Document:

EX-10.1

 Exhibit 10.1 
  

 
 CDN.$725,000,000 REVOLVING CREDIT
FACILITIES 
  
  

SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

BETWEEN 
 ENERFLEX LTD.
and 
 ENERFLEX AUSTRALASIA HOLDINGS PTY LTD 

as Borrowers 
 AND

 THE FINANCIAL INSTITUTIONS NAMED IN 

SCHEDULE A ANNEXED HERETO 

and such other persons as become parties hereto as lenders 

as Lenders 
 AND 

THE TORONTO-DOMINION BANK 

as Agent of the Lenders 

MADE AS OF JUNE 1, 2011, AMENDED AND RESTATED AS OF JUNE 30, 2014 AND 

FURTHER AMENDED AND RESTATED AS OF MAY 2, 2019 
  

 
 The
Toronto-Dominion Bank and The Bank of Nova Scotia 
 as Co- Lead Arrangers & Bookrunners 

The Toronto-Dominion Bank 

as Administration Agent 

The Bank of Nova Scotia 

as Syndication Agent 
  

 

 TABLE OF CONTENTS 

CREDIT AGREEMENT 

									
	 Article 1 - INTERPRETATION
	  	 	2	 
				
	        	 	1.1	  	Definitions	  	 	2	 
		 	1.2	  	Headings; Articles and Sections	  	 	48	 
		 	1.3	  	Number; persons; including	  	 	48	 
		 	1.4	  	Accounting Principles	  	 	48	 
		 	1.5	  	References to Agreements and Enactments	  	 	49	 
		 	1.6	  	Per Annum Calculations	  	 	49	 
		 	1.7	  	Schedules	  	 	49	 
		 	1.8	  	Amendment and Restatement	  	 	49	 
		
	 Article 2 - THE CREDIT FACILITIES
	  	 	50	 
				
		 	2.1	  	The Credit Facilities	  	 	50	 
		 	2.2	  	Types of Availments; Overdraft Loans; Australian LCs	  	 	51	 
		 	2.3	  	Purpose	  	 	52	 
		 	2.4	  	Availability and Nature of the Credit Facilities	  	 	52	 
		 	2.5	  	Minimum Drawdowns	  	 	52	 
		 	2.6	  	Libor Loan and BBSY Loan Availability	  	 	53	 
		 	2.7	  	Notice Periods for Drawdowns, Conversions and Rollovers	  	 	53	 
		 	2.8	  	Conversion Option	  	 	54	 
		 	2.9	  	Libor Loan and BBSY Loan Rollovers; Selection of Libor and BBSY Interest Periods 	  	 	55	 
		 	 2.10
	  	Rollovers and Conversions not Repayments	  	 	55	 
		 	2.11	  	Agent’s Obligations with Respect to Canadian Prime Rate Loans, U.S. Base Rate Loans and Libor Loans	  	 	56	 
		 	2.12	  	 Lenders’ and Agent’s Obligations with Respect to Canadian Prime Rate Loans, U.S. Base Rate Loans, Libor Loans and

BBSY Loans;
	  	 	56	 
		 	2.13	  	Irrevocability	  	 	56	 
		 	2.14	  	Optional Cancellation or Reduction of Credit Facilities	  	 	56	 
		 	2.15	  	Optional Repayment of Credit Facilities	  	 	57	 
		 	2.16	  	Mandatory Repayment and Reduction of Credit Facilities	  	 	58	 
		 	2.17	  	Additional Repayment Terms	  	 	58	 
		 	2.18	  	Currency Excess	  	 	60	 
		 	2.19	  	Hedging with Lenders and Hedging Affiliates	  	 	62	 
		 	2.20	  	Extension of Syndicated Facility Maturity Date	  	 	62	 
		 	2.21	  	Extension of Canadian Operating Facility Maturity Date	  	 	63	 
		 	2.22	  	Extension of Australian Operating Facility Maturity Date	  	 	64	 
		 	2.23	  	Replacement of Lenders	  	 	65	 
		 	2.24	  	Permitted Increase in Syndicated Facility	  	 	67	 
		 	2.25	  	Designation of Non-Guarantor Subsidiaries	  	 	68	 
		 	2.26	  	Australian Letters of Credit	  	 	69	 
		
	 Article 3 - CONDITIONS PRECEDENT TO DRAWDOWNS
	  	 	71	 
				
		 	3.1	  	Conditions for Drawdowns	  	 	71	 
		 	3.2	  	Additional Conditions For Amendment and Restatement	  	 	71	 
		 	3.3	  	Waiver	  	 	73	 

  
 - i - 

									
	 Article 4 - EVIDENCE OF DRAWDOWNS
	  	 	73	 
				
	        	  	4.1	  	Account of Record	  	 	73	 
		
	 Article 5 - PAYMENTS OF INTEREST AND FEES
	  	 	74	 
				
		  	5.1	  	Interest on Canadian Prime Rate Loans	  	 	74	 
		  	5.2	  	Interest on U.S. Base Rate Loans	  	 	74	 
		  	5.3	  	Interest on Libor Loans	  	 	74	 
		  	5.4	  	Interest on BBSY Loans	  	 	75	 
		  	5.5	  	Interest on Australian Overdraft Loans	  	 	75	 
		  	5.6	  	Interest Act (Canada); Conversion of 360 Day Rates	  	 	75	 
		  	5.7	  	Nominal Rates; No Deemed Reinvestment	  	 	76	 
		  	5.8	  	Standby Fees	  	 	76	 
		  	5.9	  	Agent’s Fees	  	 	77	 
		  	5.10	  	Interest on Overdue Amounts	  	 	77	 
		  	5.11	  	Waiver	  	 	78	 
		  	5.12	  	Maximum Rate Permitted by Law	  	 	78	 
		
	 Article 6 - BANKERS’ ACCEPTANCES
	  	 	78	 
				
		  	6.1	  	Bankers’ Acceptances	  	 	78	 
		  	6.2	  	Fees	  	 	78	 
		  	6.3	  	Form and Execution of Bankers’ Acceptances	  	 	78	 
		  	6.4	  	Power of Attorney; Provision of Bankers’ Acceptances to Lenders	  	 	79	 
		  	6.5	  	Mechanics of Issuance	  	 	82	 
		  	6.6	  	Rollover, Conversion or Payment on Maturity	  	 	83	 
		  	6.7	  	Restriction on Rollovers and Conversions	  	 	84	 
		  	6.8	  	Rollovers	  	 	84	 
		  	6.9	  	Conversion into Bankers’ Acceptances	  	 	84	 
		  	6.10	  	Conversion from Bankers’ Acceptances	  	 	84	 
		  	6.11	  	BA Equivalent Advances	  	 	84	 
		  	6.12	  	Termination of Bankers’ Acceptances	  	 	85	 
		
	 Article 7 - LETTERS OF CREDIT
	  	 	85	 
				
		  	7.1	  	Availability	  	 	85	 
		  	7.2	  	Currency, Type, Form and Expiry	  	 	85	 
		  	7.3	  	No Conversion	  	 	86	 
		  	7.4	  	POA LC Provisions	  	 	86	 
		  	7.5	  	Fronted LC Provisions	  	 	88	 
		  	7.6	  	Records	  	 	89	 
		  	7.7	  	Reimbursement or Conversion on Presentation;	  	 	90	 
		  	7.8	  	Fronting Lender Indemnity	  	 	90	 
		  	7.9	  	Fees and Expenses	  	 	91	 
		  	7.10	  	Additional Provisions	  	 	91	 
		  	7.11	  	Certain Notices to the Agent with Respect to Letters of Credit	  	 	95	 
		
	 Article 8 - PLACE AND APPLICATION OF PAYMENTS
	  	 	95	 
				
		  	8.1	  	Place of Payment of Principal, Interest and Fees; Payments to Agent, Canadian Operating Facility Lender and Australian Operating Facility Lender	  	 	95	 
		  	8.2	  	Designated Accounts of the Lenders	  	 	96	 
		  	8.3	  	Funds	  	 	96	 
		  	8.4	  	Application of Payments	  	 	96	 
	        	  	8.5	  	Payments Clear of Taxes	  	 	97	 
		  	8.6	  	Set-Off	  	 	98	 

  
 - ii - 

											
		
	 Article 9 - REPRESENTATIONS AND WARRANTIES
	  	 	99	 
					
		 	        	 	9.1	  	Representations and Warranties	  	 	99	 
		 		 	9.2	  	Deemed Repetition	  	 	105	 
		 		 	9.3	  	Other Documents	  	 	105	 
		 		 	9.4	  	Effective Time of Repetition	  	 	105	 
		 		 	9.5	  	Nature of Representations and Warranties	  	 	105	 
		
	 Article 10 - GENERAL COVENANTS
	  	 	106	 
					
		 		 	 10.1
	  	Affirmative Covenants of the Canadian Borrower	  	 	106	 
		 		 	10.2	  	Negative Covenants of the Canadian Borrower	  	 	112	 
		 		 	10.3	  	Financial Covenants	  	 	116	 
		 		 	10.4	  	Agent May Perform Covenants	  	 	117	 
		
	 Article 11 - GUARANTEES
	  	 	117	 
					
		 		 	11.1	  	Guarantees	  	 	117	 
		 		 	11.2	  	Forms	  	 	118	 
		 		 	11.3	  	Dealing with Guarantees	  	 	118	 
		 		 	11.4	  	Release of Guarantees	  	 	118	 
		 		 	11.5	  	Transfer of Subsidiary Guarantees	  	 	119	 
		 		 	11.6	  	Hedging Affiliates and Bank Product Affiliates	  	 	119	 
		 		 	11.7	  	Guarantees for Hedging with Former Lenders	  	 	119	 
		
	 Article 12 - EVENTS OF DEFAULT AND ACCELERATION
	  	 	120	 
					
		 		 	12.1	  	Events of Default	  	 	120	 
		 		 	12.2	  	Acceleration	  	 	124	 
		 		 	12.3	  	Conversion on Default	  	 	125	 
		 		 	12.4	  	Remedies Cumulative and Waivers	  	 	125	 
		 		 	12.5	  	Termination of Lenders’ Obligations	  	 	125	 
		 		 	12.6	  	Acceleration of All Lender Obligations	  	 	125	 
		 		 	12.7	  	Application and Sharing of Payments Following Acceleration	  	 	126	 
		 		 	12.8	  	Calculations as at the Adjustment Time	  	 	126	 
		 		 	12.9	  	Sharing Repayments	  	 	126	 
		 		 	12.10	  	Pro Rata Obligations	  	 	127	 
		
	 Article 13 - CHANGE OF CIRCUMSTANCES
	  	 	127	 
					
		 		 	13.1	  	Market Disruption Respecting LIBOR Loans and BBSY Loans	  	 	127	 
		 		 	13.2	  	Market Disruption Respecting Bankers’ Acceptances	  	 	130	 
		 		 	13.3	  	Change in Law	  	 	131	 
		 		 	13.4	  	Prepayment of Portion	  	 	133	 
		 		 	13.5	  	Illegality	  	 	133	 
		 		 	13.6	  	Mitigation Obligations	  	 	134	 
		
	 Article 14 - COSTS, EXPENSES AND INDEMNIFICATION
	  	 	134	 
					
		 		 	14.1	  	Costs and Expenses	  	 	134	 
		 		 	14.2	  	General Indemnity	  	 	135	 
		 		 	14.3	  	Environmental Indemnity	  	 	136	 
		 		 	14.4	  	Judgment Currency	  	 	137	 

  
 - iii - 

							
	 Article 15 - THE AGENT AND ADMINISTRATION OF THE CREDIT FACILITIES
	  	138
				
	        	 	15.1	  	     Authorization and Action	  	138

							
	        	 	15.2	  	Procedure for Making Loans	  	138
		 	15.3	  	Remittance of Payments	  	139
		 	15.4	  	Redistribution of Payment	  	140
		 	15.5	  	Duties and Obligations	  	141
		 	15.6	  	Prompt Notice to the Lenders	  	142
		 	15.7	  	Agent’s and Lenders’ Authorities	  	142
		 	15.8	  	Lender Credit Decision	  	143
		 	15.9	  	Indemnification of Agent	  	143
		 	15.10	  	Successor Agent	  	144
		 	15.11	  	Taking and Enforcement of Remedies	  	144
		 	15.12	  	Reliance Upon Agent	  	145
		 	15.13	  	No Liability of Agent	  	145
		 	15.14	  	The Agent and Defaulting Lenders	  	145
		 	15.15	  	Article for Benefit of Agent and Lenders	  	146
		
	Article 16 - GENERAL	  	147
				
		 	16.1	  	Exchange and Confidentiality of Information	  	147
		 	16.2	  	Nature of Obligation under this Agreement; Defaulting Lenders	  	148
		 	16.3	  	Notices	  	151
		 	16.4	  	Governing Law	  	153
		 	16.5	  	Benefit of the Agreement	  	153
		 	16.6	  	Assignment	  	154
		 	16.7	  	Participations	  	154
		 	16.8	  	Severability	  	154
		 	16.9	  	Whole Agreement	  	154
		 	16.10	  	Amendments and Waivers	  	155
		 	16.11	  	Further Assurances	  	155
		 	16.12	  	Attornment	  	155
		 	16.13	  	Time of the Essence	  	156
		 	16.14	  	Change of Currency	  	156
		 	16.15	  	Credit Agreement Governs	  	156
		 	16.16	  	Know Your Customer Laws	  	156
		 	16.17	  	Counterparts	  	156
		 	16.18	  	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	  	156
		 	16.19	  	Exiting Fronting Lender and Exiting Lender	  	157

  
 - iv - 

 SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

THIS AGREEMENT is made as of June 1, 2011, amended and restated as of June 30, 2014 and further amended and restated as of
May 2, 2019 
 B E T W E E N: 

ENERFLEX LTD., a corporation existing under the laws of Canada (hereinafter sometimes referred to as the “Canadian
Borrower”), 
 OF THE FIRST PART, 

- and – 
 ENERFLEX
AUSTRALASIA HOLDINGS PTY LTD, a corporation existing under the laws of Australia (hereinafter sometimes referred to as the “Australian Borrower”), 

OF THE SECOND PART, 
 - and - 

THE TORONTO-DOMINION BANK, THE BANK OF NOVA SCOTIA and those other financial institutions named on Schedule A annexed hereto, together
with such other persons as become parties hereto as lenders, (hereinafter sometimes collectively referred to as the “Lenders” and sometimes individually referred to as a “Lender”), 

OF THE THIRD PART, 
 - and - 

THE TORONTO-DOMINION BANK, a Canadian chartered bank, as agent of the Lenders hereunder (hereinafter referred to as the
“Agent”), 
 OF THE FOURTH PART. 

WHEREAS the Borrowers, certain of the Lenders and the Agent executed and delivered the credit agreement made as June 1, 2011 (as amended
and supplemented, the “Original Credit Agreement”); 
 AND WHEREAS the Borrowers, certain of the Lenders and the Agent
amended and restated the Original Credit Agreement in the form of the amended and restated credit agreement made as of June 30, 2014 (as further amended and supplemented to the date hereof, the “Existing Credit Agreement”);

 AND WHEREAS the parties hereto have agreed to further amend and restate the Existing Credit
Agreement on the terms and conditions set forth herein; 
 AND WHEREAS the Lenders have agreed to provide the Credit Facilities to the
Borrowers on the terms and conditions herein set forth; 
 AND WHEREAS Wells Fargo Bank, N.A. is executing this Agreement solely in its
capacity as an exiting Fronting Lender; 
 AND WHEREAS Bank of America, N.A., Canada Branch is executing this Agreement solely in its
capacity as an exiting Lender; 
 AND WHEREAS the Lenders wish the Agent to act on their behalf with regard to certain matters associated
with the Credit Facilities; 
 NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the covenants and agreements herein contained
and other good and valuable consideration, the receipt and sufficiency of which are hereby conclusively acknowledged by each of the parties hereto, the parties hereto covenant and agree as follows: 

ARTICLE 1—INTERPRETATION 
  

	1.1	 Definitions 

(1) In this Agreement, unless something in the subject matter or context is inconsistent therewith: 

“Acceleration Notice” means a written notice delivered by the Agent to the Canadian Borrower pursuant to Section 12.2 declaring all
Obligations of the Borrowers outstanding hereunder to be due and payable. 
 “Additional Compensation” has the meaning set out in
Section 13.3(1). 
 “Additional Debt” has the meaning set out in subparagraph (g) of the definition of “Permitted
Debt”. 
 “Adjustment Time” means the time of occurrence of the last event necessary (including the delivery of a Demand for Payment)
to ensure that all Obligations, all Bank Product Obligations and all Financial Instrument Obligations under any Lender Financial Instruments are thereafter due and payable. 

“Advance” means an advance of funds made by the Lenders or by any one or more of them to a Borrower (including by way of overdraft
under the Canadian Operating Facility and the Australian Operating Facility), but does not include any Conversion or Rollover.  
 “Affected
Loan” has the meaning set out in Section 13.4. 

  
 - 2 - 

 “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 by contract or otherwise. 
 “Agency
Fee Agreement” means the Agency Fee Agreement dated June 26, 2014 between the Canadian Borrower and the Agent (as the same may be amended, modified or restated from time to time) respecting the payment of certain fees and other amounts
to the Agent for its own account. 
 “Agent’s Accounts” means the following accounts maintained by the Agent to which payments and
transfers under this Agreement are to be effected: 
  

	 	(a)	 for Canadian Dollars: 

{Wire transfer information redacted} 
  

	 	(b)	 for United States Dollars: 

{Wire transfer information redacted} 
 or
such other account or accounts as the Agent may from time to time designate by notice to the Canadian Borrower and the Lenders. 

“Agreement” means this second amended and restated credit agreement, as the same may be further amended, modified, supplemented or restated
from time to time in accordance with the provisions hereof. 
 “Applicable Laws” or “applicable law” means, in relation to
any person, transaction or event: 
  

	 	(a)	 all applicable provisions of laws, statutes, rules (having the force of law) and regulations from time to time
in effect of any Governmental Authority; and 

  

	 	(b)	 all Governmental Authorizations to which the person is a party or by which it or its property is bound or
having application to the transaction or event. 

  
 - 3 - 

 “Applicable Pricing Rate”, as regards any Loan or the standby fees payable in accordance
with Section 5.8 means, when the Net Funded Debt to EBITDA Ratio (calculated as at the Quarter End for the most recently completed 12 months ended on such date) is one of the following, the percentage rate per annum set forth opposite such
ratio in the column applicable to the type of Loan in question or such standby fee: 
  

							
	 Net Funded Debt to EBITDA

Ratio
	  	 Margin on Canadian

Prime Rate Loans and
 U.S.
Base Rate Loans
	  	
Margin on LIBOR Loans

and BBSY Loans,

Acceptance Fees for

Bankers’ Acceptances and

Issuance Fees
 for Letters
of Credit
	  	
Standby Fee on each

Credit Facility

	 
	{Applicable margin and standby fee information
redacted}

 provided that: 
  

	 	(a)	 upon the occurrence and during the continuance of an Event of Default, the above rates per annum applicable to
Loans shall each increase (as applicable) by {Percentage redacted}% per annum; 

  

	 	(b)	 the above rates per annum applicable to Libor Loans and BBSY Loans are expressed on the basis of a year of 360
days; 

  

	 	(c)	 the above rates per annum applicable to all other Loans are expressed on the basis of a year of 365 days;

  

	 	(d)	 issuance fees for Letters of Credit which are Performance Letters of Credit shall be {Percentage redacted}%
of the rate specified above: 

  

	 	(e)	 changes in Applicable Pricing Rate shall be effective: 

 

	 	(i)	 in the case of outstanding Bankers’ Acceptances, upon the earlier of (A) 90 days after any change in
the Net Funded Debt to EBITDA Ratio and (B) the next Rollover or Conversion thereof after such change; 

  

	 	(ii)	 in all other cases, from and as of the third Banking Day following receipt by the Agent of the Compliance
Certificate evidencing the change in the Net Funded Debt to EBITDA Ratio which results in a change to the Applicable Pricing Rate in accordance with the provisions of such definition; and 

 

	 	(iii)	 without the necessity of notice to either Borrower; and 

 

	 	(f)	 notwithstanding the foregoing provisions of this definition, if the Canadian Borrower has failed to deliver a
Compliance Certificate for the immediately preceding fiscal quarter in accordance with the provisions hereof, then the Net Funded Debt to EBITDA Ratio shall be deemed to be greater than 3.00:1.0 for the purposes of determining the Applicable Pricing
Rate until the Canadian Borrower has remedied such failure and delivered such Compliance Certificate (and, from and after such delivery, the Applicable Pricing Rate shall be based upon the Net Funded Debt to EBITDA Ratio set forth in such Compliance
Certificate for the remainder of the period until the next such Compliance Certificate is required to be delivered hereunder). 

  
 - 4 - 

 “Approved Debt Terms” means, the Debt in question (a) shall have a final maturity date
not sooner than 6 months after the Syndicated Facility Maturity Date in effect on the date such Debt is issued and (b) shall rank subordinate to or pari passu with the Debt incurred under the Credit Facilities. 

“Approved Securities” means obligations maturing within one year from their date of purchase or other acquisition by a Borrower or a
Subsidiary (excluding any Project Finance SPV) and which are, directly or indirectly (including through a money market fund administered by the Agent): 
  

	 	(a)	 issued by the Government of Canada, the United States of America, the Commonwealth of Australia, the United
Kingdom of Great Britain and Northern Ireland or an instrumentality or agency thereof and guaranteed fully as to principal, premium, if any, and interest by the Government of Canada, the United States of America, the Commonwealth of Australia or the
United Kingdom of Great Britain and Northern Ireland; 

  

	 	(b)	 issued by a province of Canada, a state of the United States of America or the Commonwealth of Australia or a
region of the United Kingdom of Great Britain and Northern Ireland, or an instrumentality or agency thereof, which has a long term debt rating of at least A by S&P, A2 by Moody’s, or A by DBRS; or 

 

	 	(c)	 term deposits, guaranteed investment certificates, certificates of deposit, bankers’ acceptances or bearer
deposit notes, in each case, of any Canadian chartered bank or other Canadian financial institution or any bank or other financial institution incorporated under the laws of the United States of America, the Commonwealth of Australia or the United
Kingdom of Great Britain and Northern Ireland or any state thereof which has a long term debt rating of at least A+ by S&P, A1 by Moody’s, or A (high) by DBRS. 

“Asset Specific Non-Recourse Debt” means any indebtedness in respect of any amounts borrowed, Purchase Money Obligations, obligations secured
by a Security Interest existing on property owned subject to a Security Interest (whether or not the obligations secured thereby shall have been assumed) and guarantees, indemnities, endorsements (other than endorsements for collection in the
ordinary course of business) or other contingent obligations in respect of obligations of another person for indebtedness of that other person in respect of any amounts borrowed by them and, in each case, incurred to finance the creation,
development, construction or acquisition of assets and any increases in or extensions, renewals or refundings of any such indebtedness, liabilities and obligations, provided that the recourse of the lender thereof or any agent, trustee, receiver or
other person acting on behalf of the lender in respect of such indebtedness, liabilities and obligations or any judgment in respect thereof is limited in all circumstances (other than in respect of false or misleading representations or warranties)
to the assets created, developed, constructed or acquired in respect of which such indebtedness, liabilities and obligations has been incurred and to any receivables, inventory, equipment, chattel paper, intangibles and other rights or collateral
arising from or connected with the assets created, developed, constructed or acquired (and, for certainty, shall include the shares or other ownership interests of or investments in a single purpose entity or a Non-Guarantor Subsidiary, including a
Project Finance SPV, which holds only such assets and other rights and collateral arising from or connected therewith) and to which the lender has recourse. 

  
 - 5 - 

 “Assigned Interests” has the meaning set out in Section 2.23(2). 

“Assignment Agreement” means an assignment agreement substantially in the form of Schedule B annexed hereto, with such modifications thereto
as may be required from time to time by the Agent, with the consent of the applicable Borrower to the extent any such modifications impose any obligations on or require any additional acknowledgement or representation to be made by a Borrower, in
each case, acting reasonably. 
 “Attributable Debt” means, in respect of any lease (excluding any lease characterized hereunder as an
operating lease entered into in the ordinary course of business) entered into by a person or a Subsidiary thereof (excluding any Project Finance SPV) as lessee, the present value (discounted at the rate of interest implicit in such transaction,
determined in accordance with generally accepted accounting principles) of the lease payments of the lessee, including all rent and payments to be made by the lessee in connection with the return of the leased property, during the remaining term of
the lease (including any period for which such lease has been extended or may, at the option of the lessor, be extended) but excluding for certainty, (a) amounts required to be paid on account of insurance, taxes, assessments, utility,
operating and labour costs and similar charges and (b) amounts payable by a lessee in connection with the exercise of any end of term purchase option, early buy out option or any similar amounts payable at the election of the lessee. 

“Australian Corporations Act” means the Corporations Act 2001 (Cwlth) of Australia. 

“Australian Designated Account” means the account bearing account number {Account number redacted} of the Australian Borrower
maintained with the Australian Operating Facility Lender. 
 “Australian Dollars” and “AUD$” mean the lawful money of
Australia. 
 “Australian Letter of Credit” means an irrevocable standby letter of credit issued by the Australian Operating Facility
Lender under this Agreement acting at the request of, and in accordance with the instructions of, the Australian Borrower to make payment in accordance with the terms and conditions thereof of an amount to or to the order of a third party. 

“Australian Operating Facility” means the credit facility in the maximum principal amount of the Australian Operating Facility Commitment
(comprising (a) a sub-facility for Australian Overdraft Loans in the maximum principal amount of the Equivalent Amount in Australian Dollars of Cdn.$5,000,000, (b) a sub-facility for Australian Letters of Credit with an aggregate Maximum
Liability at any time of the Australian Operating Facility Commitment less the Outstanding Principal of Australian Overdraft Loans and BBSY Loans) (the “Australian LC Sub-Facility Limit”) and (c) a sub-facility for BBSY Loans
in the maximum principal amount at any time of the Australian Operating Facility Commitment less the Outstanding Principal of Australian Overdraft Loans and the aggregate Maximum Liability of outstanding Australian Letters of Credit) to be made
available to the Australian Borrower by the Australian Operating Facility Lender in accordance with the provisions hereof, subject to any reduction in accordance with the provisions hereof. 

  
 - 6 - 

 “Australian Operating Facility Commitment” means the commitment by the Australian Operating
Facility Lender under the Australian Operating Facility to provide the Equivalent Amount in Australian Dollars of the amount of Canadian Dollars set forth opposite its name in Schedule A annexed hereto, subject to any reduction in accordance with
the terms hereof. 
 “Australian Operating Facility Extension Date” has the meaning set out in Section 2.22(2). 

“Australian Operating Facility Extension Request” has the meaning set out in Section 2.22(1). 

“Australian Operating Facility Lender” means HSBC Bank Australia Limited or any other Lender which hereafter has an Australian Operating
Facility Commitment. 
 “Australian Operating Facility Maturity Date” means, in respect of Obligations outstanding to the Australian
Operating Facility Lender, June 30, 2023 or such later date to which the same may be extended in accordance with Section 2.22. 

“Australian Overdraft Account” has the meaning set out in Section 2.2(3). 

“Australian Overdraft Loans” has the meaning set out in Section 2.2(3). 

“Australian Reference Banks” means National Australia Bank Limited, Westpac Banking Corporation, Commonwealth Bank of Australia and New
Zealand Banking Group Limited. 
 “Australian Tax Act” means the Income Tax Assessment Act 1936 (Cwlth) or the Income Tax
Assessment Act 1997 (Cwlth), as the context requires. 
 “BA Discount Rate” means: 

 

	 	(a)	 in relation to a Bankers’ Acceptance accepted by a Schedule I Lender, the CDOR Rate;

  

	 	(b)	 in relation to a Bankers’ Acceptance accepted by a Schedule II Lender or Schedule III Lender, the lesser
of: 

  

	 	(i)	 the Discount Rate then applicable to bankers’ acceptances accepted by such Schedule II Lender or Schedule
III Lender; and 

  

	 	(ii)	 the CDOR Rate plus {Spread redacted}% per annum, 

provided that if both such rates are equal, then the “BA Discount Rate” applicable thereto shall be the rate specified in
(i) above; and 
  

	 	(c)	 in relation to a BA Equivalent Advance: 

 

	 	(i)	 made by a Schedule I Lender, ATB Financial or Export Development Canada, the CDOR Rate; 

 

	 	(ii)	 made by a Schedule II Lender or a Schedule III Lender, the rate determined in accordance with subparagraph
(b) of this definition; and 

  
 - 7 - 

	 	(iii)	 made by any other Lender, the lesser of: 

 

	 	A.	 the average of the rate applicable to Schedule II Lenders and Schedule III Lenders as provided for in
subparagraph (b)(i) of this definition; and 

  

	 	B.	 the CDOR Rate plus {Spread redacted}% per annum. 

“BA Equivalent Advance” means, in relation to a Drawdown of, Conversion into or Rollover of Bankers’ Acceptances, an advance in Canadian
Dollars made by a Non-Acceptance Lender as part of such Loan. 
 “Bail-In Action” means the exercise of any Write-Down and Conversion
Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 
 “Bail-In Legislation”
means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described
in the Bail-In Legislation Schedule. 
 “Bail-In Legislation Schedule” means the Bail-In Legislation Schedule published by the Loan Market
Association (or any successor person), as in effect from time to time. 
 “Bankers’ Acceptance” means a draft in Canadian Dollars
drawn by the Canadian Borrower, accepted by a Lender and issued for value pursuant to this Agreement. 
 “Banking Day” means, in respect of
(a) any BBSY Loan and any Australian Overdraft Loan, a day on which banks are open for business in Calgary, Alberta, Toronto, Ontario and Perth, Australia and (b) any Libor Loans, a day on which banks are open for business in Calgary,
Alberta, Toronto, Ontario, New York, New York and London, England and, for all other purposes, shall mean a day on which banks are open for business in Calgary, Alberta, Toronto, Ontario and New York, New York, but does not in any event include a
Saturday or a Sunday. 
 “Bank Products” means any facilities or services related to cash management, including treasury, depository,
overdraft, credit or debit card, purchase card, electronic funds transfer, cash pooling and other cash management arrangements and commercial credit card and merchant card services provided to the Canadian Borrower or its Subsidiaries (excluding any
Project Finance SPV) by the Lenders or their Affiliates. 
 “Bank Product Affiliates” means an Affiliate of a Lender which provides a Bank
Product. 
 “Bank Product Obligations” means any obligations arising under or in connection with Bank Products. 

“BBR” means, for any Interest Period, the rate quoted by the Australian Operating Facility Lender as that at which it would purchase Bills
accepted by itself with an aggregate face value comparable to the relevant amount and with a period comparable to the Interest Period, at or about 10:00 a.m. (Perth time) on the date of commencement of such Interest Period or otherwise the rate
determined by the Australian Operating Facility Lender in good faith and acting reasonably to be the appropriate rate and for this purpose, the Australian Operating Facility Lender may have regard to comparable indices in any market the Australian
Operating Facility Lender considers appropriate. 

  
 - 8 - 

 “BBSY” means, for any day, means, for an Interest Period, the rate determined by the
Australian Operating Facility Lender at or about 10.00 a.m. (Perth time) on the first day of the Interest Period and for the amount and period closest to the relevant amount and relevant period to be (a) the average bid rate quoted on the
“BBSY” page of the Reuters Monitor Money Rates Service or another page that replaces the “BBSY” page on that system to display average bid rates for Bills accepted by a bank, rounded up as necessary to the nearest 4 decimal
places or (b) if the page designated as “BBSY” (or another page that replaces the “BBSY” page) is not available for any reason, or the basis on which the rate quoted on that page is changed and in the opinion of the
Australian Operating Facility Lender, acting reasonably, that rate no longer reflects its cost of funding, then the average of the buying rates for Bills accepted by a bank quoted by 3 of the Australian Reference Banks, rounded up if necessary, to
the nearest 4 decimal places. 
 “BBSY Loan” means an Advance in, or Conversion into, Australian Dollars made by the Australian Operating
Facility Lender to the Australian Borrower with respect to which the Australian Borrower has specified or a provision hereof requires that interest is to be calculated by reference to the BBSY. 

“Beneficial Ownership Certification” means a certification to be made to a Covered Financial Institution regarding beneficial ownership
required by the Beneficial Ownership Regulation, which certification shall be substantially similar in form and substance to the form of Certification Regarding Beneficial Owners of Legal Entity Customers published jointly, in May 2018, by the Loan
Syndications and Trading Association and Securities Industry and Financial Markets Association. 
 “Beneficial Ownership Regulation” means
United States 31 C.F.R. § 1010.230. 
 “Bill” has the meaning it has in the Bills of Exchange Act 1909 (Cwlth) of Australia and
a reference to the drawing, acceptance or endorsement of, or other dealing with, a Bill is to be interpreted in accordance with that Act. 

“BLR” means the base lending rate of the Australian Operating Facility Lender determined by reference to external rates; and in the case of
Australian Dollars, as established and quoted from time to time by the Australian Operating Facility Lender in the national daily newspapers or financial papers. 

“Borrowers” means, collectively, the Canadian Borrower and the Australian Borrower and “Borrower” means either one of such
borrowers. 
 “Business” means the fabrication or supply of natural gas compression, oil and gas processing, refrigeration systems and
electric power equipment, and related services to the global energy market. 

  
 - 9 - 

 “Canadian Borrower EBITDA” means, in respect of any financial period for which it is being
determined, the consolidated net income of the Canadian Borrower determined in accordance with generally accepted accounting principles for such period, plus (without duplication): 

 

	 	(a)	 Interest Expense, to the extent deducted in the calculation of net income; 

 

	 	(b)	 all amounts deducted in the calculation of net income in respect of the provision for income taxes (in
accordance with generally accepted accounting principles); 

  

	 	(c)	 all amounts deducted in the calculation of net income in respect of non-cash items, including, without
limitation, depletion, depreciation, amortization and future income tax liabilities; 

  

	 	(d)	 all amounts deducted in the calculation of net income in respect of equity loss and extraordinary and
non-recurring losses and any non-cash impairment charges; 

  

	 	(e)	 to the extent deducted from net income, non-cash losses resulting from marking-to-market the outstanding
Financial Instruments of the Canadian Borrower and its Subsidiaries (excluding any Project Finance SPV) for such period in accordance with generally accepted accounting principles, 

less (in each case, on a consolidated basis), with respect to the Canadian Borrower and its Subsidiaries: 

 

	 	(f)	 earnings attributable to minority interests and extraordinary and non-recurring earnings and gains of the
Canadian Borrower and its Subsidiaries (excluding any Project Finance SPV) (on an unconsolidated basis), in each case, to the extent included in the calculation of net income; 

 

	 	(g)	 to the extent included in net income, non-cash gains resulting from marking- to-market the outstanding
Financial Instruments of the Canadian Borrower and its Subsidiaries (excluding any Project Finance SPV) for such period in accordance with generally accepted accounting principles; 

 

	 	(h)	 all cash payments during such period relating to non-cash charges which were added back in determining Canadian
Borrower EBITDA in any prior period; 

  

	 	(i)	 for certainty, any net income from or attributable to Non-Recourse Assets to which income (or proceeds thereof)
the lenders or other creditors holding Non-Recourse Debt may have recourse under any circumstances; and 

  

	 	(j)	 any net income attributable to any Project Finance SPV, 

and (i) in the event the Canadian Borrower or a Subsidiary (excluding any Project Finance SPV) acquires another entity during any such period, all
measures will be calculated pro forma based on the actual results of the acquired entity as if it had been owned by the Canadian Borrower or such Subsidiary over the entire period and (ii) in the event the Canadian Borrower or its
Subsidiary (excluding any Project Finance SPV) disposes of an entity during any such period, all measures will be calculated pro forma on the basis that such entity was disposed of at the beginning of the period. 

  
 - 10 - 

 “Canadian Dollars” and “Cdn.$” mean the lawful money of Canada. 

“Canadian Operating Facility” means the credit facility in the maximum principal amount of Cdn.$10,000,000 or the Equivalent Amount in United
States Dollars to be made available to the Canadian Borrower by the Canadian Operating Facility Lender in accordance with the provisions hereof, subject to any reduction in accordance with the provisions hereof. 

“Canadian Operating Facility Commitment” means the commitment by a Lender under the Canadian Operating Facility to provide the amount of
Canadian Dollars (or the Equivalent Amount thereof) set forth opposite its name in Schedule A annexed hereto, subject to any reduction in accordance with the terms hereof. 

“Canadian Operating Facility Extension Date” has the meaning set out in Section 2.21(2). 

“Canadian Operating Facility Extension Request” has the meaning set out in Section 2.21(1). 

“Canadian Operating Facility Maturity Date” means, in respect of Obligations outstanding to the Canadian Operating Facility Lender,
June 30, 2023 or such later date to which the same may be extended in accordance with Section 2.21. 
 “Canadian Operating Facility
Lender” means The Toronto-Dominion Bank or any other Lender which hereafter has a Canadian Operating Facility Commitment. 

“Canadian Overdraft Loans” has the meaning set out in Section 2.2(2). 

“Canadian Prime Rate” means, for any day, the greater of:  

 

	 	(a)	 the rate of interest per annum established from time to time by the Agent as the reference rate of interest for
the determination of interest rates that the Agent will charge to customers of varying degrees of creditworthiness in Canada for Canadian Dollar demand loans in Canada; and 

 

	 	(b)	 the rate of interest per annum equal to the average annual yield rate for one month Canadian Dollar
bankers’ acceptances (expressed for such purpose as a yearly rate per annum in accordance with Section 5.6) which rate is shown on the display referred to as the “CDOR Page” (or any display substituted therefor) of Reuters
Limited (or any successor thereto or Affiliate thereof) at 10:00 a.m. (Toronto time) on such day or, if such day is not a Banking Day, on the immediately preceding Banking Day, plus {Spread redacted}% per annum; 

provided that if both such rates are equal or if such one month bankers’ acceptance rate is unavailable for any reason on any date of determination, then
the “Canadian Prime Rate” shall be the rate specified in (a) above. 

  
 - 11 - 

 “Canadian Prime Rate Loan” means an Advance in, or Conversion into, Canadian Dollars made
by the applicable Lenders (or any of them) to the Canadian Borrower with respect to which the Canadian Borrower has specified or a provision hereof requires that interest is to be calculated by reference to the Canadian Prime Rate. 

“Capital Adequacy Requirements” means Guideline A, effective November 2018 / January 2019, entitled “Capital Adequacy Requirements
(CAR)”, as applicable to any Lender from time to time, issued by the Office of the Superintendent of Financial Institutions Canada and all other guidelines or requirements relating to capital adequacy issued by the Office of the Superintendent
of Financial Institutions or any other governmental agency or regulatory authority in Canada regulating or having jurisdiction with respect to any Lender, as amended, modified, supplemented, reissued or replaced from time to time. 

“Capital Lease” means any lease which is required be classified and accounted for as a capital lease under generally accepted accounting
principles. 
 “Cash Collateral” has the meaning set out in Section 2.17(3). 

“Cash Collateral Account” has the meaning set out in Section 2.17(3). 

“CDOR Rate” means, on any date which Bankers’ Acceptances are to be issued pursuant hereto, the per annum rate of interest which is the
rate determined as being the arithmetic average of the annual yield rates applicable to Canadian Dollar bankers’ acceptances having identical issue and comparable maturity dates as the Bankers’ Acceptances proposed to be issued by the
Canadian Borrower displayed and identified as such on the display referred to as the “CDOR Page” (or any display substituted therefor) of Reuters Limited (or any successor thereto or Affiliate thereof) (rounded to the nearest 1/100th of 1% with 0.05% being rounded up) as at approximately 10:00 a.m. (Toronto time) on such day, or if such day is not a Banking Day, then on the immediately preceding Banking Day (as adjusted by the
Agent, or the Canadian Operating Facility Lender, as applicable, 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 such
CDOR Page, then the CDOR Rate, on any day, shall be the Discount Rate quoted by the Agent, or the Canadian Operating Facility Lender, as applicable (determined as of 10:00 a.m. (Toronto time) on such day) which would be applicable in respect of an
issue of bankers’ acceptances in a comparable amount and with comparable maturity dates to the Bankers’ Acceptances proposed to be issued by the Canadian Borrower on such day, or if such day is not a Banking Day, then on the immediately
preceding Banking Day. In addition, if the rate determined above shall ever be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. 

“Change of Control” means and shall be deemed to have occurred if and when: 

 

	 	(a)	 any person or persons “acting jointly or in concert” (within the meaning ascribed to such phrase in
National Instrument 62-104-Take-Over Bids and Issuer Bids) shall beneficially own, directly or indirectly, Voting Shares in the capital of the Canadian Borrower which have or represent more than 50% of all of the votes entitled to be cast by
shareholders for an election of the board of directors of the Canadian Borrower; or 

  
 - 12 - 

	 	(b)	 other than in the case of a Permitted Replacement, individuals who were elected as members of the board of
directors of the Canadian Borrower by the most recent resolutions of the shareholders of the Canadian Borrower or who were appointed by a majority of the directors of the board of directors of the Canadian Borrower shall no longer constitute a
majority of the board of directors of the Canadian Borrower at any time prior to the next following resolutions of the shareholders of the Canadian Borrower relating to the election of the same. 

“clearing house” has the meaning set out in Section 6.4. 

“Code” means the United States Internal Revenue Code of 1986. 

“Collateral Investments” has the meaning set out in Section 2.17(3). 

“Commitment” means a Syndicated Facility Commitment, a Canadian Operating Facility Commitment or an Australian Operating Facility Commitment.

 “Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.). 

“Commodity Hedging Agreement” means any agreement constituting an “Eligible Financial Contract” under the regulations issued under
the Bankruptcy and Insolvency Act (Canada) for the making or taking of delivery of any commodity (including Petroleum Substances), any commodity swap agreement, floor, cap or collar agreement or commodity future or option or other similar
agreements or arrangements, or any combination thereof, entered into by the Canadian Borrower or a Guarantor where the subject matter of the same is any commodity or the price, value or amount payable thereunder is dependent or based upon the price
of any commodity or fluctuations in the price of any commodity. 
 “Compliance Certificate” means a certificate of the Canadian Borrower
signed on its behalf by the president, chief financial officer, vice president finance or treasurer of the Canadian Borrower, substantially in the form annexed hereto as Schedule C, to be given to the Agent and the Lenders by the Canadian Borrower
pursuant hereto. 
 “Consolidated Net Tangible Assets” means, as at any date of determination, all consolidated assets of the Canadian
Borrower as shown in a consolidated balance sheet of the Canadian Borrower for such date, less the aggregate of the following amounts reflected upon such balance sheet: 
  

	 	(a)	 all goodwill, deferred assets, trademarks, copyrights and other similar intangible assets;

  

	 	(b)	 to the extent not already deducted in computing such assets and without duplication, depreciation, depletion,
amortization, reserves and any other account which reflects a decrease in the value of an asset or a periodic allocation of the cost of an asset; provided that no deduction shall be made under this subparagraph (b) to the extent that such
account reflects a decrease in value or periodic allocation of the cost of any asset referred to in subparagraph (a) above; 

  
 - 13 - 

	 	(c)	 minority interests in a person not directly or indirectly owned or held by the Canadian Borrower or one of its
Subsidiaries; 

  

	 	(d)	 Non-Recourse Assets to the extent of the outstanding Asset Specific Non-Recourse Debt financing such assets;

  

	 	(e)	 investments in and advances to Subsidiaries of the Canadian Borrower which are not Guarantors or Material
Subsidiaries; and 

  

	 	(f)	 assets owned by any Project Finance SPV, 

all as determined in accordance with generally accepted accounting principles. 

“Conversion” means a conversion or deemed conversion of a Loan under a given Credit Facility into another type of Loan under the same Credit
Facility pursuant to the provisions hereof, provided that, subject to Section 2.8 and to Article 6 with respect to Bankers’ Acceptances, the conversion of (a) a Loan denominated in one currency to a Loan denominated in another
currency shall be effected by repayment of the Loan or portion thereof being converted in the currency in which it was denominated and readvance to applicable Borrower of the Loan into which such conversion was made and (b) the conversion of
any Australian Overdraft Loans into BBSY Loans shall be effected by repayment of such Australian Overdraft Loans, or the portion thereof being converted, and readvance to the Australian Borrower of such BBSY Loans. 

“Conversion Date” means the date specified by a Borrower as being the date on which such Borrower has elected to convert, or this Agreement
requires the conversion of, one type of Loan into another type of Loan and which shall be a Banking Day. 
 “Conversion Notice” means a
notice substantially in the form annexed hereto as Schedule D to be given to the Agent, the Canadian Operating Facility Lender, or the Australian Operating Facility Lender, as applicable, by a Borrower pursuant hereto. 

“Convertible Securities” means convertible subordinated securities issued by a Borrower or a Guarantor which have all of the following
characteristics: 
  

	 	(a)	 the obligations under, pursuant or relating to such securities and the indenture or agreement governing such
securities shall be unsecured obligations of such Borrower or the applicable Guarantor, and no Subsidiary (other than a Project Finance SPV) shall have provided a Guarantee or any Financial Assistance in respect of any of such obligations;

  

	 	(b)	 an initial final maturity, or due date in respect of repayment of principal, which is after each Maturity Date
in effect at the time such securities are issued; 

  

	 	(c)	 no scheduled or mandatory payments or repurchases of principal thereunder (other than acceleration following an
event of default in regard thereto or payments which can be satisfied by the delivery of equity in the capital of the applicable Borrower or the applicable Guarantor as contemplated in (g) below) prior to each Maturity Date in effect at the
time such securities are issued; 

  
 - 14 - 

	 	(d)	 upon and during the continuance of any Event of Default or acceleration of the time for payment of any of the
Obligations or Lender Financial Instrument Obligations which has not been rescinded, (i) all amounts payable by the applicable Borrower or the applicable Guarantor in respect of principal, premium (if any), interest or other obligations under,
pursuant or relating to such securities are subordinate and junior in right of payment to all the Obligations and the Lender Financial Instrument Obligations and (ii) no enforcement steps or proceedings may be commenced in respect of such
securities; 

  

	 	(e)	 upon any distribution of the assets of the applicable Borrower or the applicable Guarantor on any dissolution,
winding up, total liquidation or reorganization of such person (whether in bankruptcy, insolvency or receivership proceedings or upon an assignment for the benefit of creditors or any other marshalling of the assets and liabilities of the applicable
Borrower or the applicable Guarantor, or otherwise), all Obligations and all Lender Financial Instrument Obligations shall first be paid in full in cash, or provisions made for such payment, before any payment by the applicable Borrower or the
applicable Guarantor is made on account of principal, premium (if any), interest or other obligations payable in regard to such securities; 

  

	 	(f)	 a Default, Event of Default, acceleration of the time for repayment of any of the Obligations or Lender
Financial Instrument Obligations or enforcement of the rights and remedies of the Agent and the Lenders hereunder or under any other Document or Lender Financial Instrument or document delivered pursuant thereto shall not: 

 

	 	(i)	 cause a default or event of default (with the passage of time or otherwise) under such securities or the
indenture or agreement governing the same; or 

  

	 	(ii)	 cause or permit the obligations under, pursuant or relating to such securities to be due and payable prior to
the stated maturity thereof; 

  

	 	(g)	 payments of principal due and payable under, pursuant or relating to such securities can be satisfied, at the
option of the applicable Borrower or the applicable Guarantor, by issuing and delivering equity in the capital of the applicable Borrower or the applicable Guarantor in accordance with the indenture or agreement governing such securities; and

  

	 	(h)	 payments of interest due and payable under, pursuant or relating to such securities can be satisfied, at the
option of the applicable Borrower or the applicable Guarantor, by payment of the proceeds of the issue and sale of equity in the capital of the applicable Borrower or the applicable Guarantor resulting from a bid process whereby the trustee under
the indenture or agreement governing such securities: 

  

	 	(i)	 accepts delivery from the applicable Borrower or the applicable guarantor of such equity;

  
 - 15 - 

	 	(ii)	 accepts bids with respect to, and consummate sales of, such equity, each as the applicable Borrower or the
applicable Guarantor shall direct in its absolute discretion; and 

  

	 	(iii)	 uses the proceeds received from such sale of equity to satisfy such interest, 

where the acceptance of any such bid in accordance with (ii) above is conditional on the acceptance of sufficient bids to result in aggregate proceeds
from such issue and sale of equity equalling the interest due on the applicable interest payment date. 
 “Covered Financial Institution”
has the meaning given to it in US code 31 CFR § 1010.605(e)(1), and for greater certainty, includes only Lenders existing under the laws of the United States or operating through an agency or office within the United States. 

“Credit Facilities” means, collectively, the Syndicated Facility, the Canadian Operating Facility and the Australian Operating
Facility, and “Credit Facility” means either one of such credit facilities.  
 “Currency Excess” has the meaning
set out in Section 2.18(1). 
 “Currency Excess Deficiency” has the meaning set out in Section 2.18(2). 

“Currency Hedging Agreement” means any currency swap agreement, cross currency agreement, forward agreement, floor, cap or collar agreement,
futures or options, insurance or other similar agreement or arrangement, or any combination thereof, entered into by the Canadian Borrower or a Guarantor where the subject matter of the same is currency exchange rates or the price, value or amount
payable thereunder is dependent or based upon currency exchange rates or fluctuations in currency exchange rates as in effect from time to time. 

“DBNA” has the meaning set out in Section 6.4(1). 

“DBRS” means DBRS Limited and any successors thereto. 

“Debt” means, with respect to any person (“X”), all obligations, liabilities and indebtedness of X which would, in
accordance with generally accepted accounting principles, be classified upon a consolidated balance sheet of X as indebtedness for borrowed money of X and its Subsidiaries and, whether or not so classified, shall include (without duplication): 

 

	 	(a)	 indebtedness for borrowed money; 

 

	 	(b)	 obligations for the repayment of: (i) bankers’ acceptances (including payment and reimbursement
obligations in respect thereof), or (ii) letters of credit and letters of guarantee supporting obligations which would otherwise constitute Debt within the meaning of this definition or indemnities issued in connection therewith;

  

	 	(c)	 obligations with respect to the reimbursement of drawings under all other letters of credit and letters of
guarantee; 

  
 - 16 - 

	 	(d)	 obligations under Guarantees, indemnities, assurances, legally binding comfort letters or other contingent
obligations for the repayment of indebtedness or other obligations of any other person which would otherwise constitute Debt within the meaning of this definition and all other obligations incurred for the purpose of or having the effect of
providing financial assistance to another person for the repayment of such indebtedness or such other Debt obligations, including, without limitation, endorsements of bills of exchange (other than for collection or deposit in the ordinary course of
business); 

  

	 	(e)	 (i) all indebtedness representing the deferred purchase price of any property to the extent that such
indebtedness is or remains unpaid after the expiry of the customary time period for payment (excluding current accounts payable to trade creditors in the ordinary course of business, so long as the same are not outstanding longer than is customary
in X’s or the applicable Subsidiary’s business), provided however that such time period shall in no event exceed 90 days, (ii) all obligations created or arising under any conditional sales agreement or other title retention agreement
and (iii) obligations created or arising under any Capital Lease (to the extent of the amount required to be accounted for as a Capital Lease under generally accepted accounting principles) except for those obligations relating to the Capital
Leases that were or, in the case of leases entered into after June 1, 2011, would have been, characterized as operating leases under generally accepted accounting principles immediately prior to the adoption of International Financial Report
Standards; 

  

	 	(f)	 all Attributable Debt other than in respect of (i) leases of office space or (ii) operating leases,
in each case entered into in the ordinary course of business; 

  

	 	(g)	 all other long term obligations (including the current portion thereof) upon which interest charges are
customarily paid prior to default; 

  

	 	(h)	 Prepaid Obligations; and 

 

	 	(i)	 all indebtedness of other persons secured by a Security Interest on any asset, whether or not such indebtedness
is assumed thereby; provided that the amount of such indebtedness shall be the lesser of (i) the fair market value of such asset at such date of determination, and (ii) the amount of such indebtedness recorded as a liability in accordance
with generally accepted accounting principles, 

 but shall exclude each of the following, determined (as required) in accordance with
generally accepted accounting principles: 
  

	 	(j)	 mark to market amounts under Financial Instrument Obligations; 

 

	 	(k)	 accounts payable to trade creditors and accrued liabilities incurred in the ordinary course of business;

  

	 	(l)	 current taxes payable and future taxes; 

 

	 	(m)	 dividends or other equity distributions payable; and 

  
 - 17 - 

	 	(n)	 accrued interest not yet due and payable, 

provided that, unless otherwise expressly provided or the context otherwise requires, references herein to “Debt” shall be and shall be deemed to be
references to Debt of the Canadian Borrower and its Subsidiaries (other than any Project Finance SPV). 
 “Default” means any event or
condition which, with the giving of notice, lapse of time or upon a declaration or determination being made (or any combination thereof), would constitute an Event of Default. 

“Defaulting Lender” means any Lender: 
  

	 	(a)	 that has failed to fund any payment or its portion of any Loan required to be made by it hereunder or to
purchase or fund any participation required to be purchased or funded by it hereunder and under the other Documents; 

  

	 	(b)	 that has notified the Canadian 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; 

  

	 	(c)	 that has failed, within 3 Banking Days after request by the Agent or the Australian Operating Facility Lender,
as applicable, to confirm that it will comply with the terms of this Agreement relating to its obligations to fund prospective Loans; 

  

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

  

	 	(e)	 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 

  

	 	(f)	 that is generally in default of its obligations under other existing credit and loan documentation under which
it has commitments to extend. 

 “Defaulting Lender’s Assigned Interests” has the meaning set out in
Section 16.2(10). 
 “Demand for Payment” means an Acceleration Notice or a Financial Instrument Demand for Payment. 

“Departing Agent” has the meaning set out in Section 11.5. 

“Discount Proceeds” means the net cash proceeds to the Canadian Borrower from the sale of a Bankers’ Acceptance pursuant hereto or, in
the case of BA Equivalent Advances, the amount of a BA Equivalent Advance at the BA Discount Rate, in any case, before deduction or payment of the fees to be paid to the applicable Lenders under Section 6.2. 

  
 - 18 - 

 “Discount Rate” means, with respect to the issuance of a bankers’ acceptance, the rate
of interest per annum, calculated on the basis of a year of 365 days, (rounded upwards, if necessary, to the nearest whole multiple of 1/100th of one percent) which is equal to the discount
exacted by a purchaser taking initial delivery of such bankers’ acceptance, calculated as a rate per annum and as if the issuer thereof received the discount proceeds in respect of such bankers’ acceptance on its date of issuance and had
repaid the respective face amount of such bankers’ acceptance on the maturity date thereof. 
 “Dissenting Lender” has the meaning set
out in Section 2.23(1). 
 “Distribution” means: 
  

	 	(a)	 the declaration, payment or setting aside for payment of any dividend or other distribution on or in respect of
any shares in the capital of a Borrower or any Guarantor which is not a Wholly-Owned Subsidiary (including any return of capital); 

  

	 	(b)	 the redemption, retraction, purchase, retirement or other acquisition, in whole or in part, of any shares in
the capital of a Borrower or any Guarantor which is not a Wholly-Owned Subsidiary or any securities, instruments or contractual rights capable of being converted into, exchanged or exercised for shares in the capital thereof, including, without
limitation, options, warrants, conversion or exchange privileges and similar rights; 

  

	 	(c)	 the making of any loan or advance or any other provision of credit or Financial Assistance by a Borrower or any
Guarantor to any Related Party other than to a Borrower or a Guarantor; 

  

	 	(d)	 the payment of any principal, interest, fees or other amounts on or in respect of any loans, advances or other
Debt owing at any time by a Borrower or any Guarantor to any Related Party, other than to a Borrower or a Guarantor; or 

  

	 	(e)	 (i) the payment of any amount, (ii) the sale, transfer, lease or other disposition of any property or
assets, or (iii) any granting or creation of any rights or interests, at any time, by a Borrower or any Guarantor to or in favour of any Related Party, other than, in each case, to or in favour of a Borrower or a Guarantor,

 and whether any of the foregoing is made, paid or satisfied in or for cash, property or any combination thereof. 

“Documents” means this Agreement, the Subsidiary Guarantees, the Parent Guarantee, the Agency Fee Agreement and all certificates, instruments
and other documents executed and delivered or to be executed and delivered by a Borrower or a Guarantor to the Agent, the Canadian Operating Facility Lender, the Australian Operating Facility Lender or the Lenders, or each, in relation to the Credit
Facilities pursuant hereto or thereto and, when used in relation to any person, the term “Documents” shall mean and refer to the Documents executed and delivered by such person. 

  
 - 19 - 

 “Drafts” means drafts, bills of exchange, receipts, acceptances, demands and other requests
for payment drawn or issued under a Letter of Credit. 
 “Drawdown” means: 

 

	 	(a)	 an Advance of a Canadian Prime Rate Loan, U.S. Base Rate Loan, BBSY Loan, Australian Overdraft Loan or Libor
Loan; 

  

	 	(b)	 the issue of a Bankers’ Acceptance (or the making of a BA Equivalent Advance in lieu thereof) other than
as a result of Conversions or Rollovers; or 

  

	 	(c)	 the issuance of a Letter of Credit or an Australian Letter of Credit. 

“Drawdown Date” means the date on which a Drawdown is made by a Borrower pursuant to the provisions hereof and which shall be a Banking Day.

 “Drawdown Notice” means a notice substantially in the form annexed hereto as Schedule E to be given to the Agent, the Canadian Operating
Facility Lender or the Australian Operating Facility Lender, as applicable, by a Borrower pursuant hereto. 
 “EBITDA” means, in respect of
any financial period for which it is being determined: 
  

	 	(a)	 the Net Income for such period of the Canadian Borrower and the Guarantors (on an unconsolidated basis),
plus (in each case, on an unconsolidated basis of the Canadian Borrower and the Guarantors and without duplication): 

  

	 	(i)	 Interest Expense, to the extent deducted in the calculation of Net Income; 

 

	 	(ii)	 all amounts deducted in the calculation of Net Income in respect of the provision for income taxes (in
accordance with generally accepted accounting principles); 

  

	 	(iii)	 all amounts deducted in the calculation of Net Income in respect of non-cash items, including, without
limitation, depletion, depreciation, amortization and future income tax liabilities; 

  

	 	(iv)	 all amounts deducted in the calculation of Net Income in respect of equity loss and extraordinary and
non-recurring losses and any non-cash impairment charges; 

  

	 	(v)	 all cash distributions received in such period by the Canadian Borrower and the Guarantors from persons which
are not Guarantors which, in respect of cash distributions received from Project Finance SPVs (A) do not exceed, in aggregate, {Percentage redacted}% of EBITDA for the most recently completed four consecutive fiscal quarters, including
such period, and (B) for certainty, are derived from active business operations and shall not include returns of capital; and 

  
 - 20 - 

	 	(vi)	 to the extent deducted from Net Income, non-cash losses resulting from marking-to-market the outstanding
Financial Instruments of the Canadian Borrower and the Guarantors for such period in accordance with generally accepted accounting principles, 

less (in each case, on a consolidated basis), with respect to the Canadian Borrower and the Guarantors: 

 

	 	(vii)	 earnings attributable to minority interests and extraordinary and non-recurring earnings and gains of the
Canadian Borrower and the Guarantors (on an unconsolidated basis), in each case, to the extent included in the calculation of Net Income; 

  

	 	(viii)	 to the extent included in Net Income, non-cash gains resulting from marking- to-market the outstanding
Financial Instruments of the Canadian Borrower and the Guarantors for such period in accordance with generally accepted accounting principles; 

  

	 	(ix)	 all cash payments during such period relating to non-cash charges which were added back in determining EBITDA
in any prior period; and 

  

	 	(x)	 for certainty, any Net Income (other than any cash distributions received by the Canadian Borrower and the
Guarantors from Project Finance SPVs pursuant to subparagraph (v) above) from or attributable to Non-Recourse Assets to which income (or proceeds thereof) the lenders or other creditors holding Non-Recourse Debt may have recourse under any
circumstances, 

 and (i) in the event the Canadian Borrower or a Guarantor acquires another entity during any such period, all
measures will be calculated pro forma based on the actual results of the acquired entity as if it had been owned by the Canadian Borrower or such Guarantor over the entire period and (ii) in the event the Canadian Borrower or a Guarantor
disposes of an entity during any such period, all measures will be calculated pro forma on the basis that such entity was disposed of at the beginning of the period; plus 
  

	 	(b)	 the Non-Guarantor EBITDA for such period of each Non-Guarantor Subsidiary (excluding any Project Finance SPV)
in respect of which the Canadian Borrower has obtained political risk insurance (1) (A) on terms and conditions substantially the same in scope as the terms and conditions contained in the insurance policy annexed hereto as Schedule M and,
for certainty, covering loss in respect of each of expropriation, political violence and loss of use of assets due to political violence and (B) from an export credit agency or commercial insurer formed under the laws of an OECD Country with
(at all times the Non-Guarantor EBITDA of such Non- Guarantor Subsidiary is being included in a determination of EBITDA) a “Financial Strength Rating” of A- or higher from A.M. Best (or such other policy issuer acceptable to the Agent,
acting reasonably) or (2) on such other terms and conditions as agreed to by the Agent, in its sole discretion, such Non-Guarantor EBITDA to be up to a maximum aggregate amount of 5% of the Canadian

  
 - 21 - 

	 	
Borrower EBITDA for such period (provided, for greater certainty, that this subparagraph (b) shall not exclude or limit any cash distributions received by the Canadian Borrower and the
Guarantors from Project Finance SPVs, recognized as an inclusion of EBITDA under subparagraph (v) above, and this subparagraph (b) shall be calculated without reference to the inclusion of such cash distributions under subparagraph
(v) above). 

 Notwithstanding the foregoing, any Guarantor formed under the laws of Thailand shall not be considered a Guarantor for
purposes of calculating EBITDA for any period until such Guarantor has received the “approval in principal” from Governmental Authorities in Thailand required in connection with payments under the Subsidiary Guarantee of such Guarantor to
any foreign beneficiary thereunder. 
 “EC Treaty” means The Treaty of Maastricht (formally, the Treaty on European Union, (TEU)) signed on
February 7, 1992. 
 “EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA
Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition or (c) any financial
institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway. 

“EEA Resolution Authority” means any public administrative authority or any person entrusted with public administrative authority of any EEA
Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 
 “Eligible Contract
Participant” means a person that constitutes an “eligible contract participant” under the Commodity Exchange Act or any regulations promulgated thereunder. 

“Environmental Claims” means any and all administrative, regulatory or judicial actions, suits, demands, claims, liens, notices of
non-compliance or violation, investigations, inspections, inquiries or proceedings relating in any way to any Environmental Laws or to any permit issued under any such Environmental Laws including, without limitation: 

 

	 	(a)	 any claim by a Governmental Authority for enforcement, clean up, removal, response, remedial or other actions
or damages pursuant to any Environmental Laws; and 

  

	 	(b)	 any claim by a person seeking damages, contribution, indemnification, cost recovery, compensation or injunctive
or other relief resulting from or relating to Hazardous Materials, including any Release thereof, or arising from alleged injury or threat of injury to human health or safety (arising from environmental matters) or the environment.

  
 - 22 - 

 “Environmental Laws” means all Applicable Laws with respect to the environment or
environmental or public health and safety matters contained in statutes, regulations, rules, ordinances, orders, judgments, Governmental Authorizations or policies, guidelines or directives having the force of law. 

“Equity Plan Hedging Agreement” means any agreement constituting an “Eligible Financial Contract” under the regulations issued
under the Bankruptcy and Insolvency Act (Canada) in connection with equity securities of the Canadian Borrower or a Guarantor, any equity securities plan hedging agreement, floor, cap or collar agreement or equity security plan future or
option or other similar agreements or arrangement, or any combination thereof, entered into by the Canadian Borrower or a Guarantor where the subject matter of the same is any equity securities of the Canadian Borrower or a Guarantor or the price,
value or amount payable thereunder is dependent or based upon the price of any equity securities of the Canadian Borrower or a Guarantor or fluctuations in the price of any such equity securities. 

“Equivalent Amount” means, on any date, the equivalent amount in Canadian Dollars, United States Dollars, Australian Dollars, Pounds Sterling
or Euros, as the case may be, after giving effect to a conversion of a specified amount of: 
  

	 	(a)	 United States Dollars to Canadian Dollars, Australian Dollars, Pounds Sterling or Euros; 

 

	 	(b)	 Canadian Dollars to United States Dollars, Australian Dollars, Pounds Sterling or Euros; 

 

	 	(c)	 Australian Dollars to United States Dollars, Canadian Dollars, Pounds Sterling or Euros; 

 

	 	(d)	 Pounds Sterling to United States Dollars, Canadian Dollars, Australian Dollars or Euros; or

  

	 	(e)	 Euros to United States Dollars, Canadian Dollars, Australian Dollars or Pounds Sterling, 

as the case may be, at the rate of exchange for Canadian interbank transactions established by the Bank of Canada and published at approximately 4:30 p.m.
(Toronto time) on the Banking Day immediately preceding the day in question, or, if such rate is for any reason unavailable, at the spot rate quoted for wholesale transactions by the Agent at approximately noon (Toronto time) on the day in question
in accordance with its normal practice. 
 “Euros” and “€” means the lawful currency of the member states of the
European Union that adopt the single currency in accordance with the EC Treaty. 
 “Event of Default” has the meaning set out in
Section 12.1. 
 “Existing Credit Agreement” has the meaning ascribed thereto in the first recital hereof. 

  
 - 23 - 

 “FATCA” means sections 1471 through 1474 of the Code (amended from time to time), any
current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code. 

“Federal Funds Rate” means, for any day, the rate of interest per annum equal to (a) the weighted average (rounded upwards, if
necessary, to the next 1/100th of one percent per annum) of the annual rates of interest on overnight Federal funds transactions with members of the Federal Reserve Board of the United States of
America (or any successor thereof) arranged by Federal funds brokers on such day, as published on the next succeeding Banking Day by the Federal Reserve Bank of New York (or any successor thereto) or, (b) if such day is not a Banking Day, such
weighted average for the immediately preceding Banking Day for which the same is published or, (c) if such rate is not so published for any day that is a Banking Day, the average (rounded upwards, if necessary, to the next 1/100th of one percent per annum) of the quotations for such day on such transactions received by the Agent, or the Canadian Operating Facility Lender, as applicable, from three Federal funds brokers of
recognized standing selected by the Agent. 
 “Federal Reserve Board” or “Federal” means the Board of Governors of the
Federal Reserve System of the United States of America or any successor thereof. 
 “Financial Assistance” means, with respect to any
person and without duplication, any loan, Guarantee, indemnity, assurance, acceptance, extension of credit, loan purchase, share purchase, equity or capital contribution, investment or other form of direct or indirect financial assistance or support
of any other person or any obligation (contingent or otherwise) intended to enable another person to incur or pay any Debt or to comply with agreements relating thereto or otherwise to assure or protect creditors of the other person against loss in
respect of Debt of the other person and includes any Guarantee of or indemnity in respect of the Debt of the other person and any absolute or contingent obligation to (directly or indirectly): 

 

	 	(a)	 advance or supply funds for the payment or purchase of any Debt of any other person; 

 

	 	(b)	 purchase, sell or lease (as lessee or lessor) any property, assets, goods, services, materials or supplies
primarily for the purpose of enabling any person to make payment of Debt or to assure the holder thereof against loss; 

  

	 	(c)	 guarantee, indemnify, hold harmless or otherwise become liable to any creditor of any other person for, from,
against or in respect of any losses, liabilities or damages in respect of Debt; 

  

	 	(d)	 make a payment to another for goods, property or services regardless of the non-delivery or non-furnishing
thereof; or 

  

	 	(e)	 make an advance, loan or other extension of credit to or to make any subscription for equity, equity or capital
contribution, or investment in or to maintain the capital, working capital, solvency or general financial condition of another person for the purpose of enabling any person to make payment on Debt, 

  
 - 24 - 

 The amount of any Financial Assistance is the amount of any loan or direct or indirect financial assistance
or support, without duplication, given, or all Debt of the obligor to which the Financial Assistance relates, unless the Financial Assistance is limited to a determinable amount, in which case the amount of the Financial Assistance is such
determinable amount. 
 “Financial Instrument” means any Equity Plan Hedging Agreement, Interest Hedging Agreement, Currency Hedging
Agreement or Commodity Hedging Agreement. 
 “Financial Instrument Demand for Payment” means a demand made by a Lender or Hedging Affiliate
pursuant to a Lender Financial Instrument demanding payment of the Financial Instrument Obligations which are then due and payable relating thereto and shall include, without limitation, any notice under any agreement evidencing a Lender Financial
Instrument which, when delivered, would require an early termination thereof and a payment by the applicable Borrower or Guarantor in settlement of obligations thereunder as a result of such early termination. 

“Financial Instrument Obligations” means obligations arising under Financial Instruments entered into by a Borrower or a Guarantor to the
extent of the net amount due or accruing due by such Borrower or Guarantor. 
 “Former Lender” has the meaning set out in
Section 11.7. 
 “Fronted LC” means a Letter of Credit issued by a Fronting Lender for the account of the Syndicated Facility Lenders.

 “Fronting Lender” means, each to a maximum of its respective Fronting Limit, (a) initially, The Toronto-Dominion Bank, The
Bank of Nova Scotia, Canadian Imperial Bank of Commerce and HSBC Bank Canada or (b) such other Syndicated Facility Lender as is selected by the Agent and the Canadian Borrower, which assumes in writing with the Canadian Borrower, the Syndicated
Facility Lenders and the Agent, the obligation of issuing Letters of Credit for the account of the Syndicated Facility Lenders under the Syndicated Facility; provided that, with respect to particular usage herein and if the context requires,
“Fronting Lender” shall mean the Syndicated Facility Lender which has issued the Letter of Credit in question.  
 “Fronting
Limit” means, with respect to each Fronting Lender, the maximum Outstanding Principal of Letters of Credit for which such Lender is obligated to be the Fronting Lender hereunder, which limit is set forth opposite the name of such Fronting
Lender on Schedule A annexed hereto, as amended from time to time with the written consent of the applicable Fronting Lender. 
 “Governmental
Authority” means any federal, provincial, state, regional, municipal or local government or any department, agency, board, tribunal or authority thereof or other political subdivision thereof and any entity or person exercising executive,
legislative, judicial, regulatory or administrative functions of, or pertaining to, government or the operation thereof. 
 “Governmental
Authorization” means an authorization, order, permit, approval, grant, license, consent, right, franchise, privilege, certificate, judgment, writ, injunction, award, determination, direction, decree or demand or the like issued or granted
by law or by rule (having the force of law) or regulation of any Governmental Authority. 

  
 - 25 - 

 “Guarantee” means any guarantee, undertaking to assume, endorse, contingently agree to
purchase or to provide funds for the payment of, or otherwise become liable in respect of, any obligation of any person; provided that the amount of each Guarantee shall be deemed to be the amount of the obligation guaranteed thereby, unless the
Guarantee is limited to a determinable amount in which case the amount of such Guarantee shall be deemed to be the lesser of such determinable amount or the amount of such obligation. For greater certainty, nothing contained in this Agreement shall
restrict the ability of the Canadian Borrower or any Subsidiary to provide performance guarantees not related to or guaranteeing Debt. 

“Guarantors” means, collectively, the Subsidiaries of the Canadian Borrower (including the Australian Borrower but excluding each Project
Finance SPV), each of whose jurisdiction of incorporation, formation, organization, amalgamation or continuation, or in which it exists or subsists, is any of an OECD Country (which includes, for greater certainty, Mexico, Barbados, Oman, Kuwait,
Bahrain, Colombia, Peru, Brazil, Thailand, Malaysia, Singapore and Indonesia or any province, territory, state or district of any of the foregoing), which have executed Subsidiary Guarantees in accordance with the provisions hereof. 

“Hazardous Materials” means any substance, product, liquid, waste, pollutant, chemical, contaminant, insecticide, pesticide, gaseous or solid
matter, organic or inorganic matter, fuel, micro-organism, ray, odour, radiation, energy, vector, plasma, constituent, material or any combination thereof which (a) is regulated or prohibited under any Environmental Law or (b) is
hazardous, hazardous waste, toxic, a pollutant, a deleterious substance, a contaminant or a source of pollution or contamination under any Environmental Law, including petroleum or petroleum distillates, asbestos or asbestos containing materials,
polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law. 

“Hedging Affiliate” means any Affiliate of a Lender which enters into a Financial Instrument. 

“Indemnified Parties” means, collectively, the Agent and the Lenders, including a receiver, receiver manager or similar person appointed
under applicable law, and their respective Affiliates, officers, directors, employees and agents, and “Indemnified Party” means any one of the foregoing. 

“Indemnified Third Party” has the meaning set out in Section 14.3. 

“Information” has the meaning set out in Section 16.1(2). 

“Intellectual Property” means, collectively, patents, patents pending, copyrights, proprietary processes or programs, industrial designs,
trademarks, trademark applications, trade names and other intellectual property of every nature and kind. 
 “Interest Coverage Ratio”
means, as at a Quarter End, the ratio of (a) EBITDA for the 12 months ending at such Quarter End to (b) Interest Expense during the same period. 

  
 - 26 - 

 “Interest Expense” means, for any period, without duplication, interest expense of the
Canadian Borrower determined on a consolidated basis in accordance with generally accepted accounting principles as the same would be set forth or reflected in a consolidated statement of income of the Canadian Borrower and, in any event and without
limitation, shall include: 
  

	 	(a)	 all interest accrued or payable in respect of such period, including capitalized interest;

  

	 	(b)	 all fees (including standby, commitment and stamping fees and fees payable in respect of letters of credit and
letters of guarantee supporting obligations which constitute Debt) accrued or payable in respect of such period and which relate to any indebtedness for borrowed money or credit agreement, prorated (as required) over such period;

  

	 	(c)	 any difference between the face amount and the discount proceeds of any bankers’ acceptances, commercial
paper and other obligations of the Canadian Borrower or any Subsidiary issued at a discount, prorated (as required) over such period; and 

  

	 	(d)	 all net amounts charged or credited to interest expense under any Interest Hedging Agreements in respect of
such period, 

 but excluding any interest expense of Non-Guarantor Subsidiaries in respect of Non-Recourse Debt, which, if such
Non-Guarantor Subsidiaries were Guarantors, would constitute Interest Expense and, in any event, excluding Interest Expense on Debt incurred by the Project Finance SPVs. 

“Interest Hedging Agreement” means any interest swap agreement, forward rate agreement, floor, cap or collar agreement, futures or options,
insurance or other similar agreement or arrangement, or any combination thereof, entered into by the Canadian Borrower or a Guarantor where the subject matter of the same is interest rates or the price, value or amount payable thereunder is
dependent or based upon the interest rates or fluctuations in interest rates in effect from time to time (but, for certainty, shall exclude conventional floating rate debt). 

“Interest Payment Date” means: 
  

	 	(a)	 with respect to each Canadian Prime Rate Loan, U.S. Base Rate Loan and Australian Overdraft Loan, the first day
of January, April, July and October in each year; and 

  

	 	(b)	 with respect to each Libor Loan and BBSY Loan, the last day of each applicable Interest Period and, if any
Interest Period is longer than 3 months, the last Banking Day of each 3 month period during such Interest Period, 

 provided that, in any
case, the applicable Maturity Date or, if applicable, any earlier date on which a Credit Facility is fully cancelled or permanently reduced in full, shall be an Interest Payment Date with respect to all Loans then outstanding under such Credit
Facility. 
 “Interest Period” means: 
  

	 	(a)	 with respect to each Canadian Prime Rate Loan and U.S. Base Rate Loan, the period commencing on the applicable
Drawdown Date or Conversion Date, as the case may be, and terminating on the date selected by the applicable Borrower hereunder for the Conversion of such Loan into another type of Loan or for the repayment of such Loan; 

  
 - 27 - 

	 	(b)	 with respect to each Bankers’ Acceptance, the period selected by the Canadian Borrower hereunder and being
of 1, 2, 3 or 6 months’ duration, subject to market availability, (or, subject to the agreement of the applicable Lenders, a longer or shorter period) commencing on the Drawdown Date, Rollover Date or Conversion Date of such Loan;

  

	 	(c)	 with respect to each Libor Loan, the period selected by the Canadian Borrower and being of 1, 2, 3 or 6
months’ duration (or, subject to the agreement of the applicable Lenders, a longer or shorter period) commencing on the applicable Drawdown Date, Rollover Date or Conversion Date, as the case may be; 

 

	 	(d)	 with respect to each BBSY Loan, the period selected by the Australian Borrower and being of 1, 2, 3 or 6
months’ duration (or, subject to the agreement of the applicable Lenders, a longer or shorter period) commencing on the applicable Drawdown Date or Rollover Date, as the case may be; and 

 

	 	(e)	 with respect to each Letter of Credit, the period commencing on the date of issuance of such Letter of Credit
and terminating on the last day the Letter of Credit is outstanding, 

 provided that in any case: (i) the last day of each Interest
Period shall be also the first day of the next Interest Period whether with respect to the same or another Loan; (ii) the last day of each Interest Period shall be a Banking Day and if the last day of an Interest Period selected by the
applicable Borrower is not a Banking Day the applicable Borrower shall be deemed to have selected an Interest Period the last day of which is the Banking Day next following the last day of the Interest Period selected unless such next following
Banking Day falls in the next calendar month in which event the applicable Borrower shall be deemed to have selected an Interest Period the last day of which is the Banking Day next preceding the last day of the Interest Period selected by such
Borrower; and (iii) the last day of all Interest Periods for Loans outstanding under a given Credit Facility shall expire on or prior to the Maturity Date applicable thereto, subject, however, in the case of Letters of Credit to the provisions
of Section 7.2. 
 “Investment” means (a) any purchase or other acquisition of shares or other securities (other than Approved
Securities) of any person, (b) any loan or advance to or for the benefit of any person, or (c) any capital contribution to any other person. 

“Judgment Conversion Date” has the meaning set out in Section 14.4(1). 

“Judgment Currency” has the meaning set out in Section 14.4(1). 

“Lead Arrangers” means, collectively, The Toronto-Dominion Bank and The Bank of Nova Scotia carrying on business under the trade name
“Scotia Capital”. 

  
 - 28 - 

 “Lender BA Suspension Notice” has the meaning set out in Section 13.2. 

“Lender Claiming Additional Compensation” has the meaning set out in Section 2.23(1). 

“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 of America,
Canada or any other Governmental Authority) or is otherwise adjudicated as, or determined by any Governmental Authority having regulatory authority over such Lender or Lender Parent or their respective assets to be, insolvent, bankrupt or deficient
in meeting any capital adequacy or liquidity standard of any such Governmental Authority. 
 “Lender Financial Instrument” means a
Financial Instrument entered into between a Lender or a Hedging Affiliate and a Borrower or a Guarantor. 
 “Lender Financial Instrument
Obligations” means, collectively, all of the obligations, indebtedness and liabilities (present or future, absolute or contingent, mature or not) of the Borrowers and the Guarantors under, pursuant or relating to any and all Lender
Financial Instruments. 
 “Lender Insolvency Event” means, in respect of a given Lender, such Lender or its Lender Parent: 

 

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

 

	 	(b)	 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; 

  

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

  

	 	(d)	 (i) institutes, or has instituted against it by a regulator, supervisor or any similar Governmental Authority
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, (A) a proceeding pursuant to which such Governmental Authority
takes control of such Lender’s or Lender Parent’s assets, (B) 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 (C) a petition is presented for its winding-up or liquidation by it or such regulator, supervisor or similar Governmental Authority; or (ii) 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 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 (i) above and either (A) 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
(B) is not dismissed, discharged, stayed or restrained in each case within 15 days of the institution or presentation thereof; 

  
 - 29 - 

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

  

	 	(f)	 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; 

  

	 	(g)	 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 15 days thereafter; 

  

	 	(h)	 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 (a) to (g) above, inclusive; or 

  

	 	(i)	 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 the financial institutions named on Schedule A annexed hereto, together with such other persons as become parties hereto and,
in the context of provisions hereunder relating to: 
  

	 	(a)	 the Syndicated Facility and Loans thereunder, means the Syndicated Facility Lenders; 

 

	 	(b)	 the Canadian Operating Facility and Loans thereunder, means the Canadian Operating Facility Lender; and

  

	 	(c)	 the Australian Operating Facility and Loans thereunder, means the Australian Operating Facility Lender,

 and “Lender” means any one of them, as applicable and as the context requires. 

“Lenders’ Counsel” means the firm of Borden Ladner Gervais LLP or such other firm of legal counsel as the Agent may from time to time
designate. 
 “Letter of Credit” or “LC” means a letter of credit in form satisfactory to and issued by a Fronting Lender
for the account of Syndicated Facility Lenders or by the Agent as attorney-in-fact on behalf of each of the Syndicated Facility Lenders, in each case acting at the request of and in accordance with the instructions of the Canadian Borrower, to make
payment in accordance with the terms and conditions thereof of an amount to or to the order of a third party. 
  

  
 - 30 - 

 “Libor Loan” means an Advance in, or Conversion into, United States Dollars made by the
applicable Lenders to the Canadian Borrower with respect to which the Canadian Borrower has specified that interest is to be calculated by reference to the Libor Rate, and each Rollover in respect thereof. 

“Libor Rate” means, for each Interest Period applicable to a Libor Loan, the rate of interest per annum (rounded upward to the nearest whole
multiple of 1/100th of 1.00%), expressed on the basis of a year of 360 days, determined by the Agent or the Canadian Operating Facility Lender, as applicable, at approximately 11:00 a.m. (London, England time) on the second Banking Day prior to the
first day of such Interest Period by reference to the rate set by ICE Benchmark Administration for deposits in United States Dollars (as set forth by any service selected by the Agent or the Canadian Operating Facility Lender, as applicable, that
has been nominated by ICE Benchmark Administration as an authorized information vendor for the purpose of displaying such rates) for a period equal to the Interest Period in question; provided, however, that, to the extent that such rate is not
ascertainable pursuant to the foregoing provisions of this definition, the “Libor Rate” shall be the rate per annum determined by the Agent or the Canadian Operating Facility Lender, as applicable, to be the average of the rates per annum
at which deposits of United States Dollars are offered for such relevant Interest Period to major banks in the London interbank market in London, England by the Agent or the Canadian Operating Facility Lender, as applicable (or an Affiliate thereof,
if the Agent or the Canadian Operating Facility Lender, as applicable, does not offer such deposits) at approximately 11:00 a.m. (London, England time) on the second Banking Day prior to the first day of such Interest Period. In addition, if the
rate determined above shall ever be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. 
 “Loan”
means a Canadian Prime Rate Loan, U.S. Base Rate Loan, Libor Loan, BBSY Loan, Australian Overdraft Loan, Bankers’ Acceptance or BA Equivalent Advance, Letter of Credit or Australian Letter of Credit outstanding hereunder. 

“Majority of the Lenders” means: 
  

	 	(a)	 during the continuance of a Default or an Event of Default, those Lenders the Rateable Portions of all
Outstanding Principal of which are, in the aggregate, at least 662⁄3% of all Outstanding Principal; and 

 

	 	(b)	 at any other time, those Lenders the Commitments of which are, in the aggregate, at least 662⁄3% of the Commitments of all Lenders hereunder. 

“Material Acquisition” means an acquisition by a Borrower or a Guarantor of assets or stock of another person in a single transaction or in a
series of transactions with a value that is greater than 10% of Consolidated Net Tangible Assets (calculated prior to completion of such acquisition). 

“Material Adverse Change” means any event, circumstance, occurrence or change which results in, or which would reasonably be expected to
result in, a Material Adverse Effect. 

  
 - 31 - 

 “Material Adverse Effect” means a material adverse effect on: 

 

	 	(a)	 the financial condition of the Canadian Borrower and its Subsidiaries on a consolidated basis and taken as a
whole; 

  

	 	(b)	 the ability of a Borrower or any of the Guarantors to observe or perform its obligations under the Documents to
which it is a party or the validity or enforceability of such Documents or any material provision thereof; or 

  

	 	(c)	 the property, business or operations of the Canadian Borrower and its Subsidiaries on a consolidated basis and
taken as a whole. 

 “Material Subsidiary” means, in each case, calculated as at each Quarter End for the previous
12 months, any Subsidiary of the Canadian Borrower (other than a Project Finance SPV) which, determined on an unconsolidated basis (a) has assets greater than 5% of the consolidated assets of the Canadian Borrower or (b) has earned
revenues greater than 5% of the consolidated revenues of the Canadian Borrower. For certainty, no Project Finance SPV shall be a Material Subsidiary for the purposes of this Agreement.  

“Maturity Date” means: 
  

	 	(a)	 in respect of the Syndicated Facility and the Obligations owing to a given Lender under or pursuant to the
Syndicated Facility, the Syndicated Facility Maturity Date; 

  

	 	(b)	 in respect of the Canadian Operating Facility and the Obligations owing under or pursuant to the Canadian
Operating Facility, the Canadian Operating Facility Maturity Date; and 

  

	 	(c)	 in respect of the Australian Operating Facility and the Obligations owing under or pursuant to the Australian
Operating Facility, the Australian Operating Facility Maturity Date. 

 “Maximum Liability” means, in respect of an
Australian Letter of Credit, from time to time and at any time, the maximum amount available to be drawn (exclusive of interest and fees) under such Australian Letter of Credit. 

“Moody’s” means Moody’s Investors Services, Inc. and any successors thereto. 

“Net Funded Debt” means all obligations, liabilities and indebtedness of the Canadian Borrower, on a consolidated basis which would, in
accordance with generally accepted accounting principles, be classified upon a consolidated balance sheet of Canadian Borrower as indebtedness for borrowed money and, whether or not so classified, shall include (without duplication): 

 

	 	(a)	 indebtedness for borrowed money; 

 

	 	(b)	 obligations for the repayment of: (i) bankers’ acceptances (including payment and reimbursement
obligations in respect thereof), or (ii) letters of credit and letters of guarantee supporting obligations which would otherwise constitute Net Funded Debt within the meaning of this definition or indemnities issued in connection therewith;

  
 - 32 - 

	 	(c)	 obligations with respect to the reimbursement of drawings under all other letters of credit and letters of
guarantee; 

  

	 	(d)	 obligations under Guarantees, indemnities, assurances, legally binding comfort letters, the face value of
financial letters of credit or other contingent obligations for the repayment indebtedness or other obligations of any other person which would otherwise constitute Net Funded Debt within the meaning of this definition and all other obligations
incurred for the purpose of or having the effect of providing financial assistance to another person for the repayment of such indebtedness or such other Debt obligations, including, without limitation, endorsements of bills of exchange (other than
for collection or deposit in the ordinary course of business); 

  

	 	(e)	 (i) all indebtedness representing the deferred purchase price of any property to the extent that such
indebtedness is or remains unpaid after the expiry of the customary time period for payment (excluding current accounts payable to trade creditors in the ordinary course of business, so long as the same are not outstanding longer than is customary
in the Canadian Borrower’s or the applicable Subsidiary’s business), provided however that such time period shall in no event exceed 90 days, (ii) all obligations created or arising under any conditional sales agreement or other title
retention agreement and (iii) obligations created or arising under any Capital Lease (to the extent of the amount required to be accounted for as a Capital Lease under generally accepted accounting principles) except for those obligations
relating to the Capital Leases that were or, in the case of leases entered into after June 1, 2011, would have been, characterized as operating leases under generally accepted accounting principles immediately prior to the adoption of
International Financial Report Standards; 

  

	 	(f)	 all other long term obligations (including the current portion thereof) upon which interest charges are
customarily paid prior to default; and 

  

	 	(g)	 Prepaid Obligations, 

less, in each case, unencumbered cash (excluding, for certainty, unencumbered cash held or placed on deposit by a Project Finance SPV) and shall exclude each
of the following, determined (as required) in accordance with generally accepted accounting principles: 
  

	 	(h)	 Non-Recourse Debt of Subsidiaries which are not Guarantors; 

 

	 	(i)	 Convertible Securities issued by a Borrower or a Guarantor; 

 

	 	(j)	 Performance Letters of Credit; 

 

	 	(k)	 Financial Instrument Obligations; 

  
 - 33 - 

	 	(l)	 accounts payable to trade creditors and accrued liabilities incurred in the ordinary course of business;

  

	 	(m)	 current taxes payable and future taxes; 

 

	 	(n)	 dividends or other equity distributions payable; 

 

	 	(o)	 accrued interest not yet due and payable; and 

 

	 	(p)	 Debt of any Project Finance SPV. 

“Net Funded Debt to EBITDA Ratio” means, as at a Quarter End, the ratio of (a) Net Funded Debt as at such Quarter End to (b) EBITDA
for the 12 months ending at such Quarter End. 
 “Net Income” means, in respect of any period for which it is being determined, the
combined net income of the Canadian Borrower and the Guarantors determined on an unconsolidated basis in accordance with generally accepted accounting principles. 

“Non-Acceptance Lender” means (a) a Lender which ceases to accept bankers’ acceptances in the ordinary course of its business or
(b) in respect of Lenders other than Schedule I Lenders, a Lender who, by notice in writing to the Agent and the Canadian Borrower, elects thereafter to make BA Equivalent Advances in lieu of accepting Bankers’ Acceptances. 

“Non-Defaulting Lender” has the meaning set out in Section 16.2(4). 

“Non-Guarantor EBITDA” means, in respect of any period for which it is being determined, in respect of any Non-Guarantor Subsidiary
(excluding any Project Finance SPV), on an unconsolidated basis, the net income of such Non-Guarantor Subsidiary on an unconsolidated basis in accordance with generally accepted accounting principles, for such period, plus (in each case, on
an unconsolidated basis of such Non-Guarantor Subsidiary and without duplication): 
  

	 	(a)	 interest expense of such Non-Guarantor Subsidiary determined on an unconsolidated basis in accordance with
generally accepted accounting principles as the same would be set forth or reflected in an unconsolidated statement of income of such Non-Guarantor Subsidiary, to the extent deducted in the calculation of net income; 

 

	 	(b)	 all amounts deducted in the calculation of net income in respect of the provision for income taxes (in
accordance with generally accepted accounting principles); 

  

	 	(c)	 all amounts deducted in the calculation of net income in respect of non-cash items, including, without
limitation, depletion, depreciation, amortization and future income tax liabilities; and 

  
 - 34 - 

	 	(d)	 all amounts deducted in the calculation of net income in respect of equity loss and extraordinary and
non-recurring losses and any non-cash impairment charges, less (in each case, on an unconsolidated basis), with respect to such Non-Guarantor Subsidiary: 

  

	 	(e)	 earnings attributable to minority interests and extraordinary and non-recurring earnings and gains of such
Non-Guarantor Subsidiary (on an unconsolidated basis), in each case, to the extent included in the calculation of net income; 

  

	 	(f)	 all cash payments (excluding any cash payments related to a Project Finance SPV) during such period relating to
non-cash charges which were added back in determining Non-Guarantor EBITDA in any prior period; and 

  

	 	(g)	 for certainty, any net income from or attributable to Non-Recourse Assets to which income (or proceeds thereof)
the lenders or other creditors holding Non-Recourse Debt may have recourse under any circumstances. 

 “Non-Guarantor
Subsidiary” means a Subsidiary that (a) is not a Guarantor or (b) has been designated, in compliance with the provisions hereof, as a Non-Guarantor Subsidiary. 

“Non-LC Lender” means a Syndicated Facility Lender (a) which does not issue letters of credit in the ordinary course of its business or
which is prohibited by applicable laws from issuing letters of credit and (b) which has notified the Agent and the Canadian Borrower that it shall be a “Non-LC Lender” hereunder. 

“Non-Recourse Assets” means the assets created, developed, constructed or acquired with or in respect of which Non-Recourse Debt has been
incurred and any and all receivables, inventory, equipment, chattel paper, intangibles and other rights or collateral arising from or connected with the assets created, developed, constructed or acquired (and, for certainty, shall include the shares
or other ownership interests of or investments in a single purpose entity or a Non-Guarantor Subsidiary which holds only such assets and other rights and collateral arising from or connected therewith) and to which recourse of the lender of such
Non-Recourse Debt (or any agent, trustee, receiver or other person acting on behalf of such lender) in respect of such indebtedness is limited in all circumstances (other than in respect of false or misleading representations or warranties). 

“Non-Recourse Debt” means any indebtedness in respect of any amounts borrowed, Purchase Money Obligations, obligations secured by a Security
Interest existing on property owned subject to a Security Interest (whether or not the obligations secured thereby shall have been assumed) and guarantees, indemnities, endorsements (other than endorsements for collection in the ordinary course of
business) or other contingent obligations in respect of obligations of another person for indebtedness of that other person in respect of any amounts borrowed by them and any increases in or extensions, renewals or refundings of any such
indebtedness, liabilities and obligations, provided that the recourse of the lender thereof or any agent, trustee, receiver or other person acting on behalf of the lender in respect of such indebtedness, liabilities and obligations or any judgment
in respect thereof is limited in all circumstances (other than in respect of false or misleading representations or warranties) to persons other than a Borrower or any Guarantor. 

“Obligations” means, at any time and from time to time, all of the obligations, indebtedness and liabilities (present or future, absolute or
contingent, matured or not) of the Borrowers and their Subsidiaries to the Lenders or the Agent under, pursuant or relating to the Documents or the Credit Facilities and whether the same are from time to time reduced and thereafter increased or
entirely extinguished and thereafter incurred again and including, without limitation, all principal, interest, fees, legal and other costs, charges and expenses, and other amounts payable by the Borrowers under this Agreement. 

  
 - 35 - 

 “OECD Countries” means, collectively, the member countries of the Convention on the
Organization for Economic Co-operation and Development. 
 “Officer’s Certificate” means a certificate or notice (other than a
Compliance Certificate) signed by any one of the president, chief financial officer, a vice president, treasurer, assistant treasurer, controller, corporate secretary or assistant secretary of a Borrower or a Subsidiary, as the case may be,
(including, in the case of a partnership a certificate or notice signed by such an officer of a general partner of such partnership); provided, however, that Drawdown Notices, Conversion Notices, Rollover Notices and Repayment Notices shall be
executed on behalf of the applicable Borrower by any one of the foregoing persons or such other persons as may from time to time be designated by written notice from the applicable Borrower to the Agent, the Canadian Operating Facility Lender or the
Australian Operating Facility Lender, as applicable. 
 “Order” has the meaning set out in Section 7.10(5). 

“Original Credit Agreement” has the meaning ascribed thereto in the second recital hereof. 

“Outstanding BAs Collateral” has the meaning set out in Section 2.17(3). 

“Outstanding Principal” means, at any time, the aggregate of (i) the principal amount of all outstanding Canadian Prime Rate Loans,
(ii) the Equivalent Amount in Canadian Dollars of the principal amount of all outstanding U.S. Base Rate Loans, BBSY Loans, Australian Overdraft Loans and Libor Loans, (iii) the amounts payable at maturity of all outstanding Bankers’
Acceptances and BA Equivalent Advances, (iv) the maximum amount available to be drawn under all outstanding Letters of Credit denominated in Canadian Dollars, (v) the Equivalent Amount in Canadian Dollars of the maximum amount available to
be drawn under all outstanding Letters of Credit denominated in United States Dollars, Pounds Sterling, Euros or Australian Dollars and (vi) the Equivalent Amount in Canadian Dollars of the aggregate Maximum Liability of all outstanding
Australian Letters of Credit. 
 “Parent Guarantee” means the guarantee executed and delivered by the Canadian Borrower under and pursuant
to this Agreement substantially in the form of Schedule H-2 annexed hereto, as amended and supplemented to the date hereof and with such additional modifications, insertions and amendments as may be required by the Agent and agreed to by the
Canadian Borrower, each acting reasonably. 
 “Performance Letters of Credit” means letters of credit or letters of guarantee which are not
“direct credit substitutes” (as determined by the Agent, acting reasonably) within the meaning of the Capital Adequacy Requirements. 

“Permitted Contest” means action taken by or on behalf of a Borrower or a Subsidiary (excluding any Project Finance SPV) in good faith by
appropriate proceedings diligently pursued to contest a Tax, claim or Security Interest, provided that the person to which the Tax, claim or Security Interest being contested is relevant (and, in the case of a Subsidiary of the Canadian Borrower,
the Canadian Borrower on a consolidated basis) has established reasonable reserves therefor if and to the extent required by generally accepted accounting principles. 

  
 - 36 - 

 “Permitted Debt” means the following: 

 

	 	(a)	 the Obligations; 

  

	 	(b)	 Financial Instrument Obligations under and pursuant to Permitted Hedging; 

 

	 	(c)	 obligations in respect of Bank Products; 

 

	 	(d)	 any unsecured and unsubordinated Debt owing by a Guarantor to a Borrower or another Guarantor or by a Borrower
to a Guarantor; 

  

	 	(e)	 Non-Recourse Debt incurred by Material Subsidiaries (excluding, for certainty, the Australian Borrower) which
are not Guarantors; provided that the amount of such Non-Recourse Debt does not, in the aggregate at any time, exceed 10% of Consolidated Net Tangible Assets; 

 

	 	(f)	 Debt incurred by a Borrower or a Guarantor on Approved Debt Terms prior to April 24, 2018;

  

	 	(g)	 Debt incurred on Approved Debt Terms (or any refinancing of such Debt on Approved Debt Terms) by a Borrower or
a Guarantor provided that (i) no Default or Event of Default has occurred and is continuing immediately prior to the incurrence of such Debt and (ii) immediately after the incurrence of such Debt and the application of the proceeds
thereof, no Default or Event of Default shall have occurred and be continuing and, for certainty, the Canadian Borrower shall be in compliance with the financial covenants provided for in Section 10.3 hereof as at the immediately preceding
Quarter End (assuming that such Debt was incurred on such Quarter End) and the Canadian Borrower shall have delivered a Compliance Certificate to the Agent certifying the same (which Permitted Debt shall include, for certainty, any Debt previously
incurred by the Borrower or a Guarantor on Approved Debt Terms in accordance with this subparagraph (g)); 

  

	 	(h)	 (i) Purchase Money Obligations, (ii) obligations created or arising under Capital Leases and
(iii) any other Debt; provided that the amount of such obligations (excluding the amount of the obligations relating to the Capital Leases that were or, in the case of leases entered into after June 1, 2011, would have been, characterized
as operating leases under generally accepted accounting principles immediately prior to the adoption of International Financing Reporting Standards) do not, in the aggregate at any time, exceed 5% of Consolidated Net Tangible Assets;

  

	 	(i)	 Convertible Securities issued by a Borrower or a Guarantor; and 

 

	 	(j)	 Debt consisting of Financial Assistance permitted under Section 10.2(f); 

  
 - 37 - 

 “Permitted Disposition” means, in respect of a Borrower, any of the Guarantors or any of
the Material Subsidiaries, any of the following: 
  

	 	(a)	 a sale or disposition by such Borrower, such Guarantor or such Material Subsidiary of inventory (including, for
certainty, property produced for sale) in the ordinary course of business; 

  

	 	(b)	 a sale or disposition by such Borrower, such Guarantor or such Material Subsidiary in the ordinary course of
business and in accordance with sound industry practice of tangible personal property that is obsolete, no longer useful for its intended purpose or being replaced in the ordinary course of business; 

 

	 	(c)	 a sale or disposition of any property or assets by (i) a Borrower to another Borrower or a Guarantor,
(ii) a Guarantor to a Borrower or another Guarantor or (iii) a Material Subsidiary that is not also a Guarantor to a Borrower, a Guarantor or another Material Subsidiary; and 

 

	 	(d)	 a sale or disposition by a Borrower, a Guarantor or any Material Subsidiary of its interest in machinery,
equipment or other tangible personal property for which Purchase Money Obligations were incurred and (i) such Purchase Money Obligations are fully repaid concurrently with such sale or disposition and (ii) such sale or disposition is made
in the ordinary course of business at fair market value to a person at arm’s length from the Canadian Borrower and its Subsidiaries. 

“Permitted Encumbrances” means as at any particular time any of the following encumbrances on the assets, property or undertakings or any
part of the assets, property or undertakings of a Borrower, any Guarantor or any Material Subsidiary: 
  

	 	(a)	 liens for taxes, assessments or governmental charges not at the time due or delinquent or, if due or
delinquent, the validity of which is being contested at the time by a Permitted Contest; 

  

	 	(b)	 deemed liens and trusts arising by operation of law or pledges of deposits in connection with workers’
compensation, employment insurance and other social security legislation, in each case, which secure obligations not at the time due or delinquent or, if due or delinquent, the validity of which is being contested at the time by a Permitted Contest;

  

	 	(c)	 liens under or pursuant to any judgment or award rendered, or claim filed, against a Borrower, a Guarantor or a
Material Subsidiary, the time for the appeal or petition for rehearing of which shall not have expired, or which such Borrower, Guarantor or Material Subsidiary (as applicable) shall be contesting at the time by a Permitted Contest or which such
Borrower, Guarantor or Material Subsidiary (as applicable) shall in good faith be prosecuting an appeal or proceeding for review and in respect of which a stay of execution pending such appeal or proceeding for review shall have been secured;

  
 - 38 - 

	 	(d)	 undetermined or inchoate liens, charges, privileges, statutory liens, adverse claims or encumbrances of any
nature whatsoever arising or potentially arising under statutory provisions incidental to construction or current operations which have not at such time been filed pursuant to law against a Borrower, a Guarantor or a Material Subsidiary or which
relate to obligations not due or delinquent or, if due or delinquent, the validity of which is being contested at the time by a Permitted Contest; 

  

	 	(e)	 easements, rights of way, servitudes, usufructs or other similar rights in land (including, without in any way
limiting the generality of the foregoing, rights of way and servitudes for railways, sewers, drains, gas and oil and other pipelines, gas and water mains, electric light and power and telecommunication, telephone or telegraph or cable television
conduits, poles, wires and cables) granted to or reserved or taken by other persons which individually or in the aggregate do not materially impair its use in the operation of the business of the Canadian Borrower and its Subsidiaries, taken as a
whole; 

  

	 	(f)	 the rights reserved to or vested in Governmental Authorities by statutory provisions or by the terms of leases,
licenses, franchises, grants or permits, which affect any land, to terminate the leases, licenses, franchises, grants or permits or to require annual or other periodic payments as a condition of the continuance thereof; 

 

	 	(g)	 liens or covenants restricting or prohibiting access to or from lands abutting on controlled access highways or
covenants affecting the use to which lands may be put; provided, however, such liens or covenants do not materially impair the use of the lands in the operations of a Borrower, a Guarantors or a Material Subsidiary; 

 

	 	(h)	 any carrier’s, warehouseman’s, builder’s, mechanic’s, garageman’s, labourer’s,
employee’s or materialman’s lien or other similar lien arising in the ordinary course of business or out of the construction or improvement of any land or arising out of the furnishing of materials or supplies, provided that such lien
secures monies not at the time overdue, or, if due or delinquent, the validity of which is being contested at the time by a Permitted Contest; 

  

	 	(i)	 in respect of any land, any defects or irregularities in the title to such land which are of a minor nature and
which, in the aggregate, will not materially impair the use of such land for the purposes for which such land is held; 

  

	 	(j)	 security given by a Borrower, a Guarantor or a Material Subsidiary to a public utility or any municipality or
governmental or other public authority when required by such utility or municipality or other authority in connection with the operations of such Borrower, Guarantor or Material Subsidiary (as applicable), all in the ordinary course of its business
which individually or in the aggregate do not materially impair its use in the operation of the business of the Canadian Borrower and its Subsidiaries, taken as a whole; 

  
 - 39 - 

	 	(k)	 the reservation in any original grants from the Crown of any land or interests therein and statutory exceptions
and reservations to title and reservations of mineral rights in any grants from the Crown or from any other predecessors in title; 

  

	 	(l)	 Security Interests in favour of the Lenders or the Agent on behalf of the Lenders but only to the extent they
secure the cash collateral provisions; 

  

	 	(m)	 any operating lease entered into in the ordinary course of business; 

 

	 	(n)	 pledges of cash or Approved Securities and bankers’ liens, rights of set-off and other similar liens
existing solely with respect to such cash and Approved Securities on deposit in one or more accounts maintained by a Borrower, any of the Guarantors or any of the Material Subsidiaries, in each case, granted in the ordinary course of business in
favour of a Lender or Lenders, with which such accounts are maintained, securing amounts owing to such lender with respect to cash management and operating account arrangements, including those involving pooled accounts and netting arrangements or
securing Permitted Hedging; 

  

	 	(o)	 Security Interests securing a Purchase Money Obligation, provided that such Security Interests shall attach
only to the property acquired in connection with which such Purchase Money Obligation was incurred (and proceeds thereof) and provided further that such Purchase Money Obligation is Permitted Debt; 

 

	 	(p)	 Security Interests securing (i) the Permitted Debt referenced in subparagraph (h) in the definition
thereof; (ii) the Permitted Debt referenced in subparagraph (e) in the definition thereof; and (iii) all other Permitted Debt but only to the extent such Security Interests arise in connection with rights of set-off;

  

	 	(q)	 landlords’ liens or any other rights of distress reserved in or exercisable under any lease of real
property for rent and for compliance with the terms of such lease; provided that such lien does not attach generally to all or substantially all of the undertaking, assets and property of a Borrower, any Guarantor or any Material Subsidiary;

  

	 	(r)	 liens or deposits to secure performance of (i) bids, tenders, contracts (other than contracts for the
payment of money), (ii) statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business or (iii) leases of real property entered into in the ordinary
course of business, in each case, to which a Borrower, a Guarantor or a Material Subsidiary is a party; 

  

	 	(s)	 Security Interests resulting from the deposit of cash or Approved Securities or Security Interests on other
assets as security when a Borrower, a Guarantor or a Material Subsidiary is required by a Governmental Authority or by normal business practice to provide such deposits or security in connection with contracts, licenses or tenders or similar matters
in the ordinary course of business and for the purpose of carrying on the same, or to secure workers’ compensation, surety or appeal bonds or to secure costs of litigation when required by Applicable Law; 

  
 - 40 - 

	 	(t)	 rights and interests created by notice by any Department of Highways or similar authorities with respect to
proposed highways and which do not materially impair the operation of the business of a Borrower, a Guarantor or a Material Subsidiary; 

  

	 	(u)	 lis pendens that may be registered against any real property or interest therein of a Borrower, a
Guarantor or a Material Subsidiary in respect of any action or proceeding against such Borrower, such Guarantor or such Material Subsidiary or in which it is a defendant but with respect to which action or proceeding no judgment, award or attachment
against such Borrower, such Guarantor or such Material Subsidiary has been granted or made and which such Borrower, such Guarantor or such Material Subsidiary is defending in good faith; and 

 

	 	(v)	 any extension, renewal or replacement (or successive extensions, renewals or replacements), as a whole or in
part, of any Security Interest referred to in the preceding subparagraphs (a) to (u) inclusive of this definition, so long as any such extension, renewal or replacement of such Security Interest is limited to all or any part of the same
property that secured the Security Interest extended, renewed or replaced (plus improvements on such property) and the indebtedness or obligation secured thereby is not increased, 

provided that, without affecting the character or status of any of the above described Security Interests as being permitted hereunder, nothing in this
definition shall in and of itself cause the Loans or the other Obligations hereunder to be subordinated in priority of payment to any such Permitted Encumbrance or cause any Security Interests in favour of the Lenders or the Agent on behalf of the
Lenders to rank subordinate to any such Permitted Encumbrance. 
 “Permitted Hedging” means Financial Instruments entered into by a
Borrower or a Guarantor which are entered into in the ordinary course of business and for hedging purposes and not for speculative purposes; provided that, such Financial Instruments are consistent with the Canadian Borrower’s board-approved
hedging policy. 
 “Permitted Replacement” means the replacement of those directors who have died or have been found to be of unsound mind
by a court of competent jurisdiction. 
 “Petroleum Substances” means crude oil, crude bitumen, synthetic crude oil, petroleum, natural
gas, natural gas liquids, related hydrocarbons and any and all other substances, whether liquid, solid or gaseous, whether hydrocarbons or not, produced or producible in association with any of the foregoing, including hydrogen sulphide and sulphur.

 “POA Fronted Lender” has the meaning set out in Section 7.4(4). 

“POA Fronting Lender” has the meaning set out in Section 7.4(4) 

“POA LC” means a Letter of Credit issued by the Syndicated Facility Lenders (each as to their Rateable Portion thereof) under the Syndicated
Facility and executed by the Agent in the name and on behalf of, as attorney-in-fact for, the Syndicated Facility Lenders, with each such Letter of Credit to include the provisions and to be substantially in the form annexed hereto as Schedule I.

  
 - 41 - 

 “Pounds Sterling” or “£” means the lawful money of the United
Kingdom of Great Britain and Northern Ireland. 
 “Power of Attorney” means a power of attorney provided by the Canadian Borrower to a
Lender with respect to Bankers’ Acceptances in accordance with and pursuant to Section 6.4 hereof. 
 “Prepaid Obligations” means
“take or pay”, forward sale, prepaid or similar liabilities of a person whereby such person is obligated to settle, at some future date, an obligation in respect of Petroleum Substances, whether by deliveries (accelerated or otherwise) of
Petroleum Substances, the payment of money or otherwise, including the transfer of any Petroleum Substances, whether in place or when produced, for a period of time until, or of an amount such that, the lender or purchaser will realize therefrom a
specified amount of money (however determined, including by reference to interest rates or other factors which may not be fixed) or a specified amount of such products or any interest in property of the character commonly referred to as a
“production payment” and all such obligations for which such person is liable without having received and retained a payment therefor or having assumed such obligation. 

“Project Finance SPV” means any Subsidiary of the Canadian Borrower who carries on the Business, the only assets of which are those used or
intended for use in connection with or created or generated by, or derived from, such Business of such Subsidiary. 
 “Purchase Money
Obligation” means any monetary obligation created or assumed as part of the purchase price of real or personal property (including a lease of such property), whether or not secured, any extensions, renewals or refundings of any such
obligation, provided that the principal amount of such obligation outstanding on the date of such extension, renewal or refunding is not increased and further provided that any security given in respect of such obligation shall not extend to any
property other than the property acquired in connection with which such obligation was created or assumed and fixed improvements, if any, erected or constructed thereon and the proceeds thereof. 

“Quarter End” means March 31, June 30, September 30 and December 31 in each year. 

“Rateable” and “Rateably” means, at any date of determination, the proportion that (a) the Equivalent Amount in
Canadian Dollars of the amount of the Obligations, Bank Product Obligations and Financial Instrument Obligations under Lender Financial Instruments of any Lender and any of their Bank Product Affiliates and Hedging Affiliates bears to (b) the
Equivalent Amount in Canadian Dollars of the aggregate amount of the Obligations, Bank Product Obligations and Financial Instrument Obligations under Lender Financial Instruments of all Lenders, Bank Product Affiliates and Hedging Affiliates, as
determined at the Adjustment Time. 
 “Rateable Portion”, as regards any Lender, with regard to any amount of money, means (subject to
Section 6.5 in respect of the rounding of allocations of Bankers’ Acceptances): 
  

	 	(a)	 in respect of the Syndicated Facility and Drawdowns, Conversions, Rollovers and Loans and other amounts payable
thereunder, the product obtained by multiplying that amount by the quotient obtained by dividing (i) that Syndicated Facility Lender’s Syndicated Facility Commitment by (ii) the aggregate of all of the Syndicated Facility
Lenders’ Syndicated Facility Commitments; 

  
 - 42 - 

	 	(b)	 in respect of the Canadian Operating Facility and Drawdowns, Conversions, Rollovers and Loans and other amounts
payable thereunder, the product obtained by multiplying that amount by the quotient obtained by dividing (i) that Lender’s Canadian Operating Facility Commitment by (ii) the aggregate of all of the Lenders’ Canadian Operating
Facility Commitments; and 

  

	 	(c)	 in respect of the Australian Operating Facility and Drawdowns, Conversions and Loans and other amounts payable
thereunder, the product obtained by multiplying that amount by the quotient obtained by dividing (i) that Lender’s Australian Operating Facility Commitment by (ii) the aggregate of all of the Lenders’ Australian Operating
Facility Commitments, 

 provided that, for certainty, with respect to a given Lender and the payment of all Obligations owing to such
Lender (i) on the Maturity Date applicable to such Lender or (ii) pursuant to Section 2.23, the amount of such payment shall be deemed to be such Lender’s Rateable Portion thereof. 

“Realization Proceeds” has the meaning set out in Section 12.7. 

“Related Party” means any person which is any one or more of the following: 

 

	 	(a)	 an Affiliate of the Canadian Borrower or any Subsidiary; 

 

	 	(b)	 a unitholder, shareholder or partner of the Canadian Borrower or any Subsidiary which, together with all
Affiliates of such person, owns or controls, directly or indirectly, more than 10% of the units, shares, capital or other ownership interests (however designated) of the Canadian Borrower or any Subsidiary, or an Affiliate of any such unitholder,
shareholder or partner; 

  

	 	(c)	 an officer, director or trustee of any of the foregoing; and 

 

	 	(d)	 a person which is not at arm’s length from the Canadian Borrower and its Subsidiaries.

 “Release” means any release, spill, emission, leak, pumping, injection, deposit, disposal, discharge, dispersal,
leaching or migration into the environment including, without limitation, the movement of Hazardous Materials through ambient air, soil, surface water, ground water, wetlands, land or sub surface strata. 

“Repayment Notice” means a notice substantially in the form annexed hereto as Schedule F to be given to the Agent, the Canadian Operating
Facility Lender or the Australian Operating Facility Lender, as applicable, by a Borrower pursuant hereto. 
 “Requested Lenders” has the
meaning set out in Section 2.20. 
 “Required Permits” means all Governmental Authorizations which are necessary at any given time for
the Borrowers, each of the Guarantors and each of the Material Subsidiaries to own and operate its property, assets, rights and interests or to carry on its business and affairs. 

  
 - 43 - 

 “Rollover” means: 
  

	 	(a)	 with respect to any Libor Loan and BBSY Loan, the continuation of all or a portion of such Loan (subject to the
provisions hereof) for an additional Interest Period subsequent to the initial or any subsequent Interest Period applicable thereto; 

  

	 	(b)	 with respect to Bankers’ Acceptances, the issuance of new Bankers’ Acceptances or the making of new
BA Equivalent Advances (subject to the provisions hereof) in respect of all or any portion of Bankers’ Acceptances (or BA Equivalent Advances made in lieu thereof) maturing at the end of the Interest Period applicable thereto, all in accordance
with Article 6 hereof; and 

  

	 	(c)	 with respect to Letters of Credit, the extension or replacement of an existing Letter of Credit, provided the
beneficiary thereof (including any successors 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; 

 in each case, under the same Credit Facility under which the maturing Loan was made. 

“Rollover Date” means the date of commencement of a new Interest Period applicable to a Loan and which shall be a Banking Day. 

“Rollover Notice” means a notice substantially in the form annexed hereto as Schedule G to be given to the Agent, the Canadian Operating
Facility Lender or the Australian Operating Facility Lender, as applicable by a Borrower pursuant hereto. 
 “S&P” means the
Standard & Poor’s Rating Group (a division of The McGraw Hill Companies, Inc.) and any successors thereto. 
 “Sanctioned
Person” means a person that is, or is directly or indirectly owned or controlled by a person that is, listed on the SDN List or on a list maintained pursuant to the Sanctioned Person Legislation. 

“Sanctioned Person Legislation” means (a) the United Nations Al-Qaida and Taliban Regulations (Canada), (b) the
Regulations Implementing the United Nations Resolutions on the Suppression of Terrorism (Canada) and (c) the Criminal Code (Canada). 

“Sanctions Regulations” means any sanctions laws, regulations, executive orders, and other official government pronouncement or action that
establishes economic sanctions administered or enforced by (a) the United States of America or Canada and (b) in the respect of the Canadian Borrower and each Subsidiary, any other applicable country where it carries on business. 

“Schedule I Lender” means a Lender which is a Canadian chartered bank listed on Schedule I to the Bank Act (Canada). 

“Schedule II Lender” means a Lender which is a Canadian chartered bank listed on Schedule II to the Bank Act (Canada). 

  
 - 44 - 

 “Schedule III Lender” means a Lender which is an authorized foreign bank listed on Schedule
III to the Bank Act (Canada). 
 “SDN List” means the List of Specially Designated National and Blocked Persons maintained by the US
Treasury Department. 
 “Security Interest” means mortgages, charges, pledges, hypothecs, assignments by way of security, conditional sales
or other title retentions, security created under the Bank Act (Canada), liens, encumbrances, security interests or other interests in property, howsoever created or arising, whether fixed or floating, perfected or not, which secure payment
or performance of an obligation and, including, in any event: 
  

	 	(a)	 deposits or transfers of cash, marketable securities or other financial assets under any agreement or
arrangement whereby such cash, securities or assets may be withdrawn, returned or transferred only upon fulfilment of any condition as to the discharge of any other indebtedness or other obligation to any creditor; 

 

	 	(b)	 (i) rights of set-off or (ii) any other right of or arrangement of any kind with any creditor, which in
any case are made, created or entered into, as the case may be, for the purpose of or having the effect (directly or indirectly) of (A) securing Debt, (B) preferring some holders of Debt over other holders of Debt or (C) having the
claims of any creditor be satisfied prior to the claims of other creditors with or from the proceeds of any properties, assets or revenues of any kind now owned or later acquired (other than, with respect to (C) only, rights of set-off granted
or arising in the ordinary course of business); 

  

	 	(c)	 the rights of lessors under Capital Leases and any other lease financing, excluding, for greater certainty,
operating leases; and 

  

	 	(d)	 absolute assignments of accounts receivable. 

“Subsidiary” means, with respect to any person (“X”): 
  

	 	(a)	 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 X and one or more of its Subsidiaries;

  

	 	(b)	 any partnership of which, at the time, X, or one or more of its Subsidiaries, or X and one or more of its
Subsidiaries: (i) directly, indirectly or beneficially own or control more than 50% of the income, capital, beneficial or ownership interests (however designated) thereof; and (ii) is a general partner, in the case of limited partnerships,
or is a partner or has authority to bind the partnership, in all other cases; or 

  
 - 45 - 

	 	(c)	 any other person of which at least a majority of the income, capital, beneficial or ownership interests
(however designated) are at the time directly, indirectly or beneficially owned or controlled by X, or one or more of its Subsidiaries, or 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 Subsidiaries of the Canadian Borrower. 
 “Subsidiary Guarantees” means, collectively, the
guarantees executed and delivered, or required to be executed and delivered, by the Guarantors under and pursuant to this Agreement substantially in the form of Schedule H-1 annexed hereto with such modifications and insertions as may be required by
the Agent and agreed to by the Borrower, each acting reasonably. 
 “Successor Agent” has the meaning set out in Section 15.10. 

“Syndicated Facility” means the credit facility in the maximum principal amount of Cdn.$705,000,000 or the Equivalent Amount in any other
currency to be made available to the Canadian Borrower by the Syndicated Facility Lenders in accordance with the provisions hereof, subject to any increase in accordance with Section 2.24 and any reduction in accordance with the provisions
hereof. 
 “Syndicated Facility Commitment” means the commitment by each Lender under the Syndicated Facility to provide the amount of
Canadian Dollars (or the Equivalent Amount thereof) set forth opposite its name in Schedule A annexed hereto, subject to any reduction in accordance with the provisions hereof. 

“Syndicated Facility Extending Lender” has the meaning set out in Section 2.20(3). 

“Syndicated Facility Extension Date” has the meaning set out in Section 2.20(2). 

“Syndicated Facility Extension Request” has the meaning set out in Section 2.20(1). 

“Syndicated Facility Lenders” means, collectively, the Lenders which have a Syndicated Facility Commitment. 

“Syndicated Facility Maturity Date” means, in respect of Obligations outstanding to a given Syndicated Facility Lender, June 30, 2023 or
such later date to which the same may be extended in accordance with Section 2.20. 
 “Syndicated Facility Non-Extending Lender” has
the meaning set out in Section 2.20(3). 
 “Syndicated Facility Notice of Non-Extension” has the meaning set out in
Section 2.20(3). 
 “Taxes” means all taxes, levies, imposts, stamp taxes, duties, fees, deductions, withholdings, charges, compulsory
loans or restrictions or conditions resulting in a charge which are imposed, levied, collected, withheld or assessed by any country or political subdivision or taxing authority thereof now or at any time in the future, together with interest thereon
and penalties, charges or other amounts with respect thereto, if any, and “Tax” and “Taxation” shall be construed accordingly; provided that “Taxes” shall not include any US federal withholding tax imposed by FATCA.

  
 - 46 - 

 “Uniform Customs” has the meaning set out in Section 7.10(7). 

“United States Dollars” and “U.S.$” means the lawful money of the United States of America. 

“U.S. Base Rate” means, for any day, the greatest of: 
  

	 	(a)	 the rate of interest per annum established from time to time by the Agent or the Canadian Operating Facility
Lender, as applicable, as the reference rate of interest for the determination of interest rates that the Agent or the Canadian Operating Facility Lender, as applicable, will charge to customers of varying degrees of creditworthiness in Canada for
United States Dollar demand loans in Canada; 

  

	 	(b)	 the rate of interest per annum for such day or, if such day is not a Banking Day, on the immediately preceding
Banking Day, equal to the sum of the Federal Funds Rate (expressed for such purpose as a yearly rate per annum in accordance with Section 5.6), plus {Spread redacted}% per annum; and 

 

	 	(c)	 the Libor Rate for a period of 1 month on such day (or in respect of any day that is not a Banking Day, such
Libor Rate in effect on the immediately preceding Banking Day) plus {Spread redacted}% per annum, 

 provided that if all such
rates are equal or if such Federal Funds Rate and such Libor Rate are unavailable for any reason on the date of determination, then the “U.S. Base Rate” shall be the rate specified in (a) above. 

“U.S. Base Rate Loan” means an Advance in, or Conversion into, United States Dollars made by the applicable Lenders to the Canadian Borrower
with respect to which the Canadian Borrower has specified or a provision hereof requires that interest is to be calculated by reference to the U.S. Base Rate. 

“Voting Shares” means capital stock of any class of any corporation which carries voting rights to elect the board of directors thereof under
any circumstances, provided that, for purposes hereof, shares which carry the right to so vote conditionally upon the happening of an event shall not be considered Voting Shares until the occurrence of such event. 

“Wholly-Owned Subsidiary” means, with respect to any person (“X”): 

 

	 	(a)	 a corporation, all of the issued and outstanding shares in the capital of which are beneficially held by:

  

	 	(i)	 X; 

  

	 	(ii)	 X and one or more corporations, all of the issued and outstanding shares in the capital of which are held by X;
or 

  
 - 47 - 

	 	(iii)	 two or more corporations, all of the issued and outstanding shares in the capital of which are held by X;

  

	 	(b)	 a corporation which is a Wholly-Owned Subsidiary of a corporation that is a Wholly-Owned Subsidiary of X; or

  

	 	(c)	 a partnership, all of the partners of which are X and/or Wholly-Owned Subsidiaries of X, 

provided that (i) unless otherwise expressly provided or the context otherwise requires, references herein to “Wholly-Owned Subsidiary” or
“Wholly-Owned Subsidiaries” shall be and shall be deemed to be references to Wholly-Owned Subsidiaries of the Canadian Borrower and (ii) Enerflex Middle East LLC shall for all purposes hereof be a Wholly-Owned Subsidiary of the
Canadian Borrower (but only while Enerflex Middle East LLC shall remain a Guarantor). 
 “Write-Down and Conversion Powers” means, with
respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are
described in the Bail-In Legislation Schedule. 
  

	1.2	 Headings; Articles and Sections  

The division of this Agreement into Articles and Sections and the insertion of headings are for convenience of reference only and shall not
affect the construction or interpretation of this Agreement. The terms “this Agreement”, “hereof”, “hereunder” and similar expressions refer to this Agreement and not to any particular Article, Section or other portion
hereof and include any agreement supplemental hereto. Unless something in the subject matter or context is inconsistent therewith, references herein to Articles and Sections are to Articles and Sections of this Agreement. 

 

	1.3	 Number; persons; including 

Words importing the singular number only shall include the plural and vice versa, words importing the masculine gender shall include the
feminine and neuter genders and vice versa, words importing persons shall include individuals, partnerships, associations, trusts, unincorporated organizations and corporations and vice versa and words and terms denoting inclusiveness (such as
“include” or “includes” or “including”), whether or not so stated, are not limited by their context or by the words or phrases which precede or succeed them. 

 

	1.4	 Accounting Principles 

Except as otherwise herein provided, wherever in this Agreement reference is made to generally accepted accounting principles, such reference
shall be deemed to be to the recommendations at the relevant time of the Canadian Institute of Chartered Accountants, or any successor institute, applicable on a consolidated basis (unless otherwise specifically provided or contemplated herein to be
applicable on an unconsolidated basis) as at the date on which such calculation is made or required to be made in accordance with generally accepted accounting principles. In the event of a change in generally accepted accounting principles, the
Canadian 

  
 - 48 - 

 
Borrowers and the Agent shall negotiate in good faith to revise (if appropriate) the financial covenants to reflect generally accepted accounting principles as then in effect, in which case all
calculations thereafter made for the purpose of determining compliance with the financial covenants contained herein shall be made on a basis consistent with generally accepted accounting principles in existence as at the date of such revision. 

 

	1.5	 References to Agreements and Enactments  

Reference herein to any agreement, instrument, licence or other document shall be deemed to include reference to such agreement, instrument,
licence or other document as the same may from time to time be amended, modified, supplemented or restated in accordance with the provisions of this Agreement if and to the extent such provisions are applicable; and reference herein to any enactment
shall be deemed to include reference to such enactment as re-enacted, amended or extended from time to time and to any successor enactment. 
  

	1.6	 Per Annum Calculations 

Unless otherwise stated, wherever in this Agreement reference is made to a rate “per annum” or a similar expression is used, such
rate shall be calculated on the basis of a year of 365 days. 
  

	1.7	 Schedules 

The following are the Schedules annexed hereto and incorporated by reference and deemed to be part hereof: 

 

							
	            	 	Schedule A	  	-  	  	Lenders and Commitments
		 	Schedule B	  	-  	  	Assignment Agreement
		 	Schedule C	  	-  	  	Compliance Certificate
		 	Schedule D	  	-  	  	Conversion Notice
		 	Schedule E	  	-  	  	Drawdown Notice
		 	Schedule F	  	-  	  	Repayment Notice
		 	Schedule G	  	-  	  	Rollover Notice
		 	Schedules H-1 and H-2	  	-  	  	Form of Subsidiary Guarantee and Parent Guarantee
		 	Schedule I	  	-  	  	Form of POA LC
		 	Schedule J	  	-  	  	Guarantors at Closing
		 	Schedule K	  	-  	  	Material Subsidiaries at Closing
		 	Schedule L	  	-  	  	Form of Australian Letter of Credit
		 	Schedule M	  	-  	  	Form of Political Risk Insurance Policy.

  

	1.8	 Amendment and Restatement 

(1) On the date on which all of the conditions set forth in Section 3.2 have been satisfied (or waived in writing by all of the Lenders in
accordance with Section 3.3): 
  

	 	(a)	 the Existing Credit Agreement shall be and is hereby amended and restated in the form of this Agreement; and

  
 - 49 - 

	 	(b)	 all Loans (as that term is defined in the Existing Credit Agreement) including, for certainty, Bankers’
Acceptances, BA Equivalent Advances and Letters of Credit (as such terms are defined in the Existing Credit Agreement) and other amounts outstanding under the Existing Credit Agreement prior to the date hereof shall continue to be outstanding under
this Agreement and shall be deemed to be Loans and other Obligations owing by the applicable Borrower to the applicable Lenders under this Agreement; the Lenders hereby agree to take all steps and actions and execute and deliver all agreements,
instruments and other documents as may be required by the Agent (including the assignment of interests in, or the purchase of participations in, such outstanding Loans) to give effect to the foregoing and to ensure that the aggregate Obligations
owing to each Lender are outstanding in proportion to each Lender’s Rateable Portion of all outstanding Obligations after giving effect to the foregoing. 

 

	 	(c)	 Notwithstanding the foregoing, it is hereby acknowledged that, on the date hereof, Libor Loans and
Bankers’ Acceptances accepted by the Lenders under the Syndicated Facility provided for in the Existing Credit Agreement and each having terms to maturity ending on or after the date hereof may be outstanding (collectively, the
“Outstanding Libor Loans and BAs”). Notwithstanding any provision of the Existing Credit Agreement or this Agreement, the right, title, benefit and interest of each Lender in or to any Outstanding Libor Loans and BAs shall remain
with reference to each Lender’s pro rata share thereof based on their Syndicated Facility Commitments prior to the amendment and restatement of the Existing Credit Agreement in the form of this Agreement. From time to time, as the Outstanding
Libor Loans and Assignor BAs mature and Rollovers and Conversions are made by the Canadian Borrower in respect thereof, each Lender shall participate in the Loans effecting such Rollovers and Conversions to the full extent of its Syndicated Facility
Commitment hereunder. 

 (2) Notwithstanding the foregoing or any other term hereof, all of the covenants, representations
and warranties on the part of a Borrower or the Borrowers under the Existing Credit Agreement and all of the claims and causes of action arising against a Borrower or the Borrowers in connection therewith, in respect of all matters, events,
circumstances and obligations arising or existing prior to the date hereof shall continue, survive and shall not be merged in the execution of this Agreement or any other Documents or any advance or provision of any Loan hereunder. 

ARTICLE 2—THE CREDIT FACILITIES 
  

	2.1	 The Credit Facilities 

Subject to the terms and conditions hereof, each of the Lenders under a Credit Facility shall make available to the applicable Borrower such
Lender’s Rateable Portion of such Credit Facility. Subject to Section 2.18, the Outstanding Principal under a given Credit Facility shall not exceed the maximum principal amount of such Credit Facility. 

  
 - 50 - 

	2.2	 Types of Availments; Overdraft Loans; Australian LCs 

(1) The Canadian Borrower may make Drawdowns, Conversions and Rollovers under either of the Syndicated Facility or the Canadian Operating
Facility of Canadian Prime Rate Loans and Bankers’ Acceptances in Canadian Dollars and may make Drawdowns, Conversions and Rollovers under either of the Syndicated Facility or the Canadian Operating Facility of U.S. Base Rate Loans and Libor
Loans in United States Dollars. In addition, the Canadian Borrower may make Drawdowns and Rollovers under the Syndicated Facility of Letters of Credit denominated in Canadian Dollars, United States Dollars, Australian Dollars, Euros and Pounds
Sterling and each other currency agreed to by the Syndicated Facility Lenders (in which case, the Syndicated Facility Lenders and the Canadian Borrower, acting reasonably, shall agree upon the mechanics for completing Drawdowns and Rollovers of
Letters of Credit in such other currency and the repayment mechanisms in connection therewith); provided that the Outstanding Principal of Letters of Credit outstanding under the Syndicated Facility shall not exceed Cdn.$130,000,000. Lastly, the
Australian Borrower may make Drawdowns of, Conversions into, and Rollovers of, BBSY Loans under the Australian Operating Facility in Australian Dollars. The applicable Borrower shall have the option, subject to the terms and conditions hereof, to
determine which types of Loans shall be drawn down and in which combinations or proportions. 
 (2) In addition to the foregoing, overdrafts
arising from clearance of cheques or drafts drawn on the Canadian Dollar accounts and United States Dollar accounts of the Canadian Borrower maintained with the Canadian Operating Facility Lender, and designated by the Canadian Operating Facility
Lender for such purpose, shall be deemed to be outstanding as Canadian Prime Rate Loans and U.S. Base Rate Loans, respectively, under the Canadian Operating Facility (each, a “Canadian Overdraft Loan”) and all references to Canadian
Prime Rate Loans and U.S. Base Rate Loans (as applicable) shall include Canadian Overdraft Loans. For certainty, notwithstanding Section 2.7 or 2.15, no Drawdown Notice or Repayment Notice need be delivered by the Canadian Borrower in respect
of Canadian Overdraft Loans. 
 (3) In addition to the foregoing, the Australian Borrower may withdraw funds from the overdraft account
maintained with the Australian Operating Facility Lender that has been designated by the Australian Operating Facility Lender for such purpose (“Australian Overdraft Account”), which shall be deemed to be outstanding as Australian
overdraft loans under the Australian Operating Facility (each, an “Australian Overdraft Loan”). For certainty, notwithstanding Section 2.7 or 2.15, no Drawdown Notice or Repayment Notice need be delivered by the Australian
Borrower in respect of Australian Overdraft Loans. In respect of such Australian Overdraft Loans, the Australian Borrower must pay the Australian Operating Facility Lender’s normal account service fees for accounts and loans, and any such fees
may be debited to (a) the Australian Designated Account and (b) to the extent there are insufficient funds in the Australian Designated Account, the Australian Overdraft Account, at such times as the Australian Operating Facility Lender
determines. 
 (4) The Australian Borrower may, in Australian Dollars, make Drawdowns of Australian Letters of Credit in accordance with
Section 2.26. 

  
 - 51 - 

	2.3	 Purpose 

Each of the Credit Facilities is being made available for the general corporate purposes of the applicable Borrower including working capital
requirements, the issuance of letters of credit, capital expenditures, the repayment of debt and non-hostile acquisitions. 
  

	2.4	 Availability and Nature of the Credit Facilities 

(1) Subject to the terms and conditions hereof, the applicable Borrower may make Drawdowns under the applicable Credit Facility in respect of
the Commitments of a given Lender prior to, and only prior to, the Maturity Date applicable to such Lender. 
 (2) Prior to the Maturity
Date applicable to a Lender, each Credit Facility shall be a revolving credit facility and the applicable Borrower may increase or decrease Loans under such Credit Facility by making Drawdowns, repayments and further Drawdowns. 

(3) For certainty, in no event shall a Lender be required to fund, participate in, or otherwise provide any portion of a Loan which has a
maturity or expiry date, or which has an Interest Period which will expire, after the Maturity Date applicable to such Lender. In no event shall a Borrower request, or be entitled to obtain, a Loan which has a maturity or expiry date, or which has
an Interest Period which will expire after the earliest Maturity Date then applicable to a Lender. 
  

	2.5	 Minimum Drawdowns 

(1) Each Drawdown under the Syndicated Facility of the following types of Loans shall be in the following amounts indicated: 

 

	 	(a)	 Bankers’ Acceptances in minimum aggregate amounts of Cdn.$5,000,000 at maturity and Drawdowns in excess
thereof in integral multiples of Cdn.$100,000; 

  

	 	(b)	 Libor Loans in minimum principal amounts of U.S.$5,000,000 and Drawdowns in excess thereof in integral
multiples of U.S.$100,000; 

  

	 	(c)	 Canadian Prime Rate Loans in minimum principal amounts of Cdn.$1,000,000 and Drawdowns in excess thereof in
integral multiples of Cdn.$100,000; and 

  

	 	(d)	 U.S. Base Rate Loans in minimum principal amounts of U.S.$1,000,000 and Drawdowns in excess thereof in integral
multiples of U.S.$100,000. 

 (2) Each Drawdown under the Canadian Operating Facility of the following types of Loans
shall be in the following amounts indicated: 
  

	 	(a)	 Bankers’ Acceptances in minimum aggregate amounts of Cdn.$500,000 at maturity and Drawdowns in excess
thereof in integral multiples of Cdn.$100,000; and 

  

	 	(b)	 Libor Loans in minimum principal amounts of U.S.$500,000 and Drawdowns in excess thereof in integral multiples
of U.S.$100,000. 

  
 - 52 - 

 (3) Subject to Section 2.2(3), each Drawdown under the Australian Operating Facility of
BBSY Loans shall be in the minimum aggregate amounts of the Equivalent Amount in Australian Dollars of Cdn.$500,000 at maturity and Drawdowns in excess thereof in integral multiples of the Equivalent Amount in Australian Dollars of Cdn.$100,000.

  

	2.6	 Libor Loan and BBSY Loan Availability  

Drawdowns of, Conversions into and Rollovers of (as applicable) requested Libor Loans and BBSY Loans may only be made upon the Agent’s,
the Canadian Operating Facility Lender’s or the Australian Operating Facility Lender’s, as applicable, prior favourable determination with respect to the matters referred to in Section 13.1. 

 

	2.7	 Notice Periods for Drawdowns, Conversions and Rollovers 

(1) Subject to the provisions hereof, the Canadian Borrower may make a Drawdown, Conversion or Rollover under the Syndicated Facility by
delivering a Drawdown Notice, Conversion Notice or Rollover Notice, as the case may be (executed in accordance with the definition of Officer’s Certificate), with respect to a specified type of Loan to the Agent not later than: 

 

	 	(a)	 10:00 a.m. (Calgary time) three Banking Days prior to the proposed Drawdown Date, Conversion Date or Rollover
Date, as the case may be, for the Drawdown of, Conversion into or the Rollover of Libor Loans; 

  

	 	(b)	 10:00 a.m. (Calgary time) two Banking Days prior to the proposed Drawdown Date, Conversion Date or Rollover
Date, as the case may be, for the Drawdown of, Conversion into or Rollover of Bankers’ Acceptances; 

  

	 	(c)	 10:00 a.m. (Calgary time) one Banking Day prior to the proposed Drawdown Date or Conversion Date, as the case
may be, for Drawdowns of or Conversions into Canadian Prime Rate Loans and/or U.S. Base Rate Loans; and 

  

	 	(d)	 10:00 a.m. (Calgary time) three Banking Days prior to the proposed Drawdown Date or Rollover Date, as the case
may be, for the Drawdown or Rollover of Letters of Credit. 

 (2) Subject to the provisions hereof, including
Section 2.2(2), the Canadian Borrower may make a Drawdown, Conversion or Rollover under the Canadian Operating Facility by delivering a Drawdown Notice, Conversion Notice or Rollover Notice, as the case may be (executed in accordance with the
definition of Officer’s Certificate), with respect to a specified type of Loan to the Canadian Operating Facility Lender not later than: 
  

	 	(a)	 10:00 a.m. (Calgary time) three Banking Days prior to the proposed Drawdown Date, Conversion Date or Rollover
Date, as the case may be, for the Drawdown of, Conversion into or the Rollover of Libor Loans; 

  
 - 53 - 

	 	(b)	 10:00 a.m. (Calgary time) one Banking Day prior to the proposed Drawdown Date, Conversion Date or Rollover
Date, as the case may be, for the Drawdown of, Conversion into or Rollover of Bankers’ Acceptances; and 

  

	 	(c)	 10:00 a.m. (Calgary time) on the proposed Drawdown Date or Conversion Date, as the case may be, for Drawdowns
of or Conversions into Canadian Prime Rate Loans and/or U.S. Base Rate Loans. 

 (3) Subject to the provisions hereof
including Section 2.2(3), the Australian Borrower may make a Drawdown or Rollover under the Australian Operating Facility (and may make a Conversion of an Australian Overdraft Loan into a BBSY Loan) by delivering a Drawdown Notice, Conversion
Notice or Rollover Notice, as the case may be (executed in accordance with the definition of Officer’s Certificate), with respect to a specified type of Loan to the Australian Operating Facility Lender not later than 10:00 a.m. (Perth time)
three Banking Days prior to the proposed Drawdown Date, Conversion Date or Rollover Date, as the case may be, for the Drawdown of, Conversion into, or the Rollover of, BBSY Loans. 

 

	2.8	 Conversion Option 

Subject to the provisions of this Agreement and except for Letters of Credit and BBSY Loans, a Borrower may convert the whole or any part of
any type of Loan under a Credit Facility into any other type of permitted Loan under the same Credit Facility by giving the Agent, the Canadian Operating Facility Lender or the Australian Operating Facility Lender, as applicable, a Conversion Notice
in accordance herewith; provided that: 
  

	 	(a)	 Conversions of Libor Loans and Bankers’ Acceptances may only be made on the last day of the Interest
Period applicable thereto; 

  

	 	(b)	 a Borrower may not convert a portion only or the whole of an outstanding Loan unless both the unconverted
portion and converted portion of such Loan are equal to or exceed, in the relevant currency of each such portion, the minimum amounts required for Drawdowns of Loans of the same type as that portion (as set forth in Section 2.5);

  

	 	(c)	 in respect of Conversions of a Loan denominated in one currency to a Loan denominated in another currency, a
Borrower shall at the time of the Conversion repay the Loan or portion thereof being converted in the currency in which it was denominated; 

  

	 	(d)	 a Conversion shall not result in an increase in Outstanding Principal; increases in Outstanding Principal may
only be effected by Drawdowns; 

  

	 	(e)	 in respect of the Conversion of any Australian Overdraft Loans into BBSY Loans, such Conversion shall be
effected by the repayment of such Australian Overdraft Loans, or portion thereof, and readvance to the Australian Borrower of BBSY Loans; and 

  
 - 54 - 

	 	(f)	 notwithstanding the foregoing, a Borrower shall be permitted to request Drawdowns below the minimum amounts
provided for herein to the extent necessary to allow such Borrower to meet the minimum amount requirements for a requested Conversion. 

  

	2.9	 Libor Loan and BBSY Loan Rollovers; Selection of Libor and BBSY Interest Periods

 (1) At or before 10:00 a.m. (Calgary time) three Banking Days prior to the expiration of each Interest Period of
each Libor Loan, the Canadian Borrower shall, unless it has delivered a Conversion Notice pursuant to Section 2.8 and/or a Repayment Notice pursuant to Section 2.15 (together with a Rollover Notice if a portion only is to be converted or
repaid; provided that a portion of a Libor Loan may be continued only if the portion which is to remain outstanding is equal to or exceeds the minimum amount required hereunder for Drawdowns of Libor Loans) with respect to the aggregate amount of
such Loan, deliver a Rollover Notice to the Agent or the Canadian Operating Facility Lender, as applicable, selecting the next Interest Period applicable to the Libor Loan which new Interest Period shall commence on and include the last day of such
prior Interest Period. If the Canadian Borrower fails to deliver a Rollover Notice to the Agent or the Canadian Operating Facility Lender, as applicable, as provided in this Section, the Canadian Borrower shall be deemed to have given a Conversion
Notice to the Agent or the Canadian Operating Facility Lender, as applicable, electing to convert the entire amount of the maturing Libor Loan into a U.S. Base Rate Loan. 

(2) At or before 10:00 a.m. (Perth time) three Banking Days prior to the expiration of each Interest Period of each BBSY Loan, the Australian
Borrower shall, unless it has delivered a Repayment Notice pursuant to Section 2.15 (together with a Rollover Notice if a portion only is to be repaid; provided that a portion of a BBSY Loan may be continued only if the portion which is to
remain outstanding is equal to or exceeds the minimum amount required hereunder for Drawdowns of BBSY Loans) with respect to the aggregate amount of such Loan, deliver a Rollover Notice to the Australian Operating Facility Lender selecting the next
Interest Period applicable to the BBSY Loan which new Interest Period shall commence on and include the last day of such prior Interest Period. If the Australian Borrower fails to deliver a Rollover Notice to the Australian Operating Facility Lender
as provided in this Section, then the applicable interest rate on such BBSY Loan payable under Section 5.4 shall be deemed to be a rate per annum equal to the BBR in effect from time to time with a deemed interest period of one month plus the
Applicable Pricing Rate and references to “BBSY” in respect of BBSY Loans shall be deemed to be references to “BBR” with a deemed interest period of one month. 

 

	2.10	 Rollovers and Conversions not Repayments  

Any amount converted shall be a Loan of the type converted to upon such Conversion taking place, and any amount rolled over shall continue to
be the same type of Loan under the same Credit Facility as before the Rollover, but such Conversion or Rollover (to the extent of the amount converted or rolled over) shall not of itself constitute a repayment or a fresh utilization of any part of
the amount available under the relevant Credit Facility. 

  
 - 55 - 

	2.11	 Agent’s Obligations with Respect to Canadian Prime Rate Loans, U.S. Base Rate Loans and Libor Loans
 

 Upon receipt of a Drawdown Notice, Rollover Notice or Conversion Notice with respect to a Canadian Prime Rate
Loan, U.S. Base Rate Loan or Libor Loan, the Agent shall forthwith notify the relevant Lenders of the requested type of Loan, the proposed Drawdown Date, Rollover Date or Conversion Date, each Lender’s Rateable Portion of such Loan and, if
applicable, the account of the Agent to which each Lender’s Rateable Portion is to be credited. 
  

	2.12	 Lenders’ and Agent’s Obligations with Respect to Canadian Prime Rate Loans, U.S. Base Rate
Loans, Libor Loans and BBSY Loans; 

 (1) The applicable Lenders shall, for same day value not later than 12:00
p.m. (Toronto time) on the Drawdown Date specified by the Canadian Borrower in a Drawdown Notice with respect to a Canadian Prime Rate Loan, a U.S. Base Rate Loan and a Libor Loan under the Syndicated Facility, credit the Agent’s account
specified in the Agent’s notice given under Section 2.11 with such Lender’s Rateable Portion of each such requested Loan and for same day value on the same date the Agent shall, to the extent such funds have been received by the
Agent, pay to the Canadian Borrower the full amount of the amounts so credited in accordance with any payment instructions set forth in the applicable Drawdown Notice. 

(2) On the Drawdown Date specified by the Canadian Borrower in a Drawdown Notice with respect to a Canadian Prime Rate Loan, a U.S. Base Rate
Loan and a Libor Loan under the Canadian Operating Facility, for same day value the Canadian Operating Facility Lender shall pay to the Canadian Borrower the full amount of the requested Drawdown in accordance with any payment instructions set forth
in the applicable Drawdown Notice. 
 (3) On the Drawdown Date specified by the Australian Borrower in a Drawdown Notice with respect to a
BBSY Loan under the Australian Operating Facility, for same day value the Australian Operating Facility Lender shall pay to the Australian Borrower the full amount of the requested Drawdown in accordance with any payment instructions set forth in
the applicable Drawdown Notice. 
 2.13 Irrevocability 

A Drawdown Notice, Rollover Notice, Conversion Notice or Repayment Notice given by a Borrower hereunder shall be irrevocable and, subject to
any options the Lenders may have hereunder in regard thereto and such Borrower’s rights hereunder in regard thereto, shall oblige such Borrower to take the action contemplated on the date specified therein. 

 

	2.14	 Optional Cancellation or Reduction of Credit Facilities  

The Canadian Borrower (on behalf of itself and the Australian Borrower) may, at any time, upon giving at least 3 Banking Days prior written
notice to, in respect of a cancellation or reduction of the Syndicated Facility, the Agent, in respect of a cancellation or reduction of the Canadian Operating Facility, the Canadian Operating Facility Lender, or, in respect of a cancellation or
reduction of the Australian Operating Facility, the Australian Operating Facility Lender, cancel in full or, from time to time, permanently reduce in part the unutilized portion of a 

  
 - 56 - 

 
Credit Facility; provided, however, that any such reduction shall be in a minimum amount of Cdn.$5,000,000 and reductions in excess thereof shall be in integral multiples of Cdn.$1,000,000 (or,
in respect of the Australian Operating Facility such reduction shall be in a minimum amount of the Equivalent Amount in Australian Dollars of Cdn.$5,000,000 and reduction in excess thereof shall be in integral multiples of the Equivalent Amount in
Australian Dollars of AUD$1,000,000). If a Credit Facility is so reduced, the Commitments of each of the Lenders under such Credit Facility shall be reduced pro rata in the same proportion that the amount of the reduction in the Credit
Facility bears to the amount of such Credit Facility in effect immediately prior to such reduction. 
  

	2.15	 Optional Repayment of Credit Facilities  

A Borrower may at any time and from time to time repay, without penalty, to the Agent for the account of the Lenders, or in connection with the
Canadian Operating Facility, the Canadian Operating Facility Lender, or in connection with the Australian Operating Facility, the Australian Operating Facility Lender or, in the case of Letters of Credit or Australian Letters of Credit, return the
same to the Agent or the Australian Operating Facility Lender, as applicable, for cancellation or provide for the funding of, the whole or any part of any Loan owing by it together with accrued interest thereon to the date of such repayment provided
that: 
  

	 	(a)	 such Borrower shall give a Repayment Notice (executed in accordance with the definition of Officer’s
Certificate) to the Agent, the Canadian Operating Facility Lender or the Australian Operating Facility Lender, as applicable, prior to the date of the proposed repayment not later than the time by which prior notice would be required to be given
under Section 2.7 for a Drawdown of the type of Loan proposed to be repaid; provided that the applicable Borrower may repay a Canadian Overdraft Loan or an Australian Overdraft Loan without any prior notice; 

 

	 	(b)	 repayments pursuant to this Section may only be made on a Banking Day; 

 

	 	(c)	 subject to the following provisions and Section 2.17, each such repayment may only be made on the last day
of the applicable Interest Period with regard to a Libor Loan and a BBSY Loan that is being repaid; 

  

	 	(d)	 a Bankers’ Acceptance may only be repaid on its maturity unless collateralized in accordance with
Section 2.17(3); 

  

	 	(e)	 unexpired Letters of Credit and Australian Letters of Credit may only be prepaid by the return thereof to the
Agent or the Australian Operating Facility Lender, as applicable, for cancellation or providing funding therefor in accordance with Section 2.17(2); 

  

	 	(f)	 except in the case of (i) Letters of Credit and Australian Letters of Credit (ii) Canadian Prime Rate
Loans and U.S. Base Rate Loans under the Canadian Operating Facility and (iii) Australian Overdraft Loans under the Australian Operating Facility, each such repayment shall be in a minimum amount of the lesser of: (i) the minimum amount
required pursuant to Section 2.5 for Drawdowns of the type of Loan proposed to be repaid and (ii) the Outstanding Principal of all Loans outstanding under the Credit Facilities immediately prior to such repayment; any repayment in excess
of such amount shall be in integral multiples of the amounts required pursuant to Section 2.5 for multiples in excess of the minimum amounts for Drawdowns; and 

  
 - 57 - 

	 	(g)	 except in the case of (i) Letters of Credit and Australian Letters of Credit (ii) Canadian Prime Rate
Loans and U.S. Base Rate Loans under the Canadian Operating Facility and (iii) Australian Overdraft Loans under the Australian Operating Facility, a Borrower may not repay a portion only of an outstanding Loan unless the unpaid portion is equal
to or exceeds, in the relevant currency, the minimum amount required pursuant to Section 2.5 for Drawdowns of the type of Loan proposed to be repaid. 

  

	2.16	 Mandatory Repayment and Reduction of Credit Facilities  

Subject to Section 12.2 and Article 8, each Borrower shall repay or pay, as the case may be, to the Agent, on behalf of the Lenders, or,
in connection with the Canadian Operating Facility, to the Canadian Operating Facility Lender, or, in connection with the Australian Operating Facility, to the Australian Operating Facility Lender, all Loans and other Obligations outstanding under
each Credit Facility on or before the Maturity Date applicable to each Credit Facility and applicable to each Lender. Notwithstanding the foregoing, the Australian Borrower shall repay or pay, as the case may be, to the Australian Operating Facility
Lender, all Australian Overdraft Loans and all accrued interest thereon within 4 Banking Days of receipt by the Australian Borrower of a demand for payment by the Australian Operating Facility Lender. 

 

	2.17	 Additional Repayment Terms 

(1) If any Libor Loan or BBSY Loan is repaid on other than the last day of the applicable Interest Period, the applicable Borrower shall,
within three Banking Days after notice is given by the Agent, the Canadian Operating Facility Lender, or the Australian Operating Facility Lender, as applicable, pay to the Agent, the Canadian Operating Facility Lender or the Australian Operating
Facility Lender, as applicable, for the account of the applicable Lenders all costs, losses, premiums and expenses incurred by such Lenders by reason of the liquidation or re-deployment of deposits or other funds, or for any other reason whatsoever,
resulting in each case from the repayment of such Loan or any part thereof on other than the last day of the applicable Interest Period. Any such Lender, upon becoming entitled to be paid such costs, losses, premiums and expenses, shall deliver to
the applicable Borrower and, in the case of a Syndicated Facility Lender, the Agent, a certificate of such Lender certifying as to such amounts and, in the absence of manifest error, such certificate shall be conclusive and binding for all purposes.

 (2) With respect to the funding of the repayment of unexpired Letters of Credit and Australian Letters of Credit, it is agreed that the
applicable Borrower shall provide for the funding in full of the repayment of unexpired Letters of Credit or Australian Letters of Credit, as applicable, by paying to and depositing with the Agent or the Australian Operating Facility Lender, as
applicable, cash collateral for each such unexpired Letter of Credit or Australian Letter of Credit, as applicable, equal to the maximum undrawn face amount thereof and any accrued but unpaid fees (including fronting and issuance fees), in each
case, in the respective currency which 

  
 - 58 - 

 
the relevant Letter of Credit or Australian Letters of Credit, as applicable, is denominated; such cash collateral deposited by a Borrower shall be held by the Agent or the Australian Operating
Facility Lender, as applicable, in an interest bearing cash collateral account with interest to be credited to the applicable Borrower at rates prevailing at the time of deposit for similar accounts with the Agent or the Australian Operating
Facility Lender, as applicable. Such cash collateral accounts shall be assigned to the Agent or the Australian Operating Facility Lender, as applicable, as security for the obligations of the applicable Borrower in relation to such Letters of Credit
or Australian Letters of Credit, as applicable, and the Security Interest of the Agent or the Australian Operating Facility Lender (or be subject to such set-off or other arrangements permitted hereunder and satisfactory to the Australian Operating
Facility Lender), as applicable, thereby created in such cash collateral shall rank in priority to all other Security Interests and adverse claims against such cash collateral other than those Security Interests described in paragraphs (a) and
(b) of the definition of Permitted Encumbrances. Such cash collateral shall be applied to satisfy the obligations of the applicable Borrower for such Letters of Credit or Australian Letters of Credit, as applicable, as payments are made
thereunder and the Agent and the Australian Operating Facility Lender, as applicable, are hereby irrevocably directed by the applicable Borrower to so apply any such cash collateral. Amounts held in such cash collateral accounts may not be withdrawn
by the applicable Borrower without the consent of the Agent or the Australian Operating Facility Lender, as applicable; however, interest on such deposited amounts shall be for the account of the applicable Borrower and may be withdrawn by the
applicable Borrower so long as no Default or Event of Default is then continuing. If after expiry of the Letters of Credit for which such funds are held and application by the Agent or the Australian Operating Facility Lender, as applicable, of the
amounts in such cash collateral accounts to satisfy the obligations of the applicable Borrower hereunder with respect to the Letters of Credit or Australian Letters of Credit, as applicable, being repaid, any excess remains, such excess shall be
promptly paid by the Agent or the Australian Operating Facility Lender, as applicable, to the applicable Borrower so long as no Default or Event of Default is then continuing. 

In lieu of providing cash collateral as aforesaid, the applicable Borrower may provide to the Agent or the Australian Operating Facility
Lender, as applicable, irrevocable standby letter or letters of credit in an aggregate amount equal to the aggregate maximum undrawn face amount of all unexpired Letters of Credit or Australian Letters of Credit, as applicable, being repaid and any
accrued but unpaid fees (including fronting and issuance fees) and for a term which expires not sooner than 10 Banking Days after the expiry of the Letters of Credit or Australian Letters of Credit, as applicable, in respect of which such letter(s)
of credit are provided; such letters of credit shall be denominated and payable in the currency of the relevant unexpired Letters of Credit or Australian Letters of Credit, as applicable, and shall be issued by a financial institution and on terms
and conditions acceptable to each of the Agent and the Fronting Lenders or the Australian Operating Facility Lender, as applicable, each in its sole discretion. The Agent and the Australian Operating Facility Lender, as applicable, are hereby
irrevocably authorized and directed to draw upon such letters of credit and apply the proceeds of the same to satisfy the obligations of the applicable Borrower for such unexpired Letters of Credit or Australian Letters of Credit, as applicable, as
payments are made by the Agent, the Fronting Lenders and the Syndicated Facility Lenders or the Australian Operating Facility Lender, as applicable, thereunder. 

  
 - 59 - 

 (3) With respect to a repayment of unmatured Bankers’ Acceptances it is agreed that the
Canadian Borrower shall provide for the funding in full of the unmatured Bankers’ Acceptances to be repaid by paying to and depositing with the Agent or the Canadian Operating Facility Lender, as applicable, cash collateral (the “Cash
Collateral”) for each such unmatured Bankers’ Acceptances equal to the face amount payable at maturity thereof; such Cash Collateral deposited by the Canadian Borrower shall be invested by the Agent or the Canadian Operating Facility
Lender, as applicable, in Approved Securities as may be directed in writing by the Canadian Borrower from time to time (the “Collateral Investments”), provided that the Canadian Borrower shall direct said investments so that they
mature in amounts sufficient to permit payment of the Obligations for maturing Bankers’ Acceptances on the maturity dates thereof, with interest thereon to be credited to the Canadian Borrower. In the event that the Agent or the Canadian
Operating Facility Lender, as applicable, is not provided with instructions from the Canadian Borrower to make Collateral Investments as provided herein, the Agent or the Canadian Operating Facility Lender, as applicable, shall hold such Cash
Collateral in an interest bearing cash collateral account (the “Cash Collateral Account”) at rates prevailing at the time of deposit for similar accounts with the Agent or the Canadian Operating Facility Lender, as applicable. The
(a) Cash Collateral, (b) Cash Collateral Accounts, (c) Collateral Investments, (d) any accounts receivable, claims, instruments or securities evidencing or relating to the foregoing, and (e) any proceeds of any of the
foregoing (collectively the “Outstanding BAs Collateral”) shall be assigned to the Agent or the Canadian Operating Facility Lender, as applicable, as security for the obligations of the Canadian Borrower in relation to such
Bankers’ Acceptances and the Security Interest of the Agent or the Canadian Operating Facility Lender, as applicable, thereby created in such Outstanding BAs Collateral shall rank in priority to all other Security Interests and adverse claims
against such Outstanding BAs Collateral other than those Security Interests described in paragraphs (a) and (b) of the definition of Permitted Encumbrances. Such Outstanding BAs Collateral shall be applied to satisfy the obligations of the
Canadian Borrower for such Bankers’ Acceptances as they mature and the Agent and the Canadian Operating Facility Lender, as applicable, are hereby irrevocably directed by the Canadian Borrower to apply any such Outstanding BAs Collateral to
such maturing Bankers’ Acceptances. The Outstanding BAs Collateral created herein shall not be released to the Canadian Borrower without the consent of the Agent or the Canadian Operating Facility Lender, as applicable; however, interest on
such deposited amounts shall be for the account of the Canadian Borrower and may be withdrawn by the Canadian Borrower so long as no Default or Event of Default is then continuing. If, after maturity of the Bankers’ Acceptances for which such
Outstanding BAs Collateral is held and application by the Agent or the Canadian Operating Facility Lender, as applicable, of the Outstanding BAs Collateral to satisfy the obligations of the Canadian Borrower hereunder with respect to the
Bankers’ Acceptances being repaid, any interest or other proceeds of the Outstanding BAs Collateral remains, such interest or other proceeds shall be promptly paid and transferred by the Agent or the Canadian Operating Facility Lender, as
applicable to the Canadian Borrower so long as no Default or Event of Default is then continuing. 
  

	2.18	 Currency Excess 

(1) If the Agent, or, in the case of the Canadian Operating Facility, the Canadian Operating Facility Lender, or in the case of the Australian
Operating Facility, the Australian Operating Facility Lender shall determine, acting reasonably, that the aggregate Outstanding Principal of the outstanding Loans under a given Credit Facility exceeds the maximum principal amount of such Credit
Facility (the amount of such excess is herein called the “Currency Excess”), then, upon written request by the Agent, the Canadian Operating Facility Lender or the Australian Operating Facility Lender, as applicable (which request
shall detail the applicable 

  
 - 60 - 

 
Currency Excess), the applicable Borrower shall repay (a) in respect of the Syndicated Facility and the Canadian Operating Facility an amount of Canadian Prime Rate Loans or U.S. Base Rate
Loans and (b) in respect of the Australian Operating Facility, an amount of Australian Overdraft Loans, within (i) if the Currency Excess exceeds Cdn.$1,000,000 (or the Equivalent Amount in any other applicable currency), 5 Banking Days,
and (ii) in all other cases, 20 Banking Days after receipt of such request, such that, except as otherwise contemplated in Section 2.18(2), the Equivalent Amount in Canadian Dollars of such repayments is, in the aggregate, at least equal
to the Currency Excess; provided that the amount actually payable by such Borrower in respect of such Currency Excess on a given day shall not exceed the actual Currency Excess on such day and provided further that no such payment shall result in
the permanent reduction of the Commitments under any Credit Facility. 
 (2) If, in respect of any Currency Excess, the repayments made by
the applicable Borrower have not completely removed such Currency Excess (the remainder thereof being herein called the “Currency Excess Deficiency”), the applicable Borrower shall within the aforementioned 5 or 20 Banking Days, as
the case may be, after receipt of the aforementioned request of the Agent, the Canadian Operating Facility Lender or the Australian Operating Facility Lender, as applicable, place an amount equal to the Currency Excess Deficiency on deposit with the
Agent, the Canadian Operating Facility Lender or the Australian Operating Facility Lender, as applicable, in an interest bearing account with interest at rates prevailing at the time of deposit for the account of applicable Borrower, to be assigned
to the Agent on behalf of the Syndicated Facility Lenders, to the Canadian Operating Facility Lender or to the Australian Operating Facility Lender, as applicable, by instrument satisfactory to the Agent, the Canadian Operating Facility Lender or
the Australian Operating Facility Lender, as applicable, and, if applicable, to be applied to maturing Bankers’ Acceptances, BBSY Loans or Libor Loans (converted if necessary at the exchange rate for determining the Equivalent Amount on the
date of such application). The Agent, the Canadian Operating Facility Lender and the Australian Operating Facility Lender, as applicable, are hereby irrevocably directed by the applicable Borrower to apply any such sums on deposit to maturing Loans
as provided in the preceding sentence. In lieu of providing funds for the Currency Excess Deficiency, as provided in the preceding provisions of this Section, the applicable Borrower may within the said period of 5 or 20 Banking Days, as the case
may be, provide to the Agent, the Canadian Operating Facility Lender or the Australian Operating Facility Lender, as applicable, an irrevocable standby letter of credit in an amount equal to the Currency Excess Deficiency and for a term which
expires not sooner than 10 Banking Days after the date of maturity or expiry, as the case may be, of the relevant Bankers’ Acceptances, Libor Loans, BBSY Loans, Letters of Credit or Australian Letters of Credit, as the case may be; such letter
of credit for the Currency Excess Deficiency shall be issued by a financial institution, and shall be on terms and conditions, acceptable to the Agent, the Canadian Operating Facility Lender or the Australian Operating Facility Lender, as
applicable, each in its sole discretion. The Agent, the Canadian Operating Facility Lender and the Australian Operating Facility Lender are each hereby authorized and directed to draw upon such letter of credit and apply the proceeds of the same to
Bankers’ Acceptances, BBSY Loans, Libor Loans, Letters of Credit or Australian Letters of Credit as they mature. Upon the Currency Excess Deficiency being eliminated as aforesaid or by virtue of subsequent changes in the exchange rate for
determining the Equivalent Amount, then, provided no Default or Event of Default is then continuing, such funds on deposit, together with interest thereon, or such letters of credit shall be returned to the applicable Borrower, in the case of funds
on deposit, or shall be cancelled or reduced in amount, in the case of letters of credit. 

  
 - 61 - 

	2.19	 Hedging with Lenders and Hedging Affiliates  

If a Lender or Hedging Affiliate enters into a Financial Instrument with a Borrower or a Guarantor which such Lender or Hedging Affiliate (as
the case may be) believes, acting reasonably, in good faith and without any actual notice or knowledge to the contrary, is Permitted Hedging, then each such Lender Financial Instrument and the Lender Financial Instrument Obligations under such
Financial Instrument shall be guaranteed by the Parent Guarantee and the Subsidiary Guarantees (except the guarantee entered into by such Borrower or Guarantor and those Subsidiary Guarantees which by their terms would not guarantee the Lender
Financial Instrument in question) equally and rateably with the Obligations and the Bank Product Obligations, regardless of whether such Borrower or Guarantor has complied herewith (but, for certainty, without in any manner lessening or relieving
such Borrower or Guarantor from its obligation to comply therewith). 
  

	2.20	 Extension of Syndicated Facility Maturity Date 

(1) In this Section: 
 “Syndicated
Facility Extension Request” means a written request by the Canadian Borrower to the Syndicated Facility Lenders to extend the Syndicated Facility Maturity Date applicable to such Lenders by one or more years (or any portion thereof), which
request shall include an Officer’s Certificate certifying that no Default or Event of Default has occurred and is continuing; and 
 “Requested
Lenders” means those Syndicated Facility Lenders which are not then Syndicated Facility Non-Extending Lenders. 
 (2) The Canadian
Borrower may, once in each calendar year, by delivering to the Agent an executed Syndicated Facility Extension Request, request the Requested Lenders to extend the Syndicated Facility Maturity Date applicable to such Lenders by one or more years (or
any portion thereof); provided that: (a) such request may not be made more than 90 days or less than 60 days before June 30 in each calendar year (each, a “Syndicated Facility Extension Date”); and (b) the Syndicated
Facility Maturity Date, if extended in accordance herewith and therewith, shall not be later than four (4) years after the effectiveness of such extension. 

(3) Upon receipt from the Canadian Borrower of an executed Syndicated Facility Extension Request, the Agent shall promptly deliver to each
Requested Lender a copy of such request, and each Requested Lender shall, within 30 days after receipt of the Syndicated Facility Extension Request by the Agent, provide to the Agent and the Canadian Borrower either (a) written notice that such
Requested Lender (each, a “Syndicated Facility Extending Lender”) agrees, subject to Section 2.20(4) below, to the requested extension of the current Syndicated Facility Maturity Date applicable to it or (b) written notice
(each, a “Syndicated Facility Notice of Non-Extension”) that such Requested Lender (each, a “Syndicated Facility Non-Extending Lender”) does not agree to such requested extension; provided that, if any Requested
Lender shall fail to so notify the Agent and the Canadian Borrower, then such Requested Lender shall be deemed to have delivered a Syndicated Facility Notice of Non-Extension and shall be deemed to be a Syndicated Facility Non-Extending Lender. The
determination of each Syndicated Facility Lender whether or not to extend the Syndicated Facility Maturity Date applicable to it shall be made by each individual Syndicated Facility Lender in its sole discretion. 

  
 - 62 - 

 (4) If the Syndicated Facility Extending Lenders have Syndicated Facility Commitments which,
in aggregate, represent more than 662⁄3% of all outstanding Syndicated Facility Commitments, the Syndicated Facility Maturity Date shall be extended in accordance
with the Syndicated Facility Extension Request for each of the Syndicated Facility Extending Lenders. If the Syndicated Facility Extending Lenders do not have Syndicated Facility Commitments which, in aggregate, represent more than 662⁄3% of all outstanding Syndicated Facility Commitments, the Syndicated Facility Maturity Date shall not be extended for any of the Requested Lenders. For certainty, the
Syndicated Facility Maturity Date for a Syndicated Facility Non-Extending Lender shall not be extended, regardless of whether or not the Syndicated Facility Maturity Date is extended for the Syndicated Facility Extending Lenders as aforesaid. 

(5) This Section shall apply from time to time to facilitate successive extensions and requests for extension of the Syndicated Facility
Maturity Date. If, as of the applicable Syndicated Facility Extension Date (before an agreement of the Syndicated Facility Extending Lenders to the extension thereof in accordance with the foregoing provisions of this Section 2.20), a Default
or Event of Default exists, the Syndicated Facility Maturity Date shall not be extended, notwithstanding any other provision hereof to the contrary, for a Syndicated Facility Extending Lender unless (a) such Syndicated Facility Extending Lender
has waived such Default or Event of Default in writing and (b) Syndicated Facility Extending Lenders having Syndicated Facility Commitments which, in aggregate, represent more than 662⁄3% of all outstanding Syndicated Facility Commitments have waived such Default or Event of Default in writing. 

(6) A Syndicated Facility Non-Extending Lender may, with the prior written consent of the Canadian Borrower, become a Syndicated Facility
Extending Lender with respect to any prior extension of the Syndicated Facility Maturity Date by providing written notice to the Agent revoking the Syndicated Facility Notice of Non-Extension provided by such Syndicated Facility Lender; such
revocation shall be effective from and after receipt by the Agent of such notice from such Syndicated Facility Lender together with a copy of the Canadian Borrower’s consent in relation thereto. 

 

	2.21	 Extension of Canadian Operating Facility Maturity Date 

(1) In this Section “Canadian Operating Facility Extension Request” means a written request by the Canadian Borrower to the
Canadian Operating Facility Lender to extend the Canadian Operating Facility Maturity Date by one or more years (or any portion thereof), which request shall include an Officer’s Certificate certifying that no Default or Event of Default has
occurred and is continuing. 
 (2) The Canadian Borrower may, once in each calendar year, by delivering to the Canadian Operating Facility
Lender an executed Canadian Operating Facility Extension Request, request the Canadian Operating Facility Lender to extend the Canadian Operating Facility Maturity Date by one or more years (or any portion thereof); provided that: (a) such
request may not be made more than 90 days or less than 60 days before June 30 in each calendar year (each, a “Canadian Operating Facility Extension Date”); and (b) the Canadian Operating Facility Maturity Date, if extended
in accordance herewith and therewith, shall not be later than four (4) years after the effectiveness of such extension. 

  
 - 63 - 

 (3) Upon receipt from the Canadian Borrower of an executed Canadian Operating Facility
Extension Request, the Canadian Operating Facility Lender shall, within 30 days after receipt of the Canadian Operating Facility Extension Request, provide to the Agent and the Canadian Borrower either (a) written notice that the Canadian
Operating Facility Lender agrees to the requested extension of the current Canadian Operating Facility Maturity Date in which case the Canadian Operating Facility Maturity Date shall be extended in accordance with the Canadian Operating Facility
Extension Request or (b) written notice that the Canadian Operating Facility Lender does not agree to such requested extension, in which case the Canadian Operating Facility Maturity Date shall not be extended; provided that, if the Canadian
Operating Facility Lender shall fail to so notify the Agent and the Canadian Borrower, then the Canadian Operating Facility Lender shall be deemed to have denied the request to extend the Canadian Operating Facility Maturity Date. The determination
of the Canadian Operating Facility Lender whether or not to extend the Canadian Operating Facility Maturity Date shall be made by the Canadian Operating Facility Lender in its sole discretion. 

(4) This Section shall apply from time to time to facilitate successive extensions and requests for extension of the Canadian Operating
Facility Maturity Date. If, as of the applicable Canadian Operating Facility Extension Date (before an agreement of the Canadian Operating Facility Lender to the extension thereof in accordance with the foregoing provisions of this
Section 2.21), a Default or Event of Default exists, the Canadian Operating Facility Maturity Date shall not be extended, notwithstanding any other provision hereof to the contrary unless the Canadian Operating Facility Lender has waived such
Default or Event of Default in writing. 
  

	2.22	 Extension of Australian Operating Facility Maturity Date 

(1) In this Section “Australian Operating Facility Extension Request” means a written request by either the Canadian Borrower,
on behalf of the Australian Borrower, or the Australian Borrower to the Australian Operating Facility Lender (with a copy to the Agent) to extend the Australian Operating Facility Maturity Date by one or more years (or any portion thereof), which
request shall include an Officer’s Certificate certifying that no Default or Event of Default has occurred and is continuing. 
 (2)
The Canadian Borrower, on behalf of the Australian Borrower, or the Australian Borrower may, once in each calendar year, by delivering to the Australian Operating Facility Lender (with a copy to the Agent) an executed Australian Operating Facility
Extension Request, request the Australian Operating Facility Lender to extend the Australian Operating Facility Maturity Date by one or more years (or any portion thereof); provided that: (a) such request may not be made more than 90 days or
less than 60 days before June 30 in each calendar year (each, an “Australian Operating Facility Extension Date”); and (b) the Australian Operating Facility Maturity Date, if extended in accordance herewith and therewith,
shall not be later than four (4) years after the effectiveness of such extension. 

  
 - 64 - 

 (3) The Australian Operating Facility Lender shall, within 30 days after receipt of the
Australian Operating Facility Extension Request, provide to the Canadian Borrower, on behalf of the Australian Borrower, or the Australian Borrower, as applicable, (with a copy to the Agent) either (a) written notice that the Australian
Operating Facility Lender agrees to the requested extension of the current Australian Operating Facility Maturity Date in which case the Australian Operating Facility Maturity Date shall be extended in accordance with the Australian Operating
Facility Extension Request or (b) written notice that the Australian Operating Facility Lender does not agree to such requested extension, in which case the Australian Operating Facility Maturity Date shall not be extended; provided that, if
the Australian Operating Facility Lender shall fail to so notify the Canadian Borrower, on behalf of the Australian Borrower, or the Australian Borrower, as applicable, then the Australian Operating Facility Lender shall be deemed to have denied the
request to extend the Australian Operating Facility Maturity Date. The determination of the Australian Operating Facility Lender whether or not to extend the Australian Operating Facility Maturity Date shall be made by the Australian Operating
Facility Lender in its sole discretion. 
 (4) This Section shall apply from time to time to facilitate successive extensions and requests
for extension of the Australian Operating Facility Maturity Date. If, as of the applicable Australian Operating Facility Extension Date (before an agreement of the Australian Operating Facility Lender to the extension thereof in accordance with the
foregoing provisions of this Section 2.22), a Default or Event of Default exists, the Australian Operating Facility Maturity Date shall not be extended, notwithstanding any other provision hereof to the contrary unless the Australian Operating
Facility Lender has waived such Default or Event of Default in writing. 
  

	2.23	 Replacement of Lenders 

(1) Each of the Borrowers shall have the right, at its option, to (i) replace Lenders under the applicable Credit Facilities (by causing
them to assign their rights and interests under such Credit Facilities to additional financial institutions which have agreed to become Lenders or by increasing the Commitments of existing Lenders under such Credit Facilities with, in the latter
case, the consent of such increasing Lenders, or any combination thereof), (ii) repay the Obligations outstanding to certain Lenders under the applicable Credit Facilities and cancelling their Commitments (without corresponding repayment to
other Lenders), or (iii) any combination of the foregoing, with respect to the following Lenders: 
  

	 	(a)	 Syndicated Facility Non-Extending Lenders, provided that the Syndicated Facility Maturity Date has been
extended in accordance with the most recent Syndicated Facility Extension Request delivered by the Canadian Borrower pursuant to Section 2.20(2); 

  

	 	(b)	 Lenders which have claimed Additional Compensation in accordance with the provisions hereof (each, a
“Lender Claiming Additional Compensation”); and 

  

	 	(c)	 Lenders which have not agreed to consent under, waiver of or proposed amendment to the provisions of the
Documents (each, a “Dissenting Lender”) requested by a Borrower; provided that the applicable Borrower shall not be entitled to replace or repay a Dissenting Lender unless, after doing so, the requested consent, waiver or amendment
would be approved in accordance with this Agreement; 

  
 - 65 - 

 provided that the Borrowers shall not be entitled to replace or repay a Dissenting Lender unless it is
concurrently repaying or replacing all Dissenting Lenders in connection with the relevant extension, consent, waiver or amendment and further provided that increases in the Commitments of existing Lenders and the addition of new financial
institutions as Lenders shall require the consent of each of the Agent (such consent not to be unreasonably withheld or delayed) and, in the case of the Syndicated Facility, each Fronting Lender (such consent in each Fronting Lender’s sole
discretion). 
 (2) In order to give effect to the provisions of Section 2.23(1) (but subject to such provisions), the relevant
Borrower may, from time to time: 
  

	 	(a)	 require any Syndicated Facility Non-Extending Lender, Lender Claiming Additional Compensation or Dissenting
Lender to assign all of its rights, benefits and interests under the Documents, its Commitments and its Rateable Portion of all Loans and other Obligations (collectively, the “Assigned Interests”) to (a) any other Lenders which
have agreed to increase their Commitments and purchase the Assigned Interests or (b) to third party lenders selected by the relevant Borrower. The relevant Borrower shall provide the Agent, each Fronting Lender, in respect of the Canadian
Operating Facility, the Canadian Operating Facility Lender, and, in respect of the Australian Operating Facility, the Australian Operating Facility Lender, with 10 Banking Days’ prior written notice of its desire to proceed under this Section.
The assignment of the Assigned Interests shall be effective upon: (a) execution and delivery of assignment documentation satisfactory to the relevant Syndicated Facility Non-Extending Lender, Lender Claiming Additional Compensation or
Dissenting Lender, as the case may be, the assignee, the relevant Borrower and the Agent (each acting reasonably); (b) upon payment to the relevant Syndicated Facility Non-Extending Lender, Dissenting Lender or Lender Claiming Additional
Compensation, as the case may be, by the relevant assignee of an amount equal to such Lender’s Rateable Portion of all Loans being assigned and all accrued but unpaid interest and fees hereunder in respect of those portions of the Loans and
Commitments being assigned; (c) upon payment by the relevant assignee to the Agent (for the applicable Agent’s own account) of the transfer fee contemplated in Section 16.6; and (d) upon provision satisfactory to the Syndicated
Facility Non-Extending Lender, Dissenting Lender or Lender Claiming Additional Compensation, as the case may be, (acting reasonably) being made for (i) payment at maturity of outstanding Bankers’ Acceptances accepted by it,
(ii) indemnity in respect of its share of outstanding Letters of Credit or, with respect to outstanding Fronted LCs, release by the relevant Fronting Lenders of its obligations in respect thereof and (iii) any costs, losses, premiums or
expenses incurred by such Lender by reason of the liquidation or re-deployment of deposits or other funds in respect of Libor Loans or BBSY Loans outstanding hereunder. Upon such assignment and transfer, the assigning Syndicated Facility
Non-Extending Lender, Dissenting Lender or Lender Claiming Additional Compensation, as the case may be, shall have no further right, interest, benefit or obligation in respect of the Assigned Interests (except as provided in Section 7.8(3)) and
the assignee thereof shall succeed to the position of such Lender as if the same was an original party hereto in the place and stead of such Syndicated Facility Non-Extending Lender, Dissenting

  
 - 66 - 

	 	
Lender or Lender Claiming Additional Compensation, as the case may be, and such assignee shall be deemed to be a Syndicated Facility Extending Lender for all purposes of this Agreement where the
assignor is a Syndicated Facility Non-Extending Lender; for such purpose, the assignee shall execute and deliver an Assignment Agreement and such other documentation as may be reasonably required by the Agent, Fronting Lenders and the relevant
Borrower to confirm its agreement to be bound by the provisions hereof as a Lender and to give effect to the foregoing; and 

  

	 	(b)	 to the extent that the relevant Borrower has not caused any Syndicated Facility Non-Extending Lender,
Dissenting Lender or Lender Claiming Additional Compensation, as the case may be, to assign its rights, benefits and interests to another Lender or other financial institution as provided in paragraph (a) above, repay to such Syndicated
Facility Non-Extending Lender, Dissenting Lender or Lender Claiming Additional Compensation, as the case may be, at any time while such Lender continues to be a Syndicated Facility Non-Extending Lender, Dissenting Lender or Lender Claiming
Additional Compensation, all such Lender’s Rateable Portion of all Loans outstanding under the Credit Facilities, together with all accrued but unpaid interest and fees thereon and with respect to its Commitments, without making corresponding
repayment to the other Lenders and, upon such repayment and provision satisfactory to the relevant Syndicated Facility Non-Extending Lender, Dissenting Lender or Lender Claiming Additional Compensation, as the case may be, (acting reasonably) being
made for (i) payment at maturity of all outstanding Bankers’ Acceptances accepted by such Lender, (ii) indemnity in respect of its share of outstanding Letters of Credit or, with respect to outstanding Fronted LCs, release by the
relevant Fronting Lenders of its obligations in respect thereof and (iii) any costs, losses, premiums or expenses incurred by such Lender by reason of a liquidation or re-deployment of deposits or other funds in respect of Libor Loans or BBSY
Loans outstanding hereunder, the applicable Borrower may cancel such Lender’s Commitments. Upon completion of the foregoing, such Syndicated Facility Non-Extending Lender, Dissenting Lender or Lender Claiming Additional Compensation, as the
case may be, shall have no further right, interest, benefit or obligation in respect of the Credit Facilities (except as provided in Section 7.8(3)) and each Credit Facility shall be reduced by the amount of such Lender’s cancelled
Commitment thereunder. 

  

	2.24	 Permitted Increase in Syndicated Facility  

The Canadian Borrower may, at any time and from time to time, increase the maximum amount of the Syndicated Facility by (i) adding
additional financial institutions as Syndicated Facility Lenders, (ii) increasing the Syndicated Facility Commitments of existing Lenders with the consent of such existing Lenders or (iii) any combination thereof. The right to increase the
maximum principal amount of the Syndicated Facility as aforesaid shall be subject to the following (for each such increase): 
  

	 	(a)	 no Default or Event of Default shall have occurred and be continuing and the Canadian Borrower shall have
delivered to the Agent a certificate of an officer of the Canadian 

  
 - 67 - 

	 	
Borrower confirming the same and confirming (i) its corporate authorization to make such increase, (ii) the truth and accuracy in all material respects of its representations and
warranties contained in Section 9.1 hereof as of such date, other than any such representations and warranties which expressly speak as of an earlier date and (iii) that no consents, approvals or authorizations are required for such
increase (except as have been unconditionally obtained and are in full force and effect, unamended), each as at the effective date of such increase; 

  

	 	(b)	 unless the Canadian Borrower shall have delivered to the Agent certified copies of the corporate authorization
of the Canadian Borrower and each Guarantor authorizing such increase, the Canadian Borrower shall have delivered to the Agent an opinion of its legal counsel and counsel to the Guarantors 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 Canadian Borrower to effect such increase); 

  

	 	(c)	 the aggregate of all increases pursuant to this Section shall not exceed Cdn.$150,000,000 (or the Equivalent
Amount thereof); 

  

	 	(d)	 the Agent and each Fronting Lender shall have consented to increases in the Commitments of a Lender and any
additional financial institution becoming a Lender, such consent of the Agent and each Fronting Lender not to be unreasonably withheld or delayed (it being understood that the withholding of consent by a Fronting Lender due to (i) such Fronting
Lender’s concern over the credit quality of a Lender whose Commitment is being increased or a financial institution becoming a Lender or (ii) exposure limits of such Fronting Lender related to a Lender whose Commitment is being increased
or a financial institution becoming a Lender shall, in each case, be deemed to be reasonable); and 

  

	 	(e)	 the Canadian Borrower and the increasing existing Lender or the financial institution being added, as the case
may be, shall execute and deliver such documentation as is required by the Agent, acting reasonably, to effect the increase in question (including the partial assignment of Loans or purchase of participations from Lenders to the extent necessary to
ensure that, after giving effect to such increase, each Lender holds its Rateable Portion of each outstanding Loan under the Syndicated Credit Facility) and, if applicable, to add any such new financial institution as a Lender under the Documents.

  

	2.25	 Designation of Non-Guarantor Subsidiaries 

(1) The Canadian Borrower shall from time to time, by notice in writing to the Agent, the Canadian Operating Facility Lender and the Australian
Operating Facility Lender, be entitled to designate effective on the date set out in such notice that a Guarantor (other than the Australian Borrower) shall be a Non-Guarantor Subsidiary; provided that, without affecting the then existing status of
Non-Guarantor Subsidiaries, the Canadian Borrower shall not be entitled to designate that a Guarantor shall be a Non-Guarantor Subsidiary if: 
  

	 	(a)	 a Default or an Event of Default has occurred and is continuing; 

  
 - 68 - 

	 	(b)	 a Default or an Event of Default would result from or exist immediately after such a designation; or

  

	 	(c)	 for certainty, if, immediately after such designation, the Canadian Borrower would not be in compliance with
any of the terms and conditions hereof including, without limitation, the financial covenants set out in Section 10.3 or the positive covenant set out in Section 10.1(q). 

(2) The Canadian Borrower shall, concurrently with delivery of a notice pursuant to Section 2.25(1), deliver to the Agent, the Canadian
Operating Facility Lender and the Australian Operating Facility Lender an Officer’s Certificate addressed to the Agent and the Lenders certifying that the Canadian Borrower is entitled to make the designation referenced in such notice. 

 

	2.26	 Australian Letters of Credit 

(1) The Australian Operating Facility Lender agrees that it shall, subject to Section 3.1, on each Drawdown Date in connection with a
Drawdown request for an Australian Letter of Credit, issue an Australian Letter of Credit having a Maximum Liability equal to the amount of the proposed Drawdown specified in the relevant Drawdown Notice and being otherwise in accordance with the
Drawdown Notice. 
 (2) Each Australian Letter of Credit issued by the Australian Operating Facility Lender must be in the form or
substantially in the form set out in Schedule L or as otherwise agreed between the Australian Borrower and the Australian Operating Facility Lender. 

(3) The Australian Borrower irrevocably authorizes the Australian Operating Facility Lender to immediately pay any amount demanded at any time
under an Australian Letter of Credit issued by the Australian Operating Facility Lender. The Australian Operating Facility Lender: 
  

	 	(a)	 need not first refer to the Australian Borrower or obtain its authority for the payment; 

 

	 	(b)	 need not enquire whether the demand has been properly made; and 

 

	 	(c)	 may meet any demand even though the Australian Borrower disputes the validity of the demand.

 (4) The Australian LC Sub-Facility Limit automatically reduces by an amount equal to the Maximum Liability of any
outstanding Australian Letter of Credit until such Australian Letter of Credit has expired, been exhausted (provided that the Australian Operating Facility Lender has received the amount set out in Section 2.26(6) from the Australian Borrower
in respect of such Letter of Credit), been cancelled or returned to the Australian Operating Facility Lender or been defeased by the provision of cash collateral in accordance with the provisions hereof. Notwithstanding the foregoing, the amount of
any outstanding Loans under the Australian Operating Facility shall not exceed the Australian Operating Facility Commitment without the prior written consent of the Australian Operating Facility Lender. 

  
 - 69 - 

 (5) The Australian Borrower agrees not to request the issue of Australian Letters of Credit
which, if issued, could result in the total of the Maximum Liability under all unexpired Letters of Credit on any day exceeding the Australian LC Sub-Facility Limit for that day. 

(6) The Australian Borrower agrees to pay, within 4 Banking Days of demand from the Australian Operating Facility Lender, an amount equal to
the amount paid by the Australian Operating Facility Lender under an Australian Letter of Credit. 
 (7) The Australian Borrower shall
indemnify and save harmless the Australian Operating Facility Lender against all claims, losses, costs, expenses or damages to the Australian Operating Facility Lender arising out of or in connection with any Australian Letter of Credit, the
issuance thereof, any payment thereunder or any action taken by the Australian Operating Facility Lender or any other person in connection therewith in accordance with the terms of this Agreement including all reasonable properly documented costs
relating to any legal process or proceeding instituted by any party restraining or seeking to restrain the issuer of an Australian Letter of Credit or the Australian Operating Facility Lender from accepting or paying any draft or any amount under
any such Australian Letter of Credit, except as a result of the Australian Operating Facility Lender’s gross negligence, wilful misconduct or material breach of this Agreement. The Australian Borrower agrees to pay amounts due under this
indemnity on demand from the Australian Operating Facility Lender. 
 (8) The rights of the Australian Operating Facility Lender and the
Australian Borrower’s obligations are not affected by anything that might otherwise affect them under law or otherwise, including, without limitation: 
  

	 	(a)	 any inaccuracy, insufficiency, forgery or alteration in any certificate, Australian Letter of Credit or other
document which purports to be made, issued or delivered under this Agreement or under any Australian Letter of Credit; 

  

	 	(b)	 the fact that the Australian Operating Facility Lender releases any person (other than the Australian Borrower)
or gives the Australian Borrower (or any other person) a concession, such as more time to pay, or compounds or compromises with them (whether or not an additional burden is imposed at the same time); 

 

	 	(c)	 acquiescence or delay by one or both of the Australian Operating Facility Lender or any other person;

  

	 	(d)	 any variation or novation of a right of the Australian Operating Facility Lender or another person; or

  

	 	(e)	 the fact that the obligations of any person other than the Australian Borrower may not be enforceable.

 (9) The Australian Borrower shall pay to the Australian Operating Facility Lender in respect of Australian Letters of
Credit issued hereunder, an issuance fee quarterly in arrears (on the first day of January, April, July and October in each year, on the date of cancellation of the Australian Operating Facility and on the Australian Operating Facility Maturity
Date) calculated at a rate per annum equal to the Applicable Pricing Rate on the Maximum Liability from time to time 

  
 - 70 - 

 
of each issued Australian Letter of Credit, calculated disregarding any amount paid out by the Australian Operating Facility Lender under the Australian Letter of Credit until the Australian
Borrower pays in full in respect of that amount under clause 2.26(6). To the extent any Australian Letters of Credit for which issuance fees have been paid in advance are presented, cancelled, terminated or reduced prior to their original expiry
date, the Australian Operating Facility Lender, shall reimburse the Australian Borrower for the amount of any applicable overpayment of any such issuance fees in connection with any such presentment, cancellation, termination or reduction. 

ARTICLE 3—CONDITIONS PRECEDENT TO DRAWDOWNS 
  

	3.1	 Conditions for Drawdowns 

On or before each Drawdown hereunder the following conditions shall be satisfied: 

 

	 	(a)	 the Agent, or in respect of a Drawdown under the Australian Operating Facility, the Australian Operating
Facility Lender, or, in the case of a Drawdown under the Canadian Operating Facility, the Canadian Operating Facility Lender, shall have received a complete Drawdown Notice, delivered in accordance with the requirements hereof, from the applicable
Borrower requesting the Drawdown; 

  

	 	(b)	 the representations and warranties set forth in Section 9.1 shall be true and accurate in all respects on
and as of the date of the requested Drawdown other than those representations and warranties expressly stated to be made as of an earlier date; 

  

	 	(c)	 no Default or Event of Default shall have occurred and be continuing nor shall the Drawdown result in the
occurrence of a Default or Event of Default; and 

  

	 	(d)	 after giving effect to the proposed Drawdown, the Outstanding Principal of all Loans outstanding under the
relevant Credit Facility shall not exceed the maximum principal amount of such Credit Facility and, in respect of the sub-facilities provided for under the Australian Operating Facility, the total principal amount outstanding under such sub-facility
shall not exceed the maximum amount of such sub-facility. 

  

	3.2	 Additional Conditions For Amendment and Restatement  

This Agreement shall be effective upon, and the Existing Credit Agreement shall be amended and restated as herein provided upon, the following
conditions being satisfied: 
  

	 	(a)	 all fees which are due and payable under the Agency Fee Agreement to the Agent for its own account shall have
been paid to the Agent by the Canadian Borrower (the “Agency Fee Agreement Fees”); 

  

	 	(b)	 all fees and expenses previously agreed to in writing between the Canadian Borrower and each of (i) the
Lead Arrangers, (ii) the Agent, (iii) the Lenders or (iv) any Lender or Lenders that are due and payable (other than the Agency Fee Agreement Fees) shall be paid by the Canadian Borrower to the Lead Arrangers, the Agent or the
applicable Lender or Lenders, as applicable; 

  
 - 71 - 

	 	(c)	 the Borrowers and each Guarantor at closing shall have delivered to the Agent, if applicable, a current
certificate of status, compliance or good standing, as the case may be, in respect of its jurisdiction of incorporation, certified copies of its constating documents, by-laws, shareholder agreements, other organizational documents (or, for those
entities that have previously provided such certified documents, certification that no change or amendments thereto have occurred or been made since previously delivered), as applicable, and the resolutions authorizing the Documents to which it is a
party and the transactions thereunder and an Officers’ Certificate as to the incumbency of the officers thereof signing the Documents to which it is a party; 

 

	 	(d)	 the Agent and the Lenders shall have received legal opinions from legal counsel to each Borrower and each
Guarantor from legal counsel in each applicable jurisdiction, in form and substance as may be required by the Lenders acting reasonably; 

  

	 	(e)	 no Default or Event of Default shall have occurred and be continuing and the Canadian Borrower shall have
delivered to the Agent and the Lenders an Officer’s Certificate certifying the same to the Agent and the Lenders; 

  

	 	(f)	 the Documents (including, without limitation, (i) a confirmation of guarantee from each Guarantor that has
a Subsidiary Guarantee that is outstanding as of the date of this Agreement and (ii) any Subsidiary Guarantees required to be delivered in order for the Canadian Borrower to comply with its obligations under Section 10.1(q)) shall have
been fully executed and delivered, each in form and substance satisfactory to the Lenders (acting reasonably); 

  

	 	(g)	 the Canadian Borrower shall have delivered to the Agent an Officer’s Certificate attaching an updated
corporate organization chart of the Canadian Borrower and its Subsidiaries; 

  

	 	(h)	 if not already delivered, the Canadian Borrower shall have delivered the Compliance Certificate and reporting
required pursuant to Sections 10.1(e)(i), (ii) and (iv) of this Agreement in respect of the December 31, 2018 fiscal year end of the Canadian Borrower; and 

 

	 	(i)	 the Agent and the Lenders shall have received all such other documentation and information reasonably requested
from each Borrower and their Subsidiaries in order to comply with any applicable “know your customer”, proceeds of crime and anti-money laundering rules and regulations including, without limitation, for any Lender that is a Covered
Financial Institution if the Canadian Borrower or any Subsidiary qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, a Beneficial Ownership Certification in relation to the Canadian Borrower or such Subsidiary
not less than 5 days prior to the date hereof. 

  
 - 72 - 

	3.3	 Waiver 

The conditions set forth in Sections 3.1 and 3.2 are inserted for the sole benefit of the Lenders and the Agent and may be waived by the
Lenders, in whole or in part (with or without terms or conditions) without prejudicing the right of the Lenders or Agent at any time to assert such waived conditions in respect of any subsequent Drawdown until such waived conditions are satisfied by
the Canadian Borrower. 
 ARTICLE 4—EVIDENCE OF DRAWDOWNS 

 

	4.1	 Account of Record 

(1) The Agent shall open and maintain books of account evidencing all Loans and all other amounts owing by the Canadian Borrower to the
Syndicated Facility Lenders hereunder. The Agent shall enter in the foregoing accounts details of all amounts from time to time owing, paid or repaid by the Canadian Borrower under the Syndicated Facility. The information entered in the foregoing
accounts, absent manifest error, shall constitute prima facie evidence of the obligations of the Canadian Borrower to the Syndicated Facility Lenders hereunder with respect to all Loans and all other amounts owing by the Canadian Borrower to
the Syndicated Facility Lenders hereunder. After a request by the Canadian Borrower, the Agent shall promptly advise the Canadian Borrower of such entries made in the Agent’s books of account. 

(2) The Canadian Operating Facility Lender shall open and maintain books of account evidencing all Loans and all other amounts owing by the
Canadian Borrower to the Canadian Operating Facility Lender hereunder. The Canadian Operating Facility Lender shall enter in the foregoing accounts details of all amounts from time to time owing, paid or repaid by the Canadian Borrower under the
Canadian Operating Facility. The information entered in the foregoing accounts, absent manifest error, shall constitute prima facie evidence of the obligations of the Canadian Borrower to the Canadian Operating Facility Lender hereunder with
respect to all Loans and all other amounts owing by the Canadian Borrower to the Canadian Operating Facility Lender hereunder. After a request by the Canadian Borrower, the Canadian Operating Facility Lender shall promptly advise the Canadian
Borrower of such entries made in the Canadian Operating Facility Lender’s books of account. 
 (3) The Australian Operating Facility
Lender shall open and maintain books of account evidencing all Loans and all other amounts owing by the Australian Borrower to the Australian Operating Facility Lender in respect of the Australian Operating Facility hereunder. The Australian
Operating Facility Lender shall enter in the foregoing accounts details of all amounts from time to time owing, paid or repaid by the Australian Borrower under the Australian Operating Facility. The information entered in the foregoing accounts,
absent manifest error, shall constitute prima facie evidence of the obligations of the Australian Borrower to the Australian Operating Facility Lender hereunder with respect to all Loans and all other amounts owing by the Australian Borrower
under the Australian Operating Facility. After a request by the Australian Borrower or the Agent, the Australian Operating Facility Lender shall promptly advise the Australian Borrower or the Agent, as applicable, of such entries made in the
Australian Operating Facility Lender’s books of account. 

  
 - 73 - 

 ARTICLE 5—PAYMENTS OF INTEREST AND FEES 

 

	5.1	 Interest on Canadian Prime Rate Loans  

The Canadian Borrower shall pay interest on each Canadian Prime Rate Loan owing by it during each Interest Period applicable thereto in
Canadian Dollars at a rate per annum equal to the Canadian Prime Rate in effect from time to time during such Interest Period plus the Applicable Pricing Rate. Each determination by the Agent or the Canadian Operating Facility Lender, as applicable,
of the Canadian Prime Rate applicable from time to time during an Interest Period, in the absence of manifest error, shall be prima facie evidence thereof. Such interest shall accrue daily and shall be payable in arrears on each Interest
Payment Date for such Loan for the period from and including the Drawdown Date or the preceding Conversion Date or Interest Payment Date, as the case may be, for such Loan to and including the day preceding such Interest Payment Date and shall be
calculated on the principal amount of the Canadian Prime Rate Loan outstanding during such period and on the basis of the actual number of days elapsed in a year of 365 days. Changes in the Canadian Prime Rate shall cause an immediate adjustment of
the interest rate applicable to such Loans without the necessity of any notice to the Canadian Borrower. 
  

	5.2	 Interest on U.S. Base Rate Loans  

The Canadian Borrower shall pay interest on each U.S. Base Rate Loan owing by it during each Interest Period applicable thereto in United
States Dollars at a rate per annum equal to the U.S. Base Rate in effect from time to time during such Interest Period plus the Applicable Pricing Rate. Each determination by the Agent or the Canadian Operating Facility Lender, as applicable, of the
U.S. Base Rate applicable from time to time during an Interest Period, in the absence of manifest error, shall be prima facie evidence thereof. Such interest shall be payable in arrears on each Interest Payment Date for such Loan for the
period from and including the Drawdown Date or the preceding Conversion Date or Interest Payment Date, as the case may be, for such Loan to and including the day preceding such Interest Payment Date and shall be calculated on the principal amount of
the U.S. Base Rate Loan outstanding during such period and on the basis of the actual number of days elapsed in a year of 365 days. Changes in the U.S. Base Rate shall cause an immediate adjustment of the interest rate applicable to such Loans
without the necessity of any notice to the Canadian Borrower. 
  

	5.3	 Interest on Libor Loans 

The Canadian Borrower shall pay interest on each Libor Loan owing by it during each Interest Period applicable thereto in United States Dollars
at a rate per annum, calculated on the basis of a 360 day year, equal to the Libor Rate with respect to such Interest Period plus the Applicable Pricing Rate. Each determination by the Agent or the Canadian Operating Facility Lender, as applicable,
of the Libor Rate applicable to an Interest Period, in the absence of manifest error, shall be prima facie evidence thereof. Such interest shall accrue daily and shall be payable in arrears on each Interest Payment Date for such Loan for the
period from and including the Drawdown Date or the preceding Rollover Date, Conversion Date or Interest Payment Date, as the case may be, for such Loan to and including the day preceding such Interest Payment Date and shall be calculated on the
principal amount of the Libor Loan outstanding during such period and on the basis of the actual number of days elapsed divided by 360. 

  
 - 74 - 

	5.4	 Interest on BBSY Loans 

The Australian Borrower shall pay interest on each BBSY Loan owing by it during each Interest Period applicable thereto in Australian Dollars
at a rate per annum equal to the BBSY in effect from time to time during such Interest Period plus the Applicable Pricing Rate. Each determination by the Australian Operating Facility Lender of the BBSY applicable from time to time during an
Interest Period, in the absence of manifest error, shall be prima facie evidence thereof. Such interest shall accrue daily and shall be payable in arrears on each Interest Payment Date for such Loan for the period from and including the
Drawdown Date or the Conversion Date or Interest Payment Date, as the case may be, for such Loan to and including the day preceding such Interest Payment Date and shall be calculated on the principal amount of the BBSY Loan outstanding during such
period and on the basis of the actual number of days elapsed in a year of 360 days. Changes in the BBSY shall cause an immediate adjustment of the interest rate applicable to such Loans without the necessity of any notice to the Australian Borrower.

  

	5.5	 Interest on Australian Overdraft Loans  

The Australian Borrower shall pay interest on each Australian Overdraft Loan owing by it in Australian Dollars at a rate per annum equal to the
BLR in effect from time to time. Each determination by the Australian Operating Facility Lender of the BLR applicable from time to time, in the absence of manifest error, shall be prima facie evidence thereof. Such interest shall accrue daily
and shall be payable in arrears on each Interest Payment Date for such Loan for the period from and including the Drawdown Date or the Interest Payment Date, as the case may be, for such Loan to and including the day preceding such Interest Payment
Date and shall be calculated on the principal amount of the Australian Overdraft Loan outstanding during such period and on the basis of the actual number of days elapsed in a year of 365 days. Changes in the BLR shall cause an immediate adjustment
of the interest rate applicable to such Loans without the necessity of any notice to the Australian Borrower. Interest payable pursuant to this Section 5.5 may, to the extent not otherwise paid on the relevant Interest Payment Date, be debited
to (a) the Australian Designated Account and (b) to the extent there are insufficient funds in the Australian Designated Account, the Australian Overdraft Account. 
  

	5.6	 Interest Act (Canada); Conversion of 360 Day Rates

 (1) Whenever a rate of interest or other rate per annum hereunder is expressed or calculated on the basis of a year
(the “deemed year”) which contains fewer days than the actual number of days in the calendar year of calculation, such rate of interest shall be expressed as a yearly rate for purposes of the Interest Act (Canada) by multiplying
such rate of interest by the actual number of days in the calendar year of calculation and dividing it by the number of days in the deemed year. 

(2) Whenever a rate of interest or other rate per annum hereunder is expressed or calculated on the basis of a year of 360 or 365 days, such
rate of interest or other rate shall be expressed as a rate per annum, calculated on the basis of a 365 or 366 day year, as applicable, by multiplying such rate of interest or other rate by 365 or 366, as applicable, and dividing it by 360 or 365,
as applicable. 

  
 - 75 - 

 (3) Each Borrower confirms that it fully understands and is able to calculate the rates of
interest applicable to the Credit Facilities based on the methodology for calculating per annum rates provided for in this Agreement. The Agent agrees that, if requested in writing by any Borrower, it will calculate the nominal and effective per
annum rate of interest on any Loan outstanding at the time of such request and provide such information to such Borrower within a reasonable time following such request; provided that any error in any such calculation, or any failure to provide such
information on request, shall not relieve any Borrower of any of its obligations under this Agreement or any other Document, nor result in any liability to the Agent or any Lender. Each Borrower hereby irrevocably agrees not to plead or assert,
whether by way of defence or otherwise, in any proceeding relating to the Documents, that the interest payable under this Agreement and the calculation thereof has not been adequately disclosed to any Borrower, whether pursuant to section 4 of the
Interest Act (Canada) or any other applicable law or legal principle. 
  

	5.7	 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. 
  

	5.8	 Standby Fees 

(1) Subject to Section 16.2(3), the Canadian Borrower shall pay to the Agent for the account of the Syndicated Facility Lenders a standby
fee in Canadian Dollars in respect of the Syndicated Facility calculated at a rate per annum equal to the Applicable Pricing Rate on the amount, if any, by which the amount of the Outstanding Principal under the Syndicated Facility for each day in
the period of determination is less than the maximum principal amount for such Credit Facility for each such day. Fees determined in accordance with this Section shall accrue daily from and after the date hereof and be payable by the Canadian
Borrower quarterly in arrears and on cancellation in full of the Syndicated Facility and on the Syndicated Facility Maturity Date. 
 (2)
Subject to Section 16.2(3), the Canadian Borrower shall pay to the Canadian Operating Facility Lender for its own account a standby fee in Canadian Dollars in respect of the Canadian Operating Facility calculated at a rate per annum equal to
the Applicable Pricing Rate on the amount, if any, by which the amount of the Outstanding Principal under the Canadian Operating Facility for each day in the period of determination is less than the maximum principal amount for such Credit Facility
for each such day. Fees determined in accordance with this Section shall accrue daily from and after the date hereof and be payable by the Canadian Borrower quarterly in arrears and on cancellation in full of the Canadian Operating Facility and on
the Canadian Operating Facility Maturity Date. 

  
 - 76 - 

 (3) Subject to Section 16.2(3), the Australian Borrower shall pay to the Australian
Operating Facility Lender for its own account a standby fee in Australian Dollars in respect of Australian Operating Facility calculated at a rate per annum equal to the Applicable Pricing Rate on the amount, if any, by which the amount of the
Outstanding Principal under the Australian Operating Facility for each day in the period of determination is less than the maximum principal amount for each such day of such Credit Facility. Fees determined in accordance with this Section shall
accrue daily from and after the date hereof and be payable by the Australian Borrower quarterly in arrears and on cancellation in full of the Australian Operating Facility and on the Australian Operating Facility Maturity Date. 

(4) As of: (i) the fifth day of January, April, July and October in each year, (ii) the date of any cancellation in full of a Credit
Facility and (iii) the Maturity Date applicable to a Credit Facility the Agent, or in the case of the Canadian Operating Facility, the Canadian Operating Facility Lender, or, in the case of the Australian Operating Facility, the Australian
Operating Facility Lender, shall determine the standby fees under this Section in respect of the applicable Credit Facility for the period from and including the date hereof or the date of the immediately preceding determination, as the case may be,
to but excluding that date of determination and shall deliver to the applicable Borrower a written request for payment of the standby fees so determined, as detailed therein which request shall constitute prima facie evidence of the amount
owing. The applicable Borrower shall pay to the Agent, for the account of the Syndicated Facility Lenders, or shall pay to the Canadian Operating Facility Lender, for its own account, or shall pay to the Australian Operating Facility Lender, for its
own account, the standby fees referred to above within 5 Banking Days after receipt of each such written request. 
 (5) For certainty, no
standby fees shall be payable by a Borrower in respect of a given Credit Facility for any period of time after the Maturity Date applicable to such Credit Facility. 
  

	5.9	 Agent’s Fees  

From and after the date hereof, the Canadian Borrower shall pay to the Agent, for its own account, until the Syndicated Facility has been fully
cancelled and all Obligations thereunder have been paid in full, other than, in each case, the provisions of this Agreement (and the obligations related hereto) which by their terms survive the termination and cancellation of the Syndicated
Facility, the non-refundable agency fees in the amounts specified in the Agency Fee Agreement. 
  

	5.10	 Interest on Overdue Amounts 

Notwithstanding any other provision hereof, in the event that any amount due hereunder (including, without limitation, any interest payment) is
not paid when due (whether by acceleration or otherwise), the applicable Borrower shall pay interest on such unpaid amount (including, without limitation, interest on interest), if and to the fullest extent permitted by applicable law, from the date
that such amount is due until the date that such amount is paid in full (but excluding the date of such payment if the payment is received for value at the required place of payment on the date of such payment), and such interest shall accrue daily,
be calculated and compounded monthly and be payable on demand, after as well as before maturity, default and judgment, at a rate per annum that is equal to (i) in respect of amounts due in Canadian Dollars, the rate of interest then payable on
Canadian Prime Rate Loans plus {Spread redacted}% per annum, (ii) in respect of amounts due in United States Dollars, the rate of interest then payable on U.S. Base Rate Loans plus {Spread redacted}% per annum, (iii) in
respect of amounts due in Pounds Sterling or Euros, the rate of interest then payable on Canadian Prime Rate Loans plus {Spread redacted}% per annum and (iv) in respect of amounts due in Australian Dollars, the rate of interest then
payable on Australian Overdraft Loans plus {Spread redacted}% per annum. 

  
 - 77 - 

	5.11	 Waiver 

To the extent permitted by applicable law, the covenant of the Borrowers to pay interest at the rates provided herein shall not merge in any
judgment relating to any obligation of either Borrower to the Lenders or the Agent and any provision of the Interest Act (Canada) or Judgment Interest Act (Alberta) which restricts any rate of interest set forth herein shall be
inapplicable to this Agreement and is hereby waived by the Borrowers. 
  

	5.12	 Maximum Rate Permitted by Law  

No interest or fee to be paid hereunder shall be paid at a rate exceeding the maximum rate permitted by applicable law. In the event that such
interest or fee exceeds such maximum rate, such interest or fees shall be reduced or refunded, as the case may be, so as to be payable at the highest rate recoverable under applicable law. 

ARTICLE 6—BANKERS’ ACCEPTANCES 
  

	6.1	 Bankers’ Acceptances 

The Canadian Borrower may give the Agent notice that Bankers’ Acceptances will be required under the Syndicated Facility pursuant to a
Drawdown, Rollover or Conversion and may give the Canadian Operating Facility Lender notice that Bankers’ Acceptances will be required under the Canadian Operating Facility pursuant to a Drawdown, Rollover or Conversion. 

 

	6.2	 Fees 

Upon the acceptance by a Lender of a Bankers’ Acceptance, the Canadian Borrower shall pay to the Agent, for the account of such Lender, or
shall pay the Canadian Operating Facility Lender, as applicable, a fee in Canadian Dollars equal to the Applicable Pricing Rate calculated on the principal amount at maturity of such Bankers’ Acceptance and for the period of time from and
including the date of acceptance to but excluding the maturity date of such Bankers’ Acceptance and calculated on the basis of the number of days elapsed in a year of 365 days. 

 

	6.3	 Form and Execution of Bankers’ Acceptances 

The following provisions shall apply to each Bankers’ Acceptance hereunder: 

 

	 	(a)	 the face amount at maturity of each draft drawn by the Canadian Borrower to be accepted as a Bankers’
Acceptance shall be Cdn.$100,000 and integral multiples thereof; 

  
 - 78 - 

	 	(b)	 the term to maturity of each draft drawn by the Canadian Borrower to be accepted as a Bankers’ Acceptance
shall, subject to market availability as determined by the applicable Lenders, be 1, 2, 3 or 6 months (or such other longer or shorter term as agreed by the applicable Lenders), as selected by the Canadian Borrower in the relevant Drawdown, Rollover
or Conversion Notice, and each Bankers’ Acceptance shall be payable and mature on the last day of the Interest Period selected by the Canadian Borrower for such Bankers’ Acceptance (which, for certainty, pursuant to the definition of
“Interest Period” shall be on or prior to the Maturity Date of the Credit Facility under which the Bankers’ Acceptances are proposed to be issued); 

 

	 	(c)	 each draft drawn by the Canadian Borrower and presented for acceptance by a Lender shall be drawn on the
standard form of such Lender in effect at the time; provided, however, that the Agent may require the applicable Lenders to use a generic form of Bankers’ Acceptance, in a form satisfactory to each such Lender, acting reasonably, provided by
the Agent for such purpose in place of such Lenders’ own forms; 

  

	 	(d)	 subject to Section 6.3(e) below, Bankers’ Acceptances shall be signed by duly authorized signatories
of the Canadian Borrower or, in the alternative, the signatures of such signatories may be mechanically reproduced in facsimile thereon and Bankers’ Acceptances bearing such facsimile signatures shall be binding on the Canadian Borrower as if
they had been manually executed and delivered by such officers on behalf of the Canadian Borrower; notwithstanding that any person whose manual or facsimile signature appears on any Bankers’ Acceptance may no longer be an authorized signatory
for the Canadian Borrower on the date of issuance of a Bankers’ Acceptance, such signature shall nevertheless be valid and sufficient for all purposes as if such authority had remained in force at the time of such issuance and any such
Bankers’ Acceptance shall be binding on the Canadian Borrower; and 

  

	 	(e)	 in lieu of signing Bankers’ Acceptances in accordance with Section 6.3(d) above, the Canadian
Borrower may provide a Power of Attorney to a Lender; for so long as a Power of Attorney is in force with respect to a given Lender, such Lender shall execute and deliver Bankers’ Acceptances on behalf of the Canadian Borrower in accordance
with the provisions thereof and, for certainty, all references herein to drafts drawn by the Canadian Borrower, Bankers’ Acceptances executed by the Canadian Borrower or similar expressions shall be deemed to include Bankers’ Acceptances
executed in accordance with a Power of Attorney, unless the context otherwise requires. 

  

	6.4	 Power of Attorney; Provision of Bankers’ Acceptances to Lenders 

(1) Unless revoked with respect to a given Lender in accordance herewith, the Canadian Borrower hereby appoints each Syndicated Facility Lender
that issues Bankers’ Acceptances and the Canadian Operating Facility Lender, acting by any authorized signatory of the Lender in question, the attorney of the Canadian Borrower: 

 

	 	(a)	 to sign for and on behalf and in the name of the Canadian Borrower as drawer, drafts in such Lender’s
standard form which are depository bills as defined in the Depository Bills and Notes Act (Canada) (the “DBNA”), payable to a “clearing house” (as defined in the DBNA) including, without limitation, The Canadian
Depository For Securities Limited or its nominee, CDS & Co. (the “clearing house”); 

  
 - 79 - 

	 	(b)	 for drafts which are not depository bills, to sign for and on behalf and in the name of the Canadian Borrower
as drawer and to endorse on its behalf, Bankers’ Acceptances drawn on the Lender payable to the order of the undersigned or payable to the order of such Lender; 

 

	 	(c)	 to fill in the amount, date and maturity date of such Bankers’ Acceptances; and 

 

	 	(d)	 to deposit and/or deliver such Bankers’ Acceptances which have been accepted by such Lender,

 provided that such acts in each case are to be undertaken by the Lender in question strictly in accordance with instructions given to
such Lender by the Canadian Borrower as provided in this Section. For certainty, signatures of any authorized signatory of a 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 such Lender. 
 Instructions
from the Canadian Borrower to a Lender relating to the execution, completion, endorsement, deposit and/or delivery by that Lender on behalf of the Canadian Borrower of Bankers’ Acceptances which the Canadian Borrower wishes to submit to the
Lender for acceptance by the Lender shall be communicated by the Canadian Borrower in writing to the Agent or the Canadian Operating Facility Lender, as applicable, by delivery to the Agent or the Canadian Operating Facility Lender, as applicable,
of Drawdown Notices, Conversion Notices and Rollover Notices, as the case may be, in accordance with this Agreement which, in the case Bankers’ Acceptances under the Syndicated Facility, in turn, shall be communicated by the Agent, on behalf of
the Canadian Borrower, to the Lender. 
 The communication in writing by the Canadian Borrower, or on behalf of the Canadian Borrower by the
Agent, to the Lender of the instructions set out in the Drawdown Notices, Conversion Notices and Rollover Notices referred to above shall constitute (a) the authorization and instruction of the Canadian Borrower to the Lender to sign for and on
behalf and in the name of the Canadian Borrower as drawer the requested Bankers’ Acceptances and to complete and/or endorse Bankers’ Acceptances in accordance with such information as set out above and (b) the request of the Canadian
Borrower to the Lender to accept such Bankers’ Acceptances and deposit the same with the clearing house or deliver the same, as the case may be, in each case in accordance with this Agreement and such instructions. The Canadian Borrower
acknowledges that a Lender shall not be obligated to accept any such Bankers’ Acceptances except in accordance with the provisions of this Agreement. 

A Lender shall be and it is hereby authorized to act on behalf of the Canadian Borrower upon and in compliance with instructions communicated
to that Lender as provided herein if the Lender reasonably believes such instructions to be genuine. If a Lender accepts Bankers’ Acceptances pursuant to any such instructions, that Lender shall confirm particulars of

  
 - 80 - 

 
such instructions and, in the case of Bankers’ Acceptances under the Syndicated Facility, advise the Agent that it has complied therewith by notice in writing addressed to the Agent and
served personally or sent by telecopier in accordance with the provisions hereof. and, in the case of Bankers’ Acceptances under the Canadian Operating Facility, advise the Canadian Borrower that it has complied therewith by notice in writing
addressed to the Canadian Borrower and served personally or sent by telecopier in accordance with the provisions hereof. A Lender’s actions in compliance with such instructions, confirmed and advised to the Agent or the Canadian Borrower, as
applicable, by such notice, shall be conclusively deemed to have been in accordance with the instructions of the Canadian Borrower. 
 This
Power of Attorney may be revoked by the Canadian Borrower with respect to any particular Lender at any time upon not less than 5 Banking Days’ prior written notice served upon the Lender in question and, in the case of the Syndicated Facility,
the Agent, provided that no such revocation shall reduce, limit or otherwise affect the obligations of the Canadian Borrower in respect of any Bankers’ Acceptance executed, completed, endorsed, deposited and/or delivered in accordance herewith
prior to the time at which such revocation becomes effective. 
 (2) Unless the Canadian Borrower has provided Powers of Attorney to the
applicable Lenders, to facilitate Drawdowns, Rollovers or Conversions of Bankers’ Acceptances, the Canadian Borrower shall, upon execution of this Agreement and thereafter from time to time as required by the Lenders, provide to the Agent, for
delivery to each Syndicated Facility Lender, and the Canadian Operating Facility Lender drafts drawn in blank by the Canadian Borrower (pre-endorsed and otherwise in fully negotiable form, if applicable) in quantities sufficient for each such Lender
to fulfil its obligations hereunder. Any such pre-signed drafts which are delivered by the Canadian Borrower to the Agent or a Lender shall be held in safekeeping by the Agent or such Lender, as the case may be, with the same degree of care as if
they were the Agent’s or such Lender’s property, and shall only be dealt with by the Lenders and the Agent in accordance herewith. No Lender shall be responsible or liable for its failure to make its share of any Drawdown, Rollover or
Conversion of Bankers’ Acceptances required hereunder if the cause of such failure is, in whole or in part, due to the failure of the Canadian Borrower to provide such pre signed drafts to the Agent (for delivery to such Lender) on a timely
basis. 
 (3) By 10:00 a.m. (Calgary time) on the applicable Drawdown Date, Conversion Date or Rollover Date, the Canadian Borrower shall
(a) either deliver to each applicable Lender in Toronto, or, if previously delivered, be deemed to have authorized each such Lender to complete and accept, or (b) where the Canadian Borrower has previously executed and delivered a Power of
Attorney to such Lender, be deemed to have authorized each such Lender to sign on behalf of the Canadian Borrower, complete and accept, drafts drawn by the Canadian Borrower on such Lender in a principal amount at maturity equal to such
Lender’s share of the Bankers’ Acceptances specified by the Canadian Borrower in the relevant Drawdown Notice, Conversion Notice or Rollover Notice, as the case may be, as notified to the applicable Lenders by the Agent. 

  
 - 81 - 

	6.5	 Mechanics of Issuance 

(1) Upon receipt by the Agent of a Drawdown Notice, Conversion Notice or Rollover Notice from the Canadian Borrower requesting the issuance of
Bankers’ Acceptances under the Syndicated Facility, the Agent shall promptly notify the Syndicated Facility Lenders thereof and advise each applicable Lender of the aggregate face amount of Bankers’ Acceptances to be accepted by such
Lender, the date of issue and the Interest Period for such Loan, the apportionment among the Syndicated Facility Lenders of the face amounts of Bankers’ Acceptances to be accepted by each Syndicated Facility Lender shall be determined by the
Agent by reference and in proportion to the respective Commitments of each Syndicated Facility Lender, provided that, when such apportionment cannot be evenly made, the Agent shall round allocations amongst such Lenders consistent with the
Agent’s normal money market practices. 
 (2) On each Drawdown Date, Rollover Date or Conversion Date involving the issuance of
Bankers’ Acceptances being so purchased by the Syndicated Facility Lenders: 
  

	 	(a)	 before 9:00 a.m. (Calgary time) on such date, the Agent shall determine the CDOR Rate and shall obtain
quotations from each Schedule II Lender or Schedule III Lender of the Discount Rate then applicable to bankers’ acceptances accepted by such Schedule II Lender or Schedule III Lender in respect of an issue of bankers’ acceptances in a
comparable amount and with comparable maturity to the Bankers’ Acceptances proposed to be issued on such date; 

  

	 	(b)	 on or about 9:00 a.m. (Calgary time) on such date, the Agent shall determine the BA Discount Rate applicable to
each applicable Lender and shall advise each such Lender of the BA Discount Rate applicable to it; 

  

	 	(c)	 each applicable Lender shall complete and accept, in accordance with the Drawdown Notice, Conversion Notice or
Rollover Notice delivered by the Canadian Borrower and advised by the Agent in connection with such issue, its share of the Bankers’ Acceptances to be issued on such date and shall purchase such Bankers’ Acceptances for its own account at
a purchase price which reflects the BA Discount Rate applicable to such issue; and 

  

	 	(d)	 in the case of a Drawdown, each applicable Lender shall by 12:00 p.m. (Toronto time), for same day value on the
Drawdown Date, remit the Discount Proceeds or advance the BA Equivalent Advance, as the case may be, payable by such Lender (net of the acceptance fee payable to such Lender pursuant to Section 6.2) to the Agent for the account of the Canadian
Borrower; the Agent shall, to the extent such proceeds have been received from the Lenders, make such funds available to the Canadian Borrower for same day value on such date. 

(3) On each Drawdown Date, Rollover Date or Conversion Date involving the issuance of Bankers’ Acceptances being so purchased by the
Canadian Operating Facility Lender: 
  

	 	(a)	 on or about 9:00 a.m. (Calgary time) on such date, the Canadian Operating Facility Lender shall determine the
BA Discount Rate applicable to it; 

  

	 	(b)	 the Canadian Operating Facility Lender shall complete and accept, in accordance with the Drawdown Notice,
Conversion Notice or Rollover Notice delivered by the Canadian Borrower, the Bankers’ Acceptances to be issued on such date and shall purchase such Bankers’ Acceptances for its own account at a purchase price which reflects the BA Discount
Rate applicable to such issue; and 

  
 - 82 - 

	 	(c)	 in the case of a Drawdown, the Canadian Operating Facility Lender shall make the Discount Proceeds (net of the
acceptance fee payable to the Canadian Operating Facility Lender pursuant to Section 6.2) available to the Canadian Borrower for same day value. 

(4) Each Syndicated Facility Lender and the Canadian Operating Facility Lender may at any time and from time to time hold, sell, rediscount or
otherwise dispose of any or all Bankers’ Acceptances accepted and purchased by it for its own account. 
  

	6.6	 Rollover, Conversion or Payment on Maturity  

In anticipation of the maturity of Bankers’ Acceptances, the Canadian Borrower shall, subject to and in accordance with the requirements
hereof, do one or a combination of the following with respect to the aggregate face amount at maturity of all such Bankers’ Acceptances: 
  

	 	(a)	 (i) deliver to the Agent or the Canadian Operating Facility Lender, as applicable, a Rollover Notice that the
Canadian Borrower intends to draw and present for acceptance on the maturity date new Bankers’ Acceptances (issued under the same Credit Facility as the maturing Bankers’ Acceptances) in an aggregate face amount up to the aggregate amount
of the maturing Bankers’ Acceptances and (ii) on the maturity date pay to the Agent for the account of the applicable Lenders or to the Canadian Operating Facility Lender, as applicable, an additional amount equal to the difference between
the aggregate face amount of the maturing Bankers’ Acceptances and the Discount Proceeds otherwise payable in respect of such new Bankers’ Acceptances together with the acceptance fees to which the applicable Lenders are entitled pursuant
to Section 6.2; 

  

	 	(b)	 (i) deliver to the Agent or the Canadian Operating Facility Lender, as applicable, a Conversion Notice
requesting a Conversion of the maturing Bankers’ Acceptances to another type of Loan under the same Credit Facility as the maturing Bankers’ Acceptances and (ii) on the maturity date pay to the Agent for the account of the applicable
Lenders or to the Canadian Operating Facility Lender, as applicable, an amount equal to the difference, if any, between the aggregate face amount of the maturing Bankers’ Acceptances and the amount of the Loans into which Conversion is
requested; or 

  

	 	(c)	 on the maturity date of the maturing Bankers’ Acceptances, pay to the Agent for the account of the
applicable Lenders or the Canadian Operating Facility Lender, as applicable, an amount equal to the aggregate face amount of such Bankers’ Acceptances. 

If the Canadian Borrower fails to so notify the Agent or the Canadian Operating Facility Lender, as applicable, or make such payments on
maturity, the Agent or the Canadian Operating Facility Lender, as applicable, shall effect a Conversion into a Canadian Prime Rate Loan under the same Credit Facility as the maturing Bankers’ Acceptances of the entire amount of such maturing
Bankers’ Acceptances as if a Conversion Notice had been given by the Canadian Borrower to the Agent to that effect. 

  
 - 83 - 

	6.7	 Restriction on Rollovers and Conversions  

Subject to the other provisions hereof, Conversions and Rollovers of Bankers’ Acceptances may only occur on the maturity date thereof.

  

	6.8	 Rollovers 

In order to satisfy the continuing liability of the Canadian Borrower to a Lender for the face amount of maturing Bankers’ Acceptances
accepted by such Lender, the Lender shall receive and retain for its own account the Discount Proceeds of new Bankers’ Acceptances issued on a Rollover, and, without duplication of the payment required to be made under Section 6.6(a)(ii),
the Canadian Borrower shall on the maturity date of the Bankers’ Acceptances being rolled over pay to the Agent for the account of the applicable Lenders or the Canadian Operating Facility Lender, as applicable, an amount equal to the
difference between the face amount of the maturing Bankers’ Acceptances and the Discount Proceeds from the new Bankers’ Acceptances, together with the acceptance fees to which the Lenders are entitled pursuant to Section 6.2. 

 

	6.9	 Conversion into Bankers’ Acceptances  

In respect of Conversions into Bankers’ Acceptances, in order to satisfy the continuing liability of the Canadian Borrower to the
applicable Lenders for the amount of the converted Loan, each applicable Lender shall receive and retain for its own account the Discount Proceeds of the Bankers’ Acceptances issued upon such Conversion, and the Canadian Borrower shall on the
Conversion Date pay to the Agent for the account of the applicable Lenders or to the Canadian Operating Facility Lender, as applicable, an amount equal to the difference between the principal amount of the converted Loan and the aggregate Discount
Proceeds from the Bankers’ Acceptances issued on such Conversion, together with the acceptance fees to which the applicable Lenders are entitled pursuant to Section 6.2. 

 

	6.10	 Conversion from Bankers’ Acceptances  

In order to satisfy the continuing liability of the Canadian Borrower to the applicable Lenders for an amount equal to the aggregate face
amount of the maturing Bankers’ Acceptances converted to another type of Loan, the Agent or the Canadian Operating Facility Lender, as applicable, shall record the obligation of the Canadian Borrower to the applicable Lenders as a Loan of the
type into which such continuing liability has been converted. 
  

	6.11	 BA Equivalent Advances 

Notwithstanding the foregoing provisions of this Article, a Non-Acceptance Lender shall, in lieu of accepting Bankers’ Acceptances, make a
BA Equivalent Advance. The amount of each BA Equivalent Advance shall be equal to the Discount Proceeds which would be realized from a hypothetical sale of those Bankers’ Acceptances which, but for this Section, such Lender would otherwise be
required to accept as part of such 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 BA Discount Rate for such Loan. Any BA
Equivalent Advance shall be made on the relevant Drawdown Date, Rollover Date or Conversion Date as the case may be and shall remain outstanding for the term of the relevant Bankers’ Acceptances. 

  
 - 84 - 

 Concurrent with the making of a BA Equivalent Advance, a Non-Acceptance Lender shall be entitled to deduct
therefrom an amount equal to the acceptance fee calculated in accordance with Section 6.2 which, but for this Section, such Lender would otherwise be entitled to receive as part of such Loan. Subject to Section 6.6, upon the maturity date
for such BA Equivalent Advance, the Canadian Borrower shall pay to each Non-Acceptance Lender an amount equal to the face amount at maturity of the Bankers’ Acceptances which, but for this Section, such Lender would otherwise be required to
accept as part of such a Drawdown, Conversion or Rollover of Bankers’ Acceptances as repayment of the amount of its BA Equivalent Advance plus payment of the interest accrued and payable thereon to such maturity date. 

All references herein to “Loans” and “Bankers’ Acceptances” shall, unless otherwise expressly provided herein or
unless the context otherwise requires, be deemed to include BA Equivalent Advances made by a Non-Acceptance Lender as part of a Drawdown, Conversion or Rollover of Bankers’ Acceptances. 

 

	6.12	 Termination of Bankers’ Acceptances  

If at any time a Syndicated Facility Lender or the Canadian Operating Facility Lender ceases to accept bankers’ acceptances in the
ordinary course of its business, such Lender shall be deemed to be a Non-Acceptance Lender and shall make BA Equivalent Advances in lieu of accepting Bankers’ Acceptances under this Agreement. 

ARTICLE 7—LETTERS OF CREDIT 
  

	7.1	 Availability 

Subject to the provisions hereof, the Canadian Borrower may require that Letters of Credit be issued under the Syndicated Facility in
accordance with the Drawdown Notices and Rollover Notices of the Canadian Borrower; provided that the aggregate Outstanding Principal represented by all outstanding Letters of Credit under the Syndicated Facility shall not exceed Cdn.$130,000,000.
The issuance of Letters of Credit shall constitute Drawdowns or Rollovers (as applicable) hereunder and shall reduce the availability of the Syndicated Facility by the aggregate Outstanding Principal of Letters of Credit under such Credit Facility.

  

	7.2	 Currency, Type, Form and Expiry  

Letters of Credit issued pursuant hereto shall be denominated in Canadian Dollars, United States Dollars, Australian Dollars, Euros and Pounds
Sterling and each other currency agreed to by the Lenders (in which case, the Lenders and the Canadian Borrower shall, acting reasonably, agree upon the mechanics for completing Drawdowns and Rollovers of Letters of Credit in such other currency and
the repayment mechanisms in connection therewith) and amounts payable thereunder shall be paid in the currency in which the Letter of Credit is denominated. A Letter of Credit issued hereunder shall, at the option of the Canadian Borrower (as
specified in the relevant Drawdown Notice or Rollover Notice), be issued (a) as a Fronted LC by the Fronting Lender specified in the relevant Drawdown Notice or Rollover Notice or (b) by the Agent on behalf of the Syndicated Facility
Lenders (each as to their Rateable Portion thereof) as a POA LC; provided that a POA LC may only be denominated in Canadian Dollars and only to a beneficiary located in Canada. Letters of Credit shall be in a form satisfactory to the Fronting Lender
or the 

  
 - 85 - 

 
Agent (as applicable), acting reasonably, and shall have an expiration not later than the then current Syndicated Facility Maturity Date. On the Syndicated Facility Maturity Date, the Canadian
Borrower shall provide or cause to be provided to the Agent cash collateral or letters of credit (or any combination thereof) in accordance with the provisions of Section 2.17(2) in an amount equal to or greater than the aggregate undrawn
amount of all unexpired Letters of Credit outstanding under the Syndicated Facility; such cash collateral and letters of credit shall be held by the Agent and be applied in accordance with said Section 2.17(2) in satisfaction of and security
for the Obligations of the Canadian Borrower for such unexpired Letters of Credit. 
  

	7.3	 No Conversion  

Except as provided in Section 7.7, the Canadian Borrower may not effect a Conversion of a Letter of Credit. 

 

	7.4	 POA LC Provisions 

(1) Each POA LC shall be issued by all Syndicated Facility Lenders as a single multi-Lender letter of credit, but the obligation of each
Syndicated Facility Lender thereunder shall be several, and not joint, based upon its Rateable Portion in effect on the date of issuance of such POA LC. Each POA LC shall include the provisions contained in and shall be substantially in the form of
Schedule I annexed hereto; provided that, without the prior written consent of each Syndicated Facility Lender, no POA LC shall be issued which varies the several and not joint nature of the liability of each Syndicated Facility Lender thereunder.

 (2) Each POA LC shall be executed and delivered by the Agent in the name and on behalf of, and as attorney-in-fact for, each Syndicated
Facility Lender party to such Letter of Credit. The Agent shall act under each POA LC as the agent of each Syndicated Facility Lender to: 
  

	 	(a)	 receive Drafts and other documents presented by the beneficiary under such POA LC; 

 

	 	(b)	 determine whether such Drafts and documents are in compliance with the terms and conditions of such POA LC; and

  

	 	(c)	 notify such Syndicated Facility Lender and the Canadian Borrower that a valid drawing has been made and the
date that the related payment under such POA LC is to be made; provided that the Agent (in such capacity) shall have no obligation or liability for any payment to be made under any POA LC, and each POA LC shall expressly so provide.

 Each Syndicated Facility Lender hereby irrevocably appoints and designates the Agent as its attorney-in-fact, acting
through any duly authorized officer of the Agent, to execute and deliver in the name and on behalf of such Syndicated Facility Lender each POA LC to be issued by such Syndicated Facility Lender hereunder. Promptly upon the request of the Agent, each
Syndicated Facility Lender will furnish to the Agent such powers of attorney or other evidence as any beneficiary of any POA LC may reasonably request in order to demonstrate that the Agent has the power to act as attorney-in-fact for such
Syndicated Facility Lender to execute 

  
 - 86 - 

 
and deliver such POA LC. The Canadian Borrower and the Syndicated Facility Lenders agree that each POA LC shall provide that all Drafts and other documents presented thereunder shall be delivered
to the Agent and that all payments thereunder shall be made by the Syndicated Facility Lenders obligated thereon through the Agent at the branch of the Agent specified therein. Each Syndicated Facility Lender shall be severally liable under each POA
LC in proportion to its Rateable Portion on the date of issuance of such POA LC and each POA LC shall specify each Syndicated Facility Lender’s share of the amount payable thereunder. 

(3) The Canadian Borrower and each Syndicated Facility Lender hereby authorize the Agent to review on behalf of each Syndicated Facility
Lender each Draft and other document presented under each POA LC. The determination of the Agent as to the conformity of any documents presented under a POA LC to the requirements of such POA LC (which, for greater certainty, shall be in substantial
compliance with the requirements of such POA LC), in the absence of the Agent’s gross negligence or wilful misconduct, shall be conclusive and binding on the Canadian Borrower and each Syndicated Facility Lender. The Agent, within a reasonable
time following its receipt thereof, shall examine all documents purporting to represent a demand for payment under any POA LC. The Agent promptly after such examination shall: 
  

	 	(a)	 notify each of the Syndicated Facility Lenders obligated under such POA LC and the Canadian Borrower by
telephone (confirmed in writing) of such demand for payment and of each Syndicated Facility Lender’s share of such payment; 

  

	 	(b)	 deliver to each such Syndicated Facility Lender a copy of each document purporting to represent a demand for
payment under such POA LC; and 

  

	 	(c)	 notify each Syndicated Facility Lender and the Canadian Borrower whether said demand for payment was properly
made under such POA LC. 

 With respect to any drawing determined by the Agent to have been properly made under a POA LC,
each Syndicated Facility Lender will make a payment under such POA LC in accordance with its liability under such POA LC and this Agreement, such payment to be made to the relevant Agent’s Account or such other account of the Agent as shall
have been most recently designated by it for such purpose by notice to the Syndicated Facility Lenders. The Agent will make any such payment available to the beneficiary of such POA LC by promptly crediting the amounts so received, in like funds, to
the account identified by such beneficiary in connection with such demand for payment. Promptly following any payment by any Syndicated Facility Lender in respect of any POA LC, the Agent will notify the Canadian Borrower of such payment; provided
that any failure to give or delay in giving such notice shall not relieve the Canadian Borrower of its obligation to reimburse the Syndicated Facility Lenders with respect to any such payment it being understood however that the Canadian Borrower
shall not be deemed to be in default of its payment obligations hereunder with respect to such POA LC where such notice was not given to the Canadian Borrower. The responsibility of the Agent and the Syndicated Facility Lenders in connection with
any Draft presented for payment under any POA LC shall, in addition to any payment obligation expressly provided for in such POA LC, be limited to determining that the documents (including each Draft) delivered under such Letter of Credit in
connection with such presentment are in conformity with such POA LC. The Agent shall not be required to make any payment under a POA LC in excess of the amount received by it from the Syndicated Facility Lenders for such payment. 

  
 - 87 - 

 (4) Notwithstanding any other provision of this Agreement, any Syndicated Facility Lender
may agree to act as a fronting lender (the “POA Fronting Lender”) for any other Syndicated Facility Lender, including, without limitation, any Non-LC Lender (the “POA Fronted Lender”) in respect of the POA Fronted
Lender’s Rateable Portion of any POA LC provided that (A) such fronting arrangement shall not become effective until after notice thereof is given to the Agent and the Canadian Borrower by both the POA Fronting Lender and the POA Fronted
Lender, (B) the POA Fronting Lender must be approved by the Canadian Borrower (such approval not to be unreasonably withheld) unless the POA Fronting Lender is a Fronting Lender, (C) for certainty, no fronting fee shall be payable by the
Canadian Borrower in respect of the fronted portion of such POA LC, (D) the fronted portion of such POA LC will be excluded from the Obligations owing to the POA Fronting Lender and will be included in the Obligations owing to the POA Fronted
Lender and (E) for certainty, and without limiting the POA Fronting Lender’s recourse against the Canadian Borrower, the POA Fronting Lender shall have no recourse against any Syndicated Facility Lender (other than the POA Fronted Lender)
in respect of the fronted portion of such POA LC. The terms of any such fronting arrangement may be documented by way of a separate letter agreement between the POA Fronting Lender and the POA Fronted Lender and, for certainty, the financial terms
of these fronting arrangements do not need to be disclosed to the Canadian Borrower, the Agent or any of the other Syndicated Facility Lenders. For certainty, Non-LC Lenders may, but shall not be obligated to, enter into any such fronting
arrangements with a POA Fronting Lender and in the event any Non-LC Lender fails to enter into any such fronting arrangements, the Canadian Borrower shall not request the issuance of or be entitled to have the Syndicated Facility Lenders issue any
POA LC hereunder (except with the prior written consent of each Non-LC Lender as at the date of any such issuance). 
  

	7.5	 Fronted LC Provisions 

(1) Each Fronting Lender will exercise and give the same care and attention to each Fronted LC issued by it hereunder as it gives to its other
letters of credit and similar obligations, and each Fronting Lender’s sole liability to each Syndicated Facility Lender shall be to promptly return to the Agent for the account of the Syndicated Facility Lenders, each Syndicated Facility
Lender’s Rateable Portion of any payments made to such Fronting Lender by the Canadian Borrower hereunder (other than the fees and amounts payable to such Fronting Lender for its own account) if the Canadian Borrower has made a payment to such
Fronting Lender hereunder. Each Syndicated Facility Lender agrees that, in paying any drawing under a Fronted LC, a Fronting Lender shall not have any responsibility to obtain any document (other than as expressly required by such Fronted LC) or to
ascertain or inquire as to the validity or accuracy of any such document or the authority of any person delivering any such document. Neither a Fronting Lender nor any of its representatives, officers, employees or agents shall be liable to any
Syndicated Facility Lender for: 
  

	 	(a)	 any action taken or omitted to be taken in connection herewith at the request or with the approval of the
Syndicated Facility Lenders; 

  
 - 88 - 

	 	(b)	 any action taken or omitted to be taken in connection with any Fronted LC in the absence of gross negligence or
wilful misconduct; or 

  

	 	(c)	 the execution, effectiveness, genuineness, validity, or enforceability of any Fronted LC, or any other document
contemplated thereby. 

 No Fronting Lender shall incur any liability by acting in reliance upon any notice, consent,
certificate, statement or other writing (which may be a bank wire, telex or similar writing) believed by it to be genuine or to be signed by the proper person or persons. 

(2) The Canadian Borrower and each Syndicated Facility Lender hereby authorize each Fronting Lender to review on behalf of each Syndicated
Facility Lender each draft and other document presented under each Fronted LC. The determination of a Fronting Lender as to the conformity of any documents presented under a Fronted LC to the requirements of such Fronted LC (which, for greater
certainty, shall be in substantial compliance with the requirements of such Fronted LC), in the absence of such Fronting Lender’s gross negligence or wilful misconduct, shall be conclusive and binding on the Canadian Borrower and each
Syndicated Facility Lender. A Fronting Lender, within a reasonable time following its receipt thereof, shall examine all documents purporting to represent a demand for payment under any Fronted LC. Such Fronting Lender promptly after such
examination shall: 
  

	 	(a)	 notify the Agent and the Canadian Borrower by telephone (confirmed in writing) of such demand for payment;

  

	 	(b)	 deliver to the Agent a copy of each document purporting to represent a demand for payment under such Fronted
LC; and 

  

	 	(c)	 notify the Agent and the Canadian Borrower whether said demand for payment was properly made under such Fronted
LC. 

  

	7.6	 Records 

The Agent and, if applicable, the applicable Fronting Lender in the case of a Fronted LC, shall maintain records showing the undrawn and
unexpired amount of each Letter of Credit outstanding hereunder and each Syndicated Facility Lender’s share of such amount and showing for each Letter of Credit issued hereunder: 

 

	 	(a)	 the dates of issuance and expiration thereof; 

 

	 	(b)	 the amount thereof; and 

 

	 	(c)	 the date and amount of all payments made thereunder. 

The Agent and, if applicable, the applicable Fronting Lender, shall make copies of such records available to the Canadian Borrower or any
Syndicated Facility Lender upon its request. 

  
 - 89 - 

	7.7	 Reimbursement or Conversion on Presentation;  

On presentation of a Letter of Credit and payment thereunder by the Syndicated Facility Lenders, in the case of a POA LC, or by the applicable
Fronting Lender, in the case of a Fronted LC, the Canadian Borrower shall forthwith pay to and reimburse the Agent for the account of the Syndicated Facility Lenders or the relevant Fronting Lender (as applicable) for all amounts paid pursuant to
such Letter of Credit; failing such payment, the Canadian Borrower shall be deemed to have effected a Conversion of such Letter of Credit into: (a) a Canadian Prime Rate Loan, in the case of a Letter of Credit denominated in Canadian Dollars,
(b) a U.S. Base Rate Loan, in the case of a Letter of Credit denominated in United States Dollars and (c) a Canadian Prime Rate Loan (at the Equivalent Amount), in the case of a Letter of Credit denominated in Pounds Sterling, Euros or
Australian Dollars, in each case, under the Syndicated Facility and to the extent of the payment by the Syndicated Facility Lenders or the relevant Fronting Lender (as applicable) thereunder. The receipt by the Agent in accordance with this
Section 7.7 of any payment made by the Canadian Borrower for the account of any of the Syndicated Facility Lenders or any Fronting Lender shall, insofar as the Canadian Borrower’s obligations to the relevant Lenders are concerned, be
deemed also to be receipt by such Lenders and the Canadian Borrower shall have no liability in respect of any failure or delay on the part of the Agent in disbursing and/or accounting to the relevant Lenders in regard thereto. 

 

	7.8	 Fronting Lender Indemnity 

(1) If a Fronting Lender makes payment under any Fronted LC and the Canadian Borrower does not fully reimburse such Fronting Lender on or
before the date of payment, then Section 7.7 shall apply to deem a Loan to be outstanding to the Canadian Borrower under this Agreement in the manner herein set out. Each Syndicated Facility Lender shall, on request by the such Fronting Lender,
immediately pay to such Fronting Lender an amount equal to such Syndicated Facility Lender’s Rateable Portion of the amount paid by such Fronting Lender such that each Syndicated Facility Lender is participating in the deemed Loan in accordance
with its Rateable Portion and, for certainty, regardless of whether any Default or Event of Default is then outstanding or whether any other condition to the making of a Loan has been satisfied or not. 

(2) Each Syndicated Facility Lender shall immediately on demand indemnify a Fronting Lender to the extent of such Syndicated Facility
Lender’s Rateable Portion of any amount paid or liability incurred by such Fronting Lender under each Fronted LC issued by it to the extent that the Canadian Borrower does not fully reimburse such Fronting Lender therefor. 

(3) For certainty, the obligations in this Section 7.8 shall continue as obligations of those Syndicated Facility Lenders who were
Lenders at the time when each such Letter of Credit was issued notwithstanding that such Syndicated Facility Lender may assign its rights and obligations hereunder, unless each relevant Fronting Lender specifically releases such Syndicated Facility
Lender from such obligations in writing. 

  
 - 90 - 

	7.9	 Fees and Expenses 

(1) The Canadian Borrower shall pay to the Agent for the account of all Syndicated Facility Lenders in respect of Letters of Credit issued
hereunder, an issuance fee quarterly in arrears (on the first day of January, April, July and October in each year, on the date of cancellation of the Syndicated Credit Facility and on the Syndicated Facility Maturity Date) calculated at a rate per
annum equal to the Applicable Pricing Rate and on the outstanding undrawn amount of each such Letter of Credit for the number of days which such Letter of Credit will be outstanding in the year of 365 days in which the Letter of Credit is issued;
provided that the minimum issuance fee for each such Letter of Credit shall be Cdn.$ {Minimum fee redacted} for Letters of Credit denominated in Canadian Dollars, U.S.$ {Minimum fee redacted} for Letters of Credit denominated in United
States Dollars, £{Minimum fee redacted} for Letters of Credit denominated in Pounds Sterling, €{Minimum fee redacted} for Letters of Credit denominated in Euros and AUD${Minimum fee redacted} for Letters of Credit
denominated in Australian Dollars. To the extent any Letters of Credit for which issuance fees have been paid in advance are presented, cancelled, terminated or reduced prior to their original expiry date, the Agent, on behalf of the applicable
Syndicated Facility Lenders, shall reimburse the Canadian Borrower for the amount of any applicable overpayment of any such issuance fees in connection with any such presentment, cancellation, termination or reduction. 

(2) The Canadian Borrower shall pay to the Agent for the account of the relevant Fronting Lender, as consideration for the issuance by such
Fronting Lender of any Fronted LC, a fronting fee quarterly in arrears (on the first day of January, April, July and October in each year, on the date of cancellation of the Syndicated Credit Facility and on the Syndicated Facility Maturity Date)
calculated at a rate of {Rate redacted}% per annum on the outstanding undrawn amount of each such Fronted LC for the number of days which such Fronted LC will be outstanding in the year of 365 days in which the Fronted LC is issued. To the
extent any Letters of Credit for which issuance fees have been paid in advance are presented, cancelled, terminated or reduced prior to their original expiry date, the Agent, on behalf of the applicable Syndicated Facility Lenders, shall reimburse
the Canadian Borrower for the amount of any applicable overpayment of any such issuance fees in connection with any such presentment, cancellation, termination or reduction. 

(3) In addition, with respect to all Letters of Credit, the Canadian Borrower shall from time to time pay to the Agent or each Fronting
Lender, as the case may be, its usual and customary fees and charges (at the then prevailing rates) for the amendment, delivery and administration of letters of credit such as the Letters of Credit and shall pay and reimburse the Agent, each
Fronting Lender and the Syndicated Facility Lenders for any reasonable properly documented out-of-pocket costs and expenses incurred in connection with any Letter of Credit, including in connection with any payment thereunder. 

 

	7.10	 Additional Provisions 

(1) Indemnity and No Lender Liability 

The Canadian Borrower shall indemnify and save harmless the Syndicated Facility Lenders, each Fronting Lender and the Agent against all claims,
losses, costs, expenses or damages to the Syndicated Facility Lenders, the Fronting Lenders 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 Syndicated
Facility Lenders, a Fronting Lender or the Agent or any other person in connection therewith in accordance with the terms of this Agreement including all reasonable 

  
 - 91 - 

 properly documented costs relating to any legal process or proceeding instituted by any party restraining or
seeking to restrain the issuer of a Letter of Credit or the Agent from accepting or paying any Draft or any amount under any such Letter of Credit, except as a result of the Agent’s, Syndicated Facility Lenders’ or a Fronting Lender’s
(as applicable) gross negligence, wilful misconduct or material breach of this Agreement. The Canadian Borrower also agrees that the Syndicated Facility Lenders, the Fronting Lenders 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 Syndicated Facility Lenders, the Fronting Lenders or the Agent or any other person in connection therewith, except
as a result of the Agent’s, Syndicated Facility Lenders’ or a Fronting Lender’s (as applicable) gross negligence, wilful misconduct or material breach of this Agreement. 

(2) No Obligation to Inquire 

The Canadian Borrower hereby acknowledges and confirms to each of the Fronting Lenders, the Agent and the Syndicated Facility Lenders that the
Fronting Lenders, the Agent and the Syndicated Facility Lenders shall not be obliged to make any inquiry or investigation as to the right of any beneficiary to make any claim or Draft or request any payment under a Letter of Credit and payment
pursuant to a Letter of Credit shall not be withheld by reason of any matters in dispute between the beneficiary thereof and the Canadian Borrower. The sole obligation of each Fronting Lender, the Agent and the Syndicated Facility Lenders with
respect to Letters of Credit is to cause to be paid a Draft drawn or purporting to be drawn in accordance with the terms of the applicable Letter of Credit and for such purpose each Fronting Lender or the Agent, as the case may be, is only obliged
to determine that the Draft purports to comply with the terms and conditions of the relevant Letter of Credit. 
 The Fronting Lenders, the
Agent and the Syndicated Facility Lenders shall not have any responsibility or liability for or any duty to inquire into the form (other than to the extent provided in the preceding paragraph), 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 Draft, certificate or other document presented to it pursuant to a
Letter of Credit and the Canadian Borrower unconditionally assumes all risks with respect to the same. The Canadian 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. The Canadian Borrower further agrees that neither the Agent nor any Syndicated Facility Lender, including any Fronting Lender, nor any of their respective officers, directors or correspondents
will assume liability for, or be responsible for: 
  

	 	(a)	 the validity, correctness, genuineness or legal effect of any document or instrument relating to any Letter of
Credit, even if such document or instrument should in fact prove to be in any respect invalid, insufficient, inaccurate, fraudulent or forged; 

  

	 	(b)	 the failure of any document or instrument to bear any reference or adequate reference to any Letter of Credit;

  
 - 92 - 

	 	(c)	 any failure to note the amount of any Draft on any Letter of Credit or on any related document or instrument;
any failure of the beneficiary of any Letter of Credit to meet the obligations of such beneficiary to the Canadian Borrower or any other person; 

  

	 	(d)	 any errors, inaccuracies, omissions, interruptions or delays in transmission or delivery of any messages,
directions or correspondence by mail, facsimile or otherwise, whether or not they are in cipher; 

  

	 	(e)	 any inaccuracies in the translation of any messages, directions or correspondence or for errors in the
interpretation of any technical terms; or 

  

	 	(f)	 any failure by the Agent or any Syndicated Facility Lender, including any Fronting Lender, to make payment
under any Letter of Credit as a result of any law, control or restriction rightfully or wrongfully exercised or imposed by any domestic or foreign court or government or Governmental Authority or as a result of any other cause beyond the control of
the Agent or any Syndicated Facility Lender, including any Fronting Lender, or their respective officers, directors or correspondents. 

(3) Obligations Unconditional 

The obligations of the Canadian 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 any lack of validity or enforceability of a Letter of Credit, or any Draft paid or acted upon by a Fronting Lender, the Agent, the Syndicated Facility Lenders or any of their
respective correspondents being fraudulent, forged, invalid or insufficient in any respect (except with respect to their gross negligence, wilful misconduct or material breach of agreement or payment under a Letter of Credit other than in
substantial compliance herewith), or any set-off, defenses, rights or claims which the Canadian Borrower may have against any beneficiary or transferee of any Letter of Credit. The obligations of the Canadian 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. 

(4) Other Actions 
 Any
action, inaction or omission taken or suffered by a Fronting Lender, the Agent or any Syndicated Facility Lender or by any of their respective correspondents under or in connection with a Letter of Credit or any Draft made thereunder, if in good
faith and in conformity with foreign or domestic laws, regulation or customs applicable thereto shall be binding upon the Canadian Borrower and shall not place the relevant Fronting Lender, the Agent, any Syndicated Facility Lender or any of their
respective correspondents under any resulting liability to the Canadian Borrower. Without limiting the generality of the foregoing, a Fronting Lender, the Agent, any Syndicated Facility Lender and their respective correspondents may receive, accept
or pay as complying with the terms of a Letter of Credit, any Draft thereunder, otherwise in order which may be signed by, or issued to, the administrator or any executor of, or the trustee in bankruptcy of, or the receiver for any property of, or
any person or entity acting as a representative 

  
 - 93 - 

 or in the place of, such beneficiary or its successors and assigns. The Canadian Borrower covenants that it
will not take any steps, issue any instructions to a Fronting Lender, the Agent, any Syndicated Facility Lender or any of their respective correspondents or institute any proceedings intended to derogate from the right or ability of a Fronting
Lender, the Agent, any Syndicated Facility Lender or their respective correspondents to honour and pay any Letter of Credit or any Drafts. 

(5) Payment of Contingent Liabilities 

The Canadian Borrower shall pay to the Agent an amount equal to the maximum undrawn face amount available to be drawn under any unexpired
Letter of Credit which becomes the subject of any order, judgment, injunction or other such determination (an “Order”), or any petition, proceeding or other application for any Order by the Canadian Borrower or any other party,
restricting payment under and in accordance with such Letter of Credit or extending a Fronting Lender’s or Syndicated Facility Lenders’ liability, as the case may be, under such Letter of Credit beyond the expiration date stated therein;
payment in respect of each such Letter of Credit shall be due forthwith upon demand in the currency in which such Letter of Credit is denominated. 

Any amount paid to the Agent pursuant to the preceding paragraph shall be held by the Agent in interest bearing cash collateral accounts (with
interest payable for the account of the Canadian Borrower at the rates and in accordance with the then prevailing practices of the Agent for accounts of such type) as continuing security for the Obligations and shall, prior to an Event of Default be
applied by the Agent against the Obligations for, or (at the option of the Agent) be applied in payment of, such Letter of Credit if payment is required thereunder; after an Event of Default the Agent may apply such amounts, firstly, against any
Obligations in respect of the relevant Letter of Credit, and, after satisfaction of such Obligations or expiry of such Letter of Credit, against any other Obligations as it sees fit or as is directed by the Syndicated Facility Lenders. 

The Agent shall release to the Canadian Borrower any amount remaining in the cash collateral accounts after applying the amounts necessary to
discharge the Obligations relating to such Letter of Credit, upon the later of: 
  

	 	(a)	 the date on which any final and non-appealable order, judgment or other determination has been rendered or
issued either terminating any applicable Order or permanently enjoining the relevant Fronting Lender or Syndicated Facility Lenders, as the case may be, from paying under such Letter of Credit; 

 

	 	(b)	 the earlier of: 

  

	 	(i)	 the date on which either the original counterpart of such Letter of Credit is returned to the relevant Fronting
Lender or Agent, as the case may be, for cancellation or such Fronting Lender or Syndicated Facility Lenders, as the case may be, is or are released by the beneficiary thereof from any other obligation in respect of such Letter of Credit; and

  

	 	(ii)	 the expiry of such Letter of Credit; and 

  
 - 94 - 

	 	(c)	 if an Event of Default has occurred, the payment and satisfaction of all Obligations and the cancellation or
termination of the Credit Facilities other than the provisions of this Agreement (and the obligations related hereto) which by their terms survive the termination and cancellation of the Credit Facilities. 

(6) No Consequential Damages 

Notwithstanding any other provision of the Documents to the contrary, the Fronting Lenders, the Agent and the Syndicated Facility Lenders
shall not be liable to the Canadian Borrower for any consequential, indirect, punitive or exemplary damages with respect to action taken or omitted to be taken by any of them under or in respect of any Letter of Credit. 

(7) Uniform Customs and Practice 

The Uniform Customs and Practice for Documentary Credits as most recently published by the International Chamber of Commerce (the
“Uniform Customs”) shall in all respects apply to each Letter of Credit unless expressly provided to the contrary therein and shall be deemed for such purpose to be a part of this Agreement as if fully incorporated herein. In the
event of any conflict or inconsistency between the Uniform Customs and the governing law of this Agreement, the Uniform Customs shall, to the extent permitted by applicable law, prevail to the extent necessary to remove the conflict or
inconsistency. 
  

	7.11	 Certain Notices to the Agent with Respect to Letters of Credit 

(1) A Fronting Lender (if other than the Agent) shall forthwith advise the Agent of any payment under, or cancellation of (whether full or
partial), any Letter of Credit issued by such Fronting Lender pursuant hereto. 
 (2) For certainty, all Rollover Notices requesting a
Rollover of a Letter of Credit shall be delivered to the Agent (rather than directly to a Fronting Lender) and, in addition to the other provisions hereof applicable to such a Rollover, no Rollover of a Letter of Credit shall be made unless a
Rollover Notice is given to the Agent in accordance with Section 2.7(1)(d). 
 ARTICLE 8—PLACE AND APPLICATION OF PAYMENTS

  

	8.1	 Place of Payment of Principal, Interest and Fees; Payments to Agent, Canadian Operating Facility Lender
and Australian Operating Facility Lender  

 All payments of principal, interest, fees and other amounts to be made
by the applicable Borrower to the Agent, the Canadian Operating Facility Lender, the Australian Operating Facility Lender and the Lenders pursuant to this Agreement shall be made to the Agent (for, as applicable, the account of the relevant Lenders
or its own account), the Canadian Operating Facility Lender or the Australian Operating Facility Lender, as applicable, in the currency in which the Loan is outstanding for value on the day such amount is due, and if such day is not a Banking Day on
the Banking Day next following, by deposit or transfer thereof to the applicable Agent’s Accounts or applicable account of the Australian Operating Facility Lender or Canadian Operating Facility Lender, as applicable, or at such other place as
the Canadian Borrower and the Agent, the 

  
 - 95 - 

 Canadian Borrower and the Canadian Operating Facility Lender or the Australian Borrower and the Australian
Operating Facility Lender, as applicable, may from time to time agree. Notwithstanding anything to the contrary expressed or implied in this Agreement, the receipt by the Agent in accordance with this Agreement of any payment made by the Canadian
Borrower for the account of any of the Syndicated Facility Lenders shall, insofar as the Canadian Borrower’s obligations to the Syndicated Facility Lenders are concerned, be deemed also to be receipt by such Lenders and the Canadian Borrower
shall have no liability in respect of any failure or delay on the part of the Agent in disbursing and/or accounting to the relevant Lenders in regard thereto. 
  

	8.2	 Designated Accounts of the Lenders  

All payments of principal, interest, fees or other amounts to be made by the Agent to the applicable Lenders pursuant to this Agreement shall
be made for value on the day required hereunder, provided the Agent receives funds from the Canadian Borrower for value on such day, and if such funds are not so received from such Borrower or if such day is not a Banking Day, on the Banking Day
next following, by deposit or transfer thereof at the time specified herein to the account of each applicable Lender designated by such Lender to the Agent for such purpose or to such other place or account as the applicable Lenders may from time to
time notify the Agent. 
  

	8.3	 Funds 

Each amount advanced, disbursed or paid hereunder shall be advanced, disbursed or paid, as the case may be, in such form of funds as may from
time to time be customarily used in Calgary, Alberta, Toronto, Ontario, New York, New York and, if applicable, Perth, Australia in the settlement of banking transactions similar to the banking transactions required to give effect to the provisions
of this Agreement on the day such advance, disbursement or payment is to be made. 
  

	8.4	 Application of Payments 

Except as otherwise agreed in writing by the Lenders, if any Event of Default shall occur and be continuing, all payments made by either of the
Borrowers to the Agent and the Lenders shall be applied in the following order: 
  

	 	(a)	 to amounts due hereunder as fees other than acceptance fees for Bankers’ Acceptances or issuance fees for
Letters of Credit and Australian Letters of Credit; 

  

	 	(b)	 to amounts due hereunder as costs and expenses; 

 

	 	(c)	 to amounts due hereunder as default interest; 

 

	 	(d)	 to amounts due hereunder as interest or acceptance fees for Bankers’ Acceptances or issuance fees for
Letters of Credit and Australian Letters of Credit; and 

  

	 	(e)	 to amounts due hereunder as principal (including reimbursement obligations in respect of Bankers’
Acceptances and Letters of Credit and Australian Letters of Credit). 

  
 - 96 - 

	8.5	 Payments Clear of Taxes 

(1) Any and all payments by each of the Borrowers to the Agent or the Lenders hereunder shall be made free and clear of, and without deduction
or withholding for or on account of, any and all present or future Taxes and all liabilities with respect thereto imposed, levied, collected, withheld or assessed by any Governmental Authority or under the laws of any international tax authority
imposed on the Agent or the Lenders, or by or on behalf of the foregoing; provided that, nothing in this Section 8.5(1) shall make a Borrower liable for or require it to pay an additional amount in respect of any taxes imposed on or measured by
the recipient’s overall net income or capital or franchise taxes, any U.S. federal withholding tax imposed by FATCA, any Canadian taxes imposed on a payment by or on account of any obligation of the Borrower hereunder (i) to a person with
which the Borrower does not deal at arm’s length (for the purposes of the Income Tax Act (Canada)) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a person with whom the
Borrower is not dealing at arm’s length (for the purposes of the Income Tax Act (Canada)) at the time of such payment, or any Canadian taxes imposed on Lender by reason of such Lender being a “specified shareholder” of the
Borrower, or not dealing at arm’s length with a “specified shareholder” of Borrower (in each case, as defined in subsection 18(5) of the Income Tax Act (Canada)) (collectively, “Excluded Taxes”). In addition,
each of the Borrowers agrees to pay any present or future stamp, transfer, registration, excise, issues, documentary or other taxes, charges or similar levies which arise from any payment made under this Agreement or the Loans or in respect of the
execution, delivery or registration or the compliance with this Agreement or the other Documents contemplated hereunder other than taxes imposed on or measured by the recipient’s overall net income or capital or franchise taxes or any U.S.
federal withholding tax imposed by FATCA. Each of the Borrowers shall indemnify and hold harmless the Agent and the Lenders for the full amount of all of the foregoing Taxes or other amounts paid or payable by the Agents or the Lenders and any
liability (including penalties, interest, additions to tax and reasonable properly documented out-of-pocket expenses) resulting therefrom or with respect thereto which arise from any payment made under or pursuant to this Agreement or the Loans or
in respect of the execution, delivery or registration of, or compliance with, this Agreement or the other Documents other than taxes imposed on or measured by the recipient’s overall net income or capital or franchise taxes or any U.S. federal
withholding tax imposed by FATCA, or other Excluded Taxes. 
 (2) If either of the Borrowers shall be required by law to deduct or withhold
any amount from any payment or other amount required to be paid to the Agent or the Lenders hereunder, or if any liability therefor shall be imposed or shall arise from or in respect of any sum payable hereunder, then the sum payable to the Agent or
the Lenders hereunder shall be increased as may be necessary so that after making all required deductions, withholdings, and additional income tax payments attributable thereto (including deductions, withholdings or income tax payable for additional
sums payable under this provision) the Agent or the Lenders, as the case may be, receive an amount equal to the amount they would have received had no such deductions or withholdings been made or if such additional taxes had not been imposed; in
addition, the applicable Borrower shall pay the full amount deducted or withheld for such liabilities to the relevant taxation authority or other authority in accordance with applicable law, such payment to be made (if the liability is imposed on
such Borrower) for its own account or (if the liability is imposed on the Agent or the Lenders) on behalf of and in the name of the Agent or the Lenders, as the case may be; provided that, nothing in this Section 8.5(2) shall make a Borrower
liable for or require it to pay any 

  
 - 97 - 

 additional amount in respect of taxes imposed on or measured by the recipient’s overall net income or
capital or franchise taxes or in respect of any U.S. federal withholding tax imposed by FATCA. If the liability is imposed on the Agent or the Lenders, the applicable Borrower shall deliver to the Agent or the Lenders evidence satisfactory to the
Agent or the Lenders, acting reasonably, of the payment to the relevant taxation authority or other authority of the full amount deducted or withheld. 

(3) Each Lender shall use reasonable efforts to contest (to the extent contestation is reasonable) such imposition or assertion of such Taxes
and shall reimburse to the applicable Borrower the amount of any reduction of Taxes, to the extent of amounts that have been paid by such Borrower in respect of such Taxes in accordance with this Agreement, as a result of such contestation and each
Lender shall use reasonable efforts to obtain tax refunds, exemptions and/or credits in respect of any such Taxes in respect of which such Borrower is required to pay any additional amounts and shall reimburse such Borrower in respect of the amounts
paid by it with such amount of the refund, credit, relief or exemption as will leave the Lender (after such reimbursement) in no more and no less favourable position than it would have been in had there been no such withholding taxes, provided that,
no Lender shall have any obligation to expend its own funds, suffer any economic hardship or take any action detrimental to its interests (as determined by the relevant Lender in its sole discretion, acting reasonably) in connection therewith unless
it shall have received from such Borrower payment therefor or an indemnity with respect thereto, satisfactory to it. 
 (4) If a payment
made to a Lender under any Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or
1472(b) of the Code, as applicable), such Lender shall deliver to the Borrowers and the Agent at the time or times prescribed by law and at such time or times requested by a 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 requested by a Borrower or the Agent as may be necessary for the Borrowers and the Agent to comply with their obligations under FATCA and to
determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Each Lender shall promptly advise the Canadian Borrower and the Agent when it becomes aware
of any non-compliance. 
  

	8.6	 Set-Off 

(1) In addition to any rights now or hereafter granted under applicable law and not by way of limitation of any such rights, upon the
occurrence of an Event of Default which remains unremedied (whether or not the Loans have been accelerated hereunder), the Agent and each Lender shall have the right (and are hereby authorized by the Borrowers) at any time and from time to time to
combine all or any of each Borrower’s accounts with the Agent or the Lender, as the case may be, and to set-off and to appropriate and to apply any and all deposits (general or special, term or demand) including, but not limited to,
indebtedness evidenced by certificates of deposit whether matured or unmatured, and any other indebtedness at any time held by such Borrower or owing by such Lender or the Agent, as the case may be, to or for the credit or account of such Borrower
against and towards the satisfaction of any Obligations owing by such Borrower, and may do so notwithstanding that the balances of such accounts and the liabilities are expressed in different currencies, and the Agent and each Lender are hereby
authorized to effect any necessary currency conversions at the 4:30 p.m. (Toronto time) spot rate of exchange announced by the Bank of Canada on the Banking Day before the day of conversion. 

  
 - 98 - 

 (2) The Agent or the applicable Lender, as the case may be, shall notify the applicable
Borrower of any such set-off from such Borrower’s accounts within a reasonable period of time thereafter, although the Agent or the Lender, as the case may be, shall not be liable to either Borrower for its failure to so notify. 

ARTICLE 9—REPRESENTATIONS AND WARRANTIES 
  

	9.1	 Representations and Warranties  

The Canadian Borrower represents and warrants as follows to the Agent and to each of the Lenders and acknowledges and confirms that the Agent
and each of the Lenders is relying upon such representations and warranties: 
  

	 	(a)	 Existence and Good Standing 

Each Borrower, each Guarantor and each Material Subsidiary is a corporation validly existing and in good standing under the laws of its
jurisdiction of organization or is a limited liability company, partnership or trust validly existing under the laws of its jurisdiction of organization; each is duly registered in all other jurisdictions where the nature of its property or
character of its business requires registration, except for jurisdictions where the failure to be so registered or qualified would not have a Material Adverse Effect, and has all necessary power and authority to own its properties and carry on its
business as presently carried on or as contemplated by the Documents. 
  

	 	(b)	 Authority 

Each Borrower and each Guarantor has full power, legal right and authority to enter into the Documents to which it is a party and do all such
acts and things as are required by such Documents to be done, observed or performed, in accordance with the terms thereof. 
  

	 	(c)	 Valid Authorization and Execution 

Each Borrower and each Guarantor has taken all necessary corporate, partnership, trust and other action (as applicable) of its directors,
shareholders, partners, trustees and other persons (as applicable) to authorize the execution, delivery and performance of the Documents to which it is a party and to observe and perform the provisions thereof in accordance with the terms therein
contained. 

  
 - 99 - 

	 	(d)	 Validity of Agreement – Non-Conflict 

None of the authorization, execution or delivery of this Agreement or the other Documents or performance of any obligation pursuant hereto or
thereto requires or will require, pursuant to applicable law now in effect, any approval or consent of any Governmental Authority having jurisdiction (except such as has already been obtained and are in full force and effect and the approval of the
Bank of Thailand in connection with payments by any Guarantor formed under the laws of Thailand under the Subsidiary Guarantee of such Guarantor) nor is in conflict with or contravention of (i) either Borrower’s or any of the
Guarantor’s articles, by-laws or other constating documents or any resolutions of directors or shareholders or the provisions of its partnership agreement or declaration of trust or trust indenture (as applicable) or (ii) the provisions of
any other indenture, instrument, undertaking or other agreement to which either of the Borrowers or any of the Guarantors is a party or by which they or their properties or assets are bound, the contravention of which would have or would reasonably
be expected to have a Material Adverse Effect. The Documents when executed and delivered will constitute valid and legally binding obligations of each of the Borrowers and each of the Guarantors which is a party thereto enforceable against each such
party in accordance with their respective terms, subject to applicable bankruptcy, insolvency and other laws of general application limiting the enforceability of creditors’ rights and general equitable principles, including the principle that
equitable remedies, such as specific performance and injunction, may be granted only in the discretion of the court. 
  

	 	(e)	 Ownership of Property 

Each Borrower, each of the Guarantors and each of the Material Subsidiaries has good and marketable title to its property, assets and
undertaking, subject to Permitted Encumbrances and to minor defects of title which, individually and in the aggregate, do not materially affect their respective rights of ownership therein or the value thereof, except where the failure to have such
good and marketable title would not reasonably be expected to have a Material Adverse Effect. 
 The Canadian Borrower is not aware of any
claim, event, occurrence or right granted to any other person, of any kind whatsoever, that has resulted in or would result in loss of all or any part of the interest of either Borrower, any Guarantor or any Material Subsidiary in any part of their
respective property, other than a loss that would not have or would not reasonably be expected to have a Material Adverse Effect. 
  

	 	(f)	 Debt 

Neither Borrower, any of the Guarantors nor any of the Material Subsidiaries has outstanding or is currently liable for any Debt except for
Permitted Debt. 

  
 - 100 - 

	 	(g)	 Encumbrances 

None of the property or assets of the Borrowers, any of the Guarantors or any of the Material Subsidiaries is subject to any Security Interest
on or in respect of such property or assets except for Permitted Encumbrances. 
  

	 	(h)	 No Omissions 

Each Borrower, each of the Guarantors and each of the Material Subsidiaries has made available to the Agent all material information necessary
to make any representations, warranties and statements contained in this Agreement not misleading in any material respect in light of the circumstances in which they are given. 

 

	 	(i)	 Non-Default 

No Default or Event of Default has occurred or is continuing. 
  

	 	(j)	 Financial Condition 

 

	 	(i)	 The audited and unaudited consolidated financial statements of the Canadian Borrower delivered to the Lenders
and the Agent pursuant hereto present fairly, in all material respects, the consolidated financial condition of the Canadian Borrower as at the date thereof and the results of the consolidated operations thereof for the fiscal year or fiscal quarter
(as applicable) then ending, all in accordance with generally accepted accounting principles consistently applied. 

  

	 	(ii)	 Except as has been disclosed to the Agent and the Australian Operating Facility Lender by written notice in
accordance with the provisions of this Agreement, no filing of a report of a material change as required to be filed by a Borrower or any Subsidiary (except a Project Finance SPV) with any securities commission or exchange or with any Governmental
Authority having jurisdiction over the issuance and sale of securities of a Borrower or any Subsidiary (except a Project Finance SPV) has been made which material change has had or would reasonably be expected to have a Material Adverse Effect.

  

	 	(k)	 Information Provided 

 

	 	(i)	 All information, materials and documents, including all cash flow projections, economic models, capital and
operating budgets and other information and data: 

  

	 	(A)	 prepared and provided to the Agent by a Borrower or any Subsidiary in respect of the transactions contemplated
by this Agreement, or as required by the terms of this Agreement, were in the case of financial projections, prepared in good faith based upon reasonable assumptions at the date of preparation and in all other cases, true, complete and correct in
all material respects as of the respective dates thereof; and 

  
 - 101 - 

	 	(B)	 prepared by persons other than a Borrower or a Subsidiary and provided to the Agent or the Lenders by the
Canadian Borrower or any Subsidiary in respect of the transactions contemplated by this Agreement, or as required by the terms of this Agreement, were, to the best of the knowledge of the Canadian Borrower, in the case of financial projections,
prepared in good faith based upon reasonable assumptions at the date of preparation and in all other cases, true, complete and correct in all material respects as of the respective dates thereof. 

 

	 	(ii)	 The information included in the Beneficial Ownership Certificate most recently delivered by the Canadian
Borrower to each Lender that is a Covered Financial Institution is true and correct in all respects. 

  

	 	(l)	 Absence of Litigation 

There are no actions, suits or proceedings pending or, to the knowledge of the Canadian Borrower, threatened against or affecting either
Borrower, any Guarantor or any Material Subsidiary, their property or any of their undertakings and assets, at law, in equity or before any arbitrator or before or by any Governmental Authority having jurisdiction in the premises in respect of which
there is a reasonable likelihood of a determination adverse to either Borrower, any other Guarantor or any Material Subsidiary and which, if determined adversely, would have or would reasonably be expected to have a Material Adverse Effect. 

 

	 	(m)	 Compliance with Applicable Laws, Court Orders and Agreements 

Each Borrower, each of the Guarantors and each of the Material Subsidiaries and their respective property, businesses and operations are in
compliance with all Applicable Laws (including, without limitation, all applicable Environmental Laws), all applicable directives, judgments, decrees, injunctions and orders rendered by any Governmental Authority or court of competent jurisdiction
binding on it, its articles, by laws and other constating documents, all agreements or instruments to which it is a party or by which its property or assets are bound, and any employee benefit plans, except to the extent that failure to so comply
would not have and would not reasonably be expected to have a Material Adverse Effect. 
  

	 	(n)	 Required Permits in Effect 

All Required Permits for each Borrower, all Guarantors and all Material Subsidiaries are in full force and effect, except to the extent that
the failure to have or maintain the same in full force and effect would not, when taken in the aggregate, have or reasonably be expected to have a Material Adverse Effect. 

  
 - 102 - 

	 	(o)	 Remittances Up to Date 

All of the material remittances required to be made by each Borrower, the Guarantors and the Material Subsidiaries to Governmental Authorities
have been made and are currently up to date and there are no outstanding arrears, other than where failure to make such remittances would not reasonably be expected to have a Material Adverse Effect. 

 

	 	(p)	 Environmental 

 

	 	(i)	 To the best of the knowledge and belief of the Canadian Borrower, after due inquiry, each Borrower, the
Guarantors, the Material Subsidiaries and their respective properties, assets and undertakings taken as a whole comply in all respects and the businesses, activities and operations of same and the use of such properties, assets and undertakings and
the processes and undertakings performed thereon comply in all respects with all Environmental Laws except to the extent that failure to so comply would not have and would not reasonably be expected to have a Material Adverse Effect; further, the
Canadian Borrower does not know, and has no reasonable grounds to know, of any facts which result in or constitute or are likely to give rise to non-compliance with any Environmental Laws, which facts or non-compliance have or would reasonably be
expected to have a Material Adverse Effect. 

  

	 	(ii)	 The Borrowers, the Guarantors and the Material Subsidiaries have not received written notice and, except as
previously disclosed to the Agent in writing, the Canadian Borrower has no knowledge after due inquiry, of any facts which would reasonably be expected to give rise to any notice of non-compliance with any Environmental Laws, which non-compliance
has had or would reasonably be expected to have a Material Adverse Effect and neither Borrower, any Guarantor nor any Material Subsidiary has received any notice that either Borrower, any of the Guarantors or any Material Subsidiary is a potentially
responsible party for a federal, provincial, regional, municipal or local clean up or corrective action in connection with their respective properties, assets and undertakings where such clean up or corrective action has had or would reasonably be
expected to have a Material Adverse Effect. 

  

	 	(q)	 Taxes 

Each Borrower, each of the Guarantors and each of the Material Subsidiaries has duly filed on a timely basis all tax returns required to be
filed and has paid all material Taxes which are due and payable, and has paid all material assessments and reassessments, and all other material Taxes, governmental charges, governmental royalties, penalties, interest and fines claimed against them,
other than those which are being contested by them by Permitted Contest; each such person has made adequate provision for, and all required instalment payments have 

  
 - 103 - 

 
been made in respect of, Taxes payable for the current period for which returns are not yet required to be filed; there are no agreements, waivers or other arrangements providing for an extension
of time with respect to the filing of any tax return by any such person or the payment of any Taxes; there are no actions or proceedings being taken by any taxation authority in any jurisdictions where either Borrower, any Guarantor or any Material
Subsidiary carries on business to enforce the payment of any Taxes by it other than those which are being contested by it by Permitted Contest. 
  

	 	(r)	 Guarantors and Material Subsidiaries 

As at the date hereof, all of the Guarantors are listed on Schedule J annexed hereto and all Material Subsidiaries (which are not also
Guarantors) are listed on Schedule K annexed hereto. 
  

	 	(s)	 Intellectual Property 

Each Borrower, the Guarantors and the Material Subsidiaries have or have the legal right to use all Intellectual Property necessary for the
operation and conduct of their business, affairs, operations and processes, except to the extent that the failure to have the same would not have or reasonably be expected to have a Material Adverse Effect and, to the best of their knowledge and
belief, no person has asserted any claim or taken any step or proceedings to prohibit or limit the use of such Intellectual Property by either Borrower, any of the Guarantors or any of the Material Subsidiaries, in respect of which claim, step or
proceedings there is a reasonable likelihood of a determination adverse to either Borrower, any other Guarantor or any Material Subsidiary and which, if determined adversely, would have or would reasonably be expected to have a Material Adverse
Effect. 
  

	 	(t)	 Insurance 

Each Borrower, each Guarantor and each Material Subsidiary maintains, with financially sound and reputable insurers, insurance with respect to
its respective properties and businesses and against such casualties and contingencies and in such types and amounts as are in accordance with customary business practices for corporations of the size and type of business and operations as each
Borrower, each such Guarantor and each such Material Subsidiary. 
  

	 	(u)	 Sanctions 

Neither the Canadian Borrower nor any of its Subsidiaries, nor, to its knowledge, any other person who receives the proceeds of any advance
under the Credit Facilities, is a Sanctioned Person or, to its knowledge, is otherwise a prohibited party under Sanctions Regulations. 
 The
Canadian Borrower and each of its Subsidiaries is in compliance with all Sanctions Regulations applicable to it. 

  
 - 104 - 

	9.2	 Deemed Repetition 

On the date of delivery by a Borrower of a Drawdown Notice to the Agent or the Australian Operating Facility Lender and again on the date of
any Drawdown made by a Borrower pursuant thereto: 
  

	 	(a)	 except those representations and warranties which are stated to be made as at a specific date or which the
applicable Borrower has notified the Agent or the Australian Operating Facility Lender in writing cannot be repeated for such Drawdown and in respect of which the applicable Lenders have waived in writing (with or without terms or conditions) the
application of the condition precedent in Section 3.1(b) for such Drawdown, each of the representations and warranties contained in Section 9.1 shall be deemed to be repeated; and 

 

	 	(b)	 the Canadian Borrower shall be deemed to have represented to the Agent and the Lenders that, except as has
otherwise been notified to the Agent or the Australian Operating Facility Lender, as applicable, in writing and has been waived in accordance herewith, no event has occurred and remains outstanding which would constitute a Default or an Event of
Default nor will any such event occur as a result of the aforementioned Drawdown. 

  

	9.3	 Other Documents 

All representations, warranties and statements of each Borrower or any Guarantor contained in this Agreement, any Subsidiary Guarantee, the
Parent Guarantee or any certificate delivered hereunder by a Borrower or a Guarantor shall be deemed to constitute representations and warranties made by the Canadian Borrower to the Agent and the Lenders under Section 9.1 of this Agreement.

  

	9.4	 Effective Time of Repetition 

All representations and warranties, when repeated or deemed to be repeated hereunder, shall be construed with reference to the facts and
circumstances existing at the time of repetition, unless they are stated herein to be made as at the date hereof or as at another date. 
  

	9.5	 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, notwithstanding any investigations or examinations which may be made by the Agent, the Lenders or Lenders’ Counsel. Such representations and warranties shall survive until this Agreement has been
terminated, provided that the representations and warranties relating to environmental matters shall survive the termination of this Agreement. 

  
 - 105 - 

 ARTICLE 10—GENERAL COVENANTS 

 

	10.1	 Affirmative Covenants of the Canadian Borrower  

So long as any Obligation is outstanding (other than those obligations which by their terms survive the termination and cancellation of this
Agreement and the Credit Facilities) or any Credit Facility is available hereunder, the Canadian Borrower covenants and agrees with each of the Lenders and the Agent that, unless (subject to Section 16.10) a Majority of the Lenders otherwise
consent in writing: 
  

	 	(a)	 Punctual Payment and Performance 

It shall duly and punctually pay, and shall cause the Australian Borrower to duly and punctually pay, the principal of all Loans, all interest
thereon and all fees and other amounts required to be paid by the Borrowers hereunder in the manner specified hereunder and the Canadian Borrower shall perform and observe all of its obligations under this Agreement and under any other Document to
which it is a party and shall cause the Australian Borrower and each of the Guarantors to perform and observe all of their obligations under any Documents to which each is a party. 

 

	 	(b)	 Books and Records 

It shall, and shall cause each of its Subsidiaries (except each Project Finance SPV), to keep proper books of record and account in which
complete and correct entries, in all material respects, will be made of its transactions in accordance with generally accepted accounting principles. 
  

	 	(c)	 Maintenance and Operation 

It shall do or cause to be done, and will cause each Subsidiary (except each Project Finance SPV) to do or cause to be done, all things
necessary or required to have all its properties, assets and operations owned, operated and maintained in accordance with diligent and prudent industry practice and Applicable Laws except to the extent that the failure to do or cause to be done the
same would not have and would not reasonably be expected to have a Material Adverse Effect. 
  

	 	(d)	 Maintain Existence; Compliance with Legislation Generally; Required Permits 

Except as otherwise permitted by Section 10.2(c) and 10.2(j), the Canadian Borrower shall, and shall cause the Australian Borrower, each
of the other Guarantors and the Material Subsidiaries, to preserve and maintain its corporate, partnership, trust or other existence (as the case may be) as a corporation, partnership, trust or limited liability company existing under the laws of
its applicable jurisdiction of organization. The Canadian Borrower shall do or cause to be done, and shall cause the Australian Borrower, each of the other Guarantors and the Material Subsidiaries to do or cause to be done, all acts necessary or
desirable to comply with all Applicable Laws, except (other than in the case of laws relating to 

  
 - 106 - 

 
corruption and bribery) where such failure to comply does not and would not reasonably be expected to have a Material Adverse Effect, and to preserve and keep in full force and effect all
Required Permits and all other franchises, licences, rights, privileges, permits and Governmental Authorizations necessary to enable the Borrowers, each of the Guarantors and each of the Material Subsidiaries to operate and conduct their respective
businesses in accordance with prudent industry practice, except to the extent that the failure to have any of the same does not and would not reasonably be expected to have a Material Adverse Effect. 

 

	 	(e)	 Budgets, Financial Statements and Other Information 

The Canadian Borrower shall deliver to the Agent with sufficient copies for each of the Lenders: 

 

	 	(i)	 Annual Consolidated Business Plan / Financial Forecasts – as soon as available and, in any event,
within 90 days after the end of each of its fiscal years, copies of (A) its annual consolidated business plan for the next fiscal year which shall include, without limitation its annual consolidated capital budget (which segregates those
capital expenditures attributed to maintenance and to growth) for the next fiscal year and its annual operating budget for the next fiscal year (approved by its board of directors) and (B) financial forecasts for the next fiscal year including
pro forma consolidated financial statements for the Canadian Borrower prepared on a quarterly basis for such period (including a pro forma balance sheet, pro forma statement of income and pro forma statement of cash
flows) and a pro forma calculation of the financial covenants contained in Section 10.3; 

  

	 	(ii)	 Annual Financials – as soon as available and, in any event, within 90 days after the end of each of
its fiscal years, copies of the Canadian Borrower’s audited annual financial statements on a consolidated basis consisting of a balance sheet, statement of income, statement of cash flows and statement of shareholders’ equity for each such
year, together with the notes thereto in the case of the audited annual financial statements, all prepared in accordance with generally accepted accounting principles consistently applied, together with a report and an audit opinion of the Canadian
Borrower’s auditors thereon in the case of audited annual financial statements of the Canadian Borrower; 

  

	 	(iii)	 Quarterly Financials – as soon as available and, in any event within 60 days after the end of each
of its first, second and third fiscal quarters, copies of each of the Canadian Borrower’s unaudited quarterly financial statements on a consolidated basis, in each case consisting of a balance sheet, statement of income, statement of cash flows
and statement of shareholders’ equity for each such period all in reasonable detail and stating in comparative form the figures for the corresponding date and period in the previous fiscal year, all prepared in accordance with generally
accepted accounting principles consistently applied; 

  
 - 107 - 

	 	(iv)	 Compliance Certificate – concurrently with furnishing the financial statements pursuant to Sections
10.1(e)(ii) and (iii), a Compliance Certificate signed by any one of the president, chief financial officer, vice president finance or treasurer of the Canadian Borrower and stating that, inter alia, the representations and warranties in
Section 9.1 are true and accurate in all respects (or, if applicable, specifying those that are not) (unless stated to be made as at the date hereof or another date, in which case such representations and warranties shall be true and correct as
of the date made), that no Default or Event of Default has occurred and is continuing (or, if applicable, specifying those defaults or events notified in accordance with Section 10.1(h) below) and demonstrating compliance with the financial
covenants contained in Section 10.3; 

  

	 	(v)	 Financial Instruments – To the extent the Canadian Borrower ceases to include, in the notes to its
financial statements referenced above, a table (and related information) reporting on Financial Instruments, the Canadian Borrower shall provide a table (and related information), in substantially the same form as previously included in its
financial statements, to the Agent concurrently with furnishing the financial statements pursuant to Sections 10.1(e)(ii) and (iii); and 

  

	 	(vi)	 Other – such other information, reports, certificates, projections of income and cash flow or other
matters affecting the business, affairs, financial condition, property or assets of the Canadian Borrower or its Subsidiaries as the Agent or any Lender may reasonably request including, without limitation, promptly after any request therefor by a
Lender that is a Covered Financial Institution, all information and documentation reasonably requested by the Agent or any Lender for purposes of compliance with the Beneficial Ownership Regulation. 

 

	 	(f)	 Rights of Inspection 

At any reasonable time and from time to time upon reasonable prior notice, but not more frequently than once per calendar quarter for so long
as no Default or Event of Default has occurred and is continuing, the Canadian Borrower shall permit, and shall cause its Subsidiaries (except each Project Finance SPV) to permit, the Agent and any Lender or any representative thereof (at the
expense of the Canadian Borrower during the continuance of a Default or Event of Default and, otherwise, at the expense of the Agent or such Lender, as applicable) to (i) examine and make copies of and abstracts from the records and books of
account of the Canadian Borrower or any of its Subsidiaries (except each Project Finance SPV), (ii) visit and inspect the premises and properties of the Canadian Borrower or any of its Subsidiaries (except each Project Finance SPV) (in each
case at the risk of the Canadian Borrower, except for the gross negligence or wilful misconduct of the inspecting party or the failure of any such inspecting party to comply with Applicable Law and the Canadian Borrower’s, or any
Subsidiary’s health and safety requirements, as advised to such inspecting party), and (iii) discuss the affairs, operations, finances and accounts of the Canadian Borrower or any of its Subsidiaries with any of the officers of the
Canadian Borrower or any of its Subsidiaries (except each Project Finance SPV). 

  
 - 108 - 

	 	(g)	 Notice of Material Litigation 

The Canadian Borrower shall promptly give written notice to the Agent of any litigation, proceeding or dispute affecting either Borrower, any
of the Guarantors or any of the Material Subsidiaries in respect of a demand or claim in respect of which there is a reasonable likelihood of an adverse determination and which if adversely determined would reasonably be expected to result in a
liability, obligation or judgment in excess of 5% of Consolidated Net Tangible Assets (in aggregate at any point in time) or to have a Material Adverse Effect, and shall from time to time furnish to the Agent all reasonable information requested by
the Agent concerning the status of any such litigation, proceeding or dispute. 
  

	 	(h)	 Notice of Default or Event of Default 

The Canadian Borrower shall deliver to the Agent, as soon as reasonably practicable, and in any event no later than 3 Banking Days after
becoming aware of a Default or the occurrence of an Event of Default, an Officer’s Certificate describing in detail such Default or such Event of Default and specifying the steps, if any, being taken to cure or remedy the same. 

 

	 	(i)	 Notice of Material Adverse Effect or Material Adverse Change 

The Canadian Borrower shall, as soon as reasonably practicable, promptly notify the Agent of any event, circumstance or condition that has had
or is reasonably likely to have a Material Adverse Effect or cause a Material Adverse Change. 
  

	 	(j)	 Notice of New Material Subsidiaries 

The Canadian Borrower shall promptly give written notice to the Agent of the acquisition, creation or existence of each new Material
Subsidiary. 
  

	 	(k)	 Securities Disclosure 

The Canadian Borrower shall promptly furnish to the Agent copies of all registration materials, reports, material change reports, circulars,
notices and other non-confidential information that the Canadian Borrower was required by applicable law to file and has filed with any securities commission or stock exchange, has furnished to its shareholders or publicly disclosed (whether by way
by advertisement or otherwise), except for insider reports and other filings which are of an administrative nature and do not contain any material information with respect to the business, affairs or financial condition of the Canadian Borrower and
its Subsidiaries (except each Project Finance SPV). The Canadian Borrower shall be deemed to have satisfied its obligations under this Section 10.1(k) if and to the extent the registration materials, material change reports, circulars, reports,
notices and other non-confidential information, as the case may be, shall have been filed with the Canadian Securities Administrators (and are accessible to the Agent) in the SEDAR filing system at www.sedar.com.  

  
 - 109 - 

	 	(l)	 Payment of Royalties, Taxes, Withholdings, etc. 

The Canadian Borrower shall, and shall cause the Australian Borrower, the other Guarantors and the Material Subsidiaries to, from time to time,
pay or cause to be paid all material royalties, rents, Taxes, rates, levies or assessments, ordinary or extraordinary, governmental fees or dues, and to make and remit all withholdings, lawfully levied, assessed or imposed upon the Borrowers, the
Guarantors and the Material Subsidiaries or any of the assets of the Borrowers, the Guarantors and the Material Subsidiaries as and when the same become due and payable, except when and so long as the validity of any such royalties, rents, Taxes,
rates, levies, assessments, fees, dues or withholdings is being contested by the Borrowers, the Guarantors or the Material Subsidiaries by a Permitted Contest or the failure to pay or cause to be paid the same would not have or reasonably be
expected to have a Material Adverse Effect. 
  

	 	(m)	 Payment of Preferred Claims 

The Canadian Borrower shall, and shall cause the Australian Borrower, the other Guarantors and the Material Subsidiaries to, from time to time
pay when due or cause to be paid when due all amounts related to wages, workers’ compensation obligations, government royalties or pension fund obligations and any other amount which may result in a lien, charge, Security Interest or similar
encumbrance against the assets of such Borrower, such Guarantor or such Material Subsidiary arising under statute or regulation, except when and so long as the validity of any such amounts or other obligations is being contested by the Borrowers,
the Guarantors or the Material Subsidiaries by a Permitted Contest or the failure to pay or cause to be paid the same would not have or reasonably be expected to have a Material Adverse Effect 

 

	 	(n)	 Environmental Covenants 

 

	 	(i)	 Without limiting the generality of Section 10.1(d) above, the Canadian Borrower shall, and shall cause the
Australian Borrower, the other Guarantors and the Material Subsidiaries to, conduct their business and operations so as to comply at all times with all Environmental Laws if the consequence of a failure to comply, either alone or in conjunction with
any other such non compliances, would have or would reasonably be expected to have a Material Adverse Effect. 

  

	 	(ii)	 If either Borrower, any of the Guarantors or any of the Material Subsidiaries shall: 

 

	 	(A)	 receive or give any notice that a violation of any Environmental Law has or may have been committed or is about
to be committed by the same, and if such violation has or would reasonably be expected to have a Material Adverse Effect; 

  
 - 110 - 

	 	(B)	 receive any notice that a complaint, proceeding or order has been filed or is about to be filed against the
same alleging a violation of any Environmental Law, and if such violation would reasonably be expected to have a Material Adverse Effect; or 

  

	 	(C)	 receive any notice requiring a Borrower, a Guarantor or a Material Subsidiary, as the case may be, to take any
action in connection with the release of Hazardous Materials into the environment or alleging that such Borrower, such Guarantor or such Material Subsidiary may be liable or responsible for costs associated with a response to or to clean up a
Release of Hazardous Materials into the environment or any damages caused thereby in excess of 5% of Consolidated Net Tangible Assets (in aggregate at any point in time), or if such action or liability has or would reasonably be expected to have a
Material Adverse Effect, 

 the Canadian Borrower shall promptly provide the Agent with a copy of such notice and shall,
or shall cause such Guarantor or Material Subsidiary to, furnish to the Agent from time to time all reasonable information requested by the Agent relating to the same. 
  

	 	(o)	 Use of Loans 

The Canadian Borrower shall, and shall cause the Australian Borrower to, use all Loans and the proceeds thereof solely for the purposes set
forth in Section 2.3 hereof. 
  

	 	(p)	 Required Insurance 

The Canadian Borrower shall, and shall cause the Australian Borrower, the other Guarantors and the Material Subsidiaries to, maintain, with
financially sound and reputable insurers, insurance with respect to their respective properties and business and against such casualties and contingencies and in such types and such amounts as shall be in accordance with customary business practices
for corporations of the size and type of business and operations as the Canadian Borrower and its Subsidiaries, to the extent such insurance is available on reasonable commercial terms. 

 

	 	(q)	 Assets and Revenues Coverage 

The Canadian Borrower shall ensure that the Canadian Borrower and the Guarantors which are Eligible Contract Participants (i) own not less
than {Percentage redacted}% of the consolidated assets of the Canadian Borrower (as set forth on the consolidated balance sheet of the Canadian Borrower, in accordance with generally accepted accounting principles), excluding the assets of
the Project 

  
 - 111 - 

 
Finance SPVs, as at each Quarter End and (ii) have earned revenues that represent not less than {Percentage redacted}% of the consolidated revenues of the Canadian Borrower (as set
forth on the consolidated income statement of the Canadian Borrower, in accordance with generally accepted accounting principles), excluding the revenues of the Project Finance SPVs, over the previous 12 months, as calculated at each Quarter End.

 Notwithstanding the foregoing, the calculation of the {Percentage redacted}% test for the purposes of determining compliance with
this Section 10.1(q) for any period shall not include any assets of any Guarantor, or revenues attributable to any Guarantor, formed under the laws of Thailand until such Guarantor has received the “approval in principal” from
Governmental Authorities in Thailand required in connection with payments under the Subsidiary Guarantee of such Guarantor to any foreign beneficiary thereunder. 
  

	 	(r)	 Sanctions 

The Canadian Borrower shall provide the Agent with notice of any material (a) trade, commerce or other commercial dealing by a Borrower or
a Subsidiary with any Sanctioned Person or (b) violation of Sanctions Regulations, in each case, of which it is aware; for the purpose of this covenant, “material” shall mean that such dealing or violation accounts for or is in
respect of greater than 10% of the Consolidated Net Tangible Assets or consolidated revenues of the Canadian Borrower. 
  

	10.2	 Negative Covenants of the Canadian Borrower 

So long as any Obligation is outstanding (other than those obligations which by their terms survive the termination and cancellation of this
Agreement and the Credit Facilities) or either any Credit Facility is available hereunder, the Canadian Borrower covenants and agrees with each of the Lenders and the Agent that, unless (subject to Section 16.10) a Majority of the Lenders
otherwise consent in writing: 
  

	 	(a)	 Change of Business 

The Canadian Borrower shall not, and shall not permit the Australian Borrower, any other Guarantor or any Material Subsidiary to, change in any
material respect its Business. 
  

	 	(b)	 Negative Pledge 

The Canadian Borrower shall not, and shall not permit the Australian Borrower, any other Guarantor or any Material Subsidiary to, create,
issue, incur, assume or permit to exist any Security Interests on any of its or their property, undertakings or assets other than Permitted Encumbrances. 

  
 - 112 - 

	 	(c)	 No Dissolution 

The Canadian Borrower shall not, and shall not permit the Australian Borrower, any other Guarantor or any Material Subsidiary to, liquidate,
dissolve or wind up or take any steps or proceedings in connection therewith except (i) in the case of Guarantors, where the successor thereto or transferee thereof is a Borrower or another Guarantor or (ii) in the case of Material
Subsidiaries, where the successor thereto or transferee thereof is a Borrower, a Guarantor or another Material Subsidiary. 
  

	 	(d)	 Limit on Sale of Assets 

Except for Permitted Dispositions, the Canadian Borrower shall not, and shall not permit any Subsidiary (except each Project Finance SPV) to,
sell, transfer or otherwise dispose of any of their respective property or assets (i) during the continuance of a Default or Event of Default or (ii) in any calendar year, whether in one or a series of transactions, which, in aggregate,
have a fair market value in excess of 5% of Consolidated Net Tangible Assets. 
  

	 	(e)	 Limitation on Debt 

The Canadian Borrower shall not have or incur, or permit the Australian Borrower, any other Guarantor or any Material Subsidiary to have or
incur, any Debt other than Permitted Debt. 
  

	 	(f)	 Limit on Investments and Financial Assistance 

The Canadian Borrower shall not, and shall not permit the Australian Borrower, any Guarantor or any Material Subsidiary to (i) make
Investments in any person other than a Borrower or a Guarantor or (ii) provide any Financial Assistance to or for the benefit of any person other than a Borrower or a Guarantor, other than (A) amounts in relation to the Project Finance
SPVs up to a maximum aggregate amount at any time of U.S.$100,000,000 (or the Equivalent Amount thereof measured as at the time of the making of any such Investment or provision of such Financial Assistance) plus 100% of the net proceeds of any
equity offerings received by a Borrower, a Guarantor or a Material Subsidiary from a person other than a Borrower, a Guarantor or a Material Subsidiary, (B) amounts not in excess, in the aggregate, in any calendar year, of 5% of Consolidated
Net Tangible Assets plus 100% of the net proceeds to such Borrower, such Guarantor or Material Subsidiary from any equity offerings and (C) an Investment in a person that will become a Guarantor by delivering a Subsidiary Guarantee concurrently
with or immediately following the making of the Investment. 
  

	 	(g)	 Limits on Distributions 

The Canadian Borrower shall not make any Distributions during the continuance of a Default or Event of Default or which, immediately following
such Distribution, would have or would reasonably be expected to result in a Default or Event of Default. 

  
 - 113 - 

	 	(h)	 No Financial Instruments Other Than Permitted Hedging 

The Canadian Borrower shall not and shall not permit any Subsidiary (except each Project Finance SPV) to enter into, transact or have
outstanding any Financial Instruments or Financial Instrument Obligations other than Permitted Hedging. 
  

	 	(i)	 Non Arm’s Length Transactions 

Except in respect of transactions between or among a Borrower and/or one or more of the Guarantors and/or the Material Subsidiaries, the
Canadian Borrower shall not, nor shall it permit the Australian Borrower, any other Guarantor or any Material Subsidiary to, enter into any contract, agreement or transaction whatsoever, including for the sale, purchase, lease or other dealing in
any property or the provision of any services (other than office and administration services provided in the ordinary course of business), with any Related Party except upon fair and reasonable terms, which terms are not less favourable to a
Borrower, a Guarantor or a Material Subsidiary, as applicable, than it would obtain in an arm’s length transaction. 
  

	 	(j)	 No Merger, Amalgamation, etc. 

Except as permitted under Section 10.2(c) or Section 10.2(d), the Canadian Borrower shall not, and shall not permit the Australian
Borrower, any other Guarantor or Material Subsidiary to, merge with, amalgamate with or consolidate with any other person, or convey, sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions) all or
substantially all of its assets to any other person (whether by way of reconstruction, reorganization, recapitalization, arrangement, consolidation, amalgamation, merger, transfer, sale or otherwise) unless: 

 

	 	(i)	 the Agent has been provided with 21 days’ prior notice thereof; 

 

	 	(ii)	 in the case of any such transaction involving the Canadian Borrower, the successor formed by such consolidation
or amalgamation or the survivor of such merger or the person that acquires by conveyance, transfer, sale, lease or other disposition of all or substantially all of the assets of the Canadian Borrower as an entirety, as the case may be, shall be a
solvent corporation, limited liability company, partnership or trust organized and existing under the laws of the Canada (or any province or territory therein) or such other jurisdiction acceptable to the Agent, acting reasonably;

  

	 	(iii)	 in the case of any such transaction involving the Australian Borrower, the successor formed by such
consolidation or amalgamation or the survivor of such merger or the person that acquires by conveyance, transfer, sale, lease or other disposition of all or substantially all of the assets of the Australian Borrower as an entirety, as the case may
be, shall be a solvent corporation, limited liability company, partnership or trust organized and existing under the laws of the Commonwealth of Australia (or any territory therein) or such other jurisdiction acceptable to the Agent and the
Australian Operating Facility Lender, each acting reasonably; 

  
 - 114 - 

	 	(iv)	 in the case of any such transaction involving a Guarantor, the successor formed by such consolidation or
amalgamation or the survivor of such merger or the person that acquires by conveyance, transfer, sale, lease or other disposition of all or substantially all of the assets of such Guarantor as an entirety, as the case may be, shall be a solvent
corporation, limited liability company, partnership or trust organized and existing under the laws of a jurisdiction approved pursuant to the definition of “Guarantor” contained herein; 

 

	 	(v)	 in the case of any such transaction involving any other Material Subsidiary, the successor formed by such
consolidation or amalgamation or the survivor of such merger or the person that acquires by conveyance, transfer, sale, lease or other disposition of all or substantially all of the assets of such Material Subsidiary as an entirety, as the case may
be, shall be a solvent corporation, limited liability company, partnership or trust organized and existing under the jurisdiction of its organization or creation; 

 

	 	(vi)	 in the case of such transaction involving a Borrower or a Guarantor, as provided for in subparagraphs (ii),
(iii) and (iv) above (A) such successor corporation, limited liability company, partnership or trust shall have executed and delivered to the Agent an agreement or agreements assuming the due and punctual performance and observance of
each covenant, obligation and condition of each respective Document by which the Borrower or such Guarantor was bound and (B) shall have caused to be delivered to the Agent and the Lenders an opinion of independent counsel to the effect that
(1) all agreements or instruments effecting such assumption are enforceable in accordance with their terms and (2) as a result of such transaction, no Borrower or Guarantor that continues to exist has been released from its obligations
under the Documents (such opinion to be acceptable to the Agent, acting reasonably); provided that agreements or instruments of assumption shall not be required if such assumption occurs by operation of law, and the Canadian Borrower delivers an
opinion of such counsel to that effect (such opinion to be acceptable to the Agent, acting reasonably); 

  

	 	(vii)	 in all cases, immediately before and after giving effect to such transaction, no Default or Event of Default
shall have occurred and be continuing; and 

  

	 	(viii)	 in all cases, the transaction shall not result in a Change of Control. 

  
 - 115 - 

 No such conveyance, transfer, sale, lease or other disposition of all or substantially all
of the assets of a Borrower or a Guarantor shall have the effect of releasing such Borrower or Guarantor or any successor person from its liability under this Agreement or any other Document. 

 

	 	(k)	 Hostile Acquisitions 

The Canadian Borrower shall not, and shall not permit the Australian Borrower to, utilize the proceeds of any Drawdown, or any Loans, under any
Credit Facility to, or to provide funds to any Subsidiary, Affiliate or other person to, finance a hostile takeover. 
  

	 	(l)	 Sanctions 

The Canadian Borrower shall not and shall not permit any Subsidiary to (a) engage in any transaction with a person that is listed on the
SDN List or on a list maintained pursuant to the Sanctioned Person Legislation, (b) knowingly engage in any transaction with a person that is directly or indirectly owned or controlled by a person that is listed on the SDN List or on a list
maintained pursuant to Sanctioned Person Legislation or (c) become designated as a Sanctioned Person. 
 The Canadian Borrower shall not
and shall not permit any Subsidiary to engage in any transaction or dealing that would be in violation of applicable Sanctions Regulations except where to do so does not and would not reasonably be expected to have a Material Adverse Effect. 

The Borrowers shall not and shall not permit any Subsidiary to (i) directly or, to its knowledge, indirectly, use the proceeds from any
Credit Facility to fund any activities or business of or with any person that is listed on the SDN List or on a list maintained pursuant to the Sanctioned Person Legislation, or (ii) knowingly, directly or indirectly, use the proceeds from any
Credit Facility to fund any activities or business of or with any person that is directly or indirectly owned or controlled by a person that is listed on the SDN List or on a list maintained pursuant to the Sanctioned Person Legislation. The
Borrowers shall not knowingly use the proceeds from any Credit Facility in violation of any applicable Sanctions Regulations. 
  

	10.3	 Financial Covenants 

So long as any Obligation is outstanding (other than those obligations which by their terms survive the termination and cancellation of this
Agreement and the Credit Facilities) or any Credit Facility is available hereunder, the Canadian Borrower covenants and agrees with each of the Lenders and the Agent that, unless (subject to Section 16.10) a Majority of the Lenders otherwise
consent in writing: 
  

	 	(a)	 Maximum Net Funded Debt to EBITDA Ratio 

As at each Quarter End, the Canadian Borrower shall not permit the Net Funded 

  
 - 116 - 

 Debt to EBITDA Ratio to exceed 3.00:1.00, such ratio to be calculated on a rolling
four-quarter basis. 
 Notwithstanding the foregoing, for the four Quarter Ends following the completion of a Material Acquisition, the
Canadian Borrower shall not permit the Net Funded Debt to EBITDA Ratio to exceed 3.50:1.00 (the “Acquisition Leverage Step Up”) provided that (i) without taking into account the Material Acquisition, the Net Funded Debt to
EBITDA Ratio shall not have exceeded 3.00:1.00 as at each such Quarter Ends and (ii) if the Canadian Borrower has previously invoked the Acquisition Leverage Step Up, the Canadian Borrower shall only be entitled to again invoke the Acquisition
Leverage Step Up if the Net Funded Debt to EBITDA Ratio shall not have exceeded 3.00:1.00 for the two Quarter Ends preceding the subsequent Material Acquisition in question. 
  

	 	(b)	 Minimum Interest Coverage Ratio 

As at each Quarter End, the Canadian Borrower shall not permit the Interest Coverage Ratio to be less than 3.00:1.00, such ratio to be
calculated on a rolling four-quarter basis. 
  

	10.4	 Agent May Perform Covenants  

If, following the expiry of any cure periods provided for in Section 12.1, the Canadian Borrower fails to perform any covenants on its
part herein contained, the Agent may give notice to the Canadian Borrower of such failure and if such covenant remains unperformed, the Agent may, in its discretion but need not, perform any such covenant capable of being performed by the Agent and
if the covenant requires the payment or expenditure of money, the Agent may, upon having received approval of all Lenders, make such payments or expenditure and all sums so expended shall be forthwith payable by the Canadian Borrower to the Agent on
behalf of the Lenders and shall bear interest at the applicable interest rate provided in Section 5.10. No such performance, payment or expenditure by the Agent shall be deemed to relieve the Canadian Borrower of any default hereunder or under
the other Documents. 
 ARTICLE 11—GUARANTEES 
  

	11.1	 Guarantees 

(1) Subject to the Canadian Borrower’s rights under Section 2.25, the Canadian Borrower shall cause certain of its Subsidiaries (each
of whose jurisdiction of incorporation, formation, organization, amalgamation or continuation, or in which it exists or subsists, is any of an OECD Country (which includes, for greater certainty, Mexico, Barbados, Oman, Kuwait, Bahrain, Colombia,
Peru, Brazil, Thailand, Malaysia, Singapore and Indonesia or any province, territory, state or district of any of the foregoing)), excluding the Project Finance SPVs, to execute and deliver a Subsidiary Guarantee in the form of Schedule H-1 annexed
hereto, in each case with such modifications and insertions as may be required by the Agent and agreed to by the Canadian Borrower, each acting reasonably, including modifications necessary to have such guarantees be in compliance with the
Applicable Laws of the governing jurisdiction of such Subsidiary (together with a certified copy of such Subsidiary’s constating or other organizational documents and a legal opinion in form and substance satisfactory to the Agent, acting
reasonably) in order to comply with the positive covenant set out in Section 10.1(q). 

  
 - 117 - 

 (2) Subject to Section 2.25, upon a Subsidiary executing and delivering a Subsidiary
Guarantee pursuant to Section 11.1(1), such Subsidiary shall be a Guarantor for all purposes hereof and the other Documents. 
 (3) The
Canadian Borrower shall execute and deliver the Parent Guarantee in the form Schedule H-2 annexed hereto with such modifications and insertions as may be required by the Agent and agreed to by the Canadian Borrower, each acting reasonably. 

 

	11.2	 Forms 

The form of Subsidiary Guarantee and Parent Guarantee have been or shall be prepared based upon the laws of Canada and Alberta applicable
thereto in effect at the date hereof. The Agent shall have the right to require that any such Subsidiary Guarantee or Parent Guarantee be amended to reflect any changes in such laws, whether arising as a result of statutory amendments, court
decisions or otherwise, in order to ensure that all Obligations are fully guaranteed by the Guarantors (and the Obligations of the Australian Borrower are fully guaranteed by the Canadian Borrower) except that in no event shall the Agent require
that the foregoing be effected if the result thereof would be to grant the Agent or the Lenders greater rights than is otherwise contemplated herein or therein. 
  

	11.3	 Dealing with Guarantees 

The Agent, with the consent of all of the Lenders, may grant extensions of time or other indulgences, take and give up securities, accept
compositions, grant releases and otherwise deal with the Borrowers and other parties and with security as the Agent may see fit, without prejudice to or in any way limiting the liability of the Borrowers under this Agreement or the other Documents.

  

	11.4	 Release of Guarantees 

The Guarantors shall not be released from the Subsidiary Guarantees (and the Canadian Borrower shall not be released from the Parent Guarantee)
or any part thereof, other than to the extent that a Guarantor has been designated as a Non-Guarantor Subsidiary in compliance with the terms hereof (in which case the Subsidiary Guarantee of such former Guarantor shall automatically cease to apply
to the subject matter thereof for the benefit of the Agent and the Lenders), except by a written release signed by the Agent with the prior written consent of the Lenders. If all of the Obligations, Bank Product Obligations and Lender Financial
Instrument Obligations (other than those obligations which by their terms survive the termination and cancellation of this Agreement and the Credit Facilities) have been repaid, paid, satisfied and discharged, as the case may be, in full and the
Credit Facilities have been fully cancelled, then the Agent shall cause it and the Lenders’ interest in the Subsidiary Guarantees and the Parent Guarantee to be released. 

  
 - 118 - 

	11.5	 Transfer of Subsidiary Guarantees  

If The Toronto-Dominion Bank, in its capacity as Agent, or any successor thereto, in its capacity as Agent ceases to be the Agent (the
“Departing Agent”), the Departing Agent shall transfer and assign all of its right, title and interest in its capacity as Agent in and to the Subsidiary Guarantees and the Parent Guarantee to the Successor Agent. 

 

	11.6	 Hedging Affiliates and Bank Product Affiliates  

Each Lender hereby confirms to and agrees with the Agent and the other Lenders as follows: 

 

	 	(a)	 such Lender is, for the purpose of guaranteeing the Lender Financial Instrument Obligations owing to or in
favour of its Hedging Affiliates and the Bank Product Obligations owing to or in favor of its Bank Product Affiliates pursuant to the Subsidiary Guarantees, executing and delivering this Agreement both on its own behalf and as agent for and on
behalf of such Hedging Affiliates and Bank Product Affiliates; 

  

	 	(b)	 the Agent shall be and is hereby authorized by each such Hedging Affiliate and Bank Product Affiliate
(i) to hold the Subsidiary Guarantee on behalf of such Hedging Affiliate and Bank Product Affiliate as guarantees for the Lender Financial Instrument Obligations and Bank Product Obligations owing to or in favour of it in accordance with the
provisions of the Documents and (ii) to act in accordance with the provisions of the Documents (including on the instructions or at the direction of the Majority of the Lenders) in all respects with respect to the Subsidiary Guarantees; and

  

	 	(c)	 (i) the Lender Financial Instruments of any such Hedging Affiliate or the Lender Financial Instrument
Obligations owing to or in favour of any such Hedging Affiliate and (ii) the Bank Products of any such Bank Product Affiliate or the Bank Product Obligations owing to or in favor of any such Bank Product Affiliate shall not be included or taken
into account for the purposes of Section 16.10 or (for certainty) in any determination of the Majority of the Lenders or the Lenders which shall be determined solely based upon the Commitments of the Lenders hereunder or the Outstanding
Principal owing to the Lenders. 

  

	11.7	 Guarantees for Hedging with Former Lenders  

If a Lender ceases to be a Lender under this Agreement (a “Former Lender”), all Lender Financial Instrument Obligations owing
to such Former Lender and its Hedging Affiliates under Lender Financial Instruments entered into while such Former Lender was a Lender shall remain guaranteed by the Subsidiary Guarantees (equally and rateably) to the extent that such Lender
Financial Instrument Obligations were guaranteed by the Subsidiary Guarantees prior to such Lender becoming a Former Lender and, subject to the following provisions of this Section 11.7 and unless the context otherwise requires, all references
herein to “Lender Financial Instrument Obligations” shall include such obligations to a Former Lender and its Hedging Affiliates and all references herein to “Lender Financial Instruments” shall include such Financial 

  
 - 119 - 

 Instruments with a Former Lender and its Hedging Affiliates. For certainty, any Financial Instrument
Obligations under Financial Instruments entered into with a Former Lender or an Affiliate thereof after the Former Lender has ceased to be a Lender shall not be guaranteed by the Subsidiary Guarantees. Notwithstanding the foregoing, no Former Lender
or any Affiliate thereof shall have any right to cause or require the enforcement of the Subsidiary Guarantees or any right to participate in any decisions relating to the Subsidiary Guarantees, including any decisions relating to the enforcement or
manner of enforcement of the Subsidiary Guarantees or decisions relating to any amendment to, waiver under, release of or other dealing with all or any part of the Subsidiary Guarantees; for certainty, the sole right of a Former Lender and its
Affiliates with respect to the Subsidiary Guarantees is to share, on a pari passu basis, in any proceeds of realization and enforcement of the Subsidiary Guarantees. 

ARTICLE 12—EVENTS OF DEFAULT AND ACCELERATION 
  

	12.1	 Events of Default 

The occurrence of any one or more of the following events (each such event being herein referred to as an “Event of Default”)
shall constitute a default under this Agreement: 
  

	 	(a)	 Principal Default: if a Borrower fails to pay the principal of any Loan hereunder when due and payable;

  

	 	(b)	 Other Payment Default: if a Borrower fails to pay: 

 

	 	(i)	 any interest (including, if applicable, default interest) accrued on any Loan; 

 

	 	(ii)	 any acceptance fee with respect to a Bankers’ Acceptance or issuance fee with respect to a Letter of
Credit; or 

  

	 	(iii)	 any other amount not specifically referred to in paragraph (a) above or in this paragraph (b) payable
by a Borrower hereunder; 

 in each case when due and payable, and such default is not remedied within 5 Banking Days of
such amount being due and payable; 
  

	 	(c)	 Certain Covenant Defaults: if the Canadian Borrower fails to observe or perform any covenant in:

  

	 	(i)	 Sections 10.2(b) to (h), inclusive, Section 10.2(l) or Section 10.1(r) and shall fail to remedy or
cure the same within 5 Banking Days; or 

  

	 	(ii)	 Section 10.3 or Section 11.1; 

 

	 	(d)	 Breach of Other Covenants: if a Borrower or a Guarantor fails to observe or perform any covenant or
obligation herein or in any other Document required on its part to be observed or performed (other than a covenant or condition whose breach or default in performance is specifically dealt with elsewhere in this Section) and, after notice has been
given by the Agent to the Canadian Borrower specifying such default and requiring the applicable Borrower or Guarantor to remedy or cure the same, such Borrower or such Guarantor shall fail to remedy such default within a period of 30 days after the
giving of such notice; 

  
 - 120 - 

	 	(e)	 Incorrect Representations: if any representation or warranty made by a Borrower or any Guarantor herein
or in any other Document shall prove to have been incorrect or misleading in any respect on and as of the date made and the facts or circumstances which make such representation or warranty incorrect or misleading are not remedied and the
representation or warranty in question remains incorrect or misleading more than 30 days after the Agent notifies the Canadian Borrower of the same; 

  

	 	(f)	 Involuntary Insolvency: if a decree or order of a court of competent jurisdiction is entered adjudging a
Borrower, a Guarantor or a Material Subsidiary a bankrupt or insolvent under the Companies’ Creditors Arrangement Act (Canada), the Bankruptcy and Insolvency Act (Canada), the Winding-up and Restructuring Act (Canada) or
any other bankruptcy, insolvency or analogous laws or ordering the winding up or liquidation of its affairs or, in the case of the Australian Borrower or a Guarantor or a Material Subsidiary organized under the laws of Australia, it is unable to pay
its debts when they fall due or it is (or states that it is) an insolvent under administration or insolvent (each as defined in the Australian Corporations Act) or, as a result of the operation of Section 459F(1) of the Australian Corporations
Act, it is taken to have failed to comply with a statutory demand; provided that any plan of arrangement under the Business Corporations Act (Ontario), the Business Corporations Act (Alberta) or the Canada Business Corporations Act
or any analogous statute, whether foreign or domestic, consummated in compliance with Section 10.2(j) shall not constitute an Event of Default under this Section 12.1(f); 

 

	 	(g)	 Idem: if any case, proceeding or other action shall be instituted in any court of competent
jurisdiction against a Borrower, a Guarantor or a Material Subsidiary, seeking in respect of it an adjudication in bankruptcy, reorganization, dissolution, winding up, liquidation, a composition, proposal or arrangement with creditors, a
readjustment of debts, the appointment of trustee in bankruptcy, receiver, receiver and manager, interim receiver, custodian, sequestrator, (or in the case of the Australian Borrower or a Guarantor or a Material Subsidiary organized under the laws
of Australia, an administrator or other controller (as defined in the Australian Corporations Act) or other person with similar powers with respect to a Borrower, a Guarantor or a Material Subsidiary) or all or substantially all of its assets, or
any other like relief in respect of a Borrower, a Guarantor or a Material Subsidiary under any bankruptcy or insolvency law and such case, proceeding or other action results in an entry of an order for such relief or any such adjudication or
appointment, which is not stayed or dismissed within 30 days; provided that any plan of arrangement under the Business Corporations Act (Ontario), the Business Corporations Act (Alberta) or the Canada Business Corporations Act
or any analogous statute, whether foreign or domestic, consummated in compliance with Section 10.2(j) shall not constitute an Event of Default under this Section 12.1(g); 

  
 - 121 - 

	 	(h)	 Voluntary Insolvency: if a Borrower, a Guarantor or a Material Subsidiary makes any assignment in
bankruptcy or makes any other assignment for the benefit of creditors, makes any proposal under the Bankruptcy and Insolvency Act (Canada) or any comparable law, seeks relief under the Companies’ Creditors Arrangement Act
(Canada), the Winding-up and Restructuring Act (Canada) or any other bankruptcy, insolvency or analogous law, files a petition or proposal to take advantage of any act of insolvency, consents to or acquiesces in the appointment of a
trustee in bankruptcy, receiver, receiver and manager, interim receiver, custodian, sequestrator (or in the case of the Australian Borrower or a Guarantor or a Material Subsidiary organized under the laws of Australia, an administrator or other
controller (as defined in the Australian Corporations Act)) or other person with similar powers of itself or all or substantially all of its assets, or files a petition or otherwise commences any proceeding seeking any reorganization, arrangement
(where a Borrower, a Guarantor or a Material Subsidiary is the subject of such arrangement), composition, administration or readjustment under any applicable bankruptcy, insolvency, moratorium, reorganization or other similar law affecting
creditors’ rights or consents to, or acquiesces in, the filing of such assignment, proposal, relief, petition, proposal, appointment or proceeding; provided that any plan of arrangement under the Business Corporations Act (Ontario), the
Business Corporations Act (Alberta) or the Canada Business Corporations Act or any analogous statute, whether foreign or domestic, consummated in compliance with Section 10.2(j) shall not constitute an Event of Default under this
Section 12.1(h); 

  

	 	(i)	 Dissolution: except as permitted by Sections 10.2(c) or 10.2(j), if proceedings are commenced for the
dissolution, liquidation or winding up of a Borrower, any Guarantor or any Material Subsidiary unless such proceedings are being actively and diligently contested in good faith to the satisfaction of the Majority of the Lenders;

  

	 	(j)	 Security Realization: if creditors of either Borrower, any Guarantors or any Material Subsidiaries
having a Security Interest against or in respect of the property and assets thereof, or any part thereof, realize upon or enforce any such security against such property and assets or any part thereof having an aggregate fair market value in excess
of 5% of Consolidated Net Tangible Assets and such realization or enforcement shall continue in effect and not be released, discharged or stayed within the lesser of 30 days and the period of time prescribed under Applicable Laws for the completion
of the sale of or realization against the assets subject to such seizure or attachment; 

  

	 	(k)	 Seizure: if property and assets of the Borrowers, the Guarantors and the Material Subsidiaries or any
part thereof having an aggregate fair market value in excess of 5% of Consolidated Net Tangible Assets are seized or otherwise attached by anyone pursuant to any legal process or other means, including, without limitation, distress, execution or any
other step or proceeding with similar effect and such attachment, step or other proceeding shall continue in effect and not be released, discharged or stayed within the lesser of 30 days and the period of time prescribed under Applicable Laws for
the completion of the sale of or realization against the assets subject to such seizure or attachment; 

  
 - 122 - 

	 	(l)	 Judgment: if one or more final judgments, decrees or orders (after available appeals have been
exhausted) for an aggregate amount in excess of 5% of Consolidated Net Tangible Assets shall be awarded against a Borrower, any Guarantor or any Material Subsidiary and such Borrower, any such Guarantor or any such Material Subsidiary, as
applicable, has not provided security (to the Agent, the applicable court that rendered such judgment, the judgment creditor or an agent or trustee for one of the foregoing) for any of such judgments, decrees or orders or caused such judgment decree
or order to be satisfied or stayed within 30 days of such judgment, decree or order being awarded; 

  

	 	(m)	 Payment Cross Default: if a Borrower, any of the Guarantors or any Material Subsidiary (or any
combination thereof) defaults in the payment when due (whether at maturity, upon acceleration, or otherwise) of Debt or Financial Instrument Obligations in aggregate in excess of 5% of Consolidated Net Tangible Assets unless such default has been
remedied or waived in accordance with the provisions of the relevant indentures, credit agreements, instruments or other agreement evidencing such Debt or Financial Instrument Obligations; 

 

	 	(n)	 Event Cross Default: if a default, event of default or other similar condition or event (however
described) in respect of a Borrower, any of the Guarantors or any of the Material Subsidiaries (or any combination thereof) occurs or exists (and is continuing) under any indentures, credit agreements, agreements or other instruments evidencing or
relating to Debt or Financial Instrument Obligations (individually or collectively) in an aggregate amount in excess of 5% of Consolidated Net Tangible Assets and such default, event or condition has resulted in such Funded Debt or Financial
Instrument Obligations becoming, or becoming capable at such time of being declared, due and payable thereunder before it would otherwise have been due and payable; 

 

	 	(o)	 Cease to Carry on Business: if a Borrower or any Guarantor ceases to carry on business other than as
expressly permitted pursuant to Sections 10.2(c) and 10.2(j); 

  

	 	(p)	 Change of Control: 

 

	 	(i)	 if a Change of Control referenced in subparagraph (a) of the definition thereof occurs; or

  

	 	(ii)	 if a Change of Control referenced in subparagraph (b) of the definition thereof occurs and, in the opinion
of the Lenders (acting reasonably) such Change of Control would reasonably be expected to have a Material Adverse Effect; 

  

	 	(q)	 Lender Financial Instruments: if a Financial Instrument Demand for Payment has been delivered to the
Canadian Borrower and the Canadian Borrower fails to make payment thereunder within (i) in respect of amounts of Cdn.$500,000 (or the Equivalent Amount thereof) or more, 5 Banking Days and (ii) in respect of amounts of less than
Cdn.$500,000 (or the Equivalent Amount thereof), 10 Banking Days; or 

  
 - 123 - 

	 	(r)	 Invalidity: if, other than as a result of an act or omission of the Agent or any Lender, any Document 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 (and the same is not forthwith effectively rectified or replaced by the Canadian Borrower) or shall be
repudiated, or the validity or enforceability thereof shall at any time be contested by a Borrower or any Guarantor, or a Borrower or any Guarantor shall deny that it has any or any further liability or obligation thereunder, or at any time it shall
be unlawful or impossible for them to perform any of their respective obligations. 

  

	12.2	 Acceleration 

If any Event of Default shall occur and for so long as it is continuing: 

 

	 	(a)	 the entire principal amount of all Loans then outstanding from the Borrowers and all accrued and unpaid
interest thereon, 

  

	 	(b)	 an amount equal to the face amount at maturity of all Bankers’ Acceptances issued by the Canadian Borrower
which are unmatured, 

  

	 	(c)	 an amount equal to the maximum amount then available to be drawn under all unexpired Letters of Credit and
Australian Letters of Credit, and 

  

	 	(d)	 all other Obligations outstanding hereunder, 

shall, at the option of the Agent in accordance with Section 15.11 or upon the request of a Majority of the Lenders, become immediately due and payable
upon written notice to that effect from the Agent to the Canadian Borrower (on behalf of the Canadian Borrower and the Australian Borrower), all without any other notice and without presentment, protest, demand, notice of dishonour or any other
demand whatsoever (all of which are hereby expressly waived by the Borrowers). In such event and if the Borrowers do not immediately pay all such amounts upon receipt of such notice, either the Lenders (in accordance with the proviso in
Section 15.11(a)) or the Agent on their behalf may, in their discretion, exercise any right or recourse and/or proceed by any action, suit, remedy or proceeding against the Borrowers authorized or permitted by law for the recovery of all the
indebtedness and liabilities of the Borrowers to the Lenders and proceed to exercise any and all rights hereunder and under the other Documents and no such remedy for the enforcement of the rights of the Lenders shall be exclusive of or dependent on
any other remedy but any one or more of such remedies may from time to time be exercised independently or in combination. 

  
 - 124 - 

	12.3	 Conversion on Default 

Upon the occurrence and during the continuance of an Event of Default, the Agent, on behalf of the Lenders, or the Canadian Operating Facility
Lender, as applicable, may convert, at the Equivalent Amount, if applicable, (a) any outstanding Loan (other than a Letter of Credit) under the Syndicated Facility to either a Canadian Prime Rate Loan or a U.S. Base Loan (at the Equivalent
Amount, if applicable) and (b) any outstanding Loan under the Canadian Operating Facility to a Canadian Prime Rate Loan or U.S. Base Rate Loan. Interest shall accrue on each such Loan at the rate specified in Article 5 with interest on all
overdue interest at the same rate, such interest to be calculated daily and payable on demand. 
  

	12.4	 Remedies Cumulative and Waivers  

For greater certainty, it is expressly understood and agreed that the rights and remedies of the Lenders and the Agent hereunder or under any
other Document are cumulative and are in addition to and not in substitution for any rights or remedies provided by law or by equity; and any single or partial exercise by the Lenders or by the Agent of any right or remedy for a default or breach of
any term, covenant, condition or agreement contained in this Agreement or other Document shall not be deemed to be a waiver of or to alter, affect or prejudice any other right or remedy or other rights or remedies to which any one or more of the
Lenders and the Agent may be lawfully entitled for such default or breach. Any waiver by, as applicable, the Majority of the Lenders, the Lenders or the Agent of the strict observance, performance or compliance with any term, covenant, condition or
other matter contained herein and any indulgence granted, either expressly or by course of conduct, by, as applicable, the Majority of the Lenders, the Lenders or the Agent shall be effective only in the specific instance and for the purpose for
which it was given and shall be deemed not to be a waiver of any rights and remedies of the Lenders or the Agent under this Agreement or any other Document as a result of any other default or breach hereunder or thereunder. 

 

	12.5	 Termination of Lenders’ Obligations  

The occurrence of a Default or Event of Default shall relieve the Lenders of all obligations to provide any further Drawdowns, Rollovers or
Conversions to each Borrower hereunder (but only for so long as such Default or Event of Default is continuing); provided that the foregoing shall not prevent the Lenders or the Agent from disbursing money or effecting any Conversion which, by the
terms hereof, they are entitled to effect, or any Conversion or Rollover requested by a Borrower and acceptable to the Lenders and the Agent. 
  

	12.6	 Acceleration of All Lender Obligations 

(1) If a Lender or a Hedging Affiliate has delivered a Financial Instrument Demand for Payment to the Canadian Borrower or a Subsidiary, then
it shall promptly notify the Agent and other Lenders thereof. 
 (2) If an Acceleration Notice has been delivered to a Borrower, then, to
the extent that it is not already the case, all Obligations, all Financial Instrument Obligations under Lender Financial Instruments and all Bank Product Obligations shall be immediately due and payable and each Lender, Hedging Affiliate, Bank
Product Affiliate and the Agent shall (and shall be entitled to) promptly, and in any event within 3 Banking Days of receipt of notice of the foregoing, deliver such other Demands for Payment and notices as may be necessary to ensure that all
Obligations, Financial Instrument Obligations under Lender Financial Instruments and Bank Product Obligations are thereafter due and payable under this Agreement, the Bank Products and the Lender Financial Instruments. 

  
 - 125 - 

 (3) Each agreement, indenture, instrument or other document evidencing or relating to a Bank
Product or Lender Financial Instrument shall, notwithstanding any provision thereof to the contrary, be deemed to be hereby amended to allow and permit the Lender which is a party thereto to comply with the provisions of this Section 12.6. 

 

	12.7	 Application and Sharing of Payments Following Acceleration  

Except as otherwise agreed to by all of the Lenders in their sole discretion, all monies and property received by the Lenders for application
in respect of the Obligations, the Bank Product Obligations and the Financial Instrument Obligations under Lender Financial Instruments subsequent to the Adjustment Time and all monies received as a result of a realization upon the Subsidiary
Guarantees and the Parent Guarantee (collectively, the “Realization Proceeds”) shall be applied and distributed to the Lenders and the Agent in the order and manner set forth below: 

 

	 	(a)	 firstly, distributed proportionately to the Lenders and the Agent in accordance with amounts owing to each
Lender and the Agent on account of the reasonable properly documented costs and expenses of enforcement and realization upon the Subsidiary Guarantees and the Parent Guarantee; and 

 

	 	(b)	 secondly, distributed Rateably to the Lenders, the Bank Product Affiliates and Hedging Affiliates on account of
the Obligations, the Bank Product Obligations and the Financial Instrument Obligations under Lender Financial Instruments; 

 and the
balance of the Realization Proceeds (if any) shall be paid to the Borrowers or otherwise as may be required by law. 
  

	12.8	 Calculations as at the Adjustment Time  

For the purposes of this Agreement, if a Financial Instrument Demand for Repayment has been delivered, then any amount which is payable by the
Canadian Borrower or a Subsidiary (except a Project Finance SPV) under such Lender Financial Instrument in settlement of obligations arising thereunder as a result of the early termination of the Lender Financial Instrument shall be deemed to have
become payable at the time of delivery of such Financial Instrument Demand for Repayment notwithstanding that the amount payable by the Canadian Borrower or a Subsidiary is to be subsequently calculated and notice thereof given to the Canadian
Borrower or such Subsidiary in accordance with such Lender Financial Instrument. 
  

	12.9	 Sharing Repayments 

Each Lender agrees that, subsequent to the Adjustment Time, it will at any time and from time to time upon the request of the Agent purchase
undivided participations in the Obligations owing under the Syndicated Facility and make any other adjustments which may be necessary or appropriate in order that Obligations under the Syndicated Facility which remain outstanding to each Lender are
thereafter outstanding proportionately to the aggregate outstanding Obligations under the Syndicated Facility owing to all Lenders. The Borrowers agree to do, or 

  
 - 126 - 

 
cause to be done (whether by a Borrower or its Subsidiaries, but excluding any Project Finance SPV), all things reasonably necessary or appropriate to give effect to any and all purchases and
other adjustments by and between the Lenders pursuant to this Section. For certainty, subject to the Adjustment Time, all Realization Proceeds will be distributed pursuant to Section 12.7. 

 

	12.10	 Pro Rata Obligations 

After all Obligations are declared by the Agent to be due and payable pursuant to Section 12.2, each Syndicated Facility Lender and the
Canadian Operating Facility Lender agrees that (a) it will at any time or from time to time thereafter at the request of the Agent as required by any other Syndicated Facility Lender or the Canadian Operating Facility Lender, as the case may
be, purchase at par on a non-recourse basis a participation in the Outstanding Principal owing to each of the other Lenders under the Syndicated Facility and the Canadian Operating Facility and make any other adjustments as are necessary or
appropriate, in order that the Outstanding Principal owing to each of the Lenders under the Syndicated Facility and the Canadian Operating Facility, as adjusted pursuant to this Section 12.10, will be in the same proportion as each
Lender’s individual aggregate Commitments under the Syndicated Facility and the Canadian Operating Facility were to the overall aggregate Commitments of all Lenders under the Syndicated Facility and the Canadian Operating Facility immediately
prior to the Event of Default resulting in such declaration and (b) the amount of any repayment made by or on behalf of the Canadian Borrower and the Subsidiaries under the Documents or any proceeds received by the Agent or the Lenders in
connection therewith will be applied by the Agent in a manner such that to the extent possible the amount of the Outstanding Principal owing to each Lender under the Syndicated Facility and the Canadian Operating Facility after giving effect to such
application will be in the same proportion as each Lender’s individual aggregate Commitments under the Syndicated Facility and the Canadian Operating Facility were to the overall aggregate Commitments of all Lenders under the Syndicated
Facility and the Canadian Operating Facility immediately prior to the Event of Default resulting in such declaration. 
 ARTICLE
13—CHANGE OF CIRCUMSTANCES 
  

	13.1	 Market Disruption Respecting LIBOR Loans and BBSY Loans 

(1) In the event that at any time subsequent to the giving of a Drawdown Notice, Rollover Notice or Conversion Notice to the Agent or the
Canadian Operating Facility Lender, as applicable, by the Canadian Borrower with regard to any requested Libor Loan a Lender (acting reasonably) makes a determination, which shall be conclusive and binding upon the Canadian Borrower, that: 

 

	 	(a)	 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 ensuing Interest Period selected;

  
 - 127 - 

	 	(b)	 the making or continuing of the requested Libor Loan by such Lender has been made impracticable by the
occurrence of an event which materially adversely affects the London interbank market generally; or 

  

	 	(c)	 the Libor Rate shall no longer represent the effective cost to such Lender of United States Dollar deposits in
such market for the relevant Interest Period, 

 then such Lender shall give notice thereof to the Agent and the Canadian Borrower as soon
as possible after such determination, but in any event before the aforementioned time, (and the Agent shall, in turn, give notice thereof to the other applicable Lenders) and the Canadian Borrower shall, within one Banking Day after receipt of such
notice and in replacement of the Drawdown Notice, Rollover Notice or Conversion Notice, as the case may be, previously given by the Canadian Borrower, give the Agent or the Canadian Operating Facility Lender, as applicable, a Drawdown Notice or a
Conversion Notice, as the case may be, which specifies the Drawdown of any other Loan or the Conversion of the relevant Libor Loan on the last day of the applicable Interest Period into any other Loan which would not be affected by the notice from
such Lender pursuant to this Section 13.1(1). In the event the Canadian Borrower fails to give, if applicable, a valid replacement Conversion Notice with respect to the maturing Libor Loans which were the subject of a Rollover Notice, such
maturing Libor Loans, shall be converted on the last day of the applicable Interest Period, as applicable, into U.S. Base Rate Loans as if a Conversion Notice had been given to the Agent or the Canadian Operating Facility Lender, as applicable, by
the Canadian Borrower pursuant to the provisions hereof. In the event the Canadian Borrower fails to give, if applicable, a valid replacement Drawdown Notice with respect to a Drawdown originally requested by way of a Libor Loan, then the Canadian
Borrower shall be deemed to have requested a Drawdown by way of a U.S. Base Rate Loan in the amount specified in the original Drawdown Notice, in each case, on the originally requested Drawdown Date, the applicable Lenders (subject to the other
provisions hereof) shall make available the requested amount by way of a U.S. Base Rate Loan. In the event that a Lender gives the aforementioned notice, such Lender shall provide notice to the Canadian Borrower and the Agent promptly following its
determination that the circumstances prompting the delivery of such notice no longer affects its ability to offer Libor Loans and the Agent shall in turn promptly give notice thereof to the other applicable Lenders, following which the Canadian
Borrower shall be free to avail itself of Drawdowns of Libor Loans in accordance with the terms hereof. 
 (2) Notwithstanding anything to
the contrary in this Agreement or any other Document, if the Agent or the Canadian Operating Facility Lender (or in the case of clause (c) below, the Canadian Borrower) determines (which determination shall be conclusive absent manifest error),
or if the Canadian Borrower or the Majority of the Lenders notify the Agent and the Canadian Operating Facility Lender (with, in the case of the Majority of the Lenders, a copy to Canadian Borrower) that the Canadian Borrower or the Majority of the
Lenders (as applicable) have determined, that: 
  

	 	(a)	 adequate and reasonable means do not exist for ascertaining the Libor Rate for any requested Interest Period
because the rate set by ICE Benchmark Administration is not available or published on a current basis and such circumstances are unlikely to be temporary; 

  
 - 128 - 

	 	(b)	 the ICE Benchmark Administration or a Governmental Authority having jurisdiction over the Agent or the Canadian
Operating Facility Lender has made a public statement identifying a specific date after which the Libor Rate shall no longer be made available or used for determining the interest rate of loans (such specific date, the “Scheduled
Unavailability Date”); or 

  

	 	(c)	 the Libor Rate is no longer the market standard benchmark rate for United States Dollar denominated loans;

 then, reasonably promptly after such determination by the Agent or the Canadian Operating Facility Lender, as applicable, or receipt by
the Agent and the Canadian Operating Facility Lender of such notice, as applicable, the Agent (on behalf of itself and the Canadian Operating Facility Lender) and the Canadian Borrower may negotiate an amendment to this Agreement to replace Libor
Loans with loans using an alternate benchmark rate (including any mathematical or other adjustments to the benchmark (if any) incorporated therein), (any such proposed rate, a “Libor Successor Rate”), together with any required
conforming changes to this Agreement. 
 If no Libor Successor Rate has been determined and: 

 

	 	(i)	 the circumstances under subparagraph (a) above exist; 

 

	 	(ii)	 the Scheduled Unavailability Date has occurred; or 

 

	 	(iii)	 60 days have passed since the determination by the Agent or the Canadian Operating Facility Lender, as
applicable, or receipt of notice by the Agent and the Canadian Operating Facility Lender from the Canadian Borrower, as applicable, that the circumstance described under subparagraph (c) above exist, 

the Agent will promptly so notify the Canadian Borrower and each Lender and, thereafter, (i) the obligation of the Lenders to make or maintain Libor
Loans shall be suspended and (ii) the Libor Rate component shall no longer be utilized in determining the U.S. Base Rate. Upon receipt of such notice, the Canadian Borrower may revoke any pending request for a Drawdown of, Conversion into or
Rollover of Libor Loans or, failing that, will be deemed to have converted any such notice in to a Drawdown Notice, Conversion Notice or Rollover Notice, as applicable, requesting U.S. Base Rate Loans in the amount specified therein. 

(3) In the event that at any time subsequent to the giving of a Drawdown Notice, Conversion Notice or Rollover Notice to the Australian
Operating Facility Lender by the Australian Borrower with regard to any requested BBSY Loan the Australian Operating Facility Lender (acting reasonably) makes a determination, which shall be conclusive and binding upon the Australian Borrower, that:

  

	 	(a)	 by reason of circumstances affecting the Australian bank bill 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 BBSY Loan during the ensuing Interest Period selected;

  
 - 129 - 

	 	(b)	 the making or continuing of the requested BBSY Loan by the Australian Operating Facility Lender has been made
impracticable by the occurrence of an event which materially adversely affects the Australian bank bill market generally; or 

  

	 	(c)	 the BBSY shall no longer represent the effective cost to the Australian Operating Facility Lender of bids for
bills in the Australian bank bill market for the relevant Interest Period, 

 then the applicable interest rate on such BBSY Loan payable
under Section 5.4 shall be deemed to be a rate per annum equal to the BBR in effect from time to time during the relevant Interest Period plus the Applicable Pricing Rate (applicable for BBSY Loans) and references to “BBSY” in respect
of BBSY Loans shall be deemed to be references to “BBR”. 
  

	13.2	 Market Disruption Respecting Bankers’ Acceptances 

If: 
  

	 	(a)	 the Agent (acting reasonably) or the Canadian Operating Facility Lender (acting reasonably), as applicable,
makes a determination, which determination shall be conclusive and binding upon the Canadian Borrower, and notifies the Canadian Borrower, that there no longer exists an active market for bankers’ acceptances accepted by the Syndicated Facility
Lenders or the Canadian Operating Facility Lender, respectively; or 

  

	 	(b)	 the Agent is advised by a Syndicated Facility Lender by written notice (each, a “Lender BA Suspension
Notice”) that such Lender has determined (in its sole discretion, acting in good faith), or the Canadian Operating Facility Lender has determined (in its sole discretion, acting in good faith), that the BA Discount Rate will not or does not
accurately reflect the cost of funds of such Lender or the discount rate which would be applicable to a sale of Bankers’ Acceptances accepted by such Lender in the market; 

then: 
  

	 	(c)	 the right of the Canadian Borrower to request Bankers’ Acceptances or BA Equivalent Advances from any
applicable Lender shall be suspended until the Agent or the Canadian Operating Facility Lender, as applicable, determines that the circumstances causing such suspension no longer exist, and so notifies the Canadian Borrower and the applicable
Lenders; 

  

	 	(d)	 any outstanding Drawdown Notice requesting a Loan by way of Bankers’ Acceptances or BA Equivalent Advances
shall be deemed to be a Drawdown Notice requesting a Loan by way of Canadian Prime Rate Loans in the amount specified in the original Drawdown Notice; 

  

	 	(e)	 any outstanding Conversion Notice requesting a Conversion of a Loan by way of Bankers’ Acceptances or BA
Equivalent Advances shall be deemed to be a Conversion Notice requesting a Conversion of such Loan into a Loan by way of Canadian Prime Rate Loans; and 

  
 - 130 - 

	 	(f)	 any outstanding Rollover Notice requesting a Rollover of a Loan by way of Bankers’ Acceptances or BA
Equivalent Advances, shall be deemed to be a Conversion Notice requesting a Conversion of such Loans into a Loan by way of Canadian Prime Rate Loans. 

The Agent or the Canadian Operating Facility Lender, as applicable, shall promptly notify the Canadian Borrower (and, in respect of the Syndicated Facility,
the applicable Lenders) of any suspension of the Canadian Borrower’s right to request the Bankers’ Acceptances or BA Equivalent Advances and of any termination of any such suspension. A Lender BA Suspension Notice shall be effective upon
receipt of the same by the Agent if received prior to 2:00 p.m. (Toronto time) on a Banking Day and if not, then on the next following Banking Day, except in connection with an outstanding Drawdown Notice, Conversion Notice or Rollover Notice, in
which case the applicable Lender BA Suspension Notice shall only be effective with respect to such outstanding Drawdown Notice, Conversion Notice or Rollover Notice if received by the Agent prior to 2:00 p.m. (Toronto time) two Banking Days prior to
the proposed Drawdown Date, Conversion Date or Rollover Date (as applicable) applicable to such outstanding Drawdown Notice, Conversion Notice or Rollover Notice, as applicable. 

In the event that a Lender gives a Lender BA Suspension Notice, such Lender shall provide notice to the Canadian Borrower and the Agent promptly following its
determination that the circumstances prompting the delivery of such notice no longer affects its ability to sell Bankers’ Acceptances and the Agent shall in turn promptly give notice thereof to the other applicable Lenders, following which the
Canadian Borrower shall be free to request Bankers’ Acceptances or BA Equivalent Advances in accordance with the terms hereof. 
  

	13.3	 Change in Law 

(1) If the adoption of any applicable law, regulation, treaty or official directive (whether or not having the force of law but nevertheless
binding on a Lender) or any change therein or in the interpretation or application thereof by any court or by any Governmental Authority or any other entity charged with the interpretation or administration thereof or compliance by a Lender with any
request or direction (whether or not having the force of law but nevertheless binding on such Lender) of any such authority or entity in each case after the date hereof: 
  

	 	(a)	 subjects such Lender to, or causes the withdrawal or termination of a previously granted exemption with respect
to, any Taxes (other than Taxes on such Lender’s overall income or capital or franchise taxes), or changes the basis of taxation of payments due to such Lender, or increases any existing Taxes (other than Taxes on such Lender’s overall
income or capital or franchise taxes) on payments of principal, interest or other amounts payable by a Borrower to such Lender under this Agreement; 

  
 - 131 - 

	 	(b)	 imposes, modifies or deems applicable any reserve, liquidity, special deposit, regulatory or similar
requirement against assets or liabilities held by, or deposits in or for the account of, or loans by such Lender, or any acquisition of funds for loans or commitments to fund loans or obligations in respect of undrawn, committed lines of credit or
in respect of Bankers’ Acceptances accepted by such Lender; 

  

	 	(c)	 imposes on such Lender or requires there to be maintained by such Lender any additional capital adequacy or
additional capital requirements (including, without limitation, a requirement which affects such Lender’s allocation of capital resources to its obligations) in respect of any Loan or obligation of such Lender hereunder, or any other condition
with respect to this Agreement; or 

  

	 	(d)	 directly or indirectly affects the cost to such Lender of making available, funding or maintaining any Loan or
otherwise imposes on such Lender any other condition or requirement affecting this Agreement or any Loan or any obligation of such Lender hereunder; 

and the result of (a), (b), (c) or (d) above, in the sole determination of such Lender acting in good faith, is: 

 

	 	(e)	 to increase the cost to such Lender of performing its obligations hereunder with respect to any Loan;

  

	 	(f)	 to reduce any amount received or receivable by such Lender hereunder or its effective return hereunder or on
its capital in respect of any Loan or any Credit Facility; 

  

	 	(g)	 to reduce the standby fees payable pursuant to Section 5.8; or 

 

	 	(h)	 to cause such Lender to make any payment with respect to or to forego any return on or calculated by reference
to, any amount received or receivable by such Lender hereunder with respect to any Loan or any Credit Facility; 

 such Lender shall
determine that amount of money which shall compensate the Lender for such increase in cost, payments to be made or reduction in income or return or interest foregone (herein referred to as “Additional Compensation”). Upon a Lender
having determined that it is entitled to Additional Compensation in accordance with the provisions of this Section, the Lender shall promptly so notify the Canadian Borrower (on behalf of the Canadian Borrower and the Australian Borrower) and the
Agent. The relevant Lender shall provide the Canadian Borrower (on behalf of the Canadian Borrower and the Australian Borrower) and the Agent with a photocopy of the relevant law, rule, guideline, regulation, treaty or official directive (or, if it
is impracticable to provide a photocopy, a written summary of the same) and a certificate of a duly authorized officer of such Lender setting forth, in reasonable detail, the Additional Compensation and the basis of calculation therefor, which shall
be conclusive evidence of such Additional Compensation in the absence of manifest error. The applicable Borrower shall pay to such Lender within 10 Banking Days of the giving of such notice such Lender’s Additional Compensation. 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 are then applicable notwithstanding that any Lender has previously been paid any Additional Compensation. 

  
 - 132 - 

 (2) Each Lender agrees that it will not claim Additional Compensation from a Borrower under
Section 13.3(1) if it is not generally claiming similar compensation from its other customers in similar circumstances or in respect of any period greater than 3 months prior to the delivery of notice in respect thereof by such Lender, unless,
in the latter case, the adoption, change or other event or circumstance giving rise to the claim for Additional Compensation is retroactive or is retroactive in effect. 

(3) Notwithstanding anything herein to the contrary, (i) any provisions of the Dodd-Frank Wall Street Reform and Consumer Protection
Act and all regulations, requests, rules, guidelines or directives thereunder or issued in connection therewith, in each case not announced or known and implemented before the date of this Agreement that are applicable to a Lender making a claim
for compensation under Section 13.3 and (ii) all regulations, 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 and in each case only in the form adopted by the Governmental Authorities asserting relevant jurisdiction over the Lender seeking
compensation under Section 13.3, but excluding any amounts that have arisen as a result of any transitional rules or directives relating to Basel III to which a Lender making a claim for compensation under Section 13.3 is already subject,
shall in each case be deemed to be a “change in law” for the purposes of this Section 13.3, regardless of the date enacted, adopted or issued. 
  

	13.4	 Prepayment of Portion 

In addition to the other rights and options of the Borrowers hereunder and notwithstanding any contrary provisions hereof, if a Lender gives
the notice provided for in Section 13.3 with respect to any Loan (an “Affected Loan”), the applicable Borrower may, upon 2 Banking Days’ notice to that effect given to such Lender and the Agent (which notice shall be
irrevocable), prepay in full without penalty such Lender’s Rateable Portion of the Affected Loan outstanding together with accrued and unpaid interest on the principal amount so prepaid up to the date of such prepayment, such Additional
Compensation as may be applicable to the date of such payment and all costs, losses 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 Affected Loan or any part thereof on other than the last day of the applicable Interest Period, and upon such payment being made that Lender’s obligations to make such Affected Loans to such Borrower under this Agreement shall
terminate. 
  

	13.5	 Illegality 

If a Lender determines, in good faith, that the adoption of any applicable law, regulation, treaty or official directive (whether or not having
the force of law but nevertheless binding on such Lender) or any change therein or in the interpretation or application thereof by any court or by any Governmental Authority or any other entity charged with the interpretation or administration
thereof or compliance by a Lender or its Lender Parent with any request or direction (whether or not having the force of law) of any such authority or entity, now or hereafter makes it unlawful or impossible for any Lender to, or for its Lender
Parent to permit such Lender to, make, fund or maintain a Loan under any Credit Facility under which it is a Lender or to give effect to its obligations in respect of such a Loan, such Lender may, by written notice thereof to the Canadian

  
 - 133 - 

 
Borrower (on behalf of the Canadian Borrower and the Australian Borrower) and to the Agent declare its obligations under this Agreement in respect of such Loan to be terminated whereupon the same
shall forthwith terminate, and the applicable 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 Loan in accordance with
the provisions hereof (if such Conversion would resolve the unlawfulness or impossibility), (b) prepay the principal of such Loan (including by providing cash collateral in respect of outstanding Letters of Credit and Australian Letters of
Credit in accordance with the provisions hereof) together with accrued interest, such Additional Compensation as may be applicable with respect to such Loan to the date of such payment and all costs, losses and expenses incurred by the Lenders 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 Loan or any part thereof on other than the last day of the applicable Interest Period or (c) in the
case of a Letter of Credit or Australian Letter of Credit, take any other necessary steps and actions with respect thereto in order to avoid the unlawfulness or impossibility. If any such change shall only affect a portion of such Lender’s
obligations under this Agreement which is, in the opinion of such Lender and the Agent, acting reasonably, 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 Borrowers hereunder, such Lender shall only declare its obligations under that portion so terminated. 

 

	13.6	 Mitigation Obligations 

If any Lender requires Additional Compensation, requires a Borrower to pay any additional amount to any Lender or any Governmental Authority
for the account of any Lender pursuant to Section 8.5, or terminates its obligations hereunder pursuant to Section 13.5, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans
hereunder or to assign its obligations hereunder to another of its offices, branches or affiliates, if, in the judgement of such Lender, such designation or assignment (a) would eliminate or reduce any Additional Compensation payable hereunder
or any additional amount payable in accordance with Section 8.5 or eliminate the event giving rise to the termination of such Lender’s obligations pursuant to Section 13.5, as the case may be, in the future and (b) would not
subject such Lender to any unreimbursed cost or expenses and would not otherwise be disadvantageous to the Lender. Each Borrower agrees to pay all properly documented reasonable costs and expenses incurred by any Lender in connection with any such
designation or assignment. 
 ARTICLE 14—COSTS, EXPENSES AND INDEMNIFICATION 

 

	14.1	 Costs and Expenses 

Each Borrower shall pay promptly upon notice from the Agent all reasonable properly documented out-of-pocket costs and expenses of the Lenders
and the Agent in connection with the Documents and the establishment and syndication of the applicable Credit Facilities, including in connection with preparation, printing, execution and delivery of this Agreement and the other Documents whether or
not any Drawdown has been made hereunder, and also including, without limitation, the reasonable properly documented fees and out-of-pocket costs and expenses of Lenders’ Counsel with respect thereto (limited to one set of Lenders’ counsel
per jurisdiction except as expressly set out below) and with respect to advising the Agent and the Lenders as to 

  
 - 134 - 

 
their rights and responsibilities under this Agreement and the other Documents. Except for ordinary expenses of the Lenders and the Agent relating to the day to day administration of this
Agreement, the Borrowers further agree to pay within 30 days of demand by the Agent all reasonable properly documented out-of-pocket costs and expenses in connection with the preparation or review of waivers, consents and amendments pertaining to
this Agreement, and in connection with the establishment of the validity and enforceability of this Agreement and the preservation or enforcement of rights of the Lenders and the Agent under this Agreement and other Documents, including, without
limitation, all reasonable properly documented out-of-pocket costs and expenses sustained by the Lenders and the Agent as a result of any failure by a Borrower to perform or observe any of its obligations hereunder or in connection with any action,
suit or proceeding (whether or not an Indemnified Party is a party or subject thereto), together with interest thereon from and after such 30th day if such payment is not made by such time. The legal costs of the Agent and the Lenders payable by the
Borrowers pursuant to this Section shall be limited to one set of Lenders’ counsel per jurisdiction (provided the Canadian Borrower acknowledges that the Lenders retained an additional set of counsel in the United States of America in
connection with the settlement of the provisions of this Agreement related to Sanctions Regulations and the Canadian Borrower shall be responsible for all reasonable properly documented out of pocket fees and expenses of the Agent related to such
counsel). 
 14.2 General Indemnity 

In addition to any liability of the Borrowers to any Lender or the Agent under any other provision hereof, each Borrower shall indemnify each
Indemnified Party and hold each Indemnified Party harmless against any losses, claims, costs, damages or liabilities (including, without limitation, any expense or cost incurred in the liquidation and re-deployment of funds acquired to fund or
maintain any portion of a Loan and reasonable properly documented 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 the Credit Facilities or the
Documents, including, without limitation, as a result of or in connection with: 
  

	 	(a)	 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 any Bankers’ Acceptance or to fund or maintain any Loan as a result of a Borrower’s failure to complete a Drawdown or to make any payment, repayment or prepayment on the date required hereunder or
specified by it in any notice given hereunder; 

  

	 	(b)	 subject to permitted or deemed Rollovers and Conversions, the Canadian Borrower’s failure to provide for
the payment to the Agent, for the account of the Lenders, or to the Canadian Operating Facility Lender, as applicable, of the full principal amount of each Bankers’ Acceptance on its maturity date; 

 

	 	(c)	 a 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 Borrowers hereunder for overdue amounts); 

  
 - 135 - 

	 	(d)	 the Canadian Borrower’s repayment or prepayment of a Libor Loan otherwise than on the last day of its
Interest Period; 

  

	 	(e)	 the prepayment of any outstanding Bankers’ Acceptance before the maturity date of such Bankers’
Acceptance; 

  

	 	(f)	 a Borrower’s failure to give any notice required to be given by it to the Agent, the Canadian Operating
Facility Lender, the Australian Operating Facility Lender or the Lenders hereunder; 

  

	 	(g)	 the failure of a Borrower to make any other payment due hereunder; 

 

	 	(h)	 any inaccuracy or incompleteness of the Canadian Borrower’s representations and warranties contained in
Article 9; 

  

	 	(i)	 any failure of the Canadian Borrower to observe or fulfil its obligations under Article 10;

  

	 	(j)	 any failure of the Canadian Borrower to observe or fulfil any other Obligation not specifically referred to
above; or 

  

	 	(k)	 the occurrence of any Default or Event of Default in respect of a Borrower, 

provided that this Section shall not apply to (i) any losses, claims, costs, damages or liabilities that arise by reason of the gross negligence or
wilful misconduct of the Indemnified Party claiming indemnity hereunder or the material breach of a Document by such Indemnified Party or (ii) claims brought by a Borrower or an Indemnified Party against an Indemnified Party (only) or by an
Indemnified Party against a Borrower or a Guarantor. The provisions of this Section shall survive repayment of the Obligations. 
 14.3 Environmental
Indemnity 
 Each Borrower shall indemnify and hold harmless the Indemnified Parties forthwith on demand by the Agent from and
against any and all claims, suits, actions, debts, damages, costs, losses, liabilities, penalties, obligations, judgments, charges, expenses and disbursements (including without limitation, all reasonable legal fees and disbursements on a solicitor
and his own client basis) of any nature whatsoever, suffered or incurred by the Indemnified Parties or any of them in connection with any Credit Facility, whether as beneficiaries under the Documents, as successors in interest of the Borrowers or
any of their Subsidiaries, or voluntary transfer in lieu of foreclosure, or otherwise howsoever, with respect to any Environmental Claims relating to the property of a Borrower or any of their Subsidiaries arising under any Environmental Laws as a
result of the past, present or future operations of the Borrowers or any of their Subsidiaries (or any predecessor in interest to the Borrowers or their Subsidiaries) relating to the property of the Borrowers or their Subsidiaries, or the past,
present or future condition of any part of the property of the Borrowers or their Subsidiaries owned, operated or leased by the Borrowers or their Subsidiaries (or any such predecessor in interest), including any liabilities arising as a result of
any indemnity covering Environmental Claims given to any person by the Lenders or the Agent or a receiver, receiver manager or similar person appointed hereunder or under applicable law 

  
 - 136 - 

 
(collectively, the “Indemnified Third Party”); but excluding any Environmental Claims or liabilities relating thereto to the extent that such Environmental Claims or liabilities
(a) arise by reason of the gross negligence or wilful misconduct of the Indemnified Party or the Indemnified Third Party claiming indemnity hereunder or the material breach of a Document by such Indemnified Party or Indemnified Third Party or
(b) are in connection with a claim brought by a Borrower, an Indemnified Party or and Indemnified Third Party against an Indemnified Party or Indemnified Third Party (only) or by an Indemnified Party or Indemnified Third Party against a
Borrower. The provisions of this Section shall survive the repayment of the Obligations. 
 For the purposes of providing the benefit of the
indemnities contained in Sections 14.2 and 14.3 in favour of the Indemnified Parties and Indemnified Third Parties which are not a party hereto, the applicable Lender or the Agent, as the case may be, shall, in addition to contracting on its own
behalf, be deemed to be contracting as agent and trustee for and on behalf of such persons. 
  

	14.4	 Judgment Currency 

(1) If for the purpose of obtaining or enforcing judgment against a Borrower in any court in any jurisdiction, it becomes necessary to convert
into any other currency (such other currency being hereinafter in this Section referred to as the “Judgment Currency”) an amount due in Canadian Dollars, United States Dollars, Pounds Sterling, Euros or Australian Dollars under this
Agreement, the conversion shall be made at the rate of exchange prevailing on the Banking Day immediately preceding: 
  

	 	(a)	 the date of actual payment of the amount due, in the case of any proceeding in the courts of any jurisdiction
that will give effect to such conversion being made on such date; or 

  

	 	(b)	 the date on which the judgment is given, in the case of any proceeding in the courts of any other jurisdiction
(the date as of which such conversion is made pursuant to this Section being hereinafter in this Section referred to as the “Judgment Conversion Date”). 

(2) If, in the case of any proceeding in the court of any jurisdiction referred to in Section 14.4(1)(b), there is a change in the rate
of exchange prevailing between the Judgment Conversion Date and the date of actual payment of the amount due, the applicable Borrower shall pay such additional amount (if any) as may be necessary to ensure that the amount paid in the Judgment
Currency, when converted at the rate of exchange prevailing on the date of payment, will produce the amount of Canadian Dollars, United States Dollars, Pounds Sterling, Euros or Australian Dollars, as the case may be, which could have been purchased
with the amount of Judgment Currency stipulated in the judgment or judicial order at the rate of exchange prevailing on the Judgment Conversion Date. 

(3) Any amount due from a Borrower under the provisions of Section 14.4(2) shall be due as a separate debt and shall not be affected by
judgment being obtained for any other amounts due under or in respect of this Agreement. 

  
 - 137 - 

 (4) The term “rate of exchange” in this Section 14.4 means the 4:30 p.m.
(Toronto time) rate of exchange for Canadian interbank transactions in Canadian Dollars, United States Dollars, Pounds Sterling, Euros or Australian Dollars, as the case may be, in the Judgment Currency published by the Bank of Canada for the
Banking Day immediately preceding the day in question or, if such rate is not so published by the Bank of Canada, such term shall mean the Equivalent Amount of the Judgement Currency. 

ARTICLE 15—THE AGENT AND ADMINISTRATION OF THE CREDIT FACILITIES 

 

	15.1	 Authorization and Action 

(1) Each Lender hereby irrevocably appoints and authorizes the Agent to be its agent in its name and on its behalf to exercise such rights or
powers granted to the Agent or the Lenders under this Agreement to the extent specifically provided herein and on the terms hereof, together with such powers as are reasonably incidental thereto and the Agent hereby accepts such appointment and
authorization. As to any matters not expressly provided for by this Agreement, the Agent shall not be required to exercise any discretion or take any action, but, subject to Section 16.10, shall be required to act or to refrain from acting (and
shall be fully protected in so acting or refraining from acting) upon the instructions of the Majority of the Lenders and such instructions shall be binding upon all Lenders; provided, however, that the Agent shall not be required to take any action
which exposes the Agent to liability in such capacity or which could result in the Agent’s incurring any costs and expenses, without provision being made for indemnity of the Agent by the Lenders against any loss, liability, cost or expense
incurred, or to be incurred or which is contrary to this Agreement or applicable law. 
 (2) The Lenders agree that all decisions as to
actions to be or not to be taken, as to consents or waivers to be given or not to be given, as to determinations to be made and otherwise in connection with this Agreement and the Documents, shall be made upon the decision of the Majority of the
Lenders except in respect of a decision or determination where it is specifically provided in this Agreement that “all Lenders”, “all of the Lenders” or “the Lenders” or words to similar effect, or the Agent alone, is
to be responsible for same. Each of the Lenders shall be bound by and agrees to abide by and adopt all decisions made as aforesaid and covenants in all communications with the Borrowers to act in concert and to join in the action, consent, waiver,
determination or other matter decided as aforesaid. 
  

	15.2	 Procedure for Making Loans 

(1) With respect to the Syndicated Facility, the Agent shall make Loans available to the Canadian Borrower as required hereunder by debiting
the account of the Agent to which the Lenders’ Rateable Portions of such Loans have been credited in accordance with Section 2.12 (or causing such account to be debited) and, in the absence of other arrangements agreed to by the Agent and
the Canadian Borrower in writing, by crediting the account of the Canadian Borrower or, at the expense of the Canadian Borrower, transferring (or causing to be transferred) like funds in accordance with the instructions of the Canadian Borrower as
set forth in the Drawdown Notice, Rollover Notice or Conversion Notice, as the case may be, in respect of each Loan; provided that the obligation of the Agent hereunder to effect such a transfer shall be limited to taking such steps 

  
 - 138 - 

 
as are commercially reasonable to implement such instructions, which steps once taken shall constitute conclusive and binding evidence that such funds were advanced hereunder in accordance with
the provisions relating thereto and the Agent shall not be liable for any damages, claims or costs which may be suffered by the Canadian Borrower and occasioned by the failure of such Loan to reach the designated destination. 

(2) With respect to the Syndicated Facility, unless the Agent has been notified by a Lender at least one Banking Day prior to the Drawdown
Date, Rollover Date or Conversion Date, as the case may be, requested by the Canadian Borrower that such Lender will not make available to the Agent its Rateable Portion of such Loan, the Agent may assume that such Lender has made or will make such
portion of the Loan available to the Agent on the Drawdown Date, Rollover Date or Conversion Date, as the case may be, in accordance with the provisions hereof and the Agent may, but shall be in no way obligated to, in reliance upon such assumption,
make available to the Canadian Borrower on such date a corresponding amount. If and to the extent such Lender shall not have so made its Rateable Portion of a Loan available to the Agent, such Lender agrees to pay to the Agent forthwith on demand
such Lender’s Rateable Portion of the Loan and all reasonable costs and expenses incurred by the Agent in connection therewith together with interest thereon (at the rate payable hereunder by the Canadian Borrower in respect of such Loan or, in
the case of funds made available in anticipation of a Lender remitting proceeds of a Bankers’ Acceptance, at the rate of interest per annum applicable to Canadian Prime Rate Loans) for each day from the date such amount is made available to the
Canadian Borrower until the date such amount is paid to the Agent; provided, however, that notwithstanding such obligation if such Lender fails to so pay, the Canadian Borrower covenants and agrees that, without prejudice to any rights the Canadian
Borrower may have against such Lender, it shall repay such amount to the Agent forthwith after demand therefor by the Agent. The amount payable to the Agent pursuant hereto shall be set forth in a certificate delivered by the Agent to such Lender
and the Canadian Borrower (which certificate shall contain reasonable details of how the amount payable is calculated) and shall be prima facie evidence thereof, in the absence of manifest error. If such Lender makes the payment to the Agent
required herein, the amount so paid shall constitute such Lender’s Rateable Portion of the Loan for purposes of this Agreement. The failure of any Lender to make its Rateable Portion of any Loan shall not relieve any other Lender of its
obligation, if any, hereunder to make its Rateable Portion of such Loan on the Drawdown Date, Rollover Date or Conversion Date, as the case may be, but no Lender shall be responsible for the failure of any other Lender to make the Rateable Portion
of any Loan to be made by such other Lender on the date of any Drawdown, Rollover or Conversion, as the case may be. 
  

	15.3	 Remittance of Payments 

Except for amounts payable to the Agent for its own account, forthwith after receipt of any repayment pursuant hereto or payment of interest or
fees pursuant to Article 5 or payment pursuant to Article 8, the Agent shall remit to each applicable Lender its Rateable Portion of such payment; provided that, if the Agent, on the assumption that it will receive on any particular date a payment
of principal, interest or fees hereunder, remits to a Lender its Rateable Portion of such payment and the Canadian Borrower fails to make such payment, each of the Lenders on receipt of such remittance from the Agent agrees to repay to the Agent
forthwith on demand an amount equal to the remittance together with all reasonable costs and expenses incurred by the Agent in connection therewith and interest thereon at the rate and calculated in the manner applicable to the

  
 - 139 - 

 
Loan in respect of which such payment is made, or, in the case of a remittance in respect of Bankers’ Acceptances, at the rate of interest applicable to Canadian Prime Rate Loans for each
day from the date such amount is remitted to the Lenders without prejudice to any right such Lender may have against the Canadian Borrower. The exact amount of the repayment required to be made by the Lenders pursuant hereto shall be as set forth in
a certificate delivered by the Agent to each Lender, which certificate shall be conclusive and binding for all purposes in the absence of manifest error. 
  

	15.4	 Redistribution of Payment 

Each Lender agrees that: 
  

	 	(a)	 if the Lender exercises any security against or right of counter claim, set-off or banker’s lien or
similar right with respect to the property of a Borrower or any Subsidiary (other than a Project Finance SPV) or if under any applicable bankruptcy, insolvency or other similar law it receives a secured claim and collateral for which it is, or is
entitled to exercise any set-off against, a debt owed by it to a Borrower or any Subsidiary (other than a Project Finance SPV), the Lender shall apportion the amount thereof proportionately between: 

 

	 	(i)	 such Lender’s Rateable Portion of all outstanding Obligations owing by a Borrower (including the face
amounts at maturity of Bankers’ Acceptances accepted by the Lenders), which amounts shall be applied in accordance with Section 15.4(b); and 

  

	 	(ii)	 amounts otherwise owed to such Lender by a Borrower and their Subsidiaries (other than a Project Finance SPV),

 provided that (i) any cash collateral account held by such Lender as collateral for a letter of credit or
bankers’ acceptance issued or accepted by such Lender on behalf of a Borrower or a Subsidiary may be applied by such Lender to such amounts owed by such Borrower or a Subsidiary, as the case may be, to such Lender pursuant to such letter of
credit or in respect of any such bankers’ acceptance without apportionment and (ii) these provisions do not apply to a right or claim which arises or exists in respect of a loan or other debt in respect of which the relevant Lender holds a
Security Interest which is a Permitted Encumbrance; 
  

	 	(b)	 if, in the aforementioned circumstances, the Lender, through the exercise of a right, or the receipt of a
secured claim described in Section 15.4(a) above or otherwise, receives payment of a proportion of the aggregate amount of Obligations due to it hereunder which is greater than the proportion received by any other Lender in respect of the
aggregate Obligations due to the Lenders (having regard to the respective Rateable Portions of the Lenders), the Lender receiving such proportionately greater payment shall purchase, on a non-recourse basis at par, and make payment for a
participation (which shall be deemed to have been done simultaneously with receipt of such payment) in the outstanding Loans of the other Lender or Lenders so that their respective receipts shall be pro rata to their

  
 - 140 - 

	 	
respective Rateable Portions; provided, however, that if all or part of such proportionately greater payment received by such purchasing Lender shall be recovered by or on behalf of a Borrower or
any trustee, liquidator, receiver or receiver manager or person with analogous powers from the purchasing Lender, such purchase shall be rescinded and the purchase price paid for such participation shall be returned to the extent of such recovery,
but without interest unless the purchasing Lender is required to pay interest on such amount, in which case each selling Lender shall reimburse the purchasing Lender pro rata in relation to the amounts received by it. Such Lender shall exercise its
rights in respect of such secured claim in a manner consistent with the rights of the Lenders entitled under this Section to share in the benefits of any recovery on such secured claims; and 

 

	 	(c)	 if the Lender does, or is required to do, any act or thing permitted by Section 15.4(a) or (b) above,
it shall promptly provide full particulars thereof to the Agent. 

  

	15.5	 Duties and Obligations 

Neither the Agent nor any of its directors, officers, agents or employees (and, for purposes hereof, the Agent shall be deemed to be
contracting as agent and trustee for and on behalf of such persons) shall be liable to the Lenders for any action taken or omitted to be taken by it or them under or in connection with this Agreement except for its or their own gross negligence or
wilful misconduct. Without limiting the generality of the foregoing, the Agent: 
  

	 	(a)	 may assume that there has been no assignment or transfer by any means by the Lenders of their rights hereunder,
unless and until the Agent receives written notice of the assignment thereof from such Lender and the Agent receives from the assignee an executed Assignment Agreement providing, inter alia, that such assignee is bound hereby as it would have
been if it had been an original Lender party hereto; 

  

	 	(b)	 may consult with legal counsel (including receiving the opinions of either Borrower’s counsel and
Lenders’ Counsel required hereunder), independent public or chartered accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such
counsel, accountants or experts; 

  

	 	(c)	 shall incur no liability under or in respect of this Agreement by acting upon any notice, consent, certificate
or other instrument or writing (which may be by telegram, cable, telecopier or telex) believed by it to be genuine and signed or sent by the proper party or parties or by acting upon any representation or warranty of a Borrower made or deemed to be
made hereunder; 

  

	 	(d)	 may assume that no Default or Event of Default has occurred and is continuing unless it has actual knowledge to
the contrary; 

  
 - 141 - 

	 	(e)	 may rely as to any matters of fact which might reasonably be expected to be within the knowledge of any person
upon a certificate signed by or on behalf of such person; 

  

	 	(f)	 shall not be bound to disclose to any other person any information relating to a Borrower, any of their
Subsidiaries or any other person if such disclosure would or might in its opinion constitute a breach of any applicable law, be in default of the provisions hereof or be otherwise actionable at the suit of any other person; and

  

	 	(g)	 may refrain from exercising any right, power or discretion vested in it which would or might in its reasonable
opinion be contrary to any applicable law or any directive or otherwise render it liable to any person, and may do anything which is in its reasonable opinion necessary to comply with such applicable law. 

Further, the Agent (i) does not make any warranty or representation to any Lender nor shall it be responsible to any Lender for the
accuracy or completeness of the representations and warranties of either Borrower herein or the data made available to any of the Lenders in connection with the negotiation of this Agreement, or for any statements, warranties or representations
(whether written or oral) made in or in connection with this Agreement; (ii) shall not have any duty to ascertain or to enquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement on the part of
either Borrower or to inspect the property (including the books and records) of either Borrower or any of their Subsidiaries; and (iii) shall not be responsible to any Lender for the due execution, legality, validity, enforceability,
genuineness, sufficiency or value of this Agreement or any instrument or document furnished pursuant hereto. 
  

	15.6	 Prompt Notice to the Lenders 

Notwithstanding any other provision herein, the Agent agrees to provide to the Lenders, with copies where appropriate, all information, notices
and reports required to be given to the Agent by the Borrowers, promptly upon receipt of same, excepting therefrom information and notices relating solely to the role of Agent hereunder. 

 

	15.7	 Agent’s and Lenders’ Authorities  

With respect to its Commitments and the Drawdowns, Rollovers, Conversions and Loans made by it as a Lender, the 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. Subject to the express provisions hereof relating to the rights and obligations of the Agent and the Lenders in such capacities,
the Agent and each Lender may accept deposits from, lend money to, and generally engage in any kind of business with the Borrowers and their Subsidiaries or any corporation or other entity owned or controlled by any of them and any person which may
do business with any of them without any duties to account therefor to the Agent or the other Lenders and, in the case of the Agent, all as if it was not the Agent hereunder. 

  
 - 142 - 

	15.8	 Lender Credit Decision 

It is understood and agreed by each Lender that it has itself been, and will continue to be, solely responsible for making its own independent
appraisal of and investigations into the financial condition, creditworthiness, condition, affairs, status and nature of the Borrowers and their Subsidiaries. Each Lender represents to the Agent that it is engaged in the business of making and
evaluating the risks associated with commercial revolving loans or term loans, or both, to corporations similar to the Borrowers, that it can bear the economic risks related to the transaction contemplated hereby, that it has had access to all
information deemed necessary by it in making such decision (provided that this representation shall not impair its rights against the Borrowers) and that it is entering into this Agreement in the ordinary course of its commercial lending business.
Accordingly, each Lender confirms with the Agent that it has not relied, and will not hereafter rely, on the Agent (i) to check or enquire on its behalf into the adequacy, accuracy or completeness of any information provided by the Borrowers or
any other person under or in connection with this Agreement or the transactions herein contemplated (whether or not such information has been or is hereafter distributed to such Lender by the Agent), or (ii) to assess or keep under review on
its behalf the financial condition, creditworthiness, condition, affairs, status or nature of the Borrowers or any of their Subsidiaries. Each Lender acknowledges that a copy of this Agreement has been made available to it for review and each Lender
acknowledges that it is satisfied with the form and substance of this Agreement. Each Lender hereby covenants and agrees that, subject to Section 15.4, it will not make any arrangements with the Borrowers for the satisfaction of any Loans or
other Obligations without the consent of all the other Lenders. 
  

	15.9	 Indemnification of Agent 

The Lenders hereby agree to indemnify the Agent (to the extent not reimbursed by the Borrowers), on a pro rata basis in accordance with
their respective Commitments as a proportion of the aggregate of all outstanding Commitments, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, 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 this Agreement or any action taken or omitted by the Agent under or in respect of this Agreement in its capacity as
Agent; provided that no Lender shall 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. If a Borrower subsequently repays all or a portion of such amounts to the Agent, the Agent shall reimburse the Lenders their pro rata shares (according to the amounts paid by them in respect thereof) of the amounts received from a
Borrower. Without limiting the generality of the foregoing, each Lender agrees to reimburse the Agent promptly upon demand for its portion (determined as above) 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, this Agreement, to the extent that the Agent is not reimbursed for such expenses
by the Borrowers. 

  
 - 143 - 

	15.10	 Successor Agent 

The Agent may, as hereinafter provided, resign at any time by giving 45 days’ prior written notice thereof to the Lenders and the Canadian
Borrower. Upon any such resignation, the Lenders shall, after soliciting the views of the Canadian Borrower, have the right to appoint another Lender as a successor agent (the “Successor Agent”) who shall be acceptable to the
Canadian Borrower, acting reasonably. If no Successor Agent shall have been so appointed by the Lenders and shall have accepted such appointment within 30 days after the retiring Agent’s giving of notice of resignation, then the retiring Agent
shall, on behalf of the Lenders, appoint a Successor Agent who shall be a Lender acceptable to the Canadian Borrower, acting reasonably. Upon the acceptance of any appointment as Agent hereunder 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, and the retiring Agent shall thereupon be discharged from its further duties and obligations as Agent under this Agreement. After any
retiring Agent’s resignation hereunder as Agent, the provisions of this Article shall continue to enure to its benefit as to any actions taken or omitted to be taken by it as Agent or in its capacity as Agent while it was Agent hereunder. 

 

	15.11	 Taking and Enforcement of Remedies  

Each of the Lenders hereby acknowledges that, to the extent permitted by applicable law, the remedies provided hereunder to the Lenders are for
the benefit of the Lenders collectively and acting together and not severally and further acknowledges that its rights hereunder are to be exercised not severally, but collectively by the Agent upon the decision of the Majority of the Lenders
regardless of whether acceleration was made pursuant to Section 12.2. Notwithstanding any of the provisions contained herein, each of the Lenders hereby covenants and agrees that it shall not be entitled to individually take any action with
respect to any Credit Facility, including, without limitation, any acceleration under Section 12.2, but that any such action shall be taken only by the Agent with the prior written agreement or instructions of the Majority of the Lenders;
provided that, notwithstanding the foregoing, if (a) the Agent, having been adequately indemnified against costs and expenses of so doing by the Lenders, shall fail to carry out any such instructions of a Majority of the Lenders, any Lender may
do so on behalf of all Lenders and shall, in so doing, be entitled to the benefit of all protections given the Agent hereunder or elsewhere, and (b) in the absence of instructions from the Majority of the Lenders and where in the sole opinion
of the Agent the exigencies of the situation warrant such action, the Agent may without notice to or consent of the Lenders or any of them take such action on behalf of the Lenders as it deems appropriate or desirable in the interests of the
Lenders. Each of the Lenders hereby further covenants and agrees that upon any such written consent being given by the Majority of the Lenders, or upon a Lender or the Agent taking action as aforesaid, it shall cooperate fully with the Lender or the
Agent to the extent requested by the Lender or the Agent in the collective realization including, without limitation, and, if applicable, the appointment of a receiver, or receiver and manager to act for their collective benefit. Each Lender
covenants and agrees to do all acts and things and to make, execute and deliver all agreements and other instruments, including, without limitation, any instruments necessary to effect any registrations, so as to fully carry out the intent and
purpose of this Section; and each of the Lenders hereby covenants and agrees that, subject to Section 5.9, Section 15.4 and Section 10.2(b) it has not heretofore and shall not seek, take, accept or receive any security for any of the
obligations and liabilities of the Borrowers hereunder or under any other document, instrument, writing or agreement ancillary hereto and shall not enter into any agreement with any of the parties hereto or thereto relating in any manner whatsoever
to the Credit Facilities, unless all of the Lenders shall at the same time obtain the benefit of any such security or agreement. 

  
 - 144 - 

 With respect to any enforcement, realization or the taking of any rights or remedies to
enforce the rights of the Lenders hereunder, the Agent shall be a trustee for each Lender, and all monies received from time to time by the Agent in respect of the foregoing shall be held in trust and shall be trust assets within the meaning of
applicable bankruptcy or insolvency legislation and shall be considered for the purposes of such legislation to be held separate and apart from the other assets of the Agent, and each Lender shall be entitled to their Rateable Portion of such
monies. In its capacity as trustee, the Agent shall be obliged to exercise only the degree of care it would exercise in the conduct and management of its own business and in accordance with its usual practice concurrently employed or hereafter
instituted for other substantial commercial loans. 
  

	15.12	 Reliance Upon Agent 

The Borrowers shall be entitled to rely upon any certificate, notice or other document or other advice, statement or instruction provided to it
by the Agent pursuant to this Agreement, and the Borrowers shall generally be entitled to deal with the Agent with respect to matters under this Agreement which the Agent is authorized to deal with without any obligation whatsoever to satisfy itself
as to the authority of the Agent to act on behalf of the Lenders and without any liability whatsoever to the Lenders for relying upon any certificate, notice or other document or other advice, statement or instruction provided to it by the Agent,
notwithstanding any lack of authority of the Agent to provide the same. 
  

	15.13	 No Liability of Agent 

The Agent shall have no responsibility or liability to the Borrowers on account of the failure of any Lender to perform its obligations
hereunder (unless such failure was caused, in whole or in part, by the Agent’s failure to observe or perform its obligations hereunder), or to any Lender on account of the failure of the Borrowers or any Lender to perform its obligations
hereunder. 
  

	15.14	 The Agent and Defaulting Lenders 

(1) Each Defaulting Lender shall, to the extent permitted by Applicable Law, be required to provide to the Agent cash in an amount, as shall be
determined from time to time by the Agent in its discretion, equal to all obligations of such Defaulting Lender that are owing or, in the case of contingent obligations under any outstanding Fronted LCs (after giving effect to the reallocation
provisions in Section 16.2) may be owing to the Agent pursuant to this Agreement, or to any Fronting Lender hereunder including such Defaulting Lender’s obligation to pay its Rateable Portion of any indemnification or expense reimbursement
amounts not paid by the Borrowers. Such cash shall be held by the Agent in one or more cash collateral accounts, which accounts shall be in the name of the Agent and shall not be required to be interest bearing. The Agent shall be entitled to apply
the foregoing cash in accordance with Section 15.14(3). 
 (2) In addition to the indemnity and reimbursement obligations noted in
Section 15.9, the Lenders agree to indemnify the Agent (to the extent not reimbursed by the Borrowers and without limiting the obligations of the Borrowers hereunder) rateably according to their respective Rateable Portions (and in calculating
the Rateable Portion of a Lender, ignoring the Commitments of Defaulting Lenders) any amount that a Defaulting Lender fails to pay the Agent and which is due and owing to the Agent pursuant to Section 15.9. Each Defaulting Lender agrees to
indemnify each other Lender for any amounts paid by such Lender and which would otherwise be payable by the Defaulting Lender. 
  

  
 - 145 - 

 (3) The Agent shall be entitled to set-off and/or withhold any Defaulting Lender’s
Rateable Portion of all payments received from the Borrowers against such Defaulting Lender’s obligations to fund payments and Loans required to be made by it and to purchase participations required to be purchased by it in each case under this
Agreement and the other Documents (provided that, notwithstanding the exercise of such set-off or withholding, the Borrowers shall have been deemed to have made such payment to such Defaulting Lender for the purposes of this Agreement and the other
Documents). To the extent permitted by law, the Agent shall be entitled to withhold and deposit in one or more non-interest bearing cash collateral accounts in the name of the Agent all amounts (whether principal, interest, fees or otherwise)
received by the Agent and due to a Defaulting Lender pursuant to this Agreement, which amounts shall be used by the Agent: 
  

	 	(a)	 first, to reimburse the Agent for any amounts owing to it by the Defaulting Lender pursuant to any Document;

  

	 	(b)	 second, to repay on a pro rata basis any (i) Loans made by a Lender pursuant to Section 16.2(4) in
order to fund a shortfall created by a Defaulting Lender and, upon receipt of such repayment, each such Lender shall be deemed to have assigned to the Defaulting Lender such incremental portion of such Loans; 

 

	 	(c)	 third, to cash collateralize all other contingent obligations of such Defaulting Lender to the Agent, in its
capacity as Agent, or any Fronting Lender owing pursuant to this Agreement in such amount as shall be determined from time to time by the Agent in its discretion, including such Defaulting Lender’s obligation to pay its Rateable Portion of any
indemnification or expense reimbursement amounts not paid by the Borrowers; and 

  

	 	(d)	 fourth, to fund from time to time the Defaulting Lender’s Rateable Portion of Loans.

 (4) 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 Borrowers 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, save and except for the gross negligence or wilful misconduct of
the Agent as determined by a final non-appealable judgement of a court of competent jurisdiction. 
  

	15.15	 Article for Benefit of Agent and Lenders  

The provisions of this Article 15 which relate to the rights and obligations of the Lenders to each other or to the rights and obligations
between the Agent and the Lenders shall be for the exclusive benefit of the Agent and the Lenders, and, except to the extent provided in Sections 15.1, 15.2, 15.6, 15.10, 15.11, 15.12, 15.13, 15.14 and this Section 15.15, the Borrowers shall
not have any rights or obligations thereunder or be entitled to rely for any purpose upon such provisions. Any Lender may waive in writing any right or rights which it may have against the Agent or the other Lenders hereunder without the consent of
or notice to the Borrowers. 

  
 - 146 - 

 ARTICLE 16—GENERAL 

 

	16.1	 Exchange and Confidentiality of Information 

(1) The Borrowers agree that the Agent and each Lender may provide any assignee or participant or any bona fide prospective assignee or
participant pursuant to Sections 16.6 or 16.7 with any information concerning the Borrowers and their Subsidiaries provided such party agrees in writing with the Agent or such Lender for the benefit of the Borrowers to be bound by a like duty of
confidentiality to that contained in this Section. 
 (2) 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 a Borrower pursuant hereto (the “Information”) and agrees to keep such information confidential and to take such steps as are necessary to
prevent the disclosure thereof provided, however, that: 
  

	 	(a)	 the Agent and the Lenders may disclose all or any part of the Information if, in their reasonable opinion, such
disclosure is required (i) by their respective auditors, or (ii) in connection with any actual or threatened judicial, administrative or governmental proceedings including, without limitation, proceedings initiated under or in respect of
this Agreement; 

  

	 	(b)	 the Agent and the Lenders shall incur no liability in respect of any Information disclosed with the written
consent of the applicable Borrower or required to be disclosed by any applicable law or regulation, or by applicable order, policy or directive having the force of law, to the extent of such requirement; 

 

	 	(c)	 the Agent and each Lender may disclose the Information to any Governmental Authority (including any
self-regulatory agency or authority) having jurisdiction over it (i) upon the request thereof or (ii) where it considers such disclosure to be required, acting reasonably; 

 

	 	(d)	 the Agent and each Lender may provide any Affiliate thereof with the Information to the extent reasonably
required to be disclosed thereto; provided that each such Affiliate shall be under a like duty of confidentiality to that contained in this Section 16.1 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; 

  

	 	(e)	 the Agent and the Lenders may provide Lenders’ Counsel and their other agents and professional advisors
with any Information; provided that such persons shall be under a like duty of confidentiality to that contained in this Section; 

  
 - 147 - 

	 	(f)	 the Agent and each of the Lenders shall incur no liability in respect of any Information: (i) which is or
becomes readily available to the public (other than by a breach hereof) or which has been made readily available to the public by a Borrower or its Subsidiaries, (ii) which the Agent or the relevant Lender can show was, prior to receipt thereof
from such Borrower, lawfully in the Agent’s or Lender’s possession and not then subject to any obligation on its part to such Borrower to maintain confidentiality, or (iii) which the Agent or the relevant Lender received from a third
party who was not, to the knowledge of the Agent or such Lender, under a duty of confidentiality to such Borrower at the time the information was so received; 

 

	 	(g)	 the Agent and the Lenders may disclose the Information to other financial institutions in connection with the
syndication by the Agent or Lenders of the Credit Facilities or the granting by a Lender of a participation in the Credit Facilities where such financial institution agrees to be under a like duty of confidentiality to that contained in this
Section; and 

  

	 	(h)	 the Agent and the Lenders may disclose all or any part of the Information so as to enable the Agent and the
applicable Lenders to initiate any lawsuit against a Borrower or to defend any lawsuit commenced by a Borrower the issues of which touch on the Information, but only to the extent such disclosure is necessary to the initiation or defense of such
lawsuit. 

  

	16.2	 Nature of Obligation under this Agreement; Defaulting Lenders 

(1) The obligations of each Lender and of the Agent under this Agreement are several. The failure of any Lender to carry out its obligations
hereunder shall not relieve the other Lenders, the Agent or either Borrower of any of their respective obligations hereunder. 
 (2) Subject
to and without derogating from the operation of Section 15.14 and this Section 16.2, neither the Agent nor any Lender shall be responsible for the obligations of any other Lender hereunder. 

(3) 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: 
  

	 	(a)	 the standby fees payable pursuant to Section 5.8 shall cease to accrue on the unused portion of the
Commitment of such Defaulting Lender; 

  

	 	(b)	 a Defaulting Lender shall not be included in determining whether, and the Commitment and the Rateable Portion
of the Outstanding Principal of such Defaulting Lender shall not be included in determining whether all Lenders or the Majority of the Lenders have taken or may take any action hereunder (including any consent to any amendment or waiver pursuant to
Section 16.10), provided that any waiver or amendment requiring the consent of all Lenders or each affected Lender that (i) affects such Defaulting Lender in a manner that differs in any material respect from its application to other
affected Lenders, (ii) increases the Commitment of such Defaulting Lender, (iii) extends the Maturity Date applicable to such Defaulting Lender, (iv) decreases the Applicable Pricing Rate applicable to such Defaulting Lender or
(v) postpones, reduces or waives any principal payment due to such Defaulting Lender hereunder shall in each case require the consent of such Defaulting Lender; and 

  
 - 148 - 

	 	(c)	 for the avoidance of doubt, the Borrowers shall retain and reserve its other rights and remedies respecting
each Defaulting Lender. 

 (4) If the Agent has actual knowledge that a Lender is a Defaulting Lender at the time that the
Agent receives a Drawdown Notice or a Rollover Notice that relates to a Fronted LC, or a Conversion Notice (or deemed notice) that will result in a currency conversion, then each other Lender (each a “Non-Defaulting Lender”) shall
fund its Rateable Portion of such affected Loan (and, in calculating such Rateable Portion, the applicable Agent shall ignore the Commitments of each such Defaulting Lender); provided that, for certainty, no Lender shall be obligated by this Section
to make or provide Loans in excess of its Commitment. If the Agent acquires actual knowledge that a Lender is a Defaulting Lender at any time after the applicable Agent receives a Drawdown Notice or a Rollover Notice that relates to a Fronted LC or
a Conversion Notice (or deemed notice) that will result in a currency conversion, then the Agent shall promptly notify the Canadian Borrower that such Lender is a Defaulting Lender (and such Lender shall be deemed to have consented to such
disclosure). Each Defaulting Lender agrees to indemnify each other Lender for any amounts paid by such Lender under this Section 16.2(4) and which would otherwise have been paid by the Defaulting Lender if its Commitment had been included in
determining the Rateable Portions of such affected Loans. 
 (5) If any Fronted LC is outstanding at the time that a Lender becomes a
Defaulting Lender then: 
  

	 	(a)	 all or any part of such Defaulting Lender’s Rateable Portion of such Fronted LC shall be re-allocated
among the Non-Defaulting Lenders in accordance with their respective Rateable Portions; 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
Rateable Portion of all Loans to exceed its applicable Commitment(s) and (ii) the conditions precedent in Section 3.1 are satisfied at such time; 

  

	 	(b)	 if the re-allocation described in clause (a) above cannot be effected, or can only partially be effected,
then such Defaulting Lender shall, within one Banking Day following notice by the Agent, provide cash collateral for such Defaulting Lender’s Rateable Portion of such Fronted LC (after giving effect to any partial re-allocation pursuant to
clause (a) above) in accordance with the procedures set forth in Section 15.14 for so long as such Fronted LC is outstanding; and 

  

	 	(c)	 if the Rateable Portions of the Non-Defaulting Lenders are re-allocated pursuant to this Section 16.2(5),
then the issuance fees payable to the Lenders pursuant to Section 7.9 shall be adjusted to give effect to such re-allocations in accordance with each such Non-Defaulting Lender’s Rateable Portions. 

(6) So long as any Lender is a Defaulting Lender, no Fronting Lender shall be required to issue, amend or increase any Fronted LC unless such
Fronting Lender is satisfied that the related 

  
 - 149 - 

 
exposure will be 100% covered by the Commitments of the Non-Defaulting Lenders and/or cash collateralized in accordance with Section 15.14, and participating interests in any such newly
issued or increased Letter of Credit shall be allocated among Non-Defaulting Lenders in a manner consistent with Section 16.2(4) or 16.2(5)(a) as applicable (and the Defaulting Lenders shall not participate therein). 

(7) If any Lender shall cease to be a Defaulting Lender, then, upon becoming aware of the same, 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 Rateable Portion thereof without regard to Section 15.2(4). 
 (8) Each Defaulting Lender
hereby indemnifies the Borrowers 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 Borrowers 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. 

(9) The Borrowers shall have the right, at its option, to (i) replace Defaulting Lenders under the Credit Facilities (by causing them to
assign their rights and interests under the Credit Facilities to additional financial institutions which have agreed to become Lenders or by increasing the Commitments of existing Lenders under the Credit Facilities with, in the latter case, the
consent of such increasing Lenders, or any combination thereof), (ii) repay the Obligations outstanding to Defaulting Lenders under the Credit Facilities and cancelling their Commitments (without corresponding repayment to other Lenders), or
(iii) any combination of the foregoing; provided that increases in the Commitments of existing Lenders and the addition of new financial institutions as Lenders shall require the consent of the Agent and each Fronting Lender, such consents not
to be unreasonably withheld or delayed (except for consent of the Fronting Lenders which shall be in each Fronting Lender’s sole discretion). 

(10) In order to give effect to the provisions of Section 16.2(9)(but subject to such provisions), the relevant Borrower may, from time
to time: 
  

	 	(a)	 require any Defaulting Lender to assign all of its rights, benefits and interests under the Documents, its
Commitments and its Rateable Portion of all Loans and other Obligations (collectively, the “Defaulting Lender’s Assigned Interests”) to (i) any other Lenders which have agreed to increase their Commitments and purchase the
Defaulting Lender’s Assigned Interests, and (ii) to third party financial institutions selected by such Borrower. The relevant Borrower shall provide the Agent and each Fronting Lender with 10 Banking Days’ prior written notice of its
desire to proceed under this Section. The assignment of the Defaulting Lender’s Assigned Interests shall be effective upon: (w) execution and delivery of assignment documentation satisfactory to the relevant Defaulting Lender the assignee,
the relevant Borrower and the Agent (each acting reasonably); (x) upon payment to the relevant Defaulting Lender, by the relevant assignee of an amount equal to such Lender’s Rateable Portion of all Loans being assigned and all accrued but
unpaid 

  
 - 150 - 

	 	
interest and fees hereunder in respect of those portions of the Loans and Commitments being assigned; (y) upon payment by the relevant assignee to the applicable Agent (for the applicable
Agent’s own account) of the transfer fee contemplated in Section 16.6; and (z) upon provision satisfactory to the Defaulting Lender (acting reasonably) being made for (I) payment at maturity of outstanding Bankers’
Acceptances accepted by it and (II) indemnity in respect of its share of outstanding Letters of Credit or, with respect to outstanding Fronted LCs, release by the relevant Fronting Lenders of its obligations in respect thereof. Upon such assignment
and transfer, the assigning Defaulting Lender shall have no further right, interest, benefit or obligation in respect of the Defaulting Lender’s Assigned Interests (except as provided in Section 7.8(3)) and the assignee thereof shall
succeed to the position of such Lender as if the same was an original party hereto in the place and stead of such Defaulting Lender; for such purpose, the assignee shall execute and deliver an Assignment Agreement and such other documentation as may
be reasonably required by the Agent, the Fronting Lenders and the relevant Borrower to confirm its agreement to be bound by the provisions hereof as a Lender and to give effect to the foregoing; and 

 

	 	(b)	 to the extent that a Borrower has not caused any Defaulting Lender to assign its rights, benefits and interests
to another Lender or other financial institution as provided in paragraph (a) above, repay to such Defaulting Lender at any time while such Lender continues to be a Defaulting Lender, all such Lender’s Rateable Portion of all Loans
outstanding under the Credit Facilities, together with all accrued but unpaid interest and fees thereon and with respect to its Commitments, without making corresponding repayment to the other Lenders and, upon such repayment and provision
satisfactory to the relevant Defaulting Lender, (acting reasonably) being made for (i) payment at maturity of all outstanding Bankers’ Acceptances accepted by such Lender and (ii) indemnity in respect of its share of outstanding
Letters of Credit or, with respect to outstanding Fronted LCs, release by the relevant Fronting Lenders of its obligations in respect thereof, the relevant Borrower may cancel such Lender’s Commitments. Upon completion of the foregoing, such
Defaulting Lender shall have no further right, interest, benefit or obligation in respect of the Credit Facilities (except as provided in Section 7.8(3)) and each Credit Facility shall be reduced by the amount of such Lender’s cancelled
Commitment thereunder. 

  

	16.3	 Notices 

Any demand, notice or communication to be made or given hereunder shall be in writing and may be made or given by personal delivery or by
transmittal by telecopy or other electronic means of communication addressed to the respective parties as follows: 
 To the Canadian
Borrower: 
 Enerflex Ltd. 

Suite 904, 1331 Macleod Trail S.W 

Calgary, Alberta T2G 0K3 

Attention: Vice President and Chief Financial Officer 

Facsimile: {Redacted} 

  
 - 151 - 

 To the Australian Borrower: 

Enerflex Australasia Holdings Pty Ltd 

82-86 James Street 

Northbridge, Western Australia 6003 

Australia 
 Attention: General
Manager, Finance and Administration 
 Facsimile: {Redacted} 

To the Agent: 
 for Drawdown
Notices, Conversion Notices, Rollover Notices and Repayment Notices, to 
 The Toronto Dominion Bank, as Agent 

TD North Tower 
 77 King Street
West, 25th Floor 
 Toronto, Ontario M5K 1A2 

Attention: Vice President, Loan Syndications - Agency 

Facsimile: {Redacted} 
 for all
other notices, to: 
 The Toronto Dominion Bank, as Agent 

TD Bank Tower 
 66 Wellington
Street West, 9th Floor 
 Toronto, Ontario M5K 1A2 

Attention:Vice President, Loan Syndications - Agency 

Facsimile:{Redacted} 
 with a
copy to: 
 The Toronto-Dominion Bank 

Commercial National Accounts 

Suite 1100, 421-7th Avenue S.W. 

Calgary, AB T2P 4K9 
 Attention:
Client Services Officer 
 Facsimile: {Redacted} 

  
 - 152 - 

 To the Australian Operating Facility Lender: 

HSBC Bank Australia Limited 

Level 1, 188-190 St Georges Terrace 

Perth, Western Australia 6000 

Attention: {Name Redacted} 

Facsimile: {Redacted} 
 To the
Canadian Operating Facility Lender: 
 The Toronto-Dominion Bank 

Suite 1100, 421-7th Avenue S.W. 

Calgary, AB T2P 4K9 
 Attention:
Client Services Officer 
 Facsimile: {Redacted} 

To each Lender: As set forth in the most recent administrative questionnaire or other written notification provided to the Agent by such Lender

 or to such other address or telecopy number as any party may from time to time notify the others in accordance with this Section. Any demand, notice or
communication made or given by personal delivery or by telecopier or other electronic means of communication during normal business hours at the place of receipt on a Banking Day shall be conclusively deemed to have been made or given at the time of
actual delivery or transmittal, as the case may be, on such Banking Day. Any demand, notice or communication made or given by personal delivery or by telecopier or other electronic means of communication after normal business hours at the place of
receipt or otherwise than on a Banking Day shall be conclusively deemed to have been made or given at 9:00 a.m. (Calgary time) on the first Banking Day following actual delivery or transmittal, as the case may be. 

 

	16.4	 Governing Law 

This Agreement shall be governed by and construed in accordance with the laws of the Province of Alberta and the laws of Canada applicable
therein, without prejudice to or limitation of any other rights or remedies available under the laws of any jurisdiction where property or assets of the Borrowers may be found. 

 

	16.5	 Benefit of the Agreement 

This Agreement shall enure to the benefit of and be binding upon the Borrowers, the Lenders, the Agent and their respective successors and
permitted assigns. 

  
 - 153 - 

	16.6	 Assignment 

Any Lender may, with the prior written consent of each of the relevant Borrower, the Fronting Lenders (which consent of the Fronting Lenders
shall only be required in connection with a sale, assignment, transfer or grant in respect of the Syndicated Facility) and the Agent (except that the consent of a Borrower shall not be required during the continuance of an Event of Default), which
consents shall not be unreasonably withheld (except for consent of the Fronting Lenders which shall be in each Fronting Lenders’ sole discretion), sell, assign, transfer or grant an interest in its Commitments (in a minimum amount of
Cdn.$5,000,000 or the Equivalent Amount thereof), its Rateable Portion of the Loans and its rights under the Documents; provided that without the consent of the relevant Borrower, each Fronting Lender and the Agent, no Lender shall sell, assign,
transfer or grant an interest in any Commitment, Loan or Document if the effect of the same would be to have a Lender with aggregate Commitments of less than Cdn.$5,000,000 (or the Equivalent Amount thereof); and further provided that, it shall be a
precondition to any such sale, assignment, transfer or grant that the contemplated assignee Lender shall have paid to the Agent, for the Agent’s own account, a transfer fee of Cdn.${Fee Redacted}. Subject to Section 7.8(3), upon any
such sale, assignment, transfer or grant, the granting Lender shall have no further obligation hereunder with respect to such interest except in case of a grant to an Affiliate of the granting Lender, in which case such Lender shall remain obligated
hereunder with respect to such interest. Upon any such sale, assignment, transfer or grant, the granting Lender, the new Lender, the Agent and the Borrowers shall execute and deliver an Assignment Agreement. The Borrowers shall not assign their
rights or obligations hereunder without the prior written consent of all of the Lenders. 
  

	16.7	 Participations 

Any Lender may, without the consent of either Borrower, grant one or more participations in its Commitments and its Rateable Portion of the
Loans to other persons, provided that the granting of such a participation: (a) shall be at the Lender’s own cost, (b) shall not affect the obligations of such Lender hereunder nor shall it increase the costs to the Borrowers
hereunder or under any of the other Documents, and (c) shall not provide the participant with any right to approve the provision by the Lender of any consent, waiver or approval hereunder or require a Borrower to deal directly with such
participant. 
  

	16.8	 Severability 

Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall not invalidate the remaining provisions hereof
and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
  

	16.9	 Whole Agreement 

This Agreement and the other Documents constitute the whole and entire agreement between the parties hereto regarding the subject matter hereof
and thereof and cancel and supersede any prior agreements (including, without limitation, any commitment letters), undertakings, declarations, commitments, representations, written or oral, in respect thereof. 

  
 - 154 - 

	16.10	 Amendments and Waivers 

Any provision of this Agreement may be amended only if the Borrowers and the Majority of the Lenders so agree in writing and, except as
otherwise specifically provided herein, may be waived only if the Majority of the Lenders (excluding any Defaulting Lenders) so agree in writing, but: 
  

	 	(a)	 an amendment or waiver which changes or relates to (i) the amount of the Loans available hereunder (except
as provided for in Section 2.24) (or decreases in the period of notice for Drawdowns, Conversions, Rollovers or voluntary prepayment of Loans) or any Lender’s Commitment, (ii) decreases in the rates of or deferral of the dates of
payment of interest, Bankers’ Acceptance or Letter of Credit fees, (iii) decreases in the amount of or deferral of the dates of payment of fees hereunder (other than fees payable for the account of Agent), (iv) the definition of
“Majority of the Lenders”, (v) any provision hereof contemplating or requiring consent, approval or agreement of “all Lenders”, “all of the Lenders”, “the Lenders” or similar expressions or permitting
waiver of conditions or covenants or agreements by “all Lenders”, “all of the Lenders”, “the Lenders” or similar expressions, (vi) Sections 2.4, 2.20 to 2.24, inclusive or the definition of “Event of
Default”, (vii) the release or discharge of, or any material amendment or waiver of, any Subsidiary Guarantee, (viii) the conditions precedent to Drawdowns, or (ix) this Section, shall require the agreement or waiver of all the
Lenders (excluding any Defaulting Lenders) and also (in the case of an amendment) of the other parties hereto; and 

  

	 	(b)	 an amendment or waiver which changes or relates to the rights and/or obligations of the Agent or a Fronting
Lender shall also require the agreement of the Agent or Fronting Lender (as the case may be) thereto. 

 Any such waiver and any consent
by the Agent, any Lender, the Majority of the Lenders or all of the Lenders under any provision of this Agreement must be in writing and may be given subject to any conditions thought fit by the person giving that waiver or consent. Any waiver or
consent shall be effective only in the instance and for the purpose for which it is given. 
  

	16.11	 Further Assurances 

The Borrowers, the Lenders and the Agent shall promptly cure any default by it in the execution and delivery of this Agreement, the other
Documents or any of the agreements provided for hereunder to which it is a party. The Borrowers, at their expense, shall promptly execute and deliver to the Agent, upon request by the Agent (acting reasonably), all such other and further deeds,
agreements, opinions, certificates, instruments, affidavits, registration materials and other documents reasonably necessary for the Borrowers’ compliance with, or accomplishment of the covenants and agreements of the Borrowers hereunder or
more fully to state the obligations of the Borrowers as set out herein or to make any registration, recording, file any notice or obtain any consent, all as may be reasonably necessary or appropriate in connection therewith. 

 

	16.12	 Attornment 

The parties hereto each hereby attorn and submit to the non-exclusive jurisdiction of the courts of the Province of Alberta in regard to legal
proceedings relating to the Documents. For the purpose of all such legal proceedings, this Agreement shall be deemed to have been performed in the Province of Alberta and the courts of the Province of Alberta shall have jurisdiction to

  
 - 155 - 

 entertain any action arising under this Agreement. Notwithstanding the foregoing, nothing in this Section
shall be construed nor operate to limit the right of any party hereto to commence any action relating hereto in any other jurisdiction, nor to limit the right of the courts of any other jurisdiction to take jurisdiction over any action or matter
relating hereto. 
  

	16.13	 Time of the Essence 

Time shall be of the essence of this Agreement. 
  

	16.14	 Change of Currency 

If any change in the currency of the United Kingdom occurs, this Agreement shall, to the extent the Agent (acting reasonably and after
consultation with the Canadian Borrower) specifies to be necessary, be amended to comply with generally accepted conventions and market practice in the London interbank market and otherwise to reflect the change in currency. 

 

	16.15	 Credit Agreement Governs 

In the event of any conflict or inconsistency between the provisions of this Agreement and the provisions of the other Documents, the
provisions of this Agreement, to the extent of the conflict or inconsistency, shall govern and prevail. 
  

	16.16	 Know Your Customer Laws 

Each Borrower shall promptly provide all information, including supporting documentation and other evidence, as may be reasonably requested by
any Lender or the Agent, in order to comply with any applicable “know your customer” and anti-money laundering rules and regulations, whether now or hereafter in existence. Each of the Borrowers represents and warrants to the Lenders that
it is not a charity registered with the Canada Revenue Agency and that it does not solicit charitable financial donations from the public. 
  

	16.17	 Counterparts 

This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which taken together
shall be deemed to constitute one and the same instrument, and it shall not be necessary in making proof of this Agreement to produce or account for more than one such counterpart. Such executed counterparts may be delivered by facsimile or other
electronic transmission and, when so delivered, shall constitute a binding agreement of the parties hereto. 
  

	16.18	 Acknowledgement and Consent to Bail-In of EEA Financial Institutions  

Solely to the extent any Lender is an EEA Financial Institution and notwithstanding anything to the contrary in any Document or in any other
agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Document, to the extent such liability is unsecured, may be subject to the
write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 
  

	 	(a)	 the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities
arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 

  
 - 156 - 

	 	(b)	 the effects of any Bail-in Action on any such liability, including, if applicable: 

 

	 	(i)	 a reduction in full or in part or cancellation of any such liability; 

 

	 	(ii)	 a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA
Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any
such liability under this Agreement or any other Document; or 

  

	 	(iii)	 the variation of the terms of such liability in connection with the exercise of the write-down and conversion
powers of any EEA Resolution Authority. 

  

	16.19	 Exiting Fronting Lender and Exiting Lender 

 

	 	(a)	 Wells Fargo Bank, N.A., in its capacity as a Fronting Lender under the Existing Credit Agreement, confirms and
agrees that (a) as of the date hereof, it has not issued any Fronted LCs which remain outstanding and (b) it is executing this Agreement solely as an exiting Fronting Lender and, upon satisfaction of the conditions precedent set forth in
Section 3.2, shall cease to be a Fronting Lender hereunder and shall no longer be a party to this Agreement, in its capacity as a Fronting Lender (for certainty, it shall be a party to this Agreement as a Lender hereunder). For certainty,
notwithstanding that Wells Fargo Bank, N.A. shall cease to be a Fronting Lender, it shall continue to be entitled to all indemnities in favour of Fronting Lenders provided for under the Existing Credit Agreement and to the benefit of any other
provisions in the Existing Credit Agreement which continue to survive, in each case, in respect of any matter, claim or liability incurred by it as a Fronting Lender thereunder with respect to each Fronted LC previously issued by it.

  

	 	(b)	 Bank of America, N.A., Canada Branch agrees that, it is executing this Agreement solely as an exiting Lender
and, upon satisfaction of the conditions precedent set forth in Section 3.2, shall cease to be a Lender hereunder, shall not have a Commitment under any of the Credit Facilities and shall no longer be a party to this Agreement. For certainty,
notwithstanding that Bank of America, N.A., Canada Branch shall cease to be a Lender, it shall continue to be entitled to all indemnities in favour of Lenders provided for under the Existing Credit Agreement and to the benefit of any other
provisions in the Existing Credit Agreement which continue to survive, in each case, in respect of any matter, claim or liability incurred by it as a Lender thereunder. 

[The remainder of this page has been intentionally left blank] 

  
 - 157 - 

 IN WITNESS WHEREOF the parties hereto have executed this Agreement. 

 

			
	ENERFLEX LTD.
		
	By:	 	(signed) Dimitios James Harbilas
		 	Name:    Dimitios James Harbilas
		 	Title:      Executive Vice President and
		 	               Chief Financial Officer
		
	By:	 	(signed) Marc Edward Rossiter
		 	Name:    Marc Edward Rossiter
		 	Title:      Executive Vice President and
		 	               Chief Operating Officer

  

					
	Executed by ENERFLEX	  	)	  	
	AUSTRALASIA HOLDINGS PTY	  	)	  	
	LTD in accordance with section 127(1)	  	)	  	
	of the Corporations Act 2001 (Cwlth) by	  	)	  	
	authority of its directors:	  	)	  	
		  	)	  	
		  	)	  	
	(signed) Philip Antoni John Pyle	  	)	  	(signed) Helmuth Ernest Witulski
	Signature of director	  	)	  	Signature of director
		  	)	  	
	Philip Antoni John Pyle	  	)	  	Helmuth Ernest Witulski
	Name of director	  	)	  	Name of director

 Enerflex – Second Amended and Restated Credit Agreement 

 
			
	LENDERS:
	
	THE TORONTO-DOMINION BANK
		
	By:	 	(signed) Carolyn Ni
		 	Name:    Carolyn Ni
		 	Title:      Sr. Analyst
		 	               Commercial National Accounts
		
	By:	 	(signed) Kathryn Gislason
		 	Name:    Kathryn Gislason
		 	Title:      Manager of Commercial Credit
		 	               Commercial National Accounts

 Enerflex –Second Amended and Restated Credit Agreement 

 
			
	 THE BANK OF NOVA SCOTIA

		
	By:	 	(signed) Scarlett Crockatt
		 	Name:    Scarlett Crockatt
		 	Title:      Director
		
	By:	 	(signed) Kayla Keim
		 	Name:    Kayla Keim
		 	Title:      Associate

 Enerflex –Second Amended and Restated Credit Agreement 

 
			
	CANADIAN IMPERIAL BANK OF COMMERCE
		
	By:	 	(signed) Ryan Shea
		 	Name:    Ryan Shea
		 	Title:      Director
		
	By:	 	(signed) Joelle Chatwin
		 	Name:    Joelle Chatwin
		 	Title:      Managing Director

 Enerflex – Second Amended and Restated Credit Agreement 

 
			
	HSBC BANK CANADA
		
	By:	 	(signed) Bruce Robinson
		 	Name:    Bruce Robinson
		 	Title:      Vice President
		 	               Energy Financing
		
	By:	 	(signed) Ryan Smith
		 	Name:    Ryan Smith
		 	Title:      Assistant Vice President
		 	               Energy Financing

 Enerflex – Second Amended and Restated Credit Agreement 

 
			
	HSBC BANK AUSTRALIA LIMITED
		
	By:	 	(signed) Long Ly
		 	Name:    Long Ly
		 	Title:      Relationship Manager
		
	By:	 	(signed) Jeremy White
		 	Name:    Jeremy White
		 	Title:      045256 A
		 	               State Manager, Queensland

 Enerflex – Second Amended and Restated Credit Agreement 

 
			
	NATIONAL BANK OF CANADA
		
	By:	 	(signed) David Sellitto
		 	Name:    David Sellitto
		 	Title:      Director
		
	By:	 	(signed) David Torrey
		 	Name:    David Torrey
		 	Title:      Managing Director

 Enerflex – Second Amended and Restated Credit Agreement 

 
			
	BANK OF MONTREAL
		
	By:	 	(signed) Adam Sisulak
		 	Name:     Adam Sisulak
		 	Title:       Director
		 	 BMO Corporate Finance

  

			
	By:	 	(signed) Nicholas Power
		 	Name:     Nicholas Power
		 	Title:       Managing Director
		 	 BMO Corporate Finance

 Enerflex – Second Amended and Restated Credit Agreement 

 
			
	ATB FINANCIAL
		
	By:	 	(signed) Amish Patel
		 	Name:     Amish Patel
		 	Title:       Director
		
	By:	 	(signed) Philip Zhu
		 	Name:     Philip Zhu
		 	Title:       Director

 Enerflex – Second Amended and Restated Credit Agreement 

 
	
	EXPORT DEVELOPMENT CANADA
	
	(signed) Shaun Enright
	Name:     Shaun Enright
	Title:       Financing Manager

  

	
	(signed) David Thompson
	Name:     David Thompson
	Title:       Financing Manager

 Enerflex – Second Amended and Restated Credit Agreement 

 
			
	WELLS FARGO BANK, N.A., CANADIAN BRANCH
	
	(signed) Dennis DaSilva
	Name:     Dennis DaSilva
	Title:       Vice President

  

	
	(signed) Lindy Couillard
	Name:     Lindy Couillard
	Title:       Director, Wells Fargo Corporate Banking

 Enerflex – Second Amended and Restated Credit Agreement 

 
			
	 EXITING FRONTING LENDER:
  

WELLS FARGO BANK, N.A., solely in its capacity as exiting Fronting Lender

		
	By:	 	(signed) Robert Corder
		 	Name:     Robert Corder
		 	Title:       Director

 Enerflex – Second Amended and Restated Credit Agreement 

 
			
	 EXITING LENDER:
  

BANK OF AMERICA, N.A., CANADA BRANCH, solely in its capacity as exiting Lender

		
	By:	 	(signed) David Rafferty
		 	Name:     David Rafferty
		 	Title:      Vice President

 Enerflex – Second Amended and Restated Credit Agreement 

 
			
	 AGENT:
  

THE TORONTO-DOMINION BANK,
 in its capacity as the
Agent

		
	By:	 	(signed) Andi Zeneli
		 	Name:     Andi Zeneli
		 	Title:       Vice President
		 	 Loan Syndications—Agency

 Enerflex – Second Amended and Restated Credit Agreement 

 SCHEDULE A 

LENDERS AND COMMITMENTS 
  

																	
	 Lender
	  	Australian
Operating
Facility
Commitment -
Cdn.$	 	  	Canadian
Operating
Facility
Commitment -
Cdn.$	 	  	Syndicated
Facility
Commitment -
Cdn.$	 	  	Fronting Limit -
Cdn.$	 
	
	{Commitment figures redacted}	  

					
	 Total
	  	Cdn.$	10,000,000	 	  	Cdn.$	10,000,000	 	  	Cdn.$	705,000,000	 	  	Cdn.$	130,000,000EX-10.2

 Exhibit 10.2 

EXECUTION VERSION 
  

 
  

ENERFLEX LTD. 
 4.67%
U.S.$105,000,000 Senior Notes, Series A, due December 15, 2024 
 4.50% Cdn.$15,000,000 Senior Notes, Series B, due December 15,
2024 
 4.87% U.S.$70,000,000 Senior Notes, Series C, due December 15, 2027 

4.79% Cdn.$30,000,000 Senior Notes, Series D, due December 15, 2027 

 
  

NOTE PURCHASE AGREEMENT 
  

 

December 15, 2017 
  

 
  

 Table of Contents 

 

									
	Section	  	 	  	Page	 
			
	1.	 	 AUTHORIZATION OF NOTES
	  	 	1	 
			
	2.	 	 SALE AND PURCHASE OF NOTES
	  	 	1	 
			
	3.	 	 CLOSING
	  	 	2	 
			
	4.	 	 CONDITIONS TO CLOSING
	  	 	2	 
				
		 	 4.1.
	  	Representations and Warranties	  	 	2	 
		 	 4.2.
	  	Guarantees	  	 	2	 
		 	 4.3.
	  	Performance; No Default	  	 	3	 
		 	 4.4.
	  	Compliance Certificates	  	 	3	 
		 	 4.5.
	  	Opinions of Counsel	  	 	3	 
		 	 4.6.
	  	Purchase Permitted by Applicable Law, Etc.	  	 	3	 
		 	 4.7.
	  	Sale of Other Notes	  	 	4	 
		 	 4.8.
	  	Payment of Special Counsel Fees	  	 	4	 
		 	 4.9.
	  	Private Placement Numbers	  	 	4	 
		 	 4.10.
	  	Changes in Corporate Structure	  	 	4	 
		 	 4.11.
	  	Funding Instructions	  	 	4	 
		 	 4.12.
	  	Proceedings and Documents	  	 	4	 
			
	5.	 	 REPRESENTATIONS AND WARRANTIES OF THE COMPANY
	  	 	5	 
				
		 	 5.1.
	  	Existence and Good Standing	  	 	5	 
		 	 5.2.
	  	Authority	  	 	5	 
		 	 5.3.
	  	Valid Authorization, Etc.	  	 	5	 
		 	 5.4.
	  	Validity of Agreement – Non-Conflict	  	 	5	 
		 	 5.5.
	  	Ownership of Property	  	 	6	 
		 	 5.6.
	  	Encumbrances	  	 	6	 
		 	 5.7.
	  	Disclosure	  	 	6	 
		 	 5.8.
	  	Non-Default	  	 	7	 
		 	 5.9.
	  	Financial Statements; Material Liabilities	  	 	7	 
		 	 5.10.
	  	Litigation; Observance of Agreements, Statutes and Orders	  	 	7	 
		 	 5.11.
	  	Compliance with Applicable Laws, Court Orders and Agreements	  	 	7	 
		 	 5.12.
	  	Required Permits in Effect, Etc.	  	 	7	 
		 	 5.13.
	  	Remittances Up to Date	  	 	8	 
		 	 5.14.
	  	Taxes	  	 	8	 
		 	 5.16.
	  	Intellectual Property	  	 	10	 
		 	 5.17.
	  	Insurance	  	 	10	 
		 	 5.18.
	  	Employee Benefit Plans; Non-U.S. Plans	  	 	10	 
		 	 5.19.
	  	Private Offering by the Company	  	 	11	 
		 	 5.20.
	  	Use of Proceeds Margin Regulation	  	 	12	 

  
 - i - 

									
		 	 5.21.
	  	Existing Indebtedness; Future Liens	  	 	12	 
		 	 5.22.
	  	Foreign Assets Control Regulations, Etc.	  	 	13	 
		 	 5.23.
	  	Status under Certain Statutes	  	 	13	 
		 	 5.24.
	  	Environmental Matters	  	 	13	 
		 	 5.25.
	  	Ranking of Obligations	  	 	14	 
		 	 5.26.
	  	Solvency	  	 	14	 
		 	 5.27.
	  	Labour Matters	  	 	14	 
			
	6.	 	 REPRESENTATIONS OF THE PURCHASERS
	  	 	14	 
				
		 	 6.1.
	  	Purchase for Investment	  	 	14	 
		 	 6.2.
	  	Source of Funds	  	 	18	 
			
	7.	 	 INFORMATION AS TO THE COMPANY SUBSIDIARIES
	  	 	20	 
				
		 	 7.1.
	  	Financial and Business Information	  	 	20	 
		 	 7.2.
	  	Officer’s Certificate	  	 	23	 
		 	 7.3.
	  	Visitation	  	 	23	 
		 	 7.4.
	  	Limitation on Disclosure Obligation	  	 	24	 
			
	8.	 	 PAYMENT AND PREPAYMENT OF THE NOTES
	  	 	24	 
				
		 	 8.1.
	  	Maturity	  	 	24	 
		 	 8.2.
	  	Optional Prepayments with Make-Whole Amount	  	 	25	 
		 	 8.3.
	  	Prepayment for Tax Reasons with Modified Make-Whole Amount	  	 	25	 
		 	 8.4.
	  	Prepayment on Change of Control Without Make-Whole	  	 	27	 
		 	 8.5.
	  	Allocation of Partial Prepayments	  	 	27	 
		 	 8.6.
	  	Maturity; Surrender, Etc.	  	 	27	 
		 	 8.7.
	  	Purchase of Notes	  	 	28	 
		 	 8.8.
	  	Make-Whole Amount and Modified Make-Whole Amount	  	 	28	 
			
	9.	 	 AFFIRMATIVE COVENANTS
	  	 	30	 
				
		 	 9.1.
	  	Insurance	  	 	30	 
		 	 9.2.
	  	Maintenance and Operations	  	 	30	 
		 	 9.4.
	  	Books and Records	  	 	31	 
		 	 9.5.
	  	Priority of Obligations	  	 	31	 
		 	 9.6.
	  	Subsidiary Guarantees; Release of Guarantees	  	 	31	 
		 	 9.7.
	  	Subordination Agreements	  	 	33	 
		 	 9.8.
	  	Payment of Royalties, Taxes, Withholdings, Etc.	  	 	34	 
		 	 9.9.
	  	Payment of Preferred Claims	  	 	35	 
		 	 9.10.
	  	Environmental Covenants	  	 	35	 
		 	 9.11.
	  	Post-Closing Undertaking	  	 	36	 
			
	10.	 	 NEGATIVE COVENANTS
	  	 	36	 
				
		 	 10.1.
	  	Transactions with Affiliates	  	 	36	 
		 	 10.2.
	  	Merger, Consolidation, Etc.; Reorganization	  	 	36	 
		 	 10.3.
	  	Change of Business	  	 	37	 

  
 - ii - 

									
		 	 10.4.
	  	Economic Sanctions, Etc.	  	 	37	 
		 	 10.5.
	  	Liens	  	 	38	 
		 	 10.6.
	  	No Dissolution	  	 	38	 
		 	 10.7.
	  	Limit on Sale of Assets	  	 	38	 
		 	 10.8.
	  	Limit on Investments and Financial Assistance	  	 	38	 
		 	 10.9.
	  	Limits on Distributions	  	 	39	 
		 	 10.10.
	  	No Financial Instruments Other Than Permitted Hedging	  	 	39	 
		 	 10.11.
	  	Financial Covenants	  	 	39	 
		 	 10.12.
	  	Priority Debt	  	 	39	 
			
	11.	 	 EVENTS OF DEFAULT
	  	 	40	 
			
	12.	 	 REMEDIES ON DEFAULT, ETC.
	  	 	42	 
				
		 	 12.1.
	  	Acceleration	  	 	42	 
		 	 12.2.
	  	Other Remedies	  	 	43	 
		 	 12.3.
	  	Rescission	  	 	43	 
		 	 12.4.
	  	No Waivers or Election of Remedies, Expenses, Etc.	  	 	43	 
			
	13.	 	 TAX INDEMNIFICATION
	  	 	43	 
			
	14.	 	 REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES
	  	 	47	 
				
		 	 14.1.
	  	Registration of Notes	  	 	47	 
		 	 14.2.
	  	Transfer and Exchange of Notes	  	 	47	 
		 	 14.3.
	  	Replacement of Notes	  	 	48	 
			
	15.	 	 PAYMENTS ON NOTES
	  	 	48	 
				
		 	 15.1.
	  	Place of Payment	  	 	48	 
		 	 15.2.
	  	Home Office Payment	  	 	48	 
			
	16.	 	 EXPENSES, ETC.
	  	 	49	 
				
		 	 16.1.
	  	Transaction Expenses	  	 	49	 
		 	 16.2.
	  	Certain Taxes	  	 	49	 
		 	 16.3.
	  	Survival	  	 	50	 
		 	 16.4.
	  	Currency of Expense Payments	  	 	50	 
			
	17.	 	 SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT
	  	 	50	 
			
	18.	 	 AMENDMENT AND WAIVER
	  	 	50	 
				
		 	 18.1.
	  	Requirements	  	 	50	 
		 	 18.2.
	  	Solicitation of Holders of Notes	  	 	51	 
		 	 18.3.
	  	Binding Effect, Etc.	  	 	51	 
		 	 18.4.
	  	Notes Held by Company, Etc.	  	 	52	 

  
 - iii - 

									
			
	19.	 	 NOTICES; ENGLISH LANGUAGE
	  	 	52	 
			
	20.	 	 REPRODUCTION OF DOCUMENTS
	  	 	52	 
			
	21.	 	 CONFIDENTIAL INFORMATION
	  	 	53	 
			
	22.	 	 SUBSTITUTION OF PURCHASER
	  	 	54	 
			
	23.	 	 MISCELLANEOUS
	  	 	54	 
				
		 	 23.1.
	  	Successors and Assigns	  	 	54	 
		 	 23.2.
	  	Payments Due on Non-Business Days	  	 	55	 
		 	 23.3.
	  	Accounting Terms	  	 	55	 
		 	 23.4.
	  	Severability	  	 	55	 
		 	 23.5.
	  	Construction, Etc.	  	 	55	 
		 	 23.6.
	  	Counterparts	  	 	55	 
		 	 23.7.
	  	Governing Law	  	 	56	 
		 	 23.8.
	  	Jurisdiction and Process; Waiver of Jury Trial	  	 	56	 
		 	 23.9.
	  	Obligation to Make Payment in Canadian Dollars or U.S. Dollars	  	 	57	 
		 	 23.10.
	  	Interest	  	 	58	 
		 	 23.11.
	  	Determinations Involving Different Currencies	  	 	58	 

  
 - iv - 

 Schedules and Exhibits 

 

					
	SCHEDULE A	 	-	  	INFORMATION RELATING TO PURCHASERS
			
	SCHEDULE B	 	-	  	DEFINED TERMS
			
	SCHEDULE C	 		  	STANDARD TERMS OF POLITICAL RISK INSURANCE
			
	EXHIBIT 1A	 	-	  	FORM OF SERIES A NOTE
			
	EXHIBIT 1B	 	-	  	FORM OF SERIES B NOTE
			
	EXHIBIT 1C	 	-	  	FORM OF SERIES C NOTE
			
	 EXHIBIT 1D
	 	-	  	FORM OF SERIES D NOTE
			
	EXHIBIT 4.5(a)(i)	 	-	  	Form of Opinion of U.S. Special Counsel for the Company
			
	EXHIBIT 4.5(a)(ii)	 	-	  	Form of Opinion of Canadian Counsel for the Company
			
	EXHIBIT 4.5(a)(iii)	 	-	  	Form of Opinion of Alberta Counsel for the Company
			
	EXHIBIT 4.5(a)(iv)	 	-	  	Form of Opinion of Manitoba Counsel for the Company
			
	EXHIBIT 4.5(b)	 	-	  	Form of Opinion of U.S. Special Counsel for the Purchasers
			
	SCHEDULE 4.2	 	-	  	Initial Subsidiary Guarantors
			
	SCHEDULE 5.7	 	-	  	Disclosure Documents
			
	SCHEDULE 5.9	 	-	  	Financial Statements
			
	SCHEDULE 5.15	 	-	  	Organization and Ownership of Shares of Subsidiaries; Affiliates; Guarantors
			
	SCHEDULE 5.21	 	-	  	Existing Debt; Future Liens
			
	SCHEDULE 5.24	 	-	  	Environmental Matters
			
	EXHIBIT 7.2	 	-	  	Form of Compliance Certificate

  
 - v - 

 ENERFLEX LTD. 

Suite 904, 1331 Macleod Trail SE 

Calgary, Alberta, Canada 

T2G 0K3 
 4.67%
U.S.$105,000,000 Senior Notes, Series A, due December 15, 2024 
 4.50% Cdn.$15,000,000 Senior Notes, Series B, due December 15,
2024 
 4.87% U.S.$70,000,000 Senior Notes, Series C, due December 15, 2027 

4.79% Cdn.$30,000,000 Senior Notes, Series D, due December 15, 2027 

December 15, 2017 
 To Each of the Purchasers
Listed in Schedule A Hereto: 
 Ladies and Gentlemen: 

Enerflex Ltd., a corporation incorporated under the laws of Canada (the “Company”), agrees with each of the purchasers whose
names appear at the end hereof (each a “Purchaser” and collectively the “Purchasers”) as follows: 
  

	1.	 AUTHORIZATION OF NOTES. 

The Company will authorize the issue and sale of its (a) 4.67% U.S.$105,000,000 Senior Notes, Series A, due December 15, 2024 (the
“Series A Notes”), (b) 4.50% Cdn.$15,000,000 Senior Notes, Series B, due December 15, 2024 (the “Series B Notes”), (c) 4.87% U.S.$70,000,000 Senior Notes, Series C, due December 15, 2027 (the
“Series C Notes”), and (d) 4.79% Cdn.$30,000,000 Senior Notes due December 15, 2027 (the “Series D Notes”), (the Series A Notes, Series B Notes, Series C Notes and Series D Notes, collectively, the
“Notes,” such term to include any such notes issued in substitution therefor pursuant to Section 14). The Notes shall be substantially in the forms set out in Exhibits 1A, 1B, 1C and 1D, respectively. Certain capitalized and
other terms used in this Agreement are defined in Schedule B; and references to a “Schedule” or an “Exhibit” are, unless otherwise specified, to a Schedule or an Exhibit attached to this Agreement. The Series A
Notes, Series B Notes, Series C Notes and Series D Notes are each herein sometimes referred to as Notes of a “series.” 
  

	2.	 SALE AND PURCHASE OF NOTES. 

Subject to the terms and conditions of this Agreement, the Company will issue and sell to each Purchaser and each Purchaser will purchase from
the Company, at the Closing provided for in Section 3, Notes in the principal amount and of the series specified opposite such Purchaser’s name in Schedule A at the purchase price of 100% of the principal amount thereof. The
Purchasers’ obligations hereunder are several and not joint obligations and no Purchaser shall have any liability to any Person for the performance or non-performance of any obligation by any other
Purchaser hereunder. 

	3.	 CLOSING. 

The sale and purchase of the Notes to be purchased by each Purchaser shall occur at the offices of Chapman and Cutler LLP, 111 West Monroe
Streets, Chicago, Illinois, at 9:00 A.M., Central time, at a closing (the “Closing”) on December 15, 2017. At the Closing the Company will deliver to each Purchaser the Notes of the series to be purchased by such Purchaser in
the form of a single Note of such series (or such greater number of Notes in denominations of at least U.S.$100,000 or Cdn.$100,000, as applicable, as such Purchaser may request) dated the date of the Closing and registered in such Purchaser’s
name (or in the name of its nominee), against delivery by such Purchaser to the Company or its order of immediately available funds in the amount of the purchase price therefor by wire transfer of immediately available funds for the account of the
Company: 
 {Wire transfer information redacted} 

If at the Closing the Company shall fail to tender such Notes to any Purchaser as provided above in this Section 3, or any of the conditions specified in
Section 4 shall not have been fulfilled to such Purchaser’s satisfaction, such Purchaser shall, at its election, be relieved of all further obligations under this Agreement, without thereby waiving any rights such Purchaser may have by
reason of such failure or such nonfulfillment. 
  

	4.	 CONDITIONS TO CLOSING. 

Each Purchaser’s obligation to purchase and pay for the Notes to be sold to such Purchaser at the Closing is subject to the fulfillment to
such Purchaser’s satisfaction, prior to or at the Closing, of the following conditions: 
  

	4.1.	 Representations and Warranties. 

The representations and warranties of each of the Company and the Subsidiary Guarantors in each Financing Agreement to which it is a party
shall be correct when made and at the time of the Closing. 
  

	4.2.	 Guarantees. 

Each of the Subsidiaries listed on Schedule 4.2 (collectively, the “Initial Subsidiary Guarantors”) of the Company will have
executed and delivered to such Purchaser the Subsidiary Guarantee. 

  
 - 2 - 

	4.3.	 Performance; No Default. 

Each of the Company and the Initial Subsidiary Guarantors shall have performed and complied with all agreements and conditions contained in the
Financing Agreements required to be performed or complied with by it prior to or at the Closing and after giving effect to the issue and sale of the Notes (and the application of the proceeds thereof as contemplated by Section 5.20) no Default
or Event of Default shall have occurred and be continuing. None of the Company nor any Subsidiary shall have entered into any transaction since the date of the Memorandum that would have been prohibited by Sections 10.2, 10.7, 10.8 or 10.9 had such
Sections applied since such date. 
  

	4.4.	 Compliance Certificates. 

(a) Officer’s Certificate. The Company shall have delivered to such Purchaser an Officer’s Certificate, dated the date of the
Closing, certifying that the conditions specified in Sections 4.1, 4.3 and 4.10 have been fulfilled. 
 (b) Secretary’s or
Director’s Certificate. The Company shall have delivered to such Purchaser a certificate of (i) an officer of the Company, dated the date of the Closing, certifying as to the resolutions attached thereto and other corporate proceedings
relating to its authorization, execution and delivery of the Financing Agreements to which it is a party, and (ii) an officer of each Initial Subsidiary Guarantor, dated the date of the Closing, certifying as to the resolutions attached thereto
and other corporate proceedings relating to its authorization, execution and delivery of the Financing Agreements to which it is a party. 
  

	4.5.	 Opinions of Counsel. 

Such Purchaser shall have received opinions in form and substance satisfactory to and addressed to such Purchaser, dated the date of the
Closing (a) from Davies Ward Phillips & Vineberg LLP, U.S. special counsel for the Company, Davies Ward Phillips & Vineberg LLP, Canadian counsel for the Company, Burnet, Duckworth & Palmer LLP, Alberta counsel for
the Company, and MLT Aikins LLP, Manitoba counsel for the Company, substantially in the respective forms set forth in Exhibits 4.5(a)(i), 4.5(a)(ii), 4.5(a)(iii) and 4.5(a)(iv), and from local counsel in respect of the Subsidiary Guarantors
organized in the Netherlands, Australia, Argentina, Mexico, Bahrain, Barbados and Oman; and covering such other matters incident to the transactions contemplated hereby as such Purchaser or its counsel may reasonably request (and the Company hereby
instructs its counsel to deliver such opinions to the Purchasers), and (b) from Chapman and Cutler LLP, the Purchasers’ special U.S. counsel in connection with such transactions, substantially in the form set forth in Exhibit 4.5(b),
covering such other matters incident to such transactions as such Purchaser may reasonably request. 
  

	4.6.	 Purchase Permitted by Applicable Law, Etc. 

On the date of the Closing such Purchaser’s purchase of Notes shall (a) be permitted by the laws and regulations of each jurisdiction
to which such Purchaser is subject, without recourse to provisions (such as section 1405(a)(8) of the New York Insurance Law) permitting limited investments by insurance companies without restriction as to the character of the particular investment,
(b) not violate any applicable law or regulation (including, without limitation, Regulation T, U or X of the Board of Governors of the Federal Reserve System) and (c) not subject such Purchaser to any tax, penalty or liability under or
pursuant to any applicable law or regulation, which law or regulation was not in effect on the date hereof. If requested by such Purchaser, such Purchaser shall have received an Officer’s Certificate certifying as to such matters of fact as
such Purchaser may reasonably specify to enable such Purchaser to determine whether such purchase is so permitted. 

  
 - 3 - 

	4.7.	 Sale of Other Notes. 

Contemporaneously with the Closing the Company shall sell to each other Purchaser and each other Purchaser shall purchase the Notes to be
purchased by it at the Closing as specified in Schedule A. 
  

	4.8.	 Payment of Special Counsel Fees. 

Without limiting the provisions of Section 16.1, the Company shall have paid on or before the Closing the fees, charges and disbursements
of the Purchasers’ special counsel referred to in Section 4.5 to the extent reflected in a statement of such counsel rendered to the Company at least one Business Day prior to the Closing. 

 

	4.9.	 Private Placement Numbers. 

A Private Placement Number issued by Standard & Poor’s CUSIP Service Bureau (in cooperation with the SVO) shall have been
obtained for each series of the Notes. 
  

	4.10.	 Changes in Corporate Structure. 

Neither the Company nor any Initial Subsidiary Guarantor shall have changed its jurisdiction of incorporation or organization, as applicable,
or been a party to any amalgamation, merger or consolidation or succeeded to all or any substantial part of the liabilities of any other entity, at any time following the date of the most recent financial statements referred to in Schedule 5.9,
except as set out in Schedule 5.7. 
  

	4.11.	 Funding Instructions. 

At least three (3) Business Days prior to the date of the Closing, each Purchaser shall have received written instructions signed by a
Responsible Officer on letterhead of the Company confirming the information specified in Section 3 including (a) the name and address of the transferee bank, (b) such transferee bank’s SWIFT number and (c) the account name
and number into which the purchase price for the Notes is to be deposited. 
  

	4.12.	 Proceedings and Documents. 

All corporate and other proceedings in connection with the transactions contemplated by this Agreement and all documents and instruments
incident to such transactions shall be satisfactory to such Purchaser and its special counsel, and such Purchaser and its special counsel shall have received all such counterpart originals or certified or other copies of such documents as such
Purchaser or such special counsel may reasonably request. 

  
 - 4 - 

	5.	 REPRESENTATIONS AND WARRANTIES OF THE COMPANY. 

The Company represents and warrants to each Purchaser that: 
  

	5.1.	 Existence and Good Standing. 

The Company, each Initial Subsidiary Guarantor and each Material Subsidiary is a corporation validly existing and in good standing under the
laws of its jurisdiction of organization or is a limited liability company, partnership or trust validly existing under the laws of its jurisdiction of organization; each is duly registered in all other jurisdictions where the nature of its property
or character of its business requires registration, except for jurisdictions where the failure to be so registered or qualified would not have a Material Adverse Effect, and has all necessary power and authority to own its properties and carry on
its business as presently carried on or as contemplated by the Financing Agreements. 
  

	5.2.	 Authority. 

The Company and each Initial Subsidiary Guarantor has full power, legal right and authority to enter into the Financing Agreements to which it
is a party and do all such acts and things as are required by such Financing Agreements to be done, observed or performed, in accordance with the terms thereof. 
  

	5.3.	 Valid Authorization, Etc. 

The Company and each Initial Subsidiary Guarantor has taken all necessary corporate, partnership, trust and other action (as applicable) of its
directors, shareholders, partners, trustees and other persons (as applicable) to authorize the execution, delivery and performance of the Financing Agreements to which it is a party and to observe and perform the provisions thereof in accordance
with the terms therein contained. 
  

	5.4.	 Validity of Agreement – Non-Conflict.

 None of the authorization, execution or delivery of this Agreement or the other Financing Agreements or performance
of any obligation pursuant hereto or thereto requires or will require, pursuant to applicable law now in effect, any approval or consent of any Governmental Authority having jurisdiction (except such as has already been obtained and are in full
force and effect) nor is in conflict with or contravention of (i) the Company’s or any of the Subsidiary Guarantor’s articles, by-laws or other constating documents or any resolutions of
directors or shareholders or the provisions of its partnership agreement or declaration of trust or trust indenture (as applicable) or (ii) the provisions of any other indenture, instrument, undertaking or other agreement to which any of the
Company or any of the Subsidiary Guarantors is a party or by which they or their properties or assets are bound, the contravention of which would have or would reasonably be expected to have a Material Adverse Effect. This Agreement and the other
Financing Agreements, when executed and delivered will constitute, valid and legally binding obligations of each of the Company and the Subsidiary Guarantors which is a party thereto enforceable against each such party in accordance with their
respective terms, subject to applicable bankruptcy, insolvency and other laws of general application limiting the enforceability of creditors’ rights and general equitable principles, including the principle that equitable remedies, such as
specific performance and injunctions, may be granted only in the discretion of the court. 

  
 - 5 - 

	5.5.	 Ownership of Property. 

The Company, each of the Initial Subsidiary Guarantors and each of the Material Subsidiaries has good and marketable title to its property,
assets and undertaking, subject to Permitted Liens, Liens securing Priority Debt permitted hereby and to minor defects of title which, individually and in the aggregate, do not materially affect their respective rights of ownership therein or the
value thereof, except where the failure to have such good and marketable title would not reasonably be expected to have a Material Adverse Effect. 

The Company is not aware of any claim, event, occurrence or right granted to any other person, of any kind whatsoever, that has resulted in or
would result in loss of all or any part of the interest of the Company, any Initial Subsidiary Guarantor or any Material Subsidiary in any part of their respective property, other than a loss that would not have or would not reasonably be expected
to have a Material Adverse Effect. 
  

	5.6.	 Encumbrances. 

None of the property or assets of the Company, any of the Initial Subsidiary Guarantors or any of the Material Subsidiaries is subject to any
Lien on or in respect of such property or assets except for Permitted Liens and Liens securing Priority Debt permitted hereby. 
  

	5.7.	 Disclosure. 

The Company, through its agents, TD Securities (USA) LLC and CIBC World Markets Corp., has delivered to each Purchaser a copy of a Private
Placement Memorandum, dated November 10, 2017 (including the documents incorporated by reference therein, the “Memorandum”), relating to the transactions contemplated hereby. The Memorandum fairly describes, in all material
respects, the general nature of the business and principal properties of the Company and its Subsidiaries. This Agreement, the Memorandum and the documents, certificates or other writings delivered to the Purchasers by or on behalf of the Company in
connection with the transactions contemplated hereby and identified in Schedule 5.7, and the financial statements listed in Schedule 5.9 (this Agreement, the Memorandum and such documents, certificates or other writings and financial statements
delivered to each Purchaser prior to December 1, 2017 being referred to, collectively, as the “Disclosure Documents”), taken as a whole, do not contain any untrue statement of a material fact or omit to state any material fact
necessary to make the statements therein not misleading in light of the circumstances under which they were made. Except as disclosed in the Disclosure Documents since December 31, 2016, there has been no change in the financial condition,
operations, business, properties or prospects of the Company or any Subsidiary except changes that individually or in the aggregate would not reasonably be expected to have a Material Adverse Effect. There is no fact known to the Company or any
Subsidiary that would reasonably be expected to have a Material Adverse Effect that has not been set forth herein or in the Disclosure Documents. 

  
 - 6 - 

	5.8.	 Non-Default. 

No Default or Event of Default has occurred or is continuing. 
  

	5.9.	 Financial Statements; Material Liabilities. 

Copies of the financial statements of the Company listed on Schedule 5.9 are incorporated by reference in the Memorandum and are publicly
available. All of said financial statements (including in each case the related schedules and notes) fairly present in all material respects the consolidated financial position of the Company and its Subsidiaries as of the respective dates specified
in such statements and the consolidated results of their operations and cash flows for the respective periods so specified and have been prepared in accordance with IFRS consistently applied throughout the periods involved except as set forth in the
notes thereto (subject, in the case of any interim financial statements, to normal year-end adjustments). The Company and its Subsidiaries do not have any Material liabilities that are not disclosed on such
financial statements or otherwise disclosed in the Disclosure Documents or Schedule 5.21. 
  

	5.10.	 Litigation; Observance of Agreements, Statutes and Orders. 

There are no actions, suits or proceedings pending or, to the knowledge of the Company, threatened against or affecting the Company, any of
Initial Subsidiary Guarantors or any Material Subsidiary, their property or any of their undertakings and assets, at law, in equity or before any arbitrator or before or by any Governmental Authority having jurisdiction in the premises in respect of
which there is a reasonable likelihood of a determination adverse to the Company, any Initial Subsidiary Guarantor or any Material Subsidiary and which, if determined adversely, would have or would reasonably be expected to have a Material Adverse
Effect. 
  

	5.11.	 Compliance with Applicable Laws, Court Orders and Agreements. 

The Company, each of the Initial Subsidiary Guarantors and each of the Material Subsidiaries and their respective property, businesses and
operations are in compliance with all Applicable Laws (including, without limitation, all applicable Environmental Laws), all applicable directives, judgments, decrees, injunctions and orders rendered by any Governmental Authority or court of
competent jurisdiction binding on it, its articles, by laws and other constating documents, all agreements or instruments to which it is a party or by which its property or assets are bound, and any employee benefit plans, except to the extent that
failure to so comply would not have and would not reasonably be expected to have a Material Adverse Effect. 
  

	5.12.	 Required Permits in Effect, Etc. 

All Required Permits for the Company, the Initial Subsidiary Guarantors and all Material Subsidiaries are in full force and effect, except to
the extent that the failure to have or maintain the same in full force and effect would not, when taken in the aggregate, have or reasonably be expected to have a Material Adverse Effect. 

  
 - 7 - 

	5.13.	 Remittances Up to Date. 

All of the material remittances required to be made by the Company, the Initial Subsidiary Guarantors and the Material Subsidiaries to
Governmental Authorities have been made and are currently up to date and there are no outstanding arrears, other than where failure to make such remittances would not reasonably be expected to have a Material Adverse Effect. 

 

	5.14.	 Taxes. 

(a) The Company, each of the Initial Subsidiary Guarantors and each of the Material Subsidiaries has duly filed on a timely basis all tax
returns required to be filed and has paid all material Taxes which are due and payable, and has paid all material assessments and reassessments, and all other material Taxes, governmental charges, governmental royalties, penalties, interest and
fines claimed against them, other than those which are being contested by them by Permitted Contest; each such person has made adequate provision for, and all required instalment payments have been made in respect of, Taxes payable for the current
period for which returns are not yet required to be filed; there are no agreements, waivers or other arrangements providing for an extension of time with respect to the filing of any tax return by any such person or the payment of any Taxes; there
are no actions or proceedings being taken by any Governmental Authority in any jurisdictions where the Company, any Initial Subsidiary Guarantor or any Material Subsidiary carries on business or is required to file a tax return to enforce the
payment of any Taxes by it other than those which are being contested by it by Permitted Contest. 
 (b) As of the date of the Closing, the
Company and each Initial Subsidiary Guarantor are permitted to make all payments of interest on, or in respect of, the principal amount of the Non-Canadian Held Notes and interest on such interest, Make-Whole
Amount or Modified Make-Whole Amount and interest thereon, and the principal amount of the Non-Canadian Held Notes (in each case, a “Payment”) to a holder free and clear of and without
deduction for or on account of any Taxes imposed under Part XIII of the Tax Act (collectively, “Imposed Taxes”), and any such amounts as are owing or payable or which become owing or payable by and are paid to a holder will not
presently be subject to any Imposed Taxes, provided that at all relevant times: 
 (i) such holder does not use the Non-Canadian Held Notes in, or hold the Non-Canadian Held Notes in the course of, carrying on business in Canada, and is not deemed to use the
Non-Canadian Held Notes in connection with a business carried on in Canada for the purposes of the Tax Act, and if such holder carries on an insurance business in Canada and elsewhere, it establishes that the
debt evidenced by the Non-Canadian Held Note is neither “designated insurance property” (as defined in subsection 138(12) of the Tax Act and Regulation 2401(1) thereunder), nor effectively connected
with the insurance business it carries on in Canada, 
 (ii) the recipient of the Payment is not a “specified
shareholder” of the Company within the meaning of subsection 18(5) of the Tax Act and deals at arm’s length with the Company and the payor of the payment and any such specified shareholder of the Company or payor for the purposes of the
Tax Act; and 

  
 - 8 - 

 (iii) this representation and warranty does not apply to any Tax that would
not have been imposed but for the existence of any present or former connection between such holder (or a fiduciary, settler, beneficiary, member of, shareholder of, or possessor of a power over, such holder, if such holder is an estate, trust,
partnership or corporation or any Person other than the holder to whom the Notes or any amount payable thereon is attributable for the purposes of such Tax) and Canada, other than the mere holding of the relevant Note or the receipt of payments
thereunder or in respect thereof, including, without limitation, such holder (or such other Person described in the above parenthetical) being or having been a citizen or resident thereof, or being or having been present or engaged in trade or
business therein or having or having had an establishment, office, fixed base or branch therein. 
 (c) As of the date of the Closing, the
Company and each Initial Subsidiary Guarantor is permitted to make all Payments on or in respect of Canadian Held Notes to a holder of Canadian Held Notes free and clear of and without deduction for or on account of any Imposed Taxes. 

(d) For the purposes of this Section 5.14, all Notes that, at any relevant date of determination hereunder, are held by a Person that is
resident or deemed to be a resident of Canada for the purposes of Part XIII of the Tax Act as at such date, are herein called “Canadian Held Notes,” and all Notes that are not Canadian Held Notes are herein called “Non-Canadian Held Notes.” 
  

	5.15.	 Organization and Ownership of Shares of Subsidiaries; Affiliates; Guarantors. 

(a) Schedule 5.15 contains (except as noted therein) complete and correct lists (i) of the Company’s Subsidiaries, showing, as to each
Subsidiary, the correct name thereof, the jurisdiction of its organization, and the percentage of shares of each class of its capital stock or similar equity interests outstanding owned by the Company and each other Subsidiary, (ii) of the
Company’s Affiliates, other than Subsidiaries, and (iii) of the Company’s directors and senior officers. 
 (b) All of the
outstanding shares of capital stock or similar equity interests of each Subsidiary shown in Schedule 5.15 as being owned by the Company and its Subsidiaries have been validly issued, are fully paid and
non-assessable and are owned by the Company or another Subsidiary free and clear of any Lien (except as otherwise disclosed in Schedule 5.15). 

(c) As of the date hereof, all of the Initial Subsidiary Guarantors are listed on Schedule 4.2 (and for certainty, each Subsidiary which is a
borrower or a guarantor under the Bank Facilities, and each Subsidiary which is a borrower or a guarantor under the 2011 Note Purchase Agreement, is a Subsidiary Guarantor hereunder) and all Material Subsidiaries (which are not also Subsidiary
Guarantors) are listed on Schedule 5.15. 

  
 - 9 - 

	5.16.	 Intellectual Property. 

The Company, the Initial Subsidiary Guarantors and the Material Subsidiaries have or have the legal right to use all Intellectual Property
necessary for the operation and conduct of their business, affairs, operations and processes, except to the extent that the failure to have the same would not have or reasonably be expected to have a Material Adverse Effect and, to the best of their
knowledge and belief, no person has asserted any claim or taken any step or proceedings to prohibit or limit the use of such Intellectual Property by the Company, any of the Initial Subsidiary Guarantors or any of the Material Subsidiaries, in
respect of which claim, step or proceedings there is a reasonable likelihood of a determination adverse to the Company, any Initial Subsidiary Guarantor or any Material Subsidiary and which, if determined adversely, would have or would reasonably be
expected to have a Material Adverse Effect. 
  

	5.17.	 Insurance. 

The Company, each Initial Subsidiary Guarantor and each Material Subsidiary maintains, with financially sound and reputable insurers, insurance
with respect to its respective properties and businesses and against such casualties and contingencies and in such types and amounts as are in accordance with customary business practices for corporations of the size and type of business and
operations as the Company, each such Initial Subsidiary Guarantor and each such Material Subsidiary. 
  

	5.18.	 Employee Benefit Plans; Non-U.S. Plans. 

(a) To the extent applicable, the Company and each ERISA Affiliate have operated and administered each Plan in compliance with all applicable
laws except for such instances of non-compliance as have not resulted in and would not reasonably be expected to result in a Material Adverse Effect. None of the Company or any ERISA Affiliate has incurred any
liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans (as defined in section 3 of ERISA), and no event, transaction or condition has occurred or exists that could
reasonably be expected to result in the incurrence of any such liability by the Company or any ERISA Affiliate, or in the imposition of any Lien on any of the rights, properties or assets of the Company or any ERISA Affiliate, in either case
pursuant to Title I or IV of ERISA or to section 430(k) of the Code or to any such penalty or excise tax provisions under the Code or section 4068 of ERISA or by the granting of a security interest in connection with the amendment of a Plan, other
than such liabilities or Liens as would not, individually or in the aggregate, be reasonably expected to result in a Material Adverse Effect. 

(b) To the extent applicable, the present value of the aggregate benefit liabilities under each of the Plans subject to Title IV of ERISA,
determined as of the end of such Plan’s most recently ended plan year on the basis of the actuarial assumptions specified for funding purposes in such Plan’s most recent actuarial valuation report, did not exceed the aggregate current
value of the assets of such Plan allocable to such benefit liabilities by more than U.S.$1,000,000 in the case of any single Plan and by more than U.S.$3,000,000 in the aggregate for all Plans. The present value of the accrued benefit liabilities
(whether or not vested) under each Non-U.S. Plan that is funded, determined as of the end of the Company’s most recently ended fiscal year on the basis of reasonable actuarial assumptions, did not exceed
the current value of the assets of such Non-U.S. Plan allocable to such benefit liabilities by more than U.S.$1,000,000. The term “benefit liabilities” has the meaning specified in section 4001 of
ERISA and the terms “current value” and “present value” have the meaning specified in section 3 of ERISA. 

  
 - 10 - 

 (c) To the extent applicable, the Company and its ERISA Affiliates have not incurred
(i) withdrawal liabilities (and are not subject to contingent withdrawal liabilities) under section 4201 or 4204 of ERISA in respect of Multiemployer Plans that, individually or in the aggregate, would reasonably be expected to result in a
Material Adverse Effect or (ii) any obligation in connection with the termination of or withdrawal from any Non-U.S. Plan that, individually or in the aggregate, would reasonably be expected to result in
a Material Adverse Effect. 
 (d) To the extent applicable, the expected post-retirement benefit obligation (determined as of the last day
of the Company’s most recently ended fiscal year in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 715-60, without regard to liabilities attributable to
continuation coverage mandated by section 4980B of the Code) of the Company and its Subsidiaries is not Material. 
 (e) Assuming that each
Purchaser that is required to identify plans under Section 6.2 has furnished to the Company a complete and accurate written list of all plans used in connection with the purchase of the Notes or any interest therein, and assuming the Company
has not indicated in writing to such Purchaser prior to such proposed purchase (which proposed purchase shall not occur earlier than three (3) Business Days after the date on which the such Purchaser has furnished such disclosure to the
Company) that such purchase would be prohibited under section 406 of ERISA, the execution and delivery of this Agreement and the issuance and sale of the Notes hereunder will not constitute a non-exempt
prohibited transaction under Section 406 of ERISA or a transaction in connection with which a tax could be imposed pursuant to section 4975(c)(1)(A)-(D) of the Code. The representation by the Company to each Purchaser in the first sentence of
this Section 5.18(e) is made in reliance upon and subject to the accuracy of such Purchaser’s representation in Section 6.2 as to the sources of the funds used to pay the purchase price of the Notes to be purchased by such Purchaser.

 (f) All Non-U.S. Plans have been established, operated, administered and maintained in compliance
with all laws, regulations and orders applicable thereto, except where failure so to comply would not be reasonably expected to have a Material Adverse Effect. All premiums, contributions and any other amounts required by applicable Non-U.S. Plan documents or applicable laws to be paid or accrued by the Company and its Subsidiaries have been paid or accrued as required, except where failure so to pay or accrue would not be reasonably expected
to have a Material Adverse Effect. 
  

	5.19.	 Private Offering by the Company. 

(a) Neither the Company or anyone acting on its behalf has offered the Notes to, or solicited any offer to buy any of the same from, or
otherwise approached or negotiated in respect thereof with, any person other than the Purchasers and not more than 45 other Institutional Investors, each of which has been offered the Notes at a private sale for investment. Neither the Company nor
anyone acting on its behalf has taken, or will take, any action that would subject the issuance or sale of the Notes to the registration requirements of Section 5 of the Securities Act or to the registration requirements of any securities or
blue sky laws of any applicable jurisdiction. 

  
 - 11 - 

 (b) No form of general solicitation or general advertising (within the meaning of Regulation
D under the Securities Act) was used by the Company nor anyone acting on its behalf, including advertisements, articles, notices or other communications published in any newspaper, magazine or similar medium or broadcast over television or radio, or
any seminar or meeting whose attendees have been invited by any general solicitation or general advertising in connection with the offer and sale of the Notes pursuant to this Agreement. 

(c) No securities similar to the Notes have been offered, issued or sold by the Company nor anyone acting on its behalf within the six month
period immediately prior to the date hereof. 
  

	5.20.	 Use of Proceeds; Margin Regulations. 

The Company will apply the proceeds of the sale of the Notes to repay indebtedness under the Bank Facilities, to pay the fees and expenses of
the placement agents in connection with the sale and issuance of the Notes. No part of the proceeds from the sale of the Notes hereunder will be used, directly or indirectly, for the purpose of buying or carrying any margin stock within the meaning
of Regulation U of the Board of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any securities under such circumstances as to involve the Company in a violation of Regulation X of said
Board (12 CFR 224) or to involve any broker or dealer in a violation of Regulation T of said Board (12 CPR 220). Margin stock does not constitute any of the value of the consolidated assets of the Company and its Subsidiaries and the Company does
not have any present intention that margin stock will constitute any of the value of such assets. As used in this Section, the terms “margin stock” and “purpose of buying or carrying” shall have the meanings assigned to them in
said Regulation U. 
  

	5.21.	 Existing Indebtedness; Future Liens. 

(a) Except as described therein, Schedule 5.21 sets forth a complete and correct list of all outstanding Debt of the Company and its
Subsidiaries as of November 30, 2017 (including a description of the obligors and obligees, principal amount outstanding and collateral therefor, if any, and Guarantees thereof, if any), since which date there has been no Material change in the
amounts, interest rates, sinking funds, installment payments or maturities of such Debt of the Company or its Subsidiaries. None of the Company or any Subsidiary is in default and no waiver of default is currently in effect, in the payment of any
principal or interest on any Debt of the Company or such Subsidiary and no event or condition exists with respect to any Debt of the Company or any Subsidiary that would permit (or that with notice or the lapse of time, or both, would permit) one or
more Persons to cause such Debt to become due and payable before its stated maturity or before its regularly scheduled dates of payment. 

  
 - 12 - 

 (b) Except as disclosed in Schedule 5.21, none of the Company or any Subsidiary has agreed
or consented to cause or permit in the future (upon the happening of a contingency or otherwise) any of its property, whether now owned or hereafter acquired, to be subject to a Lien not permitted by Section 10.5. 

(c) None of the Company or any Subsidiary is a party to, or otherwise subject to any provision contained in, any instrument evidencing Debt of
the Company or such Subsidiary, any agreement relating thereto or any other agreement (including, but not limited to, its charter or other organizational document) which limits the amount of, or otherwise imposes restrictions on the incurring of,
Debt of the Company or any Subsidiary Guarantor except as specifically indicated in Schedule 5.21. 
  

	5.22.	 Foreign Assets Control Regulations, Etc. 

{Redacted Section} 
  

	5.23.	 Status under Certain Statutes. 

None of the Company or any Subsidiary is subject to regulation under the United States Investment Company Act of 1940, as amended, the United
States Public Utility Holding Company Act of 2005, as amended, the United States ICC Termination Act of 1995, as amended, or the United States Federal Power Act, as amended. 
  

	5.24.	 Environmental Matters. 

(a) To the best of the knowledge and belief of the Company, after due inquiry, the Company, the Initial Subsidiary Guarantors, the Material
Subsidiaries and their respective properties, assets and undertakings taken as a whole comply in all respects and the businesses, activities and operations of same and the use of such properties, assets and undertakings and the processes and
undertakings performed thereon comply in all respects with all Environmental Laws except to the extent that failure to comply would not have and would not reasonably be expected to have a Material Adverse Effect; further, the Company does not know,
and has no reasonable grounds to know, of any facts which result in or constitute or are likely to give rise to non-compliance with any Environmental Laws, which facts or
non-compliance have or would reasonably be expected to have a Material Adverse Effect. 
 (b) The
Company, the Initial Subsidiary Guarantors and the Material Subsidiaries have not received written notice and, except as disclosed in Schedule 5.24, the Company has no knowledge after due inquiry, of any facts which would reasonably be expected to
give rise to any notice of non-compliance with any Environmental Laws, which non-compliance has had or would reasonably be expected to have a Material Adverse Effect and
neither the Company, any Initial Subsidiary Guarantor nor any Material Subsidiary has received any notice that the Company, any of the Initial Subsidiary Guarantors or any Material Subsidiary is a potentially responsible party for a federal,
provincial, regional, municipal or local clean up or corrective action in connection with their respective properties, assets and undertakings where such clean up or corrective action has had or would reasonably be expected to have a Material
Adverse Effect. 

  
 - 13 - 

	5.25.	 Ranking of Obligations. 

The Company’s payment obligations under this Agreement and the Notes will, upon issuance of the Notes, rank at least pari
passu, without preference or priority, with its obligations under each Principal Debt Facility and all other unsubordinated Debt of the Company. Each Initial Subsidiary Guarantor’s payment obligations under its Subsidiary Guarantee will,
upon issuance thereof, rank at least pari passu, without preference or priority, with its obligations in respect of each Principal Debt Facility and all other unsubordinated Debt of such Initial Subsidiary Guarantor. 

 

	5.26.	 Solvency. 

Each of the Company, the Initial Subsidiary Guarantors and the Material Subsidiaries is not insolvent and is able to pay its liabilities as
they become due and the realizable value of each of such entity’s assets is not less than the aggregate of its liabilities. 
  

	5.27.	 Labour Matters. 

None of the Company or its Subsidiaries is engaged in any unfair labour practice that would reasonably be expected to cause a Material Adverse
Change; and there is no unfair labour practice complaint pending against any of the Company or its Subsidiaries, or threatened against any of them, before any Governmental Authority that if adversely determined would reasonably be expected to cause
a Material Adverse Change. No grievance or arbitration arising out of or under any collective bargaining agreement is pending against any of the Company or its Subsidiaries or, to the best of the Company’s knowledge, threatened against any of
them except such as would not reasonably be expected to cause a Material Adverse Change. No strike, labour dispute, slowdown or stoppage is pending against any of the Company or its Subsidiaries or, to the best of the Company’s knowledge,
threatened against any of them and no union representation proceeding is pending with respect to any employees of the Company or its Subsidiaries, except (with respect to any matter specified in this sentence, either individually or in the
aggregate) such as would not reasonably be expected to cause a Material Adverse Change. 
  

	6.	 REPRESENTATIONS OF THE PURCHASERS. 

 

	6.1.	 Purchase for Investment. 

Each Purchaser severally represents that it is purchasing the Notes for its own account or for one or more separate accounts maintained by such
Purchaser or for the account of one or more pension or trust funds and not with a view to the distribution thereof, provided that the disposition of such Purchaser’s or their property shall at all times be within such Purchaser’s or their
control. Each Purchaser understands that the Notes have not been registered under the Securities Act, or qualified for distribution by a prospectus under applicable Canadian securities laws, and may be transferred or resold (including by pledge or
hypothecation) only if registered pursuant to the provisions of the Securities Act and a valid qualification exemption under applicable state or provincial securities or “blue sky” laws, or if an exemption from registration or
qualification is available, except under circumstances where neither such registration nor such an 

  
 - 14 - 

 
exemption is required by law, and may be transferred or resold (including by pledge or hypothecation) in Canada only in compliance with applicable Canadian federal and provincial securities laws
and that the Company is not required to register or qualify the Notes in the United States or Canada. Such Purchaser is knowledgeable, sophisticated and experienced in business and financial matters; it has previously invested in securities similar
to the Notes (but issued by other Persons); and it (or, if it is purchasing for a managed account, such account on behalf of which such Purchaser is acting) is able to bear the economic risk of its investment in the Notes and is presently able to
afford the complete loss of such investment; it (or, if it is purchasing for a managed account, such account on behalf of which such Purchaser is acting) is a resident of Canada or is an Institutional Accredited Investor; and it acknowledges it has
been afforded sufficient access to information about the Company and its Subsidiaries and their financial condition and business and the terms and conditions of the offering of the Notes sufficient to enable it to evaluate its investment in the
Notes. 
 Each Purchaser acknowledges that it has been provided with a copy of the Memorandum and has been afforded the full opportunity to
review the Memorandum and is solely responsible, at its own expense, for obtaining such tax, investment, legal and other professional advice as it considers appropriate in connection with this Agreement and the purchase of the Notes. 

If such Purchaser is a resident of Canada: 

(a) it is a resident of any of the province of Ontario, Quebec, Manitoba, Alberta, Saskatchewan or British Columbia and is
entitled under applicable Canadian securities laws to purchase the Notes without the benefit of a prospectus qualified under those securities laws; and 

(b) it acknowledges that the sale and delivery of the Notes to such Purchaser and (if applicable) to any purchaser on whose
behalf such Purchaser is contracting hereunder, is conditional upon such sale being exempt from the prospectus and dealer registration requirements under applicable securities laws in the province of Canada in which such Purchaser is resident. 

If such Purchaser is a resident of Canada, each such Purchaser severally represents that: 

 

	 	(a)	 it: 

  

	 	(i)	 is an “accredited investor” as such term is defined in National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”) or Section 73.3 of the Securities Act (Ontario) as applicable as it is either:
(1) an association governed by the Cooperative Credit Associations Act (Canada) or a central cooperative credit society for which an order has been made under section 473(1) of that Act; (2) a bank, loan corporation, trust company,
trust corporation, insurance company, treasury branch, credit union, caisse populaire, financial services cooperative, or league that, in each case, is authorized by an enactment of Canada or a

  
 - 15 - 

	 	
jurisdiction of Canada to carry on business in Canada or a jurisdiction in Canada; (3) a Schedule III bank; (4) a person acting on behalf of a fully managed account managed by that
person, if that person is registered or authorized to carry on business as an advisor or the equivalent under the securities legislation of a jurisdiction of Canada or a foreign jurisdiction; or (5) the Government of Canada or a jurisdiction of
Canada, or any crown corporation, agency or wholly owned entity of the Government of Canada or a jurisdiction of Canada; and 

  

	 	(ii)	 is either (A) purchasing the Notes as principal, or (B) is deemed to be purchasing as principal for
the purposes of NI 45-106 as it is a person acting on behalf of a fully managed account managed by that person, if that person is registered or authorized to carry on business as an advisor or the equivalent
under the securities legislation of a jurisdiction of Canada or a foreign jurisdiction; 

 Each Purchaser acknowledges
that the offering and sale of the Notes is being made to Purchasers in the United States, Canada and other countries by the Company, a corporation headquartered in the Province of Alberta, Canada, pursuant to an exemption from the prospectus
requirements of the Securities Act (Alberta). Each Purchaser of Notes outside of Canada and not otherwise a resident of Canada, certifies that it is not located in, or a resident of, the Province of Alberta or any other province or territory
of Canada, and acknowledges that: 
 (a) no securities commission or similar regulatory authority has reviewed or passed on
the merits of the Notes; 
 (b) there is no government or other insurance covering the Notes; 

(c) there are risks associated with the purchase of the Notes; 

(d) there are restrictions on the purchaser’s ability to resell the Notes and it is the responsibility of the Purchaser to
find out what those restrictions are and to comply with them before selling the Notes; and 
 (e) the Company has advised
such Purchaser through this Agreement that it is relying on an exemption from the requirements of the Securities Act (Alberta) to provide the purchaser with a prospectus and to sell securities through a person or company registered to sell
securities under the Securities Act (Alberta) and, as a consequence of acquiring Notes pursuant to this exemption, certain protections, rights and remedies provided by the Securities Act (Alberta), including statutory rights of
rescission or damages, will not be available to the purchaser. 
 Each Purchaser acknowledges that the Notes are subject to resale
restrictions under applicable securities laws, and it has been advised to consult its own legal advisors with respect to applicable resale restrictions. 

  
 - 16 - 

 Each Purchaser severally agrees it will comply with all relevant securities legislation
concerning any resale of the Notes. 
 The Purchasers acknowledge that the Notes shall bear a legend substantially in the following form:

 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR UNDER
ANY STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF ENERFLEX LTD. (THE “COMPANY”) THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY, WHETHER DIRECTLY OR
INDIRECTLY, (A) TO THE COMPANY, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH REGULATIONS UNDER THE SECURITIES ACT, (C) IN ACCORDANCE WITH AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, OR (D)
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS OR THE APPLICABLE SECURITIES LAWS OF ANY OTHER JURISDICTION. 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE APRIL 16, 2018. 

Each Purchaser severally represents that it is either: 

(i) (x) an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation
D under the Securities Act) and (y) acquiring the Notes for its own account; or 
 (ii) (x) a qualified
institutional buyer (as defined under Rule 144A under the Securities Act) and (z) acquiring the Notes for its own account or for the account of a qualified institutional buyer. 

Each Purchaser: 

(i) acknowledges that the Notes are being offered in a transaction not involving any public offering in the United States
within the meaning of the Act, that such Notes have not been registered under the Act or any applicable state securities laws; 

  
 - 17 - 

 (ii) acknowledges that it has not purchased the Notes as a result of any
general solicitation or general advertising, including, without limitation, advertisements, articles, notices or other communications published on the Internet or in any newspaper, magazine or similar media, or broadcast over radio or television, or
any seminar or meeting whose attendees have been invited by general solicitation or general advertising; and 
 (iii)
understands that if it decides to offer, sell or otherwise transfer the Notes, such securities may be offered, sold or otherwise transferred only (A) to the Company, (B) outside the United States in accordance with Regulation S under the
Securities Act, (C) in accordance with an applicable exemption from the registration requirements of the Securities Act, or (D) pursuant to an effective registration statement under the Securities Act, and, in each case in accordance with any
applicable state securities laws in the United States or the applicable securities laws of any other jurisdiction. 
 If a Purchaser is a
company, partnership, unincorporated association or other entity, each Purchaser severally represents that it has the legal capacity and competence to enter into this Agreement and that all necessary approvals of directors, shareholders or otherwise
have been given and obtained. 
 Each Purchaser severally represents that it has such knowledge in financial and business affairs as to be
capable of evaluating the merits and risks of its investment and it is able to bear the economic risk of loss of its investment. 
  

	6.2.	 Source of Funds. 

Each Purchaser severally represents that at least one of the following statements is an accurate representation as to each source of funds (a
“Source”) to be used by such Purchaser to pay the purchase price of the Notes to be purchased by it hereunder: 
 (a) the
Source is an “insurance company general account” (as the term is defined in the United States Department of Labor’s Prohibited Transaction Exemption (“PTE”) 95-60) in respect of
which the reserves and liabilities (as defined by the annual statement for life insurance companies approved by the NAIC (the “NAIC Annual Statement”)) for the general account contract(s) held by or on behalf of any employee benefit
plan together with the amount of the reserves and liabilities for the general account contract(s) held by or on behalf of any other employee benefit plans maintained by the same employer (or affiliate thereof as defined in PTE 95-60) or by the same employee organization in the general account do not exceed 10% of the total reserves and liabilities of the general account (exclusive of separate account liabilities) plus surplus as set forth
in the NAIC Annual Statement filed with such Purchaser’s state of domicile; or 
 (b) the Source is a separate account that is
maintained solely in connection with such Purchaser’s fixed contractual obligations under which the amounts payable, or credited, to any employee benefit plan (or its related trust) that has any interest in such separate account (or to any
participant or beneficiary of such plan (including any annuitant)) are not affected in any manner by the investment performance of the separate account; or 

  
 - 18 - 

 (c) the Source is either (i) an insurance company pooled separate account, within the
meaning of PTE 90-1 or (ii) a bank collective investment fund, within the meaning of the PTE 91-38 and, except as disclosed by such Purchaser to the Company in
writing pursuant to this clause (c), no employee benefit plan or group of plans maintained by the same employer or employee organization beneficially owns more than 10% of all assets allocated to such pooled separate account or collective investment
fund; or 
 (d) the Source constitutes assets of an “investment fund” (within the meaning of Part VI of PTE 84-14 (the “QPAM Exemption”)) managed by a “qualified professional asset manager” or “QPAM” (within the meaning of Part VI of the QPAM Exemption), no employee benefit plan’s
assets that are managed by the QPAM in such investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of Part VI(c)(1) of the QPAM
Exemption) of such employer or by the same employee organization and managed by such QPAM, represent more than 20% of the total client assets managed by such QPAM, the conditions of Part I(c) and (g) of the QPAM Exemption are satisfied, neither
the QPAM nor a person controlling or controlled by the QPAM maintains an ownership interest in the Company that would cause the QPAM and the Company to be “related” within the meaning of Part VI(h) of the QPAM Exemption and (i) the
identity of such QPAM and (ii) the names of any employee benefit plans whose assets in the investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate
(within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization, represent 10% or more of the assets of such investment fund, have been disclosed to the Company in writing pursuant to this clause
(d); or 
 (e) the Source constitutes assets of a “plan(s)” (within the meaning of Part IV(h) of PTE 96-23 (the “INHAM Exemption”)) managed by an “in-house asset manager” or “INHAM” (within the meaning of Part IV(a) of the INHAM
Exemption), the conditions of Part I(a), (g) and (h) of the INHAM Exemption are satisfied, neither the INHAM nor a person controlling or controlled by the INHAM (applying the definition of “control” in Part IV(d)(3) of the INHAM
Exemption) owns a 10% or more interest in the Company and (i) the identity of such INHAM and (ii) the name(s) of the employee benefit plan(s) whose assets constitute the Source have been disclosed to the Company in writing pursuant to this
clause (e); or 
 (f) the Source is a governmental plan; or 

(g) the Source is one or more employee benefit plans, or a separate account or trust fund comprised of one or more employee benefit plans, and
each such plan, account or fund has been identified to the Company in writing pursuant to this clause (g); or 
 (h) the Source does not
include assets of any employee benefit plan, other than a plan exempt from the coverage of ERISA. 
 As used in this Section 6.2, the terms
“employee benefit plan,” “governmental plan,” and “separate account” shall have the respective meanings assigned to such terms in section 3 of ERISA. 

  
 - 19 - 

 Any Purchaser or transferee that is relying on any of clauses (c), (d), (e) or (g) of
this Section 6.2 shall provide the written disclosure required in such clause to the Company at least three Business Days prior to the purchase or transfer of a Note. If the Company indicates in writing to such Purchaser or transferee prior to
the proposed purchase or transfer that such purchase or transfer would be prohibited under section 406 of ERISA, then such purchase or transfer shall not be effectuated. 

Each Purchaser severally represents that the funds which will be advanced by the Purchaser to the Company hereunder will not represent
proceeds of crime for the purposes of the Proceeds of Crime (Money Laundering) Act (Canada) (the “PCMLA”) and Terrorist Financing Act (Canada) and the Purchaser acknowledges that the Company may in the future be
required by law to disclose the Purchaser’s name and other information relating to its investment and subscription hereunder, on a confidential basis, pursuant to the PCMLA. 

To the best of the knowledge of such Purchaser none of the subscription funds to be provided by the Purchaser have been or will be derived
from or related to any activity that is deemed criminal under the laws of Canada, the United States of America, or any other jurisdiction; or are being tendered on behalf of a person or entity who has not been identified to such Purchaser. Each
Purchaser shall promptly notify the Company if such Purchaser discovers that any of such representations ceases to be true, and will provide the Company with appropriate information in connection therewith. 

 

	7.	 INFORMATION AS TO THE COMPANY SUBSIDIARIES. 

 

	7.1.	 Financial and Business Information. 

The Company shall deliver to each holder of Notes that is an Institutional Investor (and for purposes of this Agreement the information
required by this Section 7.1 shall be deemed delivered on the date of delivery of such information in the English language or the date of delivery of an English translation thereof): 

(a) Interim Statements of the Consolidated Company – promptly after the same are available and in any event within 60 days after
the end of each quarterly fiscal period in each fiscal year of the Company (other than the last quarterly fiscal period of each such fiscal year), duplicate copies of 

(i) unaudited consolidated balance sheet of the Company as at the end of such period, and 

(ii) unaudited consolidated statements of income and retained earnings, and of cash flows, of the Company for such period and
for the portion of the fiscal year ending with such quarter, 

  
 - 20 - 

 setting forth in each case in comparative form the figures for the corresponding period in the previous
fiscal year, all in reasonable detail, prepared in accordance with IFRS applicable to interim financial statements generally, and certified by a Senior Financial Officer as fairly presenting, in all material respects, the financial position of the
Company and its results of operations and cash flows, subject to changes resulting from year-end adjustments, provided that the Company shall be deemed to have made such delivery of such financial information
if it shall have timely made such financial information available on “SEDAR” (at the date of this Agreement located on the worldwide web at: http://www.sedar.com) or on its home page on the worldwide web (at the date of this
Agreement located at: http://www.enerflex.com) (such availability thereof being referred to as “Electronic Delivery”) and such certification is in accordance with Multilateral Instrument
52-109 (Certification of Issuers’ Annual and Interim Filings as adopted by the Canadian Securities Administrator) (“MI 52-109”); 

(b) Annual Statements of the Consolidated Company – promptly after the same are available and in any event within 90 days after
the end of each fiscal year of the Company, duplicate copies of 
 (i) a consolidated balance sheet of the Company as at the
end of such year, and 
 (ii) consolidated statements of income and retained earnings, and of cash flows, of the Company for
such year, 
 setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail, prepared in accordance with
IFRS, and accompanied by a report thereon of a firm of independent chartered accountants of recognized international standing, which report shall state that such financial statements present fairly, in all material respects, the consolidated
financial position of the Company and its results of operations and cash flows and have been prepared in conformity with IFRS, and that the examination of such accountants in connection with such financial statements has been made in accordance with
IFRS, and that such audit provides a reasonable basis for such report in the circumstances, provided that the Company shall be deemed to have made such delivery of such financial information if it shall have timely made Electronic Delivery thereof
and such financial information shall have been certified by a Senior Financial Officer in accordance with MI 52-109; 

(c) Securities Commission and Other Reports – promptly furnish to each holder of the Notes copies of all registration materials,
financial statements, reports, material change reports, circulars, notices and other non-confidential information that the Company was required by applicable law to file and has filed with any securities
commission or stock exchange, has furnished to its shareholders or publicly disclosed (whether by way by advertisement or otherwise), except for insider reports and other filings which are of an administrative nature and do not contain any material
information with respect to the business, affairs or financial condition of the Company and its Subsidiaries. The Company shall be deemed to have satisfied its obligations under this Section 7.1(c) if it shall have timely made Electronic
Delivery thereof; 
 (d) Notice of Material Litigation – promptly written notice of any litigation, proceeding or dispute
affecting the Company, any of the Subsidiary Guarantors or any of the Material Subsidiaries in respect of a demand or claim in respect of which there is a reasonable likelihood of an adverse determination and which if adversely determined would
reasonably be expected to result in a liability, obligation or judgment in excess of {Redacted}% of Consolidated Net Tangible Assets (in aggregate at any point in time) or to have a Material Adverse Effect, and shall from time to time furnish
to such holders of Notes all reasonable information requested by such holders concerning the status of any such litigation, proceeding or dispute; 

  
 - 21 - 

 (e) Notice of Default or Event of Default – promptly and in any event within
five (5) days after a Responsible Officer becoming aware of the existence of any Default or Event of Default, a written notice specifying the nature and period of existence thereof and what action the Company or any Subsidiary is taking or
proposes to take with respect thereto; 
 (f) Notice of Material Adverse Effect or Material Adverse Change – as soon as
reasonably practicable, promptly notify the holders of Notes of: 
 (i) any event, circumstance or condition that has had or
is reasonably likely to have a Material Adverse Effect; and 
 (ii) any Material Adverse Change; 

(g) Notice of New Material Subsidiaries – promptly of the acquisition, creation or existence of each new Material Subsidiary; 

(h) Employee Benefit Matters – promptly and in any event within 10 Business Days after a Responsible Officer becoming aware of any
of the following, a written notice setting forth the nature thereof and the action, if any, that the Company or an ERISA Affiliate proposes to take with respect thereto: 

(i) with respect to any Plan, any reportable event, as defined in section 4043(c) of ERISA and the regulations thereunder, for
which notice thereof has not been waived pursuant to such regulations as in effect on the date hereof; or 
 (ii) the taking
by the PBGC of steps to institute, or the threatening by the PBGC of the institution of, proceedings under section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan, or the receipt by the Company or any
ERISA Affiliate of a notice from a Multiemployer Plan that such action has been taken by the PBGC with respect to such Multiemployer Plan; or 

(iii) any event, transaction or condition that could result in the incurrence of any liability by the Company or any ERISA
Affiliate pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans, or in the imposition of any Lien on any of the rights, properties or assets of the Company or any ERISA Affiliate
pursuant to Title I or IV of ERISA or such penalty or excise tax provisions, if such liability or Lien, taken together with any other such liabilities or Liens then existing, would reasonably be expected to have a Material Adverse Effect; or 

(iv) receipt of notice of the imposition of a Material financial penalty with respect to one or more Non-U.S. Plans (which for this purpose shall mean any tax, penalty or other liability, whether by way of indemnity or otherwise, but shall not include liability for contributions required to be made in the ordinary
course to any such Non-U.S. Plan); and 

  
 - 22 - 

 (i) Requested Information – with reasonable promptness, such other data and
information relating to the business, operations, affairs, financial condition, assets or properties of the Company or its Subsidiaries or relating to their ability to perform their respective obligations under any Financing Agreement as from time
to time may be reasonably requested by any such holder of Notes, including information readily available to the Company or any Subsidiary explaining the Company’s financial statements if such information has been requested by the SVO in order
to assign or maintain a designation of the Notes. 
  

	7.2.	 Officer’s Certificate. 

Each set of financial statements delivered to a holder of Notes pursuant to Section 7.1(a) or Section 7.1(b) shall be accompanied by
a certificate of a Senior Financial Officer (substantially in the form attached as Exhibit 7.2) setting forth: 
 (a) Covenant
Compliance – the information (including detailed calculations) required in order to establish whether the Company was in compliance with the requirements of Sections 10.7, 10.8, 10.11 and 10.12, as applicable, during the quarterly or annual
period covered by the statements then being furnished (including with respect to each such Section, where applicable, the calculations of the maximum or minimum amount, ratio or percentage, as the case may be, permissible under the terms of such
Sections, and the calculation of the amount, ratio or percentage then in existence); and 
 (b) Event of Default – a statement
that such Senior Financial Officer has reviewed the relevant terms hereof and has made, or caused to be made, under his or her supervision, a review of the transactions and conditions of the Company and its Subsidiaries from the beginning of the
interim or annual period covered by the statements then being furnished to the date of the certificate and that such review shall not have disclosed the existence during such period of any condition or event that constitutes a Default or an Event of
Default (except as previously reported under Section 7.1(e)) or, if any such condition or event existed or exists (including, without limitation, any such event or condition resulting from the failure of the Company or any Subsidiary to comply
with any Environmental Law), specifying the nature and period of existence thereof and what action the Company or any Subsidiary shall have taken or proposes to take with respect thereto. 

 

	7.3.	 Visitation. 

The Company shall permit the representatives of each holder of Notes that is an Institutional Investor: 

(a) No Default – if no Default or Event of Default then exists, at the expense of such holder and upon reasonable prior notice to
the Company, to visit the principal executive office of the Company, to discuss the affairs, finances and accounts of the Company and its Subsidiaries with the Company’s officers/management, and (with the consent of the Company, which consent
will not be unreasonably withheld) the Company’s independent chartered accountants, and (with the consent of the Company, which consent will not be unreasonably withheld) to visit the other offices and properties of the Company and its
Subsidiaries, all at such reasonable times and as often as may be reasonably requested in writing; and 

  
 - 23 - 

 (b) Default – if a Default or Event of Default then exists, at the expense of
the Company to visit and inspect any of the offices or properties of the Company and its Subsidiaries, to examine all their respective books of account, records, reports and other papers, to make copies and extracts therefrom, and to discuss their
respective affairs, finances and accounts with their respective officers and independent public accountants (and by this provision the Company, on its own behalf and on behalf of its Subsidiaries, authorizes said accountants to discuss the affairs,
finances and accounts of the Company and its Subsidiaries), all at such times and as often as may be requested in writing. 
  

	7.4.	 Limitation on Disclosure Obligation. 

The Company shall not be required to disclose the following information pursuant to Section 7.1(c), 7.1(f), 7.1(i) or 7.3: 

(a) information that the Company determines after consultation with counsel qualified to advise on such matters that, notwithstanding the
confidentiality requirements of Section 21, it would be prohibited from disclosing by applicable law or regulations without making public disclosure thereof; or 

(b) information that, notwithstanding the confidentiality requirements of Section 21, the Company is prohibited from disclosing by the
terms of an obligation of confidentiality contained in any agreement with any non-Affiliate binding upon the Company and not entered into in contemplation of this clause (b), provided that the Company shall
use commercially reasonable efforts to obtain consent from the party in whose favour the obligation of confidentiality was made to permit the disclosure of the relevant information and provided further that the Company has received a written opinion
of counsel confirming that disclosure of such information without consent from such other contractual party would constitute a breach of such agreement. 

Promptly after a request therefor from any holder of Notes that is an Institutional Investor, the Company will provide such holder with a
written opinion of counsel (which may be addressed to the Company) relied upon as to any requested information that the Company is prohibited from disclosing to such holder under circumstances described in this Section 7.4. 

 

	8.	 PAYMENT AND PREPAYMENT OF THE NOTES. 

 

	8.1.	 Maturity. 

As provided therein, the entire unpaid principal balance of the Notes shall be due and payable on the stated maturity date thereof. 

  
 - 24 - 

	8.2.	 Optional Prepayments with Make-Whole Amount. 

The Company may, at its option, upon notice as provided below, prepay at any time all, or from time to time any part of, the Notes, in an
amount not less than 5% of the aggregate principal amount of the Notes then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid, and the Make-Whole Amount determined for the prepayment date with respect to
such principal amount. The Company will give each holder of Notes written notice of each optional prepayment under this Section 8.2 not less than 10 days and not more than 60 days prior to the date fixed for such prepayment unless the Company
and the Required Holders agree to another time period pursuant to Section 18. Each such notice shall specify such date (which shall be a Business Day), the aggregate principal amount of the Notes to be prepaid on such date, the principal amount
of each Note held by such holder to be prepaid (determined in accordance with Section 8.4), and the interest to be paid on the prepayment date with respect to such principal amount being prepaid, and shall be accompanied by a certificate of a
Senior Financial Officer as to the estimated Make-Whole Amount due in connection with such prepayment (calculated as if the date of such notice were the date of the prepayment), setting forth the details of such computation. Two (2) Business
Days prior to such prepayment, the Company shall deliver to each holder of Notes a certificate of a Senior Financial Officer specifying the calculation of such Make-Whole Amount as of the specified prepayment date. 

 

	8.3.	 Prepayment for Tax Reasons with Modified Make-Whole Amount. 

If at any time as a result of a Change in Tax Law (as defined below) the Company is or becomes obligated to make any Additional Payments (as
defined below) in respect of any payment of interest on account of any of the Notes in an aggregate amount for all affected Notes equal to 5% or more of the aggregate amount of such interest payment on account of all of the Notes, the Company may
give the holders of all affected Notes irrevocable written notice (each, a “Tax Prepayment Notice”) of the prepayment of such affected Notes on a specified prepayment date (which shall be a Business Day not less than 30 days nor
more than 60 days after the date of such notice) and the circumstances giving rise to the obligation of the Company to make any Additional Payments and the amount thereof and stating that all of the affected Notes shall be prepaid on the date of
such prepayment at 100% of the principal amount so prepaid together with interest accrued thereon to the date of such prepayment plus an amount equal to the Modified Make-Whole Amount for each such Note, except in the case of an affected Note if the
holder of such Note shall, by written notice given to the Company no more than 20 days after receipt of the Tax Prepayment Notice, reject such prepayment of such Note (each, a “Rejection Notice”). Such Tax Prepayment Notice shall be
accompanied by a certificate of a Senior Financial Officer as to the estimated Modified Make-Whole Amount due in connection with such prepayment (calculated as if the date of such notice were the date of the prepayment), setting forth the details of
such computation. The form of Rejection Notice shall also accompany the Tax Prepayment Notice and shall state with respect to each Note covered thereby that execution and delivery thereof by the holder of such Note shall operate as a permanent
waiver of such holder’s right to receive the Additional Payments arising as a result of the circumstances described in the Tax Prepayment Notice in respect of all future payments of interest on such Note (but not of such holder’s right to
receive any Additional Payments that arise out of circumstances not described in the Tax Prepayment Notice or which exceed the amount of the Additional Payment described in the Tax 

  
 - 25 - 

 Prepayment Notice), which waiver shall be binding upon all subsequent transferees of such Note. The Tax
Prepayment Notice having been given as aforesaid to each holder of the affected Notes, the principal amount of such Notes together with interest accrued thereon to the date of such prepayment plus the Modified Make-Whole Amount shall become due and
payable on such prepayment date, except in the case of Notes the holders of which shall timely give a Rejection Notice as aforesaid. Two (2) Business Days prior to such prepayment, the Company shall deliver to each holder of a Note being so
prepaid a certificate of a Senior Financial Officer specifying the calculation of such Modified Make-Whole Amount as of such prepayment date. 

No prepayment of the Notes pursuant to this Section 8.3 shall affect the obligation of the Company to pay Additional Payments in respect
of any payment made on or prior to the date of such prepayment. For purposes of this Section 8.3, any holder of more than one affected Note may act separately with respect to each affected Note so held (with the effect that a holder of more
than one affected Note may accept such offer with respect to one or more affected Notes so held and reject such offer with respect to one or more other affected Notes so held). 

The Company may not offer to prepay or prepay Notes pursuant to this Section 8.3 (a) if a Default or Event of Default then exists,
(b) until the Company shall have taken commercially reasonable steps to mitigate the requirement to make the related Additional Payments or (c) if the obligation to make such Additional Payments directly results or resulted from actions
taken by the Company or any Subsidiary (other than actions required to be taken under applicable law), and any Tax Prepayment Notice given pursuant to this Section 8.3 shall certify to the foregoing and describe such mitigation steps, if any.

 For purposes of this Section 8.3: “Additional Payments” means additional amounts required to be paid to a holder of
any Note pursuant to Section 13 by reason of a Change in Tax Law; and a “Change in Tax Law” means (individually or collectively with one or more prior changes) (i) an amendment to, or change in, any law, treaty, rule or
regulation of Canada after the date of the Closing, or an amendment to, or change in, an official interpretation or application of such law, treaty, rule or regulation after the date of the Closing, which amendment or change is in force and
continuing and meets the opinion and certification requirements described below or (ii) in the case of any other jurisdiction that becomes a Taxing Jurisdiction after the date of Closing, an amendment to, or change in, any law, treaty, rule or
regulation of such jurisdiction, or an amendment to, or change in, an official interpretation or application of such law, treaty, rule or regulation, in any case after such jurisdiction became a Taxing Jurisdiction, which amendment or change is in
force and continuing and meets such opinion and certification requirements. No such amendment or change shall constitute a Change in Tax Law unless the same would in the opinion of the Company (which shall be evidenced by an Officer’s
Certificate of the Company and supported by a written opinion of counsel having recognized expertise in the field of taxation in the Taxing Jurisdiction, both of which shall be delivered to all holders of the Notes prior to or concurrently with the
Tax Prepayment Notice in respect of such Change in Tax Law) affect the deduction or require the withholding of any Tax imposed by such Taxing Jurisdiction on any payment payable on the Notes. 

  
 - 26 - 

	8.4.	 Prepayment on Change of Control Without Make-Whole. 

The Company shall, within five (5) Business Days after any Responsible Officer has knowledge of the occurrence of a Change of Control,
give all holders of Notes written notice thereof (each, a “Change of Control Prepayment Notice”), which notice shall contain and constitute an offer to prepay the Notes on a specified prepayment date (which shall be a Business Day
not less than 30 days nor more than 60 days after the date of such notice) at 100% of the principal amount so prepaid, without any Make-Whole Amount, Modified Make-Whole Amount or other premium, together with interest accrued thereon to the date of
such prepayment. Each holder of a Note that wishes to accept such prepayment in respect of all or any of the Notes held by it shall give written notice to that effect to the Company no more than 20 days after receipt of the Change of Control
Prepayment Notice (each, a “Change of Control Prepayment Acceptance Notice”). The form of Change of Control Prepayment Acceptance Notice and a description in reasonable detail of the nature and date of the Change of Control shall
accompany the Change of Control Prepayment Notice. Failure to give a Change of Control Prepayment Acceptance Notice with respect to any Note within such 20-day period shall be deemed to be a rejection of the
prepayment of such Note or Notes held by such holder. The principal amount of all Notes that are the subject of a Change of Control Prepayment Acceptance Notice together with interest accrued thereon to the date of such prepayment shall become due
and payable on such prepayment date. 
 For purposes of this Section 8.4, any holder of more than one Note may act separately with
respect to each Note so held (with the effect that a holder of more than one Note may accept such offer with respect to one or more Notes so held and reject such offer with respect to one or more other Notes so held). 

 

	8.5.	 Allocation of Partial Prepayments. 

In the case of each partial prepayment of the Notes pursuant to Section 8.2, (a) the principal amount of the Notes to be prepaid shall be
allocated among all of the Notes at the time outstanding in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof not theretofore called for prepayment. 

 

	8.6.	 Maturity; Surrender, Etc. 

In the case of each prepayment of Notes pursuant to this Section 8, the principal amount of each Note to be prepaid shall mature and
become due and payable on the date fixed for such prepayment (which shall be a Business Day), together with interest on such principal amount accrued to such date and the Make-Whole Amount or Modified Make-Whole Amount, if any. From and after such
date, unless the Company shall fail to pay such principal amount when so due and payable, together with the interest and Make-Whole Amount or Modified Make-Whole Amount, if any, as aforesaid, interest on such principal amount shall cease to accrue.
Any Note paid or prepaid in full shall be surrendered to the Company and cancelled and shall not be reissued, and no Note shall be issued in lieu of any prepaid principal amount of any Note. 

  
 - 27 - 

	8.7.	 Purchase of Notes. 

The Company will not and will not permit any Affiliate that it controls to purchase, redeem, prepay or otherwise acquire, directly or
indirectly, any of the outstanding Notes except (a) upon the payment or prepayment of the Notes in accordance with the terms of this Agreement or (b) pursuant to an offer to purchase made by the Company or such Affiliate pro rata to the
holders of all Notes of any series at the time outstanding upon the same terms and conditions. Any such offer shall provide each holder with sufficient information to enable it to make an informed decision with respect to such offer, and shall
remain open for at least 10 Business Days. If the holders of more than 50% of the principal amount of the Notes of such series then outstanding accept such offer, the Company shall promptly notify the remaining holders of such fact and the
expiration date for the acceptance by holders of such series of Notes of such offer shall be extended by the number of days necessary to give each such remaining holder at least 10 Business Days from its receipt of such notice to accept such offer.
The Company will promptly cancel all Notes acquired by it or any Affiliate pursuant to any payment or prepayment of Notes pursuant to any provision of this Agreement and no Notes may be issued in substitution or exchange for any such Notes. 

 

	8.8.	 Make-Whole Amount and Modified Make-Whole Amount. 

The terms “Make-Whole Amount” and “Modified Make-Whole Amount” mean, with respect to any Notes, an amount
equal to the excess, if any, of the Discounted Value of the Remaining Scheduled Payments with respect to the Called Principal of such Note over the amount of such Called Principal, provided that neither the Make-Whole Amount nor the Modified
Make-Whole Amount may in any event be less than zero. All payments of Make-Whole Amount and Modified Make-Whole Amount in respect of any Note (i) denominated in Canadian Dollars shall be made in Canadian Dollars and (ii) denominated in
U.S. Dollars shall be made in U.S. Dollars. For the purposes of determining the Make-Whole Amount or Modified Make-Whole Amount with respect to any Notes, the following terms have the following meanings: 

“Applicable Percentage” in the case of a computation of the Modified Make-Whole Amount for purposes of Section 8.3 means
{Redacted}% ({Redacted} basis points), and in the case of a computation of the Make-Whole Amount for any other purpose means {Redacted} % ({Redacted} basis points). 

“Called Principal” means, with respect to any Note, the principal of such Note that is to be prepaid pursuant to
Section 8.2 or 8.3 has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires. 

“Discounted Value” means, with respect to the Called Principal of any Note, the amount obtained by discounting all Remaining
Scheduled Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called Principal, in accordance with accepted financial practice and at a discount factor (applied on the
same periodic basis as that on which interest on the Note is payable) equal to the Reinvestment Yield with respect to such Called Principal. 

  
 - 28 - 

 “Reinvestment Yield” means, with respect to the Called Principal of: 

(i) any Note denominated in Canadian Dollars, the sum of (x) the Applicable Percentage plus (y) the yield to
maturity, as of the third Business Day preceding the Settlement Date with respect to such Called Principal, as provided by two major Canadian investment dealers designated by the Company and acceptable to holders of at least 51% in principal amount
of the Canadian Dollar denominated Notes, for a non-callable Government of Canada bond in Canadian Dollars having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement
Date. Such implied yield will be determined, if necessary, by interpolating linearly between (1) the non-callable Government of Canada bond in Canadian Dollars with the duration closest to and greater
than the Remaining Average Life of such Called Principal and (2) the non-callable Government of Canada bond in Canadian Dollars with the duration closest to and less than the Remaining Average Life of
such Called Principal; and 
 (ii) any Note denominated in U.S. Dollars, the sum of the (x) Applicable Percentage plus
(y) the yield to maturity implied by the “Ask Yield(s)” reported as of 10:00 a.m. (New York City time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as
“Page PX1” (or such other display as may replace Page PX1) on Bloomberg Financial Markets for the most recently issued actively traded on-the-run U.S. Treasury
securities (“Reported”) having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date. If there are no such U.S. Treasury securities Reported having a maturity equal to such Remaining
Average Life, then such implied yield to maturity will be determined by (a) converting U.S. Treasury bill quotations to bond equivalent yields in accordance with accepted financial practice and (b) interpolating linearly between the
“Ask Yields” Reported for the applicable most recently issued actively traded on-the-run U.S. Treasury securities with the maturities (1) closest to and
greater than such Remaining Average Life and (2) closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note. If such
yields are not Reported or the yields Reported as of such time are not ascertainable (including by way of interpolation), then “Reinvestment Yield” means, with respect to the Called Principal of any Note, the sum of (x) the
Applicable Percentage plus (y) the yield to maturity implied by the U.S. Treasury constant maturity yields reported, for the latest day for which such yields have been so reported as of the second Business Day preceding the Settlement Date with
respect to such Called Principal, in Federal Reserve Statistical Release H.15 (or any comparable successor publication) for the U.S. Treasury constant maturity having a term equal to the Remaining Average Life of such Called Principal as of such
Settlement Date. If there is no such U.S. Treasury constant maturity having a term equal to such Remaining Average Life, such implied yield to maturity will be determined by interpolating linearly between (1) the U.S. Treasury constant maturity
so reported with the term closest to and greater than such Remaining Average Life and (2) the U.S. Treasury constant maturity so reported with the term closest to and less than such Remaining Average Life. The Reinvestment Yield shall be
rounded to the number of decimal places as appears in the interest rate of the applicable Note. 

  
 - 29 - 

 “Remaining Average Life” means, with respect to any Called Principal of any
Note, the number of years (calculated to the nearest one-twelfth year) obtained by dividing (i) such Called Principal into (ii) the sum of the products obtained by multiplying (a) the principal
component of each Remaining Scheduled Payment with respect to such Called Principal by (b) the number of years (calculated to the nearest one-twelfth year), that will elapse between the Settlement Date
with respect to such Called Principal and the scheduled due date of such Remaining Scheduled Payment. 
 “Remaining Scheduled
Payments” means, with respect to the Called Principal of any Note, all payments of such Called Principal and interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called
Principal were made prior to its scheduled due date, provided that if such Settlement Date is not a date on which interest payments are due to be made under the terms of the Notes, then the amount of the next succeeding scheduled interest payment
will be reduced by the amount of interest accrued to such Settlement Date and required to be paid on such Settlement Date pursuant to Section 8.2, 8.3 or 12.1. 

“Settlement Date” means, with respect to the Called Principal of any Note, the date on which such Called Principal is to be
prepaid pursuant to Section 8.2 or 8.3 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires. 
  

	9.	 AFFIRMATIVE COVENANTS. 

The Company covenants that so long as any of the Notes are outstanding: 

 

	9.1.	 Insurance. 

The Company will, and will cause the Subsidiary Guarantors and Material Subsidiaries to, maintain, with financially sound and reputable
insurers, insurance with respect to their respective properties and businesses against such casualties and contingencies and in such types and such amounts as shall be in accordance with customary business practices for corporations of the size and
type of business and operations as the Company and its Subsidiaries, to the extent such insurance is available on reasonable commercial terms. 
  

	9.2.	 Maintenance and Operations. 

The Company shall do or cause to be done, and will cause each Subsidiary to do or cause to be done, all things necessary or required to have
all its properties, assets and operations owned, operated and maintained in accordance with diligent and prudent industry practice and Applicable Laws except to the extent that the failure to do or cause to be done the same would not have and would
not reasonably be expected to have a Material Adverse Effect. 

  
 - 30 - 

	9.3.	 Maintain Existence; Compliance with Legislation Generally; Required Permits. 

Except as otherwise permitted by Section 10.2 and 10.6, the Company shall, and shall cause each of the Subsidiary Guarantors and the
Material Subsidiaries, to preserve and maintain its corporate, partnership, trust or other existence (as the case may be) as a corporation, partnership, trust or limited liability company existing under the laws of its applicable jurisdiction of
organization. The Company shall do or cause to be done, and shall cause each of the Subsidiary Guarantors and the Material Subsidiaries to do or cause to be done, all acts necessary or desirable to comply with all Applicable Laws, except (other than
in the case of laws relating to corruption and bribery) where such failure to comply does not and would not reasonably be expected to have a Material Adverse Effect, and to preserve and keep in full force and effect all Required Permits and all
other franchises, licences, rights, privileges, permits and Governmental Authorizations necessary to enable the Company, each of the Subsidiary Guarantors and each of the Material Subsidiaries to operate and conduct their respective businesses in
accordance with prudent industry practice, except to the extent that the failure to have any of the same does not and would not reasonably be expected to have a Material Adverse Effect. 

 

	9.4.	 Books and Records. 

The Company will, and will cause each Subsidiary, to keep proper books of record and account in which complete and correct entries, in all
material respects, will be made of its transactions in accordance with IFRS. 
  

	9.5.	 Priority of Obligations. 

The Company will ensure that its payment obligations under this Agreement and the Notes at all times will, on and after the date the Notes are
issued, rank at least pari passu, without preference or priority, with its obligations under the Principal Debt Facility, and with all other unsecured and unsubordinated Debt of the Company. The Company will further ensure that each
Subsidiary Guarantor’s payment obligations under its Subsidiary Guarantee will, on and after the date the Notes are issued, rank at least pari passu, without preference or priority, with its obligations in respect of the Principal Debt
Facility and with all other unsecured and unsubordinated Debt of such Subsidiary Guarantor. 
  

	9.6.	 Subsidiary Guarantees; Release of Guarantees. 

The Company will cause each Subsidiary of the Company (other than any other Subsidiary which already is a Subsidiary Guarantor) that hereafter
becomes a borrower or a guarantor under the Principal Debt Facility concurrently therewith to enter into and become a party to a Subsidiary Guarantee, and to deliver to each holder of a Note the following: 

(a) the Subsidiary Guarantee; 

(b) a certificate signed by the President, the Chief Financial Officer, a Vice President or another authorized officer of such Subsidiary
making representations and warranties to the effect of those contained in Sections 5.1, 5.2, 5.3, 5.4, 5.11, 5.17, 5.25 and 5.26 but with respect to such Subsidiary and its Subsidiary Guarantee, and, if relevant under applicable law to the provision
of the Subsidiary Guarantee, a certificate confirming the solvency of the Subsidiary; 

  
 - 31 - 

 (c) such documents and evidence with respect to such Subsidiary as the Required Holders may
reasonably request in order to establish the existence and good standing of such Subsidiary and the authorization of the transactions contemplated by the Subsidiary Guarantee; and 

(d) an opinion of independent counsel satisfactory to the Required Holders to the effect that the Subsidiary Guarantee has been duly
authorized, executed and delivered and constitutes the legal, valid and binding obligation of such Subsidiary enforceable in accordance with its terms, except as enforcement of such terms may be limited by bankruptcy, insolvency, reorganization,
moratorium and similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles and other customary qualifications. 

If: 
 (i) the
lenders under all the Principal Debt Facilities have released or are concurrently unconditionally releasing the Guarantee of a Subsidiary Guarantor without direct or indirect compensation for doing so (or if any such compensation has been or is
being provided, equivalent compensation is provided to the holders); 
 (ii) the lenders under all the Principal Debt
Facilities have not advised the Company of their intention not to extend the maturity of all or any part of the Debt under the Principal Debt Facilities; 

(iii) immediately prior to such release, and immediately after giving effect thereto, and to such Subsidiary ceasing to be a
Subsidiary Guarantor, no Default or Event of Default (including as determined by a Current Financial Covenant Testing) exists or would exist, including under Section 10.12 and no “event of default” or “default” (however
designated) exists under the Principal Debt Facility; and 
 (iv) for certainty, after giving effect thereto, and to such
Subsidiary ceasing to be a Subsidiary Guarantor: 
 (A) all Debt that thereby becomes Priority Debt must then be permitted by
Section 10.12 as if such Debt were incurred on the date of such release, and 
 (B) all Liens that immediately prior to
such release were permitted pursuant to Section 10.5 must not then be prohibited immediately after such release as if the Debt that such Liens secure were incurred on the date of such release, 

then the holders shall, following receipt from the Company of an Officers’ Certificate certifying the factual matters in the foregoing Sections 9.6(d)(i)
through 9.6(d)(iv) inclusive, concurrently release and discharge the Subsidiary Guarantor from its Subsidiary Guarantee. 

  
 - 32 - 

 (e) The Company shall also from time to time, by notice in writing to the holders of the
Notes, be entitled to designate effective on the date set out in such notice that any Subsidiary Guarantor (other than a Subsidiary Guarantor that is required to be a Subsidiary Guarantor pursuant to the foregoing requirements of this
Section 9.6) shall be a Non-Guarantor Subsidiary provided that, the Company shall not be entitled to designate that such a Subsidiary Guarantor shall be a
Non-Guarantor Subsidiary if: 
 (i) a Default or an Event of Default has occurred and
is continuing; 
 (ii) a Default or an Event of Default would result from or exist immediately after such a designation; or

 (iii) for certainty, if after such designation the Company would not be in compliance with any of the terms and conditions
hereof including, without limitation, the financial covenants set out in Section 10.11 (including as determined by a Current Financial Covenant Testing); 

provided further that nothing in this Section 9.6(e) shall prohibit the Company from designating that a Subsidiary Guarantor shall be a Non-Guarantor Subsidiary (provided that the foregoing requirements of clauses (i) to (iii) of this paragraph (e) are satisfied) where such Subsidiary Guarantor ceases or will cease to be a borrower or a
guarantor under all Principal Debt Facilities on or about the same date that such designation is made. 
 (f) The Company shall,
concurrently with delivery of a notice pursuant to Section 9.6(e), deliver to the holder of the Notes an Officer’s Certificate certifying that the Company is entitled to make the designation referenced in such notice 

 

	9.7.	 Subordination Agreements. 

The Company will cause each Person (a “Subordinating Person”) that hereafter enters into a subordination agreement whereby it
subordinates any obligations owed to such Subordinating Person by the Company or any Subsidiary of the Company in favour of any obligations owed by the Company or such Subsidiary under any Principal Debt Facility, to concurrently therewith enter
into a subordination agreement on the same terms in favour of the holders of the Notes, and within three (3) Business Days thereafter, the Company shall deliver to each holder of a Note the following: 

(a) such subordination agreement; 

(b) if the Subordinating Person is the Company or a Subsidiary of the Company, a certificate signed by the President, the Chief Financial
Officer, a Vice President or another authorized officer of the Company or such Subsidiary making representations and warranties to the effect of those contained in Sections 5.1, 5.3, 5.4 and 5.11, but with respect to such Subordinating Person and
its Subordination Agreement; 

  
 - 33 - 

 (c) if the Subordinating Person is the Company or a Subsidiary of the Company, such
documents and evidence with respect to such Subordinating Person as the Required Holders may reasonably request in order to establish the existence and good standing of such Subordinating Person and the authorization of the transactions contemplated
by its subordination agreement; and 
 (d) if the Subordinating Person is the Company or a Subsidiary of the Company, an opinion of
independent counsel satisfactory to the Required Holders to the effect that such subordination agreement has been duly authorized, executed and delivered and constitutes the legal, valid and binding obligation of such Subordinating Person
enforceable in accordance with its terms, except as enforcement of such terms may be limited by bankruptcy, insolvency, reorganization, moratorium and similar laws affecting the enforcement of creditors’ rights generally and by general
equitable principles and other customary qualifications. 
 If: 

(i) the lenders under all the Principal Debt Facilities have released or are concurrently unconditionally releasing the
Subordination Agreement of a Subsidiary without direct or indirect compensation for doing so (or if any such compensation has been or is being provided, equivalent compensation is provided to the holders); 

(ii) the lenders under all the Principal Debt Facilities have not advised the Company of their intention not to extend the
maturity of all or any part of the Debt under the Principal Debt Facilities; and 
 (iii) immediately prior to such release,
and immediately after giving effect thereto, no Default or Event of Default (including as determined by a Current Financial Covenant Testing) exists or would exist, and no “event of default” or “default” (however designated)
exists under the Principal Debt Facility; 
 notwithstanding that any such Debt or Lien may have existed at Closing then the holders shall, following
receipt from the Company of an Officers’ Certificate certifying the factual matters in the foregoing Sections 9.7(d)(i) through 9.7(d)(iii) inclusive, concurrently release and discharge the Subsidiary from its Subordination Agreement. 

 

	9.8.	 Payment of Royalties, Taxes, Withholdings, Etc. 

The Company shall, and shall cause the Subsidiary Guarantors and the Material Subsidiaries, from time to time pay or cause to be paid all
material royalties, rents, Taxes, rates, levies or assessments, ordinary or extraordinary, governmental fees or dues, and to make and remit all withholdings, lawfully levied, assessed or imposed upon the Company, the Subsidiary Guarantors and the
Material Subsidiaries many of the assets of the Company, the Subsidiary Guarantors and the Material Subsidiaries as and when the same become due and payable, except when and so long as the validity of any such royalties, rents, Taxes, rates, levies,
assessments, fees, dues or withholdings is being contested by the Company, the Subsidiary Guarantors or the Material Subsidiaries by a Permitted Contest or the failure to pay or cause to be paid the same would not have or reasonably be expected to
have a Material Adverse Effect. 

  
 - 34 - 

	9.9.	 Payment of Preferred Claims. 

The Company shall, and shall cause the Subsidiary Guarantors and the Material Subsidiaries to, from time to time pay when due or cause to be
paid when due all amounts related to wages, workers’ compensation obligations, government royalties or pension fund obligations and any other amount which may result in a lien, charge, Lien or similar encumbrance against the assets of the
Company, such Subsidiary Guarantor or such Material Subsidiary arising under statute or regulation, except when and so long as the validity of any such amounts or other obligations is being contested by the Company, the Subsidiary Guarantors or the
Material Subsidiaries by a Permitted Contest or the failure to pay or cause to be paid the same would not have or reasonably be expected to have a Material Adverse Effect. 
  

	9.10.	 Environmental Covenants. 

(a) Without limiting the generality of Section 9.3 above, the Company shall, and shall cause the Subsidiary Guarantors and the Material
Subsidiaries to, conduct their business and operations so as to comply at all times with all Environmental Laws if the consequence of a failure to comply, either alone or in conjunction with any other such
non-compliances, would have or would reasonably be expected to have a Material Adverse Effect. 

(b) If the Company, any of the Subsidiary Guarantors or any of the Material Subsidiaries shall: 

(i) receive or give any notice that a violation of any Environmental Law has or may have been committed or is about to be
committed by the same, and if such violation has or would reasonably be expected to have a Material Adverse Effect; 
 (ii)
receive any notice that a complaint, proceeding or order has been filed or is about to be filed against the same alleging a violation of any Environmental Law, and if such violation would reasonably be expected to have a Material Adverse Effect; or

 (iii) receive any notice requiring the Company, a Subsidiary Guarantor or a Material Subsidiary, as the case may be, to
take any action in connection with the release of Hazardous Materials into the environment or alleging that the Company, such Subsidiary Guarantor or such Material Subsidiary may be liable or responsible for costs associated with a response to or to
clean up a Release of Hazardous Materials into the environment or any damages caused thereby in excess of {Redacted}% of Consolidated Net Tangible Assets (in aggregate at any point in time), or if such action or liability has or would
reasonably be expected to have a Material Adverse Effect, 
 the Company shall promptly provide the holders of the Notes with a copy of such notice and
shall, or shall cause such Subsidiary Guarantor or Material Subsidiary to, furnish to the holders of Notes from time to time all reasonable information requested by the Required Holders relating to the same. 

- 

  
 - 35 - 

	9.11.	 Post-Closing Undertaking. 

The Company agrees to use commercially reasonable efforts to correct (a) the Founder’s Declaration and (b) the Articles of
Association of its Subsidiary, Enerflex Middle East SPC Owned By Enerflex Middle East Ltd. (the “Bahrain Subsidiary”), not later than 90 days following the date of Closing, to correctly identify that the organizational jurisdiction
of its sole shareholder, Enerflex Middle East Ltd., is Barbados and not the United States (the “Correction”). If such Correction is not obtained by such date, such failure will not result in a Default or an Event of Default
hereunder; however, in all events, the Company shall continue to diligently pursue such Correction and shall provide the holders with information relating to the status of such Correction upon request. Promptly upon finalizing the Correction, the
Company will deliver to each holder of the Notes an updated legal opinion of Bahraini counsel and an officer’s certificate for the Bahrain Subsidiary, each in substantially the same form delivered in connection with the Closing, except
confirming the completion of the Correction and confirming the due registration, capacity and authority of the Bahrain Subsidiary to enter into the Guarantee without reference to the needed Correction. If, at any time, the Company determines that,
notwithstanding the use of commercially reasonable efforts, it is impossible to obtain the Correction, it shall promptly notify all holders of the Notes. 
  

	10.	 NEGATIVE COVENANTS. 

The Company covenants that so long as any of the Notes are outstanding: 

 

	10.1.	 Transactions with Affiliates. 

Except in respect of transactions between or among the Company and/or one or more of the Subsidiary Guarantors and/or the Material
Subsidiaries, the Company shall not, nor shall it permit any Subsidiary Guarantor or any Material Subsidiary to, enter into any contract, agreement or transaction whatsoever, including for the sale, purchase, lease or other dealing in any property
or the provision of any services (other than office and administration services provided in the ordinary course of business), with any Affiliate except upon fair and reasonable terms, which terms are not less favourable to the Company, a Subsidiary
Guarantor or a Material Subsidiary, as applicable, than it would obtain in an arm’s length transaction. 
  

	10.2.	 Merger, Consolidation, Etc.; Reorganization. 

Except as permitted under Section 10.6 or Section 10.7, the Company will not, and will not permit any Subsidiary Guarantor or
Material Subsidiary to, consolidate with or merge with or amalgamate with any other Person or convey, transfer or lease all or substantially all of its assets (including by way of a winding up or dissolution) in a single transaction or series of
transactions to any Person unless: 
 (a) in the case of any such transaction involving the Company or a Subsidiary
Guarantor, the successor formed by such consolidation or amalgamation or the survivor of such merger or the Person that acquires by conveyance, transfer or lease all or substantially all of the assets of the Company or Subsidiary Guarantor as an
entirety (including by way 

  
 - 36 - 

 of a winding up or dissolution), as the case may be, shall be a solvent corporation, limited
liability company, partnership or trust organized and existing under the laws of Canada or any province thereof or of the United States or any State thereof (including the District of Columbia) or, in the case of a Subsidiary Guarantor, in the
jurisdiction of its organization or creation and (i) such corporation, limited liability company, partnership or trust shall have executed and delivered to each holder of any Notes its assumption of the due and punctual performance and
observance of each covenant and condition of each respective Financing Agreement by which the Company or Subsidiary Guarantor was bound and (ii) shall have caused to be delivered to each holder of any Notes an opinion of Davies Ward
Phillips & Vineberg LLP or other independent counsel licensed in the relevant jurisdictions and reasonably satisfactory to the Required Holders, to the effect that (A) all agreements or instruments effecting such assumption are
enforceable in accordance with their terms and (B) as a result of such transaction, none of the Company or any Subsidiary Guarantor that continues to exist has been released from its obligations under the Financing Agreements; provided that
agreements or instruments of assumption shall not be required hereunder if such assumption occurs by operation of law, and the Company delivers an opinion of such counsel to that effect; 

(b) in the case of any such transactions involving any other Subsidiary, the successor formed by such consolidation or
amalgamation or the survivor of such merger or the Person that acquires by conveyance, transfer or lease substantially all of the assets of such Subsidiary as an entirety, as the case may be, shall be a Subsidiary organized and existing under the
laws of Canada or any province thereof or of the United States or any State thereof (including the District of Columbia) or the jurisdiction of its organization or creation in any other case; and 

(c) in all cases, immediately before and after giving effect to such transaction, no Default or Event of Default shall have
occurred and be continuing (including as determined by a Current Financial Covenant Testing). 
 No such conveyance, transfer or lease of all
or substantially all of the assets of the Company or a Subsidiary Guarantor shall have the effect of releasing it or any successor Person that shall theretofore have become such in the manner prescribed in this Section 10.2 from its liability
under this Agreement or the Notes or any other Financing Agreement. 
  

	10.3.	 Change of Business. 

The Company shall not, and shall not permit any Subsidiary Guarantor or any Material Subsidiary to, change in any material respect its
Business. 
  

	10.4.	 Economic Sanctions, Etc. 

The Company will not and will not permit any Controlled Entity to (a) become (including by virtue of being owned or controlled by a
Blocked Person), own or control a Blocked Person or (b) have any investment in or engage in any dealing or transaction with any Person if such investment, dealing or transaction would be in violation of, or result in the imposition of sanctions
under, any Sanctions Laws applicable to the Company or such Controlled Entity, except, in the case of this clause (b), to the extent that such violation or sanctions, if imposed, would not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect. 

  
 - 37 - 

	10.5.	 Liens. 

The Company will not, and will not permit any Subsidiary Guarantor or any Material Subsidiary to, create, issue, incur, assume or permit to
exist any Lien on any of its or their property, undertakings or assets, other than Permitted Liens and Liens securing Priority Debt permitted hereby. 

Notwithstanding the foregoing, the Company will not, and will not permit any Subsidiary Guarantor or Material Subsidiary to, grant any Lien
securing Debt under or pursuant to any Principal Debt Facility unless and until all obligations of the Company under the Notes and of any Subsidiary Guarantor shall concurrently be secured equally and ratably with such Debt under and pursuant to any
Principal Debt Facility pursuant to documentation in form and substance reasonably satisfactory to the Required Holders. 
  

	10.6.	 No Dissolution. 

The Company shall not, and shall not permit any Subsidiary Guarantor or any Material Subsidiary to, liquidate, dissolve or wind up or take any
steps or proceedings in connection therewith except (i) in the case of Subsidiary Guarantors, where the successor thereto or transferee thereof is the Company or another Subsidiary Guarantor or (ii) in the case of Material Subsidiaries,
where the successor thereto or transferee thereof is the Company, a Subsidiary Guarantor or another Material Subsidiary. 
  

	10.7.	 Limit on Sale of Assets. 

Except for Permitted Dispositions, the Company shall not, and shall not permit any Subsidiary to, sell, transfer or otherwise dispose of any of
their respective property or assets (i) during the continuance of a Default or Event of Default or (ii) in any calendar year, whether in one or a series of transactions, which, in aggregate, have a fair market value in excess of
{Redacted}% of Consolidated Net Tangible Assets. 
  

	10.8.	 Limit on Investments and Financial Assistance. 

The Company shall not, and shall not permit any Subsidiary Guarantor or any Material Subsidiary to (i) make Investments in any person
other than the Company or a Subsidiary Guarantor or (ii) provide any Financial Assistance to or for the benefit of any person other than the Company or a Subsidiary Guarantor, other than (A) amounts not in excess, in the aggregate, in any
calendar year, of {Redacted}% of Consolidated Net Tangible Assets plus 100% of the net proceeds to the Company, such Subsidiary Guarantor or Material Subsidiary from any equity offerings completed after June 22, 2011 and
(B) an Investment in a person that will become a Subsidiary Guarantor by delivering a Subsidiary Guarantee concurrently with or immediately following the making of the Investment. 

  
 - 38 - 

	10.9.	 Limits on Distributions. 

The Company shall not make any Distributions during the continuance of a Default or Event of Default or which, immediately following such
Distribution, would have or would reasonably be expected to result in a Default or Event of Default. 
  

	10.10.	 No Financial Instruments Other Than Permitted Hedging. 

The Company shall not and shall not permit any Subsidiary to enter into, transact or have outstanding any Financial Instruments or Financial
Instrument Obligations other than Permitted Hedging. 
  

	10.11.	 Financial Covenants. 

(a) Maximum Net Funded Debt to EBITDA Ratio 

As at each Quarter End, the Company shall not permit the Net Funded Debt to EBITDA Ratio to exceed 3.00:1.00, such ratio to be calculated on a
rolling four quarter basis. 
 Notwithstanding the foregoing, for the four Quarter Ends following the completion of a Material Acquisition,
the Company shall not permit the Net Funded Debt to EBITDA Ratio to exceed 3.50:1.00 (the “Acquisition Leverage Step Up”) provided that (i) without taking into account the Material Acquisition, the Net Funded Debt to EBITDA
Ratio shall not have exceeded 3.00:1.00 as at each such Quarter Ends and (ii) if the Company has previously invoked the Acquisition Leverage Step Up, the Company shall only be entitled to again invoke the Acquisition Leverage Step Up if the Net
Funded Debt to EBITDA Ratio shall not have exceeded 3.00:1.00 for the two Quarter Ends preceding the subsequent Material Acquisition in question. 

(b) Minimum Interest Coverage Ratio 

As at each Quarter End, the Company shall not permit the Interest Coverage Ratio to be less than 3.00:1.00, such ratio to be calculated on a
rolling four-quarter basis. 
  

	10.12.	 Priority Debt. 

The Company will ensure that Priority Debt will not at any time exceed {Redacted}% of Consolidated Net Tangible Assets, at such time,
excluding for this purpose from Priority Debt, the amount of the obligations relating to the Capital Leases (which but for the adoption of International Financial Reporting Standards would have been classified as operating leases under IFRS in
effect as of December 31, 2010).  

  
 - 39 - 

	11.	 EVENTS OF DEFAULT. 

An “Event of Default” shall exist if any of the following conditions or events shall occur and be continuing: 

(a) the Company defaults in the payment of any principal or Make-Whole Amount or Modified Make-Whole Amount, if any, on any Note when the same
becomes due and payable, whether at maturity or at a date fixed for prepayment or by declaration or otherwise; or 
 (b) the Company
defaults in the payment of any interest on any Note or any amount payable pursuant to Section 13 for more than five (5) days after the same becomes due and payable; or 

(c) the Company defaults in the performance of or compliance with any term contained in Sections 7.1(e) or 10.11 and shall fail to remedy or
cure the same within ten days; or 
 (d) the Company defaults in the performance of or compliance with any term contained herein (other than
those referred to in Sections 11(a), 11(b) and 11(c)), or the Company or any Subsidiary Guarantor defaults in the performance of or compliance with any term in a Subsidiary Guarantee, and in any case such default is not remedied within 30 days after
the earlier of (i) a Responsible Officer obtaining actual knowledge of such default and (ii) the Company receiving written notice of such default from any holder of a Note (any such written notice to be identified as a “notice of
default” and to refer specifically to this Section 11(d)); or 
 (e) any representation or warranty made in writing by or on
behalf of the Company or any Subsidiary or by any officer of the Company or any Subsidiary in this Agreement or in any other Financing Agreement or in any other writing furnished in connection with the transactions contemplated hereby proves to have
been false or incorrect in any material respect on the date as of which made; or 
 (f) any of the Company, a Subsidiary Guarantor or a
Material Subsidiary (i) is generally not paying, or admits in writing its inability to pay, its debts as they become due, (ii) files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization
or arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction, (iii) makes an assignment for the benefit of its
creditors, (iv) consents to the appointment of a custodian, receiver, receiver-manager, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, (v) is adjudicated as
insolvent or to be liquidated, or (vi) takes corporate action for the purpose of any of the foregoing; provided that any plan of arrangement under the Business Corporation Act (Ontario), the Business Corporation Act (Alberta), the
Canada Business Corporations Act or any analogous statute, whether foreign or domestic, consummated in compliance with Section 10.2 shall not constitute an Event of Default under this clause (f); or 

  
 - 40 - 

 (g) a court or Governmental Authority of competent jurisdiction enters an order appointing,
without consent by the Company, a Subsidiary Guarantor or a Material Subsidiary, a custodian, receiver, receiver-manager, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, or
constituting an order for relief or approving a petition for relief or reorganization or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering the dissolution, winding-up or liquidation of the Company, a Subsidiary Guarantor or a Material Subsidiary, or any such petition shall be filed against the Company, a Subsidiary Guarantor or a Material Subsidiary and such petition
shall not be dismissed within 30 days; provided that any plan of arrangement under the Business Corporation Act (Ontario), the Business Corporation Act (Alberta), the Canada Business Corporations Act or any analogous statute,
whether foreign or domestic, consummated in compliance with Section 10.2 shall not constitute an Event of Default under this clause (g); or 

(h) any event occurs with respect to the Company, a Subsidiary Guarantor or a Material Subsidiary which under the laws of any jurisdiction is
analogous to any of the events described in Section 11(f) or 11(g), provided that the applicable grace period, if any, which shall apply shall be the one applicable to the relevant proceeding which most closely corresponds to the proceeding
described in Section 11(f) or 11(g); or 
 (i) except as permitted by Sections 10.2 and 10.6, if proceedings are commenced for the
dissolution, liquidation or winding up of the Company, any Subsidiary Guarantor or any Material Subsidiary unless such proceedings are being actively and diligently contested in good faith to the satisfaction of the Required Noteholders; or 

(j) if one or more final judgments, decrees or orders (after available appeals have been exhausted) for an aggregate amount in excess of
{Redacted}% of Consolidated Net Tangible Assets shall be awarded against the Company, any Subsidiary Guarantor or any Material Subsidiary and the Company, any Subsidiary Guarantor or any such Material Subsidiary, as applicable, has not
provided security (to the holders of the Notes, the applicable court that rendered such judgment, the judgment creditor or an agent or trustee for one of the foregoing) for any of such judgments, decrees or orders or caused such judgment, decree or
order to be satisfied or stayed within 60 days of such judgment, decree or order being awarded; or 
 (k) any Financing Agreement shall
cease to be a legal, valid and binding agreement enforceable against the Company, a Subsidiary Guarantor or a Material Subsidiary thereunder in any material respect in accordance with the respective terms thereof or shall in any way be terminated or
become ineffective or inoperative, except for the cancellation of Notes in the ordinary course and in accordance with the terms hereof and the release of Subsidiary Guarantors in accordance with the terms hereof, or shall in any way whatsoever cease
to give or provide in any material respect the respective rights, titles, interest, remedies, powers or privileges intended to be created thereby including, without limitation, a determination by any Governmental Authority or court that such
Financing Agreement is invalid, void or unenforceable in any material respect or any party thereto shall contest or deny the validity or enforceability of any of its obligations under such Financing Agreement; or 

  
 - 41 - 

 (l) if the Company, any of the Subsidiary Guarantors or any Material Subsidiary (or any
combination thereof) defaults in the payment when due (whether at maturity, upon acceleration, or otherwise) of Debt or Financial Instrument Obligations in aggregate in excess of {Redacted}% of Consolidated Net Tangible Assets unless such
default has been remedied or waived in accordance with the provisions of the relevant indentures, credit agreements, instruments or other agreement evidencing such Debt or Financial Instrument Obligations; or 

(m) if a default, event of default or other similar condition or event (however described) in respect of the Company, any of the Subsidiary
Guarantors or any of the Material Subsidiaries (or any combination thereof) occurs or exists and is continuing under any indentures, credit agreements, agreements or other instruments evidencing or relating to Debt or Financial Instrument
Obligations (individually or collectively) in an aggregate amount in excess of {Redacted}% of Consolidated Net Tangible Assets and such default, event or condition has resulted in such Debt or Financial Instrument Obligations becoming, or
becoming capable at such time of being declared, due and payable thereunder before it would otherwise have been due and payable. 
  

	12.	 REMEDIES ON DEFAULT, ETC. 

 

	12.1.	 Acceleration. 

(a) If an Event of Default with respect to the Company described in Section 11(f), 11(g) or 11(h) (other than an Event of Default
described in clause (i) of Section 11(f) or described in clause (vi) of Section 11(f) by virtue of the fact that such clause encompasses clause (i) of Section 11(f)) has occurred, all the Notes then outstanding shall
automatically become immediately due and payable. 
 (b) If any other Event of Default has occurred and is continuing, the Required Holders
may at any time at their option, by notice or notices to the Company, declare all the Notes then outstanding to be immediately due and payable. 

(c) If any Event of Default described in Section 11(a) or 11(b) has occurred and is continuing, any holder or holders of Notes at the
time outstanding affected by such Event of Default may at any time, at its or their option, by notice or notices to the Company, declare all the Notes held by it or them to be immediately due and payable. 

Upon any Notes becoming due and payable under this Section 12.1, whether automatically or by declaration, such Notes will forthwith
mature and the entire unpaid principal amount of such Notes, plus (x) all accrued and unpaid interest thereon (including, without limitation, interest accrued thereon at the Default Rate) and (y) the Make-Whole Amount determined in respect
of such principal amount (to the full extent permitted by applicable law), shall all be immediately due and payable, in each and every case without presentment, demand, protest or further notice, all of which are hereby waived. The Company
acknowledges, and the parties hereto agree, that each holder of a Note has the right to maintain its investment in the Notes free from repayment by the Company (except as herein specifically provided for) and that the provision for payment of a
Make-Whole Amount by the Company in the event that the Notes are prepaid or are accelerated as a result of an Event of Default is intended to provide compensation for the deprivation of such right under such circumstances. 

  
 - 42 - 

	12.2.	 Other Remedies. 

If any Default or Event of Default has occurred and is continuing, and irrespective of whether any Notes have become or have been declared
immediately due and payable under Section 12.1, the holder of any Note at the time outstanding may proceed to protect and enforce the rights of such holder by an action at law, suit in equity or other appropriate proceeding, whether for the
specific performance of any agreement contained herein or in any Note, or for an injunction against a violation of any of the terms hereof or thereof, or in aid of the exercise of any power granted hereby or thereby or by law or otherwise. 

 

	12.3.	 Rescission. 

At any time after any Notes have been declared due and payable pursuant to Section 12.1(b) or 12.1(c), the Required Holders, by written
notice to the Company, may rescind and annul any such declaration and its consequences if (a) the Company has paid all overdue interest on the Notes, all principal of and Make-Whole Amount or Modified Make-Whole Amount, if any, on any Notes
that are due and payable and are unpaid other than by reason of such declaration, and all interest on such overdue principal and Make-Whole Amount or Modified Make-Whole Amount, if any, and (to the extent permitted by applicable law) any overdue
interest in respect of the Notes, at the Default Rate, (b) neither the Company nor any other Person shall have paid any amounts that have become due solely by reason of such declaration, (c) all Events of Default and Defaults, other than
nonpayment of amounts that have become due solely by reason of such declaration, have been cured or have been waived pursuant to Section 18, and (d) no judgment or decree has been entered for the payment of any monies due pursuant hereto
or to the Notes. No rescission and annulment under this Section 12.3 will extend to or affect any subsequent Event of Default or Default or impair any right consequent thereon. 

 

	12.4.	 No Waivers or Election of Remedies, Expenses, Etc. 

No course of dealing and no delay on the part of any holder of any Note in exercising any right, power or remedy shall operate as a waiver
thereof or otherwise prejudice such holder’s rights, powers or remedies. No right, power or remedy conferred by this Agreement or by any Note upon any holder thereof shall be exclusive of any other right, power or remedy referred to herein or
therein or now or hereafter available at law, in equity, by statute or otherwise. Without limiting the obligations of the Company under Section 16, the Company will pay to the holder of each Note on demand such further amount as shall be
sufficient to cover all costs and expenses of such holder incurred in any enforcement or collection under this Section 12, including, without limitation, reasonable attorneys’ fees, expenses and disbursements. 

 

	13.	 TAX INDEMNIFICATION. 

All payments whatsoever under the Financing Agreements will be made by the Company and the Subsidiary Guarantors free and clear of, and without
liability for withholding or deduction for or on account of, any present or future Taxes of whatever nature imposed or levied by or on behalf of any jurisdiction (or any political subdivision or taxing authority of or in such jurisdiction)
(hereinafter a “Taxing Jurisdiction”), unless the withholding or deduction of such Tax is compelled by applicable law. 

  
 - 43 - 

 If any deduction or withholding for any Tax of a Taxing Jurisdiction in which the Company or
a Subsidiary Guarantor that in the payor of the payment is organized, resident for the purposes or is otherwise carrying on business in or from which Payments are made shall at any time be required in respect of any amounts to be paid by the Company
or such Subsidiary Guarantor under the Financing Agreements, the Company or such Subsidiary Guarantor, as applicable, will pay to the relevant Taxing Jurisdiction the full amount required to be withheld, deducted or otherwise paid before penalties
attach thereto or interest accrues thereon and pay to each holder of a Note such additional amounts as may be necessary in order that the net amounts paid to such holder pursuant to the terms of the Financing Agreements after such deduction,
withholding or payment (including, without limitation, any required deduction or withholding of Tax on or with respect to such additional amount), shall be not less than the amounts then due and payable to such holder under the terms of the
Financing Agreements before the assessment of such Tax, provided that no payment of any additional amounts shall be required to be made for or on account of: 

(a) any Tax that would not have been imposed but for the existence of any present or former connection between such holder (or a fiduciary,
settler, beneficiary, member of, shareholder of, or possessor of a power over, such holder, if such holder is an estate, trust, partnership or corporation or any Person other than the holder to whom the Notes or any amount payable thereon is
attributable for the purposes of such Tax) and the Taxing Jurisdiction, other than the mere holding of the relevant Note or the receipt of payments thereunder or in respect thereof or the exercise of remedies in respect thereof, including, without
limitation, such holder (or such other Person described in the above parenthetical) being or having been a citizen or resident thereof, or being or having been present, provided services or engaged in trade or business therein or having or having
had an establishment, office, fixed base or branch therein, provided that this exclusion shall not apply with respect to a Tax that would not have been imposed but for the Company or the Subsidiary Guarantor, after the date of the Closing, opening
an office in, moving an office to, reincorporating in, or changing the Taxing Jurisdiction from or through which payments on account of the Financing Agreements are made to, the Taxing Jurisdiction imposing the relevant Tax; 

(b) any Tax that would not have been imposed but for the delay or failure by such holder (following a written request by the Company) in the
filing with the relevant Taxing Jurisdiction of Forms (as defined below) that are required to be filed by such holder to avoid or reduce such Taxes (including for such purpose any refilings or renewals of filings that may from time to time be
required by the relevant Taxing Jurisdiction), provided that the filing of such Forms would not (in such holder’s reasonable judgment) impose any unreasonable burden (in time, resources or otherwise) on such holder or result in any confidential
or proprietary income tax return information being revealed, either directly or indirectly, to any Person and such delay or failure could have been lawfully avoided by such holder, and provided further that, except in the case of backup withholding
imposed under Section 3406 of the Code, such holder shall be deemed to have satisfied the requirements of this clause (b) upon the good faith completion and submission of such Forms (including refilings or renewals of filings) as may be
specified in a written request of the -Company no later than 60 days after receipt by such holder of such written request (accompanied by copies of such Forms and related instructions, if any, all in the English language or with an English
translation thereof); 

  
 - 44 - 

 (c) any amount in excess of the amount of Tax that would be payable if the holder was a
resident of the United States for the purpose of, and entitled to benefits as a resident of the United States under, the Canada-U.S. Income Tax Convention (1980), as amended; 

(d) any Tax that would not have been imposed but for the holder (i) being a “specified shareholder” of the Company within the
meaning of subsection 18(5) of the Tax Act or (ii) not dealing at arm’s length with the Company, the payor of the payment or a specified shareholder of the payor for the purposes of the Tax Act; or 

(e) any combination of clauses (a), (b), (c) and (d) above. 

If as a result of any payment by the Company or a Subsidiary Guarantor under the Financing Agreements, whether in respect of principal,
Make-Whole Amount or Modified Make-Whole Amount (if any), interest, interest on overdue interest, fees or other payment obligations, any holder of a Note is required to pay tax under Part XIII of the Tax Act, then the Company and such Subsidiary
Guarantor will, upon demand by such holder of any Note, indemnify the holder for the payment of any such amount, together with any interest, penalties and expenses in connection therewith, and for any Taxes on such indemnity payment provided that no
indemnification payment shall be required to be made in respect of a Tax described in clauses (a), (b), (c), (d) or (e) of the previous paragraph. All amounts payable under this paragraph shall be payable by the Company and the applicable
Subsidiary Guarantor, as applicable, on demand, shall, if paid in respect of interest, be a payment of additional interest, and shall bear interest at the Default Rate, calculated from the date demanded by such holder to the date paid by the Company
or such Subsidiary Guarantor. 
 By acceptance of any Note, the holder of such Note agrees, subject to the limitations of clause
(b) above, that it will from time to time with reasonable promptness (x) duly complete and deliver to or as reasonably directed by the Company all such forms, certificates, documents and returns provided to such holder by the Company
(collectively, together with instructions for completing the same, “Forms”) required to be filed by or on behalf of such holder in order to avoid or reduce any such Tax pursuant to the provisions of an applicable statute, regulation
or administrative practice of the relevant Taxing Jurisdiction or of a tax treaty between the holder’s country of residence and such Taxing Jurisdiction and (y) provide the Company with such information with respect to such holder as the
Company may reasonably request in order to complete any such Forms, provided that nothing in this Section 13 shall require any holder to provide information with respect to any such Form or otherwise if in the opinion of such holder such Form
or disclosure of information would involve the disclosure of tax return or other information that is confidential or proprietary to such holder, and provided further that each such holder shall be deemed to have complied with its obligation under
this paragraph with respect to any Form if such Form shall have been duly completed and delivered by such holder to the Company or mailed to the appropriate Taxing Jurisdiction, whichever is applicable, within 60 days following a written request of
the Company (which request shall be accompanied by copies of such Form and English translations of any such Form not in the English language) and, in the case of a transfer of any Note, at least 90 days prior to the relevant interest payment date.

  
 - 45 - 

 If any payment is made by the Company or Subsidiary Guarantor to or for the account of the
holder of any Note after deduction for or on account of any Taxes, and increased payments are made by the Company or Subsidiary Guarantor pursuant to this Section 13, then, if such holder at its sole discretion determines that it has received
or been granted a refund of such Taxes, or a credit or a remission for such Taxes as against other Taxes, such holder shall, to the extent that it can do so without prejudice to the retention of the amount of such refund, credit or remission,
reimburse to the Company such amount as such holder shall, in its sole discretion, determine to be attributable to the relevant Taxes or deduction or withholding. Nothing herein contained shall interfere with the right of the holder of any Note to
arrange its tax affairs in whatever manner it thinks fit and, in particular, no holder of any Note shall be under any obligation to claim relief from its corporate profits or similar tax liability in respect of such Tax in priority to any other
claims, reliefs, credits or deductions available to it or (other than as set forth in clause (b) above and the immediately preceding paragraph) oblige any holder of any Note to disclose any information relating to its tax affairs or any
computations in respect thereof. 
 The Company will furnish the holders of Notes, promptly and in any event within 60 days after the date
of any payment by the Company, or Subsidiary Guarantor of any Tax in respect of any amounts paid under the Financing Agreements, the original tax receipt issued by the relevant Taxing Jurisdiction or other authorities involved for all amounts paid
as aforesaid (or if such original tax receipt is not available or must legally be kept in the possession of the Company, a duly certified copy of the original tax receipt or any other reasonably satisfactory evidence of payment), together with such
other documentary evidence with respect to such payments as may be reasonably requested from time to time by any holder of a Note. 
 If the
Company or Subsidiary Guarantor is required by any applicable law, as modified by the practice of any relevant Taxing Jurisdiction, to make any deduction or withholding of any Tax in respect of which the Company or Subsidiary Guarantor would be
required to pay any additional amount under this Section 13, but for any reason does not make such deduction or withholding with the result that a liability in respect of such Tax is assessed directly against the holder of any Note, and such
holder pays such liability, then the Company or Subsidiary Guarantor will promptly reimburse such holder for such payment (including any related interest or penalties to the extent such interest or penalties arise by virtue of a default or delay by
the Company or Subsidiary Guarantor) upon demand by such holder accompanied by an official receipt (or a duly certified copy thereof) issued by the relevant Taxing Jurisdiction. 

If the Company or Subsidiary Guarantor makes payment to or for the account of any holder of a Note and such holder is entitled to a refund of
the Tax to which such payment is attributable upon the making of a filing (other than a Form described above), then such holder shall, as soon as practicable after receiving written request from the Company (which shall specify in reasonable detail
and supply the refund forms to be filed) use reasonable efforts to complete and deliver such refund forms to or as directed by the Company, subject, however, to the same limitations with respect to Forms as are set forth above. 

  
 - 46 - 

 For purposes of this Section 13, the holder of the Notes shall refer to the beneficial
owner thereof and not to any nominee that holds title to the Notes for such a beneficial owner. 
 The obligations of the Company under this
Section 13 shall survive the payment or transfer of any Note and the provisions of this Section 13 shall also apply to successive transferees of the Notes. 
  

	14.	 REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES. 

 

	14.1.	 Registration of Notes. 

The Company shall keep at its principal executive office a register for the registration and registration of transfers of Notes of each series.
The name and address of each holder of one or more Notes, each transfer thereof and the name and address of each transferee of one or more Notes shall be registered in such register of such series. If any holder of one or more Notes is a nominee,
then (a) the name and address of the beneficial owner of such Note or Notes shall also be registered in such register as an owner and holder thereof and (b) at any such beneficial owner’s option, either such beneficial owner or its
nominee may execute any amendment, waiver or consent pursuant to this Agreement. Prior to due presentment for registration of transfer, the Person in whose name any Note shall be registered shall be deemed and treated as the owner and holder thereof
for all purposes hereof, and the Company shall not be affected by any notice or knowledge to the contrary. The Company shall give to any holder of a Note that is an Institutional Investor promptly upon request therefor, a complete and correct copy
of the names and addresses of all registered holders of Notes. 
  

	14.2.	 Transfer and Exchange of Notes. 

Subject to any restriction on transfer under applicable securities laws, upon surrender of any Note to the Company at the address and to the
attention of the designated officer (all as specified in Section 19) for registration of transfer or exchange (and in the case of a surrender for registration of transfer accompanied by a written instrument of transfer duly executed by the
registered holder of such Note or such holder’s attorney duly authorized in writing and accompanied by the relevant name, address and other details for notices of each transferee of such Note or part thereof) within ten Business Days thereafter
the Company shall execute and deliver, at the Company’s expense (except as provided below), one or more new Notes (as requested by the holder thereof) in exchange therefor, in an aggregate principal amount equal to the unpaid principal amount
of the surrendered Note of the same series, and the Company shall prior to or contemporaneously with the execution and delivery of such one or more new Notes provide written notice to each of the Subsidiary Guarantors of such transfer or exchange.
Each such new Note shall be payable to such Person as such holder may request and shall be substantially in the form of Exhibit 1A, 1B, 1C or 1D, as applicable. Each such new Note shall be dated and bear interest from the date to which interest
shall have been paid on the surrendered Note or dated the date of the surrendered Note if no interest shall have been paid thereon. The Company may require payment of a sum sufficient to cover any stamp tax or governmental charge imposed in respect
of any such transfer of Notes. Notes shall not be transferred in denominations of less than U.S.$100,000 (in the case of Series A Notes and Series C Notes) or Cdn.$100,000 (in the case of 

- 

  
 - 47 - 

 Series B Notes and Series D Notes), provided that if necessary to enable the registration of transfer by a
holder of its entire holding of Notes, one Note may be in a denomination of less than U.S.$100,000 or Cdn.$100,000, as applicable. Any transferee, by its acceptance of a Note registered in its name (or the name of its nominee), shall be deemed to
have made the representation set forth in Section 6.2. 
  

	14.3.	 Replacement of Notes. 

Upon receipt by the Company at the address and to the attention of the designated officer (all as specified in Section 19(b)) of evidence
reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note (which evidence shall be, in the case of an Institutional Investor, notice from such Institutional Investor of such ownership and such loss,
theft, destruction or mutilation), and 
 (a) in the case of loss, theft or destruction, of indemnity reasonably satisfactory to it
(provided that if the holder of such Note is, or is a nominee for, an original Purchaser or another holder of a Note with a minimum net worth of at least Cdn.$75,000,000 (or the equivalent in another currency) or a Qualified Institutional Buyer,
such Person’s own unsecured agreement of indemnity shall be deemed to be satisfactory), or 
 (b) in the case of mutilation, upon
surrender and cancellation thereof, within ten Business Days thereafter the Company at its own expense shall execute and deliver, in lieu thereof, a new Note, dated and bearing interest from the date to which interest shall have been paid on such
lost, stolen, destroyed or mutilated Note of the same series or dated the date of such lost, stolen, destroyed or mutilated Note if no interest shall have been paid thereon. 
  

	15.	 PAYMENTS ON NOTES. 

 

	15.1.	 Place of Payment. 

Subject to Section 14.2, payments of principal, Make-Whole Amount or Modified Make-Whole Amount, if any, and interest becoming due and
payable on the Notes shall be made in Calgary, Alberta at the principal office of the Company. The Company may at any time, by notice to each holder of a Note, change the place of payment of the Notes so long as such place of payment shall be either
the principal office of the Company in Canada or the principal office of a bank or trust company in Canada. 
  

	15.2.	 Home Office Payment. 

So long as any Purchaser or its nominee shall be the holder of any Note, and notwithstanding anything contained in Section 15.1 or in such
Note to the contrary, the Company will pay all sums becoming due on such Note for principal, Make-Whole Amount or Modified Make-Whole Amount, if any, interest and all other amounts coming due hereunder by the method and at the address specified for
such purpose below such Purchaser’s name in Schedule A, or by such other method or at such other address as such Purchaser shall have from time to time specified to the Company in writing for such purpose, plus any wiring fees applicable to
wire transfers of 

  
 - 48 - 

 funds, without the presentation or surrender of such Note or the making of any notation thereon, except that
upon written request of the Company made concurrently with or reasonably promptly after payment or prepayment in full of any Note, such Purchaser shall surrender such Note for cancellation, reasonably promptly after any such request, to the Company
at its principal executive office or at the place of payment most recently designated by the Company pursuant to Section 15.1. Prior to any sale or other disposition of any Note held by a Purchaser or its nominee, such Purchaser will, at its
election, either endorse thereon the amount of principal paid thereon and the last date to which interest has been paid thereon or surrender such Note to the Company in exchange for a new Note or Notes pursuant to Section 14.2. The Company will
afford the benefits of this Section 15.2 to any Institutional Investor that is the direct or indirect transferee of any Note purchased by a Purchaser under this Agreement and that has made the same agreement relating to such Note as the
Purchasers have made in this Section 15.2. 
  

	16.	 EXPENSES, ETC. 

 

	16.1.	 Transaction Expenses. 

Whether or not the transactions contemplated hereby are consummated, the Company will pay all reasonable costs and expenses (including
reasonable attorneys’ fees of a special counsel and, if reasonably required by the Required Holders, local or other counsel) incurred by the Purchasers and each other holder of a Note in connection with such transactions and in connection with
any amendments, waivers or consents under or in respect of the Financing Agreements (whether or not such amendment, waiver or consent becomes effective), including, without limitation: (a) review of any events or transactions contemplated by
Sections 9.6, 9.7 and 10.2, (b) the costs and expenses incurred in enforcing or defending (or determining whether or how to enforce or defend) any rights under the Financing Agreements or in responding to any subpoena or other legal process or
informal investigative demand issued in connection with the Financing Agreements, or by reason of being a holder of any Note, (c) the costs and expenses, including financial advisors’ fees, incurred in connection with the insolvency or
bankruptcy of the Company or any Subsidiary or in connection with any work-out or restructuring of the transactions contemplated by the Financing Agreements and (d) the costs and expenses incurred in
connection with the initial filing of this Agreement and all related documents and financial information with the SVO, provided that such costs and expenses under this clause (d) shall not exceed U.S.$10,000. The Company will pay, and will save
each Purchaser and each other holder of a Note harmless from, (i) all claims in respect of any fees, costs or expenses, if any, of brokers and finders (other than those, if any, retained by a Purchaser or other holder in connection with its
purchase of the Notes) and (ii) any and all wire transfer fees that any bank deducts from any payment under such Note to such holder or otherwise charges to a holder of a Note with respect to a payment under such Note. 

 

	16.2.	 Certain Taxes. 

The Company agrees to pay all stamp, documentary or similar taxes or fees which may be payable in respect of the execution and delivery or the
enforcement of the Financing Agreements or the execution and delivery (but not the transfer) or the enforcement of any of the Notes in the United States or Canada or of any amendment of, or waiver or consent under or with 

  
 - 49 - 

 respect to, the Financing Agreements, and to pay any goods and services or value added tax due and payable
in respect of reimbursement of costs and expenses by the Company pursuant to this Section 16, and will save each holder of a Note to the extent permitted by applicable law harmless against any loss or liability resulting from nonpayment or
delay in payment of any such tax or fee required to be paid by the Company hereunder. 
  

	16.3.	 Survival. 

The obligations of the Company under this Section 16 will survive the payment or transfer of any Note, the enforcement, amendment or
waiver of any provision of the Financing Agreements, and the termination of this Agreement. 
  

	16.4.	 Currency of Expense Payments. 

Unless otherwise requested by a holder of Notes, the Company covenants and agrees to pay all amounts required to be paid under this
Section 16 in the Applicable Currency. 
  

	17.	 SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT. 

All representations and warranties contained herein shall survive the execution and delivery of the Financing Agreements, the purchase or
transfer by any Purchaser of any Note or portion thereof or interest therein and the payment of any Note, and may be relied upon by any subsequent holder of a Note, regardless of any investigation made at any time by or on behalf of such Purchaser
or any other holder of a Note. All statements contained in any certificate or other instrument delivered by or on behalf of the Company or any Subsidiary pursuant to the Financing Agreements shall be deemed representations and warranties of the
Company under this Agreement. Subject to the preceding sentence, the Financing Agreements embody the entire agreement and understanding between each Purchaser and the Company and supersede all prior agreements and understandings relating to the
subject matter hereof. 
  

	18.	 AMENDMENT AND WAIVER. 

 

	18.1.	 Requirements. 

This Agreement, the Notes and the other Financing Agreements may be amended, and the observance of any term hereof or of the Notes may be
waived (either retroactively or prospectively), with (and only with) the written consent of the Company and the Required Holders, except that (a) no amendment or waiver of any of the provisions of Section 1, 2, 3, 4, 5, 6 or 22, or any
defined term (as it is used therein), will be effective as to any Purchaser unless consented to by such Purchaser in writing, and (b) no such amendment or waiver may, without the written consent of the holder of each Note at the time
outstanding affected thereby, (i) subject to the provisions of Section 12 relating to acceleration or rescission, change the amount or time of any prepayment or payment of principal of, or reduce the rate or change the time of payment or
method of computation of interest or of the Make-Whole Amount or Modified Make-Whole Amount on, the Notes, (ii) change the percentage of the principal amount of the Notes the holders of which are required to consent to any such amendment or
waiver, or (iii) amend Section 8 (except as set forth in the second sentence of Section 8.2 and Section 18.2(c)), 11(a), 11(b), 12, 13, 18, 21 or 23.9. 

  
 - 50 - 

	18.2.	 Solicitation of Holders of Notes. 

(a) Solicitation. The Company will provide each holder of the Notes (irrespective of the amount of Notes then owned by it) with
sufficient information, sufficiently far in advance of the date a decision is required, to enable such holder to make an informed and considered decision with respect to any proposed amendment, waiver or consent in respect of any of the provisions
hereof or of the Notes or any Subsidiary Guarantee. The Company will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to the provisions of this Section 18.2 to each holder of outstanding Notes
promptly following the date on which it is executed and delivered by, or receives the consent or approval of, the requisite holders of Notes. 

(b) Payment. The Company will not directly or indirectly pay or cause to be paid any remuneration, whether by way of supplemental or
additional interest, fee or otherwise, or grant any security or provide other credit support, to any holder of Notes as consideration for or as an inducement to the entering into by any holder of Notes of any waiver or amendment of any of the terms
and provisions hereof or of any Subsidiary Guarantee unless such remuneration is concurrently paid, or security is concurrently granted or other credit support concurrently provided, on the same terms, ratably to each holder of Notes then
outstanding even if such holder did not consent to such waiver or amendment. 
 (c) Consent in Contemplation of Transfer. Any consent
made pursuant to this Section 18.2 or under any Subsidiary Guarantee by the holder of any Note that has transferred or has agreed to transfer such Note to the Company, any Subsidiary or any Affiliate of the Company and has provided or has
agreed to provide such written consent as a condition to such transfer shall be void and of no force or effect except solely as to such holder, and any amendments effected or waivers granted or to be effected or granted that would not have been or
would not be so effected or granted but for such consent (and the consents of all other holders of Notes that were acquired under the same or similar conditions) shall be void and of no force or effect except solely as to such transferring holder.

  

	18.3.	 Binding Effect, Etc. 

Any amendment or waiver consented to as provided in this Section 18 or under any Subsidiary Guarantee applies equally to all holders of
Notes and is binding upon them and upon each future holder of any Note and upon the Company without regard to whether such Note has been marked to indicate such amendment or waiver. No such amendment or waiver will extend to or affect any
obligation, covenant, agreement, Default or Event of Default not expressly amended or waived or impair any right consequent thereon. No course of dealing between the Company and the holder of any Note nor any delay in exercising any rights hereunder
or under any Note shall operate as a waiver of any rights of any holder of such Note. As used herein, the term “this Agreement” and references thereto shall mean this Agreement as it may from time to time be amended or supplemented.

 - 

  
 - 51 - 

	18.4.	 Notes Held by Company, Etc. 

Solely for the purpose of determining whether the holders of the requisite percentage of the aggregate principal amount of Notes then
outstanding approved or consented to any amendment, waiver or consent to be given under this Agreement, any Subsidiary Guarantee or the Notes, or have directed the taking of any action provided herein, in any Subsidiary Guarantee or in the Notes to
be taken upon the direction of the holders of a specified percentage of the aggregate principal amount of Notes then outstanding, Notes directly or indirectly owned by the Company or any of its Affiliates shall be deemed not to be outstanding. 

 

	19.	 NOTICES; ENGLISH LANGUAGE. 

All notices and communications provided for hereunder shall be in writing and sent (a) by telecopy if the sender on the same day sends a
confirming copy of such notice by a recognized international commercial delivery service (charges prepaid), or (b) by a recognized international commercial delivery service (with charges prepaid). Any such notice must be sent: 

(a) if to a Purchaser or its nominee, to such Purchaser or nominee at the address specified for such communications in Schedule A, or at such
other address as such Purchaser or nominee shall have specified to the Company in writing, 
 (b) if to any other holder of any Note, to
such holder at such address as such other holder shall have specified to the Company in writing, or 
 (c) if to the Company, to the Company
at its address set forth at the beginning hereof to the attention of the Chief Financial Officer, or at such other address as the Company shall have specified to the holder of each Note in writing. 

Notices under this Section 19 will be deemed given only when actually received. 

Each document, instrument, financial statement, report, notice or other communication delivered in connection with this Agreement shall be in
English. 
 The Purchaser acknowledges and confirms that it has requested that all documents evidencing or relating in any way to the sale
of the Notes be drawn up in the English language only. L’investisseur reconnaît et confirme par les présentes avoir exigé que tous les documents faisant foi ou se rapportant de quelque manière à la vente des
titres soient rédigés en anglais seulement. 
  

	20.	 REPRODUCTION OF DOCUMENTS. 

This Agreement and all documents relating thereto, including, without limitation, (a) consents, waivers and modifications that may
hereafter be executed, (b) documents received by any Purchaser at the Closing (except the Notes themselves), and (c) financial statements, certificates and other information previously or hereafter furnished to any Purchaser, may be
reproduced by such Purchaser by any photographic, photostatic, electronic, digital or other similar 

  
 - 52 - 

 process and such Purchaser may destroy any original document so reproduced. The Company agrees and
stipulates that, to the extent permitted by applicable law, any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding (whether or not the original is in existence and whether or not
such reproduction was made by such Purchaser in the regular course of business) and any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence. This Section 20 shall not prohibit the Company
or any other holder of Notes from contesting any such reproduction to the same extent that it could contest the original, or from introducing evidence to demonstrate the inaccuracy of any such reproduction. 

 

	21.	 CONFIDENTIAL INFORMATION. 

For the purposes of this Section 21, “Confidential Information” means all information delivered to any Purchaser by or on
behalf of the Company or any Subsidiary in connection with the transactions contemplated by or otherwise pursuant to this Agreement, provided that such term does not include information that (a) was publicly known or otherwise known to such
Purchaser prior to the time of such disclosure, (b) subsequently becomes publicly known through no act or omission by such Purchaser or any person acting on such Purchaser’s behalf, (c) otherwise becomes known to such Purchaser other
than through disclosure by the Company or any Subsidiary or (d) constitutes financial statements delivered to such Purchaser under Section 7.1 that are otherwise publicly available. Each Purchaser will maintain the confidentiality of such
Confidential Information in accordance with procedures adopted by such Purchaser in good faith to protect confidential information of third parties delivered to such Purchaser, provided that such Purchaser may deliver or disclose Confidential
Information to (i) its directors, trustees, officers, employees, agents, attorneys and affiliates (to the extent such disclosure reasonably relates to the administration of the investment represented by its Notes), (ii) its financial advisors
and other professional advisors who agree to hold confidential the Confidential Information substantially in accordance with the terms of this Section 21, (iii) any other holder of any Note, (iv) any Institutional Investor to which it
sells or offers to sell such Note or any part thereof or any participation therein (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by the provisions of this Section 21), (v) any Person
from which it offers to purchase any security of the Company (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by the provisions of this Section 21), (vi) any federal or state regulatory
authority having jurisdiction over such Purchaser, (vii) the NAIC or the SVO or, in each case, any similar organization, or any nationally recognized rating agency that requires access to information about such Purchaser’s investment
portfolio, or (viii) any other Person to which such delivery or disclosure may be necessary or appropriate (w) to effect compliance with any law, rule, regulation or order applicable to such Purchaser, (x) in response to any subpoena
or other legal process, (y) in connection with any litigation to which such Purchaser is a party or (z) if an Event of Default has occurred and is continuing, to the extent such Purchaser may reasonably determine such delivery and
disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under such Purchaser’s Notes and this Agreement or any Subsidiary Guarantee. Each holder of a Note, by its acceptance of a Note, will
be deemed to have agreed to be bound by and to be entitled to the benefits of this Section 21 as though it were a party to this Agreement. On reasonable request by the Company in connection with the delivery to any holder of a Note of
information required to be delivered to such holder under this Agreement or requested by such holder (other than a holder that is a party to this Agreement or its nominee), such holder will enter into an agreement with the Company embodying the
provisions of this Section 21. 

  
 - 53 - 

 In the event that as a condition to receiving access to information relating to the Company
or its Subsidiaries in connection with the transactions contemplated by or otherwise pursuant to this Agreement or the other Financing Agreements, any Purchaser or holder of a Note is required to agree to a confidentiality undertaking (whether
through IntraLinks, another secure website, a secure virtual workspace or otherwise) which is different from this Section 21, this Section 21 shall not be amended thereby and, as between such Purchaser or such holder and the Company and
its Subsidiaries, this Section 21 shall supersede any such other confidentiality undertaking. 
  

	22.	 SUBSTITUTION OF PURCHASER. 

Each Purchaser shall have the right to substitute any one of its Affiliates as the purchaser of the Notes that it has agreed to purchase
hereunder, by written notice to the Company, which notice shall be signed by both such Purchaser and such Affiliate, shall contain such Affiliate’s agreement to be bound by this Agreement and shall contain a confirmation by such Affiliate of
the accuracy with respect to it of the representations set forth in Section 6. Upon receipt of such notice, any reference to such Purchaser in this Agreement (other than in this Section 22), shall be deemed to refer to such Affiliate in
lieu of such original Purchaser. In the event that such Affiliate is so substituted as a Purchaser hereunder and such Affiliate thereafter transfers to such original Purchaser all of the Notes then held by such Affiliate, upon receipt by the Company
of notice of such transfer, any reference to such Affiliate as a “Purchaser” in this Agreement (other than in this Section 22), shall no longer be deemed to refer to such Affiliate, but shall refer to such original Purchaser, and such
original Purchaser shall again have all the rights of an original holder of the Notes under this Agreement, provided that any such transfer shall not constitute a novation of this Agreement. 

 

	23.	 MISCELLANEOUS. 

 

	23.1.	 Successors and Assigns. 

All covenants and other agreements contained in this Agreement by or on behalf of any of the parties hereto bind and inure to the benefit of
their respective successors and assigns (including, without limitation, any subsequent holder of a Note) whether so expressed or not, except that, subject to Section 10.2, the Company may not assign or otherwise transfer any of its rights or
obligations hereunder or under the Notes without the prior written consent of each holder. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto and their respective successors
and assigns permitted hereby) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

  
 - 54 - 

	23.2.	 Payments Due on Non-Business Days. 

Anything in this Agreement or the Notes to the contrary notwithstanding (but without limiting the requirement in Section 8.6 that notice
of any optional prepayment specify a Business Day as the date fixed for such prepayment), any payment of principal of or Make-Whole Amount or Modified Make-Whole Amount, or interest on any Note that is due on a date other than a Business Day shall
be made on the next succeeding Business Day without including the additional days elapsed in the computation of the interest payable on such next succeeding Business Day; provided that if the maturity date of any Note is a date other than a Business
Day, the payment otherwise due on such maturity date shall be made on the next succeeding Business Day and shall include the additional days elapsed in the computation of interest payable on such next succeeding Business Day. 

 

	23.3.	 Accounting Terms. 

All accounting terms used herein which are not expressly defined in this Agreement have the meanings respectively given to them in accordance
with IFRS. Except as otherwise specifically provided herein, all computations made pursuant to this Agreement shall be made in accordance with IFRS, and all financial statements shall be prepared in accordance with IFRS. For purposes of determining
compliance with financial covenants contained in this Agreement, neither the Company nor any Subsidiary shall measure any Debt at less than the then outstanding principal amount thereof (as otherwise permitted by International Accounting Standards
Standard 39 or any similar accounting standard). 
  

	23.4.	 Severability. 

Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable
such provision in any other jurisdiction. 
  

	23.5.	 Construction, Etc. 

Each covenant contained herein shall be construed (absent express provision to the contrary) as being independent of each other covenant
contained herein, so that compliance with any one covenant shall not (absent such an express contrary provision) be deemed to excuse compliance with any other covenant. Where any provision herein refers to action to be taken by any Person, or which
such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person. 

For the avoidance of doubt, all Schedules and Exhibits attached to this Agreement shall be deemed to be a part hereof. 

 

	23.6.	 Counterparts. 

This Agreement may be executed in any number of counterparts, each of which shall be an original but all of which together shall constitute one
instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto. 

  
 - 55 - 

	23.7.	 Governing Law. 

This Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of
New York excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction other than such State. 

 

	23.8.	 Jurisdiction and Process; Waiver of Jury Trial. 

(a) The Company irrevocably submits to the non-exclusive jurisdiction of any New York State or federal
court sitting in the Borough of Manhattan, The City of New York, over any suit, action or proceeding arising out of or relating to the Financing Agreements. To the fullest extent permitted by applicable law, the Company irrevocably waives and agrees
not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding
brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. 

(b) The Company agrees, to the fullest extent permitted by applicable law, that a final judgment in any suit, action or proceeding of the
nature referred to in Section 23.8(a) brought in any such court shall be conclusive and binding upon it subject to rights of appeal, as the case may be, and may be enforced in the courts of the United States of America or the State of New York
(or any other courts to the jurisdiction of which it or any of its assets is or may be subject) by a suit upon such judgment. 
 (c) The
Company consents to process being served by or on behalf of any holder of Notes in any suit, action or proceeding of the nature referred to in Section 23.8(a) by mailing a copy thereof by registered, certified, priority or express mail, postage
prepaid, return receipt or delivery confirmation requested, or delivering a copy thereof in the manner for delivery of notices specified in Section 19 (other than by facsimile or electronic means), to c/o Enerflex Inc., 10815 Telge Road,
Houston, Texas, USA, 77095, as its agent for the purpose of accepting service of any process in the United States. The Company agrees that such service upon receipt (i) shall be deemed in every respect effective service of process upon it in
any such suit, action or proceeding and (ii) shall, to the fullest extent permitted by applicable law, be taken and held to be valid personal service upon and personal delivery to it. Notices hereunder shall be conclusively presumed received as
evidenced by a delivery receipt furnished by the United States Postal Service or any reputable commercial delivery service. 
 (d) Nothing
in this Section 23.8 shall affect the right of any holder of a Note to serve process in any manner permitted by law, or limit any right that the holders of any of the Notes may have to bring proceedings against the Company in the courts of any
appropriate jurisdiction or to enforce in any lawful manner a judgment obtained in one jurisdiction in any other jurisdiction. 

  
 - 56 - 

 (e) THE PARTIES HERETO HEREBY WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT
TO THIS AGREEMENT, THE NOTES OR ANY OTHER DOCUMENT EXECUTED IN CONNECTION HEREWITH OR THEREWITH. 
  

	23.9.	 Obligation to Make Payment in Canadian Dollars or U.S. Dollars. 

(a) Payment. Principal and interest on the Notes shall be payable in the Applicable Currency. Unless otherwise specified herein, all
other amounts payable under this Agreement shall be payable in the Applicable Currency. 
 (b) Canadian Dollars. Any payment on
account of an amount that is payable under the Financing Agreements in Canadian Dollars which is made to or for the account of any holder of Notes in any other currency, whether as a result of any judgment or order or the enforcement thereof or the
realization of any security or the liquidation of the Company, shall constitute a discharge of the obligation of the Company under the Financing Agreements only to the extent of the amount of Canadian Dollars which such holder purchases or could
purchase in the foreign exchange markets in New York, New York, with the amount of such other currency in accordance with normal banking procedures at the rate of exchange prevailing on the Business Day following receipt of the payment first
referred to above. If the amount of Canadian Dollars so purchased or that could be purchased is less than the amount of Canadian Dollars originally due to such holder, the Company agrees to the fullest extent permitted by law, to indemnify and save
harmless such holder from and against all loss or damage arising out of or as a result of such deficiency. This indemnity shall, to the fullest extent permitted by law, constitute an obligation separate and independent from the other obligations
contained in the Financing Agreements, shall give rise to a separate and independent cause of action, shall apply irrespective of any indulgence granted by such holder from time to time and shall continue in full force and effect notwithstanding any
judgment or order for a liquidated sum in respect of an amount due under the Financing Agreements or under any judgment or order. 
 (c)
U.S. Dollars. Any payment on account of an amount that is payable under the Financing Agreements in U.S. Dollars which is made to or for the account of any holder of Notes in any other currency, whether as a result of any judgment or order or
the enforcement thereof or the realization of any security or the liquidation of the Company, shall constitute a discharge of the obligation of the Company under the Financing Agreements only to the extent of the amount of U.S. Dollars which such
holder purchases or could purchase in the foreign exchange markets in New York, New York, with the amount of such other currency in accordance with normal banking procedures at the rate of exchange prevailing on the Business Day following receipt of
the payment first referred to above. If the amount of U.S. Dollars so purchased or that could be purchased is less than the amount of U.S. Dollars originally due to such holder, the Company agrees to the fullest extent permitted by law, to indemnify
and save harmless such holder from and against all loss or damage arising out of or as a result of such deficiency. This indemnity shall, to the fullest extent permitted by law, constitute an obligation separate and independent from the other
obligations contained in the Financing Agreements, shall give rise to a separate and independent cause of action, shall apply irrespective of any indulgence granted by such holder from time to time and shall continue in full force and effect
notwithstanding any judgment or order for a liquidated sum in respect of an amount due under the Financing Agreements or under any judgment or order. 

  
 - 57 - 

	23.10.	 Interest. 

(a) In respect of any overdue amounts hereunder or under the Notes where no provision is made herein or therein for payment of interest
thereon, the Company shall pay interest on such overdue amounts on demand, calculated from the date such unpaid amount is due until such unpaid amount is paid in full, at the Default Rate. 

(b) In no event shall any interest or fee to be paid hereunder or under a Note exceed the maximum rate permitted by applicable law. In the
event any such interest rate or fee exceeds such maximum rate, such rate shall be adjusted downward to the highest rate (expressed as a percentage per annum) or fee that the parties could validly have agreed to by contract on the date hereof under
applicable law. It is further agreed that any excess actually received by a holder of a Note shall be credited against the principal of the Notes (or, if the principal shall have been or would thereby be paid in full, the remaining amount shall be
credited or paid to the Company). 
 (c) All interest (including interest on overdue interest) payable by the Company hereunder and under
the Notes shall accrue from day to day, computed as provided herein, and shall be payable after as well as before maturity, demand, default and judgment. 

(d) For the purposes of this Agreement, whenever interest in respect of the Notes to be paid hereunder or under such Notes is to be calculated
on the basis of a year that is not equal to 365 or 366 days, as applicable (a “Non-Calendar Day Year”), the yearly rate of interest to which the rate determined pursuant to such calculation is
equivalent is the rate so determined multiplied by the actual numbers of days in the calendar year in which the same is to be ascertained and divided by the number of days in the Non-Calendar Day Year. 

(e) The theory of “deemed reinvestment” shall not apply to the computation of interest and no allowance, reduction or deduction
shall be made for the deemed reinvestment of interest in respect of any payments. Calculation of interest shall be made using the nominal rate method, and not the effective rate method, of calculation. 

(f) To the extent permitted by law, Section 6 of the Judgment Interest Act (Alberta) is hereby waived and shall not apply to this
Agreement or the Notes. 
  

	23.11.	 Determinations Involving Different Currencies. 

For purposes of establishing the outstanding principal amounts of the Notes in connection with (i) allocating any applicable partial
prepayment of the Notes or (ii) determining whether the holders of the requisite percentage of the aggregate principal amount of the Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this
Agreement or the Notes, have accepted any prepayment applicable herein, or have directed the taking of any action provided herein or therein to be taken upon the direction of the holders of a specified percentage of the aggregate outstanding
principal amount of the Notes, the outstanding principal amount of any Note denominated in Canadian Dollars shall be converted to U.S. Dollars at a conversion rate of Cdn.1.00 = U.S.$0.78561. 

*        *        *       
 * 

  
 - 58 - 

 If you are in agreement with the foregoing, please sign the form of agreement on a
counterpart of this Agreement and return it to the Company, whereupon this Agreement shall become a binding agreement between you and the Company. 
  

			
	Very truly yours,
	
	ENERFLEX LTD.
		
	By:	 	 (signed) John Blair Goertzen

		 	Name: John Blair Goertzen
		 	Title: President and Chief Executive Officer

 {Signatures of purchasers redacted} 

Signature Page – Note Purchase Agreement 

 SCHEDULE A 

INFORMATION RELATING TO PURCHASERS 

{Schedule redacted} 

 SCHEDULE B 

DEFINED TERMS 
 As used
herein, the following terms have the respective meanings set forth below or set forth in the Section hereof following such term: 

“2011 Note Purchase Agreement” means that certain Note Purchase Agreement dated June 22, 2011 between the Company and the
holders from time to time of the Company’s 6.011% Cdn.$40,000,000 Senior Notes due June 22, 2021, as amended by the First Amendment dated as of May 11, 2015 and the Second Amendment dated as of June 9, 2017, as the same may be
further amended, modified, supplemented or restated from time to time in accordance with the provisions thereof. 
 “Additional
Payments” is defined in Section 8.3. 
 “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 by contract or otherwise. Unless the context otherwise clearly requires, any reference to an
“Affiliate” is a reference to an Affiliate of the Company. 
 “Anti-Corruption Laws” is defined in
Section 5.22. 
 “Anti-Money Laundering Laws” is defined in Section 5.22. 

“Applicable Currency” means (a) with respect to any payment in respect of Notes denominated in Canadian Dollars,
Canadian currency and (b) with respect to any payment in respect of Notes denominated in U.S. Dollars, United States currency. 

“Applicable Laws” or “applicable law” means, in relation to any person, transaction or event: 

(a) all applicable provisions of laws, statutes, rules (having the force of law) and regulations from time to time in effect of any
Governmental Authority; and 
 (b) all Governmental Authorizations to which the person is a party or by which it or its property is bound or
having application to the transaction or event. 

 “Approved Securities” means obligations maturing within one year from their
date of purchase or other acquisition by the Company or a Subsidiary and which are, directly or indirectly (including through a money market fund): 

(a) issued by the Government of Canada, the United States of America, the Commonwealth of Australia, the United Kingdom of Great Britain and
Northern Ireland or an instrumentality or agency thereof and guaranteed fully as to principal, premium, if any, and interest by the Government of Canada, the United States of America, the Commonwealth of Australia or the United Kingdom of Great
Britain and Northern Ireland; 
 (b) issued by a province of Canada or a state of the United States of America, or the Commonwealth of
Australia or a region of the United Kingdom of Great Britain and Northern Ireland, or an instrumentality or agency thereof, which has a long term debt rating of at least A by S&P, A2 by Moody’s, or A by DBRS; or 

(c) term deposits, guaranteed investment certificates, certificates of deposit, bankers’ acceptances or bearer deposit notes, in each
case, of any Canadian chartered bank or other Canadian financial institution or any bank or other financial institution incorporated under the laws of the United States of America, the Commonwealth of Australia, the United Kingdom of Great Britain
and Northern Ireland or any state thereof which has a long term debt rating of at least A+ by S&P, A1 by Moody’s, or A (high) by DBRS. 

“Asset Specific Non-Recourse Debt” means any Debt in respect of any amounts borrowed,
Purchase Money Obligations, obligations secured by a Lien existing on property owned subject to a Lien (whether or not the obligations secured thereby shall have been assumed) and guarantees, indemnities, endorsements (other than endorsements for
collection in the ordinary course of business) or other contingent obligations in respect of obligations of another person for indebtedness of that other person in respect of any amounts borrowed by them and, in each case, incurred to finance the
creation, development, construction or acquisition of assets and any increases in or extensions, renewals or refundings of any such indebtedness, liabilities and obligations, provided that the recourse of the lender thereof or any agent, trustee,
receiver or other person acting on behalf of the lender in respect of such indebtedness, liabilities and obligations or any judgment in respect thereof is limited in all circumstances (other than in respect of false or misleading representations or
warranties) to the assets created, developed, constructed or acquired in respect of which such Debt, liabilities and obligations has been incurred and to any receivables, inventory, equipment, chattel paper, intangibles and other rights or
collateral arising from or connected with the assets created, developed, constructed or acquired (and, for certainty, shall include the shares or other ownership interests of or investments in a single purpose entity or a Non-Guarantor Subsidiary which holds only such assets and other rights and collateral arising from or connected therewith) and to which the lender has recourse. 

“Attributable Debt” means, in respect of any lease (excluding any lease characterized as an operating lease under IFRS
entered into in the ordinary course of business) entered into by a person or a Subsidiary thereof as lessee, the present value (discounted at the rate of interest implicit in such transaction, determined in accordance with IFRS) of the lease
payments of the lessee, including all rent and payments to be made by the lessee in connection with the return of the leased property, during the remaining term of the lease (including any period for which such lease has been extended or may, at the
option of the lessor, be extended) but excluding for certainty, (a) amounts required to be paid on account of insurance, taxes, assessments, utility, operating and labour costs and similar charges and (b) amounts payable by a lessee in
connection with the exercise of any end of term purchase option, early buy out option or any similar amounts payable at the election of the lessee. 

  
 - 2 - 

 “Bank Facilities” means collectively from time to time, the facilities
evidenced by (i) the amended and restated credit agreement dated as of June 30, 2014 between the Company and Enerflex Australasia Holdings Pty Ltd., The Toronto-Dominion Bank, The Bank of Nova Scotia and such other financial institutions
as become parties thereto, as lenders, and The Toronto-Dominion Bank, as agent of such lenders, as amended by a first amending agreement dated as of June 25, 2015, a second amending agreement dated as of December 18, 2015, a third amending
agreement dated as of March 29, 2017 and a fourth amending agreement dated as of November 14, 2017, and as the same may be further amended, modified, supplemented or restated from time to time in accordance with the provisions thereof or
(ii) any replacement facilities that are put in place by the Company or any Subsidiary as the primary bank credit facility or facilities of the Company as a whole. 

“Blocked Person” is defined in Section 5.22. 

“Business” means the fabrication or supply of natural gas compression, oil and gas processing, refrigeration systems and
electric power equipment, and related services to the global energy market. 
 “Business Day” means (a) for the
purposes of Section 8.8 only, any day other than a Saturday, a Sunday or a day on which commercial banks in New York, New York are required or authorized to be closed, and (b) for the purposes of any other provision of this Agreement, any
day other than a Saturday, a Sunday or a day on which commercial banks in New York, New York, Toronto, Ontario or Calgary, Canada are required or authorized to be closed. 

“Canadian Dollars” or “Cdn.$” means lawful money of Canada. 

“Canadian Held Notes” is defined in Section 5.14(d). 

“Capital Adequacy Requirements” means Guideline A, dated April 2014, entitled “Capital Adequacy Requirements
(CAR)”, as applicable from time to time to any lender under the Bank Facilities, issued by the Office of the Superintendent of Financial Institutions Canada and all other guidelines or requirements relating to capital adequacy issued by the
Office of the Superintendent of Financial Institutions or any other governmental agency or regulatory authority in Canada regulating or having jurisdiction with respect to any lender under the Bank Facilities, as amended, modified, supplemented,
reissued or replaced from time to time. 
 “Capital Lease” means any lease which is required be classified and accounted
for as a capital lease under IFRS. 

  
 - 3 - 

 “Change of Control” means and shall be deemed to have occurred if and when:

 (a) any person or persons “acting jointly or in concert” (within the meaning ascribed to such phrase in the Multi-Lateral
Instrument 62-104 – Take-Over Bids and Issuer Bids) shall beneficially own, directly or indirectly, Voting Shares in the capital of the Company which have or represent more than 50% of all of the votes
entitled to be cast by shareholders for an election of the board of directors of the Company; or 
 (b) other than in the case of a
Permitted Replacement, individuals who were elected as members of the board of directors of the Company by the most recent resolutions of the shareholders of the Company or who were appointed by a majority of the directors of the board of directors
of the Company shall no longer constitute a majority of the board of directors of the Company at any time prior to the next following resolutions of the shareholders of the Company relating to the election of the same. 

“Change of Control Prepayment Acceptance Notice” is defined in Section 8.4. 

“Change of Control Prepayment Notice” is defined in Section 8.4. 

“Change in Tax Law” is defined in Section 8.3. 

“Closing” is defined in Section 3. 

“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. 
 “Commodity Hedging Agreement” means any agreement constituting an Eligible
Financial Contract under the regulations issued under the Bankruptcy and Insolvency Act (Canada) for the making or taking of delivery of any commodity (including Petroleum Substances), any commodity swap agreement, floor, cap or collar
agreement or commodity future or option or other similar agreements or arrangements, or any combination thereof, entered into by the Company or a Subsidiary Guarantor where the subject matter of the same is any commodity or the price, value or
amount payable thereunder is dependent or based upon the price of any commodity or fluctuations in the price of any commodity. 

“Company” means Enerflex Ltd., a federal Canadian corporation or any successor that becomes such in the manner prescribed in
Section 10.2. 
 “Company EBITDA” means, in respect of any financial period for which it is being determined, the
consolidated net income of the Company determined in accordance with IFRS for such period, plus (without duplication):  
 (a)
Interest Expense, to the extent deducted in the calculation of net income; 
 (b) all amounts deducted in the calculation of net income in
respect of the provision for income taxes (in accordance with IFRS); 
 (c) all amounts deducted in the calculation of net income in respect
of non cash items, including, without limitation, depletion, depreciation, amortization and future income tax liabilities; 

  
 - 4 - 

 (d) all amounts deducted in the calculation of net income in respect of equity loss and
extraordinary and non-recurring losses and any non-cash impairment charges; 

(e) to the extent deducted from net income, non-cash losses resulting from marking-to-market the outstanding Financial Instruments of the Company and its Subsidiaries for such period in accordance with IFRS, 

less (in each case, on a consolidated basis), with respect to the Company and its Subsidiaries: 

(f) earnings attributable to minority interests and extraordinary and non-recurring earnings and gains
of the Company and its Subsidiaries (on an unconsolidated basis), in each case, to the extent included in the calculation of net income; 

(g) to the extent included in net income, non-cash gains resulting from
marking-to-market the outstanding Financial Instruments of the Company and its Subsidiaries for such period in accordance with IFRS; 

(h) all cash payments during such period relating to non-cash charges which were added back in
determining Company EBITDA in any prior period; and 
 (i) for certainty, any net income from or attributable to Non-Recourse Assets to which income (or proceeds thereof) the lenders or other creditors holding Non-Recourse Debt may have recourse under any circumstances, and (i) in
the event the Company or a Subsidiary acquires another entity during any such period, all measures will be calculated pro forma based on the actual results of the acquired entity as if it had been owned by the Company or such Subsidiary over the
entire period and (ii) in the event the Company or its Subsidiary disposes of an entity during any such period, all measures will be calculated pro forma on the basis that such entity was disposed of at the beginning of the period. 

“Confidential Information” is defined in Section 21. 

“Consolidated Net Tangible Assets” means, as at any date of determination, all consolidated assets of the Company as shown in
a consolidated balance sheet of the Company for such date, less the aggregate of the following amounts reflected upon such balance sheet: 

(a) all goodwill, deferred assets, trademarks, copyrights and other similar intangible assets; 

(b) to the extent not already deducted in computing such assets and without duplication, depreciation, depletion, amortization, reserves and
any other account which reflects a decrease in the value of an asset or a periodic allocation of the cost of an asset; provided that no deduction shall be made under this subparagraph (b) to the extent that such account reflects a decrease in
value or periodic allocation of the cost of any asset referred to in subparagraph (a) above; 

  
 - 5 - 

 (c) minority interests in a person not directly or indirectly owned or held by the Company
or one of its Subsidiaries; 
 (d) Non-Recourse Assets to the extent of the outstanding Asset
Specific Non-Recourse Debt financing such assets; and 
 (e) investments in and advances to
Subsidiaries of the Company which are not Subsidiary Guarantors or Material Subsidiaries, 
 all as determined in accordance with IFRS. 

“Controlled Entity” means any of the Subsidiaries of the Company and any of their or the Company’s respective controlled
Affiliates. As used in this definition, “controlled” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting
securities, by contract or otherwise. 
 “Convertible Securities” means convertible subordinated securities issued by the
Company or a Subsidiary Guarantor which have all of the following characteristics: 
 (a) the obligations under, pursuant or relating to such
securities and the indenture or agreement governing such securities shall be unsecured obligations of the Company or the applicable Subsidiary Guarantor, and no Subsidiary shall have provided a Subsidiary Guarantee or any Financial Assistance in
respect of any of such obligations; 
 (b) an initial final maturity or due date in respect of repayment of principal, which is after the
latest maturity date of any Note outstanding at the time such securities are created, incurred, assumed or guaranteed (the “Outside Maturity Date”); 

(c) no scheduled or mandatory payments or repurchases of principal thereunder (other than acceleration following an event of default in regard
thereto or payments which can be satisfied by the delivery of equity in the capital of the Company or the applicable Subsidiary Guarantor as contemplated in (g) below) prior to the Outside Maturity Date in effect at the time such security are
issued; 
 (d) upon and during the continuance of any Event of Default or acceleration of the time for payment of any of the Notes, accrued
interest, Make-Whole Amounts and all other amounts owing under this Agreement, (i) all amounts payable in respect of principal, premium (if any) or interest under such securities or notes are subordinate and junior in right of payment to all
such Notes, accrued interest, Make-Whole Amounts and all other amounts owing under this Agreement to the holders of the Notes and (ii) no enforcement steps or proceedings may be commenced in respect of such securities; 

  
 - 6 - 

 (e) upon any distribution of the assets of the Company or the applicable Subsidiary
Guarantor on any dissolution, winding up, total liquidation or reorganization of such person (whether in bankruptcy, insolvency or receivership proceedings or upon an assignment for the benefit of creditors or any other marshalling of the assets and
liabilities of the Company or the applicable Subsidiary Guarantor, or otherwise), all principal, accrued interest, Make-Whole Amounts and all other amounts owing under this Agreement shall first be paid in full in cash, or provisions made for such
payment, before any payment by the Company or the applicable Subsidiary Guarantor is made on account of principal, premium (if any), interest or other obligations payable in regard to such securities; 

(f) a Default, Event of Default, acceleration of the time for repayment of any all principal, accrued interest, Make-Whole Amounts and all
other amounts owing under this Agreement or enforcement of the rights and remedies of the holders of the Notes hereunder or under any other Financing Agreements or document delivered pursuant thereto shall not: 

(i) cause a default or event of default (with the passage of time or otherwise) under such securities or the indenture or
agreement governing the same; or 
 (ii) cause or permit the obligations under, pursuant or relating to such securities to be
due and payable prior to the stated maturity thereof; 
 (g) payments of principal due and payable under, pursuant or relating to such
securities can be satisfied, at the option of the Company or the applicable Subsidiary Guarantor, by issuing and delivering equity in the capital of the Company or the applicable Subsidiary Guarantor in accordance with the indenture or agreement
governing such securities; and 
 (h) payments of interest due and payable under, pursuant or relating to such securities can be satisfied,
at the option of the Company or the applicable Subsidiary Guarantor, by payment of the proceeds of the issue and sale of equity in the capital of the Company or the applicable Subsidiary Guarantor resulting from a bid process whereby the trustee
under the indenture or agreement governing such securities: 
 (i) accepts delivery from the Company or the applicable
guarantor of such equity; 
 (ii) accepts bids with respect to, and consummate sales of, such equity, each as the Company or
the applicable Subsidiary Guarantor shall direct in its absolute discretion; and 
 (iii) uses the proceeds received from
such sale of equity to satisfy such interest, 
 where the acceptance of any such bid in accordance with (ii) above is conditional on
the acceptance of sufficient bids to result in aggregate proceeds from such issue and sale of equity equalling the interest due on the applicable interest payment date. 

“Currency Hedging Agreement” means any currency swap agreement, cross currency agreement, forward agreement, floor, cap or
collar agreement, futures or options, insurance or other similar agreement or arrangement, or any combination thereof, entered into by the Company or a Subsidiary Guarantor where the subject matter of the same is currency exchange rates or the
price, value or amount payable thereunder is dependent or based upon currency exchange rates or fluctuations in currency exchange rates as in effect from time to time. 

  
 - 7 - 

 “Current Financial Covenant Testing” means, as at any date of
determination, a calculation of compliance with the covenants contained in Section 10.11 using: 
 (a) the amounts of Net Funded Debt as
at such date (after giving effect to the transaction or transactions that occasioned the requirement for such testing herein), 
 (b) the
amounts of EBITDA and Interest Expense for the most recent period of four consecutive fiscal quarters that ended prior to the date of determination (or if the figures in respect thereof are not then available, the immediately preceding period of
four consecutive fiscal quarters for which such figures are available), in any case taken as a single accounting period. 

“Debt” means, with respect to any person (“X”), all obligations, liabilities and Debt of X which would, in
accordance with IFRS, be classified upon a consolidated balance sheet of X as indebtedness for borrowed money of X and its Subsidiaries and, whether or not so classified, shall include (without duplication): 

(a) indebtedness for borrowed money; 

(b) obligations for the repayment of: (i) bankers’ acceptances (including payment and reimbursement obligations in respect thereof),
or (ii) letters of credit and letters of guarantee supporting obligations which would otherwise constitute Debt within the meaning of this definition or indemnities issued in connection therewith; 

(c) obligations with respect to the reimbursement of drawings under all other letters of credit and letters of guarantee; 

(d) obligations under Guarantees, indemnities, assurances, legally binding comfort letters or other contingent obligations for the repayment
of indebtedness or other obligations of any other person which would otherwise constitute Debt within the meaning of this definition and all other obligations incurred for the purpose of or having the effect of providing financial assistance to
another person for the repayment of such indebtedness or such other Debt obligations, including, without limitation, endorsements of bills of exchange (other than for collection or deposit in the ordinary course of business); 

(e) (i) all indebtedness representing the deferred purchase price of any property to the extent that such indebtedness is or remains
unpaid after the expiry of the customary time period for payment (excluding current accounts payable to trade creditors in the ordinary course of business, so long as the same are not outstanding longer than is customary in X’s or the
applicable Subsidiary’s business), provided however that such time period shall in no event exceed 90 days, (ii) all obligations created or arising under any conditional sales agreement or other title retention agreement and
(iii) obligations created or arising under any Capital Lease (to the extent of the amount required to be accounted for as a Capital Lease under IFRS); 

  
 - 8 - 

 (f) all Attributable Debt other than in respect of (i) leases of office space or
(ii) operating leases, in each case entered into in the ordinary course of business; 
 (g) all other long term obligations (including
the current portion thereof) upon which interest charges are customarily paid prior to default; 
 (h) Prepaid Obligations; and 

(i) all indebtedness of other persons secured by a Lien on any asset, whether or not such indebtedness is assumed thereby; provided that the
amount of such indebtedness shall be the lesser of (i) the fair market value of such asset at such date of determination, and (ii) the amount of such indebtedness recorded as a liability in accordance with IFRS, 

but shall exclude each of the following, determined (as required) in accordance with IFRS: 

(j) mark to market amounts under Financial Instrument Obligations; 

(k) accounts payable to trade creditors and accrued liabilities incurred in the ordinary course of business; 

(l) current taxes payable and future taxes; 

(m) dividends or other equity distributions payable; and 

(n) accrued interest not yet due and payable, 

provided that, unless otherwise expressly provided or the context otherwise requires, references herein to “Debt” shall be and shall be deemed to be
references to Debt of the Company and its Subsidiaries. 
 “Default” means any event or condition which, with the giving of
notice, lapse of time or upon a declaration or determination being made (or any combination thereof), would constitute an Event of Default. 

“Default Rate” means (a) in respect of amounts in Canadian Dollars, that rate of interest that is the greater of (i)
{Redacted}% per annum above the rate of interest stated in clause (a) of the first paragraph of the Notes denominated in Canadian Dollars, and (ii) {Redacted}% over the rate of interest publicly announced by The Toronto-Dominion
Bank as its prime rate for determining the interest rate it will charge for Canadian Dollar loans made by it in Canada and (b) in respect of amounts in U.S. Dollars, that rate of interest that is the greater of (i) {Redacted}% per annum
above the rate of interest stated in clause (a) of the first paragraph of the Notes denominated in U.S. Dollars, and (ii) {Redacted}% over the rate of interest publicly announced by Citibank N.A. in New York, New York as its
“base” or “prime” rate. 
 “Disclosure Documents” is defined in Section 5.7. 

  
 - 9 - 

 “Distribution” means: 

(a) the declaration, payment or setting aside for payment of any dividend or other distribution on or in respect of any shares in the capital
of the Company or any Subsidiary Guarantor which is not a Wholly-Owned Subsidiary (including any return of capital); 
 (b) the redemption,
retraction, purchase, retirement or other acquisition, in whole or in part, of any shares in the capital of the Company or any Subsidiary Guarantor which is not a Wholly-Owned Subsidiary or any securities, instruments or contractual rights capable
of being converted into, exchanged or exercised for shares in the capital thereof, including, without limitation, options, warrants, conversion or exchange privileges and similar rights; 

(c) the making of any loan or advance or any other provision of credit or Financial Assistance by the Company or any Subsidiary Guarantor to
any Related Party other than to the Company or a Subsidiary Guarantor; 
 (d) the payment of any principal, interest, fees or other amounts
on or in respect of any loans, advances or other Debt owing at any time by the Company or any Subsidiary Guarantor to any Related Party, other than to the Company or a Subsidiary Guarantor; or 

(e) (i) the payment of any amount, (ii) the sale, transfer, lease or other disposition of any property or assets, or (iii) any
granting or creation of any rights or interests, at any time, by the Company or any Subsidiary Guarantor to or in favour of any Related Party, other than, in each case, to or in favour of the Company or a Subsidiary Guarantor, 

and whether any of the foregoing is made, paid or satisfied in or for cash, property or any combination thereof. 

“EBITDA” means, in respect of any financial period for which it is being determined: 

(a) the Net Income for such period of the Company and the Subsidiary Guarantors (on an unconsolidated basis), plus (in each case, on an
unconsolidated basis of the Company and the Subsidiary Guarantors and without duplication): 
 (i) Interest Expense, to the
extent deducted in the calculation of Net Income; 
 (ii) all amounts deducted in the calculation of Net Income in respect of
the provision for income taxes (in accordance with IFRS); 
 (iii) all amounts deducted in the calculation of Net Income in
respect of non cash items, including, without limitation, depletion, depreciation, amortization and future income tax liabilities; 

(iv) all amounts deducted in the calculation of Net Income in respect of equity loss and extraordinary and non-recurring losses and any non-cash impairment charges; 

  
 - 10 - 

 (v) all cash distributions received in such period by the Company and the
Subsidiary Guarantors from persons which are not Subsidiary Guarantors; and 
 (vi) to the extent deducted from Net Income, non-cash losses resulting from marking-to-market the outstanding Financial Instruments of the Company and the Subsidiary Guarantors for
such period in accordance with IFRS, 
 less (in each case, on a consolidated basis) with respect to the Company and the Subsidiary
Guarantors: 
 (vii) earnings attributable to minority interests and extraordinary and
non-recurring earnings and gains of the Company and the Subsidiary Guarantors (on an unconsolidated basis), in each case, to the extent included in the calculation of Net Income; 

(viii) to the extent included in Net Income, non-cash gains resulting from marking-to-market the outstanding Financial Instruments of the Company and the Subsidiary Guarantors for such period in accordance with IFRS; 

(ix) all cash payments during such period relating to non-cash charges which were added
back in determining EBITDA in any prior period; and 
 (x) for certainty, any Net Income from or attributable to Non-Recourse Assets to which income (or proceeds thereof) the lenders or other creditors holding Non-Recourse Debt may have recourse under any circumstances, 

and (i) in the event the Company or a Subsidiary Guarantor acquires another entity during any such period, all measures will be calculated
pro forma based on the actual results of the acquired entity as if it had been owned by the Company or such Subsidiary Guarantor over the entire period and (ii) in the event the Company or a Subsidiary Guarantor disposes of an entity during any
such period, all measures will be calculated pro forma on the basis that such entity was disposed of at the beginning of the period; plus 

(b) the Non-Guarantor EBITDA for such period of each
Non-Guarantor Subsidiary in respect of which the Company has obtained political risk insurance (1)(A) on terms and conditions substantially the same in scope as the terms and conditions contained in the
insurance policy annexed hereto as Schedule C and, for certainty, covering loss in respect of each of expropriation, political violence and loss of use of assets due to political violence and (B) from an export credit agency or commercial
insurer formed under the laws of an OECD Country with (at all times the Non-Guarantor EBITDA of such Non-Guarantor Subsidiary is being included in a determination of
EBITDA) a “Financial Strength Rating” of A- or higher from A.M. Best (or such other policy issuer acceptable to the Required Holders, acting reasonably) or (2) on such other terms and conditions
as agreed to by the Required Holders, in their sole discretion, such Non-Guarantor EBITDA to be up to a maximum aggregate amount of {Redacted}% of the Company EBITDA for such period. 

  
 - 11 - 

 Notwithstanding the foregoing, any Subsidiary Guarantor formed under the laws of Thailand shall not be
considered a Subsidiary Guarantor for purposes of calculating EBITDA for any period until such Subsidiary Guarantor has received the “approval in principal” from Governmental Authorities in Thailand required in connection with payments
under the Subsidiary Guarantee of such Subsidiary Guarantor to any foreign beneficiary thereunder. 
 “Environmental Laws”
means all Applicable Laws with respect to the environment or environmental or public health and safety matters contained in statutes, regulations, rules, ordinances, orders, judgments, Governmental Authorizations or policies, guidelines or
directives having the force of law. 
 “Equity Plan Hedging Agreement” means any agreement constituting an “Eligible
Financial Contract” under the regulations issued under the Bankruptcy and Insolvency Act (Canada) in connection with equity securities of the Company or a Subsidiary Guarantor, any equity securities plan hedging agreement, floor, cap or collar
agreement or equity security plan future or option or other similar agreements or arrangement, or any combination thereof, entered into by the Company or a Subsidiary Guarantor where the subject matter of the same is any equity securities of the
Company or a Subsidiary Guarantor or the price, value or amount payable thereunder is dependent or based upon the price of any equity securities of the Company or a Subsidiary Guarantor or fluctuations in the price of any such equity securities.
 
 “Equivalent Amount” means, on any date, the equivalent amount in Canadian Dollars, United States Dollars,
Australian Dollars, Pounds Sterling or Euros, as the case may be, after giving effect to a conversion of a specified amount of: 
 (a) United
States Dollars to Canadian Dollars, Australian Dollars, Pounds Sterling or Euros; 
 (b) Canadian Dollars to United States Dollars,
Australian Dollars, Pounds Sterling or Euros; 
 (c) Australian Dollars to United States Dollars, Canadian Dollars, Pounds Sterling or
Euros; 
 (d) Pounds Sterling to United States Dollars, Canadian Dollars, Australian Dollars or Euros; or 

(e) Euros to United States Dollars, Canadian Dollars, Australian Dollars or Pounds Sterling, 

as the case may be, at the rate of exchange for Canadian interbank transactions established by the Bank of Canada and published at approximately 4:30 p.m.
(Toronto time) on the Banking Day immediately preceding the day in question, or, if such rate is for any reason unavailable, at the spot rate quoted for wholesale transactions by The Toronto-Dominion Bank at approximately noon (Toronto time) on the
day in question in accordance with its normal practice. 

  
 - 12 - 

 “ERISA” means the U.S. Employee Retirement Income Security Act of 1974, as
amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect. 
 “ERISA
Affiliate” means any trade or business (whether or not incorporated) that is treated as a single employer together with the Company under section 414 of the Code. 

“Event of Default” is defined in Section 11. 

“Financial Assistance” means, with respect to any person and without duplication, any loan, Guarantee, indemnity, assurance,
acceptance, extension of credit, loan purchase, share purchase, equity or capital contribution, investment or other form of direct or indirect financial assistance or support of any other person or any obligation (contingent or otherwise) intended
to enable another person to incur or pay any Debt or to comply with agreements relating thereto or otherwise to assure or protect creditors of the other person against loss in respect of Debt of the other person and includes any Guarantee of or
indemnity in respect of the Debt of the other person and any absolute or contingent obligation to (directly or indirectly): 
 (a) advance or
supply funds for the payment or purchase of any Debt of any other person; 
 (b) purchase, sell or lease (as lessee or lessor) any property,
assets, goods, services, materials or supplies primarily for the purpose of enabling any person to make payment of Debt or to assure the holder thereof against loss; 

(c) guarantee, indemnify, hold harmless or otherwise become liable to any creditor of any other person for, from, against or in respect of any
losses, liabilities or damages in respect of Debt; 
 (d) make a payment to another for goods, property or services regardless of the non-delivery or non-furnishing thereof; or 
 (e) make an advance,
loan or other extension of credit to or to make any subscription for equity, equity or capital contribution, or investment in or to maintain the capital, working capital, solvency or general financial condition of another person for the purpose of
enabling any person to make payment on Debt. 
 The amount of any Financial Assistance is the amount of any loan or direct or indirect financial assistance
or support, without duplication, given, or all Debt of the obligor to which the Financial Assistance relates, unless the Financial Assistance is limited to a determinable amount, in which case the amount of the Financial Assistance is such
determinable amount. 
 “Financial Instrument” means any Equity Plan Hedging Agreement, Interest Hedging Agreement,
Currency Hedging Agreement or Commodity Hedging Agreement. 

  
 - 13 - 

 “Financial Instrument Obligations” means obligations arising under
Financial Instruments entered into by the Company or a Subsidiary Guarantor to the extent of the net amount due or accruing due by the Company or a Subsidiary Guarantor. 

“Financing Agreements” mean this Agreement, the Notes, any Subsidiary Guarantee, and all certificates, instruments and other
documents executed and delivered or to be executed and delivered by the Company or any Subsidiary to or for the benefit of the holders of the Notes (including, without limitation, any security granted to or for the benefit of the holders of Notes
pursuant to Section 10.5), in each case as amended, restated or replaced from time to time, and “Financing Agreement” means any of them. 

“Forms” is defined in Section 13. 

“Governmental Authority” means any federal, provincial, state, regional, municipal or local government or any department,
agency, board, tribunal or authority thereof or other political subdivision thereof and any entity or person exercising executive, legislative, judicial, regulatory or administrative functions of, or pertaining to, government or the operation
thereof. 
 “Governmental Authorization” means an authorization, order, permit, approval, grant, license, consent, right,
franchise, privilege, certificate, judgment, writ, injunction, award, determination, direction, decree or demand or the like issued or granted by law or by rule or regulation of any Governmental Authority. 

“Guarantee” means any guarantee, undertaking to assume, endorse, contingently agree to purchase or to provide funds for the
payment of, or otherwise become liable in respect of, any obligation of any person; provided that the amount of each Guarantee shall be deemed to be the amount of the obligation guaranteed thereby, unless the Guarantee is limited to a determinable
amount in which case the amount of such Guarantee shall be deemed to be the lesser of such determinable amount or the amount of such obligation. For greater certainty, nothing contained in this Agreement shall restrict the ability of the Company or
any Subsidiary to provide performance guarantees not related to or guaranteeing Debt. 
 “Hazardous Materials” means any
substance, product, liquid, waste, pollutant, chemical, contaminant, insecticide, pesticide, gaseous or solid matter, organic or inorganic matter, fuel, micro-organism, ray, odour, radiation, energy, vector, plasma, constituent, material or any
combination thereof which (a) is regulated or prohibited under any Environmental Law or (b) is hazardous, hazardous waste, toxic, a pollutant, a deleterious substance, a contaminant or a source of pollution or contamination under any
Environmental Law, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any
Environmental Law. 
 “Hedging Affiliate” means any Affiliate of a lender under the Principal Debt Facility which enters
into a Financial Instrument. 

  
 - 14 - 

 “holder” means, with respect to any Note the Person in whose name such Note
is registered in the register maintained by the Company pursuant to Section 15.1. 
 “IFRS” means International
Financial Reporting Standards, as published by the International Accounting Standards Board (IASB). 
 “Imposed Taxes” is
defined in Section 5.14(b). 
 “Initial Subsidiary Guarantors” is defined in Section 4.2. 

“Intellectual Property” means, collectively, patents, patents pending, copyrights, proprietary processes or programs,
industrial designs, trademarks, trademark applications, trade names and other intellectual property of every nature and kind. 

“Interest Coverage Ratio” means, as at a Quarter End, the ratio of (a) EBITDA for the 12 months ending at such Quarter
End to (b) Interest Expense during the same period. 
 “Interest Expense” means, for any period, without duplication,
interest expense of the Company determined on a consolidated basis in accordance with IFRS as the same would be set forth or reflected in a consolidated statement of income of the Company and, in any event and without limitation, shall include: 

(a) all interest accrued or payable in respect of such period, including capitalized interest; 

(b) all fees (including standby, commitment and stamping fees and fees payable in respect of letters of credit and letters of guarantee
supporting obligations which constitute Debt) accrued or payable in respect of such period and which relate to any indebtedness for borrowed money or credit agreement, prorated (as required) over such period; 

(c) any difference between the face amount and the discount proceeds of any bankers’ acceptances, commercial paper and other obligations
of the Company or any Subsidiary issued at a discount, prorated (as required) over such period; and 
 (d) all net amounts charged or
credited to interest expense under any Interest Hedging Agreements in respect of such period, 
 but excluding (i) any interest expense of Non-Guarantor Subsidiaries in respect of Non-Recourse Debt, which, if such Non-Guarantor Subsidiaries were Subsidiary Guarantors, would
constitute Interest Expense, and (ii) interest expense relating to any Capital Lease which but for the adoption of International Financial Reporting Standards would have been classified as operating leases under IFRS in effect as of
December 31, 2010. 
 “Interest Hedging Agreement” means any interest swap agreement, forward rate agreement, floor,
cap or collar agreement, futures or options, insurance or other similar agreement or arrangement, or any combination thereof, entered into by the Company where the subject matter of the same is interest rates or the price, value or amount payable
thereunder is dependent or based upon the interest rates or fluctuations in interest rates in effect from time to time (but, for certainty, shall exclude conventional floating rate debt). 

  
 - 15 - 

 “Institutional Accredited Investor” shall mean any commercial, investment
or merchant bank, trust company, insurance company, finance company, mutual fund, registered money or asset manager, savings and loan association, credit union, registered investment advisor, pension fund, investment company with assets in excess of
Cdn.$5,000,000, licensed broker or dealer, or “qualified institutional buyer” (as such term is defined under Rule 144A promulgated under the Securities Act, or any successor law, rule or regulation) or any other Person, in each case that
is also an institutional “accredited investor” (as such term is defined under Regulation D promulgated under the Securities Act, or any successor law, rule or regulation). 

“Institutional Investor” means (a) any Purchaser of a Note while such Person remains a holder of such Note, (b) any
holder of a Note holding (together with one or more of its affiliates) more than 2% of the aggregate principal amount of the Notes then outstanding, (c) any bank, trust company, savings and loan association or other financial institution, any
pension plan, any investment company, any insurance company, any broker or dealer, or any other similar financial institution or entity, regardless of legal form, and (d) any Related Fund of any holder of any Note. 

“Investment” means (a) any purchase or other acquisition of shares or other securities (other than Approved Securities)
of any person, (b) any loan or advance to or for the benefit of any person, or (c) any capital contribution to any other person.  

“Lien” means mortgages, charges, pledges, hypothecs, assignments by way of security, conditional sales or other title
retentions, security created under the Bank Act (Canada), liens, encumbrances, security interests or other interests in property, howsoever created or arising, whether fixed or floating, perfected or not, which secure payment or performance
of an obligation and, including, in any event: 
 (a) deposits or transfers of cash, marketable securities or other financial assets under
any agreement or arrangement whereby such cash, securities or assets may be withdrawn, returned or transferred only upon fulfilment of any condition as to the discharge of any other Debt or other obligation to any creditor; 

(b) (i) rights of set-off or (ii) any other right of or arrangement of any kind with any
creditor, which in any case are made, created or entered into, as the case may be, for the purpose of or having the effect (directly or indirectly) of (A) securing Debt, (B) preferring some holders of Debt over other holders of Debt or
(C) having the claims of any creditor be satisfied prior to the claims of other creditors with or from the proceeds of any properties, assets or revenues of any kind now owned or later acquired (other than, with respect to (C) only, rights
of set-off granted or arising in the ordinary course of business); 
 (c) the rights of lessors
under Capital Leases and any other lease financing, excluding, for greater certainty, operating leases; and 

  
 - 16 - 

 (d) absolute assignments of accounts receivable. 

“Make-Whole Amount” is defined in Section 8.8. 

“Material” means material in relation to the business, operations, affairs, financial condition, assets, properties or
prospects of the Company and its Subsidiaries taken as a whole. 
 “Material Acquisition” means an acquisition by the
Company or a Subsidiary Guarantor of assets or stock of another person in a single transaction or series of transactions with a value that is greater than {Redacted}% of Consolidated Net Tangible Assets (calculated prior to completion of such
acquisition).  
 “Material Adverse Change” means any event, circumstance, occurrence or change which results in, or
which would reasonably be expected to result in, a Material Adverse Effect. 
 “Material Adverse Effect” means a material
adverse effect on: 
 (a) the financial condition of the Company and its Subsidiaries on a consolidated basis and taken as a whole; 

(b) the ability of the Company or any of the Subsidiary Guarantors to observe or perform its obligations under the Financing Agreements to
which it is a party or the validity or enforceability of such Financing Agreements or any material provision thereof; or 
 (c) the
property, business or operations of the Company and its Subsidiaries on a consolidated basis and taken as a whole. 
 “Material
Subsidiary” means, in each case, calculated as at each Quarter End for the previous 12 months, any Subsidiary which, determined on an unconsolidated basis (a) has assets greater than {Redacted}% of the consolidated assets of the
Company or (b) has earned revenues greater than {Redacted}% of the consolidated revenues of the Company. 

“Memorandum” is defined in Section 5.7. 

“Modified Make-Whole Amount” is defined in Section 8.8. 

“Multiemployer Plan” means a “multiemployer plan” (as such term is defined in section 4001(a)(3) of ERISA) to which
contributions are or, within the preceding five years have been, made or required to be made by the Company or any ERISA Affiliate or with respect to which the Company or any ERISA Affiliate may have any liability. 

“NAIC” means the National Association of Insurance Commissioners or any successor thereto. 

  
 - 17 - 

 “Net Funded Debt” means all obligations, liabilities and indebtedness of
Company, on a consolidated basis which would, in accordance with IFRS, be classified upon a consolidated balance sheet of Company as indebtedness for borrowed money and, whether or not so classified, shall include (without duplication): 

(a) indebtedness for borrowed money; 

(b) obligations for the repayment of: (i) bankers’ acceptances (including payment and reimbursement obligations in respect thereof),
or (ii) letters of credit and letters of guarantee supporting obligations which would otherwise constitute Net Funded Debt within the meaning of this definition or indemnities issued in connection therewith; 

(c) obligations with respect to the reimbursement of drawings under all other letters of credit and letters of guarantee; 

(d) obligations under Guarantees, indemnities, assurances, legally binding comfort letters, the face value of financial letters of credit or
other contingent obligations for the repayment of indebtedness or other obligations of any other person which would otherwise constitute Net Funded Debt within the meaning of this definition and all other obligations incurred for the purpose of or
having the effect of providing financial assistance to another person for the repayment of such indebtedness or such other Debt obligations, including, without limitation, endorsements of bills of exchange (other than for collection or deposit in
the ordinary course of business); 
 (e) (i) all indebtedness representing the deferred purchase price of any property to the extent
that such indebtedness is or remains unpaid after the expiry of the customary time period for payment (excluding current accounts payable to trade creditors in the ordinary course of business, so long as the same are not outstanding longer than is
customary in the Company’s or the applicable Subsidiary’s business), provided however that such time period shall in no event exceed 90 days, (ii) all obligations created or arising under any conditional sales agreement or other title
retention agreement and (iii) obligations created or arising under any Capital Lease (to the extent of the amount required to be accounted for as a Capital Lease under IFRS) except for those obligations relating to the Capital Leases that were
or, in the case of leases entered into after June 1, 2011, would have been, characterized as operating leases under IFRS immediately prior to the adoption of International Financial Report Standards; 

(f) all other long term obligations (including the current portion thereof) upon which interest charges are customarily paid prior to default;
and 
 (g) Prepaid Obligations, 
 less, in
each case, unencumbered cash and shall exclude each of the following, determined (as required) in accordance with IFRS: 
 (h) Non-Recourse Debt of Subsidiaries which are not Subsidiary Guarantors; 

  
 - 18 - 

 (i) Convertible Securities issued by the Company or a Subsidiary Guarantor; 

(j) letters of credit or letters of guarantee which are not “direct credit substitutes” within the meaning of the Capital Adequacy
Requirements; 
 (k) Financial Instrument Obligations; 

(l) accounts payable to trade creditors and accrued liabilities incurred in the ordinary course of business; 

(m) current taxes payable and future taxes; 

(n) dividends or other equity distributions payable; and 

(o) accrued interest not yet due and payable. 

“Net Funded Debt to EBITDA Ratio” means, as at a Quarter End, the ratio of (a) Net Funded Debt as at such Quarter End to
(b) EBITDA for the 12 months ending at such Quarter End. 
 “Net Income” means, in respect of any period for which it
is being determined, the net income of the Company and the Subsidiary Guarantors determined on an unconsolidated basis in accordance with IFRS. 

“Non-Canadian Held Notes” is defined in Section 5.14(d). 

“Non-Guarantor EBITDA” means, in respect of any period for which it is being
determined, in respect of any Non-Guarantor Subsidiary, on an unconsolidated basis, the net income of such Non-Guarantor Subsidiary on an unconsolidated basis in
accordance with IFRS, for such period, plus (in each case, on an unconsolidated basis of such Non-Guarantor Subsidiary and without duplication): 

(a) interest expense of such Non-Guarantor Subsidiary determined on an unconsolidated basis in
accordance with IFRS as the same would be set forth or reflected in an unconsolidated statement of income of such Non-Guarantor Subsidiary, to the extent deducted in the calculation of net income; 

(b) all amounts deducted in the calculation of net income in respect of the provision for income taxes (in accordance with IFRS); 

(c) all amounts deducted in the calculation of net income in respect of non cash items, including, without limitation, depletion,
depreciation, amortization and future income tax liabilities; and 
 (d) all amounts deducted in the calculation of net income in respect of
equity loss and extraordinary and non-recurring losses and any non-cash impairment charges, 

  
 - 19 - 

 less (in each case, on an unconsolidated basis), with respect to such
Non-Guarantor Subsidiary: 
 (e) earnings attributable to minority interests and extraordinary and non-recurring earnings and gains of such Non-Guarantor Subsidiary (on an unconsolidated basis), in each case, to the extent included in the calculation of net income; 

(f) all cash payments during such period relating to non-cash charges which were added back in
determining Non-Guarantor EBITDA in any prior period; and 
 (g) for certainty, any net income from
or attributable to Non-Recourse Assets to which income (or proceeds thereof) the lenders or other creditors holding Non-Recourse Debt may have recourse under any
circumstances.  
 “Non-Guarantor Subsidiary” means a Subsidiary that
(a) is not a Subsidiary Guarantor or (b) has been designated, in compliance with the provisions hereof, as a Non-Guarantor Subsidiary. 

“Non-Recourse Assets” means the assets created, developed, constructed or acquired
with or in respect of which Non-Recourse Debt has been incurred and any and all receivables, inventory, equipment, chattel paper, intangibles and other rights or collateral arising from or connected with the
assets created, developed, constructed or acquired (and, for certainty, shall include the shares or other ownership interests of or investments in a single purpose entity or a Non-Guarantor Subsidiary which
holds only such assets and other rights and collateral arising from or connected therewith) and to which recourse of the lender of such Non-Recourse Debt (or any agent, trustee, receiver or other person acting
on behalf of such lender) in respect of such indebtedness is limited in all circumstances (other than in respect of false or misleading representations or warranties). 

“Non-Recourse Debt” means any indebtedness in respect of any amounts borrowed,
Purchase Money Obligations, obligations secured by a Lien existing on property owned subject to a Lien (whether or not the obligations secured thereby shall have been assumed) and guarantees, indemnities, endorsements (other than endorsements for
collection in the ordinary course of business) or other contingent obligations in respect of obligations of another person for indebtedness of that other person in respect of any amounts borrowed by them and any increases in or extensions, renewals
or refundings of any such indebtedness, liabilities and obligations, provided that the recourse of the lender thereof or any agent, trustee, receiver or other person acting on behalf of the lender in respect of such indebtedness, liabilities and
obligations or any judgment in respect thereof is limited in all circumstances (other than in respect of false or misleading representations or warranties) to persons other than the Company or any Subsidiary Guarantor. 

“Non-U.S. Plan” means any plan, fund or other similar program that (a) is
established or maintained outside the United States of America by the Company or any Subsidiary primarily for the benefit of employees of the Company or one or more Subsidiaries residing outside the United States of America, which plan, fund or
other similar program provides, or results in, retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of employment, and (b) is not subject to ERISA or the Code. 

  
 - 20 - 

 “Notes” is defined in Section 1. 

“OFAC” means the Office of Foreign Assets Control of the United States Department of the Treasury. 

“OFAC Sanctions Program” means any economic or trade sanction that OFAC is responsible for administering and enforcing. A
list of OFAC Sanctions Programs may be found at http://www.ustreas.gov/offices/enforcement/ofac/programs/. 
 “Officer’s
Certificate” means a certificate of a Senior Financial Officer or of any other officer of the Company whose responsibilities extend to the subject matter of such certificate. 

“Payment” is defined in Section 5.14(b). 

“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA or any successor thereto. 

“Permitted Contest” means action taken by or on behalf of the Company or a Subsidiary in good faith by appropriate
proceedings diligently pursued to contest a Tax, claim or Lien, provided that the person to which the Tax, claim or Lien being contested is relevant (and, in the case of a Subsidiary of the Company, the Company on a consolidated basis) has
established reasonable reserves therefor if and to the extent required by IFRS. 
 “Permitted Disposition” means, in
respect of the Company, any of the Subsidiary Guarantors or any of the Material Subsidiaries, any of the following: 
 (a) a sale or
disposition by the Company, such Subsidiary Guarantor or such Material Subsidiary of inventory (including, for certainty, property produced for sale) in the ordinary course of business; 

(b) a sale or disposition by the Company, such Subsidiary Guarantor or such Material Subsidiary in the ordinary course of business and in
accordance with sound industry practice of tangible personal property that is obsolete, no longer useful for its intended purpose or being replaced in the ordinary course of business; 

(c) a sale or disposition of any property or assets by (i) the Company to a Subsidiary Guarantor, (ii) a Subsidiary Guarantor to the
Company or another Subsidiary Guarantor or (iii) a Material Subsidiary that is not also a Subsidiary Guarantor to the Company, a Subsidiary Guarantor or another Material Subsidiary; and 

(d) a sale or disposition by the Company, a Subsidiary Guarantor or any Material Subsidiary of its interest in machinery, equipment or other
tangible personal property for which Purchase Money Obligations were incurred and (i) such Purchase Money Obligations are fully repaid concurrently with such sale or disposition and (ii) such sale or disposition is made in the ordinary
course of business at fair market value to a person at arm’s length from the Company and its Subsidiaries. 

  
 - 21 - 

 “Permitted Hedging” means Financial Instruments entered into by the Company
or a Subsidiary Guarantor which are entered into in the ordinary course of business and for hedging purposes and not for speculative purposes; provided that, such Financial Instruments are consistent with the Company’s board-approved hedging
policy. 
 “Permitted Liens” means as at any particular time any of the following encumbrances on the assets, property or
undertakings or any part of the assets, property or undertakings of the Company, any Subsidiary Guarantor or any Material Subsidiary: 
 (a)
liens for taxes, assessments or governmental charges not at the time due or delinquent or, if due or delinquent, the validity of which is being contested at the time by a Permitted Contest; 

(b) deemed liens and trusts arising by operation of law or pledges or deposits in connection with workers’ compensation, employment
insurance and other social security legislation, in each case, which secure obligations not at the time due or delinquent or, if due or delinquent, the validity of which is being contested at the time by a Permitted Contest; 

(c) liens under or pursuant to any judgment or award rendered, or claim filed, against the Company, a Subsidiary Guarantor or a Material
Subsidiary, the time for the appeal or petition for rehearing of which shall not have expired, or which the Company, such Subsidiary Guarantor or Material Subsidiary (as applicable) shall be contesting at the time by a Permitted Contest or which the
Company, such Subsidiary Guarantor or Material Subsidiary (as applicable) shall in good faith be prosecuting an appeal or proceeding for review and in respect of which a stay of execution pending such appeal or proceeding for review shall have been
secured; 
 (d) undetermined or inchoate liens, charges, privileges, statutory liens, adverse claims or encumbrances of any nature
whatsoever arising or potentially arising under statutory provisions incidental to construction or current operations which have not at such time been filed pursuant to law against the Company, a Subsidiary Guarantor or a Material Subsidiary or
which relate to obligations not due or delinquent or, if due or delinquent, the validity of which is being contested at the time by a Permitted Contest; 

(e) easements, rights of way, servitudes, usufructs or other similar rights in land (including, without in any way limiting the generality of
the foregoing, rights of way and servitudes for railways, sewers, drains, gas and oil and other pipelines, gas and water mains, electric light and power and telecommunication, telephone or telegraph or cable television conduits, poles, wires and
cables) granted to or reserved or taken by other persons which individually or in the aggregate do not materially impair its use in the operation of the business of the Company and its Subsidiaries, taken as a whole; 

(f) the rights reserved to or vested in Governmental Authorities by statutory provisions or by the terms of leases, licenses, franchises,
grants or permits, which affect any land, to terminate the leases, licenses, franchises, grants or permits or to require annual or other periodic payments as a condition of the continuance thereof; 

  
 - 22 - 

 (g) liens or covenants restricting or prohibiting access to or from lands abutting on
controlled access highways or covenants affecting the use to which lands may be put; provided, however, such liens or covenants do not materially impair the use of the lands in the operations of the Company, a Subsidiary Guarantor or a Material
Subsidiary; 
 (h) any carrier’s, warehouseman’s, builder’s, mechanic’s, garageman’s, labourer’s,
employee’s or materialman’s lien or other similar lien arising in the ordinary course of business or out of the construction or improvement of any land or arising out of the furnishing of materials or supplies, provided that such lien
secures monies not at the time overdue, or, if due or delinquent, the validity of which is being contested at the time by a Permitted Contest; 

(i) in respect of any land, any defects or irregularities in the title to such land which are of a minor nature and which, in the aggregate,
will not materially impair the use of such land for the purposes for which such land is held; 
 (j) security given by the Company, a
Subsidiary Guarantor or a Material Subsidiary to a public utility or any municipality or governmental or other public authority when required by such utility or municipality or other authority in connection with the operations of the Company, a
Subsidiary Guarantor or a Material Subsidiary (as applicable), all in the ordinary course of its business which individually or in the aggregate do not materially impair its use in the operation of the business of the Company and its Subsidiaries,
taken as a whole; 
 (k) the reservation in any original grants from the Crown of any land or interests therein and statutory exceptions and
reservations to title and reservations of mineral rights in any grants from the Crown or from any other predecessors in title; 
 (l) Liens
in favour of the holders of the Notes; 
 (m) any operating lease entered into in the ordinary course of business; 

(n) pledges of cash or Approved Securities and bankers’ liens, rights of set off and other similar liens existing solely with respect to
such cash and Approved Securities on deposit in one or more accounts maintained by the Company, any of the Subsidiary Guarantors or any of the Material Subsidiaries, in each case, granted in the ordinary course of business in favour of a lender or
lenders under the Principal Debt Facility, with which such accounts are maintained, securing amounts owing to such lender with respect to cash management and operating account arrangements, including those involving pooled accounts and netting
arrangements or securing Permitted Hedging; 
 (o) Liens securing Non-Recourse Debt incurred by
Material Subsidiaries which are not Subsidiary Guarantors; provided that the amount of such Non-Recourse Debt does not, in the aggregate at any time, exceed {Redacted}% of Consolidated Net Tangible
Assets; 

  
 - 23 - 

 (p) landlords’ liens or any other rights of distress reserved in or exercisable under
any lease of real property for rent and for compliance with the terms of such lease; provided that such lien does not attach generally to all or substantially all of the undertaking, assets and property of the Company, any Subsidiary Guarantor or
any Material Subsidiary; 
 (q) liens or deposits to secure performance of (i) bids, tenders, contracts (other than contracts for the
payment of money), (ii) statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business or (iii) leases of real property entered into in the ordinary course of
business, in each case, to which the Company, a Subsidiary Guarantor or a Material Subsidiary is a party; 
 (r) Liens resulting from the
deposit of cash or Approved Securities or Liens on other assets as security when the Company, a Subsidiary Guarantor or a Material Subsidiary is required by a Governmental Authority or by normal business practice to provide such deposits or security
in connection with contracts, licenses or tenders or similar matters in the ordinary course of business and for the purpose of carrying on the same, or to secure workers’ compensation, surety or appeal bonds or to secure costs of litigation
when required by Applicable Law; 
 (s) rights and interests created by notice by any Department of Highways or similar authorities with
respect to proposed highways and which do not materially impair the operation of the business of the Company, a Subsidiary Guarantor or a Material Subsidiary; 

(t) lis pendens that may be registered against any real property or interest therein of the Company, a Subsidiary Guarantor or a
Material Subsidiary in respect of any action or proceeding against the Company, such Subsidiary Guarantor or such Material Subsidiary or in which it is a defendant but with respect to which action or proceeding no judgment, award or attachment
against the Company, such Subsidiary Guarantor or such Material Subsidiary has been granted or made and which the Company, such Subsidiary Guarantor or such Material Subsidiary is defending in good faith; 

(u) Liens in favour of the lenders or the agent on behalf of the lenders under the credit agreement described in item (i) under the
definition of “Bank Facilities”, but only to the extent they secure the cash collateral provisions set out therein; and 
 (v) any
extension, renewal or replacement (or successive extensions, renewals or replacements), as a whole or in part, of any Lien referred to in the preceding subparagraphs (a) to (u) inclusive of this definition, so long as any such extension,
renewal or replacement of such Lien is limited to all or any part of the same property that secured the Lien extended, renewed or replaced (plus improvements on such property) and the Debt or obligation secured thereby is not increased, 

provided that, without affecting the character or status of any of the above described Liens as being permitted hereunder, nothing in this definition shall in
and of itself cause the Notes or the other amounts owing hereunder to be subordinated in priority of payment to any such Permitted Liens or cause any Liens in favour of the holder of the Notes to rank subordinate to any such Permitted Liens. 

  
 - 24 - 

 “Permitted Replacement” means the replacement of those directors who have
died or have been found to be of unsound mind by a court of competent jurisdiction. 
 “Person” means an individual,
partnership, corporation, limited liability company, association, trust, unincorporated organization, business entity or Governmental Authority. 

“Petroleum Substances” means crude oil, crude bitumen, synthetic crude oil, petroleum, natural gas, natural gas liquids,
related hydrocarbons and any and all other substances, whether liquid, solid or gaseous, whether hydrocarbons or not, produced or producible in association with any of the foregoing, including hydrogen sulphide and sulphur. 

“Plan” means an “employee benefit plan” (as defined in section 3(3) of ERISA, but not including any Multiemployer
Plan) subject to Title I of ERISA that is or, within the preceding five years, has been established or maintained, or to which contributions are or, within the preceding five years, have been made or required to be made, by the Company or any ERISA
Affiliate or with respect to which the Company or any ERISA Affiliate may have any liability. 
 “Prepaid Obligations”
means “take or pay,” forward sale, prepaid or similar liabilities of a person whereby such person is obligated to settle, at some future date, an obligation in respect of Petroleum Substances, whether by deliveries (accelerated or
otherwise) of Petroleum Substances, the payment of money or otherwise, including the transfer of any Petroleum Substances, whether in place or when produced, for a period of time until, or of an amount such that, the lender or purchaser will realize
therefrom a specified amount of money (however determined, including by reference to interest rates or other factors which may not be fixed) or a specified amount of such products or any interest in property of the character commonly referred to as
a “production payment” and all such obligations for which such person is liable without having received and retained a payment therefor or having assumed such obligation. 

“Principal Debt Facility” shall mean (i) the Bank Facilities, (ii) the 2011 Note Purchase Agreement and
(iii) each other credit or debt facility provided by a bank or other financial institution to the Company or any Subsidiary with an aggregate principal commitment (whether used or available) of not less than Cdn.${Redacted} (or its
equivalent as of the date of any determination in the relevant currency of payment), together with any amendment, refinancing, extension, renewal or replacement of any such credit facility provided that the aggregate commitment is not less than
Cdn.${Redacted} (or its equivalent as of any date of determination, in the relevant currency of payment). 
 “Priority
Debt” means, without duplication, the sum of: 
 (a) Purchase Money Obligations, 

(b) obligations created or arising under Capital Leases, 

(c) all Debt of the Company, the Subsidiary Guarantors and the Material Subsidiaries secured by any Lien other than a Permitted Lien, and 

  
 - 25 - 

 (d) all Debt of any Subsidiary, excluding Qualified Subsidiary Debt. 

“property” or “properties” means, unless otherwise specifically limited, real or personal property of any
kind, tangible or intangible, choate or inchoate. 
 “PTE” is defined in Section 6.2. 

“Purchase Money Obligation” means any monetary obligation created or assumed as part of the purchase price of real or
personal property (including a lease of such property), whether or not secured, any extensions, renewals or refundings of any such obligation, provided that the principal amount of such obligation outstanding on the date of such extension, renewal
or refunding is not increased and further provided that any security given in respect of such obligation shall not extend to any property other than the property acquired in connection with which such obligation was created or assumed and fixed
improvements, if any, erected or constructed thereon and the proceeds thereof. 
 “Purchaser” is defined in the first
paragraph of this Agreement. 
 “Qualified Institutional Buyer” means any Person who is a “qualified institutional
buyer” within the meaning of such term as set forth in Rule 144A(a)(1) under the Securities Act. 
 “Quarter End”
means March 31, June 30, September 30 and December 31 in each year. 
 “Qualified Subsidiary Debt”
means, without duplication: 
 (a) unsecured Debt of any Subsidiary Guarantor; 

(b) unsecured Debt of a Subsidiary owing to the Company, or a Subsidiary Guarantor. 

“Rejection Notice” is defined in Section 8.3. 

“Related Fund” means, with respect to any holder of any Note, any fund or entity that (a) invests in securities or bank
loans, and (b) is advised or managed by such holder, the same investment advisor as such holder or by an affiliate of such holder or such investment advisor. 

“Related Party” means any person which is any one or more of the following: 

(a) an Affiliate of the Company or any Subsidiary; 

(b) a unitholder, shareholder or partner of the Company or any Subsidiary which, together with all Affiliates of such person, owns or
controls, directly or indirectly, more than 10% of the units, shares, capital or other ownership interests (however designated) of the Company or any Subsidiary, or an Affiliate of any such unitholder, shareholder or partner; 

  
 - 26 - 

 (c) an officer, director or trustee of any of the foregoing; and 

(d) a person which is not at arm’s length from the Company and its Subsidiaries. 

“Required Holders” means, at any time, the holders of at least 51% in principal amount of the Notes at the time outstanding
(exclusive of Notes then owned by the Company or any of its Affiliates). 
 “Required Permits” means all Governmental
Authorizations which are necessary at any given time for the Company, each of the Subsidiary Guarantors and each of the Material Subsidiaries to own and operate its property, assets, rights and interests or to carry on its business and affairs. 

“Responsible Officer” means any Senior Financial Officer and any other officer of the Company with responsibility for the
administration of the relevant portion of this Agreement. 
 “Sanctions Laws” is defined in Section 5.22. 

“Securities Act” means the United States Securities Act of 1933, as amended from time to time, and the rules and regulations
promulgated thereunder from time to time in effect. 
 “Senior Financial Officer” means the chief financial officer,
principal accounting officer, treasurer or comptroller of the Company. 
 “Series A Notes” is defined in Section 1.

 “Series B Notes” is defined in Section 1. 

“Series C Notes” is defined in Section 1. 

“Series D Notes” is defined in Section 1. 

“Subordinating Person” is defined in Section 9.7. 

“Subordination Agreement” means a subordination agreement by the Company and each Subsidiary Guarantor and Material
Subsidiary as required by Section 9.7 in favour of the holders of Notes, which shall be satisfactory in form and substance to the holders of Notes, as amended or modified or restated or supplemented from time to time. 

“Subsidiary” means, with respect to any person (“X”): 

(a) 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 X and one or more of its Subsidiaries; 

  
 - 27 - 

 (b) any partnership of which, at the time, X, or one or more of its Subsidiaries, or X and
one or more of its Subsidiaries: (i) directly, indirectly or beneficially own or control more than 50% of the income, capital, beneficial or ownership interests (however designated) thereof; and (ii) is a general partner, in the case of
limited partnerships, or is a partner or has authority to bind the partnership, in all other cases; or 
 (c) any other person of which at
least a majority of the income, capital, beneficial or ownership interests (however designated) are at the time directly, indirectly or beneficially owned or controlled by X, or one or more of its Subsidiaries, or 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 Subsidiaries of the Company. 
 “Subsidiary
Guarantee” means a guarantee by each Subsidiary of the Company that becomes a party thereto pursuant to this Agreement or otherwise, guaranteeing the obligations of the Company under the Financing Agreements to each holder of a Note, which
shall be satisfactory in form and substance to the holders of Notes, as amended, restated or replaced from time to time. 

“Subsidiary Guarantor” means any Subsidiary that has executed and delivered a Subsidiary Guarantee and in respect of which
the holders of Notes have received a favourable legal opinion of counsel to the Company as to the due authorization, execution, delivery, legality, validity and enforceability of its obligations to the holders of Notes under the Subsidiary
Guarantee, and that such obligations do not violate or conflict with any law, constating document or agreement to which it is a party or by which its assets are bound, nor violate any restrictions, if any, governing financial assistance (or similar
restrictions in the applicable jurisdiction) and has not ceased to be a Subsidiary Guarantor pursuant to Section 9.6. 

“Subsidiary Stock” means, with respect to any Person, the stock or other equity interests (or any options or warrants to
purchase stock or other Securities exchangeable for or convertible into stock or other equity interests) of any Subsidiary of such Person. 

“SVO” means the Securities Valuation Office of the NAIC or any successor to such Office. 

“Taxes” means all taxes, levies, imposts, stamp taxes, duties, fees, deductions, withholdings, charges, compulsory loans or
restrictions or conditions resulting in a charge which are imposed, levied, collected, withheld or assessed by any country or political subdivision or taxing authority thereof now or at any time in the future, together with interest thereon and
penalties, charges or other amounts with respect thereto, if any, and “Tax” and “Taxation” shall be construed accordingly. 

  
 - 28 - 

 “Tax Act” means the Income Tax Act (Canada), as amended or
substituted from time to time, including the Regulations thereunder. 
 “Tax Prepayment Notice” is defined in
Section 8.3. 
 “Taxing Jurisdiction” is defined in Section 13. 

“Transfer” means, with respect to any Person, any transaction in which such Person sells, conveys, transfers or leases (as
lessor) any of its property, including, without limitation, Subsidiary Stock. 
 “U.S. Dollars” or “U.S.$”
means lawful money of the United States of America. 
 “U.S. Economic Sanctions Laws” means those laws, executive orders,
enabling legislation or regulations administered and enforced by the United States pursuant to which economic sanctions have been imposed on any Person, entity, organization, country or regime, including the Trading with the Enemy Act, the
International Emergency Economic Powers Act, the Iran Sanctions Act, the Sudan Accountability and Divestment Act and any other OFAC Sanctions Program.  

“USA Patriot Act” means United States Public Law 107-56, Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect. 

“Voting Shares” means capital stock of any class of any corporation which carries voting rights to elect the board of
directors thereof under any circumstances, provided that, for purposes hereof, shares which carry the right to so vote conditionally upon the happening of an event shall not be considered Voting Shares until the occurrence of such event. 

“Wholly-Owned Subsidiary” means, with respect to any person (“X”): 

(a) a corporation, all of the issued and outstanding shares in the capital of which are beneficially held by: 

(i) X; 
 (ii) X and one or more
corporations, all of the issued and outstanding shares in the capital of which are held by X; 
 (iii) two or more corporations, all of the
issued and outstanding shares in the capital of which are held by X; 

  
 - 29 - 

 (b) a corporation which is a Wholly-Owned Subsidiary of a corporation that is a Wholly-Owned
Subsidiary of X; or 
 (c) a partnership, all of the partners of which are X and/or Wholly-Owned Subsidiaries of X, 

provided that (i) unless otherwise expressly provided or the context otherwise requires, references herein to “Wholly-Owned Subsidiary” or
“Wholly-Owned Subsidiaries” shall be and shall be deemed to be references to Wholly-Owned Subsidiaries of the Company and (ii) {Redacted} shall for all purposes hereof be a Wholly-Owned Subsidiary of the Company (but only while
{Redacted} shall remain a Subsidiary Guarantor). 

  
 - 30 - 

 SCHEDULE C 

FORM OF POLITICAL RISK INSURANCE POLICY 

EXPROPRIATION, WAR & TERRORISM INSURANCE (MOBILE ASSETS) 

Underwriters agree to indemnify the Insured for its Loss in respect of the Mobile Assets arising from the occurrence during the Policy Period of one or more
Causes of Loss subject always to the Definitions, Exclusions and Conditions below. 
  

	1	 CAUSES OF LOSS 

 

	1.1	 Expropriation, Wilful Destruction, Forced Abandonment, and Deprivation of Mobile Assets

  

	 	i)	 An act or series of acts occurring within the Policy Period not limited to expropriation but including also
confiscation, nationalisation, seizure, appropriation, requisition, sequestration or wilful destruction or damage by, or under the law, order or administrative action of the Government of the Risk Country which expressly or permanently deprives the
Insured in whole or in part of the use or possession of their Mobile Assets (for the purposes of this Policy the Insured shall be deemed to have been permanently deprived in whole or part of their use or possession of their Mobile Assets after a
period of 180 days has elapsed from the Date of Loss; or 

  

	 	ii)	 The Insured being required to abandon their Mobile Assets for a continuous period of not less than the Waiting
Period arising in circumstances beyond the control of the Insured and solely and directly in consequence of: 

  

	 	a)	 any law, order, decree or regulation of the Government that prevents the use or possession of the Mobile Assets
of the Insured, and/or 

  

	 	b)	 the Insured being required or advised by its government or official representative(s) thereof to evacuate
personnel from the Risk Country(ies) or a region thereof, subject to such requirement or advice being generally applicable to all nationals of the Insured’s Country who are located in the Risk Country(ies) or the applicable region thereof.

 For the purpose of this policy, a government travel advisory alone shall not constitute the above referenced requirement
or advisement. 
  

	1.2	 Licence Cancellation / Export Embargos 

 

	 	i)	 The Insured’s inability, for a period of 180 days, to export the Mobile Assets outside the Risk Country or
its territorial waters, as a direct result of not being able to obtain or renew the necessary permits (including export licences) from the appropriate authority in the Risk Country, provided always that 

	 	a)	 The Insured and its agents shall make every reasonable effort to remove the Mobile Assets from the Risk
Country, and 

  

	 	b)	 At inception of this policy, 

 

	 	1)	 The necessary permits (including export licenses) for the removal of the Mobile Assets from the Risk Country
are held or obtainable, and 

  

	 	2)	 There is no known impending adverse control or suspension of permits (including export licenses) that may
prevent the Insured from removing the Mobile Assets from the Risk Country or its territorial waters. 

  

	1.3	 Political Violence 

Physical damage to or destruction of Mobile Assets caused by Riots and / or Strikes and / or Civil Commotion, and/or Insurrection and/or
Revolution and/or Rebellion and/or Mutiny and/or Coup d’Etat and / or Sabotage and / or Terrorism and / or Malicious Damage, including fire damage and Loss by looting directly following one of these perils, provided that such Loss or damage
occurs in the Risk Country. 
  

	1.4	 War Damage 

Physical damage to or destruction of Mobile Assets during the Policy Period directly caused by War. 

 

	1.5	 Third Party Blockade or Quarantine 

Use of military force, or the direct threat thereof, by one or more third party sovereign nations preventing the Insured from removing the
Mobile Assets from the Risk Country(ies). The Insured will have been deemed to have been prevented from removing the Mobile Assets after 180 days pass from the date the Insured advised the Leading Underwriters that it could not remove the Mobile
Assets. 
  

	2	 DEFINITIONS 

In the context of this policy the following terms shall mean: 
  

	2.1	 Agreed Value: Purchase price of Mobile Assets as set out in the Contract(s). 

 

	2.2	 Civil Commotion: A substantial disturbance of the public peace by three (3) or more persons
assembled together and acting with common intent. 

  
 -2- 

	2.3	 Contract(s): As detailed in item 13 of the Schedule. 

 

	2.4	 Contract Party: The entity named in item 14 of the Schedule. 

 

	2.5	 Coup d’Etat: Means the sudden, violent and illegal overthrow of a sovereign government or any
attempt at such overthrow. 

  

	2.6	 Date of Loss:The date during the Policy Period on which an Insured Risk occurs. 

 

	2.7	 Deductible: Means the amount specified in item 9 of the Schedule. The Deductible shall be borne by the
Insured and remain uninsured. Deductible to apply to each and every loss period. 

  

	2.8	 Government: The present or any succeeding central governing authority (without regard to the method of
its succession or to whether it is recognised by the government of any other country and including authorised agents thereof), or agency or authority acting on its behalf, in effective control of all or part of a country. 

 

	2.9	 Insured: The entity named in item 1 of the Schedule. 

 

	2.10	 Insured Percentage: The percentage of the amount of each and every loss which is to be insured herein
which is stated in item 11 of the Schedule. 

  

	2.11	 Insured Risks: The causes of Loss itemised in Section 1, Causes of Loss. 

 

	2.12	 Insured’s Country: The countries named in item 2 of the Schedule. 

 

	2.13	 Insurrection, Revolution and Rebellion: Means a deliberate, organised and open resistance, by force and
arms, to the laws or operations of a sovereign government, committed by its citizens or subjects and/or a rising against a sovereign government or other authority. 

 

	2.14	 Limit of Liability: The amount stated in item 8 of the Schedule which is the maximum amount payable
under this policy for Loss in respect of every and all Insured Risks occurring during the respective Policy Period. 

  

	2.15	 Malicious Damage: Means all physical loss or damage resulting from a malicious act caused by anyone,
whether or not the act is committed during a disturbance of the public peace and shall include all loss caused by sabotage. Included hereunder is any wilful act of any striker or locked out worker done in furtherance of a strike or in resistance to
a lock-out whether or not such act is committed in the course of a disturbance of the public peace, provided always such strike or lock out is as a result of direct Government action. 

 

	2.16	 Mobile Asset(s): Any goods, and/or merchandise and/or cargo belonging to or under the custody, care or
control of the Insured commonly regarded as removable property in the ordinary course of business, wherever located in transit, territorial waters or in store (excluding cash) and detailed in item 4 of the Schedule. 

  
 -3- 

	2.17	 Mutiny: Means a wilful resistance by three (3) members of legally armed or peace keeping forces to
a superior officer. 

  

	2.18	 Policy Period: The period stated in item 3 of the Schedule. 

 

	2.19	 Riot: A violent disturbance by three (3) or more persons assembled together which threatens the
public peace. 

  

	2.20	 Risk Country: The country or countries as listed in item 5 of the Schedule.

  

	2.21	 Sabotage: Any act of deliberate subversion that causes damage to, or destruction of, real or personal
property of the Insured, arising out of an Insured Risk under this Policy. 

  

	2.22	 Strike: A work stoppage by workers to enforce demands made on an employer or to protest against an act
or conditions, provided always such strike is as a result of direct Government action. 

  

	2.23	 Terrorism: The use of violence for political, ideological or religious ends and includes any use of
violence for the purpose of putting the public or any section of the public in fear. Terrorism does not include an act of violence directed at a specific individual or individuals that is motivated for personal reasons. 

 

	2.24	 Waiting Period: The period stated in item 7 of the Schedule which must elapse from the Date of Loss
before a claim is payable under this policy. 

  

	2.25	 War: Means declared or undeclared international hostile action taken by sovereign, international armed
forces of the Government of the Risk Country against any other nation or Sovereign Power. 

  

	2.26	 Loss: Means the value at the Date of Loss, according to the Basis of Valuation as detailed in item 6 of
the Schedule, of that part of the Mobile Assets that have been lost, damaged or destroyed less compensation, salvage and any other recoveries received by the Insured and after taking into account the Deductible specified in Item 9 of the attached
Schedule. 

 In no event shall the amount payable in all hereunder exceed the Limit of Liability specified in Item 8 of the
attached Schedule. 
  

	3	 EXCLUSIONS 

 

	3.1	 Insured’s Country 

Excluding any loss arising within the Insured’s Country. 

  
 -4- 

	3.2	 Contractual 

Excluding any loss arising out of non performance or failure of any party’s obligations under any contractual agreement or obligations
assumed thereunder (whether in dispute or not) to which the Insured may be party. 
  

	3.3	 Delay 

Excluding any loss arising from delay, deterioration and/or loss of market. 

 

	3.4	 Five Powers 

Excluding any loss arising from war (whether before or after the outbreak of hostilities) between any of the following Five Powers: China,
France, Great Britain, the Russian Federation and the United States of America. 
  

	3.5	 Insolvency or Financial Default 

Excluding any loss arising from insolvency or financial default of any party or person whatsoever. 

 

	3.6	 Necessary Authorisations 

Excluding any failure of the Insured to have obtained authorisations and permits absence of which will make the operation illegal in the Risk
Country, unless such failure occurs as a direct result of a cause of Loss as insured hereunder. 
  

	3.7	 Non-compliance 

Excluding any loss arising from any failure of the Insured to comply with the laws of the Risk Country(ies) or of the Insured’s Country,
unless as a direct result of a Cause of Loss hereunder. 
  

	3.8	 INSTITUTE CHEMICAL, BIOLOGICAL, BIO-CHEMICAL, ELECTROMAGNETIC
WEAPONS AND CYBER ATTACK EXCLUSION CLAUSE (CL 380) 

 This clause shall be paramount and shall override anything
contained in this insurance inconsistent therewith 
 In no case shall this insurance cover loss damage liability or expense directly or
indirectly caused by or contributed to by or arising from 
  

	 	(i)	 any chemical, biological, bio-chemical or electromagnetic weapon

  
 -5- 

	 	(ii)	 the use or operation, as a means for inflicting harm, of any computer, computer system, computer software
programme, computer virus or process or any other electronic system. 

  

	3.9	 INSTITUTE RADIOACTIVE CONTAMINATION, CHEMICAL, BIOLOGICAL, BIOCHEMICAL AND ELECTROMAGNETIC WEAPONS EXCLUSION
CLAUSE (CL370) 

 This clause shall be paramount and shall override anything contained in this insurance
inconsistent therewith. 
 In no case shall this insurance cover loss, damage, liability or expense directly or indirectly caused by or
contributed to by or arising from: 
  

	 	(i)	 ionising radiations from or contamination by radioactivity from any nuclear fuel or from any nuclear waste or
from the combustion of nuclear fuel. 

  

	 	(ii)	 the radioactive, toxic, explosive or other hazardous or contaminating properties of any nuclear installation,
reactor or other nuclear assembly or nuclear component thereof. 

  

	 	(iii)	 any weapon or device employing atomic or nuclear fission and/or fusion or other like reaction or radioactive
force or matter. 

  

	 	(iv)	 the radioactive, toxic, explosive or other hazardous or contaminating properties of any radioactive matter. The
exclusion in this sub-clause does not extend to radioactive isotopes, other than nuclear fuel, when such isotopes are being prepared, carried, stored, or used for commercial, agricultural, medical, scientific
or other similar peaceful purposes. 

  

	 	(v)	 any chemical, biological, bio-chemical, or electromagnetic weapon.

  

	3.10	 Material Breach 

Excluding any loss arising out of wrongful, fraudulent or dishonest acts or omissions of the Insured, its agents, contractors or sub-contractors. 
  

	3.11	 Disputes 

Excluding any loss arising out of disputes between the Insured and the Contract Party unless, and until, either the Supplier and/or Buyer has
withdrawn from such dispute, or the disputes have been settled in accordance with the arbitration and dispute settlement provisions of the Contract or otherwise settled to the satisfaction of Insurers. 

  
 -6- 

	3.12	 Theft and Wrongful Release by the Contract Party 

Excluding any loss arising out of theft or wrongful release of the Mobile Assets. In respect of Cause of Loss 1.1, Expropriation, Wilful
Destruction, Forced Abandonment and Deprivation of Mobile Assets, the Insured must prove beyond reasonable doubt that the loss does not arise out of theft or wrongful release by the Contract Party. 

 

	3.13	 Non-fulfilment 

Excluding any loss arising out of the failure of the Contract Party to fulfil its contractual responsibilities or any breach by the Contract
Party of any warranty contained within the Warehousing Agreement unless such warranties cannot be met as a consequence of the occurrence of a Cause of Loss. 
  

	3.5	 Sanction Limitation and Exclusion Clause 

No Underwriter shall be deemed to provide cover and no Underwriter shall be liable to pay any claim or provide any benefit hereunder to the
extent that the provision of such cover, payment of such claim or provision of such benefit would expose that Underwriter to any sanction, prohibition or restriction under United Nations resolutions or the trade or economic sanctions, laws or
regulations of the European Union, United Kingdom or United States of America. 
  

	4	 CONDITIONS AND WARRANTIES 

 

	4.1	 Confidentiality 

Warranted that the Insured shall not disclose the existence of this Policy at any time either before or after an insured cause of loss occurs
and whether before or after the expiry of this Policy to any third party other than to its own professional, financial and legal advisers (on a confidential basis) without the prior written consent of the Leading Underwriters. 

 

	4.2	 Declarations 

Actual monthly maximum exposures with respect to each Risk Country to be provided by the Insured in the form set out in Appendix A. Such
exposures to be provided quarterly in arrears. 
  

	4.3	 Due Diligence 

The Insured (or any agent, sub or co-contractor of the Insured) shall at all times use due diligence
and do (and concur in doing and permit to be done) all things reasonably practicable (including but not limited to protecting, removing and recovering the Mobile Assets) to avoid or diminish any loss herein insured and to secure compensation for any
such loss including action against other parties any rights and remedies or to obtain any relief or indemnity. 

  
 -7- 

	4.4	 Examination of Records 

Underwriters shall have the right to examine any letters, account or other documents in the possession or control of the Insured relating to
the interest insured hereunder. 
  

	4.5	 Headings 

Headings throughout this Policy are included for the convenience of reference only and shall not constitute a part of this Policy. 

 

	4.6	 Law and Arbitration 

The construction, validity and performance of this Policy shall be governed by the law of England and Wales and all disputes which may arise
under, out of, in connection with or in relation to this Policy or to the determination of the amount of loss hereunder shall be submitted to arbitration at the London Courts of International Arbitration in accordance with its rules at the date of
such submission. The award rendered by the Arbitrator(s) shall be final and binding upon all parties and judgement thereon may be entered in any court having jurisdiction. 
  

	4.7	 Notice of Loss 

Upon the discovery of any event likely to give rise to a claim under this Policy, the Insured shall give notice to the Underwriters as soon as
reasonably practicable. 
  

	4.8	 Non-Cancellation 

There shall be no cancellation of this Policy and no return of premium unless specially agreed at inception. 

 

	4.9	 Non-Contribution 

It is agreed that this Policy does not cover any loss which at the time of the happening of such loss is insured or would, but for the
existence of this Policy, be insured by any other policy or policies, except in respect of any excess beyond the amount which would have been payable under such other policy or policies has this Policy not been effected. 

 

	4.10	 No Prior Knowledge 

Underwriters shall have no liability under this Policy and the Insured shall have no rights under this Policy unless at inception of cover and
at the time of any amendment to this Policy the Insured: 
  

	 	i)	 was not in breach of any common law duty in regard to non-disclosure or
misrepresentation, and 

  
 -8- 

	 	ii)	 had no knowledge and had received no information of any matter, fact or circumstance which could give rise to
or increase the likelihood of a loss hereunder. 

 Compliance with this condition shall be a necessary prerequisite to
cover under this Policy and in any proceedings by the Insured hereunder or between the Insured and Underwriters the burden shall in all circumstances be upon the Insured to establish that this condition has been complied with. 

 

	4.11	 Occurrence Clause 

It is agreed that any destruction of or damage to the Mobile Assets specified in Item 4 of the attached Schedule arising during any one period
of 72 consecutive hours , except in the case of War, when this period shall be thirty (30) consecutive days and arising from Cause of Loss 1.3 and/or 1.4 provided that such destruction or damage occurs in the Risk Country(ies), shall be deemed
as a single event and therefore constitute one occurrence with regard to the Limit of Liability and application of the Policy Deductible. 
  

	4.12	 Onus of Proof 

In any claim, and/or action, suit or proceeding to enforce a claim for loss hereunder, the burden of proving that the loss is recoverable under
this Policy, that no condition or warranty has been breached and that no exclusion applies shall fall upon the Insured. 
  

	4.13	 Proof of Loss 

The Insured shall submit a sworn proof of loss to Underwriters. If such proof has not been received by them within two years from the expiry
date of this Policy, Underwriters shall be discharged from all liability hereunder. 
  

	4.14	 Recoveries 

After payment of a claim hereunder any sums which are recovered from any source in connection with the subject matter of this insurance shall
be the property of Underwriters. 
  

	4.15	 Settlement of Loss 

Insurers will pay to the Insured the Insured Percentage of the ascertained Loss as soon as practicable and, at the latest, within 30 days after
the same has been ascertained, assessed and agreed following the presentation of satisfactory proof of loss and an appropriate form of discharge of liability, but not before the expiry of the applicable Waiting Period. 

Late settlement of Loss by Underwriters will bear interest at the rate offered by the Insured’s principal clearing bank, but in any event
at no more than LIBOR plus 50 basis points, starting on the 30th day after the Loss has been ascertained and assessed by all Insurers. 

  
 -9- 

	4.16	 Subrogation 

The Insured shall upon payment of a claim hereunder transfer to Underwriters as they direct all rights relating to the interest in respect of
which a claim has been paid so that Underwriters are subrogated to such rights. 
  

	4.17	 Fraud Condition 

This policy will become void, and all claims hereunder will be forfeited, if the Insured has made any material statement, report, application
or claim, where the Insured knew that the statement, report, application or claim was false or fraudulent. 
  

	4.18	 Assignment 

This policy shall only be assignable with the prior written approval of underwriters hereon. 

  
 -10- 

 Schedule attaching to and forming part of Policy Number: 

 

							
				
	 1)  INSURED
	  	:	  		  	
				
	 2)  INSURED’S COUNTRY
	  	:	  		  	
				
	 3)  POLICY PERIOD
	  	:	  		  	
				
	 4)  MOBILE ASSETS
	  	:	  		  	
				
	 5)  RISK COUNTRY(IES)
	  	:	  		  	
				
	 6)  SPECIFIC LOCATIONS
	  	:	  		  	
				
	 7)  BASIS OF VALUATION
	  	:	  		  	
				
	 8)  WAITING PERIOD
	  	:	  		  	
				
	 9)  LIMIT OF LIABILITY
	  	:	  		  	
				
	 10)  DEDUCTIBLE
	  	:	  		  	
				
	 11)  PREMIUM
	  	:	  		  	
				
	 12)  INSURED PERCENTAGE
	  	:	  		  	
				
	 13)  DECLARATIONS
	  	:	  		  	
				
	 14)  CONTRACTS
	  	:	  		  	
				
	 15)  CONTRACT PARTIES
	  	:	  		  	

  
 -11- 

 EXHIBIT 1A 

[Form of Series A Note] 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR UNDER ANY
STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF ENERFLEX LTD. (THE “COMPANY”) THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY, WHETHER DIRECTLY OR
INDIRECTLY, (A) TO THE COMP ANY, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT, (C) IN ACCORDANCE WITH AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, OR (D) PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS OR THE APPLICABLE SECURITIES LAWS OF ANY OTHER JURISDICTION. 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE APRIL 16, 2018. 

ENERFLEX LTD. 
 4.67%
U.S. Dollar Senior Note, Series A, due December 15, 2024 
  

					
	 No. [_________]
	  	 	•, 2017	 
		
	 U.S.$[_______]
	  	 	PPN 29269R A	#2 

 FOR VALUE RECEIVED, the undersigned,
ENERFLEX LTD. (herein called the “Company”), a corporation organized and existing under the federal laws of Canada, hereby promises to pay to [__________], or registered assigns, the principal sum of U.S.$[__________]
[_________] U.S. DOLLARS (or so much thereof as shall not have been prepaid) on December 15, 2024, with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance thereof at the rate of 4.67% per annum from
the date hereof, payable semiannually on the fifteenth day of June and December in each year, commencing with June 15, 2018, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment
of interest and, during the continuance of an Event of Default, on such unpaid balance and on any overdue payment of any Make-Whole Amount or 

 
Modified Make-Whole Amount, at a rate per annum from time to time equal to the greater of (i) {Redacted}% and (ii) {Redacted}% over the rate of interest publicly announced by
Citibank N.A. in New York, New York as its “base” or “prime” rate for determining the interest rate it will charge for U.S. Dollar loans made by it, payable semiannually as aforesaid (or, at the option of the registered
holder hereof, on demand). 
 Interest on this Series A Note shall be computed on the basis of a
360-day year of twelve 30-day months. Solely for purpose of the Interest Act (Canada), whenever interest in respect of the Notes to be paid hereunder or under
such Notes is to be calculated on the basis of a year that is not equal to 365 or 366 days, as applicable (a “Non-Calendar Day Year”), the yearly rate of interest to which the rate determined
pursuant to such calculation is equivalent is the rate so determined multiplied by the actual numbers of days in the calendar year in which the same is to be ascertained and divided by the number of days in the
Non-Calendar Day Year. All interest payable by the Company hereunder shall accrue from day to day, computed as described herein and shall be payable after as well as before maturity, demand, default and
judgment. The theory of “deemed reinvestment” shall not apply to the computation of interest hereunder and no allowance, reduction or deduction shall be made for the deemed reinvestment of interest in respect of any payments hereunder.
Calculation of interest hereunder shall be made using the nominal rate method, and not the effective rate method, of calculation.  

Payments of principal of, interest on and any Make-Whole Amount or Modified Make-Whole Amount with respect to this Series A Note are to be
made in lawful money of the United States at such place as the Company shall have designated by written notice to the holder of this Series A Note as provided in the Note Purchase Agreement referred to below. 

This Series A Note is one of the Senior Notes (herein called the “Notes”) issued pursuant to the Note Purchase Agreement,
dated as of December 15, 2017 (as from time to time amended, the “Note Purchase Agreement”), between the Company and the respective Purchasers named therein and is entitled to the benefits thereof. Each holder of this Series A
Note will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 21 of the Note Purchase Agreement and (ii) made the representations set forth in Sections 6.1 and 6.2 of the Note
Purchase Agreement. Unless otherwise indicated, capitalized terms used in this Series A Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement. 

This Series A Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender of this Series A Note for registration
of transfer, accompanied by a written instrument of transfer duly executed by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Series A Note for a like principal amount will be issued to, and registered
in the name of, the transferee. Prior to due presentment for registration of transfer, the Company may treat the person in whose name this Series A Note is registered as the owner hereof for the purpose of receiving payment and for all other
purposes, and the Company will not be affected by any notice to the contrary. 
 This Series A Note is subject to optional prepayment, in
whole or from time to time in part, at the times and on the terms specified in the Note Purchase Agreement, but not otherwise. 

  
 -2- 

 If an Event of Default occurs and is continuing, the principal of this Series A Note may be
declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount or Modified Make-Whole Amount) and with the effect provided in the Note Purchase Agreement. 

This Series A Note is guaranteed pursuant to the Subsidiary Guarantees and reference is hereby made to such guarantees. 

This Series A Note shall be construed and enforced in accordance with, and the rights of the Company and the holder of this Series A Note
shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws of a
jurisdiction other than such State. 
  

			
	ENERFLEX LTD.
		
	By	 	 
	Name:	 	
	Title:	 	

  
 -3- 

 EXHIBIT 1B 

[Form of Series B Note] 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR UNDER ANY
STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF ENERFLEX LTD. (THE “COMPANY”) THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY, WHETHER DIRECTLY OR
INDIRECTLY, (A) TO THE COMPANY, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT, (C) IN ACCORDANCE WITH AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, OR (D) PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS OR THE APPLICABLE SECURITIES LAWS OF ANY OTHER JURISDICTION. 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE APRIL 16, 2018. 

ENERFLEX LTD. 
 4.50%
Canadian Dollar Senior Note, Series B, due December 15, 2024 
  

			
	 No. [_________]
	  	•, 2017
		
	 Cdn.$[_______]
	  	PPN 29269R B*5

 FOR VALUE RECEIVED, the undersigned, ENERFLEX LTD. (herein called the “Company”), a
corporation organized and existing under the federal laws of Canada, hereby promises to pay to [__________], or registered assigns, the principal sum of Cdn.$[__________] [________] CANADIAN DOLLARS (or so much thereof as shall not have been
prepaid) on December 15, 2024, with interest (computed on the basis of a 365-day year in equal semi-annual payments) (a) on the unpaid balance thereof at the rate of 4.50% per annum from the date
hereof, payable on the fifteenth day of June and December in each year, commencing with June 15, 2018, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment of interest
and, during the continuance of an Event of Default, on such unpaid balance and on any overdue payment of any Make-Whole Amount or Modified 

 
Make-Whole Amount, at a rate per annum from time to time equal to the greater of (i) {Redacted}% and (ii) {Redacted}% over the rate of interest publicly announced by The
Toronto-Dominion Bank as its prime rate for determining the interest rate it will charge for Canadian Dollar loans made by it in Canada, payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand). 

Interest on this Series B Note shall be computed on the basis of a 365-day year. Solely for purpose of
the Interest Act (Canada), whenever interest in respect of the Notes to be paid hereunder or under such Notes is to be calculated on the basis of a year that is not equal to 365 or 366 days, as applicable (a
“Non-Calendar Day Year”), the yearly rate of interest to which the rate determined pursuant to such calculation is equivalent is the rate so determined multiplied by the actual numbers of days
in the calendar year in which the same is to be ascertained and divided by the number of days in the Non-Calendar Day Year. All interest payable by the Company hereunder shall accrue from day to day, computed
as described herein and shall be payable after as well as before maturity, demand, default and judgment. The theory of “deemed reinvestment” shall not apply to the computation of interest hereunder and no allowance, reduction or deduction
shall be made for the deemed reinvestment of interest in respect of any payments hereunder. Calculation of interest hereunder shall be made using the nominal rate method, and not the effective rate method, of calculation. 

Payments of principal of, interest on and any Make-Whole Amount or Modified Make-Whole Amount with respect to this Series B Note are to be
made in lawful money of Canada at such place as the Company shall have designated by written notice to the holder of this Series B Note as provided in the Note Purchase Agreement referred to below. 

This Series B Note is one of the Senior Notes (herein called the “Notes”) issued pursuant to the Note Purchase Agreement,
dated as of December 15, 2017 (as from time to time amended, the “Note Purchase Agreement”), between the Company and the respective Purchasers named therein and is entitled to the benefits thereof. Each holder of this Series B
Note will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 21 of the Note Purchase Agreement and (ii) made the representations set forth in Sections 6.1 and 6.2 of the Note
Purchase Agreement. Unless otherwise indicated, capitalized terms used in this Series B Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement. 

This Series B Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender of this Series B Note for registration
of transfer, accompanied by a written instrument of transfer duly executed by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Series B Note for a like principal amount will be issued to, and registered
in the name of, the transferee. Prior to due presentment for registration of transfer, the Company may treat the person in whose name this Series B Note is registered as the owner hereof for the purpose of receiving payment and for all other
purposes, and the Company will not be affected by any notice to the contrary. 
 This Series B Note is subject to optional prepayment, in
whole or from time to time in part, at the times and on the terms specified in the Note Purchase Agreement, but not otherwise. 

  
 -2- 

 If an Event of Default occurs and is continuing, the principal of this Series B Note may be
declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount or Modified Make-Whole Amount) and with the effect provided in the Note Purchase Agreement. 

This Series B Note is guaranteed pursuant to the Subsidiary Guarantees and reference is hereby made to such guarantees. 

This Series B Note shall be construed and enforced in accordance with, and the rights of the Company and the holder of this Series B Note
shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws of a
jurisdiction other than such State. 
  

			
	ENERFLEX LTD.
		
	By	 	 
	Name:	 	
	Title:	 	

  
 -3- 

 EXHIBIT 1C 

[Form of Series C Note] 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR UNDER ANY
STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF ENERFLEX LTD. (THE “COMPANY”) THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY, WHETHER DIRECTLY OR
INDIRECTLY, (A) TO THE COMP ANY, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT, (C) IN ACCORDANCE WITH AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, OR (D) PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS OR THE APPLICABLE SECURITIES LAWS OF ANY OTHER JURISDICTION. 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE APRIL 16, 2018. 

ENERFLEX LTD. 

4.87%U.S. Dollar Senior Note, Series C, due December 15, 2027 

 

			
	 No. [_________]
	  	•, 2017
		
	 U.S.$[_______]
	  	PPN 29269R B@3

 FOR VALUE RECEIVED, the undersigned, ENERFLEX LTD. (herein called the “Company”), a
corporation organized and existing under the federal laws of Canada, hereby promises to pay to [__________], or registered assigns, the principal sum of U.S.$[__________] [_________] U.S. DOLLARS (or so much thereof as shall not have been prepaid)
on December 15, 2027, with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance thereof at the rate of 4.87%
per annum from the date hereof, payable semiannually on the fifteenth day of June and December in each year, commencing with June 15, 2018, until the principal hereof shall have become due and payable, and (b) to the extent permitted by
law, on any overdue payment of interest and, during the continuance of an Event of Default, on such unpaid balance and on any overdue payment of any Make-Whole Amount or 

 
Modified Make-Whole Amount, at a rate per annum from time to time equal to the greater of (i) {Redacted}% and (ii) {Redacted}% over the rate of interest publicly announced by
Citibank N.A. in New York, New York as its “base” or “prime” rate for determining the interest rate it will charge for U.S. Dollar loans made by it, payable semiannually as aforesaid (or, at the option of the registered
holder hereof, on demand). 
 Interest on this Series C Note shall be computed on the basis of a
360-day year of twelve 30-day months. Solely for purpose of the Interest Act (Canada), whenever interest in respect of the Notes to be paid hereunder or under
such Notes is to be calculated on the basis of a year that is not equal to 365 or 366 days, as applicable (a “Non-Calendar Day Year”), the yearly rate of interest to which the rate determined
pursuant to such calculation is equivalent is the rate so determined multiplied by the actual numbers of days in the calendar year in which the same is to be ascertained and divided by the number of days in the
Non-Calendar Day Year. All interest payable by the Company hereunder shall accrue from day to day, computed as described herein and shall be payable after as well as before maturity, demand, default and
judgment. The theory of “deemed reinvestment” shall not apply to the computation of interest hereunder and no allowance, reduction or deduction shall be made for the deemed reinvestment of interest in respect of any payments hereunder.
Calculation of interest hereunder shall be made using the nominal rate method, and not the effective rate method, of calculation.  

Payments of principal of, interest on and any Make-Whole Amount or Modified Make-Whole Amount with respect to this Series C Note are to be
made in lawful money of the United States at such place as the Company shall have designated by written notice to the holder of this Series C Note as provided in the Note Purchase Agreement referred to below. 

This Series C Note is one of the Senior Notes (herein called the “Notes”) issued pursuant to the Note Purchase Agreement,
dated as of December 15, 2017 (as from time to time amended, the “Note Purchase Agreement”), between the Company and the respective Purchasers named therein and is entitled to the benefits thereof. Each holder of this Series C
Note will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 21 of the Note Purchase Agreement and (ii) made the representations set forth in Sections 6.1 and 6.2 of the Note
Purchase Agreement. Unless otherwise indicated, capitalized terms used in this Series C Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement. 

This Series C Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender of this Series C Note for registration
of transfer, accompanied by a written instrument of transfer duly executed by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Series C Note for a like principal amount will be issued to, and registered
in the name of, the transferee. Prior to due presentment for registration of transfer, the Company may treat the person in whose name this Series C Note is registered as the owner hereof for the purpose of receiving payment and for all other
purposes, and the Company will not be affected by any notice to the contrary. 
 This Series C Note is subject to optional prepayment, in
whole or from time to time in part, at the times and on the terms specified in the Note Purchase Agreement, but not otherwise. 

  
 -2- 

 If an Event of Default occurs and is continuing, the principal of this Series C Note may be
declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount or Modified Make-Whole Amount) and with the effect provided in the Note Purchase Agreement. 

This Series C Note is guaranteed pursuant to the Subsidiary Guarantees and reference is hereby made to such guarantees. 

This Series C Note shall be construed and enforced in accordance with, and the rights of the Company and the holder of this Series C Note
shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws of a
jurisdiction other than such State. 
  

			
	ENERFLEX LTD.
		
	By	 	 
	Name:	 	
	Title:	 	

  
 -3- 

 EXHIBIT 1D 

[Form of Series D Note] 
 THIS SECURITY HAS
NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF ENERFLEX LTD. (THE
“COMPANY”) THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY, WHETHER DIRECTLY OR INDIRECTLY, (A) TO THE COMPANY, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT, (C) IN
ACCORDANCE WITH AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, OR (D) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES
LAWS OR THE APPLICABLE SECURITIES LAWS OF ANY OTHER JURISDICTION. 
 UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT
TRADE THE SECURITY BEFORE APRIL 16, 2018. 
 ENERFLEX LTD. 

4.79% Canadian Dollar Senior Note, Series D, due December 15, 2027 

 

			
	No. [_________]	  	•, 2017
		
	 Cdn.$[_______]
	  	PPN 29269R B#1

 FOR VALUE RECEIVED, the undersigned, ENERFLEX LTD. (herein called the “Company”), a
corporation organized and existing under the federal laws of Canada, hereby promises to pay to [__________], or registered assigns, the principal sum of Cdn.$[__________] [________] CANADIAN DOLLARS (or so much thereof as shall not have been
prepaid) on December 15, 2027, with interest (computed on the basis of a 365-day year in equal semi-annual payments) (a) on the unpaid balance thereof at the rate of 4.79% per annum from the date
hereof, payable on the fifteenth day of June and December in each year, commencing with June 15, 2018, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment of interest
and, during the continuance of an Event of Default, on such unpaid balance and on any overdue payment of any Make-Whole Amount or Modified 

 
Make-Whole Amount, at a rate per annum from time to time equal to the greater of (i) {Redacted}% and (ii) {Redacted}% over the rate of interest publicly announced by The
Toronto-Dominion Bank as its prime rate for determining the interest rate it will charge for Canadian Dollar loans made by it in Canada, payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand). 

Interest on this Series D Note shall be computed on the basis of a 365-day year. Solely for purpose of
the Interest Act (Canada), whenever interest in respect of the Notes to be paid hereunder or under such Notes is to be calculated on the basis of a year that is not equal to 365 or 366 days, as applicable (a
“Non-Calendar Day Year”), the yearly rate of interest to which the rate determined pursuant to such calculation is equivalent is the rate so determined multiplied by the actual numbers of days
in the calendar year in which the same is to be ascertained and divided by the number of days in the Non-Calendar Day Year. All interest payable by the Company hereunder shall accrue from day to day, computed
as described herein and shall be payable after as well as before maturity, demand, default and judgment. The theory of “deemed reinvestment” shall not apply to the computation of interest hereunder and no allowance, reduction or deduction
shall be made for the deemed reinvestment of interest in respect of any payments hereunder. Calculation of interest hereunder shall be made using the nominal rate method, and not the effective rate method, of calculation. 

Payments of principal of, interest on and any Make-Whole Amount or Modified Make-Whole Amount with respect to this Series D Note are to be
made in lawful money of Canada at such place as the Company shall have designated by written notice to the holder of this Series D Note as provided in the Note Purchase Agreement referred to below. 

This Series D Note is one of the Senior Notes (herein called the “Notes”) issued pursuant to the Note Purchase Agreement,
dated as of December 15, 2017 (as from time to time amended, the “Note Purchase Agreement”), between the Company and the respective Purchasers named therein and is entitled to the benefits thereof. Each holder of this Series D
Note will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 21 of the Note Purchase Agreement and (ii) made the representations set forth in Sections 6.1 and 6.2 of the Note
Purchase Agreement. Unless otherwise indicated, capitalized terms used in this Series D Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement. 

This Series D Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender of this Series D Note for registration
of transfer, accompanied by a written instrument of transfer duly executed by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Series D Note for a like principal amount will be issued to, and registered
in the name of, the transferee. Prior to due presentment for registration of transfer, the Company may treat the person in whose name this Series D Note is registered as the owner hereof for the purpose of receiving payment and for all other
purposes, and the Company will not be affected by any notice to the contrary. 
 This Series D Note is subject to optional prepayment, in
whole or from time to time in part, at the times and on the terms specified in the Note Purchase Agreement, but not otherwise. 

  
 -2- 

 If an Event of Default occurs and is continuing, the principal of this Series D Note may be
declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount or Modified Make-Whole Amount) and with the effect provided in the Note Purchase Agreement. 

This Series D Note is guaranteed pursuant to the Subsidiary Guarantees and reference is hereby made to such guarantees. 

This Series D Note shall be construed and enforced in accordance with, and the rights of the Company and the holder of this Series D Note
shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws of a
jurisdiction other than such State. 
  

			
	ENERFLEX LTD.
		
	By	 	 
	Name:	 	
	Title:	 	

  
 -3- 

 EXHIBIT 4.5(a)(i) 

FORM OF OPINION OF US COUNSEL TO THE COMPANY 

{Exhibit redacted} 

 EXHIBIT 4.5(a)(ii) 

FORM OF OPINION OF CANADIAN COUNSEL TO THE COMPANY 

{Exhibit redacted} 

 EXHIBIT 4.5(a)(iii) 

FORM OF OPINION OF ALBERTA COUNSEL TO THE COMPANY 

{Exhibit redacted} 

 EXHIBIT 4.5(a)(iv) 

FORM OF OPINION OF MANITOBA COUNSEL TO THE COMPANY 

{Exhibit redacted} 

 EXHIBIT 4.5(b) 

FORM OF OPINION OF SPECIAL U.S. COUNSEL TO THE PURCHASERS 

{Exhibit redacted} 

 SCHEDULE 4.2 

Initial Subsidiary Guarantors 
 {Exhibit
redacted} 

 SCHEDULE 5.7 

Disclosure Documents 
 None. 

 SCHEDULE 5.9 

Financial Statements 
 Audited consolidated
financial statements for the financial years ended December 31, 2016 and December 31, 2015, together with management’s discussion and analysis thereon, and the interim consolidated financial statements for the interim period ended
September 30, 2017, together with management’s discussion and analysis thereon. 

 SCHEDULE 5.15 

Organization and Ownership of Shares of Subsidiaries; Affiliates; Guarantors 

 

	(i)	 {Redacted} 

	(ii)	 Affiliates of the Company, other than Subsidiaries 

None. 
  

	(iii)	 Directors and Senior Officers of the Company 

Directors: 
 Robert S. Boswell 

Maureen Cormier Jackson 
 W. Byron Dunn 

J. Blair Goertzen 
 H. Stanley Marshall 

Kevin Reinhart 
 Stephen J. Savidant 

Michael A. Weill 
 Helen J. Wesley 

Senior Officers: 
 J. Blair Goertzen, President and Chief
Executive Officer 
 D. James Harbilas, Executive Vice President and Chief Financial Officer 

Greg Stewart, Executive Vice President, Corporate Services 

Bradley Beebe, President, Canada 
 Marc Rossiter, President, USA

 Patricia Martinez, President, Latin America 
 Phil Pyle,
President, International 

  
 -2- 

 SCHEDULE 5.21 

Existing Debt; Future Liens 
 {Exhibit
redacted} 

 SCHEDULE 5.24 

Environmental Matters 
 None. 

 EXHIBIT 7.2 

Form of Compliance Certificate 

ENERFLEX LTD. 

COMPLIANCE CERTIFICATE 
 Reference is made
to the note purchase agreement (the “Note Agreement”) dated as of December 15, 2017 among Enerflex Ltd. (the “Company”) and the purchasers listed on Schedule A of the Note Agreement providing for the issuance
by the Company of its (a) 4.67% U.S.$105,000,000 Senior Notes, Series A, due December 15, 2024, (b) 4.50% Cdn.$15,000,000 Senior Notes, Series B, due December 15, 2024, (c) 4.87% U.S.$70,000,000 Senior Notes, Series C, due
December 15, 2027, and (d) 4.79% Cdn.$30,000,000 Senior Notes due December 15, 2027 (collectively, the “Notes”). Unless otherwise indicated, all capitalized terms used in this certificate that are defined in the Note
Agreement have the meanings ascribed to them in the Note Agreement. 
 I, [name], [title (Chief Financial Officer)] of the Company, DO HEREBY CERTIFY,
solely in my capacity as an officer of the Company and without personal liability, as follows: 
  

	1.	 I have reviewed the relevant terms of the Note Agreement and have made, or caused to be made, under my
supervision, a review of the transactions and conditions of the Company and its Subsidiaries from [date of the start of the annual or interim period covered by the financial statements furnished with this certificate] to the date hereof;

  

	2.	 [Such review has not revealed the existence during such period of any condition or event that constitutes a
Default or an Event of Default under the Note Agreement;] 

 [or] 

[Such review has revealed [describe the nature and period of existence of a condition or event during the period that constitutes a Default or
an Event of Default and any action taken or proposed to be taken by the Company with respect thereto];] 
  

	3.	 [For annual financials only] Evidence of compliance by the Company with the requirements of Section 10.7
of the Note Agreement for the most recent calendar year which ended on December 31, 20__ (the “Calendar Year”), is as follows: 

Except for Permitted Dispositions, the aggregate fair market value of property or assets sold, transferred or otherwise disposed of by the
Company and its Subsidiaries during the Calendar Year was •% of Consolidated Net Tangible Assets (maximum: {Redacted}%). 

	4.	 [For annual financials only] Evidence of compliance by the Company with the requirements of Section 10.8
of the Note Agreement for the Calendar Year is as follows: 

 The aggregate amount of Investments and Financial Assistance
of the types restricted under Section 10.8 of the Note Agreement made by the Company, the Subsidiary Guarantors and Material Subsidiaries during the Calendar Year was $• (maximum $•) (i.e., {Redacted}% of Consolidated Net
Tangible Assets plus 100% of net proceeds from equity offerings). 
  

	5.	 Evidence of compliance by the Company with the requirements of Section 10.11 of the Note Agreement as of
the end of the Company’s most recently completed fiscal quarter (the “Period”) which ended on [date] is as follows: 

  

	 	(a)	 [the Net Funded Debt to EBITDA Ratio, calculated on a rolling four quarter basis, was • : • (maximum
3.00 : 1.00);] 

 [or] 

[A Material Acquisition was completed during the four quarters ending on the last day of the Period, the Company is invoking the Acquisition
Leverage Step Up and, accordingly (i) the Net Funded Debt to EBITDA Ratio, calculated on a rolling four quarter basis, was • : • (maximum 3.50 : 1.00), (ii) without taking into account the Material Acquisition, the Net Funded Debt to
EBITDA Ratio, calculated on a rolling four quarter basis, was • : • (maximum 3.00 : 1.00), [and (iii) the Company previously invoked the Acquisition Leverage Step Up and the Net Funded Debt to EBITDA Ratio, calculated on a rolling
four quarter basis, did not exceed 3.00 to 1.00 for the two Quarter Ends preceding the subsequent Material Acquisition in question];] 
  

	 	(b)	 the Interest Coverage Ratio, calculated on a rolling four quarter basis, was • : • (maximum: 3.00 :
1.00); and 

  

	 	(c)	 set forth on Schedule A hereto are the calculations relating to clauses (a) and (b) above.

  

	6.	 Evidence of compliance by the Company with the requirements of Section 10.12 of the Note Agreement for the
Period is as follows: 

 The aggregate amount of Priority Debt excluding obligations relating to Capital Leases (as
provided for in Section 10.12 of the Note Agreement) was $• which equals •% of Consolidated Net Tangible Assets (maximum: {Redacted}%). 

DATED
                                         
        

  
 -2- 

 
			
	ENERFLEX LTD.
		
	By:	 	 
		 	Name: •
		 	 Title: • 

  
 -3-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00342-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00342-of-00352.parquet"}]]