower nor any Subsidiary is liable or has issued a guarantee in respect of any such debt, other than
any such debt or any such guarantee in respect of which the recourse thereunder is limited to the assets of such Project (including equity interests and investments in any Non-Recourse Subsidiary); provided that upon all such debt to all such
creditors in respect of any such assets being repaid, such assets shall then cease to be Non-Recourse Assets; 
 “Non-Recourse
Creditor” means an arm’s length creditor whose recourse is limited to Non-Recourse Assets, to the exclusion of any and all other recourse, whether directly or indirectly, by way of guarantees or otherwise, against the Borrower or any
Subsidiary in respect of any such debt or liability referred to in the definition of Non-Recourse Assets except for non-recourse guarantees and/or non-recourse pledges which are limited in recourse to equity interests and investments in any
Non-Recourse Subsidiary; 
 “Non-Recourse Debt” means debt incurred for the purpose of financing the costs of a specific
Project and due or otherwise owing to a Non-Recourse Creditor; 
 “Non-Recourse Subsidiary” means a Subsidiary whose
material assets are Non-Recourse Assets; 
 “Notice of Conversion” means a notice substantially in the form of Schedule
“C” to this Agreement, duly completed with all information necessary to effect a Conversion, given or to be given by the Borrower to the Agent pursuant to this Agreement; 

“Notice of Drawdown” means a notice substantially in the form of Schedule “A” or, in the case of a Drawdown by way
of Bankers’ Acceptances (or BA Equivalent Loans in lieu thereof), Schedule “B” to this Agreement, duly completed with all information necessary to effect a Drawdown, given or to be given by the Borrower to the Agent pursuant to this
Agreement; 
 “Notice of Extension” means a written notice by the Agent, on behalf of some or all of the Lenders for a
period of not more than five (5) years from the Extension Date, to the Borrower pursuant to Section 3.12 extending the then current Maturity Date in respect of the Commitments of such Lenders; 

“Notice of Rollover” means a notice substantially in the form of Schedule “D” to this Agreement, duly completed with
all information necessary to effect a Rollover, given or to be given by the Borrower to the Agent pursuant to this Agreement; 

  
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 “OFAC” means the Office of Foreign Assets Control of the United States Treasury
Department; 
 “Outstanding Principal” means, at any time, the Equivalent Amount in US Dollars of the Outstandings at such
time disregarding any due and unpaid interest; 
 “Outstandings” at any time means the aggregate at such time of: 

 

	 	(i)	the principal amounts outstanding of, and all due and unpaid interest in respect of, Prime Loans; 

  

	 	(ii)	the principal amounts outstanding of, and all due and unpaid interest in respect of, USBR Loans and LIBOR Loans; 

  

	 	(iii)	the amounts payable at maturity of all outstanding Bankers’ Acceptances and BA Equivalent Loans; and 

  

	 	(iv)	the aggregate undrawn face amount of all outstanding Letters of Credit; 

 provided that
(A) for the purpose of calculating the Outstandings owing to any Lender at any time, such Lender shall be deemed to have issued its Lender’s Proportion of all outstanding Letters of Credit for which it has a reimbursement or indemnification
obligation in the circumstances contemplated in Section 3.7(d) and (B) where the context requires, the Outstandings shall mean only those Outstandings owing to a particular Lender; 

“Permitted Assignee” has the meaning ascribed thereto in Section 15.9(a); 

“Person” means a natural person, partnership, corporation, joint stock company, unlimited liability company, limited liability
company, trust, unincorporated association or other entity and, as and when applicable, the heirs, executors, administrators, successors or other legal representative, as the case may be, of such entity; 

“Prime Loans” means the loans made available by the Lenders to the Borrower pursuant to Section 3.3, 3.8, 3.9 or 3.13 with
respect to which the Borrower has agreed to pay interest thereon in accordance with Section 5.1 or which are made available to the Borrower by the Lenders as a result of applying Section 3.5(g), 3.7(d) or 3.13(h); 

“Prime Rate” means, with respect to outstanding Prime Loans, on any day, the greater of: 

 

	 	(i)	 the annual rate of interest most recently announced from time to time by the Schedule I Reference Bank (and, if
not the Agent, notified to the Agent) as being its reference rate then in effect for determining interest rates on 

  
 - 22 - 

	 	
Canadian Dollar denominated commercial loans made by the Schedule I Reference Bank in Canada; and 

  

	 	(ii)	the annual rate of interest equal to the aggregate of CDOR One Month Rate and 0.75% per annum; 

provided that if all such rates are equal, then the “Prime Rate” shall be the rate specified in (i) above; 

“Project” means the acquisition, construction and development of previously undeveloped or newly acquired assets forming an
economic unit capable of generating sufficient cash flow, on the basis of reasonable initial assumptions, to cover the operating costs and debt service required to finance the undertaking relating to such assets over a period of time which is less
than the projected economic life of the assets, and includes any commercial operation for which such assets were so acquired, constructed or developed and which is subsequently carried on with such assets by such economic unit and, for certainty,
includes each such Project which exists at the Amendment Effective Date or which is acquired, created or comes into existence after the Amendment Effective Date; 

“Public Material Subsidiary” means any Material Subsidiary whose Common Equity Securities have been listed on any stock
exchange at all times since such Material Subsidiary first became a Material Subsidiary; 
 “Request for Extension” means a
written request by the Borrower to the Agent on behalf of some or all of the Lenders pursuant to Section 3.12 requesting such Lenders to issue a Notice of Extension in respect of the Commitments of such Lenders, in the form attached as Schedule
“E”; 
 “Restricted Subsidiary” has the meaning ascribed thereto in the Negative Pledge; 

“Rollover” means: 
  

	 	(i)	with respect to any LIBOR Loan, the continuation of all or a portion of such Loan for an additional LIBOR Interest Period subsequent to the initial or any subsequent LIBOR Interest Period applicable thereto;

  

	 	(ii)	with respect to any Bankers’ Acceptance (or BA Equivalent Loan made in lieu thereof), the issuance of new Bankers’ Acceptances (or making of new BA Equivalent Loans) in respect of all or any portion of such
Bankers’ Acceptance (or BA Equivalent Loans made in lieu thereof) on the maturity date thereof; and 

  

	 	(iii)	 with respect to any Letter of Credit, the extension or replacement of an existing Letter of Credit in respect of
all or any portion of such Letter of Credit effective on the expiry date thereof including, for certainty, any extension referred to in the proviso in Section 3.9(c); provided that the

  
 - 23 - 

	 	
beneficiary thereof (including any successor or permitted assigns thereof) remains the same, the maximum amount available to be drawn thereunder is not increased, the currency in which the same
is denominated remains the same and the terms upon which the same may be drawn remain the same; 

 all in accordance with the
provisions of this Agreement; 
 “Royal” means Royal Bank of Canada, a Canadian chartered bank; 

“Sanctioned Country” means, at any time, a country or territory which is the subject or target of any Sanctions; 

“Sanctioned Person” means, at any time, any Person listed in any Sanctions-specific list of designated Persons maintained by
OFAC, the United States Department of State, or by the United Nations Security Council, in all cases, to the extent not inconsistent with Applicable Law in Canada; 

“Sanctions” means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by a
Sanctions Authority that are applicable to the Borrower or its Subsidiaries; provided that, with respect to economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by the United Nations Security
Council, to the extent such sanctions or trade embargoes are not inconsistent with Applicable Law in Canada; 
 “Sanctions
Authority” means any of: (i) the federal government of Canada; (ii) the federal government of the United States of America; (iii) the United Nations Security Council (to the extent not inconsistent with Applicable Law in Canada); or (iv)
the respective governmental institutions, departments and agencies of any of the foregoing, including OFAC and the United States Department of State; and “Sanctions Authorities” means all of the foregoing Sanctions Authorities,
collectively; 
 “Schedule I Bank” means a bank under Schedule I of the Bank Act (Canada); 

“Schedule I Reference Bank” means Royal, or such other Lender as may from time to time be appointed as the Schedule I
Reference Bank pursuant to Section 12.17; 
 “Schedule II Bank” means a bank under Schedule II of the Bank Act
(Canada); 
 “Schedule II/III Reference Banks” means, other than Bank of America, N.A., Canada Branch, (i) any two or more
Lenders which are Schedule II Banks or Schedule III Banks, as selected from time to time by the Agent and approved by the Borrower, each acting reasonably, and shall include any other Lender that is a Schedule II Bank or Schedule III Bank selected
from time to time by the Agent and approved by the Borrower, each acting reasonably, in substitution for or replacement of any then existing Schedule II/III Reference Banks, or (ii) if there is only one Schedule II Bank or Schedule III Bank that is
a Lender, that Lender alone; 

  
 - 24 - 

 “Schedule III Bank” means an authorized foreign bank under Schedule III of the
Bank Act (Canada); 
 “Senior Financial Officer” means the Borrower’s Chief Financial Officer, Chief Accounting
Officer, Vice-President Finance, Comptroller, Assistant Comptroller, Treasurer or Assistant Treasurer or any other officer of the Borrower having a similar title or position; 

“S&P” means Standard & Poor’s Ratings Services, a division of Standard & Poor’s Financial Services LLC,
a Subsidiary of McGraw-Hill Financial, Inc., its Affiliates and their respective successors; 
 “Subsidiary” means, with
respect to any Person (“X”) (i) any corporation of which at least a majority of the outstanding shares having by the terms thereof ordinary voting power to elect a majority of the board of directors of such corporation (irrespective
of whether, at the time, shares of any other class or classes of such corporation might have voting power by reason of the happening of any contingency, unless the contingency has occurred and then only for as long as it continues) is, at the time,
directly, indirectly or beneficially owned or controlled by X or one or more of its Subsidiaries or by X and one or more of its Subsidiaries, and (ii) any partnership or other entity of which at least a majority of the outstanding income interests
or capital interests are at the time directly, indirectly or beneficially owned or controlled by X or one or more of its Subsidiaries or by X and one or more of its Subsidiaries; provided that unless otherwise expressly provided or the
context otherwise requires, references herein to “Subsidiary” or “Subsidiaries” shall be and shall be deemed to be references to a Subsidiary or Subsidiaries of the Borrower; 

“Substitute Rating Entity” has the meaning assigned thereto in Section 1.8(b)(i); 

“Swing Line Borrowing” means a borrowing by way of (i) a Prime Loan, (ii) a USBR Loan or (iii) acceptance of Bankers’
Acceptances (to the extent available), in each case made or accepted only by a Swing Line Lender in accordance with Section 3.13; 

“Swing Line Commitment” means, in relation to a Swing Line Lender, the amount set forth opposite such Swing Line Lender’s
name in the third column on Schedule “J” from time to time, as such Swing Line Commitment may hereafter be increased, cancelled, reduced or terminated from time to time pursuant to this Agreement; 

“Swing Line Lenders” means, from time to time, any Lenders selected by the Borrower and the Agent which have agreed to make
Swing Line Borrowings available hereunder, in each case up to their respective Swing Line Commitments; provided that with respect to any particular Swing Line Borrowing made available hereunder, “Swing Line Lender” shall mean the
Lender which made that Swing Line Borrowing; 

  
 - 25 - 

 “Syndicated Borrowings” means Borrowings made available by the Syndicated
Lenders pursuant to the Syndicated Commitments; 
 “Syndicated Commitment” means, in relation to a Syndicated Lender, the
amount set forth opposite such Syndicated Lender’s name in the first column on Schedule “J” from time to time, as such Syndicated Commitment may hereafter be increased, cancelled, reduced or terminated from time to time pursuant to
this Agreement; 
 “Syndicated Lenders” means, from time to time, those Lenders then providing Syndicated Commitments; 

“Tax” means all present and future taxes, levies, duties, imposts, stamp and documentary taxes, deductions, charges or
withholdings imposed by any Governmental/Judicial Body, and all liabilities with respect thereto, including all income taxes, capital taxes, excise taxes, financial institution duties, debit taxes and similar levies, and any interest, additions to
tax and penalties imposed with respect to any of the foregoing; 
 “Total Syndicated Commitment” means, at any time, an
amount equal to the aggregate of all of the Syndicated Commitments at such time; 
 “US Base Rate” means, with respect to
outstanding USBR Loans, on any day, the greatest of: 
  

	 	(i)	the annual rate of interest most recently announced from time to time by the Schedule I Reference Bank (and, if not the Agent, notified to the Agent) as being its reference rate then in effect for determining interest
rates on US Dollar denominated commercial loans made by the Schedule I Reference Bank in Canada; 

  

	 	(ii)	the annual rate of interest equal to the aggregate of the Fed Funds Rate and 0.75% per annum; and 

  

	 	(iii)	the annual rate of interest equal to the aggregate of the one month LIBOR and 0.75% per annum; 

provided that if all such rates of interest are equal, then the “US Base Rate” shall be the rate specified in (i) above; 

“USBR Loans” means the loans made available by the Lenders to the Borrower pursuant to Section 3.3, 3.8, 3.9 or 3.13 with
respect to which the Borrower has agreed to pay interest thereon in accordance with Section 5.2 or which are made available to the Borrower by the Lenders as a result of applying Section 3.4(a), 3.7(d), 3.13(h) or 10.1; 

“US Dollars” and the symbol “US $” each mean lawful currency of the United States of America; 

  
 - 26 - 

 “US GAAP” means generally accepted accounting principles in the United States of
America in effect from time to time; and 
 “Wholly-Owned Subsidiary” means (i) any corporation of which 100% of the
outstanding shares having by the terms thereof ordinary voting power to vote with respect to the election of the board of directors of such corporation (irrespective of whether at the time shares of any other class or classes of such corporation
might have voting power by reason of the happening of any contingency, unless the contingency has occurred and then only for so long as it continues) is at the time directly, indirectly or beneficially owned or controlled by the Borrower or one or
more of its Wholly-Owned Subsidiaries or by the Borrower and one or more of its Wholly-Owned Subsidiaries, or (ii) any partnership or other entity of which 100% of the outstanding income interests and capital interests is at the time directly,
indirectly or beneficially owned or controlled by the Borrower or one or more of its Wholly-Owned Subsidiaries or by the Borrower and one or more of its Wholly-Owned Subsidiaries. 

 

	1.2	Headings and Table of Contents 

 The headings, the table of contents, and the Article and
Section titles are inserted for convenience only and are to be ignored in construing this Agreement. 
  

	1.3	References 

 All references to Sections, Articles and Schedules are to Sections, Articles
and Schedules to this Agreement. The words “hereto”, “herein”, “hereof”, “hereunder”, “this Agreement” and similar expressions mean and refer to this Agreement as hereafter supplemented or amended.

  

	1.4	Rules of Interpretation 

 The singular includes the plural and vice versa;
“month” means calendar month; and “in writing” or “written” includes printing, typewriting, or any electronic means of communication capable of being visibly reproduced at the point of reception, including telecopier,
telex or telegraph. 
  

	1.5	Generally Accepted Accounting Principles 

  

	 	(a)	Unless otherwise defined, each accounting term used in this Agreement has the meaning assigned to it under GAAP. 

  

	 	(b)	In calculating the financial tests set forth in Sections 8.1(j) and 8.2(e), such calculations shall be based upon the Borrower’s consolidated financial statements for the relevant period. 

 

	1.6	Changes in GAAP or Accounting Policies 

  

	 	(a)	If: 

  
 - 27 - 

	 	(i)	there occurs a material change in GAAP after December 31, 2014, including as a result of any future conversion by the Borrower from generally accepted accounting principles in the United States to generally accepted
accounting principles in Canada (or vice versa); or 

  

	 	(ii)	the Borrower or any of its Subsidiaries adopts a material change in an accounting policy in order to more appropriately present events or transactions in its financial statements; 

and the above change would require disclosure under GAAP in the consolidated financial statements of the Borrower and would cause an amount
required to be determined for the purposes of any financial test in Section 8.1(j) or 8.2(e) or any financial term or threshold used in Section 2.1(c), 8.2(f), the Negative Pledge, Section 9.1 or elsewhere in this Agreement (each a
“Financial Covenant/Term”) to be materially different than the amount that would be determined without giving effect to such change, the Borrower shall notify the Agent of such change (an “Accounting
Change”). Such notice (an “Accounting Change Notice”) shall describe the nature of the Accounting Change, its effect on the current and immediately prior year’s financial statements in accordance with GAAP and
state whether the Borrower desires to revise the method of calculating one or more of the Financial Covenants/Terms (including the revision of any of the defined terms used in the determination of such Financial Covenant/Term) in order that amounts
determined after giving effect to such Accounting Change and the revised method of calculating such Financial Covenant/Term will approximate the amount that would be determined without giving effect to such Accounting Change and without giving
effect to the revised method of calculating such Financial Covenant/Term. The Accounting Change Notice shall be delivered to the Agent within sixty (60) days after the end of the Fiscal Quarter in which the Accounting Change is implemented or,
if such Accounting Change is implemented in the fourth Fiscal Quarter or in respect of an entire Fiscal Year, within 120 days after the end of such period. 
  

	 	(b)	If, pursuant to the Accounting Change Notice, the Borrower does not indicate that it desires to revise the method of calculating one or more of the Financial Covenants/Terms, the Majority Lenders may within thirty (30)
days after receipt of the Accounting Change Notice notify the Borrower that they wish to revise the method of calculating one or more of the Financial Covenants/Terms in the manner described above. 

 

	 	(c)	 If either the Borrower or the Majority Lenders so indicate that they wish to revise the method of calculating one
or more of the Financial Covenants/Terms, the Borrower and the Majority Lenders shall in good faith attempt to agree on a revised method of calculating such Financial Covenants/Terms so as to reflect equitably such Accounting Change with the desired
result that the result of the evaluation of the Borrower’s financial condition shall be substantially the same after such Accounting Change as if such Accounting Change had not been made. Until the Borrower and the Majority Lenders have reached
agreement in writing on such revised method of 

  
 - 28 - 

	 	
calculation, all amounts to be determined hereunder shall continue to be determined without giving effect to the Accounting Change. For greater certainty, if no notice of a desire to revise
the method of calculating the Financial Covenants/Terms in respect of an Accounting Change is given by either the Borrower or the Majority Lenders within the applicable time period described above, then the method of calculating the Financial
Covenants/Terms shall not be revised in response to such Accounting Change and all amounts to be determined pursuant to the Financial Covenants/Terms shall be determined after giving effect to such Accounting Change. 

 

	 	(d)	If a Compliance Certificate is delivered in respect of a Fiscal Quarter or Fiscal Year in which an Accounting Change is implemented without giving effect to any revised method of calculating any of the Financial
Covenants/Terms, and subsequently, as provided above, the method of calculating one or more of the Financial Covenants/Terms is revised in response to such Accounting Change, the Borrower shall deliver a revised Compliance Certificate. Any Event of
Default which arises as a result of the Accounting Change and which is cured by this Section 1.6 shall be deemed to have never occurred. 

  

	1.7	Schedules 

 Schedules “A” to “J” are attached to and constitute part
of the terms and conditions of this Agreement. 
  

	1.8	Certain Matters Related to Ratings Explained 

 For the purposes hereof: 

 

	 	(a)	the long term debt of the Borrower shall not be considered to be “not rated” (or to like effect) by either S&P or Moody’s (each, a “Rating Agency”) by reason of such Rating Agency
ceasing to carry on the business of providing ratings of the long term debt of corporate borrowers based on creditworthiness assessments. If only one of the Rating Agencies ceases carrying on the business of providing ratings of the long term debt
of corporate borrowers based on creditworthiness assessments, then for purposes of calculating “Applicable Pricing Margin” and the definition of “Investment Grade”, the rating of the other Rating Agency only shall be utilized;

  

	 	(b)	if both of the Rating Agencies cease carrying on the business of providing ratings of the long term debt of corporate borrowers based on creditworthiness assessments, then: 

 

	 	(i)	 the Borrower and the Lenders shall attempt in good faith for a period of 30 days thereafter to determine
substitute definitions for or amendments to the Applicable Pricing Margin and Investment Grade, which may include attempting to agree on some other entity (which may include a debt rating agency or a nationally recognized securities dealer) (a
“Substitute Rating Entity”) to assign a rating to the long term debt of the Borrower as 

  
 - 29 - 

	 	
contemplated in the following paragraph (ii) and to agree, if necessary, on the ratings of such Substitute Rating Entity which most closely correspond to those in the definitions of Applicable
Pricing Margin and Investment Grade, as applicable (“Equivalent Ratings”); and 

  

	 	(ii)	if by the end of such 30 day period the Borrower and the Lenders have not agreed upon substitute definitions for or amendments to the Applicable Pricing Margin and Investment Grade, as applicable, pursuant to the
preceding paragraph (i), then during a period of 60 days thereafter, the Borrower and the Lenders shall, if such has not already been accomplished, continue to attempt in good faith to agree on a Substitute Rating Entity and, if applicable,
Equivalent Ratings and, if a Substitute Rating Entity has been agreed on, the Borrower shall attempt to obtain from the Substitute Rating Entity a rating (“Substitute Rating”) for the long term debt of the Borrower;

 it being agreed that: 
  

	 	(iii)	during the 30 day and 60 day periods contemplated in the preceding paragraphs (i) and (ii), or such part thereof which elapses before an alternate approach is finally established as contemplated in such paragraphs (i)
and (ii), the rates applicable from time to time in accordance with the Applicable Pricing Margin and based on the rating applicable to the long term debt of the Borrower immediately before the commencement of the 30 day period contemplated in the
preceding paragraph (i) shall apply; 

  

	 	(iv)	if a Substitute Rating Entity and, if applicable, Equivalent Ratings have been agreed on and the Substitute Rating Entity has established a Substitute Rating for the long term debt of the Borrower by or before the
expiration of the 60 day period contemplated in the preceding paragraph (ii), then thereupon and thereafter the same shall apply and, if applicable, the Applicable Pricing Margin and the definition of Investment Grade shall be deemed to have been
amended to incorporate the Equivalent Ratings in place of the ratings referred to in the Applicable Pricing Margin and the definition of Investment Grade; provided the Substitute Rating shall be subject to review by the Substitute Rating Entity from
time to time (but not more often than once in any 12 month period) at the request of either the Borrower or the Agent given in writing to the other (any such review to determine whether the Substitute Rating should change to another rating category
or, if applicable, Equivalent Rating for the long term debt of the Borrower) and if any such review results in a change in the Substitute Rating, then thereupon and thereafter (subject to further reviews as aforesaid) the same shall apply; and

  

	 	(v)	 if an alternate approach has not been finally established as contemplated in the preceding paragraphs (i) and
(ii) by the expiration of the 60 day period referred to in the preceding paragraph (ii), then the rates applicable from time to time in accordance with the Applicable Pricing Margin and based on the

  
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rating applicable to the long term debt of the Borrower immediately before the commencement of the 30 day period contemplated in the preceding paragraph (i) shall continue to apply;

  

	 	(c)	a rating assigned by a Rating Agency (or, as applicable, Substitute Rating Entity) shall be, as applicable, considered to be “lower” than another rating assigned by such Rating Agency (or, as applicable,
Substitute Rating Entity) or by the other Rating Agency if it denotes a poorer creditworthiness assessment (for instance, “B” is lower than “A”); 

 

	 	(d)	the rating categories and ratings of any Rating Agency or Substitute Rating Entity referred to herein shall include any equivalent rating category or rating of such Rating Agency or Substitute Rating Entity which
replaces the same; and 

  

	 	(e)	any reference in this Section 1.8 to the long term debt of the Borrower (or to like effect) shall be deemed to be a reference to the senior unsecured non-convertible publicly-held long term debt of the Borrower.

  

	1.9	Amendment and Restatement 

 The Borrower, the Agent and the Lenders acknowledge and agree
that as of the Amendment Effective Date: 
  

	 	(a)	the provisions of the Existing Credit Agreement are amended, modified and restated in their entirety on the terms and conditions, and in the form, of this Agreement and, as so amended, modified and restated, are
ratified and confirmed; and 

  

	 	(b)	all rights, obligations and indebtedness which have arisen and remain outstanding under the Existing Credit Agreement as of the Amendment Effective Date including, without limitation, all “Outstandings” as
defined in the Existing Credit Agreement and all accrued and unpaid interest thereon, fees and other amounts owing thereunder shall, subject only to the effect of the amendments and modifications to the Existing Credit Agreement effected by this
Agreement, continue in full force and effect as rights, obligations and indebtedness under this Agreement, all in accordance with and subject to the provisions herein set forth; provided that nothing in this Agreement shall constitute a new
loan or loans or the provision of new credit or the effective repayment and readvance or replacement of such “Outstandings” as of the Amendment Effective Date, and the liability of the Borrower in respect of such “Outstandings”
shall be and be deemed to be continued under and governed by this Agreement from and after the Amendment Effective Date. 

ARTICLE 2 

REPRESENTATIONS AND WARRANTIES 
  

	2.1	Representations and Warranties 

 The Borrower represents and warrants to each of the
Lenders and the Agent that: 

  
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	 	(a)	Corporate Existence and Authority: The Borrower is duly amalgamated and each Material Subsidiary is duly incorporated, amalgamated or otherwise constituted, and each of the Borrower and each Material Subsidiary
is (i) validly existing under the laws of its jurisdiction of incorporation, amalgamation, continuance or constitution, as applicable, (ii) is duly qualified to carry on business in all jurisdictions in which it carries on any business, except to
the extent the failure to be so qualified would not have a Material Adverse Effect, and (iii) has full power and authority to own its properties and conduct its business as presently conducted; 

 

	 	(b)	Necessary Approvals or Consents: No consent, approval, authorization or other action by, and no publication, notice to or filing or registration with, any Governmental/Judicial Body is required for the execution,
delivery and performance by the Borrower of any Loan Document delivered by the Borrower (except such as have already been obtained and are in full force and effect); 

 

	 	(c)	Authorization and Constating Documents: The Borrower has full corporate power and authority to execute, deliver and perform its obligations under each Loan Document and the execution, delivery and performance
thereof have been duly authorized by all necessary corporate action and do not: 

  

	 	(i)	violate any provision of the articles or by-laws of the Borrower; 

  

	 	(ii)	violate any provision of Applicable Law affecting the Borrower which violation would have a Material Adverse Effect; 

  

	 	(iii)	result in a breach of, constitute a default under, or result in the creation of, any encumbrance on any properties or assets of the Borrower or any of its Material Subsidiaries (in the case of any Material Subsidiaries
that are not Wholly-Owned Subsidiaries, to the best knowledge of the Borrower, after due inquiry) or, to the best knowledge of the Borrower, after due inquiry, of its other Subsidiaries, under any agreement or instrument to which the Borrower or any
of its Subsidiaries is a party or by which any such properties or assets of the Borrower or any of its Subsidiaries may be bound or affected where such breach, default or encumbrance would have a Material Adverse Effect; or 

 

	 	(iv)	constitute, and would not, with the giving of notice or lapse of time (or both), or the fulfilment of any other condition, constitute, an event entitling one or more parties (including lessors under Capital Leases),
after the expiry of applicable cure periods, to accelerate the payment of any Financing Debt of the Borrower or any of its Subsidiaries where the amount owed by the Borrower or such Subsidiary after such acceleration in respect of such Financing
Debt would exceed the greater of US$200,000,000 and two (2%) percent of Consolidated Net Worth; 

  
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	 	(d)	Enforceability of Agreement: This Agreement is, and each other Loan Document when delivered to any of the Lenders or the Agent hereunder will be, a legal, valid and binding obligation of the Borrower, enforceable
against the Borrower in accordance with its terms, subject to applicable bankruptcy, insolvency, moratorium, reorganization and other similar laws affecting creditor’s rights generally, and to the equitable and statutory powers of the courts
having jurisdiction; 

  

	 	(e)	Compliance with Applicable Law: The Borrower and each Material Subsidiary and their respective business and operations are in compliance with all Applicable Laws, including environmental laws, have all necessary
consents, authorizations, approvals, orders, certificates and permits from, and have made all necessary filings (including tax filings, subject to good faith contestations) with, all federal, provincial, territorial, state and local authorities to
conduct their business, except to the extent that the failure to so comply with such laws, or to have obtained or filed the foregoing, would not have a Material Adverse Effect; 

 

	 	(f)	Litigation and Administrative Proceeding: Except as has been disclosed to the Agent in writing, there are no actions, suits or proceedings in respect of which process has been duly served upon the Borrower or any
of its Subsidiaries, and to the best knowledge, information and belief of the Borrower, there are no actions, suits or proceedings pending or threatened against the Borrower or any of its Subsidiaries, before any Governmental/Judicial Body, which is
reasonably likely to be determined adversely and, if determined adversely, would have a Material Adverse Effect; 

  

	 	(g)	Judgments: The Borrower is not in default of any judgment, order, writ, injunction or decree of any Governmental/Judicial Body and is, to the best of the knowledge, information and belief of the Borrower,
complying with all decrees, statutes and regulations of any Governmental/Judicial Body, except to the extent that any such default or failure to comply would not have a Material Adverse Effect; 

 

	 	(h)	Financial Statements: The most recent audited consolidated financial statements of the Borrower have been prepared in accordance with GAAP and present fairly the financial position of the Borrower as of the date
thereof; 

  

	 	(i)	Adverse Changes: Except as has been disclosed to the Agent in writing since the date of the most recent audited consolidated financial statements of the Borrower delivered to the Lenders hereunder, no change in
the Borrower’s financial condition has occurred which would have a material adverse effect on the ability of the Borrower to pay any amounts owing from time to time under this Agreement or the validity or the enforceability of this Agreement
provided that in no event shall fluctuations in commodity prices for oil and/or natural gas be regarded as a change in the Borrower’s financial condition in and of itself; 

 

	 	(j)	Pari Passu Ranking: All payment obligations of the Borrower hereunder rank at least pari passu in right of payment with the other most senior unsecured indebtedness of the Borrower for
borrowed money; 

  
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	 	(k)	No Default: No Default or Event of Default has occurred and is continuing;

  

	 	(l)	Accuracy of Information: To the knowledge of the Borrower, all information, materials and documents (other than any information expressly disclaimed by the Borrower and forecasts) prepared by the Borrower and
delivered to the Agent in connection with this Agreement are true and accurate in all material respects as of the Amendment Effective Date except to the extent that any inaccuracy would not have a Material Adverse Effect; and 

 

	 	(m)	Anti-Corruption Laws and Sanctions:  

  

	 	(i)	None of the Borrower or its Material Subsidiaries is a Sanctioned Person or permanently located, organized or ordinarily resident in a Sanctioned Country; 

 

	 	(ii)	No part of the proceeds of a Drawdown will be knowingly (as determined at the date of such Drawdown) used (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or
anything else of value, to any Person known by the Borrower to be in violation of any Anti-Corruption Laws, except to the extent that any such violation would not have a Material Adverse Effect or adversely affect the Agent or any Lender in any
material respect, (B) for the purpose of funding, financing or facilitating any activities or, business or transaction of or with any Person known to the Borrower to be a Sanctioned Person, or in any country known to the Borrower to be a Sanctioned
Country, or (C) in any manner that would result in the violation of any Sanctions applicable to the Borrower or its Material Subsidiaries, except to the extent that any such violation would not have a Material Adverse Effect or adversely affect the
Agent or any Lender in any material respect; and 

  

	 	(iii)	Where used in this Section 2.1(m), references to “knowingly” or “known” means the actual knowledge of the president, chief executive officer, chief financial officer, treasurer or assistant treasurer
of the Borrower. 

  

	2.2	Deemed Representation and Warranty Upon Drawdown 

 Each Notice of Drawdown given by the
Borrower to the Agent shall be deemed to be a representation and warranty by the Borrower to each of the Lenders and the Agent that the representations and warranties contained in Section 2.1 (other than Section 2.1(l) which is intended to apply
only as of the Amendment Effective Date) are, as of the date of such notice, and will be, as of the applicable Drawdown Date, true and correct in all material respects as of each such date. 

 

	2.3	Deemed Representation and Warranty Upon Conversion or Rollover 

 Except as expressly
stated otherwise therein (in which case Section 9.3 shall apply), each Notice of Conversion and Notice of Rollover given by the Borrower to the Agent shall be deemed to be a representation and warranty by the Borrower to each of the Lenders and the
Agent 

  
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that the representation and warranty contained in Section 2.1(k) is, as of the date of such notice, and will be, as of the applicable Borrowing Conversion Date or Borrowing Rollover Date, true
and correct in all material respects as of such date. 
  

	2.4	Nature of Representations and Warranties 

 The representations and warranties set out in
this Agreement, or deemed to be made pursuant hereto, shall survive the execution and delivery of this Agreement and the making of each Drawdown, Conversion and Rollover hereunder, notwithstanding any investigations or examinations which may be made
by the Agent, the Lenders or their legal counsel. Such representations and warranties shall survive until this Agreement has been terminated and all Loan Indebtedness then owing by the Borrower hereunder have been repaid in full. 

ARTICLE 3 
 THE CREDIT
FACILITY 
  

	3.1	Obligations of the Lenders 

 Relying on each of the representations and warranties set
out in Article 2 and subject to the terms and conditions of this Agreement, each Lender agrees to make Borrowings available to the Borrower in respect of such Lender’s Commitments at the Agent’s Account for Payments up to an aggregate
principal amount at any time outstanding not in excess of the amount of its respective Commitments. 
  

	3.2	Purpose/Certain Acquisitions 

  

	 	(a)	Subject to Section 3.2(b), the Borrower covenants and agrees it will use the Borrowings only for general corporate purposes (domestic and international), including, without limitation, to support the issuance of
commercial paper, acquisitions and working capital, all in accordance with the provisions of this Agreement. 

  

	 	(b)	In the event the Borrower wishes to utilize proceeds of one or more Borrowings to, or to provide funds to any Subsidiary to, finance an offer to acquire (which shall include an offer to purchase securities, solicitation
of an offer to sell securities, an acceptance of an offer to sell securities, whether or not the offer to sell was solicited, or any combination of the foregoing) outstanding securities of any Person (the “Target”) which constitutes
a “take-over bid” pursuant to applicable securities legislation (a “Take-over”), then either: 

  

	 	(i)	 prior to or concurrently with delivery to the Agent of any Notice of Drawdown or Notices of Drawdown pursuant to
Section 3.3 requesting one or more Borrowings, the proceeds of which are to be used to finance such Take-over, the Borrower shall provide to the Agent evidence satisfactory to the Agent (acting reasonably) that the board of directors or like body of
the Target, or the holders of the requisite number of securities of the Target as are required to approve such Take-over to ensure the successful completion of 

  
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such Take-over under Applicable Law, has or have approved, accepted, or recommended to security holders acceptance of, the Take-over; or 

 

	 	(ii)	the following steps shall be followed: 

  

	 	(A)	at least five (5) Business Days prior to the delivery to the Agent of any Notice of Drawdown or Notices of Drawdown pursuant to Section 3.3 requesting one or more Borrowings intended to be used to finance such
Take-over, the President or a Senior Financial Officer of the Borrower shall advise the Agent, who shall promptly advise an appropriate officer of each Lender of the particulars of such Take-over in sufficient detail to enable each such Lender to
determine whether it has a conflict of interest if Borrowings from such Lender are used by the Borrower to finance such Take-over; 

  

	 	(B)	within three (3) Business Days of being so advised, each such Lender shall notify the Agent of such Lender’s determination as to whether such a conflict of interest exists (such determination to be made by such
Lender in the exercise of its sole discretion, having regard to such considerations as it deems appropriate); provided that in the event such Lender does not so notify the Agent within such three (3) Business Day period, such Lender shall be
deemed to have notified the Agent that it has no such conflict of interest; and 

  

	 	(C)	the Agent shall promptly notify the President or a Senior Financial Officer of the Borrower of each such Lender’s determination; 

and in the event that any such Lender has such a conflict of interest (an “Affected Lender”), then upon the Agent so notifying
the Borrower, the Affected Lender shall have no obligation to provide Borrowings to finance such Take-over, notwithstanding any other provision of this Agreement to the contrary; provided however that each other relevant Lender which
has, or is deemed to have, no such conflict of interest (a “Non-Affected Lender”) shall have an obligation, up to the amount of its Commitment, to provide Borrowings to finance such Take-over, and Borrowings to finance such
Take-over shall be provided by each Non-Affected Lender in accordance with the ratio, determined prior to the provision of any Borrowings to finance such Take-over, that the Commitment of such Non-Affected Lender bears to the aggregate of the
Commitments of all the Non-Affected Lenders. 
  

	 	(c)	If Borrowings are used to finance a Take-over (a “Take-over Loan”) and there are Affected Lenders, subsequent Borrowings shall be funded firstly by Affected Lenders, and subsequent repayments shall be
applied firstly to Non-Affected Lenders, in each case, until such time as the proportion that the amount of each Non-Affected Lender’s Outstandings bears to the amount of the total Outstandings of all Lenders is equal to such proportion which
would have been in effect but for the application of this Section 3.2. 

  
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	3.3	Drawdowns 

 Subject to the provisions of this Agreement, prior to the Maturity Date the
Borrower may, upon delivery of a Notice of Drawdown to the Agent in accordance with the provisions of this Agreement, borrow from, repay to, and reborrow from the Lenders by way of Borrowings up to an amount at any time outstanding not in excess of
the amount of the Total Syndicated Commitment from time to time in effect, by way of: 
  

	 	(a)	Prime Loans in minimum amounts of Cdn. $10,000,000 and multiples of Cdn. $1,000,000, upon at least one (1) Business Day’s prior notice; 

 

	 	(b)	acceptance of drafts or Depository Bills to constitute Bankers’ Acceptances (or making BA Equivalent Loans in lieu thereof) in minimum amounts of Cdn. $10,000,000 and multiples of Cdn. $1,000,000, upon at least one
(1) Business Day’s prior notice; 

  

	 	(c)	USBR Loans in minimum amounts of US$10,000,000 and multiples of US$1,000,000, upon at least one (1) Business Day’s prior notice; 

 

	 	(d)	LIBOR Loans in minimum amounts of US$10,000,000 and multiples of US$1,000,000, upon at least three (3) Business Days’ prior notice; and 

 

	 	(e)	Letters of Credit in accordance with the provisions of Section 3.7. 

 Any Notice of Drawdown to be given by the
Borrower pursuant to this Section 3.3 shall be delivered to the Agent at the Agent’s Branch of Account at or prior to 12:00 noon (Toronto time) on the last day on which such notice can be given. Such Notice of Drawdown shall be
substantially in the form of Schedule “A”, in the case of Prime Loans, USBR Loans, LIBOR Loans and Letters of Credit, and shall be substantially in the form of Schedule “B”, in the case of Bankers’ Acceptances and BA
Equivalent Loans. Subject to the provisions of this Agreement, the Lenders shall make Borrowings available to the Borrower in accordance with Section 12.8. 
  

	3.4	LIBOR Loans 

  

	 	(a)	Deemed Conversion of LIBOR Loans: If, with respect to any outstanding Borrowing by way of LIBOR Loans, the Borrower has not, by 12:00 noon (Toronto time) on the last day of the LIBOR Interest Period applicable
thereto, (i) duly elected to convert such Borrowing to another basis of Borrowing under Section 3.8, (ii) duly elected to Rollover such Borrowing under Section 3.9, or (iii) duly given notice of repayment of such Borrowing under Section 3.10, the
Borrower shall be deemed to have elected to convert such LIBOR Loans to USBR Loans on the last day of the LIBOR Interest Period applicable thereto pursuant to Section 3.8. 

 

	 	(b)	Other Terms: Each LIBOR Loan shall: 

  
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	 	(i)	subject to availability, have a LIBOR Interest Period selected by the Borrower of not less than one (1) month and not more than six (6) months, or such other period as is agreed to by all Lenders from time to time; and

  

	 	(ii)	begin and end on a Business Day and not extend beyond the earliest then applicable Maturity Date. 

  

	3.5	Bankers’ Acceptances 

  

	 	(a)	Acceptance and Purchase of Bankers’ Acceptances: Subject to the terms and conditions of this Agreement, each Lender agrees to either (i) accept Bankers’ Acceptances issued by the Borrower and requested
pursuant to Section 3.3, 3.8 or 3.9 and purchase such Bankers’ Acceptances in accordance with Section 12.8; or, (ii) if such Lender is a Non-Acceptance Lender, make BA Equivalent Loans in accordance with Sections 3.5(f) and 12.8.

  

	 	(b)	Payment: The Borrower agrees to pay the applicable Lender the face amount of each Bankers’ Acceptance accepted by such Lender on its maturity date and hereby waives presentment for payment of such
Bankers’ Acceptance by such Lender and agrees not to claim from such Lender any days of grace for the payment at maturity of such Bankers’ Acceptance, notwithstanding that (if such should be the case) any such Banker’s Acceptance has
been unlawfully issued or used or put into circulation fraudulently or without authority, and the Borrower shall indemnify such Lender against any loss, cost, damage, expense or claim regardless of by whomsoever made, that such Lender may suffer or
incur by reason of any fraudulent, unauthorized or unlawful issue or use of any such bankers’ acceptance form, except any fraudulent, unauthorized or unlawful issue or use of any such bankers’ acceptance form which is caused by the
negligence or wilful act or omission of such Lender or any of its officers, employees, agents or representatives or which occurs as a result of such Lender or any of its officers, employees, agents or representatives failing to use the same standard
of care in the custody of such bankers’ acceptance form as it uses in the custody of its own property of a similar nature. 

  

	 	(c)	Other Terms: Each Bankers’ Acceptance shall: 

  

	 	(i)	subject to availability, have a term selected by the Borrower of not less than one (1) month and not more than six (6) months, or such other period as is agreed to by all Lenders under the Credit Facility from time to
time; provided that, subject to availability, any Bankers’ Acceptance accepted by a Swing Line Lender as part of a Swing Line Borrowing may have a term of less than one (1) month but not greater than fifteen (15) days; 

 

	 	(ii)	have a maturity date which shall be on a Business Day and not later than the earliest then applicable Maturity Date; and 

  

	 	(iii)	be in a form satisfactory to the applicable Lender. 

  
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	 	(d)	Power of Attorney Respecting Bankers’ Acceptances: As a condition precedent to each Lender’s obligation to accept Bankers’ Acceptances hereunder, the Borrower agrees to the power of attorney
annexed hereto as Schedule “H”, enabling such Lender to execute and deliver Bankers’ Acceptances for and on behalf of the Borrower. 

  

	 	(e)	Applicability of DBNA: It is the intention of the parties that all Bankers’ Acceptances accepted by the Lenders (other than a Lender which elects to accept Bankers’ Acceptances in the form of bills of
exchange instead of Depository Bills) under this Agreement shall be issued in the form of a Depository Bill, be deposited with and be made payable to a “clearing house” (as defined in the Depository Bills and Notes Act (Canada)).
The Agent and the Lenders shall effect the following practices and procedures and, subject to the approval of the Majority Lenders, establish and notify the Borrower and the Lenders of any additional procedures, consistent with the terms of this
Agreement and the requirements of the Depository Bills and Notes Act (Canada), as are reasonably necessary to accomplish such intention: 

  

	 	(i)	each Bankers’ Acceptance accepted and purchased by a Lender hereunder shall have marked prominently and legibly on its face and within its text, at or before the time of issue, the words “This is a depository
bill subject to the Depository Bills and Notes Act”; 

  

	 	(ii)	any reference to authentication of such Bankers’ Acceptance will be removed; and 

  

	 	(iii)	such Bankers’ Acceptance shall not be marked with any words prohibiting negotiation, transfer or assignment of it or of an interest in it. 

 

	 	(f)	 BA Equivalent Loans: Notwithstanding the foregoing provisions of this Section 3.5, a Non-Acceptance Lender
shall, in lieu of accepting and purchasing Bankers’ Acceptances, make a BA Equivalent Loan. The amount of each BA Equivalent Loan shall be equal to the Discount Proceeds which would be realized from a hypothetical sale of those Bankers’
Acceptances which such Lender would otherwise be required to accept and purchase as part of a Drawdown, Conversion or Rollover of Bankers’ Acceptances. To determine the amount of such Discount Proceeds, the hypothetical sale shall be deemed to
take place at the Non-Acceptance Discount Rate for such Borrowing. Any BA Equivalent Loan shall be made on the relevant Drawdown Date, Borrowing Conversion Date or Borrowing Rollover Date, as the case may be, and shall remain outstanding for the
term of the relevant Drawdown of, Conversion into or Rollover of, Bankers’ Acceptances. Concurrently with the making of a BA Equivalent Loan, a Non-Acceptance Lender shall be entitled to deduct therefrom an amount equal to the stamping fees
which such Lender would otherwise be entitled to receive pursuant to Section 5.4 as part of such Borrowing if such Borrowing was a Bankers’ Acceptance, based on the amount payable (including interest) on the maturity date of such BA Equivalent
Loan. Upon the maturity date 

  
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for such Bankers’ Acceptances, the Borrower shall pay to each Non-Acceptance Lender in respect of that Non-Acceptance Lender’s BA Equivalent Loan an amount equal to the face amount of
the Bankers’ Acceptances which that Non-Acceptance Lender would have accepted and purchased at the Non-Acceptance Discount Rate for such Borrowing had that Non-Acceptance Lender been a Schedule I Bank, Schedule II Bank or Schedule III
Bank. All references in this Agreement to “Borrowings” and “Bankers’ Acceptances” shall, unless otherwise expressly provided herein or unless the context otherwise requires, be deemed to include BA Equivalent Loans made
by a Non-Acceptance Lender as part of a Drawdown of, Conversion into or Rollover of Bankers’ Acceptances. 

  

	 	(g)	Deemed Conversion of Bankers’ Acceptances: If the Borrower fails to pay the applicable Lender the face amount of each Bankers’ Acceptance accepted by such Lender on its maturity date as required by
Section 3.5(b), or, in the case of a Non-Acceptance Lender which has made a BA Equivalent Loan, to pay that Non-Acceptance Lender the amount of its BA Equivalent Loan plus interest on the maturity date of that loan as required by Section 3.5(f),
then the Agent shall effect a Conversion of that Borrowing into a Prime Loan of the entire amount of such Borrowing, including all interest due in the case of BA Equivalent Loans, as if the Borrower had given a Notice of Conversion to the Agent to
that effect in accordance with Section 3.8. 

  

	3.6	Agent’s Duties re Bankers’ Acceptances 

  

	 	(a)	Advice to the Lenders: The Agent, promptly following receipt from the Borrower of a Notice of Drawdown by way of Bankers’ Acceptances, a Notice of Conversion where a Borrowing of another type is to be
converted into a Borrowing by way of Bankers’ Acceptances (or BA Equivalent Loans in lieu thereof) or a Notice of Rollover in respect of a Borrowing by way of Bankers’ Acceptances (or BA Equivalent Loans made in lieu thereof), shall
compute the funding details of such Drawdown, Conversion or Rollover (in compliance with Section 3.11(a)) and shall advise each applicable Lender forthwith of the amount of each issue of Bankers’ Acceptances to be accepted and purchased (or the
amount of the BA Equivalent Loans to be made in lieu thereof) by such Lender. Prior to 12:00 noon (Toronto time) on the Drawdown Date, Borrowing Conversion Date or Borrowing Rollover Date, as applicable, the Agent shall provide advice by facsimile
to the Borrower and each applicable Lender of the face amount of each issue of Bankers’ Acceptances, the Discount Rate, the Discount Proceeds of sale deliverable in respect thereof and the term thereof, which term in respect of each Borrowing
shall be identical for all applicable Lenders. 

  

	 	(b)	Completion of Bankers’ Acceptance: Upon receipt of the advice pursuant to Section 3.6(a), each applicable Lender, other than a Non-Acceptance Lender, is thereupon authorized to execute bankers’
acceptances as the duly authorized attorney of the Borrower, in accordance with the particulars so advised by the Agent. 

  
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	3.7	Letters of Credit 

  

	 	(a)	Availability: Subject to the provisions hereof, the relevant Fronting Bank shall issue Letters of Credit in accordance with Section 3.7(c); provided that, subject to Section 4.2, at no time shall the
Equivalent Amount in US Dollars of the aggregate undrawn face amount of all outstanding Letters of Credit issued by all Fronting Banks exceed US$500,000,000, and at no time shall the Equivalent Amount in US Dollars of the aggregate undrawn face
amount of all Letters of Credit issued by the same Fronting Bank exceed its Fronting Bank Commitment. The issuance of each Letter of Credit shall constitute a Drawdown hereunder and shall reduce the availability of the Credit Facility by the undrawn
face amount of such Letter of Credit. 

  

	 	(b)	Currency and Form: Each Letter of Credit issued pursuant hereto shall be denominated in Cdn. Dollars or US Dollars and amounts payable thereunder shall be paid in the currency in which such Letter of Credit is
denominated. Each Letter of Credit shall have an expiration date not in excess of one year from the date of issue and not later than the earliest then applicable Maturity Date. Each Letter of Credit issued hereunder shall be in a form satisfactory
to the Fronting Bank, acting reasonably and in accordance with its usual and customary practices and shall, unless agreed otherwise by the Fronting Bank, the Borrower and the Agent with respect to letters of credit, be issued subject to the Uniform
Customs & Practice for Documentary Credits, International Chamber of Commerce, Publication No. 600 (the “UCP”) (or any replacement thereof) or the International Standby Practices ISP, International Chamber of Commerce
Publication No. 590 (the “ISP98”) (or any replacement thereof), as selected by the Borrower in the Notice of Drawdown (or subject to the UCP if no election is made),and shall, unless agreed otherwise by the Fronting Bank, the
Borrower and the Agent with respect to letters of guarantee, be issued subject to Uniform Rules for Demand Guarantees, International Chamber of Commerce, Publication No. 458 (or any replacement thereof). If so requested by the Borrower, any Letter
of Credit may have customary automatic extension provisions automatically extending, without amendment, for one (1) year periods from the expiration date of such Letter of Credit, or any future expiration date, unless, not more than sixty (60) days
and not less than thirty (30) days (or such other period of time as may be agreed upon by the Fronting Bank and the Borrower, each acting reasonably) prior to any expiration date, the Fronting Bank shall notify the beneficiary of such Letter of
Credit by registered mail that such Letter of Credit will not be extended for any such additional period; provided that in no event shall any such extended expiration date be later than the earliest then applicable Maturity Date.

  

	 	(c)	Procedure for Issuance and Rollover of Letters of Credit  

  

	 	(i)	 The Borrower may request that the Fronting Bank issue a Letter of Credit pursuant to this Section 3.7 by
delivering a Notice of Drawdown to the Agent pursuant to Section 3.3 and by delivering to the Fronting Bank at the Fronting Bank’s Branch of Account a copy of such Notice of Drawdown together with

  
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a letter of credit application and indemnity in the Fronting Bank’s then customary form (as such form may be modified from time to time, the “Letter of Credit Application”),
completed to the satisfaction of the Fronting Bank, acting reasonably, together with the proposed form of such Letter of Credit (which shall comply with the applicable requirements set forth herein) and such other certificates, documents and other
papers and information as the Fronting Bank may reasonably request; provided that the terms of the Letter of Credit Application shall be in addition to and shall not derogate from the terms of this Agreement and provided further
that in the event of a conflict between this Agreement and the Letter of Credit Application, this Agreement shall govern with respect to such conflict (it being acknowledged that a conflict shall not be deemed to exist by reason only that the Letter
of Credit Application provides for a matter which this Agreement does not). 

  

	 	(ii)	Within two (2) Business Days (or such longer period as may be required by the Fronting Bank, acting reasonably, but in any event not longer than five (5) Business Days) following the date on which the Fronting Bank
shall have received the Notice of Drawdown and the Letter of Credit Application including the proposed form of the Letter of Credit and such additional certificates, documents and other papers and information as the Fronting Bank may have reasonably
requested in satisfaction of all conditions to the issuance thereof, the Fronting Bank shall issue such Letter of Credit, provided that all other conditions precedent contained in this Agreement shall have been met as required thereby.
Alternatively, the Fronting Bank may, with the Borrower’s consent (which consent shall not be unreasonably withheld), in accordance with its customary practices, in lieu of issuing the requested performance, standby or documentary letter of
credit or letter of guarantee, cause another bank to issue same against the Fronting Bank’s Letter of Credit which shall be a counter guarantee or protective letter of credit. 

 

	 	(iii)	The Borrower may request a Rollover of an existing Letter of Credit by giving a Notice of Rollover to the Fronting Bank at the Fronting Bank’s Branch of Account at least two (2) Business Days prior to the then
current expiry date of such Letter of Credit (provided that the Fronting Bank may accommodate such Rollovers on shorter notice in its reasonable discretion and a Notice of Rollover shall not be required in the circumstances contemplated in
the proviso in Section 3.9(c)). If all conditions precedent contained in this Agreement shall have been met as required thereby, the Fronting Bank shall promptly issue such extension or replacement of such existing Letter of Credit.

  

	 	(d)	Reimbursement or Conversion of Letters of Credit on Presentation; Fronting Bank Indemnity: 

  
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	(i)	 	Upon presentation of a Letter of Credit and payment thereunder by the Fronting Bank, the Fronting Bank shall forthwith notify the Borrower and the Agent of such presentation and payment and the Borrower shall forthwith
pay to and reimburse the Fronting Bank for all amounts paid by the Fronting Bank pursuant to such Letter of Credit; provided that if the Borrower does not fully reimburse the Fronting Bank for such amounts, the Borrower shall be deemed to
have effected a Conversion of such Letter of Credit into: (A) a Prime Loan, in the case of a Letter of Credit denominated in Canadian Dollars; and (B) a USBR Loan, in the case of a Letter of Credit denominated in US Dollars, in each case to the
extent of the payment made by the Fronting Bank thereunder and not reimbursed by the Borrower.
			
	(ii)	 	(A)	 	If Section 3.7(d)(i) applies to deem a Conversion to a Loan, each Lender shall, immediately upon request by the Fronting Bank, pay to the Agent for the account of the Fronting Bank its Lender’s Proportion of such deemed
Loan.
			
		 	(B)	 	Each Lender shall immediately on demand indemnify the Fronting Bank to the extent of its Lender’s Proportion of any amount paid or liability incurred by the Fronting Bank under each Letter of Credit issued by it to the extent
that the Borrower does not fully reimburse the Fronting Bank therefor.
			
		 	(C)	 	If a Lender does not disburse to the Agent for payment to the Fronting Bank its Lender’s Proportion of any amount under this Section 3.7(d)(ii), then for the purpose only of any distributions or payments to the Lenders (and
not, for greater certainty, for purposes of any obligations of the Lenders), including any distribution or payment with respect to the Borrower in the event of any enforcement or realization proceedings or any bankruptcy, winding-up, liquidation,
arrangement, compromise or composition, the applicable Outstandings owing to such Lender shall be deemed to be nil and the applicable Outstandings owing to the Fronting Bank shall be increased by the applicable Outstandings owing to such Lender
until the amounts owed by the Borrower are outstanding to each Lender in accordance with their respective Lender’s Proportions determined without regard to this sentence.
			
		 	(D)	 	Notwithstanding that any Lender may assign its rights and obligations under this Agreement, the obligations in this Section 3.7(d) shall continue as obligations of the Persons who were Lenders at the time each such Letter of Credit
was issued, unless the Fronting Bank specifically releases such Lender from such obligations in writing.

  
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	 	(e)	Additional Provisions:  

  

	 	(i)	Indemnity and No Lender Liability: The Borrower shall indemnify and save harmless the Lenders, the Fronting Bank and the Agent against all claims, losses, costs, expenses or damages to the Lenders, the Fronting
Bank and the Agent arising out of or in connection with any Letter of Credit, the issuance thereof, any payment thereunder or any action taken by the Lenders, the Fronting Bank or the Agent or any other person in connection therewith, including,
without limitation, all costs relating to any legal process or proceeding instituted by any party restraining or seeking to restrain the Fronting Bank from accepting or paying any LC Draft or any amount under any such Letter of Credit, except for
any of such resulting from the Agent’s, Lenders’ or Fronting Bank’s gross negligence or wilful misconduct. The Borrower also agrees that the Lenders, the Fronting Bank and the Agent shall have no liability to it for any reason in
respect of or in connection with any Letter of Credit, the issuance thereof, any payment thereunder or any other action taken by the Lenders, the Fronting Bank or the Agent or any other person in connection therewith, except as a result of the
Agent’s, Lenders’ or Fronting Bank’s gross negligence or wilful misconduct. 

  

	 	(ii)	No Obligation to Inquire: The Borrower hereby acknowledges and confirms to the Fronting Bank that the Fronting Bank shall not be obliged to make any inquiry or investigation as to the right of any beneficiary to
make any claim or request any payment under a Letter of Credit and payment by the Fronting Bank pursuant to a Letter of Credit shall not be withheld by the Fronting Bank by reason of any matters in dispute between the beneficiary thereof and the
Borrower. The sole obligation of the Fronting Bank with respect to Letters of Credit is to cause to be paid any LC Draft drawn or purporting to be drawn in accordance with the terms of the applicable Letter of Credit and for such purpose the
Fronting Bank is only obliged to determine that the LC Draft (including any documents stipulated for production thereunder) purports to comply with the terms and conditions of the relevant Letter of Credit. 

The Fronting Bank shall not have any responsibility or liability for or any duty to inquire into the form, sufficiency (other than to the
extent provided in the preceding paragraph), authorization, execution, signature, endorsement, correctness (other than to the extent provided in the preceding paragraph), genuineness or legal effect of any LC Draft, certificate or other document
presented to it pursuant to a Letter of Credit and the Borrower unconditionally assumes all risks with respect to the same. The Borrower agrees that it assumes all risks of the acts or omissions of the beneficiary of any Letter of Credit with
respect to the use by such beneficiary of the relevant Letter of Credit. 

  
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	 	(iii)	Obligations Unconditional: The obligations of the Borrower hereunder with respect to all Letters of Credit shall be absolute, unconditional and irrevocable and shall not be reduced by any event, circumstance or
occurrence including, without limitation, any lack of validity or enforceability of a Letter of Credit, or any LC Draft paid or acted upon by the Fronting Bank or any of its correspondents being fraudulent, forged or invalid or any defenses or
claims which the Borrower may have against any beneficiary or transferee of any Letter of Credit. The obligations of the Borrower hereunder shall remain in full force and effect and shall apply to any alteration to or extension of the expiration
date of any Letter of Credit or any Letter of Credit issued to replace, extend or alter any Letter of Credit. 

  

	 	(iv)	Fronting Bank Actions: Any action, inaction or omission taken or suffered by the Fronting Bank or by any of the Fronting Bank’s correspondents under or in connection with a Letter of Credit or any LC Draft
made thereunder, if in good faith and in conformity with foreign or domestic laws, regulation or customs applicable thereto and the terms of the Letter of Credit shall be binding upon the Borrower and shall not expose the Fronting Bank or any of its
correspondents to any resulting liability to the Borrower. 

  

	 	(f)	Designation and Termination of Fronting Banks:  

  

	 	(i)	Subject to Section 3.7(f)(ii)(B), the term of the Fronting Bank Commitment of any Fronting Bank shall be the same as the term of the Commitment of such Fronting Bank. 

 

	 	(ii)	In connection with its response to any Request for Extension, a Fronting Bank shall either: 

  

	 	(A)	extend its Fronting Bank Commitment to the Maturity Date specified in such Request for Extension at the same amount, a lower amount or a higher amount, in each case with the consent of the Agent and the Borrower; or

  

	 	(B)	terminate its Fronting Bank Commitment effective on the expiration of its then current Maturity Date. 

  

	 	(iii)	With the consent of the Agent, the Borrower shall be entitled from time to time to: 

  

	 	(A)	designate any Lender to be a Fronting Bank by providing a written notice of such designation to the Agent (which notice shall include the consent to such designation by such Lender);or 

 

	 	(B)	terminate a Lender as a Fronting Bank by providing a written notice of such termination to the Agent; 

  
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 provided that at any one time there shall be no more than five (5) Fronting Banks which
are eligible to issue Letters of Credit under this Section 3.7. 
  

	 	(iv)	If the Borrower elects to terminate a Fronting Bank as a Fronting Bank pursuant to Section 3.7(f)(iii), then such Fronting Bank shall no longer be required to issue Letters of Credit or Rollover existing Letters of
Credit and, if the Fronting Bank requests in writing, the Borrower shall use its reasonable commercial efforts to replace all outstanding Letters of Credit issued by such Fronting Bank as soon as practicable with Letters of Credit issued by another
Fronting Bank; provided that such Fronting Bank shall remain a Fronting Bank with respect to all outstanding Letters of Credit issued by it until all such Letters of Credit have been either replaced, expired or been presented for payment and
all payments required to be made to such Fronting Bank by the Borrower and/or the other Lenders pursuant to this Section 3.7 as a result of any payment made under any Letter of Credit issued by such Fronting Bank have been made. 

 

	 	(g)	Use of Fronting Banks: Subject to the limits in Section 3.7(a), the Borrower shall have the right to select which Fronting Bank will issue any particular Letter of Credit and may, in its discretion, enter into
agreements with or request bids from one or more Fronting Banks relating to fronting bank fees to be charged for Letters of Credit to be issued hereunder. Each such fronting fee shall be in such amount as may be agreed to between the Borrower and
the applicable Fronting Bank, each in its sole discretion. 

  

	3.8	Conversion Option 

  

	 	(a)	The Borrower may, during the term of this Agreement, upon giving the Agent a Notice of Conversion in accordance with the same period of notice set out in Section 3.3 in respect of the type of Borrowing to which any
Borrowing is being converted, convert any Borrowing to another type of Borrowing, provided that, subject to Section 3.10: 

  

	 	(i)	Bankers’ Acceptances may be converted only on their maturity dates; 

  

	 	(ii)	LIBOR Loans may only be converted on the last day of the applicable LIBOR Interest Period; 

  

	 	(iii)	the amount converted represents at least the minimum permitted amount of the resulting Borrowings, as set forth in Section 3.3; 

  

	 	(iv)	Letters of Credit may only be converted in the circumstances contemplated in Sections 3.7(d)(i) and 3.7(d)(ii) and do not require delivery of a Notice of Conversion; and 

  
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	 	(v)	any deemed Conversion of Swing Line Borrowings to Syndicated Borrowings in the circumstances contemplated in Section 3.13(h) does not require delivery of a Notice of Conversion. 

 

	 	(b)	If the Conversion of a Borrowing hereunder involves a change in the currency of such Borrowing, the principal amount of the Borrowing following the Conversion (the “Converted Borrowing”) shall be the
Equivalent Amount, determined as of the date on which a Notice of Conversion in respect of such Conversion is given pursuant to Section 3.8(c), in the currency of the Converted Borrowing of the whole or the part of the Borrowing being converted. On
the Borrowing Conversion Date therefor, the Borrower shall pay to the applicable Lenders the relevant amount being converted and such Lenders shall in exchange deliver to the Borrower such Equivalent Amount. 

 

	 	(c)	Notices of Conversion to be given by the Borrower pursuant to this Section 3.8 shall be substantially in the form of Schedule “C” together with, in the case of a Conversion to a Borrowing by way of
Bankers’ Acceptances (or BA Equivalent Loans in lieu thereof), Schedule “B”, and shall be given in the manner provided in Section 3.3. 

  

	3.9	Rollover Option 

  

	 	(a)	The Borrower may, during the term of this Agreement, upon giving the Agent a Notice of Rollover in accordance with the same period of notice set out in Section 3.3 in respect of the type of Borrowing which is being
rolled over, (i) Rollover any LIBOR Loan (on the last day of the applicable LIBOR Interest Period) to a new LIBOR Loan for a further LIBOR Interest Period, (ii) Rollover a Bankers’ Acceptance (on the maturity date of such Bankers’
Acceptance) or a BA Equivalent Loan (on the maturity date of such BA Equivalent Loan) into another Bankers’ Acceptance or BA Equivalent Loan (as the case may be) or (iii) Rollover any Letters of Credit (on or before the then current expiry date
of such Letter of Credit) to an extended or replacement Letter of Credit. 

  

	 	(b)	The Discount Proceeds of the replacement Bankers’ Acceptances or BA Equivalent Loans (as the case may be) shall be retained by the Agent to be applied by it to: 

 

	 	(i)	the stamping fees payable pursuant to Section 5.4 in respect of the replacement Bankers’ Acceptances or BA Equivalent Loans (as the case may be); and 

 

	 	(ii)	the principal amount of the maturing Bankers’ Acceptance or BA Equivalent Loan (as the case may be); 

and the Borrower shall pay to the Agent, on the maturity date of the maturing Banker’s Acceptance or BA Equivalent Loan (as the case may
be), an amount equal to the difference between: 

  
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	 	(iii)	the aggregate of the principal amount at maturity of the maturing Bankers’ Acceptance or BA Equivalent Loan (as the case may be), and the stamping fees payable pursuant to Section 5.4 in respect of the replacement
Bankers’ Acceptances or BA Equivalent Loans (as the case may be); and 

  

	 	(iv)	the Discount Proceeds of the replacement Banker’s Acceptances or BA Equivalent Loans (as the case may be). 

  

	 	(c)	Notices of Rollover to be given by the Borrower pursuant to this Section 3.9 shall be substantially in the form of Schedule “D” together with, in the case of a Rollover of a Borrowing by way of
Bankers’ Acceptances (or BA Equivalent Loans in lieu thereof), Schedule “B”, and shall be given in the manner provided in Section 3.3; provided that any automatic extension of a Letter of Credit which occurs pursuant to its
terms and without any further act on the part of the Fronting Bank shall not require delivery of a Notice of Rollover. 

  

	3.10	Notice and Additional Repayment Requirements

  

	 	(a)	Notice: The Borrower shall give the Agent at the Agent’s Branch of Account prior notice of each repayment of Borrowings (for certainty, other than a repayment solely from funds derived from further
Borrowings and other than a reimbursement of a drawing under a Letter of Credit), in accordance with the same period of notice as was required for such Borrowing, based upon the basis of such Borrowing and the amount being repaid as provided for in
Section 3.3, such notice to be substantially in the form of Schedule “A” and to be given in the manner provided in Section 3.3. 

  

	 	(b)	LIBOR Loan Breakage Costs: In the event the Borrower wishes to repay LIBOR Loans comprising a Borrowing prior to the last day of the applicable LIBOR Interest Period, the Borrower shall so notify the Agent, and
provided the Borrower and each Lender which participated in such Borrowing have agreed upon the amount of the indemnity payable to such Lender pursuant to Section 11.2(e) in respect of such repayment, the Borrower may repay such LIBOR Loans and pay
such indemnity and such LIBOR Loans shall not thereafter be deemed to be outstanding as LIBOR Loans hereunder. 

  

	 	(c)	 Deposits for Bankers’ Acceptances: In the event the Borrower wishes to prepay Bankers’
Acceptances comprising a Borrowing on a date other than their maturity dates, the Borrower shall so notify the Agent, and, if the Borrower and the Agent have agreed upon the amount to be deposited into a Cash Coverage Account in order to yield on
such maturity date the face amount of such Bankers’ Acceptances, and if such amount has been so deposited with the Agent as prepayment of such Bankers’ Acceptances, such Bankers’ Acceptances shall not thereafter be deemed to be
outstanding as Bankers’ Acceptances hereunder. All such amounts in the Cash Coverage Account shall be applied to satisfy the obligations of the Borrower for the relevant Bankers’ Acceptances on their maturity dates and the Agent is hereby

  
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irrevocably directed by the Borrower to so apply any such amount in the Cash Coverage Account. 

  

	 	(d)	Cancellation or Deposits for Letters of Credit: In the event the Borrower wishes to prepay any Letter of Credit comprising a Borrowing prior to the expiry thereof, the Borrower shall so notify the Agent and the
Fronting Bank and shall either return such Letter of Credit for cancellation (together with a letter from the beneficiary of such Letter of Credit which consents to such cancellation) or deposit an amount equal to the undrawn face amount of such
Letter of Credit into a Cash Coverage Account with the Agent as cash cover for the Fronting Bank’s contingent obligation under such Letter of Credit. If such Letter of Credit is returned for cancellation or if an amount equal to the undrawn
face amount of such Letter of Credit has been deposited with the Agent as cash cover for such Letter of Credit, such Letter of Credit shall not thereafter be deemed to be outstanding as a Letter of Credit hereunder. Such cash cover shall be applied
to satisfy the obligations of the Borrower for such Letters of Credit as payments are made thereunder and the Agent is hereby irrevocably directed by the Borrower to so apply any such cash cover. In addition, interest on such deposited amounts at
the rate customarily offered by the Agent for deposits of similar amounts shall be for the account of the Borrower and may be withdrawn by the Borrower. After expiry of the Letters of Credit for which such funds are held and application by the Agent
of the amounts in such Cash Coverage Account to satisfy the obligations of the Borrower hereunder with respect to the Letters of Credit being repaid, any remaining excess in such Cash Coverage Account shall be promptly paid by the Agent to the
Borrower. 

  

	3.11	Pro-Rata Treatment of Borrowings 

  

	 	(a)	Pro-Rata Borrowings: Except as otherwise provided herein, each Borrowing and each basis of Borrowing shall be made available by each Lender, and all repayments and reductions in respect thereof, shall be made and
applied in a manner so that the Borrowings outstanding hereunder to each such Lender and each basis of Borrowing made available hereunder by each such Lender will, to the extent practicable, and, subject always to the provisions of this Agreement,
thereafter be in the proportions required by the next sentence. The Agent is authorized by the Borrower and each Lender to determine from time to time the relative amount of Borrowings to be outstanding hereunder to each Lender, each basis of
Borrowing to be made available by each Lender and the application of repayments and reductions of Borrowings to give effect to the provisions of this Agreement, it being the intention that, subject to the other provisions of this Agreement and
excluding any Swing Line Borrowings, the Outstandings of each Lender shall be in the same proportion of the total Outstandings of all Lenders as its Syndicated Commitment is of the Total Syndicated Commitment; provided that no Lender shall,
as a result of any such determination, be owed Outstanding Principal in an amount which is in excess of the amount of its Syndicated Commitment. 

  
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	 	(b)	Agent’s Discretion on Allocation: In the event it is not practicable to allocate each basis of Borrowing in accordance with Section 3.11(a) by reason of the occurrence of the circumstances described in
Article 10, or if such allocation would not result in each Lender accepting drafts to become Bankers’ Acceptances such that each draft so accepted is in a whole multiple of Cdn. $100,000, the Agent is authorized by the Borrower and each Lender
to make an allocation, which allocation shall be as set forth in the advice provided by the Agent to the Borrower and each Lender pursuant to Section 3.6(a) (in the case of an allocation to ensure each Bankers’ Acceptance will be in a multiple
of Cdn. $100,000), which the Agent determines in its sole discretion is equitable in the circumstances. 

  

	 	(c)	Further Assurances by Borrower: To the extent reasonably possible, the Borrower and each Lender agrees to be bound by and to do all things necessary or appropriate to give effect to the provisions of this Section
3.11. 

  

	3.12	Extension of Maturity Date 

  

	 	(a)	Request for Extension: The Borrower may, at its option and from time to time (but not more than once in a Fiscal Year), by delivering to the Agent at the Agent’s Branch of Account an executed Request for
Extension, request those Lenders which have not become Non-Extending Lenders pursuant to this Section 3.12 (except to the extent Section 3.12(h) applies) (in this Section 3.12, the “Requested Lenders”) to issue a Notice of Extension
to extend the then current Maturity Date with respect to the Commitments of such Requested Lenders to a date specified therein, which shall be not later than five years from the date (in this Section 3.12, the “Extension Date”)
which is 90 days after the date of such Request for Extension. 

  

	 	(b)	Delivery of Request and Response Thereto: Upon receipt from the Borrower of an executed Request for Extension, the Agent shall forthwith deliver to each Requested Lender a copy of such request, and each Requested
Lender shall, within 30 days after the date the Agent receives such request from the Borrower, advise the Agent in writing as to whether such Requested Lender will agree to extend the then current Maturity Date in respect of its Commitment;
provided that, if any such Requested Lender shall fail to so advise the Agent within such 30 day period, then such Requested Lender shall be deemed to have denied such Request for Extension. The determination of each Requested Lender as to
whether or not to extend the Maturity Date shall be made by each such Requested Lender in its sole discretion. 

  

	 	(c)	Agent’s Response to the Borrower: Within five days after the expiry of the aforementioned 30 day period, the Agent shall: 

 

	 	(i)	if:

  

	 	(A)	all Requested Lenders are in agreement with delivering a Notice of Extension; or 

  
 - 50 - 

 

	 	(B)	less than all Requested Lenders are in agreement with delivering a Notice of Extension, but, subject to Section 3.12(h)(ii), Requested Lenders having Commitments which, in aggregate, represent 66 2⁄3% or more of all outstanding Commitments of all Requested Lenders are in agreement with delivering a Notice of Extension; 

(each Requested Lender being in agreement with delivering a Notice of Extension being an “Extending Lender” for the purposes
of this Section 3.12), deliver to the Borrower (with a copy to each Extending Lender) a Notice of Extension on behalf of all Extending Lenders, executed by the Agent and, in the circumstance where not all Requested Lenders are Extending Lenders,
advise the Borrower of: 
  

	 	(C)	which Requested Lenders are not in agreement with extending the Maturity Date (in this Section 3.12, each a “Non-Extending Lender”); and 

 

	 	(D)	the amount of each Non-Extending Lender’s Commitments and Outstandings as at such date; or 

  

	 	(ii)	if neither of the conditions in Sections 3.12(c)(i)(A) and (B) have been met, notify the Borrower that the Request for Extension has not received the agreement of Requested Lenders which, subject to Section 3.12(h)(ii),
have Commitments which, in aggregate, represent at least 66 2⁄3% of all outstanding Commitments of all Requested Lenders (including therein the identity of the
Requested Lenders which are not in agreement with extending the Maturity Date and the amount of each such Requested Lender’s Commitments and Outstandings at such date) and has therefore been denied. 

The failure of the Agent within the aforementioned five day period to deliver a Notice of Extension, as provided in Section 3.12(c)(i)
above, shall be deemed to be notification by the Agent to the Borrower that the Requested Lenders have denied the Request for Extension, and, in such circumstances, the Maturity Date shall not be extended for any of the Requested Lenders. 

 

	 	(d)	Extension of Maturity Date: Upon delivery by the Agent to the Borrower of a Notice of Extension pursuant to Section 3.12(c)(i), the Maturity Date for all Extending Lenders shall be extended to the Maturity
Date specified in the relevant Request for Extension. 

  

	 	(e)	Commitments of Non-Extending Lenders: If in any instance a Notice of Extension has been delivered in circumstances in which not all of the Requested Lenders are Extending Lenders, then, on or prior to the
relevant Extension Date: 

  

	 	(i)	 the Borrower may require any Non-Extending Lender in respect of the relevant Request for Extension to (and such
Non-Extending Lender shall 

  
 - 51 - 

 

	 	
thereupon become obligated to) assign all or part of its rights and obligations under the Loan Documents (for purposes of this Section 3.12, the “Assigned Interests”) to:

  

	 	(A)	any Extending Lenders which have agreed to increase their Commitments and purchase the Assigned Interests; and 

  

	 	(B)	to the extent the Assigned Interests are not assigned to Extending Lenders in accordance with paragraph (A) above, any financial or other institutions selected by the Borrower and acceptable to the Agent, the Fronting
Banks and the Swing Line Lenders, each acting reasonably. 

 The Borrower shall provide the Agent with written notice of its
desire to proceed under this Section 3.12(e)(i) (which notice the Agent shall promptly provide to each Extending Lender), and the Extending Lenders shall be entitled to purchase such of the Assigned Interests as they may request (pro rata, in
proportion to the Commitments of those Extending Lenders wishing to purchase Assigned Interests, or otherwise as such Extending Lenders may agree) by written notice to the Agent and the Borrower within 10 days after receipt of such notice, before
any Assigned Interests may be assigned to third party financial or other institutions. Such assignments, in any event, shall be effective upon:
  

	 	(C)	execution of an agreement substantially in the form of Schedule “I”; 

  

	 	(D)	payment to the relevant Non-Extending Lender (in immediately available funds) by the relevant assignee of an amount equal to the relevant Loan Indebtedness owing to such Non-Extending Lender in regard to the Assigned
Interests; 

  

	 	(E)	payment by the relevant assignee to the Agent (for the Agent’s own account) of the transfer fee contemplated in Section 15.9; 

  

	 	(F)	provision satisfactory to such Non-Extending Lender (acting reasonably) being made for payment at maturity of the face amount of outstanding Bankers’ Acceptances accepted by it in regard to the Assigned Interests
and any costs, losses, premiums or expenses incurred by such Non-Extending Lender by reason of the liquidation or re-deployment of deposits or other funds in respect of LIBOR Loans outstanding hereunder in regard to the Assigned Interests; and

  

	 	(G)	 provision satisfactory to such Non-Extending Lender (acting reasonably) being made for the indemnification, cash
collateralization or release of such Non-Extending Lender from its obligations relating to any Letters of Credit or Swing Line Borrowings which form part of 

  
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the Assigned Interests, including its obligations under Sections 3.7(d) and 3.13(h) in regard to the Assigned Interests. 

Upon such assignment and transfer becoming effective, the Non-Extending Lender shall have no further right, interest, benefit or obligation
hereunder to the extent of the Assigned Interests assigned by that Lender, and each assignee thereof shall succeed to the position of such Lender to the extent of the portion of the Assigned Interests acquired by such assignee as if the assignee was
an original Lender hereunder in regard thereto in the place and stead of such Non-Extending Lender; and 
  

	 	(ii)	to the extent that the Borrower has not caused any Non-Extending Lenders in respect of such Request for Extension to assign their respective rights and obligations under the Loan Documents to one or more Extending
Lenders and/or other financial or other institutions as provided in paragraph (i) above, the Borrower may, at its option, notwithstanding any other provisions hereof, but only if no Default or Event of Default then exists, by further notice to the
Agent, repay to such Non-Extending Lenders all Loan Indebtedness owed to such Non-Extending Lenders, without making corresponding repayment to any other Lenders, and make provision satisfactory to each relevant Non-Extending Lender (acting
reasonably) for (A) payment at maturity of the face amount of all outstanding Bankers’ Acceptances accepted by such Non-Extending Lender, (B) payment of all costs, losses, premiums or expenses incurred by such Non-Extending Lender by reason of
a liquidation or re-deployment of deposits or other funds in respect of all outstanding LIBOR Loans owed to such Non-Extending Lender, and (C) indemnification, cash collateralization or release of such Non-Extending Lender from its obligations
relating to all outstanding Letters of Credit or Swing Line Borrowings including its obligations under Sections 3.7(d) and 3.13(h). Upon such payments and provisions being made, each such Non-Extending Lender shall cease to be a Lender and its
Commitments shall be cancelled and the Total Syndicated Commitment reduced accordingly. 

  

	 	(f)	Non-Extending Lenders: If the rights and obligations of a Non-Extending Lender under the Loan Documents are not assigned in accordance with Section 3.12(e)(i) or the Loan Indebtedness of a Non-Extending Lender is
not repaid in accordance with Section 3.12(e)(ii), then such Non-Extending Lender shall continue to be obliged to make its Lender’s Proportion of Borrowings available to the Borrower on a revolving basis prior to the Maturity Date applicable to
its Commitments and on such date: 

  

	 	(i)	the Commitments of such Non-Extending Lender shall be automatically cancelled and all Loan Indebtedness then owing to such Non-Extending Lender hereunder shall be repaid in full; and 

 

	 	(ii)	 the Total Syndicated Commitment shall be deemed to be reduced by the amount of such cancelled Syndicated
Commitment; 

  
 - 53 - 

 

 provided that, notwithstanding Section 3.12(e) or any other provision herein, at any time
prior to such Maturity Date, the Borrower may require any Non-Extending Lender to assign all or (subject to Section 15.9(a)) a portion of its rights and obligations under the Credit Facility in the same manner and subject to the same procedures as
are contemplated in Section 3.12(e)(i) above and, upon such assignment becoming effective, each assignee shall be deemed to be an Extending Lender and the Maturity Date applicable to the Assigned Interests shall be extended to the Maturity Date
applicable to the Commitments of the Extending Lenders; and provided, further, that where the proposed Assigned Interests are less than the aggregate Commitments of all of the Non-Extending Lenders, the Borrower shall ensure that the
Commitments of all (but not less than all) of the Non-Extending Lenders are assigned or cancelled either (A) by requiring some or all of the Non-Extending Lenders to (and such Non-Extending Lender shall thereupon become obligated to) assign to the
proposed assignee or assignees the same proportion of their respective Commitments as their respective Commitments bear to the aggregate Commitments of all Non-Extending Lenders or (B) if no Default or Event of Default then exists, by repaying to
some or all of the Non-Extending Lenders all Loan Indebtedness owing hereunder to the Non-Extending Lenders in the same manner as is contemplated in Section 3.12(e)(ii) above. 
  

	 	(g)	Further Extensions of the Maturity Date: This Section 3.12 shall apply from time to time to facilitate successive extensions and requests for extensions of the Maturity Date. The Borrower shall not be entitled to
request any action or give any notice under this Section 3.12 or receive any extension of the Maturity Date in respect of any Commitment so long as there exists a Default or an Event of Default which has not been waived by the Lenders.

  

	 	(h)	Extensions from Non-Extending Lenders: The Borrower may, at its option and from time to time (but only pursuant to the delivery of an executed Request for Extension pursuant to Section 3.12(a)), request any
Non-Extending Lender to extend the then current Maturity Date with respect to the Commitments of such Non-Extending Lender to the proposed Maturity Date requested in such Request for Extension. In these circumstances: 

 

	 	(i)	the Request for Extension shall expressly refer to such Non-Extending Lender and shall be provided by the Agent to such Non-Extending Lender; 

 

	 	(ii)	such Non-Extending Lender shall be included as one of the Requested Lenders for all purposes of Section 3.12 (except for the purposes of making the percentage calculation contemplated in Sections 3.12(c)(i)(B) or
3.12(c)(ii)); 

  

	 	(iii)	upon the agreement of such Non-Extending Lender to extend the Maturity Date and the delivery of the applicable Notice of Extension from the Agent to the Borrower, such Non-Extending Lender shall become an Extending
Lender and shall cease to be a Non-Extending Lender; and 

  
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	 	(iv)	in the event such Non-Extending Lender does not, or is deemed to not, agree to extend the Maturity Date, Sections 3.12(e) and 3.12(f) shall continue to apply to such Non-Extending Lender as they applied prior to
the giving of such Request for Extension. 

  

	3.13	Swing Line Borrowings 

  

	 	(a)	Availability: Notwithstanding Sections 3.3 and 3.11 but subject to Sections 7.2(a) and 7.2(b), the Borrower may make Borrowings by way of Swing Line Borrowings by delivering a duly executed Notice of Drawdown to
any Swing Line Lender (with a copy to the Agent) not later than: 

  

	 	(i)	in the case of Prime Loans and USBR Loans, 12:00 noon (Toronto time) on the proposed Drawdown Date; and 

  

	 	(ii)	in the case of Bankers’ Acceptances, 11:00 a.m. (Toronto time) on the proposed Drawdown Date. 

Swing Line Borrowings shall be made by the Swing Line Lender receiving the relevant Notice of Drawdown alone, without assignment to or
participation by other Lenders (except as provided in this Section). The making of each Swing Line Borrowing shall constitute a Drawdown hereunder and shall reduce the availability of the Credit Facility by the Outstanding Principal of such Swing
Line Borrowing. 
  

	 	(b)	Individual Lender Limits: Subject to Section 4.2, at no time shall (i) the aggregate Outstanding Principal of all Swing Line Borrowings owing to any Swing Line Lender exceed such Lender’s Swing
Line Commitment, (ii) the aggregate Outstanding Principal of all Swing Line Borrowings owing to any Swing Line Lender plus such Lender’s Lender’s Proportion of all Outstanding Principal of all Syndicated Borrowings exceed such
Lender’s Syndicated Commitment, or (iii) the Lender’s Proportion of all Outstanding Principal of all Syndicated Borrowings owing to any Lender plus such Lender’s Lender’s Proportion of all Outstanding Principal of all Swing
Line Borrowings exceed such Lender’s Syndicated Commitment. 

  

	 	(c)	Aggregate Limits: Subject to Section 4.2, at no time shall (i) the aggregate Outstanding Principal of all Swing Line Borrowings plus the Outstanding Principal of all Syndicated Borrowings exceed the
Total Syndicated Commitment; or (ii) the aggregate Outstanding Principal of all Swing Line Borrowings exceed US$500,000,000. 

  

	 	(d)	 Repayment: Each Swing Line Borrowing shall mature and be repaid by the Borrower (or converted into a
Syndicated Borrowing in accordance with Section 3.13(h)) on the maturity date selected by the Borrower in the Notice of Drawdown requesting such Swing Line Borrowing; provided that each Swing Line Borrowing shall mature within one to 15
days after the relevant Drawdown Date. Notwithstanding Section 3.10, no notice of repayment or Conversion shall be 

  
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required to be given by the Borrower in respect of any such repayment or Conversion of any Swing Line Borrowing nor shall Swing Line Borrowings be rolled over or converted except for Conversions
into Syndicated Borrowings. 

  

	 	(e)	Mandatory Repayment: If the Borrower requests a Syndicated Borrowing and any Swing Line Lender’s Lender’s Proportion of such Borrowing would cause its Lender’s Proportion of all Syndicated
Borrowings then outstanding together with the Swing Line Borrowings then owing to it to exceed its Commitment, then the Borrower shall be required to repay such Swing Line Borrowings to the extent of such excess on or before the requested date of
such Syndicated Borrowing. 

  

	 	(f)	Prepayments: The Borrower may make prepayments of Swing Line Borrowings at any time and from time to time without penalty; provided that: (i) the Borrower shall promptly advise the Agent in writing of
each such prepayments, and (ii) any Swing Line Borrowing by way of Bankers’ Acceptances may only be prepaid in accordance with Section 3.10(c). 

  

	 	(g)	Sole Account: All interest payments, acceptance fees and principal repayments of or in respect of Swing Line Borrowings shall be solely for the account of the relevant Swing Line Lender. Subject to
Section 3.13(h), all costs and expenses relating to the Swing Line Borrowings shall be solely for the account of the relevant Swing Line Lender. 

  

	 	(h)	 Conversion to Syndicated Borrowings: Notwithstanding anything to the contrary herein contained, or the
contrary provisions of Applicable Law, (i) if an Event of Default occurs or (ii) if any Swing Line Borrowing is not repaid on its maturity date, then the relevant Swing Line Lender shall give notice thereof to the Agent (which notice shall
include the outstanding principal of and accrued and unpaid interest on such Swing Line Borrowing), who shall forthwith provide a copy of such notice to the other Lenders and, effective on the day of notice to that effect to such other Lenders from
the relevant Swing Line Lender, the Borrower shall be deemed to have requested a Conversion of such Swing Line Borrowing into an amount of Syndicated Borrowings, in the same currency as the relevant Swing Line Borrowing, sufficient to repay the
relevant Swing Line Borrowing and accrued and unpaid interest in respect thereof, and subject to the same period of notice set out in Sections 3.3(a) and 3.3(c), such other Lenders shall disburse to the Agent for payment to the relevant Swing Line
Lender their respective Lender’s Proportions of such amounts and such amounts shall thereupon be deemed to have been advanced by such other Lenders to the Borrower and to constitute Syndicated Borrowings by way of Prime Loans (if the relevant
Swing Line Borrowing was denominated in Cdn. Dollars) or USBR Loans (if the relevant Swing Line Borrowing was denominated in US Dollars). Such Syndicated Borrowings shall be deemed to be comprised of principal and accrued and unpaid interest in the
same proportions as the corresponding Swing Line Borrowings. If a relevant Lender does not disburse to the Agent for payment to the relevant Swing Line Lender its Lender’s Proportion of any amount under this Section then: (i) such Lender
shall purchase participations from such Swing Line Lender in such 

  
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Syndicated Borrowings (without recourse to such Swing Line Lender) for an amount or otherwise effect transactions to achieve the financial results contemplated by this Section, and (ii) for
the purpose only of any distributions or payments to the Lenders (and not, for greater certainty, for purposes of any obligations of the Lenders), including any distribution or payment with respect to the Borrower in the event of any enforcement or
realization proceedings or any bankruptcy, winding-up, liquidation, arrangement, compromise or composition, the applicable Outstandings owing to such Lender shall be deemed to be nil and the applicable Outstandings owing to the relevant Swing Line
Lender shall be increased by the applicable Outstandings owing to such Lender until the amounts owed by the Borrower are outstanding to each Lender in accordance with their respective Lender’s Proportions determined without regard to this
sentence. If any amount disbursed by a Lender to the Agent for payment to the relevant Swing Line Lender under this Section and deemed to have been advanced to the Borrower must be repaid by the relevant Swing Line Lender or by the relevant Lender
to the Borrower, then no reduction of the relevant Swing Line Borrowings as contemplated above shall be deemed to have occurred, but the Lenders shall purchase participations in the relevant Swing Line Borrowings (without recourse to the relevant
Swing Line Lender) for an amount or otherwise effect transactions to achieve the financial results contemplated by this Section. 

  

	 	(i)	Unconditional Obligation: For certainty, it is hereby acknowledged and agreed that the Lenders shall be obligated to disburse to the Agent for payment to the relevant Swing Line Lender their respective
Lender’s Proportions of any Syndicated Borrowings contemplated by Section 3.13(h) regardless of: 

  

	 	(i)	whether a Default or Event of Default has occurred or is then continuing or whether any other condition in Article 7 is met; and 

  

	 	(ii)	whether or not the Borrower has, in fact, actually requested such Conversion (by delivery of a Notice of Conversion or otherwise). 

  

	 	(j)	Continuing Obligations: Notwithstanding that any Lender may assign its rights and obligations under this Agreement, the obligations in this Section 3.13 shall continue as obligations of the Persons who were
Lenders at the time each such Swing Line Borrowing was made, unless the relevant Swing Line Lender specifically releases such Lender from such obligations in writing. 

 

	 	(k)	Designation and Termination of Swing Line Lenders: 

  

	 	(i)	Subject to Section 3.13(k)(ii)(B), the term of the Swing Line Commitment of any Swing Line Lender shall be the same as the term of the Commitment of such Swing Line Lender. 

 

	 	(ii)	In connection with its response to any Request for Extension, a Swing Line Lender shall either: 

  
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	 	(A)	extend its Swing Line Commitment to the Maturity Date specified in such Request for Extension at the same amount, a lower amount or a higher amount, in each case with the consent of the Agent and the Borrower; or

  

	 	(B)	terminate its Swing Line Commitment effective on the expiration of its then current Maturity Date. 

  

	 	(iii)	With the consent of the Agent, not to be unreasonably withheld, the Borrower shall be entitled from time to time to: 

  

	 	(A)	designate any Lender to be a Swing Line Lender by providing a written notice of such designation to the Agent and such Lender (which notice shall include the consent to such designation by such Lender); and/or

  

	 	(B)	terminate a Lender as a Swing Line Lender by providing a written notice of such termination to the Agent and such Lender; 

provided that at any one time there shall be no more than five (5) Swing Line Lenders which are eligible to make Swing Line
Borrowings under this Section 3.13. 
  

	 	(iv)	If the Borrower terminates a Swing Line Lender as a Swing Line Lender pursuant to Section 3.13(k)(iii), then such Swing Line Lender shall not be required to make any new Swing Line Borrowings; provided that
such Swing Line Lender shall remain a Swing Line Lender with respect to all outstanding Swing Line Borrowings made by it until all such Swing Line Borrowings have been fully repaid and/or converted into Syndicated Borrowings. 

 

	3.14	Increase in Credit Facility 

 The Borrower may, at any time and from time to time, add
additional financial institutions hereunder as Lenders and/or, with the consent of the applicable Lender (which may be given or withheld in its sole discretion), increase the Commitment of such Lender and, in each case, thereby increase the maximum
principal amount of the Credit Facility, provided that, at the time of any such addition or increase: 
  

	 	(a)	no Default or Event of Default has occurred and is continuing; 

  

	 	(b)	the Borrower shall have delivered to the Agent: 

  

	 	(i)	 an officer’s certificate of the Borrower confirming the accuracy of (a) above and confirming
(A) its corporate authorization to make such increase, (B) the truth and accuracy of its representations and warranties contained in this Agreement as of such date, and (C) that no consents, approvals or authorizations from any Person
are required for such increase (except as have 

  
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been unconditionally obtained and are in full force and effect, unamended), each as at the effective date of such increase in the maximum principal amount of the Credit Facility, and attaching a
certified copy of a directors’ resolution of the Borrower authorizing any such increase; and 

  

	 	(ii)	a legal opinion with respect thereto in form and substance as may be required by the Agent, acting reasonably (and such opinion shall, inter alia, opine as to the corporate authorization of the Borrower to effect
such increase); 

  

	 	(c)	after giving effect to any such increase, the maximum principal amount of the Credit Facility shall not exceed US$3,500,000,000; 

  

	 	(d)	the Agent, the Fronting Banks and the Swing Line Lenders shall have each consented to such financial institution becoming a Lender or, in the case of an existing Lender, increasing its Commitment, such consents not to
be unreasonably withheld; and 

  

	 	(e)	concurrently with the addition of a financial institution as an additional Lender or the increase of a Lender’s Commitment, such financial institution or Lender, as the case may be, shall purchase from each Lender
such portion of the Outstandings owed to each Lender as may be required by the Agent, acting reasonably, and as is necessary to ensure that the Outstandings owed to all Lenders and including therein such additional financial institution and the
increased Commitment of any Lender, are in accordance with the Lender’s Proportions of all such Lenders (including the new financial institution and the increased Commitment of any Lender) and such financial institution shall execute such
documentation as is required by the Agent, acting reasonably, to novate such financial institution as a Lender hereunder; provided that with respect to any portion of such Outstandings which is outstanding by way of Bankers’ Acceptance,
the new financial institution or such Lender shall provide an indemnity to the other Lenders (in a form satisfactory to the other Lenders, acting reasonably) in order to ensure such Bankers’ Acceptances are outstanding in accordance with the
new Lender’s Proportions. 

 ARTICLE 4 

REPAYMENT AND CANCELLATION 
  

	4.1	Repayment of Borrowings 

  

	 	(a)	Mandatory Repayment of Borrowings: The Borrower covenants and agrees to repay or otherwise reduce the Borrowings with the effect and requirement that all Borrowings owing to a Lender shall be repaid on or before
the Maturity Date applicable to such Lender. 

  

	 	(b)	Application of Payment: Subject to the requirements of Section 4.1(a), in respect of payments to the Lenders, the Outstandings of each Lender shall be reduced so as to, following such payment, be in the same
proportion as the amount of the Syndicated Commitment of such Lender at such time bears to the Total Syndicated Commitment. 

  
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	4.2	Exchange Rate Fluctuations 

 If, on the last day of any Fiscal Quarter or any LIBOR
Interest Period , or on the maturity date of an outstanding Banker’s Acceptance (each a “Currency Test Date”), the amount of Outstanding Principal owed to any Lender is in excess of the Syndicated Commitment of such Lender and
the amount of any funds on deposit or letter of credit or other assurance satisfactory to the Agent held for or by such Lender pursuant to this Section 4.2 (the amount of the excess being the “Currency Excess”), the Borrower
shall, within 10 Business Days of the Currency Test Date, repay or otherwise reduce a portion of Borrowings owed to such Lender to the extent of the amount of such Currency Excess or provide satisfactory assurance of repayment thereof by depositing
funds in an amount equal to the Currency Excess into a Cash Coverage Account with the Agent on behalf of the relevant Lender, to be dedicated to payment of Borrowings owed to the relevant Lender or provide satisfactory assurance of repayment thereof
by way of letter of credit or otherwise as may be acceptable to such Lender, all to the satisfaction of the Agent. The Agent is hereby directed to apply any such sums on deposit to reduce the Currency Excess by applying such funds to satisfy
obligations or liabilities of the Borrower under the Credit Facility to the relevant Lenders under the Loan Documents in respect of Bankers’ Acceptances (or BA Equivalent Loans made in lieu thereof) on their maturity or LIBOR Loans at the
expiration of LIBOR Interest Periods, as applicable, or (subject to compliance with Sections 3.10(b) and 3.10(c), as applicable), at such earlier time as the Borrower elects. Upon the Currency Excess being eliminated by repayments or by virtue of
subsequent changes in the exchange rate for determining the Equivalent Amount in US Dollars of Borrowings on a Currency Test Date, such funds on deposit, together with interest thereon, or letter of credit or other assurance shall be returned to the
Borrower. 
  

	4.3	Cancellation of Syndicated Commitments 

 The Borrower may at any time, at its option and
in its sole discretion, upon not less than two (2) Business Days’ prior notice to the Agent substantially in the form of Schedule “A”, cancel and reduce without penalty all or any portion of (a) the aggregate Syndicated
Commitments of those Lenders which are not Non-Extending Lenders (as defined in Section 3.12), (b) the aggregate Syndicated Commitments of those Lenders which are Non-Extending Lenders (as defined in Section 3.12), or (c) any
combination thereof, in minimum amounts of US$10,000,000 and in multiples of US$1,000,000 thereof, by: 
  

	 	(a)	in the case of, and to the extent of, the cancellation of all or any portion of the aggregate Syndicated Commitments of those Lenders which are not Non-Extending Lenders (as defined in Section 3.12), cancelling the
Syndicated Commitment of each such Lender in the same proportion of the aggregate amount so cancelled as the proportion which such Lender’s Syndicated Commitment is of the total Syndicated Commitments of all such Lenders; and 

 

	 	(b)	 in the case of, and to the extent of, the cancellation of all or any portion of the aggregate Syndicated
Commitments of those Lenders which are Non-Extending Lenders (as defined in Section 3.12), cancelling the Syndicated Commitment of each such Lender in the same proportion of the aggregate amount so cancelled as the

  
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proportion which such Lender’s Syndicated Commitment is of the total Syndicated Commitments of all such Lenders; 

provided that (i) on or prior to the last day of such notice period, the Borrower has repaid or reduced the principal amount of Syndicated
Borrowings owing to each relevant Lender in accordance with Section 3.10(a) in an amount equal to the amount by which the Equivalent Amount of such Syndicated Borrowings in US Dollars would otherwise be in excess of such Lender’s
Syndicated Commitment immediately after the reduction of the Total Syndicated Commitment provided for in such notice and (ii) the cancellation of all of the Syndicated Commitment of a Lender shall be deemed to be a cancellation of all other
Commitments of such Lender. Any such notice of cancellation is irrevocable and the amount of the Total Syndicated Commitment so cancelled may not be reinstated. 
  

	4.4	Evidence of Indebtedness 

 The Agent shall open and maintain on the books at the
Agent’s Branch of Account accounts evidencing the Borrower’s liability to the Agent and each Lender in respect of the Borrowings and other Loan Indebtedness outstanding by the Borrower hereunder. The Agent shall enter therein the amount
and currency of such Borrowings, each payment of principal and interest on the Borrowings and other Loan Indebtedness, and shall record the Bankers’ Acceptances accepted by each Lender, the Letters of Credit issued by each Fronting Bank and all
other amounts becoming due to the Agent and each Lender hereunder (and for such purposes the Agent shall be entitled to rely upon information provided by the Fronting Bank in respect of any Letter of Credit issued by such Lender and the Swing Line
Lender in respect of any Swing Line Borrowings made by such Lender). The Accounts constitute, in the absence of manifest error, prima facie evidence of the Loan Indebtedness of the Borrower to the Agent and each Lender pursuant to this
Agreement, the date and amount of each Borrowing made available to the Borrower, the date and amount of each payment by the Borrower on account of the Loan Indebtedness owing hereunder. 

ARTICLE 5 
 PAYMENT OF
INTEREST AND FEES 
  

	5.1	Payment of Interest on Prime Loans 

 The Borrower shall pay the Agent, on behalf of each
Lender, interest on Prime Loans owed to such Lender in Canadian Dollars at the Agent’s Account for Payments at a variable rate per annum equal to the Prime Rate plus any Applicable Pricing Margin from time to time. Each change in the
fluctuating interest rate for the Prime Loans will take place without notice to the Borrower, simultaneously with the corresponding change in the Prime Rate. Such interest is payable monthly in arrears on each Interest Date, in respect of the
previous calendar month, and shall be calculated on a daily basis, based on the actual number of days elapsed and a year of 365 days, rounded in accordance with the Agent’s usual practices. If, at any time while Prime Loans are outstanding, the
Prime Rate is being determined by reference to the CDOR One Month Rate, the Agent shall promptly advise the Borrower of such fact. 

  
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	5.2	Payment of Interest on USBR Loans 

 The Borrower shall pay to the Agent, on behalf of
each Lender, interest on USBR Loans owed to such Lender in US Dollars at the Agent’s Account for Payments at a variable rate per annum equal to the US Base Rate plus any Applicable Pricing Margin from time to time. Each change in the
fluctuating interest rate for the USBR Loans will take place without notice to the Borrower, simultaneously with the corresponding change in the US Base Rate. Such interest is payable monthly in arrears on each Interest Date, in respect of the
previous calendar month, and shall be calculated on a daily basis, based on the actual number of days elapsed and a year of 365 days, rounded in accordance with Agent’s usual practices. If, at any time while USBR Loans are outstanding, the US
Base Rate is being determined by reference to the Fed Funds Rate or the one month LIBOR, the Agent shall promptly advise the Borrower of such fact. 
  

	5.3	Payment of Interest on LIBOR Loans 

 The Borrower shall pay to the Agent on behalf of
each Lender interest on each LIBOR Loan owed to such Lender in US Dollars at the Agent’s Account for Payments at the rate, expressed on the basis of a 360 day year, equal to the sum of: 

 

	 	(a)	the LIBOR applicable to such LIBOR Loan for the applicable LIBOR Interest Period; and 

  

	 	(b)	the Applicable Pricing Margin from time to time. 

 A change in the Applicable Pricing Margin
will simultaneously cause a corresponding change in the rate of interest payable for a LIBOR Loan. Each determination by the Agent of the rate of interest applicable to a LIBOR Interest Period shall, in the absence of manifest error, be final,
conclusive and binding upon the Borrower and each Lender. Such interest shall be payable in arrears on each LIBOR Interest Date of each LIBOR Interest Period applicable to each LIBOR Loan, for the period commencing on and including, as applicable,
the first day of the applicable LIBOR Interest Period or the preceding LIBOR Interest Date in such LIBOR Interest Period, up to but not including such LIBOR Interest Date, and calculated on a daily basis, based on the actual number of days elapsed
divided by 360, rounded in accordance with the Agent’s usual practices. 
  

	5.4	Stamping Fees for Bankers’ Acceptances 

 The Borrower shall pay to each Lender
stamping fees in Canadian Dollars forthwith upon the acceptance by such Lender of each Bankers’ Acceptance issued by the Borrower hereunder (including, for certainty, any Bankers’ Acceptances issued and accepted pursuant to
Section 3.8 or 3.9) at a rate per 365 day period equal to the Applicable Pricing Margin in effect during the term of such Bankers’ Acceptance, calculated on the face amount of such Bankers’ Acceptance and on the basis of the number of
days in the term of such Bankers’ Acceptance divided by 365. Fees payable to the Lenders pursuant to this Section 5.4 shall be paid in the manner specified in Section 12.8(b)(ii). All fees payable pursuant to this Section 5.4 on
any date in respect of any issuance of Bankers’ Acceptances shall be calculated by the Agent and payable by the Borrower. 

  
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	5.5	Issuance Fees for Letters of Credit 

  

	 	(a)	The Borrower shall pay to the Agent for the account of the Lenders an issuance fee in respect of each Letter of Credit issued by the Fronting Bank hereunder calculated at a rate per 365 day period equal to the
Applicable Pricing Margin in effect during the term of such Letter of Credit and on the face amount of each such Letter of Credit. The issuance fee shall be payable quarterly in arrears on the first Business Day of each Fiscal Quarter following the
issuance of the relevant Letter of Credit. 

  

	 	(b)	The Borrower shall pay to the Fronting Bank for its own account a fronting fee forthwith upon the issuance of each Letter of Credit issued by the Fronting Bank hereunder calculated at a rate per 365 day period equal to
the rate agreed to or bid by the Fronting Bank pursuant to Section 3.7(g) and on the face amount of each such Letter of Credit. 

  

	 	(c)	The Borrower shall from time to time pay to the Fronting Bank for its own account its usual and customary fees (at the then prevailing rates) for the amendment, delivery and administration of letters of credit such as
the Letters of Credit. 

  

	 	(d)	The Borrower shall receive a refund in respect of any issuance fee and fronting fee paid in respect of any Letter of Credit which is returned to the Fronting Bank for cancellation in accordance with Section 3.10(d)
or fully drawn upon prior to the expiry thereof (such refund to be prorated based upon the portion of time that such Letter of Credit was not outstanding based on the original term thereof); provided that such refund shall only be paid if it
exceeds US$1,000 or Cdn.$1,000, as applicable. 

  

	5.6	Adjustments 

 All fees payable under Section 5.4 or 5.5 shall be calculated by the
Agent and payable by the Borrower initially on the assumption that the Debt Ratings at the time of issuance of the applicable Bankers’ Acceptances or Letters of Credit will be maintained during the term thereof. In the event such fees are
calculated and paid on such assumption and such Debt Rating is changed or ceases to be available such as to change the Applicable Pricing Margin (any such change or cessation of a Debt Rating being a “Rating Change”) during the term
of any such outstanding Bankers’ Acceptances or Letters of Credit, the Agent shall recalculate the amount of such fees on the basis of the Applicable Pricing Margin applicable to the period before such Rating Change, and the Applicable Pricing
Margin applicable to the period on and after such Rating Change, and advise the Borrower and the Lenders of the amount of the underpayment or overpayment (if any). In the case of an underpayment, the Borrower shall pay to the Agent on behalf of the
Lenders, on the maturity date of such outstanding Bankers’ Acceptances (in the case of Bankers’ Acceptances) or on the next date on which any interest or fee payment is made hereunder (in the case of Letters of Credit), the amount of such
underpayment, and, in the case of an overpayment, the amount thereof shall be credited against amounts in respect of interest or other amounts accruing hereunder. Changes in the interest rate payable in respect of Loans as a result of a Rating
Change shall be effective on the date of such Rating Change. 

  
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	5.7	Interest on Overdue Amounts 

 The Borrower expressly agrees to pay to the Agent on behalf
of each Lender, at the Agent’s Branch of Account, on demand, interest on all overdue amounts outstanding under this Agreement at a variable rate per annum, which shall be adjusted automatically without notice to the Borrower whenever there is a
change in the Prime Rate or US Base Rate, as the case may be, which is equal to: 
  

	 	(a)	the Prime Rate plus any Applicable Pricing Margin plus 1% per annum, in respect of amounts due in Canadian Dollars; and 

  

	 	(b)	the US Base Rate plus any Applicable Pricing Margin plus 1% per annum, in respect of amounts due in US Dollars; 

and which additional interest the Borrower acknowledges to be commensurate with the increased credit risk to the Lenders in the circumstances. Such interest
on overdue amounts shall be compounded monthly and shall be payable both before and after default, maturity and judgment. 
  

	5.8	Standby Fees 

 The Borrower covenants and agrees to pay to the Agent, on behalf of each
Lender at the Agent’s Branch of Account, a standby fee in US Dollars payable in arrears on the first Business Day of each Fiscal Quarter, in respect of the previous Fiscal Quarter, in an amount equal to the Applicable Pricing Margin on each day
in the calculation period, calculated on the amount by which the Syndicated Commitment of such Lender on such day is in excess of the Outstanding Principal then owing to such Lender on such day. Such standby fees shall be computed from and including
the Amendment Effective Date and shall be calculated on a daily basis and based on a year of 365 days. 
  

	5.9	Agency Fees 

 The Borrower covenants and agrees to pay to the Agent certain fees as set
forth in a letter agreement between the Agent and the Borrower relating to the Agent’s role as agent hereunder. 
  

	5.10	Maximum Rate Permitted by Law 

  

	 	(a)	In no event shall any interest or fee to be paid hereunder exceed the maximum rate permitted by applicable law. In the event any such interest or fee exceeds such maximum rate, such rate shall be reduced to the highest
rate recoverable under applicable law. 

  

	 	(b)	 Notwithstanding any provision to the contrary contained herein, in no event shall the aggregate
“interest” (as defined in Section 347 of the Criminal Code (Canada) as the same may be amended, replaced or re-enacted from time to time) payable hereunder exceed the effective annual rate of interest on the “credit
advanced” (as defined in that section) hereunder lawfully permitted under that section and, if any payment, collection or demand pursuant to this Agreement in respect of “interest” (as defined in that section) is determined to be
contrary to the provisions of that section, such 

  
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payment, collection or demand shall be deemed to have been made by mutual mistake of the Borrower and the Lenders and the amount of such payment or collection shall be refunded to the Borrower;
for purposes hereof the effective annual rate of interest shall be determined in accordance with generally accepted actuarial practices and principles over the term of this Agreement on the basis of annual compounding of the lawfully permitted rate
of interest and, in the event of dispute, a certificate of a Fellow of the Canadian Institute of Actuaries appointed by the Agent will be conclusive for the purposes of such determination. 

 

	5.11	Interest Act 

 For the purposes of the Interest Act (Canada), the annual rates of
interest to which the rates determined in accordance with the provisions hereof on the basis of a period of calculation less than a year are equivalent, are the rates so determined (a) multiplied by the actual number of days in the one year
period beginning on the first day of the period of calculation, and (b) divided by the number of days in the period of calculation. 
  

	5.12	Nominal Rates; No Deemed Reinvestment 

 The principle of deemed reinvestment of interest
shall not apply to any interest calculation under this Agreement; all interest payments to be made hereunder shall be paid without allowance or deduction for deemed reinvestment or otherwise, before and after maturity, default and judgment. The
rates of interest specified in this Agreement are intended to be nominal rates and not effective rates. Interest calculated hereunder shall be calculated using the nominal rate method and not the effective rate method of calculation. 

 

	5.13	Interest on Prepayments and Repayments 

 At the same time as any repayment or prepayment
of principal is made under this Agreement or any Borrowings have been repaid in accordance with a cancellation of the Commitment pursuant to Section 4.3, the Borrower shall also pay all accrued and unpaid interest on the principal being repaid
or prepaid. 
 ARTICLE 6 

PAYMENTS 
  

	6.1	Time and Place of Payment 

 Subject to the next sentence, the Borrower shall make all
payments pursuant to this Agreement to the Agent on behalf of the Lenders at the Agent’s Branch of Account in immediately available funds for good value on the day specified for payment. The Borrower shall make all payments owing to a Fronting
Bank or a Swing Line Lender for its own account at such Lender’s Branch of Account in immediately available funds for good value on the day specified for payment. Whenever a payment is due to be made on a day which is not a Business Day, the
day for payment is the following Business Day and such extension of time shall in such case be included in the computation of the payment of interest or any other amounts payable hereunder. Receipt by the Agent from the Borrower of funds for value
on any day pursuant to this Agreement, as principal, 

  
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interest, fees or otherwise, shall be deemed to be receipt of such funds on such day by the Agent or relevant Lenders, as the case may be. 

 

	6.2	Currency of Payment 

 Borrowings and payments in respect thereof are payable in the
currency in which they are denominated. 
  

	6.3	Payments Free and Clear 

  

	 	(a)	The Borrower shall make all payments hereunder without set-off or counterclaim (except as permitted by Sections 9.5 and 12.19), free and clear of, and without deduction for or on account of, any Tax. If any Tax is
deducted or withheld from any payments, except any Excluded Taxes, the Borrower shall promptly remit to the Agent on behalf of the Lenders, as payment of additional interest, the equivalent of the amounts so deducted or withheld together with the
relevant official receipts or other evidence satisfactory to the Agent evidencing payment to the appropriate taxing authority of each such Tax by the Borrower with the intent being that the Lenders shall receive the full amount which would have been
received by them had no such deduction or withholding been made. No additional amounts shall be payable by the Borrower under this Section 6.3(a) with respect to any Taxes which are payable otherwise than by withholding or deduction from
payments hereunder. 

  

	 	(b)	In the event the Borrower has made a payment pursuant to Section 6.3(a), then (i) the relevant Lender shall take reasonable steps to make such applications or other filings (including for greater certainty,
the filing of a Canadian income tax return) so as to obtain a reduction or refund of any such withheld or deducted amounts, and (ii) where the relevant Lender is thereafter granted or receives a credit, refund or remission in respect of the Tax
for which the relevant deduction or withholding was made, such Lender shall refund to the Borrower such amount (if any) as such Lender determines in good faith will leave such Lender in no worse position than would have been the case if there had
never been any obligation to make such deduction or withholding in the first place. For greater certainty, a Lender shall be entitled to fully recover from the Borrower, as payments of additional interest, all reasonable costs and expenses
associated with any applications or other filings prepared as a result of this Section 6.3(b). No Lender shall be obligated to provide to the Borrower copies of all or any part of its tax returns, financial statements or other corporate
financial data by reason of any such matter. 

  

	 	(c)	 If a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by
FATCA or Canadian equivalent legislation, regulations or other guidance if such Lender were to fail to comply with the applicable reporting requirements of FATCA or Canadian equivalent legislation, regulations or other guidance (including those
contained in Section 1471(b) or 1472(b) of the Code, as applicable, or the Income Tax Act (Canada)), such Lender shall deliver to the Borrower and/or the Agent (as applicable) at the time or times

  
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prescribed by Applicable Law and at such time or times reasonably requested by the Borrower or the Agent such documentation prescribed by Applicable Law (including as prescribed by
Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Agent as may be necessary for the Borrower and the Agent to comply with their obligations under FATCA or Canadian equivalent
legislation, regulations or other guidance and to determine that such Lender has complied with such Lender’s obligations under FATCA or Canadian equivalent legislation, regulations or other guidance (or is exempt from withholding thereunder) or
to determine the amount to deduct and withhold from such payment. Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or
promptly notify the Borrower and the Agent in writing of its legal inability to do so. 

  

	 	(d)	The provisions of this Section 6.3 shall survive the termination of the Agreement and the repayment of the Borrowings, accrued interest and all other indebtedness of the Borrower to the Agent and the Lenders
hereunder. 

  

	6.4	Account Debit Authorization 

 The Borrower authorizes and directs the Agent, in its
discretion, to automatically debit, by mechanical, electronic or manual means, the Borrower’s Accounts for all amounts payable under this Agreement, including, but not limited to, the repayment of principal and the payment of interest, fees and
all charges for the keeping of such bank accounts; provided that the Agent shall not be obligated to effect any such debit and shall not be liable or responsible for its failure to do so. The Agent shall send the Borrower an invoice for any
fees payable under this Agreement at least three (3) Business Days prior to any such debit and shall provide a confirmation of any upcoming debit for repayment of Borrowings on the same day that the Agent receives notice of such repayment from
the Borrower. In the event the Agent debits the Borrower’s Accounts by an amount in excess of the principal, interest, fees or charges properly due on a day, then forthwith upon the error being discovered, the Agent shall reimburse the Borrower
such excess amount with interest thereon from the date of the excess debit until reimbursement at rates prevailing at the time of the excess debit for deposits of like amount and currency with the Agent. 

ARTICLE 7 
 CONDITIONS
PRECEDENT 
  

	7.1	Conditions Precedent to Effectiveness 

 The effectiveness of this Agreement is subject to
the satisfaction of the following conditions: 
  

	 	(a)	the Agent on behalf of each Lender (or certain Lenders, as indicated below) has received, in form and substance satisfactory to the Agent (or, in the case of (vi) and (vii) below, each of the Lenders), acting
reasonably: 

  
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	 	(i)	a duly executed copy of this Agreement; 

  

	 	(ii)	a certified copy of the articles and by-laws of the Borrower; 

  

	 	(iii)	a certificate of existence under the laws of Canada in respect of the corporate existence of the Borrower; 

  

	 	(iv)	a certified resolution of the Board of Directors of the Borrower with respect to this Agreement; 

  

	 	(v)	an incumbency certificate of the Borrower certifying the name and true signatures of the Borrower’s officers authorized to sign this Agreement and the other Loan Documents; 

 

	 	(vi)	an opinion of Blake, Cassels & Graydon LLP, counsel to the Borrower addressed to the Agent and each Lender; 

  

	 	(vii)	an opinion of Norton Rose Fulbright Canada LLP, counsel to the Lenders, addressed to the Agent and each Lender; 

  

	 	(viii)	an assignment or withdrawal letter from each Existing Lender which is not continuing as a Lender under this Agreement, in a form satisfactory to the Agent and the Borrower; and 

 

	 	(ix)	all such other agreements, certificates, declarations, opinions and other documents as are reasonably required by the Agent to confirm or establish the completion or satisfaction of the conditions to the Lenders’
obligations hereunder and of which the Borrower is advised in a timely manner; and 

  

	 	(b)	the Borrower shall have paid to the Agent for the account of the Agent, the co-lead arrangers and the Lenders, as applicable, and in a timely manner, (i) all upfront and arrangement fees required to be paid by the
Borrower on or before the Amendment Effective Date in connection with this Agreement and (ii) all accrued and unpaid standby fees under the Existing Credit Agreement for the period from and including July 1, 2015 to but excluding the
Amendment Effective Date. 

 Each Lender hereby authorizes the Agent to confirm to the Borrower on the Amendment Effective Date that the
conditions precedent set forth in this Section 7.1 have been satisfied on or prior to the Amendment Effective Date, provided such Lender has not advised the Agent in writing prior to such Amendment Effective Date that such Lender is not
satisfied that the Borrower has complied with such conditions precedent. 
  

	7.2	Conditions Precedent to all Drawdowns 

 The Lenders’ obligations to make available
any Drawdown pursuant to Section 3.3 are subject to and conditional upon the satisfaction of each of the following terms and conditions: 

  
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	 	(a)	as of each Drawdown Date, those representations and warranties contained in Section 2.1 (other than Section 2.1(l) which is intended to apply only as of the Amendment Effective Date) are true and correct in
all material respects with the same effect as if made as of that Drawdown Date; 

  

	 	(b)	as of each Drawdown Date, no Default or Event of Default has occurred and is continuing or would occur with the making of the requested Borrowing; and 

 

	 	(c)	on or before the applicable number of days prior to each Drawdown Date, in accordance with Section 3.3, the Agent has received a duly executed Notice of Drawdown (in the form of Schedule “A” or
“B” as applicable). 

  

	7.3	Conditions Precedent to Conversion or Rollover 

 The Lenders’ obligations to make
any Conversion pursuant to Section 3.8 or to Rollover a Borrowing pursuant to Section 3.9 are subject to and conditional upon the satisfaction of each of the following terms and conditions (except as expressly provided otherwise in
Sections 3.7(d) and 3.13(h)): 
  

	 	(a)	as of each Borrowing Conversion Date and Borrowing Rollover Date, either (i) no Default or Event of Default has occurred and is continuing or would occur with the making of the requested Borrowing or (ii) the
limitations in Section 9.3 are complied with in respect of such Conversion or Rollover; and 

  

	 	(b)	on or before the applicable number of days prior to each Borrowing Conversion Date or Borrowing Rollover Date, in accordance with Section 3.3, the Agent has received a duly executed Notice of Conversion or Notice
of Rollover, as applicable. 

  

	7.4	Waiver 

 The terms and conditions of Sections 7.1, 7.2 and 7.3 are inserted for the sole
benefit of the Lenders and, subject to Sections 12.12 and 15.3, the Lenders may waive them in whole or in part, with or without terms or conditions in respect of any Borrowing, without prejudicing the Lenders’ rights to assert them in whole or
in part in respect of any other Borrowing. 
 ARTICLE 8 

COVENANTS OF THE BORROWER 
  

	8.1	Covenants of the Borrower 

 Subject to Section 8.3, the Borrower covenants with the
Agent and each Lender that: 
  

	 	(a)	Pay Loan Indebtedness: The Borrower shall pay or cause to be paid, duly and punctually, all Loan Indebtedness due by it under the terms of this Agreement at the times and places and in the manner provided for
herein; 

  
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	 	(b)	Payment of Taxes: The Borrower shall, and shall cause each of its Subsidiaries to, pay or cause to be paid all Taxes validly levied, assessed or imposed upon: 

 

	 	(i)	the Borrower or its Subsidiaries; and 

  

	 	(ii)	any part of its or their properties, 

 as and when the same become due and payable and where the
non-payment of which would have a Material Adverse Effect, except to the extent and for so long as the Borrower or its Subsidiaries shall contest in good faith its or their obligation to do so diligently in appropriate proceedings, provided
such contest would not have a Material Adverse Effect; 
  

	 	(c)	Use of Borrowings: The Borrower shall use all Borrowings advanced to it hereunder only for the purposes described in Section 3.2; 

 

	 	(d)	Maintenance of Business and Properties: The Borrower shall, and shall cause each of its Subsidiaries: 

  

	 	(i)	to carry on and conduct its and their business in the ordinary course; and 

  

	 	(ii)	to maintain and operate its property in accordance with normal industry practice; 

 except that
nothing contained in this Section 8.1(d) shall prevent the Borrower or its Subsidiaries from selling, leasing or otherwise disposing of any of its or their property to the extent not prohibited by Section 8.2(d), or from ceasing to operate
any of its or their property or business when, in the opinion of the appropriate officers of the Borrower or its Subsidiaries, it shall be advisable and in its or their best interests to do so; 

 

	 	(e)	Corporate Existence: Subject to Section 8.2(c), the Borrower shall maintain its corporate existence; 

  

	 	(f)	Insurance: The Borrower shall, and shall cause each of its Subsidiaries to, insure and keep insured, or cause to be insured and kept insured, all of its or their property which is of an insurable nature against
such risks, in such amounts and in such manner as is usual in the case of corporations similarly situated and operating generally similar property and with such reputable insurance companies or associations as it may select; provided that the
Borrower and its Subsidiaries may from time to time adopt other methods or plans of protection, including self-insurance, against such risks in substitution or partial substitution for the aforesaid insurance if such plans or methods shall, in the
opinion of the appropriate senior officers of the Borrower or its Subsidiaries, be in its or their best interest, and neither the Borrower nor any of its Subsidiaries shall be required to keep insured any of its property in respect of which
insurance is being provided by others for its benefit; 

  
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	 	(g)	Compliance With Laws: The Borrower shall, and shall cause each of its Subsidiaries to, comply in all respects with all Applicable Laws, including environmental laws, rules, regulations and governmental orders and
licences, and shall obtain and maintain all environmental permits, applicable to its or their business operations if the failure to so comply or, as applicable, obtain and maintain such permits would have a Material Adverse Effect;

  

	 	(h)	Reporting Requirements: The Borrower shall: 

  

	 	(i)	within 95 days after the end of each Fiscal Year, cause to be prepared and delivered to the Agent consolidated financial statements of the Borrower comprising the consolidated balance sheet, the consolidated statement
of earnings, the consolidated statement of comprehensive income, the consolidated statement of changes in shareholders’ equity and the consolidated statement of cash flows pertaining to such Fiscal Year, together with the report and opinion of
its independent auditors thereon confirming that such financial statements have been prepared in accordance with GAAP; 

  

	 	(ii)	within 65 days after the end of each Fiscal Quarter, except the fourth Fiscal Quarter of the Fiscal Year, cause to be prepared and delivered to the Agent unaudited consolidated financial statements of the Borrower
comprising the consolidated balance sheet, the consolidated statement of earnings, the consolidated statement of comprehensive income, the consolidated statement of changes in shareholders’ equity and the consolidated statement of cash flows
pertaining to such Fiscal Quarter; 

  

	 	(iii)	within 65 days after the end of each Fiscal Quarter, except the fourth Fiscal Quarter and within 95 days after the end of each Fiscal Year, prepare and deliver to the Agent a Compliance Certificate pertaining, as
applicable, to the relevant Fiscal Quarter or Fiscal Year; 

  

	 	(iv)	promptly upon them becoming available, deliver to the Agent copies of: 

  

	 	(A)	all reports, notices and proxy statements sent by the Borrower to its shareholders; and 

  

	 	(B)	any report of a material change issued by the Borrower or any of its Material Subsidiaries and which the Borrower or such Material Subsidiary is not required by Applicable Law to keep confidential; and

  

	 	(v)	 with reasonable promptness, provide such other reports and information on the financial condition and business
affairs and operations of the Borrower and its Subsidiaries as the Agent on behalf of the Lenders may reasonably request from time to time and which the Borrower is not required by contract with a third party or Applicable Law to keep confidential,

  
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 provided that the Borrower may satisfy the delivery requirements set forth in this
Section 8.1(h) by sending to the Agent by electronic mail the documents that are to be delivered to the Agent pursuant to this Section 8.1(h), and, in the case of documents delivered pursuant to paragraph (iii) above, the Borrower
promptly executes and delivers to the Agent an originally signed copy of such Compliance Certificate; and further, provided that the Borrower shall be deemed to have furnished the information required by Sections 8.1(h)(i), 8.1(h)(ii)
and 8.1(h)(iv) if it shall have timely made the same available on “SEDAR” and notified the Agent that such information has been posted on “SEDAR” and such information is freely accessible without charge; and further,
provided, that if any Lender is unable to access “SEDAR”, the Borrower agrees to provide such Lender with paper or electronic copies of the information required to be furnished pursuant to this Section 8.1(h) promptly following
notice (and thereafter so long as such notice remains in effect) from the Agent that such Lender has requested same; and further, provided that the Agent and the Lenders hereby agree to keep confidential any data or information
delivered to the Agent or the Lenders under this Section 8.1(h) which is not already in the public domain; 
  

	 	(i)	Books and Records: The Borrower shall, and shall cause each of its Subsidiaries to, keep proper books of records and accounts in which complete and correct entries will be made of its and their transactions
sufficient to enable it to prepare its financial statements in accordance with GAAP; 

  

	 	(j)	Maintenance of Consolidated Debt to Consolidated Capitalization Ratio: The Borrower shall maintain, as of the last day of each Fiscal Quarter, as reported to the Lenders in accordance with Section 8.1(h), a
Consolidated Debt to Consolidated Capitalization Ratio which does not exceed 60%; 

  

	 	(k)	Change of Fiscal Year: In the event the Borrower changes its Fiscal Year, then as of the end of the fiscal year which would have been the Fiscal Year but for the change to the Fiscal Year and if so requested by
the Agent, the Borrower shall demonstrate to the Majority Lenders’ reasonable satisfaction that, notwithstanding such change, the Borrower is capable of meeting the requirements of Sections 8.1(j) and 8.2(e) had they been based on the Fiscal
Year previous to such change; 

  

	 	(l)	Pari Passu Obligation: The Borrower shall ensure that all the rights of the Lenders and the Agent for payments of amounts owed by the Borrower under this Agreement rank at least pari passu in
right of payment with all obligations of the Borrower in respect of the other most senior unsecured indebtedness of the Borrower for borrowed money; 

  

	 	(m)	Certain Changes: Promptly upon any Senior Financial Officer becoming aware of the same, the Borrower shall provide each Lender and the Agent with advice and particulars of: 

  
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	 	(i)	other than in respect of any failure to pay any Loan Indebtedness due hereunder, the occurrence of any Default or Event of Default, and advice as to whether, in the Borrower’s opinion, such event is remediable and,
if so, of the steps being taken and proposed to remedy the same; 

  

	 	(ii)	any advice from S&P or Moody’s (or, if applicable, a Substitute Rating Entity under Section 1.8) that it has changed the Debt Rating assigned by it (including any change in outlook which has been publicly
disclosed by such rating entity); and 

  

	 	(iii)	the occurrence of any event which would have a Material Adverse Effect; and 

  

	 	(n)	Anti-Corruption Laws and Sanctions: The Borrower shall maintain in effect and enforce procedures to ensure compliance by the Borrower with its representation and warranty in Section 2.1(m)(ii) in respect of
any requested Drawdown. 

  

	8.2	Negative Covenants of the Borrower 

 Subject to Section 8.3, the Borrower covenants
with the Agent and each Lender that: 
  

	 	(a)	Negative Pledge: The Borrower hereby creates in favour of the Lenders the Negative Pledge, the provisions of which are incorporated herein by this reference and form part of this Agreement, and the Borrower shall
observe and perform its covenants and agreements therein contained; 

  

	 	(b)	Change in Nature of Business: The Borrower shall not make any change whereby the nature of the business carried on by the Borrower, on a consolidated basis, would be materially altered; 

 

	 	(c)	Reorganization of Borrower: Except for the amalgamation of the Borrower with one or more Subsidiaries or the transfer of all or substantially all of the Borrower’s undertaking and assets to one or more
Subsidiaries, the Borrower shall not enter into or participate in any transaction which would result in: 

  

	 	(i)	the amalgamation of the Borrower with any other Person; or 

  

	 	(ii)	the transfer of all or substantially all of the Borrower’s undertaking and assets (determined on a consolidated basis) to another Person; 

unless: 
  

	 	(iii)	the Debt Ratings of the successor or transferee are Investment Grade (unless the Majority Lenders approve any such transaction where the Debt Ratings of the successor or transferee are not Investment Grade); and

  

	 	(iv)	 the successor or transferee executes and delivers to the Agent such documents, if any, as may, in the reasonable
opinion of the Agent, be 

  
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necessary to confirm the assumption by the successor or transferee of the obligations of the Borrower under this Agreement; 

 

	 	(d)	Sale of Property and Assets: The Borrower shall not, and shall not permit any of its Subsidiaries to, sell, transfer, convey, lease or otherwise dispose of all or any material part of their respective property or
assets (other than to the Borrower or one or more Subsidiaries of the Borrower) if such action would have a Material Adverse Effect; 

  

	 	(e)	Financing Debt of Certain Subsidiaries: The Borrower shall not permit: 

  

	 	(i)	the aggregate Financing Debt of all Material Subsidiaries which are Non- Guarantor Subsidiaries, on a consolidated basis; plus, without duplication 

 

	 	(ii)	the aggregate Indebtedness (as defined in the Negative Pledge) secured by security interests over Restricted Property (as defined in the Negative Pledge) given by the Borrower or any Material Subsidiary in favour of
Non-Guarantor Subsidiaries which are not Material Subsidiaries; plus, without duplication 

  

	 	(iii)	the aggregate Financing Debt of Finance Co.; plus, without duplication 

  

	 	(iv)	the amount by which the aggregate Financing Debt of any Subsidiary (other than Finance Co. or a Material Subsidiary) exceeds an aggregate of US$750,000,000 and which Financing Debt is guaranteed by the Borrower or any
Material Subsidiary (whether directly or indirectly through corporate law applicable to unlimited liability companies); 

 to
exceed 17.5% of Consolidated Tangible Assets as of the last day of each Fiscal Quarter, as reported to the Lenders in accordance with Section 8.1(h); provided that, for the purpose of calculating the aggregate Financing Debt referred to
in (i) above or the aggregate Indebtedness referred to in (ii) above, there shall be excluded (y) the Financing Debt of any Public Material Subsidiary or (z) any such Indebtedness secured by security interests over Restricted
Property (as defined in the Negative Pledge) of any Public Material Subsidiary for so long as, in regard to any case referred to in (y) or (z) above, Common Equity Securities of the relevant Public Material Subsidiary are listed on any
stock exchange and for 120 days (or such longer period as the Majority Lenders may allow in their sole discretion) after the date that Common Equity Securities of such Public Material Subsidiary cease to be so listed; and 

 

	 	(f)	 Financial Assistance by Material Subsidiaries: If any Material Subsidiary or Subsidiary thereof gives,
grants or becomes subject to any guarantee, indemnity or other form of financial assistance to or in favour of any Person in respect of Financing Debt of the Borrower or any other Subsidiary, other than in respect of the Borrowings or any
Centralized Banking Arrangements (each such guarantee, indemnity or other form of financial assistance, other than a guarantee, indemnity or other form of financial assistance in respect of the Borrowings or any Centralized

  
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 Banking Arrangements, being a “Third Party Guarantee”), then the Borrower shall
ensure that such Material Subsidiary or Subsidiary thereof duly executes and delivers to the Agent on behalf of the Lenders a guarantee or other instrument on no less favourable terms, with such changes thereto as may be necessary in the context and
acceptable to the Agent, acting reasonably, so that the obligations thereunder rank at least pari passu with the obligations under such Third Party Guarantee; provided, however, that: 

 

	 	(i)	a Material Subsidiary or Subsidiary thereof shall be entitled to give, grant or become subject to a Third Party Guarantee in respect of Financing Debt of wholly-owned Subsidiaries of such Material Subsidiary; and

  

	 	(ii)	a Material Subsidiary or Subsidiary thereof which is a direct or indirect wholly-owned Subsidiary of a Material Subsidiary shall be entitled to give, grant or become subject to a Third Party Guarantee in respect of
Financing Debt of a Material Subsidiary or Subsidiary thereof of which (in either case) it is directly or indirectly a wholly-owned Subsidiary; 

in either case, for so long as such wholly-owned Subsidiaries remain, directly or indirectly, wholly-owned by such Material Subsidiary, without
being required by this Section 8.2(f) to execute and deliver a guarantee or other instrument to the Agent in accordance with the foregoing; and provided further however, that a Subsidiary which is not a Material Subsidiary need
not execute and deliver such a guarantee or other instrument if and for so long as such Subsidiary, together with each other such Subsidiary which has given, granted, or become subject to a Third Party Guarantee and which has not executed and
delivered a guarantee or other instrument to the Agent on behalf of the Lenders hereunder, has assets which have a value, as reflected in the consolidated balance sheet of the Borrower most recently delivered to the Lenders hereunder, of 10% or less
of the value of the assets of the Borrower and its Subsidiaries reflected therein (without giving effect to the non-cash ceiling test impairments and other changes as at December 31, 2011 as a consequence of the adoption of US GAAP). 

 

	8.3	Actions in Respect of Subsidiaries 

 Notwithstanding anything to the contrary provided in
Section 8.1 or Section 8.2 whereby the Borrower has covenanted to cause any Subsidiary to do or not to do any act or thing and such Subsidiary is not a Wholly-Owned Subsidiary, the Borrower shall have complied with its covenants in that
regard if it shall have used all reasonable efforts to cause such Subsidiary to comply with the requirements of Sections 8.1 and 8.2 or to remedy any breaches thereof; and with respect to any breach of Section 8.1 or Section 8.2 caused by
any Subsidiary acting or failing to act in the manner required by such Section, the Borrower’s obligation to use its reasonable efforts to prevent or remedy such breach shall only be applicable from and after the date that the Borrower becomes
aware of such breach or the date the Borrower becomes aware such breach may occur, as the case may be; provided that this Section 8.3 shall not apply to (i) the covenants contained in Section 8.2(e)

  
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or 8.2(f), or (ii) any covenant if the breach thereof could reasonably be expected to have a Material Adverse Effect. 

ARTICLE 9 
 EVENTS OF
DEFAULT 
  

	9.1	Events of Default 

 Any one or more of the following occurrences is an Event of Default,
but only if at the time of or during the continuance of any such occurrence a Borrowing is outstanding: 
  

	 	(a)	Failure to Pay Borrowings, Interest or Fees: The Borrower fails to repay within two (2) Business Days of the due date all or any portion of the Borrowings, or fails to pay within five (5) Business Days
of the due date any interest or fees or any other amount due hereunder; 

  

	 	(b)	Voluntary Proceedings: The Borrower or any Material Subsidiary institutes proceedings to be adjudicated bankrupt or insolvent, or consents to the filing of a bankruptcy or insolvency proceeding against it, or
files a petition or answer or consent seeking reorganization, readjustment, arrangement, composition or similar relief under the Companies Creditors’ Arrangement Act (Canada), the Bankruptcy and Insolvency Act (Canada), or any
other bankruptcy or insolvency law or any other similar applicable law, or consents to the filing of any such petition, or consents to the appointment of a receiver, trustee or assignee in bankruptcy or insolvency of any part of its property (other
than Non-Recourse Assets) which is material to the Borrower and its Subsidiaries taken as a whole, or makes a general assignment for the benefit of creditors, or becomes insolvent or generally not able to pay its debts as they become due, or admits
in writing its inability to pay its debts generally as they become due, or takes any corporate action to authorize any of the foregoing; provided that an occurrence under this Section 9.1(b) which results from actions taken by a Material
Subsidiary which is not a Restricted Subsidiary will not be an Event of Default if the Borrower would (in the reasonable opinion of the Majority Lenders as evidenced by their signatures on a confirmation thereof) be able to satisfy the financial
tests set forth in Sections 8.1(j) and 8.2(e), calculated as of the date of such actions taken by such Material Subsidiary (and not as of the last day of the immediately preceding Fiscal Quarter); 

 

	 	(c)	 Bankruptcy Proceedings: A court having jurisdiction enters a decree or order adjudging the Borrower or any
Material Subsidiary bankrupt or insolvent, or approving as properly filed a petition seeking liquidation, winding-up, reorganization, readjustment, arrangement, composition, protection or similar relief of the Borrower or a Material Subsidiary under
the Companies Creditors’ Arrangement Act (Canada), the Bankruptcy and Insolvency Act (Canada) or any other bankruptcy or insolvency law or any other similar applicable law, or enters a decree or order for the appointment of a
receiver, trustee or assignee in bankruptcy or insolvency of any part of its property (other than Non-Recourse Assets) which is material to the Borrower 

  
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and its Subsidiaries taken as a whole, and any such decree or order remains in force undischarged or unstayed for a period of 20 days or more; provided that an occurrence under this
Section 9.1(c) which results from actions taken by or pertaining to a Material Subsidiary which is not a Restricted Subsidiary will not be an Event of Default if the Borrower would (in the reasonable opinion of the Majority Lenders as evidenced
by their signatures on a confirmation thereof) be able to satisfy the financial tests set forth in Sections 8.1(j) and 8.2(e), calculated as of the date of such actions of or pertaining to such Material Subsidiary (and not as of the last day of the
immediately preceding Fiscal Quarter); 

  

	 	(d)	Cross Acceleration of Extended Financing Debt: The Borrower or any Subsidiary (i) defaults in making payment when due of any Financing Debt (including all net obligations of the Borrower or any such
Subsidiary pursuant to currency, interest rate and commodity price hedging and swap agreements, but excluding Borrowings) (“Extended Financing Debt”) in an amount in excess of the greater of US$200,000,000 and two (2%) percent
of Consolidated Net Worth and such default is not remedied by the Borrower or any Subsidiary or is not waived by the lender or counterparty in respect of such Extended Financing Debt (including the lessor under any Capital Lease) within two
(2) Business Days or any longer grace or cure period that is available under applicable documentation to remedy such default; or (ii) causes or permits to exist any default or event of default under any agreement or agreements evidencing
Extended Financing Debt if such default or event of default results in the acceleration of the payment of an aggregate amount of Extended Financing Debt in excess of the greater of US$200,000,000 and two (2%) percent of Consolidated Net Worth;

  

	 	(e)	Breached Representations and Warranties: Any representation or warranty made by the Borrower in this Agreement proves to have been incorrect in any material respect when made or deemed to be made hereunder, or
any statement made by the Borrower in any Compliance Certificate, when made, proves to have been incorrect in any material respect and (i) if such representation or warranty is capable of rectification, such representation or warranty remains
uncorrected for a period of forty-five (45) days after written notice from the Agent, or (ii) if such representation or warranty is incapable of rectification, such inaccuracy would have a Material Adverse Effect; 

 

	 	(f)	 Judgments: A final judgment or order (subject to no further right of appeal) is rendered against the
Borrower or any Material Subsidiary for the payment of money in excess of the greater of US$200,000,000 and two (2%) percent of Consolidated Net Worth (other than any such judgment or order in favour of a lender that is a Non- Recourse
Creditor, in respect of which such lender’s recourse pursuant to such judgment or order or otherwise is limited to the specific Project in respect of which the debt which is the subject of such judgment or order was granted was incurred) and
under which enforcement proceedings have commenced and have not been stayed, and which remains undischarged or unstayed for a period of 45 days; provided that any such final judgment or order rendered only with respect to a

  
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Material Subsidiary which is not a Restricted Subsidiary shall not be an Event of Default if the Borrower would (in the reasonable opinion of the Majority Lenders as evidenced by their signatures
on a confirmation thereof) be able to satisfy the financial tests set forth in Sections 8.1(j) and 8.2(e), calculated as of the date of such final judgment or order (and not as of the last day of the immediately preceding Fiscal Quarter), which
tests shall be conducted after provision has been made for the payment of such final judgment or order; 

  

	 	(g)	Enforcement of Security: The holder of an encumbrance, a lien or any other security interest lawfully takes possession of any portion of the property, other than Non-Recourse Assets, of the Borrower or any
Material Subsidiary which is material to the Borrower and its Subsidiaries taken as a whole, or if a distress or execution or any similar process is lawfully levied and enforced against any such material property and remains unsatisfied for such
period as would permit such property to be sold thereunder; provided that an occurrence under this Section 9.1(g) which results from the taking possession of any such property owned by a Material Subsidiary which is not a Restricted
Subsidiary will not be an Event of Default if the Borrower would (in the reasonable opinion of the Majority Lenders as evidenced by their signatures on a confirmation thereof) be able to satisfy the financial tests set forth in Sections 8.1(j) and
8.2(e), calculated as of the date of such taking of possession (and not as of the last day of the immediately preceding Fiscal Quarter) and having regard to the effect of such taking of possession; 

 

	 	(h)	Failure to Provide Advice: The Borrower fails to provide advice and particulars under Section 8.1(m)(i) when required to do so and such failure remains unremedied for a period of ten (10) Business Days;

  

	 	(i)	Failure to Perform Covenants and Agreements: The Borrower breaches or fails to duly perform any material covenant or other material term or condition of this Agreement (other than those hereinbefore dealt with in
this Section 9.1), and such breach or failure is not remedied within 45 days following receipt by the Borrower of notice to do so from the Agent, or within such longer period as may be agreed to by the Majority Lenders, having regard to the
subject matter of the failure, or, in the case of Sections 8.1(j) and 8.2(e), such breach or failure is not waived by or otherwise dealt with to the satisfaction of the Majority Lenders as evidenced by their signatures on a confirmation thereof
within the time period for delivery of the relevant Compliance Certificate disclosing such breach, or within such longer period as may be agreed to by the Majority Lenders, having regard to the subject matter of the failure; or 

 

	 	(j)	 Agreement Not Enforceable: Except as otherwise contemplated by Article 10, this Agreement or any material
provision thereof shall at any time for any reason cease to be in full force and effect, be declared to be void or voidable or shall be repudiated, or the validity or enforceability thereof shall at any time be contested by the Borrower, or the
Borrower shall deny that it has any or any further liability or obligation thereunder (other than a bona fide defence asserted by the Borrower), or at 

  
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any time it shall be unlawful or impossible for the Borrower to perform any of its material obligations hereunder. 

 

	9.2	Occurrence of an Event of Default 

 Upon the occurrence and during the continuance of an
Event of Default, the Agent may, at its option, and shall if so required by the Majority Lenders, by written notice to the Borrower (an “Acceleration Notice”), declare all or any part of the Outstandings and all other Loan
Indebtedness (whether matured or unmatured) of the Borrower to the Lenders under this Agreement (including the amount of all Bankers’ Acceptances and BA Equivalent Loans, as determined by the Agent acting reasonably) to be due and payable,
whereupon the Total Syndicated Commitment, all Fronting Bank Commitments and all Swing Line Commitments and any right of the Borrower to any further Borrowing shall terminate and all Loan Indebtedness (whether matured or unmatured) of the Borrower
to the Lenders pursuant to this Agreement (including the amount of all Bankers’ Acceptances and BA Equivalent Loans, as determined by the Agent acting reasonably) shall be immediately due and payable without further demand or other notice of
any kind, all of which are expressly waived by the Borrower; provided that upon the occurrence of an Event of Default specified in Section 9.1(b) or 9.1(c), the Total Syndicated Commitment, all Fronting Bank Commitments and all Swing
Line Commitments and any right of the Borrower to any further Borrowing shall automatically terminate and all Loan Indebtedness (whether matured or unmatured) of the Borrower to the Lenders pursuant to this Agreement (including the amount of all
Bankers’ Acceptances and BA Equivalent Loans, as determined by the Agent acting reasonably) shall be immediately due and payable without further demand or other notice of any kind, all of which are expressly waived by the Borrower. The Borrower
shall pay to the Lenders immediately the amount due and payable pursuant to this Section 9.2, failing which the Lenders or any of them may pursue their remedies under this Agreement. 

 

	9.3	Lenders’ Right to Suspend the Borrowings 

 Where (x) an occurrence occurs that
would otherwise be an Event of Default but is not an Event of Default by reason of the repayment of Borrowings or because there are no outstanding Borrowings (including, for certainty, because of any cash cover provided pursuant to
Section 3.10(c) or 3.10(d)), or (y) a Default or Event of Default exists, or (z) the financial statements delivered by the Borrower disclose a likely breach of the financial tests in Section 8.1(j) or 8.2(e) which cannot be
verified because the relevant Compliance Certificate has not been delivered and in respect of which the Borrower has not satisfied the Majority Lenders that such breach has been rectified, then, in each such case and notwithstanding anything else
contained herein, the obligations of the Lenders to make Borrowings available to the Borrower hereunder which would increase the total Outstandings shall be suspended and shall remain suspended, and all LIBOR Interest Periods and terms of
Bankers’ Acceptances, BA Equivalent Loans and Letters of Credit which commence during such period through Rollovers and Conversions shall not exceed 1 month, until, as applicable, such occurrence, Default or Event of Default has been remedied
or waived and any conditions to the effectiveness (or the continued effectiveness) of such waiver are satisfied or are being complied with, as applicable. 

  
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	9.4	Remedies Cumulative 

 The Borrower expressly agrees that the rights and remedies of the
Lenders under this Agreement and each of the Loan Documents delivered by the Borrower hereunder are cumulative, and in addition to, and not in substitution for, any rights or remedies provided by law; any single or partial exercise by the Lenders of
any right or remedy for a default or breach of any term, covenant, condition or agreement in this Agreement or any Loan Document delivered by the Borrower hereunder does not waive, alter, affect, or prejudice any other right or remedy to which the
Lenders may be lawfully entitled for the same default or breach. 
  

	9.5	Set-Off 

  

	 	(a)	In addition to any rights now or hereafter granted under Applicable Law but only to the extent permitted by Applicable Law and not by way of limitation of any such rights, upon the occurrence and during the continuance
of an Event of Default hereunder, without prior notice to the Borrower or to any other person, such notice being expressly waived by the Borrower, the Agent and the Lenders are hereby authorized to set-off and to appropriate and to apply any and all
deposits (general and special) and any other indebtedness at any time held by or owing by the Agent or such Lender to or for the credit of or the account of the Borrower against and on account of the obligations and liabilities of the Borrower to
the Agent or such Lender under this Agreement, although such obligations, liabilities or claims of the Borrower may be contingent or unmatured. The Agent and the Lenders shall provide the Borrower, the Agent and each other Lender with prompt notice
of the exercise of any of their rights under this Section 9.5. 

  

	 	(b)	In addition to any rights now or hereafter granted under Applicable Law but only to the extent permitted by Applicable Law and not by way of limitation of any such rights, while a Lender is a Defaulting Lender pursuant
to (i) or (ii) of the definition thereof, or while a Lender Insolvency Event exists with respect to such Lender or its Lender Parent, the Borrower is hereby authorized without prior notice to such Defaulting Lender or to any other person,
such notice being expressly waived by such Defaulting Lender, to set-off and to apply any and all deposits (general and special but excluding security deposits) held by such Defaulting Lender (or any Subsidiary of such Defaulting Lender) to or for
the credit of or the account of the Borrower (or any Subsidiary of the Borrower) against and on account of the Borrowings and any accrued interest owing by the Borrower to such Defaulting Lender under this Agreement, regardless of whether the
obligations in respect of such deposits or Borrowings are contingent or unmatured. The Borrower shall provide the Agent and the Defaulting Lender with prompt notice of the exercise of any of its rights under this Section; provided that:

  

	 	(i)	any Centralized Banking Arrangements shall take priority over the Borrower’s rights under this Section; 

  
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	 	(ii)	prior to receipt of such notice by the Agent, the Agent shall not be obligated to reflect such set-off in the allocation of its payments to Lenders under Article 12; 

 

	 	(iii)	after receipt of such notice by the Agent, such Defaulting Lender irrevocably authorizes the Agent to rely on such notice and to allocate payments from the Borrower to the Lenders in a manner which gives effect to such
set-off (notwithstanding any provisions in Article 12 to the contrary); and 

  

	 	(iv)	the Borrower agrees to indemnify the Agent and its Affiliates, directors, officers, agents and employees from any claims made against any of them by a Defaulting Lender in connection with this Section 9.5(b), all
in accordance with Section 11.2 (and for such purposes a claim from a Defaulting Lender shall be deemed to be a third party claim). 

  

	9.6	Cash Coverage Account 

 Upon the occurrence of an Event of Default and in addition to any
other rights or remedies of the Lenders hereunder, the Borrower, at the request of the Agent, shall deposit into a Cash Coverage Account with the Agent such amounts as may be required to satisfy obligations or liabilities of the Borrower to the
Lenders under the Loan Documents in respect of Bankers’ Acceptances which have not matured or Letters of Credit which have not been drawn; provided that any such amounts not so deposited by the Borrower shall, at the option of the
Lenders, be paid by the Lenders into such Cash Coverage Account and shall be deemed to constitute, without duplication of any relating Outstandings, a Prime Loan (in respect of amounts denominated in Cdn. Dollars) or a USBR Loan (in respect of
amounts denominated in US Dollars). 
  

	9.7	Application and Sharing of Payments Following Acceleration 

 Except as otherwise agreed
to by all of the Lenders in their sole discretion, any sum received by the Agent at any time after delivery of an Acceleration Notice or after the occurrence of an Event of Default specified in Section 9.1(b) or 9.1(c) which the Agent is
obliged to apply in or towards satisfaction of sums due from the Borrower hereunder shall be applied by the Agent rateably among the Lenders and the Agent in accordance with amounts owed to the Lenders and the Agent in respect of each category of
amounts set forth below, each such application to be made in the following order with the balance remaining after application in respect of each category to be applied to the next succeeding category: 

 

	 	(a)	Agent’s Fees: firstly, in or towards payment of any fees then due and payable to the Agent and the Lenders hereunder, including, without limitation, those fees payable pursuant to the letter agreement
referred to in Section 5.9; 

  

	 	(b)	Agent’s and Lenders’ Expenses: secondly, rateably among the Agent and the Lenders in accordance with amounts owed to the Agent and the Lenders in respect of amounts due and payable as and by way of
recoverable expenses hereunder; 

  
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	 	(c)	Interest and Fees: thirdly, rateably among the Lenders in accordance with amounts owed to the Lenders in respect of amounts due and payable as and by way of interest pursuant to Sections 3.5(f), 5.1, 5.2 and 5.3,
fees pursuant to Sections 5.4 and 5.5, adjusting payments pursuant to Section 5.6, interest on overdue amounts pursuant to Section 5.7 and standby fees pursuant to Section 5.8; 

 

	 	(d)	Loan Indebtedness (other than Borrowings): fourthly, rateably among the Lenders in accordance with amounts owed to the Lenders in respect of any amount (other than Borrowings) then due and payable by the Borrower
hereunder, other than amounts hereinbefore referred to in this Section 9.7; and 

  

	 	(e)	Borrowings: fifthly, in or towards repayment to the Lenders of the Borrowings then outstanding hereunder in accordance with the provisions of Section 12.11. 

ARTICLE 10 
 CHANGE OF
CIRCUMSTANCES 
  

	10.1	Market Disruption 

  

	 	(a)	Respecting LIBOR Loans: Notwithstanding anything to the contrary herein contained, in the event that, at any time subsequent to the giving of a notice in respect of a Drawdown, Conversion or Rollover to the Agent
by the Borrower with regard to a requested LIBOR Loan, but before the date of the Drawdown, Conversion or Rollover, as the case may be: 

  

	 	(i)	the Agent (acting reasonably) determines that by reason of circumstances affecting the London interbank market, adequate and fair means do not exist for ascertaining the rate of interest with respect to, or deposits are
not available in sufficient amounts in the ordinary course of business at the rate determined hereunder to fund, a requested LIBOR Loan during the LIBOR Interest Period selected; 

 

	 	(ii)	the Agent (acting reasonably) determines that the making or continuing of the requested LIBOR Loan by the Lenders has been made impracticable by the occurrence of an event which materially adversely affects the London
interbank market generally; or 

  

	 	(iii)	the Agent is advised by Lenders holding at least 35% of the Total Syndicated Commitment, by written notice (each a “LIBOR Suspension Notice”), and such notice is received by the Agent no later than
12:00 noon (Calgary time) on the third Business Day prior to the date of the requested Drawdown, Conversion or Rollover, as the case may be, that such Lenders, acting reasonably, have determined that the LIBOR to be determined in accordance with
this Agreement will not or does not represent the effective cost to such Lenders of US Dollar deposits in such market for the relevant LIBOR Interest Period; 

  
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 then the Agent shall give notice thereof to the Lenders and the Borrower as soon as possible
after such determination, or receipt of such LIBOR Suspension Notice, as the case may be, and the Borrower shall, within one (1) Business Day after receipt of such notice from the Agent and in replacement of the notice in respect of such
Drawdown, Conversion or Rollover, as the case may be, previously given by the Borrower requesting a LIBOR Loan, give the Agent a Notice of Drawdown or a Notice of Conversion, as the case may be, which specifies the Drawdown of or Conversion into
another type of Borrowing or, if a Notice of Rollover in respect of an outstanding LIBOR Loan was delivered, the Conversion of the relevant LIBOR Loan on the last day of the applicable LIBOR Interest Period into another type of Borrowing which would
not be affected by the notice from the Agent pursuant to this Section 10.1(a). In the event the Borrower fails to give, if applicable, a Notice of Conversion with respect to maturing LIBOR Loans which were the subject of a Notice of Rollover,
such maturing LIBOR Loans shall be converted on the last day of the applicable LIBOR Interest Period into USBR Loans as if a Notice of Conversion had been given to the Agent by the Borrower pursuant to the provisions hereof. In the event the
Borrower fails to give, if applicable, a replacement Notice of Drawdown with respect to a Drawdown originally requested to be by way of a LIBOR Loan, then the Borrower shall be deemed to have requested a Drawdown by way of a USBR Loan in the amount
specified in the original Notice of Drawdown. The Agent shall promptly notify the Borrower if the circumstances giving rise to the LIBOR Suspension Notice no longer exist. 
  

	 	(b)	Respecting Bankers’ Acceptances: Notwithstanding anything to the contrary herein contained, if: 

  

	 	(i)	the Agent (acting reasonably), makes a determination, which determination shall be conclusive and binding upon the Borrower, and notifies the Borrower, that there no longer exists an active market for bankers’
acceptances accepted by the Lenders; or 

  

	 	(ii)	the Agent is advised by Lenders holding at least 35% of the Total Syndicated Commitment by written notice (each, a “BA Suspension Notice”) that such Lenders (acting reasonably) have determined that the
Discount Rate will not or does not accurately reflect the discount rate which would be applicable to a sale of Bankers Acceptances accepted by such Lenders in the market for the applicable term; 

then: 
  

	 	(iii)	the right of the Borrower to request Bankers’ Acceptances or BA Equivalent Loans from any Lender shall be suspended until the Agent (acting reasonably) determines that the circumstances causing such suspension no
longer exist, and so notifies the Borrower and the Lenders; 

  
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	 	(iv)	any outstanding Notice of Drawdown requesting a Drawdown by way of Bankers’ Acceptances or BA Equivalent Loans shall be deemed to be a Notice of Drawdown requesting a Borrowing by way of Prime Loans in the amount
specified in the original Notice of Drawdown; 

  

	 	(v)	any outstanding Notice of Conversion requesting a Conversion of a Borrowing into a Borrowing by way of Bankers’ Acceptances or BA Equivalent Loans shall be deemed to be a Notice of Conversion requesting a
Conversion of such Borrowing into a Borrowing by way of Prime Loans; and 

  

	 	(vi)	any outstanding Notice of Rollover requesting a Rollover of Bankers’ Acceptance or BA Equivalent Loans shall be deemed to be a Notice of Conversion requesting a Conversion of such Borrowing into a Borrowing by way
of Prime Loans. 

 The Agent shall promptly notify the Borrower and the Lenders under such Credit Facility of any suspension of
the Borrower’s right to request the Bankers’ Acceptances or BA Equivalent Loans and of any termination of any such suspension or if the circumstances giving rise to such suspension no longer exist. A BA Suspension Notice shall be effective
upon receipt of the same by the Agent if received prior to 12:00 noon (Calgary time) on a Business Day and, if not, then on the next following Business Day, except in connection with a Notice of Drawdown, Notice of Conversion or Notice of Rollover
previously received by the Agent, in which case the applicable BA Suspension Notice shall only be effective with respect to such previously received Notice of Drawdown, Notice of Conversion or Notice of Rollover if received by the Agent prior to
12:00 noon (Calgary time) two Business Days prior to the proposed Drawdown Date or date of Rollover or Conversion (as applicable) applicable to such previously received Notice of Drawdown, Conversion Notice or Rollover Notice (as applicable). 

 

	10.2	Increased Costs or Reduced Income or Return Due to Change in Law 

 If any Lender (acting
reasonably) makes a determination that the adoption, introduction, implementation or coming into effect of any Applicable Law, or any change therein, or any change in any existing Applicable Law or in the interpretation, administration or
application of any Applicable Law by any Governmental/Judicial Body or any other entity charged with the interpretation or administration thereof, or the compliance by a Lender with any request or direction (whether or not having the force of law)
of any such Governmental/Judicial Body or entity, hereafter: 
  

	 	(a)	subjects such Lender to, or causes the withdrawal or termination of any previously granted exemption with respect to, any Tax, or changes the basis of taxation, or increases any existing Tax, on payments of principal,
interest, fees or other amounts payable by the Borrower to such Lender under this Agreement (except for Taxes based on the capital or overall net income or profits of such Lender or, in the case of a Lender which is a Schedule III Bank and without
limiting the application of the foregoing part of this exception to such Lender, of any branch thereof); 

  
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	 	(b)	imposes, modifies or deems applicable any reserve, liquidity, cash margin, capital, deposit insurance, special deposit or similar requirements against assets held by, or deposits in or for the account of, or loans by or
to, or any other acquisition of funds by, or drafts (including Bankers’ Acceptances) accepted by an office of, such Lender; 

  

	 	(c)	imposes on such Lender or expects there to be maintained by such Lender any capital adequacy or additional capital or liquidity requirements in respect of any Borrowings or undrawn Commitments, Fronting Bank Commitments
or Swing Line Commitments hereunder or any other condition with respect to this Agreement; or 

  

	 	(d)	imposes on such Lender any other conditions or requirements relevant to this Agreement or the Credit Facility; 

and the result of any of the foregoing shall be to increase the cost to, or reduce the amount of principal, interest, fees or other amounts received or
receivable by, such Lender hereunder or such Lender’s effective return hereunder (without regard to Taxes based on capital or the overall net income or profits of such Lender or, in the case of a Lender which is a Schedule III Bank and without
limiting the application of the foregoing part of this exception to such Lender, of any branch thereof, or the impact thereof) in respect of making, maintaining or funding a Borrowing hereunder or maintaining, as applicable, its Commitment, Fronting
Bank Commitment or Swing Line Commitment hereunder, or cause such Lender to make any payment or forego any interest, fees or other amounts hereunder, then the Agent shall give notice thereof to the Borrower as soon as possible after such
determination, and such Lender shall have no further obligation to make Borrowings of the type affected or maintain, as applicable, its Commitment, Fronting Bank Commitment or Swing Line Commitment in respect of such type of Borrowings unless prior
arrangements satisfactory to such Lender are made to compensate it as hereinafter provided. Such Lender shall, acting reasonably, determine that amount of money which shall compensate such Lender for such increase in cost, reduction in principal,
interest, fees or other amount received or receivable by such Lender, or such reduction in effective return hereunder, or any payment made or interest, fees or other amounts forgone (herein referred to as “Additional Compensation”).
Notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all regulations, requests, rules, guidelines or directives thereunder or issued in connection therewith and
(ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States, Canadian or other regulatory
authorities, in each case pursuant to Basel III ((i) and (ii) being, the “New Rules”), shall in each case be deemed to be a change in Applicable Law for the purposes of this Section 10.2, regardless of the date enacted,
adopted or issued, in each case (i) to the extent that such New Rules are applicable to a Lender claiming Additional Compensation, (ii) to the extent that such New Rules are materially different from Applicable Laws which are in full force
and effect on the Amendment Effective Date and (iii) to the extent that such New Rules are not limited to specific financial institutions only but instead have general application to substantially all banks or their Affiliates which are subject
to the New Rules in question. Upon a Lender having determined that it is entitled to Additional Compensation in accordance with the provisions of this Section 10.2, such Lender shall promptly so notify the Borrower and the Agent and shall
provide the Borrower and the Agent with a photocopy of the Applicable Law, rule, guideline, regulation, treaty or official directive (or, if it is impracticable to 

  
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provide a photocopy, a written summary of the same) and a certificate of a duly authorized officer of such Lender setting forth the amount of the Additional Compensation and the basis of
calculation therefor, which shall be prima facie evidence of the amount of such Additional Compensation, in the absence of manifest error. The Borrower shall pay to such Lender, within ten (10) Business Days of the giving of such notice by
such Lender, such Lender’s Additional Compensation, as additional interest. Each of the Lenders shall be entitled to be paid such Additional Compensation from time to time to the extent that the provisions of this Section 10.2 are then
applicable, notwithstanding that any Lender has previously been paid any Additional Compensation. Each Lender agrees that it will not claim Additional Compensation from the Borrower under this Section 10.2 (i) if it is not generally claiming
similar compensation from its other customers in similar circumstances; or (ii) in respect of any period greater than three (3) months prior to the delivery of notice in respect thereof by such Lender, unless the adoption, change or other event
or circumstance giving rise to the claim for Additional Compensation is retroactive or is retroactive in effect. When Additional Compensation is payable to a Lender, the Borrower shall have the right, upon at least three Business Days prior written
notice to the Agent (unless provided otherwise below), to either: 
  

	 	(a)	effect a Conversion of such Lender’s Lender’s Proportion of the applicable Borrowing in accordance with the provisions hereof; or 

 

	 	(b)	prepay such Lender’s Lender’s Proportion of the principal of such Borrowing together with: 

  

	 	(i)	accrued interest; 

  

	 	(ii)	such Additional Compensation as may be applicable with respect to such Lender’s Lender’s Proportion of such Borrowing to the date of such payment; 

 

	 	(iii)	in the case of LIBOR Loans, all costs, losses, premiums and expenses incurred by such Lender by reason of the liquidation or re-deployment of deposits or other funds or for any other reason whatsoever resulting from the
repayment of such Lender’s Lender’s Proportion of such Borrowing, or any part thereof, on other than the last day of the applicable LIBOR Interest Period; 

 

	 	(iv)	in the case of Bankers’ Acceptances accepted by such Lender, such amount as such Lender may, in its discretion, require be deposited with such Lender in order to yield to that Lender on the maturity date of such
Bankers’ Acceptances the face amount thereof; and 

  

	 	(v)	in the case of Letters of Credit, provision satisfactory to such Lender (acting reasonably) being made for the indemnification, cash collateralization or release of such Lender from its obligations relating to all
outstanding Letters of Credit. 

 Subject to Section 12.11, any such Conversion or prepayment need not be pro rata as among the
Lenders under the Credit Facility or this Agreement or otherwise in compliance with Section 3.11. 

  
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	10.3	Illegality 

 If a Lender (acting reasonably) makes a determination, which shall be
conclusive and binding upon the Borrower, that the adoption, introduction or coming into effect of any Applicable Law, or any change therein, or any change in any existing Applicable Law or in the interpretation, administration or application of any
Applicable Law by any Governmental/Judicial Body or any other entity charged with the interpretation or administration thereof, or the compliance by a Lender with any request or direction (whether or not having the force of law) of any such
Governmental/Judicial Body or entity, hereafter makes it unlawful or impossible for such Lender to make, fund or maintain a Borrowing hereunder or to comply with, or give effect to, its obligations under this Agreement, such Lender may, by written
notice thereof to the Borrower and to the Agent, declare its obligations under this Agreement in respect of such types of Borrowing to be terminated, whereupon the same shall forthwith terminate, and the Borrower shall, within the time required by
such law (or at the end of such longer period as such Lender at its discretion has agreed), either: 
  

	 	(a)	effect a Conversion of such Lender’s Lender’s Proportion of such Borrowing in accordance with the provisions hereof (if such Conversion would resolve the unlawfulness or impossibility); or 

 

	 	(b)	prepay such Lender’s Lender’s Proportion of the principal of such Borrowing together with: 

  

	 	(i)	accrued interest; 

  

	 	(ii)	such Additional Compensation as may be applicable with respect to such Lender’s Lender’s Proportion of such Borrowing to the date of such payment; 

 

	 	(iii)	in the case of LIBOR Loans, all costs, losses, premiums and expenses incurred by such Lender by reason of the liquidation or re-deployment of deposits or other funds or for any other reason whatsoever resulting from the
repayment of such Lender’s Lender’s Proportion of such Borrowing, or any part thereof, on other than the last day of the applicable LIBOR Interest Period; 

 

	 	(iv)	in the case of Bankers’ Acceptances accepted by such Lender, such amount as such Lender may, in its discretion, require be deposited with such Lender in order to yield to that Lender on the maturity date of such
Bankers’ Acceptances the face amount thereof; and 

  

	 	(v)	in the case of Letters of Credit, provision satisfactory to such Lender (acting reasonably) being made for the indemnification, cash collateralization or release of such Lender from its obligations relating to all
outstanding Letters of Credit. 

 Subject to Section 12.11, any such Conversion or prepayment need not be pro rata as among the
Lenders under the Credit Facility or this Agreement or otherwise in compliance with Section 3.11. If any such change shall only affect a portion of such Lender’s obligations under this Agreement which

  
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is, in the opinion of such Lender, the Agent and the Borrower, severable from the remainder of this Agreement so that the remainder of this Agreement may be continued in full force and effect
without otherwise affecting any of the obligations of the Agent, the other Lenders or the Borrower hereunder, such Lender shall only declare its obligations under that portion so terminated. 

 

	10.4	Designation of Different Lending Office 

 If any Lender requests Additional Compensation under
Section 10.2, or the Borrower is required to pay any additional amount to the Agent on behalf of any Lender pursuant to Section 6.3(a), or if any Lender gives a notice pursuant to Section 10.3, then such Lender shall use reasonable
efforts to designate a different lending office for funding or booking the Borrowings hereunder or to assign its rights and obligations hereunder to another of its offices, branches or Affiliates, if, in the reasonable judgment of such Lender, such
designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 10.2 or 6.3(a), as the case may be, in the future, or eliminate the need for the notice pursuant to Section 10.3, as applicable, and
(ii) in each case, would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous in any material respect to such Lender. The Borrower hereby agrees to pay all reasonable and documented
out-of-pocket costs and expenses incurred by any Lender in connection with any such designation or assignment. 
 ARTICLE 11 

PAYMENT OF EXPENSES AND INDEMNITIES 
  

	11.1	Payment of Expenses 

 The Borrower shall: 

 

	 	(a)	pay all reasonable legal fees and expenses incurred by the Agent in connection with the preparation, execution, delivery, syndication or operation of this Agreement or the other Loan Documents delivered by the Borrower
hereunder, including any subsequent amendment hereto or thereto; and 

  

	 	(b)	pay to the Agent and each Lender all reasonable expenses incurred in the maintenance, enforcement and preservation of any of their rights under the Loan Documents delivered by the Borrower hereunder or incurred in
respect of any security for the Total Syndicated Commitment provided in accordance with the Negative Pledge, including reasonable legal fees on a solicitor-client basis and out-of-pocket expenses of counsel to the Agent or such Lender.

  

	11.2	General Indemnity 

 In addition to any liability of the Borrower to any Lender or the
Agent under any other provision hereof, the Borrower shall indemnify each Lender and the Agent and their respective Affiliates, directors, officers, agents and employees (collectively, in this Section 11.2, the “Indemnified
Parties”) and hold each Indemnified Party harmless against any losses, claims, costs, damages or liabilities (including reasonable out-of-pocket expenses and reasonable legal fees on a solicitor and his own client basis) incurred by the
same as a result of or in connection with: 

  
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	 	(a)	all third party claims, suits, debts, damages, costs, losses, liabilities, penalties, obligations, judgments, charges, expenses and disbursements arising in connection with any action, suit or proceeding (whether or not
an Indemnified Party is a party or subject thereto) relating to the Borrowings or the Loan Documents, including any environmental claims relating to the Borrower or any of its Subsidiaries; 

 

	 	(b)	any cost or expense incurred by reason of the liquidation or re-deployment in whole or in part of deposits or other funds required by any Lender to fund or maintain any Borrowing as a result of the Borrower’s
failure to complete a Drawdown, Conversion or Rollover hereunder or to make any payment, repayment or prepayment on the date required hereunder or specified by it in any notice given hereunder; 

 

	 	(c)	subject to permitted Conversions and Rollovers of Bankers’ Acceptances and Letters of Credit hereunder, the Borrower’s failure to provide for the payment to the Agent for the account of the Lenders of the full
principal amount of each Bankers’ Acceptance on its maturity date or the full amount drawn on any Letter of Credit; 

  

	 	(d)	the Borrower’s failure to pay any other amount, including, without limitation, any interest or fee, due hereunder on its due date after the expiration of any applicable grace or notice periods (subject, however, to
the interest obligations of the Borrower hereunder for overdue amounts); 

  

	 	(e)	the prepayment of any outstanding LIBOR Loan before the last day of the LIBOR Interest Period in respect of such LIBOR Loan including, without limitation, any and all costs, losses, premiums or expenses incurred by
reason of a liquidation or re-deployment of deposits or other funds in respect of LIBOR Loans outstanding from time to time hereunder; 

 

	 	(f)	the prepayment of any outstanding Bankers’ Acceptance before the maturity date of such Bankers’ Acceptance; 

  

	 	(g)	the Borrower’s failure to give any notice required to be given by it to the Agent or the Lenders hereunder; 

  

	 	(h)	the failure of the Borrower to make any other payment due hereunder; 

  

	 	(i)	any inaccuracy or incompleteness of the Borrower’s representations and warranties contained in Article 2; 

  

	 	(j)	any failure of the Borrower to observe or fulfil its obligations under Article 8; or 

  

	 	(k)	the occurrence of any Event of Default; 

 provided that this Section 11.2 shall not apply to any
losses, claims, costs, damages or liabilities of any Indemnified Party claiming indemnity hereunder to the extent that the same arise by reason of the gross negligence or wilful misconduct of such Indemnified Party. Payment of an amount for which
the Borrower is liable under this indemnification shall be made within 30 days from the date 

  
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an Indemnified Party makes written demand for payment thereof. The provisions of this Section 11.2 shall survive the termination of the Agreement and the repayment of the obligations of the
Borrower hereunder. 
 ARTICLE 12 

THE AGENT AND THE LENDERS 
  

	12.1	Authorization of Agent 

 Each Lender irrevocably appoints and authorizes the Agent to
exercise such powers, perform such duties, take such actions, make such decisions and determinations and give such consents under the Loan Documents as are required to be exercised, performed, taken, made, given or otherwise carried out by the Agent
hereunder or under any other agreement between the Lenders, together with all powers reasonably incidental thereto. As to any matters not expressly required by this Agreement or by any other agreement between the Lenders to be carried out by the
Agent, the Agent is not required to exercise any discretion or take or to refrain from taking any action except upon the written instructions of the Majority Lenders. Notwithstanding anything to the contrary in this Agreement, the Agent shall not be
required to exercise any discretion or to take or to refrain from taking any action in any manner which is contrary to the Loan Documents, to any other agreement between the Lenders or to Applicable Law. 

 

	12.2	Responsibility of Agent 

 The Agent makes no representation or warranty, and accepts no
responsibility, with respect to the due execution, legality, validity, sufficiency, enforceability or priority of any of the Loan Documents nor with respect to the due execution, legality, validity, sufficiency, enforceability, accuracy or
authenticity of any documents, papers, materials or other information furnished by the Borrower (or any other Person, including the Agent) in connection with the Loan Documents, whether provided before or after the date of this Agreement. The Agent
shall incur no liability to the Lenders under or in respect of the Loan Documents with respect to anything which it may do or refrain from doing in the reasonable exercise of its judgment or which may seem to it to be necessary or desirable in the
circumstances, except for its gross negligence or wilful misconduct. The Agent assumes no responsibility for the payment of any of the Borrowings or other Loan Indebtedness owing hereunder by the Borrower. 

 

	12.3	Acknowledgement of Lenders 

 Each Lender acknowledges to the Agent that it has been, and
will continue to be, solely responsible for making its own independent appraisal of and investigation into the financial condition, creditworthiness, environmental soundness, affairs, status and nature of the Borrower and accordingly, each Lender
confirms to the Agent that it has not relied, and will not hereafter rely, on the Agent: 
  

	 	(a)	 Information: to check or inquire on its behalf into the adequacy, accuracy or completeness of any
information provided by the Borrower or in connection with the 

  
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Loan Documents (whether or not such information has been or is hereafter circulated to such Lender by the Agent); 

 

	 	(b)	Performance: to inquire as to the performance by the Borrower of its obligations under the Loan Documents; or 

  

	 	(c)	Credit Review: to assess or keep under review on its behalf the financial condition, creditworthiness, environmental soundness, affairs, status or nature of the Borrower. 

 

	12.4	Rights and Obligations of Each Lender 

 The rights and obligations of each Lender under
this Agreement are several and no Lender shall be obligated to make Borrowings available to the Borrower in excess of the amount of such Lender’s Syndicated Commitment. The failure of a Lender to perform its obligations under this Agreement
shall neither: 
  

	 	(a)	No Liability to Other Lenders: result in any other Lender incurring any liability whatsoever; nor 

  

	 	(b)	No Relief from Obligations: relieve the Borrower or any other Lender from their respective obligations under any Loan Document. 

Nothing contained herein or in any other Loan Document nor any action taken pursuant hereto or thereto shall be deemed to constitute the Lenders a
partnership, joint venture or any other similar entity. 
  

	12.5	Determinations by Lenders 

  

	 	(a)	Lenders’ Determinations: Where the provisions of this Agreement provide that any waiver of, or any amendment to, any provision of the Loan Documents may be made, or any action, consent or other determination
in connection with the Loan Documents may be taken or given, with the consent or agreement of the Majority Lenders, then any such waiver, amendment, action, consent or determination so made, so taken or so given with the consent or agreement of the
Majority Lenders shall be binding on all of the Lenders and all of the Lenders shall cooperate in all ways necessary or desirable to implement and effect any such waiver, amendment, action, consent or determination consented or agreed to by the
Majority Lenders. 

  

	 	(b)	Deemed Non-Consent: Unless otherwise specifically dealt with in this Agreement, in the event the Agent delivers a written notice to a Lender requesting advice from such Lender as to whether it consents or objects
to any matter in connection with the Loan Documents, then, except as otherwise expressly provided herein, if such Lender does not deliver to the Agent its written consent or objection to such matter within twenty (20) Business Days of the
delivery of such written notice by the Agent to such Lender, such Lender shall be deemed to have refused its consent thereto upon the expiry of such twenty (20) Business Day period. 

  
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	12.6	Notices between the Lenders, the Agent and the Borrower 

 All notices by the Lenders to
the Agent shall be through the Agent’s Branch of Account and all notices by the Agent to a Lender shall be through such Lender’s Branch of Account. All notices or communications between the Borrower and the Lenders which are required or
contemplated pursuant to the Loan Documents shall be given or made through the Agent at the Agent’s Branch of Account. 
  

	12.7	Agent’s Duty to Deliver Documents Obtained from Borrower 

 The Agent shall promptly
deliver to each Lender, at its Branch of Account, such notices, documents, papers, materials and other information as are furnished by the Borrower to the Agent and which are not (i) notices or information relating solely to the role of the
Agent, any Fronting Bank or any Swing Line Lender hereunder, or (ii) required to be furnished by the Borrower directly to the Lenders pursuant to this Agreement. 
  

	12.8	Arrangements for Borrowings 

  

	 	(a)	Notices by Agent: Promptly after receipt by the Agent of any Notice of Drawdown, Notice of Conversion or a Notice of Rollover, the Agent shall advise each relevant Lender of the amount, date and details of each
Drawdown, Conversion and Rollover to which such notice relates and of such Lender’s share in each Borrowing, as determined by the Agent in accordance with the provisions of Sections 12.8(b) and 12.8(c). 

 

	 	(b)	Drawdowns: Subject to the terms and conditions of this Agreement, on each Drawdown Date in respect of a Drawdown, in immediately available funds for good value, each Lender will make available to the Borrower:

  

	 	(i)	the same proportion of such Borrowing by way of Loans as the amount of such Lender’s Syndicated Commitment at such time bears to the Total Syndicated Commitment at such time, by forwarding to the Agent at the
Agent’s Account for Payments the amount of Loans required to be made available by such Lender; and 

  

	 	(ii)	the same proportion of such Borrowing by way of Bankers’ Acceptances (by accepting and purchasing such Bankers’ Acceptances, or, if such Lender is a Non-Acceptance Lender, making BA Equivalent Loans in lieu
thereof) as the amount of such Lender’s Syndicated Commitment at such time bears to the Total Syndicated Commitment at such time, by forwarding to the Agent at the Agent’s Account for Payments the amount of the Discount Proceeds in respect
of such Bankers’ Acceptances or BA Equivalent Loans required to be accepted and purchased or made by such Lender (less the amount of applicable fees payable by the Borrower to such Lender pursuant to Section 3.5(f) or Section 5.4).

  
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	 	(c)	Conversions and Rollovers: Subject to the terms and conditions of this Agreement, on each Borrowing Conversion Date and Borrowing Rollover Date in respect of a Conversion or Rollover of a Borrowing, in
immediately available funds for good value, each relevant Lender will Convert or Rollover the amount of such Borrowing held by it. 

  

	12.9	Arrangements for Repayment of Borrowings 

  

	 	(a)	Prior to Acceleration: Prior to the delivery of an Acceleration Notice or the occurrence of an Event of Default specified in Section 9.1(b) or 9.1(c), upon receipt by the Agent of payments from the Borrower
on account of principal, interest, fees or any other payment made to the Agent on behalf of the Lenders, the Agent shall pay over to each Lender at its Branch of Account the amount to which it is entitled under this Agreement and shall use its best
efforts to make such payment to such Lender on the same Business Day on which such payment is received by the Agent. If the Agent does not remit any such payment to a Lender on the same Business Day as such payment is received in immediately
available funds for good value by the Agent, the Borrower shall nevertheless be deemed to have made such payment to such Lender on such Business Day and the Agent shall pay interest thereon to such Lender until the date of payment at a rate
determined by the Agent (such rate to be conclusive and binding on such Lender) in accordance with the Agent’s usual banking practice in respect of deposits of amounts comparable to the amount of such payment which are received by the Agent at
a time similar to the time at which such payment is received by the Agent. 

  

	 	(b)	Subsequent to Acceleration: Following delivery of an Acceleration Notice or the occurrence of an Event of Default specified in Section 9.1(b) or 9.1(c), the Lenders shall share any payments subsequently
received in accordance with Section 9.7. 

  

	12.10	Repayment by Lenders to Agent 

  

	 	(a)	 Where Borrower Fails to Pay: Unless the Agent has been notified in writing by the Borrower at least one
(l) Business Day prior to the date on which any payment to be made by the Borrower hereunder is due that the Borrower does not intend to remit such payment, the Agent may, in its discretion, assume that the Borrower has remitted such payment
when so due and the Agent may, in its discretion and in reliance upon such assumption, make available to each relevant Lender on such payment date an amount equal to the amount of such payment which is due to such Lender pursuant to this Agreement.
If the Borrower does not in fact remit such payment to the Agent, the Agent shall promptly notify each relevant Lender and each such Lender shall forthwith on demand repay to the Agent the amount of such assumed payment made available to such
Lender, together with interest thereon until the date of repayment thereof at a rate determined by the Agent (such rate to be conclusive and binding on such Lender) in accordance with the Agent’s usual banking practice for similar advances to
financial institutions of like standing to such Lender. 

  
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	 	(b)	Where a Lender Fails to Pay: Unless the Agent has been notified in writing by a Lender at least one (l) Business Day prior to a Drawdown Date, Borrowing Conversion Date or Borrowing Rollover Date that such
Lender does not intend to make available the amount required to be made available by such Lender pursuant to this Agreement on such Drawdown Date, Borrowing Conversion Date or Borrowing Rollover Date, the Agent may, in its discretion, assume that
such Lender has remitted funds to the Agent in an amount equal to the amount required to be made available by such Lender pursuant to this Agreement and the Agent may, in its discretion and in reliance upon such assumption, make available to the
Borrower on such Drawdown Date, Borrowing Conversion Date or Borrowing Rollover Date an amount equal to the amount required to be made available by such Lender pursuant to this Agreement. If a Lender does not in fact remit such funds to the Agent,
the Agent shall promptly notify such Lender and such Lender shall forthwith remit such funds to the Agent, failing which the Borrower shall forthwith on demand repay to the Agent (without prejudice to the Borrower’s rights against such Lender)
the amount made available by the Agent on behalf of such Lender, in each case together with interest thereon until the date of repayment thereof at a rate determined by the Agent (such rate to be conclusive and binding on such Lender or the
Borrower, as the case may be) in accordance with the Agent’s usual banking practice for similar advances to financial institutions of like standing to such Lender. 

 

	12.11	Adjustments Among Lenders 

  

	 	(a)	Adjustments to Outstanding Borrowings: Each Lender agrees that, after delivery of an Acceleration Notice or the occurrence of an Event of Default specified in Section 9.1(b) or 9.1(c), it will at any time
and from time to time upon the request of the Agent as required by any Lender purchase portions of the Borrowings made available by the other Lenders which remain outstanding and make any other adjustments which may be necessary or appropriate, in
order that the amount of Outstandings owed to each Lender, as adjusted pursuant to this Section 12.11(a), will be in the same proportion as that Lender’s Syndicated Commitment is of the Total Syndicated Commitment at such time.

  

	 	(b)	Application of Payments: The Lenders agree that, after delivery of an Acceleration Notice or the occurrence of an Event of Default specified in Section 9.1(b) or 9.1(c), the amount of any repayment made by
the Borrower under this Agreement, and the amount of any proceeds from the exercise of any rights or remedies of the Lenders under the Loan Documents, which are to be applied against amounts owing hereunder, will be so applied in a manner so that,
to the extent possible, the amount of Outstandings owed to each Lender which remain outstanding after giving effect to such application and any adjustments made pursuant to Section 12.11(a) will be in the same proportion as the amount of
Outstandings owed to such Lender is of the amount of Outstandings owed to all Lenders as of the date of delivery of such Acceleration Notice or occurrence of such Event of Default, as applicable (subject to adjustment as required to reflect any
Conversion of Swing Line Borrowings to Syndicated Borrowings pursuant to Section 3.13(h)). 

  
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	 	(c)	Receipt of Payments other than Borrowings: Notwithstanding anything contained in this Section 12.11, there shall not be taken into account, for the purposes of computing any amount payable to any Lender
pursuant to this Section 12.11, any amount which a Lender receives as a result of any payment (whether voluntary, involuntary, through the exercise of any right of set-off, or otherwise) on account of any monies owing by the Borrower to such
Lender other than on account of liabilities arising under the Loan Documents; provided that, if at any time after delivery of an Acceleration Notice or the occurrence of an Event of Default under Section 9.1(b) or 9.1(c), a Lender
receives any payment (whether voluntary, involuntary, through the exercise of any right of set-off, or otherwise) on account of monies owing or payable to it by the Borrower in respect of liabilities of the Borrower arising under the Loan Documents,
such Lender shall purchase portions of the Borrowings made available by the other Lenders which remain outstanding to the extent required so that, to the extent possible, the amount of Outstandings owed to each Lender after giving effect to such
purchase and any adjustments made pursuant to Sections 12.11(a) and 12.11(b) will be in the same proportion as the amount of Outstandings owed to such Lender is of the amount of Outstandings owed to all Lenders as of the date of delivery of such
Acceleration Notice or occurrence of such Event of Default, as applicable (subject to adjustment as required to reflect any Conversion of Swing Line Borrowings to Syndicated Borrowings pursuant to Section 3.13(h)). 

 

	 	(d)	Further Assurances: The Borrower agrees to be bound by and, at the request of the Agent, to do all things necessary or appropriate to give effect to any and all purchases and other adjustments made by and between
the Lenders pursuant to this Section 12.11, but shall incur no increased liabilities, costs or expenses, in aggregate, by reason thereof. 

  

	12.12	Lenders’ Consents to Waivers, Amendments, etc. 

  

	 	(a)	Unanimous Consent: Any waiver of or any amendment to a provision of the Loan Documents which relates to: 

  

	 	(i)	(A) a change in the types of Borrowings available, (B) a decrease in the notice periods applicable thereto or in the Applicable Pricing Margin or the amount of any payments payable by the Borrower to the Lenders
under this Agreement (but excluding any increase or decrease in the amount of the fronting fees which may be varied with the consent of the applicable Fronting Bank and any increase or decrease in the amount of agency fees which may be varied with
the consent of the Agent) or (C) an extension of the dates of any payments payable by the Borrower to the Lenders under this Agreement other than as provided for herein; 

 

	 	(ii)	a change in any Commitment of any Lender other than as provided for herein; 

  

	 	(iii)	a change in the definition of “Event of Default”; 

  
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	 	(iv)	a change in the definition of “Lender’s Proportion” or any other provision hereof that requires treatment of Lenders on a pro rata basis; 

 

	 	(v)	a change in the definition of “Majority Lenders”; 

  

	 	(vi)	a change in the definition of “Maturity Date”; 

  

	 	(vii)	any release of any guarantee or security provided by a Subsidiary for the benefit of the Lenders hereunder; 

  

	 	(viii)	any matter which, pursuant to the Loan Documents, specifically requires the consent or agreement of each or all of the Lenders; 

  

	 	(ix)	the voting rights given to a Defaulting Lender pursuant to the proviso in Section 12.20(a)(ii); or 

  

	 	(x)	the provisions of this Section 12.12(a); 

 shall bind the Lenders only if such waiver or
amendment is agreed to in writing by all of the Lenders. 
  

	 	(b)	Majority Consent: Subject to Section 12.12(a), and except as otherwise provided in the Loan Documents, any waiver of, or any amendment to, any provision of the Loan Documents (including a waiver of a Default
or an Event of Default) and any action, consent or other determination in connection with the Loan Documents shall bind all of the Lenders if such waiver, amendment, action, consent or other determination is agreed to in writing by the Majority
Lenders. 

  

	 	(c)	Agent’s Consent: Any waiver of, or any amendment to, any provision of the Loan Documents which relates to the rights or obligations of the Agent shall require the agreement of the Agent thereto.

  

	 	(d)	Swing Line Lenders’ Consent: Any waiver of, or any amendment to, any provision of the Loan Documents which relates to the rights or obligations of the Swing Line Lenders shall require the agreement of all of
the Swing Line Lenders thereto. 

  

	 	(e)	Fronting Banks’ Consent: Any waiver of, or any amendment to, any provision of the Loan Documents which relates to the rights or obligations of the Fronting Banks shall require the agreement of all of the
Fronting Banks thereto; provided that, in the case of fronting fees, only the agreement of the relevant Fronting Bank shall be required. 

  

	 	(f)	Defaulting Lender’s Consent: Any waiver or amendment described in the proviso in Section 12.20(a)(ii) shall require the agreement of the Defaulting Lender referred to in such proviso. 

  
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	12.13	Reimbursement of Agent’s Expenses 

 Each Lender agrees that it will indemnify the
Agent for its Lender’s Proportion of any and all costs, expenses and disbursements (including, without limitation, those costs and expenses referred to in Section 11.1) which may be incurred or made by the Agent in good faith in connection
with the Loan Documents, and agrees that it will, on written demand detailing such costs, expenses and disbursements, reimburse the Agent for any such costs, expenses or disbursements for which the Agent is not promptly reimbursed at any time by the
Borrower. The Agent may refrain from exercising any right, power or discretion or taking any action to protect or enforce the rights of any Lender under the Loan Documents until it has been so reimbursed. 

 

	12.14	Reliance by Agent on Notices, etc. 

 The Agent shall be entitled: 

 

	 	(a)	Reliance on Written Documents: to rely upon any writing, letter, written notice, certificate, telex, facsimile copy, cable, statement, order or other document believed by the Agent to be genuine and correct and
to have been signed, sent or made by the proper person or persons; and 

  

	 	(b)	Reliance on Legal Advice: with respect to legal matters, to act upon advice of legal advisors selected by the Agent (including in-house counsel of the Agent) concerning all matters pertaining to the Loan
Documents and the Agent’s duties thereunder; 

 and the Agent shall assume no responsibility and shall incur no liability to the Borrower
or any Lender by reason of relying on any such document or acting on any such advice. 
  

	12.15	Relations with Borrower 

 Except for the transactions provided for in this Agreement,
each Lender may deal with the Borrower in all transactions and generally do any banking business with, or provide any financial services to, the Borrower without having any liability to account to the other Lenders therefor. With respect to
Royal’s (or any successor Agent’s) Commitment and Lender’s Proportion, Royal (or any successor Agent) shall have the same rights and powers under this Agreement as any other Lender and may exercise the same as though it were not the
Agent. 
  

	12.16	Successor Agent 

 The Agent shall resign if at any time: 

 

	 	(a)	(i) (A) the Commitment of the Agent in its capacity as a Lender is less than $250,000,000, at least one other Lender has a Commitment which is greater than the Commitment of the Agent in its capacity as a Lender,
and such other Lender is willing to act as Agent or (B) the Agent is a Defaulting Lender and another Lender selected by the Borrower is willing to act as Agent; and 

(ii) the Borrower demands by written notice to the Agent that the Agent resign; 

  
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in which circumstances such other Lender shall be appointed as Agent hereunder; or 
  

	 	(b)	it is no longer a Lender hereunder by reason of an assignment of its rights and obligations under this Agreement and the Loan Documents pursuant to Section 15.9 and, in such event, it shall provide 30 days’
prior written notice of any such intended assignment to each of the Lenders and the Borrower. 

 The Agent may resign at any time by giving 30
days’ prior written notice thereof to each of the Lenders and the Borrower, and the Agent may be removed at any time for cause by the Lenders, other than the Agent in its capacity as a Lender (the “Remaining Lenders”),
provided that Remaining Lenders holding Commitments of eighty percent (80%) or more of the aggregate Commitments of all the Remaining Lenders consent to such removal. Upon any such resignation or removal, other than in the circumstances
described in paragraph (a) above, the Remaining Lenders shall have the right to appoint a successor agent with the written approval of the Borrower (such approval not in any event to be unreasonably withheld). Any successor agent appointed
under this Section 12.16 shall be a financial institution which has offices in Calgary, Alberta and Toronto, Ontario. If no successor agent shall have been appointed by the Remaining Lenders and shall have accepted such appointment within 30
days after the retiring Agent’s giving of notice of resignation, or the Remaining Lenders’ removal of the retiring Agent, then the retiring Agent may, on behalf of the Lenders and with the written approval of the Borrower (such approval
not to be unreasonably withheld), appoint a successor agent. Should the Remaining Lenders and the retiring Agent fail to appoint a successor agent as aforesaid within 30 days of the aforesaid resignation or removal, the Borrower may appoint a
financial institution as successor agent provided the long term debt of such financial institution (if not a Lender) or its parent entity (if not a Lender) is assigned a rating of A2 or better by Moody’s. Upon the acceptance of any appointment
as Agent by a successor agent, such successor agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Agent as Agent, and the retiring Agent shall be discharged from its duties and
obligations under this Agreement as Agent. After any retiring Agent’s resignation or removal hereunder as the Agent, the provisions of this Agreement shall continue in effect for its benefit and for the benefit of the Lenders in respect of any
actions taken or omitted to be taken by the retiring Agent while it was acting as the Agent. 
  

	12.17	Change of Schedule I Reference Bank 

 The Agent shall, with the prior written consent of
the Borrower (such consent not to be unreasonably withheld) appoint another Lender (with the latter’s consent) to act as the Schedule I Reference Bank in replacement of the Schedule I Reference Bank if: 

 

	 	(a)	Assignment of Rights: the Schedule I Reference Bank assigns, subject to the provisions of Section 15.9, all its rights hereunder or otherwise ceases to be a Lender; or 

 

	 	(b)	Giving of Notice of Intention: the Schedule I Reference Bank gives notice of its intention to cease being the Schedule I Reference Bank. 

  
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	12.18	Indemnity of Agent 

 Each Lender hereby agrees to indemnify the Agent (to the extent not
reimbursed by the Borrower), rateably as to its Lender’s Proportion, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, costs, expenses or disbursements of any kind or nature whatsoever which
may be imposed on, incurred by, or asserted against the Agent, in any way relating to or arising out of the Loan Documents or any action taken or omitted by Agent under or in respect of the Loan Documents; provided that the Lenders shall not
be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the Agent’s gross negligence or wilful misconduct (as determined by a final
non-appealable judgment of a court of competent jurisdiction). Without limiting the generality of the foregoing, each Lender agrees to reimburse the Agent promptly upon demand for its Lender’s Proportion of any out-of-pocket expenses (including
counsel fees) incurred by the Agent in connection with the preservation of any rights of the Agent or the Lenders under, or the enforcement of, or legal advice in respect of rights or responsibilities under, the Loan Documents, but only to the
extent that the Agent is not reimbursed for such expenses by the Borrower. 
  

	12.19	Cash Collateral and Withholding from a Defaulting Lender 

  

	 	(a)	Each Defaulting Lender shall be required to provide to the Agent cash in such amount, as determined from time to time by the Agent in its reasonable discretion, equal to all obligations of such Defaulting Lender which
are either then owing under this Agreement or, in the case of contingent obligations under any outstanding Letters of Credit or Swing Line Borrowings (after giving effect to the re-allocation provisions in Section 12.20), may become owing to
any Fronting Bank or Swing Line Lender. 

  

	 	(b)	The Agent shall be entitled to withhold from any Defaulting Lender’s Lender’s Proportion of all payments received from the Borrower hereunder such amount as such Defaulting Lender is required to provide as
cash collateral under Section 12.19(a) and the Agent is entitled to set-off such amounts against such Defaulting Lender’s defaulted obligations to fund amounts previously required to be paid by such Defaulting Lender under this Agreement
and to purchase participations previously required to be purchased by such Defaulting Lender under this Agreement. 

  

	 	(c)	All funds received by the Agent pursuant to Sections 12.19(a) and 12.19(b) shall be deposited by the Agent in one or more cash collateral accounts in the name of the Agent, which amounts shall be used by the Agent:

  

	 	(i)	first, to reimburse the Agent for any amounts owing to it, in its capacity as Agent, by the Defaulting Lender pursuant to any Loan Document; 

 

	 	(ii)	 second, to repay on a pro rata basis the incremental portion of any Loans made by a Non-Defaulting Lender
pursuant to Section 12.20 in order to fund a funding shortfall created by a Defaulting Lender and, upon receipt of such 

  
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repayment, each such Non-Defaulting Lender shall be deemed to have assigned to the Defaulting Lender such incremental portion of such Loans; and 

 

	 	(iii)	third, to cash collateralize all other contingent obligations of such Defaulting Lender to the Agent, any Fronting Bank or any Swing Line Lender which are outstanding pursuant to this Agreement in such amount as shall
be determined from time to time by the Agent in its reasonable discretion; 

 provided that any such funds in excess of
such Defaulting Lender’s defaulted obligations shall be paid to the Defaulting Lender. 
  

	 	(d)	For greater certainty and in addition to the foregoing, neither the Agent nor any of its Affiliates nor any of their respective shareholders, officers, directors, employees, agents or representatives shall be liable to
any Lender (including, without limitation, a Defaulting Lender) for any action taken or omitted to be taken by it in connection with amounts payable by the Borrower to a Defaulting Lender and received and deposited by the Agent in a cash collateral
account and applied in accordance with the provisions of this Agreement, except for the gross negligence or wilful misconduct of the Agent (as determined by a final non-appealable judgment of a court of competent jurisdiction). 

 

	12.20	Funding if there is a Defaulting Lender 

  

	 	(a)	Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender: 

 

	 	(i)	the standby fees payable pursuant to Section 5.8 shall cease to accrue on the unused portion of the Commitment(s) of such Defaulting Lender if and for so long as such Lender is a Defaulting Lender pursuant to
(i) or (ii) of the definition thereof or a Lender Insolvency Event exists with respect to such Lender or its Lender Parent; 

  

	 	(ii)	 a Defaulting Lender shall not be included in determining whether, and the Commitments and Lender’s
Proportions of such Defaulting Lender shall be excluded in determining whether all Lenders or the Majority Lenders have taken or may take any action hereunder (including any consent to any amendment or waiver pursuant to Section 12.12);
provided that any waiver or amendment that (A) applies to such Defaulting Lender in a manner that differs in any material respect from its application to other affected Lenders, (B) increases any Commitment of such Defaulting
Lender, (C) extends any Maturity Date applicable to such Defaulting Lender, (D) decreases the Applicable Pricing Margin applicable to such Defaulting Lender or (E) postpones, reduces or waives any principal payment due to such
Defaulting 

  
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Lender hereunder shall in each case require the consent of such Defaulting Lender; and 

  

	 	(iii)	for certainty, the Borrower shall retain and reserve its other rights and remedies respecting each Defaulting Lender; 

provided that the Agent shall only be required to give effect to (i) and (ii) above if the Agent has actual knowledge that a
Lender is a Defaulting Lender. If the Agent acquires actual knowledge that a Lender is a Defaulting Lender, then the Agent shall promptly notify the Borrower and the other Lenders that such Lender is a Defaulting Lender (and such Lender shall be
deemed to have consented to such disclosure); provided that, for certainty, the Agent shall have no duty to inquire as to whether any Lender is a Defaulting Lender. 
  

	 	(b)	If the Agent has actual knowledge that a Lender is a Defaulting Lender at the time that the Agent receives a Notice of Drawdown, a Notice of Rollover that relates to a Letter of Credit or a Notice of Conversion (or
deemed notice) that either relates to a Swing Line Borrowing or will result in a currency conversion, then each Non- Defaulting Lender shall fund its Lender’s Proportion of such affected Loan (and, in calculating such Lender’s Proportion,
the applicable Commitment of each such Defaulting Lender shall be ignored); provided that such re-allocation may only be effected if and to the extent that (i) such re-allocation would not cause any Non- Defaulting Lender’s
Lender’s Proportion of all Borrowings to exceed its applicable Commitment(s) and (ii) the conditions precedent in Sections 7.2(a) and 7.2(b) are satisfied at such time. Each Defaulting Lender agrees to indemnify each Non- Defaulting Lender
for any amounts paid by such Non-Defaulting Lender under this Section 12.20 and which would otherwise have been paid by the Defaulting Lender if its applicable Commitment had been included in determining the Lender’s Proportion of such
affected Loans. 

  

	 	(c)	If any Letter of Credit is outstanding at the time that a Lender becomes a Defaulting Lender then: 

  

	 	(i)	all or any part of such Defaulting Lender’s Lender’s Proportion of such Letter of Credit shall be re-allocated among the Non-Defaulting Lenders in accordance with their respective Lender’s Proportions;
provided that such re-allocation may only be effected if and to the extent that (A) such re-allocation would not cause any Non-Defaulting Lender’s Lender’s Proportion of all Borrowings to exceed its applicable Commitment(s) and
(B) the conditions precedent in Sections 7.2(a) and 7.2(b) are satisfied at such time; 

  

	 	(ii)	 if the re-allocation described in clause (i) above cannot be effected, or can only partially be effected,
then such Defaulting Lender shall, within one (1) Business Day following notice by the Agent, provide cash collateral for such Defaulting Lender’s Lender’s Proportion of such Letter of Credit (after giving effect to any partial
re-allocation pursuant to clause (i) above) in accordance 

  
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with the procedures set forth in Section 12.19 for so long as such Letter of Credit is outstanding; and 

 

	 	(iii)	if the Lender’s Proportions of the Non-Defaulting Lenders are re-allocated pursuant to this Section 12.20(c), then the issuance fees payable to the Lenders pursuant to Section 5.5 shall be adjusted to
give effect to such re-allocations in accordance with each such Non-Defaulting Lender’s Lender’s Proportions. 

  

	 	(d)	So long as any Lender is a Defaulting Lender, no Fronting Bank shall be required to issue, amend or increase any Letter of Credit, and no Swing Line Lender shall be required to make any Swing Line Borrowing, unless such
Fronting Bank or Swing Line Lender, as applicable, is satisfied that the related exposure will be 100% covered by the Commitments of the Non-Defaulting Lenders and/or cash collateralized in accordance with Section 12.20(c), and participating
interests in any such newly issued or increased Letter of Credit or Swing Line Borrowing shall be allocated among Non-Defaulting Lenders in a manner consistent with Section 12.20(b) or 12.20(c)(i) as applicable (and Defaulting Lenders shall not
participate therein). 

  

	 	(e)	If any Lender shall cease to be a Defaulting Lender, then, upon becoming aware of such change, the Agent shall notify the Non-Defaulting Lenders and (in accordance with the written direction of the Agent) such Lender
(which has ceased to be a Defaulting Lender) shall purchase, and the Non-Defaulting Lenders shall on a rateable basis sell and assign to such Lender, portions of such Loans equal in total to such Lender’s Lender’s Proportion thereof
without regard to this Section 12.20. 

  

	 	(f)	Each Defaulting Lender hereby indemnifies the Borrower for any losses, claims, costs, damages or liabilities (including reasonable out-of-pocket expenses and reasonable legal fees on a solicitor and his own client
basis) incurred by the Borrower as a result of such Defaulting Lender failing to comply with the terms of this Agreement including any failure to fund its portion of any Loans required to be made by it hereunder. 

 

	12.21	Amendment to this Article 12 

 Save and except for the provisions of Sections 12.5, 12.6,
12.11(d), 12.12(a), 12.12(b), 12.15, 12.16, 12.17, 12.19, 12.20 and this Section 12.21, the provisions of this Article 12 may be amended or added to from time to time without the agreement of the Borrower, provided such amendment or
addition does not adversely affect any rights of the Borrower hereunder or increase, in aggregate, the liabilities, costs, expenses or reporting requirements of the Borrower hereunder. A copy of the instrument evidencing such amendment or addition
shall be forwarded by the Agent to the Borrower as soon as practicable following the execution thereof. 

  
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 ARTICLE 13 

NOTICES 
  

	13.1	Method of Giving Notice 

 Any notice or other document required or permitted to be given
by a party pursuant to this Agreement (in this Article referred to as a “Notice”), if no particular manner is specified in which it is to be given, shall be in writing and shall be delivered by hand or transmitted by facsimile
addressed in accordance with the particulars set forth (i) in the case of the Borrower, opposite the signature of the Borrower hereto, (ii) in the case of the Agent, as set forth in Schedule “J” or (iii) in the case of any
Lender, as set out in its Administrative Questionnaire provided to the Agent. 
  

	13.2	Change of Address 

 A party shall have the right to change any of the particulars of its
address or its Branch of Account or place for Notices under Section 12.6 by giving a Notice in accordance with this Article. 
  

	13.3	Deemed Receipt 

 Any Notice given in accordance with the foregoing provisions shall be
conclusively deemed received: 
  

	 	(a)	if delivered by hand: if given to the Person to whose attention such Notice is addressed, at the time of actual receipt; if given to a responsible Person at the address of the party to which the Notice is
directed, two (2) hours following receipt by such responsible Person, provided that if such time of deemed receipt is not within the hours during which business is normally conducted by the recipient party, then such Notice shall be
deemed received at the next commencement of business on a day that business is normally conducted; and 

  

	 	(b)	if given by facsimile: if the time of transmission is stated in such Notice, two (2) hours following the time so stated, provided that if such time of deemed receipt is not within the hours during
which business is normally conducted by the recipient party, then such Notice shall be deemed received at the next commencement of business on a day that business is normally so conducted; provided that if the time of transmission is not so
stated in such Notice, it shall be deemed received at the next commencement of business on a day which business is normally conducted by the recipient party. 

ARTICLE 14 
 GOVERNING
LAW AND JUDGMENT CURRENCY 
  

	14.1	Governing Law 

 Without prejudice to or limitation of any other rights or remedies
available under the laws of any jurisdiction where property or assets of the Borrower may be, the parties agree that this 

  
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Agreement is conclusively deemed to be made under and for all purposes to be governed by and construed in accordance with the laws of the Province of Alberta and the laws of Canada applicable
therein. 
  

	14.2	Jurisdiction 

  

	 	(a)	Submission: The courts of the Province of Alberta shall have jurisdiction to determine any disputes in connection with the Loan Documents and each of the Lenders, the Agent and the Borrower accordingly
irrevocably submits to the jurisdiction of the courts of the Province of Alberta. 

  

	 	(b)	Forum Convenience and Enforcement Abroad: The Borrower, each Lender and the Agent each hereby: 

  

	 	(i)	waives objection to the courts of the Province of Alberta on grounds of inconvenient forum or otherwise as regards proceedings in connection with the Loan Documents; and 

 

	 	(ii)	agrees that a judgment or order of a court of the Province of Alberta in connection with a Loan Document is conclusive and binding on it (subject to any rights or appeal in respect thereof) and may be enforced against
it in the courts of any other jurisdiction. 

  

	 	(c)	Non-Exclusivity: Nothing in this Section 14.2 limits the right of a Lender or the Agent or the Borrower to bring proceedings in connection with any Loan Document: 

 

	 	(i)	in any other court of competent jurisdiction; or 

  

	 	(ii)	concurrently in more than one jurisdiction. 

  

	14.3	Judgment Currency 

 If, for the purpose of obtaining judgment in any court or for any
other related purpose hereunder, it is necessary for a Lender to convert an amount due hereunder in the currency in which it is due (the “Original Currency”) into another currency (the “Second Currency”), the rate
of exchange to be applied in respect of such conversion shall be that at which, in accordance with normal banking procedures, such Lender could purchase, in the New York foreign exchange market, the Original Currency with the Second Currency on the
date which is one (1) Business Day preceding that on which judgment is given. The Borrower agrees that its obligation in respect of any Original Currency due from it to such Lender hereunder shall, notwithstanding any judgment or payment in the
Second Currency, be discharged only to the extent that on the Business Day following receipt of any sum so paid or adjudged to be due hereunder in the Second Currency such Lender may, in accordance with normal banking procedures, purchase, in the
New York foreign exchange market, the Original Currency with the amount of the Second Currency so paid or so adjudged to be due; and if the amount of the Original Currency so purchased is less than the amount originally due in the Original Currency,
the Borrower agrees that the deficiency shall be a separate obligation of the Borrower independent from its other obligations under this Agreement, and which shall give such 

  
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Lender a cause of action which shall continue in full force and effect notwithstanding any such judgment, or order to the contrary, and the Borrower agrees, notwithstanding any such payment or
judgment, to indemnify such Lender against any such loss or deficiency. If the amount of the Original Currency so purchased is greater than the amount originally due to the Agent or any Lender, the Agent or such Lender, as the case may be, agrees to
return the amount of any excess to the Borrower (or to any other Person who may be entitled thereto under Applicable Law). 
 ARTICLE 15

 MISCELLANEOUS 
  

	15.1	Exchange and Confidentiality of Information 

  

	 	(a)	The Borrower agrees that the Agent and each Lender may provide any assignee or participant or any bona fide prospective assignee or participant pursuant to Section 15.9 with any information concerning the Borrower
and its Subsidiaries provided such Person agrees in writing with the Agent or such Lender for the benefit of the Borrower to be bound by a like duty of confidentiality to that contained in this Section. 

 

	 	(b)	Each of the Agent and the Lenders acknowledges the confidential nature of the financial, operational and other information and data provided and to be provided to them by the Borrower pursuant to the Loan Documents (the
“Information”) and agrees to maintain the confidentiality of the Information; provided, however, that: 

  

	 	(i)	the Agent and each of the Lenders may disclose all or any part of the Information if, in their reasonable opinion, such disclosure is required (A) by their respective auditors or (B) in connection with any
judicial, administrative or governmental proceedings, including proceedings initiated under or in respect of this Agreement; 

  

	 	(ii)	the Agent and each of the Lenders may disclose any Information required to be disclosed by any Applicable Law or by applicable treaty, order, policy or directive having the force of law, to the extent of such
requirement; 

  

	 	(iii)	the Agent and each of the Lenders may disclose the Information to any Governmental/Judicial Body (including any self-regulatory agency or authority) having jurisdiction over it upon the request thereof;

  

	 	(iv)	the Agent and each of the Lenders may provide any Affiliate thereof with the Information on a “need to know” basis; provided that each such Affiliate shall be under a like duty of confidentiality to
that contained in this Section 15.1 and further provided that the Agent or the Lender, as the case may be, providing the Information shall be responsible for any breach by its Affiliate of the aforementioned like duty of
confidentiality; 

  

	 	(v)	 the Agent and each of the Lenders may provide Lenders’ counsel and their other agents and professional
advisors with any Information; provided that 

  
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such advisors shall be under a like duty of confidentiality to that contained in this Section 15.1 and further provided that the Agent or the Lender, as the case may be,
providing the Information shall be responsible for any breach by such advisors of the aforementioned like duty of confidentiality; 

  

	 	(vi)	the Agent and each of the Lenders may disclose Information to any actual or prospective counterparty to any securitization, swap or derivative transaction relating to the Borrower; provided that such counterparty
or other Person agrees in writing to be under a like duty of confidentiality to that contained in this Section and such disclosure is limited solely to the Information necessary for the transaction in question; 

 

	 	(vii)	the Agent and each of the Lenders may disclose any Information: (A) which is or becomes readily available to the public (other than by a breach hereof, including, for certainty, by a breach hereof by a Person for
which the applicable Lender or the Agent is responsible), (B) which the Agent or the relevant Lender can show was, prior to receipt thereof from the Borrower, lawfully in the Agent’s or Lender’s possession from a source other than the
Borrower or a representative of the Borrower and not then subject to any obligation on its part to maintain confidentiality, or (C) which the Agent or the relevant Lender received from a third party who was not, to the actual knowledge of the
Agent or such Lender, under a duty of confidentiality to the Borrower at the time the information was so received; 

  

	 	(viii)	the Agent and each of the Lenders may disclose all or any part of the Information so as to enable the Agent and the Lenders to (A) initiate any lawsuit against the Borrower or to defend any lawsuit commenced by the
Borrower the issues of which specifically relate to the Information, but only to the extent such disclosure is necessary to the initiation or defense of such lawsuit or (B) enforce any rights or remedies under any Loan Document, but only to the
extent such disclosure is necessary to such enforcement; 

  

	 	(ix)	the Agent and each of the Lenders may disclose all or any part of the Information to any other party to this Agreement; and 

  

	 	(x)	the Agent and each of the Lenders may disclose all or any part of the Information with the prior written consent of the Borrower. 

  

	 	(c)	The provisions of this Section 15.1 shall survive hereunder for a period of five years following the termination of the Agreement and the repayment of all Loan Indebtedness by the Borrower to the Agent and the
Lenders. 

  

	15.2	Severability 

 Any provision of this Agreement which is or becomes prohibited or
unenforceable in any jurisdiction does not invalidate, affect or impair the remaining provisions; any prohibition or 

  
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unenforceability in any jurisdiction does not invalidate or render unenforceable the provision concerned in any other jurisdiction. 

 

	15.3	Amendments and Waivers 

 No amendment, modification or waiver of any provision of this
Agreement or consent to any departure by the Borrower from any provision of this Agreement is effective against the Agent or the Lenders except in accordance with Section 12.12 and then the amendment, modification, waiver or consent is
effective only in the specific instance and for the specific purpose for which it is given. Any waiver by the Lenders of the strict observance, performance or compliance with any term, covenant, condition or agreement of this Agreement, and any
indulgence granted by the Lenders, is not a waiver of any subsequent default. 
  

	15.4	Survival of Representations 

 All representations and warranties made pursuant to this
Agreement survive the execution and delivery of this Agreement. 
  

	15.5	Whole Agreement 

 This Agreement, together with the other Loan Documents delivered by the
Borrower hereunder, constitutes the whole and entire agreement between the parties pertaining to the subject matter hereof and, except as provided herein, cancels and supersedes any prior agreements, undertakings, declarations and representations,
written or verbal, pertaining to the subject matter hereof. 
  

	15.6	Term of Agreement 

 The term of this Agreement shall continue until the later of the date
on which the Lenders have no further Commitments hereunder and the date on which the Borrower has paid to the Agent and the Lenders all Loan Indebtedness owing to them under the Loan Documents. 

 

	15.7	Time of Essence 

 Time shall be of the essence of this Agreement. 

 

	15.8	Substitution of Lender 

 In the event: 

 

	 	(a)	the Borrower is required to pay any Lender any additional amounts as a result of applying Section 6.3 or Article 10 or receives a notice as contemplated under Section 10.1 or 10.3; 

 

	 	(b)	any Lender shall become a Defaulting Lender; or 

  

	 	(c)	 any Lender shall withhold its approval to a proposed consent under, waiver of or amendment to the Loan Documents
which requires unanimous approval of the 

  
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Lenders under the Loan Documents (any such Lender being a “Non-Consenting Lender”); 

(any such Lender being a “Subject Lender”), the Borrower may, in its sole discretion (i) request the Agent to use reasonable efforts to
obtain a replacement financial institution satisfactory to the Borrower and the Agent to acquire and assume all or part of the Subject Lender’s Borrowings and Commitment (a “Replacement Lender”); (ii) request the Subject
Lender to use reasonable efforts to obtain a Replacement Lender satisfactory to the Borrower and the Agent to acquire and assume all or part of the Subject Lender’s Loan Indebtedness and Commitments; (iii) request one or more of the other
Lenders to acquire and assume all or part of the Subject Lender’s Loan Indebtedness and Commitments (there being no obligation on the other Lenders to do so); (iv) designate a Replacement Lender acceptable to the Agent, acting reasonably,
to acquire and assume all or part of the Subject Lender’s Loan Indebtedness and Commitments; (v) elect to terminate all of the non-assigned Commitments of the Subject Lender on 15 days’ notice to the Agent and such Lender, without
terminating any or all of the Commitments of any other Lenders; and (vi) any combination of the foregoing. Any such replacement, acquisition and assumption, designation or termination shall only be effective upon the Subject Lender receiving,
as applicable, payment of, or the purchase price for, all loans, interest and fees accrued hereunder to the date of such event, or such lesser amount as may be agreed by the Subject Lender, and adequate provision, satisfactory to the Subject Lender
(acting reasonably), being made for (w) payment at maturity of the face amount of Bankers’ Acceptances outstanding hereunder which were accepted by the Subject Lender; (x) indemnification, cash collateralization or release of the
Subject Lender from its obligations in respect of any outstanding Letters of Credit or Swing Line Borrowings including its obligations under Sections 3.7(d) and 3.13(h); (y) any costs, losses, premiums or expenses incurred by the Subject Lender
by reason of a liquidation or re-deployment of deposits or other funds in respect of LIBOR Loans outstanding hereunder; and (z) in any case, payment of all other amounts accrued to the date of such event which are owed to the Subject Lender
hereunder. Any such acquisition and assumption by a Replacement Lender shall be made pursuant to and in accordance with the provisions of the last 3 sentences of Section 15.9(a), mutatis mutandis. Any such replacement or repayment of a
Non-Consenting Lender shall only be permitted if, after doing so, the proposed consent, waiver or amendment will be approved in accordance with the Loan Documents. 
  

	15.9	Successors and Assigns 

  

	 	(a)	 Assignments: Subject to Section 8.2(c), the Borrower may not assign its rights or obligations
hereunder without the prior written consent of all of the Lenders. If an Event of Default has occurred and is continuing, a Lender may, at the Borrower’s cost and expense, with the prior consent of the Agent, the Fronting Banks and the Swing
Line Lenders (such consent not to be unreasonably withheld) but without the Borrower’s consent, assign in whole or in part its rights and obligations under this Agreement and the other Loan Documents to any Person (other than the Borrower or
any of its Subsidiaries). If no Event of Default has occurred and is continuing, a Lender may, at its sole cost and expense, with the prior consent of the Agent, the Fronting Banks, the Swing Line Lenders and the Borrower (such consents not to be
unreasonably withheld), assign in whole or in part, its rights and obligations under this Agreement and the other Loan Documents to any Person (other than the 

  
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Borrower or any of its Subsidiaries); it being agreed by each Lender that if no Event of Default has occurred and is continuing, it shall not make any such assignment which does not comply with
this sentence. If no Event of Default has occurred and is continuing, no assignment of a part of the rights and obligations of a Lender hereunder shall (i) be less than an aggregate of US$10,000,000 of the assigning Lender’s Commitments
unless the assigning Lender’s Commitments are then less than US$10,000,000 in which case the assignment shall be of the whole of the assigning Lender’s Commitments, (ii) be made in increments of less than US$1,000,000, unless the
Commitments being assigned consist of the whole of the assigning Lender’s Commitments, or (iii) result in any Lender’s Commitments, after giving effect to a partial assignment of that Lender’s Commitments amounting to less than
US$10,000,000. Assignments shall be substantially in the form of Schedule “I”. Upon any assignment by a Lender to a Person (a “Permitted Assignee”) in accordance with the provisions of this Section 15.9, such Lender
shall pay a fee of US$3,500 as a processing fee to the Agent and shall cause such Permitted Assignee to be substituted for such Lender in respect of the rights and obligations under the Loan Documents which are so assigned; the Agent shall, and is
hereby authorized by the Borrower and each Lender to, issue a revised Schedule “J” giving effect to such assignment; and the assigning Lender shall, as of the effective date thereof, be released from its obligations to the Borrower
hereunder relating to the assigned interests arising subsequent to such date to the extent thereof. Any such assignment shall not increase, in aggregate, the liabilities (by way of withholding tax, any obligation to pay additional amounts pursuant
to Section 6.3 or Additional Compensation pursuant to Article 10, or otherwise), costs and out-of-pocket expenses of the Borrower hereunder, other than the requirement to pay any costs and expenses incurred by the Lenders in completing any
assignment by the Borrower, or by a Lender if an Event of Default has occurred and is continuing; provided that an assignment shall be deemed not to increase the liabilities, costs and expenses of the Borrower hereunder solely due to the fact
that the assignee is a Schedule II Bank or a Schedule III Bank thereby potentially resulting in a higher Discount Rate than would be the case with a Schedule I Bank, or that such assignment increases the number of Lenders. 

 

	 	(b)	Participations: The Borrower agrees that a Lender may, with the prior consent of the Agent and the Borrower (such consents not to be unreasonably withheld), sell or agree to sell a participation (a
“Participation”) to a Person (a “Participant”) in all or any part of any Borrowings made or to be made by it; provided that upon the sale of any such Participation, the Participant purchasing such
Participation shall not have any rights under any of the Loan Documents and the Borrower shall not have any obligations to such Participant, and all amounts payable by the Borrower under this Agreement shall be determined pursuant to this Agreement
solely as between such Lender and the Borrower as if such Lender had not sold or agreed to sell such Participation. Notwithstanding the foregoing, the consent of the Borrower shall not be required in connection with any Participation which is sold
(i) to an Affiliate of the selling Lender or (ii) after an Event of Default has occurred and is continuing. 

  
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	 	(c)	Rights and Obligations of a Lender on a Participation: Notwithstanding anything herein to the contrary, the sale by a Lender of a Participation to a Participant shall not affect the Lender’s Proportion of
such Lender nor otherwise alter the obligations of such Lender to the Borrower pursuant to this Agreement, and such Lender shall continue to perform fully all of its obligations to the Borrower under this Agreement pursuant to the terms hereof,
regardless of any failure to perform by any Participant or any other term, condition or event relating to any Participation. Any Participant’s rights against such Lender and obligations in favour of such Lender in respect of such Participation
shall be those set forth in any agreement executed by such Lender and such Participant relating thereto. 

  

	 	(d)	Exception for Lender Pledges: Any Lender may, without the consent of the Borrower, the Agent, the Fronting Banks or the Swing Line Lenders, at any time pledge or assign a security interest in all or any portion
of its rights under the Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank, or other central bank having jurisdiction over such Lender and this Section 15.9 shall
not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for
such Lender as a party hereto. 

  

	15.10	AML Legislation and “Know Your Client” Requirements 

  

	 	(a)	Each Lender and the Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act
(Canada), the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (USA) or any other applicable anti-money laundering, anti-terrorist financing, government sanction and
“know your client” Applicable Laws (collectively, including any guidelines or orders thereunder, “AML Legislation”), it may be required to obtain, verify and record information that identifies the Borrower and each
Material Subsidiary or Restricted Subsidiary, which information includes the name and address of each such Person and such other information that will allow such Lender or the Agent, as applicable, to identify each such Person in accordance with AML
Legislation (including, information regarding such Person’s directors, authorized signing officers, or other Persons in control of each such Person). The Borrower shall provide, to the extent commercially reasonable, such information and take
such actions as are reasonably requested by the Agent or any Lender in order to assist the Agent and the Lenders in maintaining compliance with AML Legislation. The Borrower shall promptly provide all such information, including supporting
documentation and other evidence, as may be reasonably requested by any Lender or the Agent (for itself and not on behalf of any Lender), or any prospective assignee of a Lender or the Agent, in order to comply with any applicable AML Legislation,
whether now or hereafter in existence. 

  
 - 110 - 

	 	(b)	If, upon the written request of any Lender, the Agent (for itself and not on behalf of any Lender) has ascertained the identity of the Borrower or any Material Subsidiary or Restricted Subsidiary or any authorized
signatories of such Person for the purposes of applicable AML Legislation on such Lender’s behalf, then the Agent: 

  

	 	(i)	shall be deemed to have done so as an agent for such Lender, and this Agreement shall constitute a “written agreement” in such regard between such Lender and the Agent within the meaning of applicable AML
Legislation; and 

  

	 	(ii)	shall provide to such Lender copies of all information obtained in such regard without any representation or warranty as to its accuracy or completeness. 

 

	 	(c)	Notwithstanding anything to the contrary in this Section 15.10, each of the Lenders agrees that the Agent has no obligation to ascertain the identity of the Borrower or any Material Subsidiary or Restricted
Subsidiary or any authorized signatories of such Person, on behalf of any Lender, or to confirm the completeness or accuracy of any information it obtains from any such Person or any such authorized signatory in doing so. 

 

	15.11	Platform 

  

	 	(a)	The Borrower agrees that the Agent may, but shall not be obligated to, make the Communications (as defined below) available to the Lenders by posting the Communications on Debt Domain, Intralinks, Syndtrak or a
substantially similar electronic transmission system (the “Platform”). 

  

	 	(b)	The Platform is provided “as is” and “as available.” The Agent Parties (as defined below) do not warrant the adequacy of the Platform and expressly disclaim liability for errors or omissions in the
Communications caused by posting such Communications on the Platform. No warranty of any kind, express, implied or statutory, including any warranty of merchantability, fitness for a particular purpose or freedom from viruses or other code defects,
is made by any Agent Party in connection with the Platform. In no event shall the Agent or any of its Affiliates (collectively, the “Agent Parties”) have any liability to the Borrower or any of its Subsidiaries, any Lender or any
other Person for damages of any kind, including direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of the Borrower’s, any of its Subsidiaries’ or the
Agent’s transmission of Communications through the Platform. “Communications” means, collectively, any notice, demand, communication, information, document or other material that the Borrower or any Subsidiary thereof provides
to the Agent specifically for posting on the Platform pursuant to any Loan Document or the transactions contemplated therein which is distributed to any Lender by means of the Platform. 

  
 - 111 - 

	15.12	Waiver of Jury Trial 

 To the extent permitted by Applicable Law, each of the Borrower,
the Agent and the Lenders hereby irrevocably waives all right to trial by jury in any action, proceeding or counterclaim (whether based on contract, tort or otherwise) arising out of or relating to the Loan Documents or the actions of the Agent or
any Lender in the negotiation, administration, performance or enforcement thereof. 
  

	15.13	Electronic Communications 

  

	 	(a)	Any demand, notice or communication to be made or given hereunder may be delivered or furnished by electronic communication (including email and internet or intranet websites) pursuant to procedures approved by the
Agent, provided that the foregoing shall not apply to notices to any Lender if such Lender has notified the Agent that it is incapable of receiving notices by electronic communication. The Agent or the Borrower may, in its discretion, agree
to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular demands, notices or communications.

  

	 	(b)	Unless the Agent otherwise prescribes, demands, notices and other communications sent to an email address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such
as by the “return receipt requested” function, as available, return email or other written acknowledgement), and demands, notices or communications posted to an internet or intranet website shall be deemed received upon the deemed receipt
by the intended recipient at its email address of notification that such notice or communication is available and identifying the website address therefor, provided that, if such demand, notice, email or other communication is not sent within
normal business hours of the recipient, such demand, notice or other communication shall be deemed to have been sent at the opening of business on the next Business Day. 

 

	15.14	Counterparts 

 This Agreement may be executed in any number of counterparts, and all of
such counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement by telecopier, PDF or other electronic means shall be effective as delivery of a
manually executed counterpart of this Agreement. 
 IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the 16th day of July, 2015. 
 (Remainder of page intentionally left blank.) 

  
 - 112 - 

									
	 Notice Address:
  

500 Centre Street S.E.
 P.O. Box 2850

Calgary, Alberta
 T2P 2S5

Attention: Executive Vice-President &
 Chief Financial
Officer
 Facsimile: (403) 645-4853
 with a copy to:

Treasury Department
 Facsimile: (403) 645-4613
	 		 	  
 ENCANA CORPORATION

 

	 		 	By:	 	 /s/ Sherri A. Brillon

	 		 		 	 Name:
	 	Sherri A. Brillon
	 		 		 	Title:	 	Executive Vice-President & Chief Financial Officer
	 		 	By:	 	  
 /s/ Corey D.
Code

	 		 		 	Name:	 	Corey D. Code
	 		 		 	Title:	 	Vice-President, Strategy & Treasurer

  
 This page is attached to and forms part
of a Restated Credit Agreement among Encana Corporation, as Borrower, each of the financial and other institutions named on Schedule “J” from time to time, in their capacities as Lenders, and Royal Bank of Canada, as Agent, dated as of the
16th day of July, 2015. 

 
					
	ROYAL BANK OF CANADA
	as Agent
		
	By:	 	/s/ Yvonne Brazier
		 	Name:	 	Yvonne Brazier
		 	Title:	 	Manager Agency

  
 This page is attached to and forms part
of a Restated Credit Agreement among Encana Corporation, as Borrower, each of the financial and other institutions named on Schedule “J” from time to time, in their capacities as Lenders, and Royal Bank of Canada, as Agent, dated as of the
16th day of July, 2015. 

 
					
	ROYAL BANK OF CANADA
		
	By:	 	/s/ Sonia G. Tibbatts
		 	Name:	 	Sonia G. Tibbatts
		 	Title:	 	Authorized Signatory

  
 This page is attached to and forms part
of a Restated Credit Agreement among Encana Corporation, as Borrower, each of the financial and other institutions named on Schedule “J” from time to time, in their capacities as Lenders, and Royal Bank of Canada, as Agent, dated as of the
16th day of July, 2015. 

 
					
	CANADIAN IMPERIAL BANK OF COMMERCE
		
	By:	 	/s/ Joelle Chatwin
		 	Name:	 	Joelle Chatwin
		 	Title:	 	Executive Director
		
	By:	 	/s/ Randy Geislinger
		 	Name:	 	Randy Geislinger
		 	Title:	 	Executive Director

  
 This page is attached to and forms part
of a Restated Credit Agreement among Encana Corporation, as Borrower, each of the financial and other institutions named on Schedule “J” from time to time, in their capacities as Lenders, and Royal Bank of Canada, as Agent, dated as of the
16th day of July, 2015. 

					
	BANK OF MONTREAL
		
	By:	 	 /s/ Ebba Jantz

		 	Name:	 	Ebba Jantz
		 	Title:	 	Director
		
	By:	 	 /s/ Darren Thomas

		 	Name:	 	Darren Thomas
		 	Title:	 	Associate

  
 This page is attached to and forms part
of a Restated Credit Agreement among Encana Corporation, as Borrower, each of the financial and other institutions named on Schedule “J” from time to time, in their capacities as Lenders, and Royal Bank of Canada, as Agent, dated as of the
16th day of July, 2015. 

					
	THE BANK OF NOVA SCOTIA
		
	By:	 	 /s/ Albert Kwan

		 	Name:	 	Albert Kwan
		 	Title:	 	Director
		
	By:	 	 /s/ Michael Linder

		 	Name:	 	Michael Linder
		 	Title:	 	Director

  
 This page is attached to and forms part
of a Restated Credit Agreement among Encana Corporation, as Borrower, each of the financial and other institutions named on Schedule “J” from time to time, in their capacities as Lenders, and Royal Bank of Canada, as Agent, dated as of the
16th day of July, 2015. 

					
	THE TORONTO-DOMINION BANK
		
	By:	 	 /s/ Greg Hickaway

		 	Name:	 	Greg Hickaway
		 	Title:	 	Managing Director
		
	By:	 	 /s/ Carmen Angelescu

		 	Name:	 	Carmen Angelescu
		 	Title:	 	Director

  
 This page is attached to and forms part
of a Restated Credit Agreement among Encana Corporation, as Borrower, each of the financial and other institutions named on Schedule “J” from time to time, in their capacities as Lenders, and Royal Bank of Canada, as Agent, dated as of the
16th day of July, 2015. 

					
	NATIONAL BANK OF CANADA
		
	By:	 	 /s/ Mark Williamson

		 	Name:	 	Mark Williamson
		 	Title:	 	Authorized Signatory
		
	By:	 	 /s/ Angela Becker

		 	Name:	 	Angela Becker
		 	Title:	 	Authorized Signatory

  
 This page is attached to and forms part
of a Restated Credit Agreement among Encana Corporation, as Borrower, each of the financial and other institutions named on Schedule “J” from time to time, in their capacities as Lenders, and Royal Bank of Canada, as Agent, dated as of the
16th day of July, 2015. 

 
					
	BNP PARIBAS
		
	By:	 	 /s/ Evan Ivanov

		 	Name:	 	Evan Ivanov
		 	Title:	 	Director
		
	By:	 	 /s/ Zainuddin Ahmed

		 	Name:	 	Zainuddin Ahmed
		 	Title:	 	Vice President

  
 This page is attached to and forms part
of a Restated Credit Agreement among Encana Corporation, as Borrower, each of the financial and other institutions named on Schedule “J” from time to time, in their capacities as Lenders, and Royal Bank of Canada, as Agent, dated as of the
16th day of July, 2015. 

 
					
	CREDIT AGRICOLE CORPORATE & INVESTMENT BANK
		
	By:	 	 /s/ Juliette Cohen

		 	Name:	 	Juliette Cohen
		 	Title:	 	Managing Director
		
	By:	 	 /s/ Lucie Campos Caresmel

		 	Name:	 	Lucie Campos Caresmel
		 	Title:	 	Director

  
 This page is attached to and forms part
of a Restated Credit Agreement among Encana Corporation, as Borrower, each of the financial and other institutions named on Schedule “J” from time to time, in their capacities as Lenders, and Royal Bank of Canada, as Agent, dated as of the
16th day of July, 2015. 

 
					
	CREDIT SUISSE AG, TORONTO BRANCH
		
	By:	 	 /s/ Chris Gage

		 	Name:	 	Chris Gage
		 	Title:	 	Authorized Signatory
		
	By:	 	 /s/ Nicholas Lam

		 	Name:	 	Nicholas Lam
		 	Title:	 	Assistant Vice President

  
 This page is attached to and forms part
of a Restated Credit Agreement among Encana Corporation, as Borrower, each of the financial and other institutions named on Schedule “J” from time to time, in their capacities as Lenders, and Royal Bank of Canada, as Agent, dated as of the
16th day of July, 2015. 

 
					
	ALBERTA TREASURY BRANCHES
		
	By:	 	 /s/ Matthew Littlejohn

		 	Name:	 	Matthew Littlejohn
		 	Title:	 	Director
		
	By:	 	 /s/ Andrew Yang

		 	Name:	 	Andrew Yang
		 	Title:	 	 Associate Director, Energy
 ATB Corporate
Financial Services

  
 This page is attached to and forms part
of a Restated Credit Agreement among Encana Corporation, as Borrower, each of the financial and other institutions named on Schedule “J” from time to time, in their capacities as Lenders, and Royal Bank of Canada, as Agent, dated as of the
16th day of July, 2015. 

 
					
	CAISSE CENTRALE DESJARDINS
		
	By:	 	 /s/ Oliver Sumugod

		 	Name:	 	Oliver Sumugod
		 	Title:	 	Director
		
	By:	 	 /s/ Matt van Remmen

		 	Name:	 	Matt van Remmen
		 	Title:	 	Managing Director

  
 This page is attached to and forms part
of a Restated Credit Agreement among Encana Corporation, as Borrower, each of the financial and other institutions named on Schedule “J” from time to time, in their capacities as Lenders, and Royal Bank of Canada, as Agent, dated as of the
16th day of July, 2015. 

 
					
	BANK OF AMERICA, N.A., CANADA BRANCH
		
	By:	 	 /s/ James K.G. Campbell

		 	Name:	 	JAMES K.G. CAMPBELL
		 	Title:	 	DIRECTOR
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

  
 This page is attached to and forms part
of a Restated Credit Agreement among Encana Corporation, as Borrower, each of the financial and other institutions named on Schedule “J” from time to time, in their capacities as Lenders, and Royal Bank of Canada, as Agent, dated as of the
16th day of July, 2015. 

 
					
	BANK OF TOKYO-MITSUBISHI UFJ (CANADA)
		
	By:	 	 /s/ Hisanobu Chigira

		 	Name:	 	Hisanobu Chigira
		 	Title:	 	Deputy General Manager and Managing Director
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

  
 This page is attached to and forms part
of a Restated Credit Agreement among Encana Corporation, as Borrower, each of the financial and other institutions named on Schedule “J” from time to time, in their capacities as Lenders, and Royal Bank of Canada, as Agent, dated as of the
16th day of July, 2015. 

 
			
	BARCLAYS BANK PLC
		
	By:	 	 /s/ Vanessa Kurbatskiy

		 	Name: Vanessa Kurbatskiy
		 	Title: Vice President

  
 This page is attached to and forms part
of a Restated Credit Agreement among Encana Corporation, as Borrower, each of the financial and other institutions named on Schedule “J” from time to time, in their capacities as Lenders, and Royal Bank of Canada, as Agent, dated as of the
16th day of July, 2015. 

 
					
	CITIBANK, N.A., CANADIAN BRANCH
		
	By:	 	 /s/ Jonathan Cain

		 	Name:	 	Jonathan Cain
		 	Title:	 	Authorized Signatory
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

  
 This page is attached to and forms part
of a Restated Credit Agreement among Encana Corporation, as Borrower, each of the financial and other institutions named on Schedule “J” from time to time, in their capacities as Lenders, and Royal Bank of Canada, as Agent, dated as of the
16th day of July, 2015. 

 
					
	 JPMORGAN CHASE BANK, N.A.,

TORONTO BRANCH

		
	By:	 	 /s/ Debra Hrelja

		 	Name:	 	DEBRA HRELJA
		 	Title:	 	VICE PRESIDENT
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

  
 This page is attached to and forms part
of a Restated Credit Agreement among Encana Corporation, as Borrower, each of the financial and other institutions named on Schedule “J” from time to time, in their capacities as Lenders, and Royal Bank of Canada, as Agent, dated as of the
16th day of July, 2015. 

 
					
	MIZUHO BANK, LTD.
		
	By:	 	 /s/ Brad C. Crilly

		 	Name:	 	Brad C. Crilly
		 	Title:	 	Senior Vice-President

  
 This page is attached to and forms part
of a Restated Credit Agreement among Encana Corporation, as Borrower, each of the financial and other institutions named on Schedule “J” from time to time, in their capacities as Lenders, and Royal Bank of Canada, as Agent, dated as of the
16th day of July, 2015. 

 
					
	SUMITOMO MITSUI BANKING CORPORATION OF CANADA
		
	By:	 	 /s/ Alfred Lee

		 	Name:	 	Alfred Lee 
		 	Title:	 	Senior Vice President
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

  
 This page is attached to and forms part
of a Restated Credit Agreement among Encana Corporation, as Borrower, each of the financial and other institutions named on Schedule “J” from time to time, in their capacities as Lenders, and Royal Bank of Canada, as Agent, dated as of the
16th day of July, 2015. 

 
					
	 WELLS FARGO BANK, N.A.

LONDON BRANCH

		
	By:	 	 /s/ Richard Cavilli

		 	Name:	 	RICHARD CAVILLI
		 	Title:	 	DIRECTOR
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

  
 This page is attached to and forms part
of a Restated Credit Agreement among Encana Corporation, as Borrower, each of the financial and other institutions named on Schedule “J” from time to time, in their capacities as Lenders, and Royal Bank of Canada, as Agent, dated as of the
16th day of July, 2015. 

 
			
	MORGAN STANLEY BANK, N.A.
		
	By:	 	 /s/ Michael King

		 	Name: Michael King
		 	Title: Authorized Signatory

  
 This page is attached to and forms part
of a Restated Credit Agreement among Encana Corporation, as Borrower, each of the financial and other institutions named on Schedule “J” from time to time, in their capacities as Lenders, and Royal Bank of Canada, as Agent, dated as of the
16th day of July, 2015. 

 
					
	ICICI BANK CANADA
		
	By:	 	 /s/ Akshay Chaturvedi

		 	Name:	 	Akshay Chaturvedi
		 	Title:	 	 Senior Vice President
 Corporate &
Commercial Banking
 ICICI Bank Canada

		
	By:	 	 /s/ Sumit Chatterjee

		 	Name:	 	Sumit Chatterjee
		 	Title:	 	 AVP, Credit Risk
 ICICI Bank
Canada

  
 This page is attached to and forms part
of a Restated Credit Agreement among Encana Corporation, as Borrower, each of the financial and other institutions named on Schedule “J” from time to time, in their capacities as Lenders, and Royal Bank of Canada, as Agent, dated as of the
16th day of July, 2015. 

 
					
	BANK OF CHINA (CANADA)
		
	By:	 	 /s/ Jie Chen

			
		 	Name:	 	Jie Chen
		 	Title:	 	VP, Corporate Banking
		
	By:	 	 /s/ Jiao, Liang

		 	Name:	 	Jiao, Liang
		 	Title:	 	Senior Vice President

  
 This page is attached to and forms part
of a Restated Credit Agreement among Encana Corporation, as Borrower, each of the financial and other institutions named on Schedule “J” from time to time, in their capacities as Lenders, and Royal Bank of Canada, as Agent, dated as of the
16th day of July, 2015. 

 Schedule “A” to the Restated Credit Agreement dated as of July 16, 2015 among ENCANA
CORPORATION as Borrower, the financial and other institutions named therein from time to time as Lenders and ROYAL BANK OF CANADA as Agent 

 
 NOTICE OF DRAWDOWN, REPAYMENT OR

 CANCELLATION OF COMMITMENT 
 Date:

  
 ● 

Dear Sirs/Mesdames: 
 We refer to the Restated
Credit Agreement dated as of July 16, 2015 among ENCANA CORPORATION as Borrower, the financial and other institutions named therein from time to time as Lenders and ROYAL BANK OF CANADA as Agent (the “Credit Agreement”). Terms
and expressions defined in the Credit Agreement which are used and not otherwise defined herein shall have the same meanings ascribed to them in the Credit Agreement. 

We hereby give notice of our request for a [Borrowing, repayment and/or cancellation of Commitment] pursuant to Section [3.3, 3.7.
3.10, 3.13 or 4.3] of the Credit Agreement as follows: 
  

					
	1.	    	Amount of [Borrowing, repayment and/or cancellation] [Cdn. or US] $            .	 	
			
	2.	    	Date of [Borrowing, repayment and/or cancellation of Commitment]                     .	 	
			
	3.	    	[If applicable] Payment instructions of [Borrowing, repayment]	 	
			
		    	  
	 	
			
		    	  
	 	.
			
	4.	    	[If applicable] Nature of Borrowing is [a Swing Line Borrowing] by way of a [Prime Loan, USBR Loan, LIBOR Loan or Letter of Credit].	 	
			
	5.	    	[If applicable] The LIBOR Interest Period for the LIBOR Loan is              [days/months] commencing
                    ,                     .	 	
			
	6.	    	[If applicable][Payment/Amount of Commitment to be cancelled] is to be applied to the Commitments of [those Lenders which are not Non-Extending Lenders in the amount of US$● / those Lenders which are
Non-Extending Lenders in the amount of US$●].	 	

	

 
			
	Yours very truly,
	
	ENCANA CORPORATION
		
	By:	 	  

		
	By:	 	  

  

	cc.	[If applicable] [Name of Swing Line Lender] 

  

	cc.	[If applicable] [Name of Fronting Bank]  

  
 - 2 - 

 Schedule “B” to the Restated Credit Agreement dated as of July 16, 2015 among ENCANA
CORPORATION as Borrower, the financial and other institutions named therein from time to time as Lenders and ROYAL BANK OF CANADA as Agent 

 
 NOTICE OF DRAWDOWN 

BY WAY OF BANKERS’ ACCEPTANCES 
 Date:

  
 ● 

Dear Sirs/Mesdames: 
  

	Re:	Issuance of Bankers’ Acceptances for 

 [amount] on [date] 

We refer to the Restated Credit Agreement dated as of July 16, 2015 among ENCANA CORPORATION as Borrower, the financial and other
institutions named therein from time to time as Lenders and ROYAL BANK OF CANADA as Agent (the “Credit Agreement”). Terms and expressions defined in the Credit Agreement which are used and not otherwise defined herein shall have the
same meanings ascribed to them in the Credit Agreement. 
 We hereby request that [the Lenders or Swing Line Lender] issue
Bankers’ Acceptance(s) (or, as applicable, make BA Equivalent Loans) pursuant to Section [3.3, 3.8, 3.9 or 3.13] of the Credit Agreement on the date and in the aggregate face amount and with the specified maturity date set out below.

 General Information: 
  

					
	Aggregate amount due at maturity in regard to Borrowing:	  	Cdn.$●	  	
	Date of issuance:	  	
                     

	  	
	Specified maturity date:	  	  
	  	
	Payment instructions:	  	  
	  	

 Upon maturity of these Bankers’ Acceptance(s) (or, as applicable, BA Equivalent Loans) on [specified
maturity date], you are authorized to make payment directly to [the Lenders or Swing Line Lender] of an amount equal to the face or principal amounts of such Bankers’ Acceptances (or, as applicable, BA Equivalent Loans) respectively
accepted or made by [them or it] and charge the Borrower’s Accounts with the principal amount of the aggregate of such face or principal amounts. 

 
			
	Yours truly,
	
	ENCANA CORPORATION
		
	By:	 	  

		
	By:	 	  

  

	cc.	[If applicable] [Name of Swing Line Lender]  

  
 - 2 - 

 Schedule “C” to the Restated Credit Agreement dated as of July 16, 2015 among ENCANA
CORPORATION as Borrower, the financial and other institutions named therein from time to time as Lenders and ROYAL BANK OF CANADA as Agent 

 
 NOTICE OF CONVERSION 

Date: 
  

● 
 Dear Sirs/Mesdames: 

 

	Re:	Notice of Conversion Pursuant to 

 Section 3.8 of the Credit Agreement 

We refer to the Restated Credit Agreement dated as of July 16, 2015 among ENCANA CORPORATION as Borrower, the financial and other
institutions named therein from time to time as Lenders and ROYAL BANK OF CANADA as Agent (the “Credit Agreement”), and in particular to Section 3.8 of the Credit Agreement. Terms and expressions defined in the Credit Agreement
which are used and not otherwise defined herein shall have the same meanings ascribed to them in the Credit Agreement. 
 We have
outstanding [Cdn. or US] $         of Borrowings by way of [Prime Loans, USBR Loans, Bankers’ Acceptances (or, as applicable, BA Equivalent Loans) or LIBOR Loans] [if applicable] [having a
maturity date of / LIBOR Interest Period ending on the      day of              ,         . ] Please convert [Cdn. or US]
$         outstanding by way of                      [Prime Loans, USBR Loans, Bankers’
Acceptances (or, as applicable, BA Equivalent Loans) or LIBOR Loans] into a Borrowing by way of [Prime Loans, USBR Loans, Bankers’ Acceptances (or, as applicable, BA Equivalent Loans) or LIBOR Loans] on the     
day of             ,        . 
 [If
applicable] General Information: 
  

					
	Aggregate amount due at maturity in regard to Borrowing:	  	[Cdn. or US] $●	  	
	Date of issuance:	  	                     
    
	  	
	Specified maturity date:	  	                         	  	
	Payment instructions:	  	                         	  	

 [If applicable] Upon maturity of these Bankers’ Acceptance(s) (or, as applicable, BA Equivalent
Loans) on [specified maturity date], you are authorized to make payment directly to the Lenders of an amount equal to the face or principal amounts of such Bankers’ Acceptances (or, as applicable, BA Equivalent Loans) respectively
accepted or made by them and charge the Borrower’s Accounts with the principal amount of the aggregate of such face or principal amounts. 

 [If applicable] The LIBOR Interest Period for the Borrowing by way of LIBOR Loans to which
such Conversion is being effected is          [days/months]. 
 Pursuant to Section 2.3
of the Credit Agreement, this Notice of Conversion given by the Borrower to the Agent shall be deemed to be a representation and warranty by the Borrower to each of the Lenders and the Agent that the representation and warranty contained in
Section 2.1(k) of the Credit Agreement is, as of the date of this notice, and will be, as of the applicable Borrowing Conversion Date, true and correct in all material respects as of such date, except as stated otherwise herein. 

[Set forth exceptions, if applicable.] 
  

			
	Yours truly,
	
	ENCANA CORPORATION
		
	By:	 	  

		
	By:	 	  

  
 - 2 - 

 Schedule “D” to the Restated Credit Agreement dated as of July 16, 2015 among ENCANA
CORPORATION as Borrower, the financial and other institutions named therein from time to time as Lenders and ROYAL BANK OF CANADA as Agent 

 
 NOTICE OF ROLLOVER 

Date: 
  

● 
 Dear Sirs/Mesdames: 

 

	Re:	Notice of Rollover Pursuant to 

 Section 3.9 of the Credit Agreement 

We refer to the Restated Credit Agreement dated as of July 16, 2015 among ENCANA CORPORATION as Borrower, the financial and other
institutions named therein from time to time as Lenders and ROYAL BANK OF CANADA as Agent (the “Credit Agreement”), and in particular to Section 3.9 of the Credit Agreement. Terms and expressions defined in the Credit Agreement
which are used and not otherwise defined herein shall have the same meanings ascribed to them in the Credit Agreement. 
 We have
outstanding [Cdn. or US] $         of Borrowings by way of [Bankers’ Acceptances (or, as applicable, BA Equivalent Loans) or LIBOR Loans or Letter of Credit described in Schedule “A”
hereto] [as applicable] [having a maturity date of / LIBOR Interest Period / expiration date ending on the      day of             ,
        . ] Please Rollover [Cdn. or US] $         outstanding by way of
                     [Bankers’ Acceptances (or, as applicable, BA Equivalent Loans) or LIBOR Loans or such Letter of Credit] into a
further Borrowing by way of                      [Bankers’ Acceptances (or, as applicable, BA Equivalent Loans) or LIBOR Loans or an extended
or replacement Letter of Credit in accordance with Schedule “A” hereto] on the      day of         ,         . 

[If applicable] General Information: 
  

					
	Aggregate amount due at maturity in regard to Borrowing:	  	 [Cdn. or US] $
	 	●
	Date of issuance:	  	  
	 	
	Specified maturity date:	  	  
	 	
	Payment instructions:	  	  
	 	

 [If applicable] Upon maturity of these Bankers’ Acceptance(s) (or, as applicable, BA Equivalent
Loans) on [specified maturity date], you are authorized to make payment directly to the Lenders of an amount equal to the face or principal amounts of such Bankers’ Acceptances (or, as applicable, BA Equivalent Loans) respectively
accepted or made by them and charge the Borrower’s Accounts with the principal amount of the aggregate of such face or principal amounts. 
 [If
applicable] The LIBOR Interest Period for the Borrowing by way of LIBOR Loans to which such Rollover is being effected is          [days/months]. 

Pursuant to Section 2.3 of the Credit Agreement, this Notice of Rollover given by the Borrower to the Agent shall be deemed to be a representation and
warranty by the Borrower to each of the Lenders and the Agent that the representation and warranty contained in Section 2.1(k) of the Credit Agreement is, as of the date of this notice, and will be, as of the applicable Borrowing Rollover Date,
true and correct in all material respects as of such date, except as stated otherwise herein. 
 [Set forth exceptions, if applicable.] 

 

			
	Yours truly,
	
	ENCANA CORPORATION
		
	By:	 	  

		
	By:	 	  

  
 - 2 - 

 Schedule “E” to the Restated Credit Agreement dated as of July 16, 2015 among ENCANA
CORPORATION as Borrower, the financial and other institutions named therein from time to time as Lenders and ROYAL BANK OF CANADA as Agent 

 
 REQUEST FOR EXTENSION 

Date: 
 Dear Sirs/Mesdames: 

 

	Re:	Request for Extension Pursuant to Sections 3.12 (Commitment) or 3.13(k) (Swing Line Commitment) and 3.7(f) (Fronting Bank Commitment) of the Credit Agreement 

We refer to the Restated Credit Agreement dated as of July 16, 2015 among ENCANA CORPORATION as Borrower, the financial and other institutions named
therein from time to time as Lenders and ROYAL BANK OF CANADA as Agent (the “Credit Agreement”), and in particular to Sections 3.12, 3.13(k) and 3.7(f) of the Credit Agreement. Terms and expressions defined in the Credit
Agreement which are used and not otherwise defined herein shall have the same meanings ascribed to them in the Credit Agreement. 
 We hereby request that:

  

	1.	the Maturity Date with respect to the Commitments of all Lenders which have not become Non-Extending Lenders be extended to
                    ; 

  

	2.	the Swing Line Lenders extend their respective Swing Line Commitments to                     ; and

  

	3.	[If applicable] the Fronting Banks extend their respective Fronting Bank Commitments to
                    . 

 We hereby
confirm that no Default or Event of Default has occurred and is continuing [other than as described below]. 
 We also confirm that, as of the end of
the immediately preceding Fiscal [Quarter] [Year] ending                     : 

 

	 	(a)	all of the Material Subsidiaries and Restricted Subsidiaries are listed in the attached schedule; 

  

	 	(b)	the Borrower and the Material Subsidiaries (all of which are listed in the attached schedule) directly own approximately     % of the consolidated assets of the Borrower (as reported on the balance
sheet of the Borrower as at the end of such Fiscal [Year] [Quarter]); and 

	 	(c)	the Borrower and the Restricted Subsidiaries (all of which are listed in the attached schedule) directly own approximately     % of the Consolidated Net Tangible Assets as defined in the Negative
Pledge (without adding back the non-cash ceiling test impairments and other changes as at December 31, 2011 as a consequence of the adoption of US GAAP). 

 

			
	Yours truly,
	
	ENCANA CORPORATION
		
	By:	 	  

		
	By:	 	  

  
 - 2 - 

 Schedule “F” to the Restated Credit Agreement dated as of July 16, 2015 among ENCANA
CORPORATION as Borrower, the financial and other institutions named therein from time to time as Lenders and ROYAL BANK OF CANADA as Agent 

 
 COMPLIANCE CERTIFICATE 

I,
                                        , of the
City of Calgary, in the Province of Alberta, for and on behalf of Encana Corporation, and without incurring any personal liability, hereby certify as follows: 
  

	1.	That I am the                      of Encana Corporation (the “Borrower”); 

 

	2.	That this Certificate applies to the Fiscal [Quarter] [Year] ending                     ; 

 

	3.	That I am familiar with and have examined the provisions of the Restated Credit Agreement dated as of July 16, 2015 (as amended from time to time, the “Credit Agreement”) between the Borrower, the
financial and other institutions named therein from time to time as Lenders and Royal as Agent, and have made such reasonable inquiries as I have deemed necessary for purposes of this Certificate; 

 

	4.	That based on the foregoing and to the best of my knowledge, information and belief: 

  

	 	(a)	the Borrower is not, as of the date of this Certificate, in breach of any material provision of the Credit Agreement [other than – describe]; and 

 

	 	(b)	on the date of this Certificate, there is no Event of Default outstanding under the Credit Agreement [other than – describe]; 

 

	5.	That the Borrower’s consolidated financial statements for the Fiscal [Year] [Quarter] ending             , accompanying this Certificate present
fairly the financial position of the Borrower as of that date and have been prepared in accordance with GAAP; 

  

	6.	For the purposes of this Certificate, the following terms have been determined in accordance with the definitions of such terms set out in the Credit Agreement on a consolidated basis (except to the extent specified
below) in accordance with GAAP as at the last day of the Fiscal [Year] [Quarter] to which this Certificate applies: 

  

	A.	Consolidated Debt 

									
					
		 	All Financing Debt of the Borrower	  		 	US$	 	  

					
		 	Less: all Financing Debt of the Borrower referred to in the proviso to the definition of Consolidated Debt to Consolidated Capitalization Ratio	  		 	US$	 	  

											
		 	Consolidated Debt	  		 		 	US$	 	
		 		  		 		 		 	  

						
	B.	 	Consolidated Net Worth	  		 		 		 	
						
		 	Consolidated shareholders’ equity of the Borrower as shown on the consolidated balance sheet of the Borrower (including preferred securities and minority interests to the extent included thereon)	  		 		 	US$	 	  

						
		 	Less: to the extent not already excluded from the preceding amount, all amounts included in shareholders’ equity attributable to Non-Recourse Assets	  		 		 	US$	 	  

					
		 	Plus: the non-cash ceiling test impairments and other changes as at December 31, 2011 as a consequence of the adoption of US GAAP	  		 		 	US$7,746,000,000
						
		 	Consolidated Net Worth	  		 		 	US$	 	
		 		  		 		 		 	  

						
	C.	 	Consolidated Tangible Assets	  		 		 		 	
						
		 	Total assets of the Borrower shown on the consolidated balance sheet of the Borrower	  		 		 	US$	 	  

						
		 	Less: to the extent not already excluded from the preceding amounts, goodwill, trademarks, copyrights and other similar intangible assets	  		 		 	US$	 	  

						
		 	Less: to the extent not already excluded from the preceding amounts, Non-Recourse Assets	  		 		 	US$	 	  

						
		 	Less: deposits referred to in either (i) or (ii) of the proviso to the definition of Consolidated Debt to Consolidated Capitalization Ratio	  		 		 	US$	 	  

					
		 	Plus: the non-cash ceiling test impairments and other changes as at December 31, 2011 as a consequence of the adoption of US GAAP	  		 		 	US$10,585,000,000
						
		 	Consolidated Tangible Assets	  		 		 	US$	 	
		 		  		 		 		 	  

  
 - 2 - 

	7.	That as of the end of the Fiscal [Year] [Quarter] to which this Certificate applies, and as detailed on the attached schedule, the Consolidated Debt to Consolidated Capitalization Ratio as at the last day of such
Fiscal [Year] [Quarter], which is not to exceed 60%, was     %; 

  

	8.	That as of the end of the Fiscal [Year] [Quarter] to which this Compliance Certificate applies: 

  

	 	(a)	US$            , being the aggregate amount of Financing Debt of all Material Subsidiaries which are Non-Guarantor Subsidiaries, on a consolidated basis, plus,
without duplication, 

  

	 	(b)	US$            , being the aggregate Indebtedness (as defined in the Negative Pledge) secured by security interests over Restricted Property (as defined in the
Negative Pledge) given by the Borrower or any Material Subsidiary in favour of Non-Guarantor Subsidiaries which are not Material Subsidiaries, plus, without duplication, 

 

	 	(c)	US$            , being the aggregate Financing Debt of Finance Co., plus, without duplication, 

 

	 	(d)	US$            , being the amount by which the aggregate Financing Debt of any Subsidiary (other than Finance Co. or a Material Subsidiary) exceeds an
aggregate of US$750,000,000 and which Financing Debt is guaranteed by the Borrower or any Material Subsidiary (whether directly or indirectly through corporate law applicable to unlimited liability companies), 

(which is not to exceed 17.5% of Consolidated Tangible Assets) is equal to     % of the Consolidated Tangible Assets
after taking into account the exclusions permitted by Section 8.2(e). Reasonable particulars of the calculation of the items referred to in paragraphs 8(a), (b), (c) and (d) above, and the exclusions therefrom permitted by
Section 8.2(e), are described in the attached schedule; 
  

	9.	That as of the end of the Fiscal [Year] [Quarter] to which this Certificate applies: 

  

	 	(a)	the Borrower and the Material Subsidiaries (all of which are listed in the attached schedule) directly own approximately     % of the consolidated assets of the Borrower (as reported on the balance
sheet of the Borrower as at the end of such Fiscal [Year] [Quarter]); and 

  

	 	(b)	the Borrower and the Restricted Subsidiaries (all of which are listed in the attached schedule) directly own approximately     % of the Consolidated Net Tangible Assets as defined in the Negative
Pledge (without adding back the non-cash ceiling test impairments and other changes as at December 31, 2011 as a consequence of the adoption of US GAAP); and 

  
 - 3 - 

	10.	That all capitalized terms used in this Certificate have the same meaning as in the Credit Agreement. 

EXECUTED at the City of Calgary, in the Province of Alberta, this      day of
            ,             . 
  

			
	ENCANA CORPORATION
		
	By:	 	  

		
	Title:	 	  

  
 - 4 - 

 Schedule “G” to the Restated Credit Agreement dated as of July 16, 2015 among ENCANA
CORPORATION as Borrower, the financial and other institutions named therein from time to time as Lenders and ROYAL BANK OF CANADA as Agent 

 
 NEGATIVE PLEDGE 

ARTICLE 1 

INTERPRETATION 
  

	1.1	Definitions 

 For the purposes of this Negative Pledge, all capitalized terms used in
this Negative Pledge which are not otherwise defined herein shall have the same meanings as given to them in that Restated Credit Agreement dated as of July 16, 2015 among Encana Corporation, as Borrower, the financial and other institutions
named therein from time to time as Lenders and Royal Bank of Canada, as Agent, as amended, modified or restated from time to time. In addition, in this Negative Pledge, unless there is something in the subject matter or context inconsistent
therewith, the following expressions have the following meanings, namely: 
 “Consolidated Assets” means the aggregate
amount of assets of the Borrower as set forth in the Borrower’s most recent consolidated financial statements prepared in accordance with GAAP, and filed with a securities commission or similar regulatory authority; 

“Consolidated Net Tangible Assets” means the total amount of assets of any Person on a consolidated basis (less applicable
reserves and other properly deductible items) after deducting therefrom: 
  

	 	(a)	all current liabilities (excluding any Indebtedness classified as a current liability and any current liabilities which are by their terms extendible or renewable at the option of the obligor thereon to a time more than
12 months after the time as of which the amount thereof is being computed); 

  

	 	(b)	all goodwill, trade names, trademarks, patents and other like intangibles; and 

  

	 	(c)	appropriate adjustments on account of minority interests of other Persons holding shares of the Subsidiaries of such Person, 

and adding back the non-cash ceiling test impairments and other changes in aggregate of US$11,251,000,000 as at December 31, 2011 as a
consequence of the adoption of US GAAP, in each case, as shown on the most recent annual audited or quarterly unaudited consolidated balance sheet of such Person computed in accordance with GAAP; 

“Director” means a director of the Borrower for the time being and “Directors” or “Board of
Directors” means the board of directors of the Borrower or, if duly constituted and whenever duly empowered, the executive committee of the board of directors of the 

 
Borrower for the time being, and reference to action by the Directors means action by the Directors of the Borrower as a board or action by the said executive committee as such committee; 

“Facilities” means any drilling equipment, production equipment and platforms or mining equipment; pipelines, pumping stations
and other pipeline facilities; terminals, warehouses and storage facilities; bulk plants; production, separation, dehydration, extraction, treating and processing facilities; gasification or natural gas liquefying facilities, flares, stacks and
burning towers; floatation mills, crushers and ore handling facilities; tank cars, tankers, barges, ships, trucks, automobiles, airplanes and other marine, automotive, aeronautical and other similar moveable facilities or equipment; computer systems
and associated programs or office equipment; roads, airports, docks (including drydocks); reservoirs and waste disposal facilities; sewers; generating plants (including power plants) and electric lines; telephone and telegraph lines, radio and other
communications facilities; townsites, housing facilities, recreation halls, stores and other related facilities; and similar facilities and equipment of or associated with any of the foregoing; 

“Financial Instrument Obligations” means obligations arising under: 

 

	 	(a)	interest rate swap agreements, forward rate agreements, floor, cap or collar agreements, futures or options, insurance or other similar agreements or arrangements, or any combination thereof, entered into by a Person
relating to interest rates or pursuant to which the price, value or amount payable thereunder is dependent or based upon interest rates in effect from time to time or fluctuations in interest rates occurring from time to time; 

 

	 	(b)	currency swap agreements, cross-currency agreements, forward agreements, floor, cap or collar agreements, futures or options, insurance or other similar agreements or arrangements, or any combination thereof, entered
into by a Person relating to currency exchange rates or pursuant to which the price, value or amount payable thereunder is dependent or based upon currency exchange rates in effect from time to time or fluctuations in currency exchange rates
occurring from time to time; and 

  

	 	(c)	commodity swap or hedging agreements, floor, cap or collar agreements, commodity futures or options or other similar agreements or arrangements, or any combination thereof, entered into by a Person relating to one or
more commodities or pursuant to which the price, value or amount payable thereunder is dependent or based upon the price of one or more commodities in effect from time to time or fluctuations in the price of one or more commodities occurring from
time to time; 

 “GAAP” means generally accepted accounting principles in Canada which are in effect from time
to time, unless the Person’s most recent audited or unaudited interim financial statements are not prepared in accordance with generally accepted accounting principles in Canada, in which case GAAP shall mean generally accepted accounting
principles in the United States in effect from time to time; 

  
 - 2 - 

 “Indebtedness” means indebtedness created, issued or assumed for borrowed funds, or for the
unpaid purchase price of property of the Borrower or a Restricted Subsidiary, and includes such indebtedness guaranteed by the Borrower or a Restricted Subsidiary; 

“Person” means an individual, corporation, company, partnership (whether general or limited), joint venture, association, trust,
unincorporated organization or government or any agency or political subdivision thereof; 
 “Publicly Traded Securities” means securities
of a corporation which are listed on any stock exchange and are entitled to share without limitation in a distribution of the assets of the corporation upon any liquidation, dissolution or winding-up of the corporation and includes any securities
convertible or exchangeable into such securities; 
 “Purchase Money Mortgage” means any mortgage, hypothecation, charge or other
encumbrance on property or assets created, issued or assumed to secure a Purchase Money Obligation in respect of such property or assets and also means any agreement or other instrument entered into for the acquisition of or right to acquire any
property or assets or any interest therein in which agreement or instrument there is reserved or which obligates the Borrower or a Restricted Subsidiary to pay a royalty, rent or percentage of profits or proceeds won from such property or assets and
which charges or secures such property or assets or interest therein or the lands containing the same with the payment thereof and includes any extension, renewal, refunding or refinancing thereof so long as the principal amount outstanding
immediately prior to the date of such extension, renewal, refunding or refinancing is not increased; provided, however, that such mortgage, hypothecation, charge, encumbrance, agreement or other instrument is created, issued or assumed
prior to, concurrently with or within 180 days following the acquisition of such property or assets, except in the case of property or assets on which improvements are constructed, installed or added, in which case the same shall be created or
issued within a period of 180 days after Substantial Completion of such improvements; 
 “Purchase Money Obligation” means any Indebtedness
assumed as, or issued and incurred to provide funds to pay, all or part of (i) the purchase price (which shall be deemed to include any costs of construction or installation) of any property or assets acquired after the date of the Credit
Agreement or (ii) the cost of improvements made after the date of the Credit Agreement to any property or assets; 
 “Restricted
Property” means any oil, gas or mineral property of a primary nature located in Canada or the United States and any facilities located in Canada or the United States directly related to the mining, processing or manufacture of hydrocarbons
or minerals, or any of the constituents thereof or the derivatives therefrom and includes Voting Shares or other interests of a corporation or other Person which owns such property or facilities, but does not include (i) any property or
facilities used in connection with or necessarily incidental to the purchase, sale, storage, transportation or distribution of Restricted Property, (ii) any property which, in the opinion of the Board of Directors, is not materially important
to the total business conducted by the Borrower and its Subsidiaries as an entirety, or (iii) any portion of a 

  
 - 3 - 

 
particular property which, in the opinion of the Board of Directors, is not materially important to the use or operation of such property; 

“Restricted Subsidiary” means, on any date, any Subsidiary which owns at the time Restricted Property; provided, however, such
term shall not include a Subsidiary of the Borrower if the amount of the Borrower’s share of Shareholders’ Equity of such Subsidiary constitutes, at the time of determination, less than 2% of the Consolidated Net Tangible Assets of the
Borrower; 
 “Shareholders’ Equity” means the aggregate amount of shareholders’ equity (including but not limited to share
capital, contributed surplus and retained earnings) of a Person as shown on the most recent annual audited or unaudited interim consolidated balance sheet of such Person and computed in accordance with GAAP; 

“Subsidiary” means, on any date, any corporation or other Person of which Voting Shares or other interests carrying more than 50% of the
voting rights attached to all outstanding Voting Shares or other interests are owned, directly or indirectly, by or for the Borrower and/or by or for any corporation in like relation to the Borrower and includes any corporation in like relation to a
Subsidiary; provided, however, such term shall not include any corporations or other Persons (or their respective Subsidiaries) which have Publicly Traded Securities where the aggregate amount of assets of all such corporations or
other Persons does not exceed 20% of the Consolidated Assets of the Borrower at the time and from time to time; 
 “Substantial Completion”
means, with respect to an improvement, the point at which the improvement is ready for use or is being used for the purpose for which it was intended; 

“Value” means: 
  

	(a)	150% of the face value of Canadian dollar funds or debt instruments of the Government of Canada or any of its provinces maturing within 12 months; and 

 

	(b)	in respect of any other assets of the Borrower, the fair market value of such assets as determined by the Board of Directors of the Borrower; 

“Voting Shares” means shares of any class of any corporation carrying voting rights under all circumstances, provided that, for the purposes
of this definition, shares which only carry the right to vote conditionally on the happening of an event shall not be considered Voting Shares, nor shall any shares be deemed to cease to be Voting Shares solely by reason of a right to vote accruing
to shares of another class or classes by reason of the happening of such an event, or solely because the right to vote may not be exercisable under the charter of the corporation. 

  
 - 4 - 

 ARTICLE 2 

NEGATIVE PLEDGE 
  

	2.1	Negative Pledge 

 As long as any portion of the Commitments remains outstanding or
amounts are outstanding to any Lenders by the Borrower under the Credit Agreement, and subject to all the provisions of this Negative Pledge, the Borrower will not, nor will it permit any Restricted Subsidiary to, create any mortgage, hypothecation,
charge or other encumbrance on any of its or their property or assets, present or future, to secure Indebtedness, unless at or prior thereto the maximum amount of the Total Syndicated Commitment then in effect is equally and rateably secured with
such Indebtedness or, at the option of the Borrower, security in the form of other property having a Value equal to 150% of the principal amount of the Total Syndicated Commitment then in effect is extended to the Agent and the Lenders. 

The provisions of this Section 2.1 shall not apply to or operate to prevent: 

 

	 	(a)	liens or other encumbrances, not related to the borrowing of money, incurred or arising by operation of law or in the ordinary course of business or incidental to the ownership of property or assets; 

 

	 	(b)	pre-existing encumbrances on property or assets when acquired (including by way of lease); 

  

	 	(c)	encumbrances or obligations to incur encumbrances (including under indentures, trust deeds and similar instruments) on property or assets of another Person existing at the time such other Person becomes a Subsidiary, or
is liquidated or merged into, or amalgamated or consolidated with, the Borrower or a Subsidiary or at the time of the sale, lease or other disposition to the Borrower or a Subsidiary of all or substantially all of the properties and assets of such
other Person, provided that such encumbrances were not incurred in anticipation of such other Person becoming a Subsidiary; 

  

	 	(d)	encumbrances given by the Borrower or any of its Restricted Subsidiaries in compliance with contractual commitments in existence at the date hereof or entered into prior to a Restricted Subsidiary becoming a Restricted
Subsidiary; 

  

	 	(e)	giving security by the Borrower or a Subsidiary in favour of the Borrower or any of its Subsidiaries; 

  

	 	(f)	creating, issuing or suffering to exist or becoming liable on, or giving or assuming, any Purchase Money Mortgage; 

  

	 	(g)	creating, issuing or suffering to exist or becoming liable on, or giving or assuming any mortgage, hypothecation, charge or other encumbrance in connection with Indebtedness which, by its terms, is non-recourse to the
Borrower or the Restricted Subsidiary; 

  
 - 5 - 

	 	(h)	giving security on any specific property or asset in favour of a government within or outside Canada or any political subdivision, department, agency or instrumentality thereof to secure the performance of any covenant
or obligation to or in favour of or entered into at the request of any such authorities where such security is required pursuant to any contract, statute, order or regulation; 

 

	 	(i)	giving, in the ordinary course of business and for the purpose of carrying on the same, security on current assets to any bank or banks or others to secure any obligations repayable on demand or maturing, including any
right of extension or renewal, within 12 months after the date such obligation is incurred; 

  

	 	(j)	giving security on property or assets of whatsoever nature other than Restricted Property; provided, however, security on Restricted Property may be given to secure obligations incurred or guarantees of
obligations incurred in connection with or necessarily incidental to the purchase, sale, storage, transportation or distribution of such Restricted Property or of the products derived from such Restricted Property; 

 

	 	(k)	encumbrances arising under partnership agreements, oil and natural gas leases, overriding royalty agreements, net profits agreements, production payment agreements, royalty trust agreements, master limited partnership
agreements, farm-out agreements, division orders, contracts for the sale, purchase, exchange, storage, transportation, distribution, gathering or processing of Restricted Property, unitizations and pooling designations, declarations, orders and
agreements, development agreements, operating agreements, production sales contracts (including security in respect of take or pay or similar obligations thereunder), area of mutual interest agreements, natural gas balancing or deferred production
agreements, injection, repressuring and recycling agreements, salt water or other disposal agreements, seismic or geophysical permits or agreements, which in each of the foregoing cases is customary in the oil and natural gas business, and other
agreements which are customary in the oil and natural gas business, provided in all instances that such encumbrance is limited to the property or assets that are the subject of the relevant agreement; 

 

	 	(l)	any encumbrance on any properties or facilities or any interest therein, construction thereon or improvement thereto incurred to secure all or any part of any Indebtedness relating to the reclamation and clean-up of
such properties, facilities and interests and surrounding lands whether or not owned by the Borrower or a Restricted Subsidiary, the plugging or abandonment of wells and the decommissioning or removal of structures or facilities located on such
properties or facilities provided such Indebtedness is incurred prior to, during or within two years after the completion of reclamation and clean-up or such other activity; 

 

	 	(m)	 encumbrances in respect of the joint development, operation or present or future reclamation, clean-up or
abandonment of properties, facilities and surrounding lands or related production or processing as security in favour of any other owner or operator of such assets for the Borrower’s or any Restricted Subsidiary’s portion of

  
 - 6 - 

	 	
the costs and expenses of such development, operation, reclamation, clean-up or abandonment; 

  

	 	(n)	encumbrances on assets or property (including oil sands property) securing: (i) all or any portion of the cost of acquisition (directly or indirectly), surveying, exploration, drilling, development, extraction,
operation, production, construction, alteration, repair or improvement of all or any part of such assets or property and the plugging and abandonment of wells thereon, (ii) all or any portion of the cost of acquiring (directly or indirectly),
developing, constructing, altering, improving, operating or repairing any assets or property (or improvements on such assets or property) used or to be used in connection with such assets or property, whether or not located (or located from time to
time) at or on such assets or property, (iii) Indebtedness incurred by the Borrower or any of its Subsidiaries to provide funds for the activities set forth in clauses (i) and (ii) above, provided such Indebtedness is incurred prior to, during or
within two years after the completion of acquisition, construction or such other activities referred to in clauses (i) and (ii) above, and (iv) Indebtedness incurred by the Borrower or any of its Subsidiaries to refinance Indebtedness incurred for
the purposes set forth in clauses (i) and (ii) above. Without limiting the generality of the foregoing, costs incurred after the date hereof with respect to clauses (i) or (ii) above shall include costs incurred for all facilities relating to such
assets or property, or to projects, ventures or other arrangements of which such assets or property form a part or which relate to such assets or property, which facilities shall include, without limitation, Facilities, whether or not in whole or in
part located (or from time to time located) at or on such assets or property; 

  

	 	(o)	encumbrances granted in the ordinary course of business in connection with Financial Instrument Obligations; 

  

	 	(p)	deposits referred to in part (i) of the proviso to the definition of Consolidated Debt to Consolidated Capitalization Ratio; and 

 

	 	(q)	any extension, renewal, alteration, refinancing, replacement, exchange or refunding (or successive extensions, renewals, alterations, refinancings, replacements, exchanges or refundings) of all or part of any
encumbrance referred to in the foregoing clauses; provided, however, that (i) such new encumbrance shall be limited to all or part of the property or assets which was secured by the prior encumbrance plus improvements on such property
or assets and (ii) the Indebtedness, if any, secured by the new encumbrance is not increased from the amount of the Indebtedness secured by the prior encumbrance then existing at the time of such extension, renewal, alteration, refinancing,
replacement, exchange or refunding, plus an amount necessary to pay fees and expenses, including premiums, related to such extensions, renewals, alterations, refinancings, replacements, exchanges or refundings; 

provided that (i) in any event, the Borrower and any Restricted Subsidiary shall be entitled to give security that would otherwise be prohibited
hereby so long as the aggregate Indebtedness outstanding 

  
 - 7 - 

 
and secured under this (i) and the aggregate Indebtedness outstanding and secured under Subsection 2.1(n) above does not at the time of giving such security exceed an amount equal to 10% of the
Consolidated Net Tangible Assets of the Borrower at such time and (ii) in no event shall the Borrower or any Restricted Subsidiary be entitled to give security that would otherwise be permitted by Subsection 2.1(n) if such security secures
Indebtedness which exceeds an amount equal to 10% of the Consolidated Net Tangible Assets of the Borrower at such time. 
 Transactions such
as the sale (including any forward sale) or other transfer of (i) oil, gas, minerals or other resources of a primary nature, whether in place or when produced, for a period of time until, or in an amount such that, the purchaser will realize
therefrom a specified amount of money or a specified rate of return (however determined), or a specified amount of such oil, gas, minerals, or other resources of a primary nature, or (ii) any other interest in property of the character commonly
referred to as a “production payment”, will not constitute secured indebtedness and will not result in the Borrower being required to secure the Borrowings. 

In the event security has been provided to the Agent and the Lenders in accordance with Section 2.1 hereof and the maximum principal
amount of the Credit Facility is thereafter permanently reduced at any time or from time to time, the Borrower may request once in each calendar year, and the Agent and the Lenders shall grant at the Borrower’s expense, discharges of security
as will ensure that the remaining security secures, to the satisfaction of the Agent on behalf of the Lenders acting reasonably, the maximum principal amount of the Credit Facility, as permanently reduced from time to time. 

  
 - 8 - 

 Schedule “H” to the Restated Credit Agreement dated as of July 16, 2015 among ENCANA
CORPORATION as Borrower, the financial and other institutions named therein from time to time as Lenders and ROYAL BANK OF CANADA as Agent 

 
 POWER OF ATTORNEY -
BANKERS’ ACCEPTANCES 
  

	1.	This Power of Attorney is provided pursuant to the Restated Credit Agreement dated as of July 16, 2015 among Encana Corporation (the “Borrower”), the financial and other institutions named therein
from time to time as Lenders and Royal Bank of Canada as Agent (as amended, modified, supplemented or restated from time to time, the “Credit Agreement”). Terms and expressions defined in the Credit Agreement which are used in this
Power of Attorney and not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement. 

  

	2.	The Borrower hereby appoints each Lender which is not a Non-Acceptance Lender (individually, the “Lender”), acting by any authorized signatory of the Lender, the attorney of the Borrower:

  

	 	(a)	to sign, for and on behalf and in the name of the Borrower as drawer, and to endorse on its behalf, Bankers’ Acceptances drawn on the Lender and, if applicable, payable to the order of a “clearing house”
as defined in the Depository Bills and Notes Act (Canada); and 

  

	 	(b)	to fill in the amount payable at maturity, date and maturity date of such Bankers’ Acceptances; 

provided that such acts in each case are to be undertaken by the Lender strictly in accordance with instructions given to the Lender by
the Agent as hereinafter provided in paragraph 3 of this Power of Attorney. The Borrower understands signatures of any authorized signatory of the Lender may be mechanically reproduced in facsimile on Bankers’ Acceptances in accordance herewith
and such facsimile signatures shall be binding and effective as if they had been manually executed by such authorized signatory of the Lender. 
  

	3.	 Instructions from the Borrower to the Lender relating to the amounts payable at maturity, date and maturity dates
of Bankers’ Acceptances to be purchased by the Lender shall be communicated by the Borrower in writing to the Lender by delivery to the Agent on behalf of the Lender of a Notice of Drawdown by way of Bankers’ Acceptance in the form of
Schedule “B” to the Credit Agreement, a Notice of Conversion where a Borrowing is to be converted into a Borrowing by way of Bankers’ Acceptances or a Notice of Rollover in respect of a Borrowing by way of Bankers’ Acceptances
(each being a “Notice”) in accordance with provisions of the Credit Agreement. The communications in writing by the Borrower to the Agent on behalf of the Lender of the instructions set out in the Notice shall constitute
(a) the authorization and instruction of the Borrower to the Lender to sign for and on behalf and in the name of the Borrower as drawer the requested Bankers’ Acceptances and

	 	
to complete and/or endorse Bankers’ Acceptances in accordance with such information as set out therein, and (b) the request of the Borrower to the Lender to accept such Bankers’
Acceptances and purchase the same in accordance with the Credit Agreement. The Borrower acknowledges that the Lender shall not be obligated to accept or purchase any such Bankers’ Acceptances except in accordance with the provisions of the
Credit Agreement. 

  

	4.	The Lender shall be and it is hereby authorized to act on behalf of the Borrower upon and in compliance with instructions from the Agent communicated to the Lender as provided herein if the Lender reasonably believes
such instructions to be genuine. The Lender’s actions in compliance with such instructions from the Agent shall be conclusively deemed to have been in accordance with the instructions of the Borrower. 

 

	5.	The Borrower hereby agrees to indemnify the Lender and its directors, officers, employees, Affiliates and agents and to hold it and them harmless from and against any loss, liability, expense or claim of any kind or
nature whatsoever incurred by any of them as a result of any action or inaction in any way relating to or arising out of this Power of Attorney or the acts contemplated hereby; provided that this indemnity shall not apply to any such loss,
liability, expense or claim which results from the gross negligence or wilful misconduct of the Lender or any of its directors, officers, employees, Affiliates and agents. 

 

	6.	No revocation of this Power of Attorney shall reduce, limit or otherwise affect the obligations of the Borrower in respect of any Bankers’ Acceptances executed, completed, endorsed, discounted and/or delivered in
accordance herewith prior to the time at which such revocation becomes effective. 

  

	7.	The Power of Attorney is in addition to and not in substitution of any agreement to which the Lender and the Borrower are parties, including the Credit Agreement. 

 

	8.	The Power of Attorney shall be governed in all respects by the laws of Alberta and the laws of Canada applicable therein and the Borrower and the Lender each hereby irrevocably attorns to the non-exclusive jurisdiction
of the courts and such jurisdiction in respect of all matters arising out of this Power of Attorney. 

  

	9.	In the event of a conflict between the provisions of this Power of Attorney and the Credit Agreement, the Credit Agreement shall prevail. 

  
 - 2 - 

 Schedule “I” to the Restated Credit Agreement dated as of July 16, 2015 among ENCANA
CORPORATION as Borrower, the financial and other institutions named therein from time to time as Lenders and ROYAL BANK OF CANADA as Agent 

 
 LENDER TRANSFER AGREEMENT

  

	To:	Encana Corporation 

  

	To:	Royal Bank of Canada, as Agent 

 Dear Sirs: 

We refer to Section 15.9 of the Restated Credit Agreement dated as of July 16, 2015 among Encana Corporation (the “Borrower”), the
financial and other institutions named therein from time to time as Lenders (the “Lenders”) and Royal Bank of Canada as agent (the “Agent”) (as amended, modified, supplemented or restated from time to time, the
“Credit Agreement”). Unless otherwise defined herein or the context otherwise requires, terms used herein have the meanings provided in the Credit Agreement. 

This Agreement is delivered to you pursuant to Section 15.9 of the Credit Agreement and constitutes notice of confirmation to each of you of the
assignment from                     (the “Assignor”) to
                    (the “Assignee”) of         % of the Outstandings owing to the
Assignor and the Assignor’s Commitment outstanding under the Credit Agreement on the date hereof. After giving effect to the foregoing assignment, the Borrowings and Commitments of the Assignor and Assignee for the purposes of the Credit
Agreement are as set forth opposite such Person’s name on the signature pages hereof. 
 The Assignee hereby acknowledges and confirms that it has
received a copy of the Credit Agreement and the exhibits related thereto, together with copies of the documents which were required to be delivered under the Credit Agreement as a condition to the making of Borrowings thereunder. The Assignee
further confirms and agrees that in becoming a Lender and in making its Commitment and its Lender’s Proportion of Borrowings, such actions have and will be made without recourse to, or representation or warranty by the Agent. 

Except as otherwise provided in the Credit Agreement, effective as of the date of acceptance hereof by the Agent and the Borrower: 

 

	(a)	the Assignee: 

  

	 	(i)	shall be deemed automatically to have become a party to the Credit Agreement and to have all the rights and obligations of a “Lender” under the Credit Agreement and the other Loan Documents as if it were an
original signatory thereto to the extent specified in the second paragraph hereof; and 

	 	(ii)	agrees to be bound by the terms and conditions set forth in the Credit Agreement and the other Loan Documents as if it were an original signatory thereto; 

 

	(b)	[If applicable] [except as provided for in Sections 3.7(d)(ii)(D) or 3.13(j) of the Credit Agreement,] the Assignor shall be released from its obligations arising after such date under the Credit Agreement
and the other Loan Documents to the extent specified in the second paragraph hereof; [provided, however, that the Assignee shall indemnify the Assignor and hold the Assignor harmless from and against any losses or costs paid or
incurred by the Assignor in connection with Sections 3.7(d)(ii)(D) or 3.13(j) of the Credit Agreement (other than losses or costs which arise out of the negligence or wilful misconduct of the Assignor);] 

 

	(c)	the Assignor and the Assignee shall make all appropriate adjustments in payments for periods prior to such date by the Agent or with respect to the making of this Assignment directly between themselves; and

  

	(d)	if any Bankers’ Acceptances accepted by the Assignor or Letters of Credit issued by the Assignor remain outstanding on such date, such Bankers’ Acceptances and Letters of Credit shall remain the liability and
obligation of the Assignor and the Assignor shall be entitled to all of the rights, titles and benefits arising out of the Credit Agreement and the other Loan Documents with respect to such Bankers’ Acceptances and Letters of Credit (including
reimbursement rights); provided, however, that the Assignee shall indemnify the Assignor and hold the Assignor harmless from and against any losses or costs paid or incurred by the Assignor in connection with such Bankers’
Acceptances and its Lender’s Proportion of such Letters of Credit (other than losses or costs which arise out of the negligence or wilful misconduct of the Assignor). 

The Assignee hereby advises each of you of the following administrative details with respect to the assigned Outstandings and Commitments and further requests
the Agent to acknowledge receipt of this document: 
  

	(A)	Branch of Account: 

  

	(B)	Notice Address: 

  

	(C)	Payment Instructions: 

 This Agreement shall be governed by laws in force in the Province of Alberta and may be
executed by the Assignor and Assignee in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

DATED at Calgary, Alberta this ● day of ●, ●. 

After giving effect to this Assignment: 

  
 - 2 - 

 

			
	Loans:	  	[describe amount, type and currency]

	
	
	Bankers’ Acceptances:
	Letters of Credit:
	Commitment: US$[●]
	Fronting Bank Commitment: US$[●]
	Swing Line Commitment: US$[●]
	
	After giving effect to this Assignment:

			
		
	Loans:	  	[describe amount, type and currency]

	
	
	Bankers’ Acceptances:
	Letters of Credit:
	Commitment: US$[●]
	Fronting Bank Commitment: US$[●]
	Swing Line Commitment: US$[●]

 

			
	 [ASSIGNOR]

		
	Per:	 	  

		 	Title: ●
		
	Per:	 	  

		 	Title: ●
	
	 [ASSIGNEE]

		
	 Per:
	 	  

		 	Title: ●
		
	 Per:
	 	  

		 	Title: ●

 
 

  

			
	Accepted and Acknowledged this ● day of ●, ●
	
	ROYAL BANK OF CANADA as Agent
		
	By:	 	  

		 	Title: ●
		
	By:	 	  

		 	Title: ●
	
	Accepted and Acknowledged this ● day of ●, ●
	
	ENCANA CORPORATION
		
	By:	 	  

		 	Title: ●
		
	By:	 	  

		 	Title: ●

 [If applicable] [Add consent and release from the Fronting Bank(s) under Section 3.7(d)(ii)(D) of the Credit Agreement
and from the Swing Line Lender(s) under Section 3.13(j) of the Credit Agreement] 

  
 - 3 - 

 Schedule “J” to the Restated Credit Agreement dated as of July 16, 2015 among ENCANA
CORPORATION as Borrower, the financial and other institutions named therein from time to time as Lenders and ROYAL BANK OF CANADA as Agent 

 
 COMMITMENTS 

AGENT: 
  

					
	 Name
	  	 Notice Address
	  	 
	Royal Bank of Canada, as	  	Royal Bank of Canada	  	
	Agent	  	Agency Services Group	  	
		  	4th Floor, 20 King Street West	  	
		  	Toronto, Ontario M5H 1C4	  	
		  	Attention: Manager, Agency	  	
		  	Facsimile: (416) 842-4023	  	

 LENDERS: 
  

													
	 Name
	  	Syndicated
Commitment	 	  	Fronting Bank
Commitment	 	  	Swing Line
Commitment	 
	 Royal Bank of Canada
	  	US$	320,000,000	  	  				  	US$	100,000,000	  
	 Canadian Imperial Bank of Commerce
	  	US$	320,000,000	  	  				  	US$	100,000,000	  
	 Bank of Montreal
	  	US$	275,000,000	  	  				  	US$	100,000,000	  
	 The Bank of Nova Scotia
	  	US$	275,000,000	  	  				  	US$	100,000,000	  
	 The Toronto-Dominion Bank
	  	US$	275,000,000	  	  				  	US$	100,000,000	  
	 National Bank of Canada
	  	US$	240,000,000	  	  				  			
	 BNP Paribas
	  	US$	190,000,000	  	  				  			
	 Credit Agricole Corporate & Investment Bank
	  	US$	125,000,000	  	  				  			
	 Credit Suisse AG, Toronto Branch
	  	US$	120,000,000	  	  				  			
	 Alberta Treasury Branches
	  	US$	110,000,000	  	  				  			

													
	 Name
	  	Syndicated
Commitment	 	  	Fronting Bank
Commitment	 	  	Swing Line
Commitment	 
	 Caisse centrale Desjardins
	  	US$	85,000,000	  	  				  			
	 Bank of America, N.A. Canada Branch
	  	US$	70,000,000	  	  				  			
	 Bank of Tokyo-Mitsubishi UFJ (Canada)
	  	US$	70,000,000	  	  				  			
	 Barclays Bank PLC
	  	US$	70,000,000	  	  				  			
	 Citibank, N.A., Canadian Branch
	  	US$	70,000,000	  	  				  			
	 JPMorgan Chase Bank, N.A., Toronto Branch
	  	US$	70,000,000	  	  				  			
	 Mizuho Bank, Ltd.
	  	US$	70,000,000	  	  				  			
	 Sumitomo Mitsui Banking Corporation of Canada
	  	US$	70,000,000	  	  				  			
	 Wells Fargo Bank, N.A. London Branch
	  	US$	70,000,000	  	  				  			
	 Morgan Stanley Bank, N.A.
	  	US$	50,000,000	  	  				  			
	 ICICI Bank Canada
	  	US$	30,000,000	  	  				  			
	 Bank of China (Canada)
	  	US$	25,000,000	  	  				  			
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
				
	 TOTALS
	  	US$	3,000,000,000	  	  	$	0	  	  	US$	500,000,000	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

  
 - 2 -

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