Document:

INTERCREDITOR AGREEMENT dated as of July 13, 2010

 Exhibit 4.5 
 EXECUTION VERSION 
 INTERCREDITOR AGREEMENT 

by and between 

JPMORGAN CHASE BANK, N.A., 
 as Term Loan Collateral Agent, 
 and 

BNY TRUST COMPANY OF CANADA, 
 as Notes Collateral Agent 
 Dated as of July 13, 2010 

 INTERCREDITOR AGREEMENT 

THIS INTERCREDITOR AGREEMENT (as amended, supplemented, restated or otherwise modified from time to time pursuant to the terms hereof,
this “Agreement”) is entered into as of July 13, 2010 by and among JPMORGAN CHASE BANK, N.A. (“JPMCB”), in its capacity as collateral agent (together with its successors and assigns in such
capacities, the “Term Loan Collateral Agent”) for the institutions party from time to time to the Original Term Loan Credit Agreement referred to below, as lender (such institutions, together with their successors, assigns and
transferees, in such capacity, the “Term Loan Lenders”) and the other Term Loan Secured Parties (as defined below), and BNY TRUST COMPANY OF CANADA, in its capacity as collateral agent (together with its successors and
assigns in such capacity, the “Notes Collateral Agent” for the holders of the notes issued pursuant to the Original Indenture referred to below (such holders, together with their successors, assigns and transferees, in such
capacity, the “Noteholders”). 
 RECITALS 

A. Pursuant to that certain Term Loan Credit Agreement dated as July 13, 2010 by and among Postmedia Network Inc.
(“PNI”), as borrower (in such capacity, the “Term Loan Borrower”), the Term Loan Lenders, the Term Loan Collateral Agent, and JPMCB, as administrative agent (in such capacity, the “Term Loan
Administrative Agent”) (as such agreement may be amended, supplemented, restated or otherwise modified from time to time, the “Original Term Loan Credit Agreement”), the Term Loan Lenders have agreed to make
certain loans and other financial accommodations to or for the benefit of the Term Loan Borrowers (the “Term Loan Facility”). 
 B. Pursuant to certain provisions of the Original Term Loan Credit Agreement (the “Term Loan Guaranties”), the Term Loan Guarantors (as hereinafter defined) have agreed to
guarantee the payment and performance of the Term Loan Borrower’s Term Loan Obligations. 
 C. As a condition to the
effectiveness of the Original Term Loan Credit Agreement and to secure the obligations of the Term Loan Borrower and the Term Loan Guarantors (the Term Loan Borrower and the Term Loan Guarantors (collectively, the “Term Loan Credit
Parties”) under and in connection with the Term Loan Documents, the Secured Swap Agreements and the Banking Services Agreements, the Term Loan Credit Parties have granted to the Term Loan Collateral Agent (for the benefit of the Term
Loan Collateral Agent, the Term Loan Administrative Agent and the other Term Loan Secured Parties) Liens on the Collateral. 

D. Pursuant to that certain Indenture dated as of July 13, 2010 by and among PNI (in such capacity, the “Notes Issuer”),
The Bank of New York Mellon, as trustee (in such capacity, the “Notes Trustee”), and the Notes Collateral Agent (as such agreement may be amended, supplemented, restated or otherwise modified from time to time, the
“Original Indenture”), the Note Issuers have issued the 12.50% Senior Secured Notes due 2018 (the “Notes”) to the Noteholders. 

 E. Pursuant to certain provisions of the Original Indenture (the “Notes
Guaranties”), the Notes Guarantors have agreed to guarantee the payment and performance of the Notes Issuer’s obligations under the Notes Documents (as hereinafter defined). 

F. As a condition to the effectiveness of the Original Indenture and to secure the obligations of the Notes Issuer and the Notes
Guarantors (collectively, the “Notes Credit Parties”; the Term Loan Credit Parties and the Notes Credit Parties, collectively, the “Credit Parties”) under and in connection with the Notes Documents,
the Notes Credit Parties have granted to the Notes Collateral Agent (for the benefit of the Notes Collateral Agent, the Notes Trustee and the Noteholders) Liens on the Collateral. 

G. Each of the Term Loan Collateral Agent (on behalf of the Term Loan Administrative Agent and the Term Loan Lenders) and the Notes
Collateral Agent (on behalf of the Notes Trustee and the Noteholders) desire to agree to the relative priority of Liens on the Collateral and certain other rights, priorities and interests as provided herein and the Credit Parties desire to
acknowledge such relative priorities. 
 NOW THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, receipt of which is hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE 1 

DEFINITIONS 
 Section 1.1 PPSA Definitions 
 The following terms which are defined
in the PPSA are used herein as so defined: Accession, Chattel Paper, Documents of Title, Equipment, Financial Assets, Instrument, Inventory, Investment Property, Money, Security, Security Certificate, Securities Accounts and Security Entitlement.

 Section 1.2 Other Definitions 
 As used in this Agreement, the following terms shall have the meanings set forth below: 
 “ABL Intercreditor Agreement” shall mean the ABL Intercreditor Agreement dated as of the date hereof among each of the Term Loan Collateral Agent, the Notes Collateral Agent,
Morgan Stanley Senior Funding, Inc., as collateral agent for the institutions from time to time party to that certain Revolving Credit Agreement dated as of July 13, 2010 and certain other secured parties referred to therein, as such agreement
may be amended, supplemented, restated or otherwise modified from time to time. 
 “Affiliate” shall
mean, with respect to a specified Person, any other Person that directly or indirectly through one or more intermediaries Controls, is Controlled by or is under common Control with the Person specified. 

“Agreement” shall have the meaning assigned to that term in the introduction to this Agreement. 

  
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 “Banking Services” shall mean each and any of the following bank
services provided to any Credit Party by any entity that, at the time it enters into such arrangement, is (a) a Term Loan Lender, (b) an ABL Lender (as defined in the ABL Intercreditor Agreement) or (c) any Affiliate of the foregoing
(each of them, in such capacity, a “Banking Services Provider”) to the extent agreed to in a notice delivered to the Term Loan Administrative Agent designating such services as a “Banking Service” between such Bank
Services Provider, on the one hand, and the applicable Credit Party, on the other hand, for purposes of the Term Loan Credit Agreement and the other Term Loan Documents (it being understood that any Banking Service provided by the Term Loan
Administrative Agent or its Affiliates will be deemed to be a Banking Service for purposes of this Agreement without the delivery of further notice): (i) credit cards for commercial customers (including, without limitation, “commercial
credit cards” and purchasing cards), (ii) stored value cards and (iii) treasury management services (including, without limitation, controlled disbursement, automated clearinghouse transactions, return items, overdrafts and interstate
depository network services) or any similar transactions. 
 “Banking Services Agreement” shall mean any
agreement with respect to any Banking Services Obligations. 
 “Banking Services Obligations” of the
Credit Parties shall mean any and all obligations of the Credit Parties, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and
substitutions therefor) in connection with Banking Services. 
 “Banking Services Provider” shall have
the meaning specified in the definition of “Banking Services”. 
 “BIA” means the
Bankruptcy and Insolvency Act (Canada). 
 “Borrower” means any of the Term Loan Borrower and the
Notes Issuer. 
 “Cash Collateral” shall mean any Collateral consisting of Money or Cash Equivalents,
Deposit Accounts, Instruments, any Security Entitlement and any Financial Assets. 
 “Cash Equivalents”
shall have the meaning provided in each of the Original Agreements as in effect on the date hereof. 

“Collateral” shall mean all Property now owned or hereafter acquired by any Borrower or any Guarantor in or upon
which a Lien is granted or purported to be granted to the Term Loan Collateral Agent under any of the Term Loan Collateral Documents, or the Notes Collateral Agent under any of the Notes Collateral Documents, together with all rents, issues,
profits, products and Proceeds thereof. 
 “Comparable Notes Collateral Document” shall mean, in
relation to any Collateral subject to any Lien created under any Term Loan Documents, each Notes Collateral Document that creates a Lien on the same Collateral (but only to the extent relating to such Collateral), granted by the same Credit Party.

  
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 “Control” shall mean the possession, directly or indirectly, of the
power (a) to vote 50% or more of the securities having ordinary voting power for the election of directors (or any similar governing body) of a Person, or (b) to direct or cause the direction of the management or policies of a Person,
whether through the ability to exercise voting power or by contract. The terms “Controlling” and “Controlled” have meanings correlative thereto. 

“Control Collateral” shall mean any Collateral consisting of any Security Certificate, Investment Property,
Securities, Instruments and any other Collateral as to which a Lien may be perfected through possession or control by the secured party, or any agent therefor. 
 “Credit Agreements” shall mean, collectively, the Term Loan Credit Agreement and the Indenture. 
 “Credit Documents” shall mean, collectively, the Term Loan Documents and the Notes Documents. 
 “Credit Parties” shall have the meaning assigned to that term in the recitals to this Agreement. 
 “Deposit Account” shall mean a demand, time, savings, passbook, or similar account maintained with a bank, loan company, trust company, cooperative credit association or other
organization engaged in the business of banking. 
 “DIP Financing” shall have the meaning set
forth in Section 6.1(a). 
 “DIP Financing Maximum Amount” shall mean the amount equal to
(i) $845,000,000 minus (ii) the aggregate principal amount of loans constituting Term Loan Obligations (other than Secured Swap Obligations and Banking Services Obligations) and ABL Obligations (as defined in the ABL Intercreditor
Agreement) and the aggregate principal amount of Notes Obligations which will remain outstanding following the application of proceeds from any DIP Financing. 
 “Discharge of Notes Obligations” shall mean, subject to Section 7.14, (a) the payment in full in cash of the Notes Obligations that are outstanding and unpaid at the time
all Indebtedness thereunder is paid in full (other than contingent obligations not reasonably expected to become due and payable) and (b) the termination of all commitments to extend credit under the Notes Documents. 

“Discharge of Term Loan Obligations” shall mean, subject to Section 7.14, (a) the payment in full in
cash of the Term Loan Obligations (excluding (other than following (x) any exercise of remedies by the Term Loan Collateral Agent or (y) the commencement of any Insolvency Proceeding at a time when the Term Loan Obligations under any Term
Loan Documents are outstanding) Secured Swap Obligations and Banking Services Obligations) then outstanding and unpaid (other than contingent obligations not reasonably expected to become due and payable) and (b) the termination of all
commitments to extend credit under any of the Term Loan Documents. 
 “Dollars” or
“$” means the lawful money of Canada. 

  
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 “Equity Interests” means, with respect to any Person, all of the
shares of capital stock of (or other ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests
in) such Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such
shares (or such other interests), and all of the other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or
other interests are outstanding on any date of determination. 
 “Event of Default” shall mean an Event
of Default under any Credit Agreement. 
 “Exercise Any Secured Creditor Remedies” or
“Exercise of Any Secured Creditor Remedies” shall mean, except as otherwise provided in the final sentence of this definition: 
 (a) the taking by any Secured Party of any action to enforce or realize upon any Lien, including the institution of any foreclosure proceedings or the noticing of any public or private sale of Collateral;

 (b) the exercise by any Secured Party of any right or remedy provided to a secured creditor on account of a Lien under any of
the Credit Documents, under applicable law, in an Insolvency Proceeding or otherwise, including the election to retain any of the Collateral in satisfaction of a Lien; 
 (c) the taking by any Secured Party of any action or the exercise of any right or remedy in respect of the collection on, set off against, marshaling of, injunction respecting or foreclosure on the
Collateral or the Proceeds thereof; 
 (d) the appointment on an application of a Secured Party of a receiver, receiver and
manager or interim receiver of all or part of the Collateral; 
 (e) the sale, lease, license, or other disposition of all or
any portion of the Collateral by private or public sale or any other means permissible under applicable law conducted by or on behalf of a Secured Party; 
 (f) the exercise of any other enforcement right of a secured creditor under the PPSA, the BIA, any statute relating to real property, or any other applicable legislation; 

(g) the exercise by any Secured Party of any voting rights relating to any Equity Interest included in the Collateral; and 

(h) the delivery of any claim or demand relating to the Collateral to any Person (including any securities intermediary, depository bank
or landlord) in possession or control of any Collateral in connection with the collection of any of the Term Loan Obligations or Notes Obligations after the occurrence of an Event of Default. 

  
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 “Financing Lease” shall mean any lease of property, real or
personal, the obligations of the lessee in respect of which are required in accordance with GAAP to be capitalized on a balance sheet of the lessee. 
 “GAAP” means generally accepted accounting principles in Canada, including the accounting recommendations published in the Handbook of the Canadian Institute of Chartered
Accountants and such other principles as may be approved by a significant segment of the accounting profession in Canada, that are applicable to the circumstances as of the date of determination, consistently applied. 

“Governmental Authority” means any nation or government, any state, provincial, territorial or other political
subdivision thereof, any agency, authority, instrumentality, regulatory body, court, administrative tribunal, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government. 
 “Guarantor” shall mean any of the Term Loan Guarantors or Notes Guarantors.

 “Holdco” shall mean Postmedia Network Canada Corp., a Canadian corporation. 

“Indebtedness” shall have the meaning provided in each of the Original Agreements as in effect on the date
hereof. 
 “Indenture” shall mean the Original Indenture and any other agreement designated by the Notes
Issuer in writing to the Parties hereto as a “Indenture” extending the maturity of, consolidating, restructuring, refunding, replacing or refinancing all or any portion of the Notes Obligations, whether by the same or any other agent,
lender or group of lenders and whether or not increasing the amount of any Indebtedness that may be incurred thereunder. 

“Insolvency Proceeding” shall mean (a) any case, action or proceeding before any court or other Governmental
Authority relating to bankruptcy, reorganization, insolvency, liquidation, interim receivership, receivership, dissolution, winding-up or relief of debtors, or (b) any general assignment for the benefit of creditors, composition, marshalling of
assets for creditors or other similar arrangement in respect of its creditors generally or any substantial portion of its creditors; in each case covered by clauses (a) and (b) undertaken under Canadian federal, provincial or foreign law,
including the BIA and the CCAA. 
 “Intangibles” shall mean all “intangibles” as such term is
defined in the PPSA including, with respect to any Credit Party, all contracts, agreements and indentures in any form, and portions thereof, to which such Credit Party is a party or under which such Credit Party has any right, title or interest or
to which such Credit Party or any property of such Credit Party is subject, as the same may be amended, supplemented, restated or otherwise modified from time to time. 
 “JPMCB” shall have the meaning assigned to that term in the introduction to this Agreement. 
 “Lien” shall mean, with respect to any asset, (a) any mortgage, deed of trust, debenture, hypothec, lien (statutory or otherwise), pledge, hypothecation, encumbrance,
collateral assignment, charge or security interest in, on or of such asset, (b) the interest of a vendor or a 

  
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lessor under any conditional sale agreement, capital lease or title retention agreement (or any Financing Lease having substantially the same economic effect as any of the foregoing) relating to
such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities. 
 “Lien Priority” shall mean with respect to any Lien of any of the Term Loan Secured Parties or the Notes Secured Parties in the Collateral, the order of priority of such Lien as
specified in Section 2.1. 
 “Noteholders” shall have the meaning assigned to that term in the
introduction to this Agreement and shall also include all holders of Pari Passu Lien Obligations, in each case together with all successors, assigns, transferees and replacements thereof, as well as any Person designated as a “Noteholder”
or a “Lender” under any Indenture. 
 “Notes” shall have the meaning assigned to that term in
the recitals to this Agreement. 
 “Notes Collateral Agent” shall have the meaning assigned to that term
in the introduction to this Agreement and shall include any successor thereto as well as any Person designated as the “Collateral Agent” (or any equivalent title) under any Indenture. 

“Notes Collateral Documents” shall mean all “Collateral Documents” as defined in the Original
Indenture, all other security agreements, mortgages, deeds of trust and other collateral documents executed and delivered in connection with any Indenture, in each case as the same may be amended, supplemented, restated or otherwise modified from
time to time in accordance with the terms thereof, and all PPSA financing statements and other filings, recordings or registrations filed or made pursuant to any Indenture or in respect of any such other Notes Collateral Document. 

“Notes Credit Parties” shall have the meaning assigned to that term in the introduction to this Agreement.

 “Notes Documents” shall mean the Indenture, the Notes, the Notes Collateral Documents, those other
ancillary agreements as to which the Notes Collateral Agent, the Notes Trustee or any Noteholder is a party or a beneficiary, any agreement evidencing any Pari Passu Lien Obligations and all other agreements, instruments, documents and certificates,
now or hereafter executed by or on behalf of any Notes Credit Party or any of its respective Subsidiaries or Affiliates, and delivered to the Notes Collateral Agent or the Notes Trustee, in connection with any of the foregoing or any Indenture, in
each case as the same may be amended, supplemented, restated, refinanced, replaced or otherwise modified in whole or in part from time to time in accordance with the terms thereof. 

“Notes Guaranties” shall have the meaning assigned to that term in the introduction to this Agreement, and shall
include all other guaranty agreements executed and delivered in connection with any Notes, in each case as the same may be amended, supplemented, restated or otherwise modified from time to time in accordance with the terms thereof. 

“Notes Guarantors” shall mean the collective reference to Holdco and any other Person who is now or hereafter
becomes a guarantor under any of the Notes Guaranties. 

  
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 “Notes Issuer” shall have the meaning assigned to that term in the
introduction to this Agreement. 
 “Notes Obligations” shall mean all obligations of every nature of
each Notes Credit Party and each Subsidiary thereof from time to time owed to the Notes Collateral Agent, the Notes Trustee, the Noteholders or any of them, under any Notes Document, whether for principal, interest (including interest which, but for
the filing of a petition in bankruptcy with respect to such Notes Credit Party or such Subsidiary, would have accrued on any Notes Obligation, whether or not a claim is allowed against such Notes Credit Party or such Subsidiary for such interest in
the related bankruptcy proceeding), fees, expenses, indemnification or otherwise, and all other amounts owing or due under the terms of the Notes Documents, as amended, restated, modified, renewed, refunded, replaced or refinanced in whole or in
part from time to time in accordance with the terms thereof. 
 “Notes Secured Parties” shall mean,
collectively, the Notes Collateral Agent, the Notes Trustee and the Noteholders. 
 “Notes Trustee”
shall have the meaning assigned to that term in the introduction to this Agreement and shall include any successor thereto as well as any Person designated as the “Trustee” or “Indenture Trustee” (or any equivalent title) under
any Indenture. 
 “Original Agreements” means, collectively, the Original Term Loan Credit Agreement and
the Original Indenture. 
 “Original Indenture” shall have the meaning assigned to that term in the
introduction to this Agreement 
 “Original Term Loan Credit Agreement” shall have the meaning assigned
to that term in the introduction to this Agreement. 
 “Pari Passu Lien Obligations” means any
additional notes and any other indebtedness (i) that is incurred in accordance with the terms of the Indenture, the Term Loan Credit Agreement and the ABL Credit Agreement, (ii) that is secured by the Collateral and (iii) for which
the authorized representative of the holder(s) of such notes or indebtedness has become a secured party ranking pari passu with all other Noteholders under the Notes Collateral Documents by way of joinder agreement in accordance with the
definition of “Pari Passu Lien Obligations” in the Indenture (or any comparable definition that replaces such definition). 
 “Party” shall mean each of the Term Loan Collateral Agent, and the Notes Collateral Agent and “Parties” shall mean both of the Term Loan Collateral Agent
and the Notes Collateral Agent. 
 “Person” means any natural person, corporation, limited liability
company, trust, unlimited liability company, joint venture, association, company, partnership, Governmental Authority or other entity. 
 “PNI” shall have the meaning assigned to that term in the recitals to this Agreement. 

  
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 “PPSA” shall mean the Personal Property Security Act as the
same may, from time to time, be in effect in the Province of Ontario; provided that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, publication or priority of, or remedies with respect
to, Liens of any Party is governed by the Personal Property Security Act or other applicable personal property security laws as enacted and in effect in a jurisdiction other than the Province of Ontario, the term “PPSA” will mean
the Personal Property Security Act or such other applicable personal property security laws as enacted and in effect in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection, priority or
remedies and for purposes of definitions related to such provisions. 
 “Proceeds” shall mean
(a) all “proceeds,” as defined in the PPSA, with respect to the Collateral, and (b) whatever is recoverable or recovered when any Collateral is sold, exchanged, collected, or disposed of, whether voluntarily or involuntarily.

 “Property” shall mean any interest in any kind of property or asset, whether real, personal or mixed,
or tangible or intangible. 
 “Record”, except as used in “for record”, “of record”,
“record or legal title”, and “record owner”, shall mean information that is inscribed on a tangible medium or which is stored in an electronic or other medium and is retrievable in perceivable form. 

“Secured Parties” shall mean, collectively, the Term Loan Secured Parties and the Notes Secured Parties.

 “Secured Swap Agreement” shall mean any agreement with respect to any Secured Swap Obligation.

 “Secured Swap Counterparty” shall have the meaning specified in the definition of “Secured Swap
Obligations”. 
 “Secured Swap Obligations” shall mean the Swap Obligations of a Credit Party in
connection with any Swap Contract entered into between such Credit Party and any Term Loan Lender, ABL Lender or any Affiliate of the foregoing at the time such Swap Contract is entered into (each of them, in this capacity, a “Secured
Swap Counterparty”); provided that within 30 days (or such later date consented to by the Term Loan Administrative Agent) of the later of the date hereof and the time that any transaction relating to such Swap Obligation is
executed, the Secured Swap Counterparty party thereto (other than JPMCB or any of its Affiliates) or PNI. shall have delivered written notice to the Term Loan Administrative Agent that such a transaction has been entered into and that the Secured
Swap Counterparty party thereto and PNI have agreed that such transaction constitutes a “Secured Obligation” under, and as defined in, the Term Loan Documents, entitled to the benefits of the Term Loan Collateral Documents. 

“Standstill Period” shall have the meaning assigned to such term in Section 2.3(f). 

“Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company, unlimited
liability company or other business entity of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power
only by reason of the 

  
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happening of a contingency) are at the time beneficially owned directly, or indirectly through one or more intermediaries, or both, by such Person. 

“Swap Contract” shall mean (a) any and all rate swap transactions, basis swaps, credit derivative
transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward
bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or
any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all
transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign
Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement. 

“Term Loan Administrative Agent” shall have the meaning assigned to that term in the introduction to this
Agreement and shall include any successor thereto as well as any Person designated as the “Agent” or “Administrative Agent” (or any equivalent title) under any Term Loan Credit Agreement. 

“Term Loan Borrowers” shall have the meaning assigned to that term in the introduction to this Agreement.

 “Term Loan Collateral Agent” shall have the meaning assigned to that term in the introduction to this
Agreement and shall include any successor thereto as well as any Person designated as the “Collateral Agent” (or any equivalent title) under any Term Loan Credit Agreement. 

“Term Loan Collateral Documents” shall mean all “Collateral Documents” as defined in the Original Term
Loan Credit Agreement, all other security agreements, mortgages, deeds of trust, debentures, hypothecs and other collateral documents executed and delivered in connection with any Term Loan Credit Agreement, in each case as the same may be amended,
supplemented, restated or otherwise modified from time to time in accordance with the terms thereof, and all PPSA financing statements and other filings, recordings or registrations filed or made pursuant to any Term Loan Credit Agreement or in
respect of any such other Term Loan Collateral Document. 
 “Term Loan Credit Agreement” shall mean the
Original Term Loan Credit Agreement and any other agreement designated by any Term Loan Borrower in writing to the Parties hereto as a “Term Loan Credit Agreement” extending the maturity of, consolidating, restructuring, refunding,
replacing or refinancing all or any portion of the Term Loan Obligations, whether by the same or any other agent, lender or group of lenders and whether or not increasing the amount of any Indebtedness that may be incurred thereunder. 

  
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 “Term Loan Credit Parties” shall have the meaning assigned to that
term in the introduction to this Agreement. 
 “Term Loan Documents” shall mean the Term Loan Credit
Agreement, the Term Loan Collateral Documents, those other ancillary agreements as to which the Term Loan Collateral Agent, the Term Loan Administrative Agent or any Term Loan Lender is a party or a beneficiary and all other agreements, instruments,
documents and certificates, now or hereafter executed by or on behalf of any Term Loan Credit Party or any of its respective Subsidiaries or Affiliates, and delivered to the Term Loan Collateral Agent or the Term Loan Administrative Agent, in
connection with any of the foregoing or any Term Loan Credit Agreement, in each case as the same may be amended, supplemented, restated or otherwise modified from time to time in accordance with the terms thereof. For certainty, the “Term Loan
Documents” shall not include Secured Swap Agreements or Banking Services Agreements. 
 “Term Loan
Facility” shall have the meaning assigned to such term in the recitals to this Agreement. 
 “Term Loan
Guaranties” shall have the meaning assigned to that term in the introduction to this Agreement, and shall include all other guaranty agreements executed and delivered in connection with any Term Loan Credit Agreement, in each case as
the same may be amended, supplemented, restated or otherwise modified from time to time in accordance with the terms thereof. 

“Term Loan Guarantors” shall mean the collective reference to Holdco and any other Person who is now or hereafter
becomes a guarantor under any of the Term Loan Guaranties. 
 “Term Loan Lenders” shall have the meaning
assigned to that term in the introduction to this Agreement and shall include all successors, assigns, transferees and replacements thereof, as well as any Person designated as a “Lender” under any Term Loan Credit Agreement. 

“Term Loan Obligations” shall mean (i) all obligations of every nature of each Term Loan Credit Party and
each Subsidiary thereof from time to time owed to the Term Loan Collateral Agent, the Term Loan Administrative Agent, the Term Loan Lenders or any of them, under any Term Loan Document, whether for principal, interest (including interest which, but
for the filing of a petition in bankruptcy with respect to such Term Loan Credit Party or such Subsidiary, would have accrued on any Term Loan Obligation, whether or not a claim is allowed against such Term Loan Credit Party or such Subsidiary for
such interest in the related bankruptcy proceeding), fees, expenses, indemnification or otherwise, and all other amounts owing or due under the terms of the Term Loan Documents, as amended, restated, modified, renewed, refunded, replaced or
refinanced in whole or in part from time to time in accordance with the terms thereof, (ii) all Secured Swap Obligations and (iii) all Banking Services Obligations. 
 “Term Loan Recovery” shall have the meaning set forth in Section 5.3(a). 
 “Term Loan Secured Parties” shall mean, collectively, (i) the Term Loan Collateral Agent, the Term Loan Administrative Agent and the Term Loan Lenders and (ii) each
Secured Swap Counterparty and each Banking Services Provider (in the case of this clause (ii), solely to 

  
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the extent such Secured Swap Counterparty or Banking Services Provider does not contest the provisions set forth in Section 9.15 of the Original Term Loan Credit Agreement or any analogous
provision of any other Term Loan Credit Agreement). 
 Section 1.3 Rules of Construction. Unless the
context of this Agreement clearly requires otherwise, references to the plural include the singular, references to the singular include the plural, the term “including” is not limiting and shall be deemed to be followed by the phrase
“without limitation,” and the term “or” has, except where otherwise indicated, the inclusive meaning represented by the phrase “and/or.” The words “hereof,” “herein,” “hereby,”
“hereunder,” and similar terms in this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement. Article, section, subsection, clause, schedule and exhibit references herein are to this Agreement
unless otherwise specified. Any reference in this Agreement to any agreement, instrument, or document shall include all alterations, amendments, changes, restatements, extensions, modifications, renewals, replacements, substitutions, joinders, and
supplements thereto and thereof, as applicable (subject to any restrictions on such alterations, amendments, changes, restatements, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements set forth herein). Any
reference herein to any Person shall be construed to include such Person’s successors and assigns. Any reference herein to the repayment in full of an obligation shall mean the payment in full in cash of such obligation, or in such other manner
as may be approved in writing by the requisite holders or representatives in respect of such obligation, or in such other manner as may be approved by the requisite holders or representatives in respect of such obligation. 

Section 1.4 Quebec Matters. For purposes of any assets, liabilities or entities located in the Province of
Québec and for all other purposes pursuant to which the interpretation or construction of this Agreement may be subject to the laws of the Province of Québec or a court or tribunal exercising jurisdiction in the Province of
Québec, (a) “personal property” shall be deemed to include “movable property”, (b) “real property” shall be deemed to include “immovable property”, (c) “tangible property” shall
be deemed to include “corporeal property”, (d) “intangible property” shall be deemed to include “incorporeal property”, (e) “security interest”, “mortgage” and “lien” shall be
deemed to include a “hypothec”, “prior claim” and a resolutory clause, (f) all references to filing, registering or recording under the PPSA or Uniform Commercial Code shall be deemed to include publication under the Civil
Code of Québec, (g) all references to “perfection” of or “perfected” liens or security interest shall be deemed to include a reference to an “opposable” or “set up” lien or security interest as
against third parties, (h) any “right of offset”, “right of set-off” or similar expression shall be deemed to include a “right of compensation”, (i) “goods” shall be deemed to include “corporeal
movable property” other than chattel paper, documents of title, instruments, money and securities, (j) an “agent” shall be deemed to include a “mandatary”, (k) “construction liens” shall be deemed to
include “legal hypothecs”; (l) “joint and several” shall be deemed to include solidary; (m) “gross negligence or wilful misconduct” shall be deemed to be “intentional or gross fault”;
(n) “beneficial ownership” shall be deemed to include “ownership on behalf of another as mandatary”; (o) “servitude” shall be deemed to include easement; (p) “priority” shall be deemed to
include “prior claim”; (q) “survey” shall be deemed to include 

  
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“certificate of location and plan”; (r) “state” shall be deemed to include “province”; (s) “fee simple title” shall be deemed to include
“absolute ownership”. The parties hereto confirm that it is their wish that this Agreement and any other document executed in connection with the transactions contemplated herein be drawn up in the English language only and that all other
documents contemplated thereunder or relating thereto, including notices, may also be drawn up in the English language only. Les parties aux présentes confirment que c’est leur volonté que cette convention et les autres documents
de crédit soient rédigés en langue anglaise seulement et que tous les documents, y compris tous avis, envisagés par cette convention et les autres documents peuvent être rédigés en la langue anglaise
seulement. 
 ARTICLE 2 
 LIEN PRIORITY 
 Section 2.1 Priority of Liens.

 (a) Notwithstanding (i) the date, time, method, manner, or order of grant, attachment, or perfection
(including any defect or deficiency or alleged defect or deficiency in any of the foregoing) of any Liens granted to the Term Loan Collateral Agent or any other Term Loan Secured Party in respect of all or any portion of the Collateral or of any
Liens granted to the Notes Collateral Agent or any other Notes Secured Party in respect of all or any portion of the Collateral and regardless of how any such Lien was acquired (whether by grant, statute, operation of law, subrogation or otherwise),
(ii) the order or time of filing or recordation of any document or instrument for perfecting the Liens in favour of the Term Loan Collateral Agent or the Notes Collateral Agent (or any other Term Loan Secured Party or other Notes Secured Party)
on any Collateral, (iii) any provision of the PPSA, the BIA or any other applicable law, or of the Term Loan Documents, the Notes Documents, the Secured Swap Agreements or the Banking Services Agreements, (iv) whether the Term Loan
Collateral Agent or the Notes Collateral Agent, in each case, either directly or through agents, holds possession of, or has control over, all or any part of the Collateral, (v) the fact that any such Liens in favour of the Term Loan Collateral
Agent or any other Term Loan Secured Party or the Notes Collateral Agent or any other Notes Secured Party securing any of the Term Loan Obligations or Notes Obligations, respectively, may be (x) subordinated to any Lien securing any obligation
of any Credit Party other than the Notes Obligations or the Term Loan Obligations, respectively, or (y) otherwise subordinated, voided, avoided, invalidated or lapsed, or (vi) any other circumstance of any kind or nature whatsoever, the
Term Loan Collateral Agent, on behalf of itself and the other Term Loan Secured Parties, and the Notes Collateral Agent, on behalf of itself and the other Notes Secured Parties, hereby agree that: 

(1) any Lien in respect of all or any portion of the Collateral now or hereafter held by or on behalf of the Notes
Collateral Agent or any other Notes Secured Party that secures all or any portion of the Notes Obligations shall in all respects be junior and subordinate to all Liens granted to the Term Loan Collateral Agent and the other Term Loan Secured Parties
on the Collateral to secure all or any portion of the Term Loan Obligations; 
 (2) any Lien in respect of all or
any portion of the Collateral now or hereafter held by or on behalf of the Term Loan Collateral Agent or any 

  
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other Term Loan Secured Parties that secures all or any portion of the Term Loan Obligations shall in all respects be senior and prior to all Liens granted to the Notes Collateral Agent or any
other Notes Secured Party on the Collateral to secure all or any portion of the Notes Obligations; 
 (b)
Notwithstanding any failure by any Term Loan Secured Party or Notes Secured Party to perfect its security interests in the Collateral or any avoidance, invalidation, priming or subordination by any third party or court of competent jurisdiction of
the security interests in the Collateral granted to the Term Loan Secured Parties or the Notes Secured Parties, the priority and rights as between the Term Loan Secured Parties and the Notes Secured Parties with respect to the Collateral shall be as
set forth herein. 
 (c) The Notes Collateral Agent, for and on behalf of itself and the other Notes Secured
Parties, acknowledges and agrees that, concurrently herewith, the Term Loan Collateral Agent, for the benefit of itself and the other Term Loan Secured Parties, has been granted Liens upon all of the Collateral in which the Notes Collateral Agent
has been granted Liens and the Notes Collateral Agent hereby consents thereto. The Term Loan Collateral Agent, for and on behalf of itself and the other Term Loan Secured Parties, acknowledges and agrees that, concurrently herewith, the Notes
Collateral Agent, for the benefit of itself and the other Notes Secured Parties, has been granted Liens upon all of the Collateral in which the Term Loan Collateral Agent has been granted Liens and the Term Loan Collateral Agent hereby consents
thereto. The subordination of Liens by the Notes Collateral Agent in favour of the Term Loan Collateral Agent as set forth herein shall not be deemed to subordinate the Notes Collateral Agent’s Liens to the Liens of any other Person.

 Section 2.2 Waiver of Right to Contest Liens. (a) The Notes Collateral Agent, for and on behalf of itself
and the other Notes Secured Parties, agrees that it and they shall not (and hereby waives any right to) take any action to contest or challenge (or assist or support any other Person in contesting or challenging), directly or indirectly, whether or
not in any proceeding (including in any Insolvency Proceeding), the validity, priority, enforceability, or perfection of the Liens of the Term Loan Collateral Agent and the other Term Loan Secured Parties in respect of the Collateral or the
provisions of this Agreement. Except to the extent expressly set forth in this Agreement, the Notes Collateral Agent, for itself and on behalf of the other Notes Secured Parties, agrees that neither the Notes Collateral Agent nor the other Notes
Secured Parties will take any action that would interfere with any Exercise of Any Secured Creditor Remedies undertaken by the Term Loan Collateral Agent or any other Term Loan Secured Party under any Term Loan Documents with respect to the
Collateral. Except to the extent expressly set forth in this Agreement, the Notes Collateral Agent, for itself and on behalf of the other Notes Secured Parties, hereby waives any and all rights it or the other Notes Secured Parties may have as a
junior lien creditor or otherwise to contest, protest, object to, or interfere with the manner in which the Term Loan Collateral Agent or any other Term Loan Secured Party seeks to enforce its Liens in any Collateral. The foregoing shall not be
construed to prohibit the Notes Collateral Agent from enforcing the provisions of this Agreement. 
 (b) The Term
Loan Collateral Agent, for and on behalf of itself and the other Term Loan Secured Parties, agrees that it and they shall not (and hereby waives any right to) take any action to contest or challenge (or assist or support any other Person in
contesting or 

  
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challenging), directly or indirectly, whether or not in any proceeding (including in any Insolvency Proceeding), the validity, priority, enforceability, or perfection of the Liens of the Notes
Collateral Agent or the other Notes Secured parties in respect of the Collateral or the provisions of this Agreement. The foregoing shall not be construed to prohibit the Term Loan Collateral Agent from enforcing the provisions of this Agreement.

 Section 2.3 Remedies Standstill. 

(a) Subject to Article 6, the Notes Collateral Agent, on behalf of itself and the other Notes Secured Parties, agrees
that, until the date upon which the Discharge of Term Loan Obligations shall have occurred, neither the Notes Collateral Agent nor any other Notes Secured Parties will Exercise Any Secured Creditor Remedies with respect to any of the Collateral
without the written consent of the Term Loan Collateral Agent, and will not take, receive or accept any Proceeds of Collateral (other than scheduled payments of interest, principal and fees in respect of and any mandatory prepayments of the Notes
Obligations, in each case, as and when due under the Notes Documents so long as no Credit Party shall be subject to any Insolvency Proceeding), it being understood and agreed that the temporary deposit of Proceeds of Collateral in a Deposit Account
controlled by the Notes Collateral Agent shall not constitute a breach of this Agreement so long as such Proceeds are promptly remitted to the Term Loan Collateral Agent. From and after the date upon which the Discharge of Term Loan Obligations
shall have occurred (or prior thereto upon obtaining the written consent of the Term Loan Collateral Agent), the Notes Collateral Agent and any other Notes Secured Party may Exercise Any Secured Creditor Remedies under the Notes Documents or
applicable law as to any Collateral; provided, however, that any Exercise of Any Secured Creditor Remedies with respect to any Collateral by such Notes Collateral Agent is at all times subject to the provisions of this Agreement,
including Section 4.1 hereof. 
 (b) Notwithstanding any other provision of this Agreement, nothing
contained herein shall be construed to prevent the Notes Collateral Agent or any Notes Secured Party from objecting to any proposed retention of Collateral by the Term Loan Collateral Agent or any Term Loan Secured Party in full or partial
satisfaction of any Term Loan Obligations pursuant to Section 65 of the PPSA (or any successor provision, or the corresponding provision in any other applicable legislation) (or any successor provision). 

(c) The Notes Collateral Agent, for itself and on behalf of the other Notes Secured Parties, (i) agrees that neither
it nor any such other Notes Secured Party will take any action that would hinder any exercise of remedies undertaken by the Term Loan Collateral Agent or the other Term Loan Secured Parties with respect to the Collateral, including any sale, lease,
exchange, transfer or other disposition of Collateral, whether by foreclosure or otherwise, and (ii) hereby, subject to Section 2.4(a), waives any and all rights it or any such other Notes Secured Party may have as a junior lien creditor
or otherwise to object to the manner in which the Term Loan Collateral Agent or the other Term Loan Secured Parties seek to enforce or collect the Term Loan Obligations or the Liens granted in any of the Collateral, regardless of whether any action
or failure to act by or on behalf of the Term Loan Collateral Agent or other Term Loan Secured Parties is adverse to the interests of the Notes Secured Parties. 

  
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 (d) The Notes Collateral Agent, for itself and on behalf of the other Notes
Secured Parties, hereby acknowledges and agrees that no covenant, agreement or restriction contained in any Notes Document shall be deemed to restrict in any way the rights and remedies of the Term Loan Collateral Agent (including the right to
credit bid at any sale of the Collateral, including any sale in an Insolvency Proceeding) or any of the other Term Loan Secured Parties with respect to the Collateral as set forth in this Agreement and the Term Loan Documents. 

(e) Subject to Article 6, the Notes Collateral Agent, for itself and on behalf of the other Notes Secured Parties, agrees
that, unless and until the Discharge of Term Loan Obligations has occurred, it will not commence, or join with any Person (other than the Term Loan Collateral Agent upon the request thereof) in commencing, any enforcement, collection, execution,
levy or foreclosure action or proceeding with respect to any Lien held by it in the Collateral; provided, that nothing contained herein shall be construed to prevent the Notes Collateral Agent or any Notes Secured Party from (i) taking
any action (not adverse to the priority status of the Liens of the Term Loan Collateral Agent or the other Term Loan Secured Parties on the Collateral or the rights of the Term Loan Collateral Agent or any of the other Term Loan Secured Parties to
exercise remedies in respect thereof) in order to create, perfect, preserve or protect (but not enforce) its Lien on any Collateral or (ii) filing any necessary or responsive pleadings in opposition to any motion, adversary proceeding or other
pleading filed by any Person objecting to or otherwise seeking disallowance of the claim or Lien of the Notes Collateral Agent or any other Notes Secured Party. 
 (f) Notwithstanding the foregoing, the Notes Collateral Agent may exercise its rights and remedies with respect to the Collateral under the Notes Collateral Documents or applicable law after the passage
of a period of 180 days (the “Standstill Period”) from the date of delivery of a notice in writing to the Term Loan Collateral Agent of its intention to exercise such rights and remedies, which notice may only be delivered
following the occurrence of and during the continuation of an Event of Default under the Indenture; provided, however, that notwithstanding the foregoing, in no event shall the Notes Collateral Agent exercise or continue to exercise any such rights
or remedies if, notwithstanding the expiration of the Standstill Period, (i) any Term Loan Secured Party shall have commenced and be diligently pursuing the exercise of any of its rights and remedies with respect to any of the Collateral
(prompt notice of such exercise to be given to the Notes Collateral Agent) or (ii) an Insolvency Proceeding in respect of any Credit Party shall have been commenced; provided, further, that in any Insolvency Proceeding commenced by or against
any Credit Party, the Notes Collateral Agent and the Notes Secured Parties may take any action expressly permitted by Article 6. 
 Section 2.4 Exercise of Rights. 
 (a) No Other
Restrictions. Except as expressly set forth in this Agreement and the other Term Loan Documents, each Term Loan Secured Party shall have any and all rights and remedies it may have as a creditor under applicable law, including the right to the
Exercise of Any Secured Creditor Remedies. The Term Loan Collateral Agent may enforce the provisions of the Term Loan Documents and may Exercise Any Secured Creditor Remedies, all in such order and in such manner as it may determine in the exercise
of its sole discretion, consistent with the terms of this Agreement and the other Term Loan Documents and mandatory 

  
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provisions of applicable law; provided, however, that the Term Loan Collateral Agent agrees to provide to the Notes Collateral Agent copies of any notices that it is required under
applicable law to deliver to any Borrower or any Guarantor; provided further, however, that the Term Loan Collateral Agent’s failure to provide any such copies to the Notes Collateral Agent shall not impair any of the Term Loan
Collateral Agent’s rights hereunder or under any of the Term Loan Documents. Except as otherwise expressly set forth in this Agreement and the other Notes Documents, the Notes Collateral Agent and any other Notes Secured Party may exercise
rights and remedies as an unsecured creditor against any Notes Credit Party in accordance with the terms of the Notes Collateral Documents and applicable law. Nothing in this Agreement shall prohibit the receipt by the Notes Collateral Agent or any
other Notes Secured Party of the required payments of interest, principal and other owed amounts in respect of the Notes Obligations so long as such receipt is not the direct or indirect result of the exercise by the Notes Collateral Agent or any
other Notes Secured Party of rights or remedies as a secured creditor in respect of any Collateral (including set-off with respect to any Accounts constituting Collateral) or enforcement in contravention of this Agreement of any Lien in respect of
Notes Obligations held by any of them or in any Insolvency Proceeding. In the event the Notes Collateral Agent or any other Notes Secured Party becomes a judgment lien creditor or other secured creditor in respect of any Collateral as a result of
its enforcement of its rights as an unsecured creditor in respect of Notes Obligations, such judgment or other lien shall be subordinated to the Liens securing Term Loan Obligations on the same basis as the other Liens securing the Notes Obligations
are so subordinated to such Liens securing Term Loan Obligations under this Agreement. Nothing in this Agreement impairs or otherwise adversely affects any rights or remedies the Term Loan Collateral Agent or any other Term Loan Secured Party may
have with respect to any of the Collateral. Furthermore, for the avoidance of doubt, nothing in this Agreement shall restrict any right any Notes Secured Party may have (secured or otherwise) in any property or asset of any Person that is not a
Credit Party. Each Notes Collateral Agent, each Notes Trustee, each Noteholder, the Term Loan Collateral Agent, the Term Loan Administrative Agent and each Term Loan Lender agrees that it will not institute any suit or other proceeding or assert in
any suit, Insolvency Proceeding or other proceeding any claim, in the case of such Notes Collateral Agent, such Notes Trustee and such Noteholder, against the Term Loan Collateral Agent, the Term Loan Administrative Agent or any other Term Loan
Secured Party, and in the case of the Term Loan Collateral Agent, the Term Loan Administrative Agent and such Term Loan Lender, against any Notes Collateral Agent, any Notes Trustee, or any other Notes Secured Party, seeking damages from or other
relief by way of specific performance, instructions or otherwise, with respect to, any action taken or omitted to be taken by such Person with respect to the Collateral which is consistent with the terms of this Agreement, and none of such Persons
shall be liable for any such action taken or omitted to be taken. 
 (b) Release of Liens. In the event of
(i) any private or public sale of all or any portion of the Collateral in connection with any Exercise of Any Secured Creditor Remedies by or with the consent of the Term Loan Collateral Agent or (ii) any sale, transfer or other
disposition of all or any portion of the Collateral, so long as such sale, transfer or other disposition pursuant to this clause (ii) is then permitted by the Term Loan Documents (or shall have been duly approved in accordance with the terms
thereof) (other than any such sale, transfer or other disposition pursuant to this clause (B) made (x) after the occurrence and during the continuance of an Event of Default under the Indenture or (z) made in connection with the
Discharge of Term Loan Obligations, unless in either case then permitted by the Notes 

  
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Documents (or shall have been duly approved in accordance with the terms thereof)), the Notes Collateral Agent agrees, on behalf of itself and the other Notes Secured Parties, that such sale,
transfer, other disposition or release will be free and clear of the Liens on such Collateral securing the Notes Obligations, and such Notes Secured Parties’ Liens with respect to the Collateral so sold, transferred or disposed shall terminate
and be automatically released without further action. In furtherance of, and subject to, the foregoing, the Notes Collateral Agent agrees that it will promptly execute any and all Lien releases or other documents reasonably requested by the Term
Loan Collateral Agent in connection therewith. The Notes Collateral Agent hereby appoints the Term Loan Collateral Agent and any officer or duly authorized person of the Term Loan Collateral Agent, with full power of substitution, as its true and
lawful attorney-in-fact with full irrevocable power of attorney in the place and stead of the Notes Collateral Agent and in the name of the Notes Collateral Agent or in the Term Loan Collateral Agent’s own name, from time to time, in the Term
Loan Collateral Agent’s sole discretion, for the purposes of carrying out the terms of this paragraph, to take any and all appropriate action and to execute and deliver any and all documents and instruments as may be necessary or desirable to
accomplish the purposes of this paragraph, including any financing statements, endorsements, assignments, releases or other documents or instruments of transfer (which appointment, being coupled with an interest, is irrevocable). All proceeds
realized from any such sale or disposition shall be applied, as between the Secured Parties, to the Term Loan Obligations or the Notes Obligations in accordance with the terms of this Agreement. 

Section 2.5 No New Liens. Until the date upon which the Discharge of Term Loan Obligations shall have occurred, the parties
hereto agree that no Notes Secured Party shall acquire or hold any Lien on any assets of any Credit Party securing any Notes Obligation which assets are not also subject to the Lien of the Term Loan Collateral Agent under the Term Loan Documents,
subject to the Lien Priority set forth herein. If the Notes Collateral Agent or any other Notes Secured Party shall (nonetheless and in breach hereof) acquire or hold any Lien on any assets of any Credit Party securing any Notes Obligation which
assets are not also subject to the Lien of the Term Loan Collateral Agent under the Term Loan Documents, subject to the Lien Priority set forth herein, then the Notes Collateral Agent (or such other Notes Secured Party) shall, without the need for
any further consent of any other Notes Secured Party, the Notes Issuer or any Notes Guarantor, and notwithstanding anything to the contrary in any other Notes Document, be deemed to also hold and have held such Lien as bailee for the benefit of the
Term Loan Collateral Agent as security for the Term Loan Obligations (subject to the Lien Priority and other terms hereof) and shall promptly notify the Term Loan Collateral Agent in writing of the existence of such Lien. 

Section 2.6 Waiver of Marshalling. Until the Discharge of the Term Loan Obligations, the Notes Collateral Agent, on behalf
of itself and the other Notes Secured Parties, agrees not to assert and hereby waives, to the fullest extent permitted by law, any right to demand, request, plead or otherwise assert or otherwise claim the benefit of, any marshalling, appraisal,
valuation or other similar right that may otherwise be available under applicable law with respect to the Collateral or any other similar rights a junior secured creditor may have under applicable law. 

  
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 ARTICLE 3 
 ACTIONS OF THE PARTIES 
 Section 3.1 Certain Actions
Permitted. The Notes Collateral Agent and the Term Loan Collateral Agent may make such demands or file such claims in respect of the Notes Obligations or the Term Loan Obligations, as applicable, in accordance with their respective rights
under the Term Loan Collateral Documents and the Notes Collateral Documents as are necessary to prevent the waiver or bar of such claims under applicable statutes of limitations or other statutes, court orders, or rules of procedure at any time.

 Section 3.2 Agent for Perfection. The Term Loan Collateral Agent, for and on behalf of itself and each Term
Loan Secured Party, and the Notes Collateral Agent, for and on behalf of itself and each other Notes Secured Party, as applicable, each agree to hold all Control Collateral and Cash Collateral that is part of the Collateral in their respective
possession, custody, or control (or in the possession, custody, or control of agents or bailees for either) as agent for each other solely for the purpose of perfecting the security interest granted to each in such Control Collateral or Cash
Collateral, subject to the terms and conditions of this Section 3.2. None of the Secured Parties shall have any obligation whatsoever to the others to assure that the Control Collateral is genuine or owned by any Borrower, any Guarantor, or any
other Person or to preserve rights or benefits of any Person. The duties or responsibilities of the Term Loan Collateral Agent and the Notes Collateral Agent under this Section 3.2 are and shall be limited solely to holding or maintaining
control of the Control Collateral and the Cash Collateral as agent for the other Party for purposes of perfecting the Lien held by the Notes Collateral Agent or the Term Loan Collateral Agent, as applicable. The Term Loan Collateral Agent is not and
shall not be deemed to be a fiduciary of any kind for the Notes Collateral Agent, the other Notes Secured Parties, or any other Person. The Notes Collateral Agent is not and shall not be deemed to be a fiduciary of any kind for the Term Loan
Collateral Agent, the other Term Loan Secured Parties, or any other Person. In the event that any Notes Collateral Agent or any other Notes Secured Party receives any Collateral or Proceeds of the Collateral in violation of the terms of this
Agreement, then such Notes Collateral Agent or such other Notes Secured Party, as applicable, shall promptly pay over such Proceeds or Collateral to the Term Loan Collateral Agent in the same form as received with any necessary endorsements, for
application in accordance with the provisions of Section 4.1 of this Agreement. 
 Section 3.3 Sharing of
Information. In the event that the Notes Collateral Agent shall, in the exercise of its rights under the Notes Collateral Documents or otherwise, receive possession or control of any books and Records of any Term Loan Credit Party which
contain information identifying or pertaining to any of the Collateral and to which information the Term Loan Collateral Agent is entitled pursuant to the Term Loan Documents, such Notes Collateral Agent shall, upon request from the Term Loan
Collateral Agent and as promptly as practicable thereafter, either make available to 

  
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the Term Loan Collateral Agent such books and Records for inspection and duplication or provide the Term Loan Collateral Agent copies thereof. 

Section 3.4 Insurance. Proceeds of Collateral include insurance proceeds and, therefore, the Lien Priority shall govern the
ultimate disposition of casualty insurance proceeds as between the Secured Parties. Until the date on which the Discharge of Term Loan Obligations shall have occurred, the Term Loan Collateral Agent shall have the sole and exclusive right, as
against the Notes Collateral Agent and the other Notes Secured Parties, (i) to be named as loss payee, as applicable, with respect to all insurance policies relating to Collateral (except that the Notes Collateral Agent and each other Notes
Secured Party shall have the right to be named as loss payee so long as its second lien status is identified in a manner satisfactory to the Term Loan Collateral Agent), (ii) to adjust or settle any insurance policy or claim covering any
Collateral in the event of any loss, theft or destruction of Collateral and (iii) to approve any award granted in any expropriation, condemnation or similar proceeding affecting the Collateral. Prior to the Discharge of Term Loan Obligations,
all proceeds of any such insurance or award shall be remitted to the Term Loan Collateral Agent. 
 Section 3.5 No
Additional Rights For the Credit Parties Hereunder. If any Term Loan Secured Party or Notes Secured Party shall enforce its rights or remedies in violation of the terms of this Agreement, the Credit Parties shall not be entitled to use such
violation as a defence to any action by any Term Loan Secured Party or Notes Secured Party, nor to assert such violation as a counterclaim or basis for set-off or recoupment against any Term Loan Secured Party or Notes Secured Party. 

Section 3.6 Exercise of Remedies, Set Off and Tracing of and Priorities in Proceeds. Each of the Term Loan Collateral
Agent, for itself and on behalf of the other Term Loan Secured Parties, and the Notes Collateral Agent, for itself and on behalf of the other Notes Secured Parties, acknowledges and agrees that, to the extent any Secured Party exercises its rights
of set-off against any Credit Party’s Deposit Accounts or Securities Accounts to the extent constituting or containing Collateral or Proceeds thereof, the amount of such set-off shall be deemed to be Collateral to be held and distributed
pursuant to Section 4.1. In addition, (i) the Notes Collateral Agent, for itself and on behalf of the other Notes Secured Parties, hereby consents to the application of cash to the prepayment or repayment of Term Loan Obligations pursuant
to the Term Loan Documents and (ii) the Term Loan Collateral Agent, for itself and on behalf of the other Term Loan Secured Parties, hereby consents to the application of cash to the prepayment or repayment of Notes Obligations pursuant to the
Notes Documents (to the extent provided for under the Term Loan Documents). 
 Section 3.7 Agreement Regarding
Mortgages. The Notes Collateral Agent agrees, for and on behalf of itself and the other Notes Secured Parties, that all mortgages, deeds of trust, debentures, hypothecs, deeds and similar instruments (collectively, “mortgages”) now
or thereafter filed against real property owned by the Borrower and/or the Guarantors in favour of or for the benefit of the Notes Collateral Agent shall be in form satisfactory to the Term Loan Collateral Agent and shall contain the following
notation: “The lien created by this mortgage on 

  
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the property described herein is junior and subordinate to the lien on such property created by any mortgage, deed of trust or similar instrument now or hereafter granted to JPMorgan Chase Bank,
N.A., as Term Loan Collateral Agent, and its successors and assigns, in such property, in accordance with the provisions of the Term Intercreditor Agreement dated as of July 13, 2010 among JPMorgan Chase Bank, N.A., as Term Loan Collateral
Agent and BNY Trust Company of Canada, as Notes Collateral Agent, as amended from time to time.” The Term Loan Collateral Agent acknowledges and agrees that all mortgages filed on the date hereof against real property owned by the Borrower
and/or the Guarantors in favour of or for the benefit of the Notes Collateral Agent are in form satisfactory to the Term Loan Collateral Agent. 
 ARTICLE 4 
 APPLICATION OF PROCEEDS 

Section 4.1 Application of Proceeds. 

(a) Application of Proceeds of Collateral. The Term Loan Collateral Agent and the Notes Collateral Agent hereby
agree that all Collateral, and all Proceeds thereof, received by either of them in connection with any Exercise of Any Secured Creditor Remedies with respect to Collateral shall be applied, 

first, to the payment, on a pro rata basis, of costs and expenses of the Term Loan Collateral Agent and the Term
Loan Administrative Agent in connection with such Exercise of Any Secured Creditor Remedies, 
 second, to
the payment of the Term Loan Obligations in accordance with the Term Loan Documents until the Discharge of Term Loan Obligations (other than contingent indemnity obligations with respect to then unasserted claims) shall have occurred, 

third, to the payment, on a pro rata basis of costs and expenses of the Notes Collateral Agent and the Notes
Trustee in connection with such Exercise of Any Secured Creditor Remedies, 
 fourth, to the payment of
the Notes Obligations in accordance with the Notes Documents until the Discharge of the Notes Obligations (other than contingent indemnity obligations with respect to then unasserted claims) shall have occurred, and 

fifth, the balance, if any, to whosoever may be entitled to receive the same pursuant to the provisions of the ABL
Intercreditor Agreement or, in the event that the ABL Intercreditor Agreement is no longer in effect, to the Credit Parties or to whosoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct. 

(b) Limited Obligation or Liability. In exercising remedies, whether as a secured creditor or otherwise, the Term
Loan Collateral Agent shall have no obligation or liability to the Notes Collateral Agent or to any other Notes Secured Party, regarding the adequacy of any Proceeds or for any action or omission, save and except solely for an action or omission
that breaches the express obligations undertaken by each Party under the terms of this Agreement so long as such exercise of remedies is conducted in a commercially reasonable 

  
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manner, in accordance with mandatory provisions of applicable law and does not breach the provisions of this Agreement. 

(c) Turnover of Cash Collateral After Discharge. Upon the Discharge of Term Loan Obligations, the Term Loan
Collateral Agent shall (at the Term Loan Borrower’s expense) deliver to the Notes Collateral Agent or shall execute such documents as the Notes Collateral Agent or the Notes Trustee may reasonably request to enable the Notes Collateral Agent to
have control over any Cash Collateral or Control Collateral still in the Term Loan Collateral Agent’s possession, custody, or control in the same form as received with any necessary endorsements, or as a court of competent jurisdiction may
otherwise direct. 
 (d) Payments Over. Any Collateral or Proceeds thereof received by the Notes
Collateral Agent or any other Notes Secured Party in connection with the Exercise of Any Secured Creditor Remedies (including set-off or credit bid) or in any Insolvency Proceeding relating to the Collateral or otherwise, in each case not expressly
permitted by this Agreement or prior to the Discharge of Term Loan Obligations shall be segregated and held in trust for the benefit of and forthwith paid over to the Term Loan Collateral Agent (and/or its designees) for the benefit of the Term Loan
Secured Parties in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct. The Term Loan Collateral Agent is hereby authorized by the Notes Collateral Agent to make any such
endorsements as agent for the Notes Collateral Agent or such other Notes Secured Party. This authorization is coupled with an interest and is irrevocable. Notwithstanding the foregoing, the Notes Collateral Agent and any Notes Secured Party may
receive any securities received pursuant to a plan of reorganization or similar dispositive restructuring plan, so long as (i) such securities comply, to the extent applicable, with Section 6.9 hereof and (ii) (A) the Term Loan
Secured Parties, as a class or group, have approved such plan, (B) the Term Loan Secured Parties have received (or the relevant Governmental Authority has determined that they have received) a distribution of cash and securities having a
present value as of the date of such distribution at least equal to the amount of the Term Loan Obligations that are owing and unpaid or (C) the Term Loan Obligations are unimpaired (in the determination of the relevant Governmental Authority)
under such plan. 
 Section 4.2 Specific Performance. Each of the Term Loan Collateral Agent and the Notes
Collateral Agent is hereby authorized to demand specific performance of this Agreement by the other Party, whether or not any Borrower or any Guarantor shall have complied with any of the provisions of any Credit Document, any Secured Swap Agreement
or any Banking Services Agreement, at any time when the other Party shall have failed to comply with any of the provisions of this Agreement applicable to it. Each of the Term Loan Collateral Agent, for and on behalf of itself and the other Term
Loan Secured Parties, and the Notes Collateral Agent, for and on behalf of itself and the other Notes Secured Parties, hereby irrevocably waives any defence based on the adequacy of a remedy at law that might be asserted as a bar to such remedy of
specific performance. 

  
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 ARTICLE 5 
 INTERCREDITOR ACKNOWLEDGEMENTS AND WAIVERS 
 Section 5.1
Notice of Acceptance and Other Waivers. 
 (a) The Term Loan Collateral Agent and the other Term Loan
Secured Parties shall be deemed to have relied on this Agreement in respect of all Term Loan Obligations at any time made or incurred by any Borrower or any Guarantor, and the Notes Collateral Agent, on behalf of itself and the other Notes Secured
Parties, hereby waives notice of acceptance, or proof of reliance by the Term Loan Collateral Agent or any other Term Loan Secured Party of this Agreement, and notice of the existence, increase, renewal, extension, accrual, creation, or non-payment
of all or any part of the Term Loan Obligations. The Notes Collateral Agent and the other Notes Secured Parties shall be deemed to have relied on this Agreement in respect of all Notes Obligations at any time made or incurred by any Borrower or any
Guarantor, and the Term Loan Collateral Agent, on behalf of itself and the other Term Loan Secured Parties, hereby waives notice of acceptance, or proof of reliance, by the Notes Collateral Agent or any other Term Loan Secured Party of this
Agreement, and notice of the existence, increase, renewal, extension, accrual, creation, or non-payment of all or any part of the Notes Obligations. 
 (b) Neither the Term Loan Collateral Agent nor any other Term Loan Secured Party nor any of their respective Affiliates, directors, officers, employees, or agents shall be liable to the Notes Collateral
Agent, any other Notes Secured Party, or any of their respective Affiliates for failure to demand, collect, or realize upon any of the Collateral or any Proceeds, or for any delay in doing so, or shall be under any obligation to sell or otherwise
dispose of any Collateral or Proceeds thereof or to take any other action whatsoever with regard to the Collateral or any part or Proceeds thereof, except as specifically provided in this Agreement. If the Term Loan Collateral Agent or any other
Term Loan Secured Party honours (or fails to honour) a request by any Borrower for an extension of credit pursuant to any Term Loan Credit Agreement, any other Term Loan Document, any Secured Swap Agreement or any Banking Services Agreement, whether
or not the Term Loan Collateral Agent or any other Term Loan Secured Party has knowledge that the honouring of (or failure to honour) any such request would constitute a default under the terms of any Indenture or any other Notes Document (but not a
default under this Agreement) or an act, condition, or event that, with the giving of notice or the passage of time, or both, would constitute such a default, or if the Term Loan Collateral Agent or any other Term Loan Secured Party otherwise should
exercise any of its contractual rights or remedies under any Term Loan Document, any Secured Swap Agreement or any Banking Services Agreement (subject to the express terms and conditions hereof), neither the Term Loan Collateral Agent nor any other
Term Loan Secured Party shall have any liability whatsoever to the Notes Collateral Agent or any other Notes Secured Party as a result of such action, omission, or exercise (so long as any such exercise does not breach the express terms and
provisions of this Agreement). The Term Loan Collateral Agent and the other Term Loan Secured Parties shall be entitled to manage and supervise their loans and extensions of credit under any Term Loan Credit Agreement, any other Term Loan Document,
any Secured Swap Agreement or any Banking Services Agreement as they may, in their sole discretion, deem appropriate, and may manage their loans and extensions of credit without regard to any rights or interests that any Notes Collateral Agent or
any of the other Notes Secured Parties have in the Collateral, except as otherwise expressly set forth in this Agreement. The Notes Collateral Agent, on behalf of itself 

  
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and the other Notes Secured Parties, agrees that neither the Term Loan Collateral Agent nor any other Term Loan Secured Parties shall incur any liability to any Notes Secured Party as a result of
a sale, lease, license, application, or other disposition of all or any portion of the Collateral or Proceeds thereof, pursuant to any of the Term Loan Documents, so long as such disposition is conducted in a commercially reasonable manner, in
accordance with mandatory provisions of applicable law and does not breach the provisions of this Agreement. The Notes Collateral Agent and the other Notes Secured Parties shall be entitled to manage and supervise their loans and extensions of
credit under the any Notes Document as they may, in their sole discretion, deem appropriate, and may manage their loans and extensions of credit without regard to any rights or interests that the Term Loan Collateral Agent or any other Term Loan
Secured Party has in the Collateral, except as otherwise expressly set forth in this Agreement. 
 Section 5.2
Modifications to Term Loan Documents and Notes Documents. 
 (a) The Notes Collateral Agent, on behalf
of itself and the other Notes Secured Parties, hereby agrees that the Term Loan Collateral Agent and each of the other Term Loan Secured Parties may, at any time and from time to time, in its sole discretion without the consent of or notice to the
Notes Collateral Agent or any other Notes Secured Party (except to the extent such notice or consent is required pursuant to the express provisions of this Agreement), and without incurring any liability to the Notes Collateral Agent or any other
Notes Secured Party or impairing or releasing the subordination provided for herein, amend, restate, supplement, replace, refinance, extend, consolidate, restructure, or otherwise modify any Term Loan Document, any Secured Swap Agreement or any
Banking Services Agreement in any manner whatsoever, including, without limitation, to: 
 (i) change the manner,
place, time, or terms of payment or renew, alter or increase, all or any of the Term Loan Obligations or otherwise amend, restate, supplement, or otherwise modify in any manner, or grant any waiver or release with respect to, all or any part of the
Term Loan Obligations or any Term Loan Document, any Secured Swap Agreement or any Banking Services Agreement; 

(ii) retain or obtain a Lien on any Property of any Person to secure any of the Term Loan Obligations, and in connection
therewith to enter into any additional Term Loan Documents; 
 (iii) amend, or grant any waiver, compromise, or
release with respect to, or consent to any departure from, any guaranty or other obligations of any Person obligated in any manner under or in respect of the Term Loan Obligations; 

(iv) release its Lien on any Collateral or other Property; 

(v) exercise or refrain from exercising any rights against any Borrower, any Guarantor, or any other Person; 

(vi) retain or obtain the primary or secondary obligation of any other Person with respect to any of the Term Loan
Obligations; and 

  
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 (vii) otherwise manage and supervise the Term Loan Obligations as the Term
Loan Collateral Agent or any other Term Loan Secured Party shall deem appropriate. 
 (b) In the event that the Term Loan
Collateral Agent or the other Term Loan Secured Parties enter into any amendment, waiver or consent in respect of or replace any of the Term Loan Collateral Documents for the purpose of adding to, or deleting from, or waiving or consenting to any
departures from any provisions of, any Term Loan Collateral Document or changing in any manner the rights of the Term Loan Collateral Agent, the other Term Loan Secured Parties, any Borrower or any Guarantor thereunder (including the release of any
Liens in Collateral in accordance with Section 2.4(b)), then such amendment, waiver or consent, to the extent related to Collateral, shall apply automatically to any comparable provision (but only to the extent as such provision relates to
Collateral) of each Comparable Notes Collateral Document without the consent of the Notes Collateral Agent or any other Notes Secured Party and without any action by the Notes Collateral Agent, any other Notes Secured Party, any Borrower or any
Guarantor, provided, however, that such amendment, waiver or consent does not (x) materially adversely affect the rights of the Notes Secured Parties or the interests of the Notes Secured Parties in the Collateral in a manner
materially different from that affecting the rights of the Term Loan Secured Parties thereunder or therein or (y) have the effect of removing any assets subject to the Lien of any Notes Collateral Document, except to the extent that a release
of such Lien is permitted by Section 2.4(b). The Term Loan Collateral Agent shall give written notice of such amendment, waiver or consent (along with a copy thereof) to the Notes Collateral Agent and the Notes Collateral Agent acknowledges and
agrees, on behalf of the Notes Secured Parties, that the Credit Parties may rely on the effectiveness of such deemed amendment, waiver or consent; provided, however, that the failure to give such notice shall not affect the
effectiveness of such amendment, waiver or consent with respect to the provisions of any Notes Collateral Document as set forth in this Section 5.2(b). For the avoidance of doubt, no such amendment, waiver or consent shall apply to or otherwise
affect any document, agreement or instrument which neither grants nor purports to grant a Lien on, nor governs nor purports to govern any rights or remedies in respect of, any Collateral. 

(c) So long as the Discharge of Term Loan Obligations has not occurred, the Notes Collateral Agent shall not, without the prior written
consent of the Term Loan Collateral Agent, consent to amend, supplement or otherwise modify any, or enter into, file or make any new, Notes Collateral Document relating to Collateral to the extent such amendment, supplement or modification, or the
terms of such new Notes Collateral Document, would be prohibited by or inconsistent with any of the terms of this Agreement. The Notes Collateral Agent agrees that each Notes Collateral Document that is an agreement relating to Collateral shall
include the following language (or language to similar effect approved by the Term Loan Collateral Agent): 

“Notwithstanding anything herein to the contrary, the liens and security interests granted to the Collateral Agent pursuant to this
Agreement and the exercise of any right or remedy by the Collateral Agent hereunder are subject to the limitations and provisions of the Intercreditor Agreement, dated as of July 13, 2010 (as amended, restated, supplemented or otherwise
modified 

  
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from time to time, the “Term Intercreditor Agreement”), among JPMorgan Chase Bank, N.A., as Term Loan Collateral Agent, and BNY Trust Company of Canada, as Notes Collateral
Agent, and certain other persons party or that may become party thereto from time to time. In the event of any conflict between the terms of the Term Intercreditor Agreement and the terms of this Agreement with respect to any right or remedy of the
Secured Parties relating to the Collateral, the terms of the Term Intercreditor Agreement shall govern and control.” 
 (d) Notwithstanding anything to the contrary contained herein, each of the Term Loan Obligations and the Notes Obligations may be refinanced, in whole or in part, in each case, without notice to, or the
consent (except, with respect to the Notes Obligations, to the extent a consent is required to permit the refinancing transaction under any Term Loan Document) of the Term Loan Collateral Agent, any other Term Loan Secured Party, the Notes
Collateral Agent or any other Notes Secured Party, as the case may be, all without affecting the Lien Priorities provided for herein or the other provisions hereof, provided, however, that the holders of such refinancing Indebtedness
in respect of any Notes Obligations (or an authorized agent or trustee on their behalf) bind themselves in writing to the terms of this Agreement pursuant to such documents or agreements (including amendments or supplements to this Agreement) as the
Term Loan Collateral Agent shall reasonably request and in form and substance reasonably acceptable to the Term Loan Collateral Agent. 
 Section 5.3 Reinstatement and Continuation of Agreement. If the Term Loan Collateral Agent or any other Term Loan Secured Party is required in any Insolvency Proceeding or otherwise to turn
over or otherwise pay to the estate of any Borrower, any Guarantor, or any other Person any payment made in satisfaction of all or any portion of the Term Loan Obligations (an “Term Loan Recovery”), then the Term Loan
Obligations shall be reinstated to the extent of such Term Loan Recovery. If this Agreement shall have been terminated prior to such Term Loan Recovery, this Agreement shall be reinstated in full force and effect in the event of such Term Loan
Recovery, and such prior termination shall not diminish, release, discharge, impair, or otherwise affect the obligations of the Parties from such date of reinstatement. The Term Loan Collateral Agent shall use commercially reasonable efforts to give
written notice to the Notes Collateral Agent of the occurrence of any such Term Loan Recovery (provided that the failure to give such notice shall not affect the Term Loan Collateral Agent’s rights hereunder, except it being understood that the
Notes Collateral Agent shall not be charged with knowledge of such Term Loan Recovery or required to take any actions based on such Term Loan Recovery until it has received such written notice of the occurrence of such Term Loan Recovery). All
rights, interests, agreements, and obligations of the Term Loan Collateral Agent, the Notes Collateral Agent, each other Term Loan Secured Party, and each other Notes Secured Party under this Agreement shall remain in full force and effect and shall
continue irrespective of the commencement of, or any discharge, confirmation, conversion, or dismissal of, any Insolvency Proceeding by or against any Borrower or any Guarantor or any other circumstance which otherwise might constitute a defence
available to, or a discharge of any Borrower or any Guarantor in respect of all or any portion of the Term Loan Obligations or Notes Obligations. No priority or right of the Term Loan Collateral Agent or any other Term Loan Secured Party shall at
any time be prejudiced or impaired in any way by any act 

  
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or failure to act on the part of any Borrower or any Guarantor or by the noncompliance by any Person with the terms, provisions, or covenants of any Term Loan Document, any Secured Swap Agreement
or any Banking Services Agreement, regardless of any knowledge thereof which the Term Loan Collateral Agent or any other Term Loan Secured Party may have. 
 Section 5.4 Cooperation. The Notes Collateral Agent, for and on behalf of itself and the other Notes Secured Parties, agrees that each of them shall take such actions as the Term Loan
Collateral Agent shall reasonably request in connection with the exercise by any of the Term Loan Secured Parties of its rights set forth herein. 
 ARTICLE 6 
 INSOLVENCY PROCEEDINGS 

Section 6.1 DIP Financing. 
 (a) If any Borrower or any Guarantor shall be subject to any Insolvency Proceeding at any time prior to the Discharge of Term Loan Obligations, and the Term Loan Collateral Agent or any of the other Term
Loan Secured Parties shall seek to provide any Borrower or any Guarantor with any debtor-in-possession financing (each, a “DIP Financing”), with such DIP Financing to be secured by all or any portion of the Collateral, then
the Notes Collateral Agent, on behalf of itself and the other Notes Secured Parties, shall be deemed to consent and agrees that it will raise no objection and will not support any objection to such DIP Financing or to the Liens securing the same on
any grounds; provided that (i) the Notes Collateral Agent retains its Lien on the Collateral to secure the Notes Obligations (in each case, including Proceeds thereof arising after the commencement of the Insolvency Proceeding,
(ii) all Liens on Collateral securing any such DIP Financing shall be senior to or on a parity with the Liens of the Term Loan Collateral Agent and the other Term Loan Secured Parties securing the Term Loan Obligations on Collateral, and
(iii) the total principal amount of the loans under such DIP Financing shall not exceed the DIP Financing Maximum Amount; and provided further that the foregoing provisions of this Section 6.1(a) shall not prevent the Notes
Collateral Agent or any of the other Notes Secured Parties from objecting to any provision in any DIP Financing that would (i) compel the applicable Credit Party to seek confirmation of a specific plan of reorganization for which all or
substantially all of the material terms are set forth in the DIP Financing documentation or (ii) expressly require the liquidation of the Collateral prior to a default under the DIP Financing documentation. 

(b) All Liens granted to the Term Loan Collateral Agent or the Notes Collateral Agent in any Insolvency Proceeding are
intended by the Parties to be and shall be deemed to be subject to the Lien Priority and the other terms and conditions of this Agreement. In furtherance of the foregoing, the Notes Collateral Agent, on behalf of itself and each other Notes Secured
Party agrees that it will subordinate (and will be deemed hereunder to have subordinated) the Liens granted to such Notes Secured Party on the Collateral to any DIP Financing on the same terms as the Liens granted to the Term Loan Secured Parties on
the Collateral are subordinated thereto (and such subordination will not alter in any manner the terms of this Agreement). 

  
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 Section 6.2 Relief From Stay. Until the Discharge of Term Loan Obligations has
occurred, the Notes Collateral Agent, on behalf of itself and the other Notes Secured Parties, agrees not to seek relief from any stay of proceedings in any Insolvency Proceeding in respect of any portion of the Collateral without the Term Loan
Collateral Agent’s express written consent. 
 Section 6.3 Asset Disposition. The Notes Collateral Agent
agrees, on behalf of itself and the other Notes Secured Parties, that it will not oppose any disposition consented to by the Term Loan Collateral Agent of any Collateral pursuant to Section 63 of the PPSA (or any similar provision under the law
applicable to any Insolvency Proceeding) so long as the proceeds of such sale are applied in accordance with this Agreement or the Secured Parties’ Liens attach to such proceeds subject to the same Lien Priority and relative rights in respect
thereof provided herein for the Collateral. 
 Section 6.4 Separate Grants of Security and Separate
Classification. The Notes Collateral Agent, each other Notes Secured Party, each Term Loan Secured Party and the Term Loan Collateral Agent acknowledges and agrees that (i) the grants of Liens pursuant to the Term Loan Collateral
Documents, on the one hand, and the Notes Collateral Documents, on the other hand, constitute separate and distinct grants of Liens and the Notes Secured Parties’ claim against any Borrower and/or any Guarantor in respect of Collateral
constitute junior claims separate and apart (and of a different class) from the senior claims of the Term Loan Secured Parties against any Borrower and/or any Guarantor in respect of Collateral and (ii) because of, among other things, their
differing rights in the Collateral, the Notes Obligations are fundamentally different from the Term Loan Obligations, do not give rise to a “commonality of interest” and must be separately classified in any plan of reorganization proposed
or adopted in an Insolvency Proceeding. To further effectuate the intent of the parties as provided in the immediately preceding sentence, if it is held that the claims of the Term Loan Secured Parties and the Notes Secured Parties in respect of the
Collateral constitute only one secured claim (rather than separate classes of senior and junior secured claims), then the Term Loan Secured Parties and the Notes Secured Parties hereby acknowledge and agree that all distributions shall be made as if
there were separate classes of Term Loan Obligation claims and Notes Obligation claims against the Credit Parties (with the effect being that, to the extent that the aggregate value of the Collateral is sufficient (for this purpose ignoring all
other claims held by the Secured Parties), the Term Loan Secured Parties shall be entitled to receive, in addition to amounts distributed to them in respect of principal, pre-petition interest and other claims, all amounts owing in respect of
post-petition interest that are available from the Collateral for the satisfaction of the Term Loan Obligation claims before any distribution is made in respect of the other claims held by the Secured Parties, with the Notes Secured Parties hereby
acknowledging and agreeing to turn over to the Term Loan Secured Parties amounts otherwise received or receivable by them to the extent necessary to effectuate the intent of this sentence, even if such turnover has the effect of reducing the
aggregate recoveries). 
 Section 6.5 Enforceability. The provisions of this Agreement are intended to be and
shall be effective under Section 38 of the PPSA. 

  
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 Section 6.6 Term Loan Obligations Unconditional. All rights of the Term Loan
Collateral Agent hereunder, and all agreements and obligations of the Notes Collateral Agent hereunder, shall remain in full force and effect irrespective of: 
 (i) any lack of validity or enforceability of any Credit Document, any Secured Swap Agreement or any Banking Services Agreement. 

(ii) any change in the time, place or manner of payment of, or in any other term of, all or any portion of the Term Loan
Obligations or Notes Obligations, or any amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding or restatement of any Credit Document, any Secured Swap Agreement or any Banking
Services Agreement; 
 (iii) any exchange, release, voiding, avoidance or non perfection of any security interest
in any Collateral or any other collateral, or any release, amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding, restatement or increase of all or any portion of the Term Loan
Obligations or Notes Obligations, or any guarantee or guaranty of any thereof; or 
 (iv) any other circumstances
that otherwise might constitute a defence (other than payment in full of the Term Loan Obligations) available to, or a discharge of, any Credit Party in respect of any of the Term Loan Obligations, or the Notes Collateral Agent or any Credit Party,
to the extent applicable, in respect of this Agreement. 
 Section 6.7 Post-Petition Interest, Fees and Expenses.

 (a) Neither the Notes Collateral Agent nor any other Notes Secured Party shall oppose or seek to
challenge any application by the Term Loan Collateral Agent or any other Term Loan Secured Party in any Insolvency Proceeding of any Credit Party to, at any point during such Insolvency Proceeding, receive payments of post-petition interest, fees
and expenses with respect to the Term Loan Obligations. 
 (b) Any Notes Secured Party may apply in any
Insolvency Proceeding of any Credit Party for allowance of Notes Obligations consisting of post-petition interest, fees or expenses. 
 (c) Notwithstanding the foregoing, neither the Notes Collateral Agent nor any other Notes Secured Party shall make any application in any Insolvency Proceeding of any Credit Party to, at any point during
such Insolvency Proceeding, receive cash payments of post-petition interest, expenses or fees, except upon the Discharge of Term Loan Obligations. 
 Section 6.8 Filing of Motions. Except as expressly set forth in this Article 6, until the Discharge of Term Loan Obligations has occurred, the Notes Collateral Agent agrees on behalf of
itself and the other Notes Secured Parties that no such Notes Secured Party shall in or in connection with any Insolvency Proceeding, file any pleadings or motions, take any position at 

  
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any hearing or proceeding of any nature, or otherwise take any action whatsoever, in each case in respect of any of the Collateral, including, without limitation, with respect to the
determination of any Liens or claims (including the validity and enforceability thereof) held by the Term Loan Collateral Agent or any other Term Loan Secured Party or the value of any claims of such parties; provided that each Notes Secured
Party may (i) file proof of claims in any Insolvency Proceeding that has been commenced by or against any Credit Party, (ii) file a claim or statement of interest with respect to any of the Notes Obligations owed to it in any Insolvency
Proceeding that has been commenced by or against any Credit Party, (iii) file any pleading, motion, objection or agreement, and take any position at any hearing or proceeding, under any Insolvency Proceeding that has been commenced by or
against any Credit Party which asserts rights available to unsecured creditors of any Credit Party arising under such Insolvency Proceeding or applicable non-bankruptcy law, in each case of the foregoing clauses (i), (ii) and (iii), subject to
the limitations contained in this Agreement and only if consistent with the terms and the limitations imposed hereby on the Notes Secured Parties, and (iv) vote in favour of or against any plan of reorganization in an Insolvency Proceeding of
any Credit Party. 
 Section 6.9 Reorganization Securities. If, in any Insolvency Proceeding, debt obligations of
the reorganized debtor secured by Liens upon any property of the reorganized debtor are distributed pursuant to a plan of reorganization, plan of arrangement or similar dispositive restructuring plan, both on account of Term Loan Obligations and on
account of Notes Obligations, then, to the extent the debt obligations distributed on account of the Term Loan Obligations and on account of the Notes Obligations are secured by Liens upon the same property, the provisions of this Agreement will
survive the distribution of such debt obligations pursuant to such plan and will apply with like effect to the Liens securing such debt obligations. 
 ARTICLE 7 
 MISCELLANEOUS 

Section 7.1 Rights of Subrogation. The Notes Collateral Agent, for and on behalf of itself and the other Notes Secured
Parties, agrees that no payment to the Term Loan Collateral Agent or any other Term Loan Secured Party pursuant to the provisions of this Agreement shall entitle the Notes Collateral Agent or any other Notes Secured Party to exercise any rights of
subrogation in respect thereof until the Discharge of Term Loan Obligations shall have occurred. Following the Discharge of Term Loan Obligations, the Term Loan Collateral Agent agrees to execute such documents, agreements, and instruments as the
Notes Collateral Agent or any other Notes Secured Party may reasonably request to evidence the transfer by subrogation to any such Person of an interest in the Term Loan Obligations resulting from payments to the Term Loan Collateral Agent by such
Person, so long as all costs and expenses (including all reasonable legal fees and disbursements) incurred in connection therewith by the Term Loan Collateral Agent are paid by such Person upon request for payment thereof. 

  
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 Section 7.2 Further Assurances. The Parties will, at their own expense and at
any time and from time to time, promptly execute and deliver all further instruments and documents, and take all further action, that may be necessary or desirable, or that either Party may reasonably request, in order to protect any right or
interest granted or purported to be granted hereby or to enable the Term Loan Collateral Agent or the Notes Collateral Agent to exercise and enforce its rights and remedies hereunder; provided, however, that no Party shall be required
to pay over any payment or distribution, execute any instruments or documents, or take any other action referred to in this Section 7.2, to the extent that such action would contravene any law, order or other legal requirement or any of the
terms or provisions of this Agreement, and in the event of a controversy or dispute, such Party may interplead any payment or distribution in any court of competent jurisdiction, without further responsibility in respect of such payment or
distribution under this Section 7.2. 
 Section 7.3 Representations. The Notes Collateral Agent represents
and warrants to the Term Loan Collateral Agent that it has the requisite power and authority under the Notes Documents to enter into, execute, deliver, and carry out the terms of this Agreement on behalf of itself and the other Notes Secured Parties
and that this Agreement shall be a binding obligation of the Notes Collateral Agent and the other Notes Secured Parties, enforceable against the Notes Collateral Agent and the other Notes Secured Parties in accordance with its terms. The Term Loan
Collateral Agent represents and warrants to the Notes Collateral Agent that it has the requisite power and authority under the Term Loan Documents to enter into, execute, deliver, and carry out the terms of this Agreement on behalf of itself and the
other Term Loan Secured Parties and that this Agreement shall be a binding obligation of the Term Loan Collateral Agent and the other Term Loan Secured Parties, enforceable against the Term Loan Collateral Agent and the other Term Loan Secured
Parties in accordance with its terms. 
 Section 7.4 Amendments. No amendment or waiver of any provision of this
Agreement nor consent to any departure by any Party hereto shall be effective unless it is in a written agreement executed by the Notes Collateral Agent and the Term Loan Collateral Agent (and, in the case of any such amendment or waiver that
directly affects the rights, interests, liabilities or privileges of any Credit Party, by such Credit Party, and no Credit Party shall be charged with knowledge of or be obliged to comply with the terms of any such amendment or waiver that is not
contained in a written agreement executed or acknowledged by such Credit Party) and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. Notwithstanding anything in this
Section 7.4 to the contrary (i) this Agreement may be amended from time to time at the request of any Secured Party or Credit Party and without the consent of the Term Loan Collateral Agent, any Term Loan Secured Party, any Notes
Collateral Agent or any Notes Secured Party to (x) provide for a replacement Term Loan Collateral Agent in accordance with the Term Loan Documents (including for the avoidance of doubt to provide for a replacement Term Loan Collateral Agent
assuming such role in connection with any refinancing of any Term Loan Credit Agreement permitted hereunder) or (y) provide for a replacement Notes Collateral Agent in accordance with the Notes Documents (including for the avoidance of doubt to
provide for a replacement Notes Collateral Agent assuming such role in 

  
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connection with any refinancing of any Indenture permitted hereunder) and (ii) additional Credit Parties may acknowledge receipt of a copy of this Agreement by delivering an executed
Acknowledgement hereof to the Term Loan Collateral Agent and the Notes Collateral Agent. 
 Section 7.5 Addresses for
Notices. Unless otherwise specifically provided herein, any notice or other communication herein required or permitted to be given shall be in writing and may be personally served, telecopied, or sent by overnight express courier service or
United States mail and shall be deemed to have been given when delivered in person or by courier service, upon receipt of a telecopy or five (5) days after deposit in the United States mail (certified, with postage prepaid and properly
addressed). For the purposes hereof, the addresses of the parties hereto (until notice of a change thereof is delivered as provided in this Section) shall be as set forth below or, as to each party, at such other address as may be designated by such
party in a written notice to all of the other parties. 
  

			
	 Term Loan Collateral Agent:
	  	JPMorgan Chase Bank, N.A.
		  	1111 Fannin Street, 10th Floor
		  	Houston, Texas 77002
		
		  	Attention: Beth Rarich, Loan & Agency Services Group
		  	Telephone No.: (713) 750-3757
		  	Fax No.: (713) 427-6408
		
	 Notes Collateral Agent:
	  	BNY Trust Company of Canada
		  	4 King Street West, Suite 1101
		  	Toronto, ON, Canada M5H 1B6
		
		  	Attention: George A. Bragg
		  	Telephone No.: (416) 933-8505
		  	Fax No.: (416) 360-1711

 Section
7.6 No Waiver, Remedies. No failure on the part of any Party to exercise, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, power or
remedy hereunder preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. 

Section 7.7 Continuing Agreement, Transfer of Secured Obligations. This Agreement is a continuing agreement and shall
(a) subject to Section 5.3, remain in full force and effect until the Discharge of Term Loan Obligations shall have occurred, (b) be binding upon the Parties and their successors and assigns, and (c) inure to the benefit of and
be enforceable by the Parties and their respective successors, transferees and assigns. Nothing herein is intended, or shall be construed to give, any other Person any right, remedy or claim under, to or in respect of this Agreement or any
Collateral. All references to any Credit 

  
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Party shall include any Credit Party as debtor-in-possession and any receiver or trustee for such Credit Party in any Insolvency Proceeding. Without limiting the generality of the foregoing
clause (c), the Term Loan Collateral Agent, any other Term Loan Secured Party, the Notes Collateral Agent, or any other Notes Secured Party may assign or otherwise transfer all or any portion of the Term Loan Obligations or the Notes Obligations, as
applicable, to any other Person (other than any Borrower, any Guarantor or any Affiliate of any Borrower or any Guarantor (except as provided in any Term Loan Credit Agreement or any Indenture, as applicable), or any Subsidiary of any Borrower or
any Guarantor), and such other Person shall thereupon become vested with all the rights and obligations in respect thereof granted to the Term Loan Collateral Agent, the Notes Collateral Agent, such other Term Loan Secured Party, or such other Notes
Secured Party, as the case may be, herein or otherwise. Each of the Term Loan Secured Parties and the Notes Secured Parties may continue, at any time and without notice to the other parties hereto, to extend credit and other financial
accommodations, lend monies and provide Indebtedness to, or for the benefit of, any Credit Party on the faith hereof. 

Section 7.8 Governing Law: Entire Agreement. This Agreement shall be governed by, and construed in accordance with, the
laws of the Province of Ontario. This Agreement constitutes the entire agreement and understanding among the Parties with respect to the subject matter hereof and supersedes any prior agreements, written or oral, with respect thereto. 

Section 7.9 Counterparts. This Agreement may be executed in any number of counterparts, including by means of facsimile or
“pdf” file thereof, and it is not necessary that the signatures of all Parties be contained on any one counterpart hereof, each counterpart will be deemed to be an original, and all together shall constitute one and the same document.
Delivery of an executed counterpart of a signature page of this Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement. 
 Section 7.10 No Third Party Beneficiaries. This Agreement is solely for the benefit of the Term Loan Secured Parties and the Notes Secured Parties. No other Person (including any Borrower,
any Guarantor or any Affiliate of any Borrower or any Guarantor, or any Subsidiary of any Borrower or any Guarantor) shall be deemed to be a third party beneficiary of this Agreement. 

Section 7.11 Headings. The headings of the articles and sections of this Agreement are inserted for purposes of convenience
only and shall not be construed to affect the meaning or construction of any of the provisions hereof. 
 Section 7.12
Severability. Any of the provisions in this Agreement held to be invalid, illegal or unenforceable in any jurisdiction in any respect shall, as to such jurisdiction, be ineffective to the 

  
 - 34 -

 
extent of such invalidity, illegality or unenforceability and such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement and shall not invalidate the
Lien Priority or the application of Proceeds and other priorities set forth in this Agreement, and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 

Section 7.13 Attorneys Fees. The Parties agree that if any dispute, arbitration, litigation, or other proceeding is brought
with respect to the enforcement of this Agreement or any provision hereof, the prevailing party in such dispute, arbitration, litigation, or other proceeding shall be entitled to recover its reasonable attorneys’ fees and all other costs and
expenses incurred in the enforcement of this Agreement, irrespective of whether suit is brought and whether incurred before or after judgment. 
 Section 7.14 Replacement/Refinancing. If at any time in connection with or after the Discharge of Term Loan Obligations, PNI. enters into any replacement of the Term Loan Facility secured by
all or a portion of the Term Priority Collateral (as defined in the ABL Intercreditor Agreement) on a first-priority basis or all or a portion of the ABL Priority Collateral (as defined in the ABL Intercreditor Agreement) on a second-priority basis
(or, following the Discharge of ABL Obligations (as defined in the ABL Intercreditor Agreement), on a first-priority basis), respectively, then (i) such prior Discharge of Term Loan Obligations shall automatically be deemed not to have occurred
for all purposes of the this Agreement, the Term Loan Facility, the Indenture and the Collateral Documents, and (ii) the obligations under such replacement Term Loan Facility shall automatically be treated as Term Loan Obligations for all
purposes of this Agreement, including for purposes of the Lien Priorities and rights in respect of the Collateral (or the applicable portion thereof) set forth herein. 
 If at any time in connection with or after the Discharge of Notes Obligations, PNI enters into any replacement of the Notes Obligations secured by all or a portion of the Term Priority Collateral on a
second-priority basis or all or a portion of the ABL Priority Collateral on a third-priority basis, respectively, then (i) such prior Discharge of Notes Obligations shall automatically be deemed not to have occurred for all purposes of the
Agreement, the Term Loan Facility, the Indenture and the Collateral Documents, and (ii) such replacement Notes Obligations shall automatically be treated as Notes Obligations for all purposes of this Agreement, including for purpose of the Lien
Priorities and rights in respect of the Collateral set forth herein. 
 Notwithstanding anything to the contrary contained
herein, in connection with any refinancing or replacement contemplated by the foregoing, this Agreement may be amended at the request and sole expense of the Borrower, and without the consent of any lender under the Term Loan Facility, the Term Loan
Administrative Agent, the Notes Trustee or a Noteholder, (a) to add parties (or any authorized agent or trustee therefor) providing any such refinancing or replacement indebtedness in compliance with this Agreement and (b) to establish
that Liens on any Collateral securing such refinancing or replacement Indebtedness shall have the same 

  
 - 35 -

 
priority (or junior priority) as the Liens on any Collateral securing the Indebtedness being refinanced or replaced. 
 Section 7.15 VENUE; JURY TRIAL WAIVER. (a) EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF
THE PROVINCE OF ONTARIO, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO HEREBY
IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, PROCEEDING OR COUNTERCLAIM MAY BE HEARD AND DETERMINED IN SUCH ONTARIO COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION,
PROCEEDING OR COUNTERCLAIM SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT SHALL AFFECT ANY RIGHT THAT ANY TERM LOAN SECURED PARTY OR ANY NOTES
SECURED PARTY MAY OTHERWISE HAVE TO BRING ANY ACTION, PROCEEDING OR COUNTERCLAIM RELATING TO THIS AGREEMENT, ANY OTHER CREDIT DOCUMENT, ANY SECURED SWAP AGREEMENT OR ANY BANKING SERVICES AGREEMENT AGAINST ANY OTHER SECURED PARTY OR ANY CREDIT PARTY
OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 
 (b) EACH PARTY HERETO HEREBY WAIVES ITS RESPECTIVE RIGHTS TO A JURY
TRIAL IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS.
EACH PARTY HERETO REPRESENTS THAT IT HAS REVIEWED THIS WAIVER AND IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF THIS AGREEMENT MAY BE FILED AS A WRITTEN
CONSENT TO A TRIAL BY THE COURT. 
 (c) EACH PARTY TO THIS AGREEMENT IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER
PROVIDED FOR NOTICES IN SECTION 7.5. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY TO THIS AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. 
 Section 7.16 Intercreditor Agreement. This Agreement is the “Term Intercreditor Agreement” referred to in the Original Indenture and the “Notes Intercreditor Agreement”
referred to in the Original Term Loan Credit Agreement. Nothing in this Agreement shall be deemed to subordinate the 

  
 - 36 -

 
obligations due (i) to any Term Loan Secured Party to the obligations due to any Notes Secured Party or (ii) to any Notes Secured Party to the obligations due to any Term Loan Secured
Party, in each case whether before or after the occurrence of an Insolvency Proceeding, it being the intent of the Parties that this Agreement shall effectuate a subordination of Liens but not a subordination of Indebtedness. Nothing herein shall be
deemed to create a partnership, or joint venture between or among any of the Secured Parties and no Secured Party shall be liable for the acts or omissions of any other Secured Party, nor shall this Agreement establish or be deemed to establish
joint and several liability of any of the Secured Parties to any other Secured Party or any Credit Party. 
 Section 7.17
No Warranties or Liability. The Notes Collateral Agent and the Term Loan Collateral Agent acknowledge and agree that neither has made any representation or warranty with respect to the execution, validity, legality, completeness,
collectability or enforceability of any other Term Loan Document or any Notes Document. Except as otherwise provided in this Agreement, the Notes Collateral Agent and the Term Loan Collateral Agent will be entitled to manage and supervise their
respective extensions of credit to any Credit Party in accordance with law and their usual practices, modified from time to time as they deem appropriate. 
 Section 7.18 Conflicts. In the event of any conflict between the provisions of this Agreement and the provisions of any Term Loan Document or any Notes Document (including the ABL
Intercreditor Agreement), as between each of the Term Loan Secured Parties, on the one hand, and each of the Notes Secured Parties, on the other hand, the provisions of this Agreement shall govern. 

Section 7.19 Information Concerning Financial Condition of the Credit Parties. Each of the Notes Collateral Agent and the
Term Loan Collateral Agent hereby assumes responsibility for keeping itself informed of the financial condition of the Credit Parties and all other circumstances bearing upon the risk of nonpayment of any of the Term Loan Obligations or Notes
Obligations. The Notes Collateral Agent and the Term Loan Collateral Agent hereby agree that no party shall have any duty to advise any other party of information known to it regarding such condition or any such circumstances. In the event the Notes
Collateral Agent or the Term Loan Collateral Agent, in its sole discretion, undertakes at any time or from time to time to provide any information to any other party to this Agreement, (a) it shall be under no obligation (i) to provide any
such information to such other party or any other party on any subsequent occasion, (ii) to undertake any investigation not a part of its regular business routine, or (iii) to disclose any other information, (b) it makes no
representation as to the accuracy or completeness of any such information and (c) the party receiving such information hereby indemnifies and holds harmless the other party from and against any and all losses, claims, damages, liabilities and
expenses to which such receiving party may become subject arising out of or in connection with the use of such information. 

  
 - 37 -

 Section 7.20 ABL Intercreditor Agreement. Each Party acknowledges the
provisions of the ABL Intercreditor Agreement and, subject to Section 7.17, agrees to comply with the terms thereof. The provisions of the ABL Intercreditor Agreement shall not, as between any of the Term Loan Secured Parties, on the one hand,
and any of the Notes Secured Parties, on the other hand, be (or be construed to be) an amendment, modification or other change to this Agreement and the provisions of this Agreement shall remain in full force and effect in accordance with the terms
hereof (as such provisions may be amended, modified or otherwise supplemented from time to time in accordance with the terms hereof). 
 Section 7.21 Provisions Solely to Define Relative Rights. Nothing in this Agreement is intended to or shall impair the obligations of any Credit Party, which are absolute and unconditional,
to pay the Notes Obligations or Term Loan Obligations as and when the same shall become due and payable in accordance with their terms. Nothing in this Agreement is intended to or shall grant any Secured Party any greater or additional rights, as
against the Credit Parties, in any of the Collateral than the rights granted in respect of such Collateral pursuant to the other Term Loan Collateral Documents or Notes Collateral Documents, as applicable. 

[Signature pages follow] 

  
 - 38 -

 IN WITNESS WHEREOF, the Term Loan Collateral Agent, for and on behalf of itself and the
other Term Loan Secured Parties, and the Notes Collateral Agent, for and on behalf of itself and the Notes Secured Parties, have caused this Agreement to be duly executed and delivered as of the date first above written. 

 

					
	JPMORGAN CHASE BANK, N. A., as Term Loan Collateral Agent
		
	By:	 	/s/ Peter B. Thauer
		 	Name:	 	Peter B. Thauer
		 	Title:	 	Executive Director

  

					
	BNY TRUST COMPANY OF CANADA, as Notes Collateral Agent
		
	By:	 	/s/ Pamela Lively
		 	Name:	 	Pamela Lively
		 	Title:	 	Authorized Signatory

 ACKNOWLEDGMENT 

PNI and each Guarantor hereby acknowledges that it has received a copy of this Agreement. 

 

					
	BORROWER
	
	POSTMEDIA NETWORK INC.
		
	By:	 	/s/ Steven Pasternak
		 	Name:	 	Steven Pasternak
		 	Title:	 	Senior Vice President and General Counsel

  

					
	GUARANTORS:
	
	POSTMEDIA NETWORK CANADA CORP.
		
	By:	 	/s/ Steven Pasternak
		 	Name:	 	Steven Pasternak
		 	Title:	 	Senior Vice President and General CounselPLEDGE AND SECURITY AGREEMENT dated as of July 13, 2010

 Exhibit 4.6 
 EXECUTION VERSION 
 PLEDGE AND SECURITY AGREEMENT 

THIS PLEDGE AND SECURITY AGREEMENT (as it may be amended or modified from time to time, the “Security Agreement”) is
entered into as of July 13, 2010 by Postmedia Network Inc., a Canada corporation (the “Issuer”), each of the other signatories hereto (together with the Issuer, each a “Grantor”, and collectively, the
“Grantors”), The Bank of New York Mellon, in its capacity as trustee for the Noteholders referred to below (in such capacity, the “Trustee”), and BNY Trust Company of Canada, in its capacity as collateral agent for
the Secured Parties referred to below (in such capacity, the “Collateral Agent”). 
 PRELIMINARY STATEMENT

 WHEREAS, the Issuer, the Trustee and the Collateral Agent have entered into an Indenture, dated as of July 13, 2010 (as
amended, supplemented, restated, refinanced, replaced or otherwise modified in whole or in part from time to time, the “Indenture”), providing for the issuance of the 12.50% Senior Secured Notes due 2018 (the
“Notes”) of the Issuer (with the holders from time to time of Notes being referred to herein as the “Noteholders”); 
 WHEREAS, the Issuer is a member of an affiliated group of companies that includes each other Grantor; 
 WHEREAS, the Issuer and the other Grantors are engaged in related businesses, and each Grantor will derive substantial direct and indirect benefit from the issuance of the Notes under the Indenture;

 WHEREAS, each of the Guarantors has guaranteed the Obligations (as defined below) of the Issuer under the Note Documents (as
defined below); and 
 WHEREAS, it is a further condition precedent to the issuance of the Notes that the Grantors shall have
executed and delivered this Security Agreement in order to grant a security interest in favour of the Collateral Agent for the ratable benefit of the Secured Parties; 
 NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration the receipt of which is hereby acknowledged, each Grantor hereby agrees with the Trustee and the Collateral
Agent, for the ratable benefit of the Secured Parties, as follows: 
 ARTICLE I 

DEFINITIONS 
 1.1 Terms
Defined in Indenture. All capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Indenture. 
 1.2 Terms Defined in PPSA and STA. All terms used in this Security Agreement without initial capitals, which are defined in the PPSA or the STA, have the same meanings in this Security Agreement as
in the PPSA or the STA, as applicable. 

 1.3 Definitions of Certain Terms Used Herein. As used in this Security Agreement, in addition to the
terms defined in the preamble and in the Preliminary Statement, the following terms shall have the following meanings: 

“ABL Collateral Account” shall have the meaning set forth in Section 7.1 of this Security Agreement. 

“ABL Collateral Agent” shall having the meaning set forth in the definition of “ABL Credit Agreement”.

 “ABL Credit Agreement” shall mean the Revolving Credit Agreement dated as of July 13, 2010 by and among
Postmedia Network Inc., as borrower, the lenders party thereto from time to time, Morgan Stanley Senior Funding, Inc. (“MSSF”), as administrative agent, and MSSF, as collateral agent (in such capacity and together with its permitted
successors and assigns in such capacity, the “ABL Collateral Agent”), as such agreement may be amended, supplemented, restated, refinanced, replaced or otherwise modified in whole or in part from time to time. 

“ABL Documents” shall mean the “Loan Documents” as defined in the ABL Credit Agreement. 

“ABL Facility” shall mean the credit facilities provided to Postmedia Network Inc. pursuant to the ABL Documents.

 “ABL Intercreditor Agreement” means the intercreditor agreement dated as of the date hereof among the ABL
Collateral Agent, the Term Loan Collateral Agent and the Collateral Agent, as such agreement may be amended, restated, supplemented or otherwise modified from time to time. 
 “ABL Priority Collateral” shall have the meaning set forth in such definition in the ABL Intercreditor Agreement. 
 “Accounts” means all accounts now or in the future owned by any Grantor, and includes, all accounts receivable, other receivables, book debts, claims and other forms of monetary
obligation now or in the future owned, received or acquired by, or belonging or owing to, any Grantor, whether arising out of goods sold or services rendered by it, or from any other transaction, and “Account” means any one of them.

 “Activation Notice” shall have the meaning set forth in Section 4.9 of this Security Agreement.

 “Additional Grantor” shall have the meaning set forth in Section 8.16 of this Security Agreement.

 “Article” means a numbered article of this Security Agreement, unless another document is specifically
referenced. 
 “Blocked Accounts” shall have the meaning set forth in Section 4.9 of this Security
Agreement. 
 “Chattel Paper” means all or any part of any present or future interest of any Grantor in chattel
paper. 
 “CIPO” means the Canadian Intellectual Property Office. 

  
 2 

 “Collateral” shall have the meaning set forth in Article II. 

“Collateral Account” means, collectively, the ABL Collateral Account and the Non-ABL Collateral Account. 

“Collection Account” shall have the meaning set forth in Section 4.9 of this Security Agreement. 

“Control” shall have the meaning set forth in Sections 23 to 26 of the STA. 

“Copyrights” means (i) all copyrights arising under the laws of Canada, any other country or any political
subdivision thereof, whether registered or unregistered and whether published or unpublished (including, without limitation, those listed in Exhibit C), all registrations and recordings thereof, and all applications in connection therewith,
including, without limitation, all registrations, recordings and applications in the United States Copyright Office or CIPO, and (ii) the right to obtain all renewals thereof. 

“Copyright Licenses” means all written agreements, naming any Grantor as licensor or licensee (including, without
limitation, those material exclusive in-bound Copyright Licenses listed in Exhibit C), granting any right under any Copyright, including, without limitation, the grant of rights to manufacture, distribute, exploit and sell materials derived
from any Copyright. 
 “De-Activation Notice” shall have the meaning set forth in Section 4.9 of this
Security Agreement. 
 “Deposit Account Control Agreement” means an agreement, in form and substance reasonably
satisfactory to the Collateral Agent, among any Grantor, a banking institution holding such Grantor’s funds, and the Collateral Agent with respect to collection and control of all deposits and balances held in a deposit account maintained by
any Grantor with such banking institution. 
 “Discharge of ABL Obligations” shall have the meaning set forth
in the ABL Intercreditor Agreement. 
 “Documents of Title” means all or any part of any documents of title,
whether negotiable or non-negotiable, including all warehouse receipts and bills of lading, in which any Grantor now or subsequently has an interest. 
 “Equipment” means all goods in which any Grantor now or subsequently has an interest other than Inventory or consumer goods and any part of such Inventory or consumer goods, including all
apparatus, fixtures, plant, machinery and furniture. 
 “Excluded Accounts” means (i) bank account number
20529 00228 10 maintained at The Bank of Nova Scotia, so long as such account is used solely for the purpose of holding the Calgary Herald Christmas fund and (ii) other bank accounts which, individually or in the aggregate, do not have
balances in excess of $1,000,000 at any time. 
 “Excluded Property” means (i) any Trademark application
filed in the United States Patent and Trademark Office on the basis of any Grantor’s “intent to use” such mark and for which a form evidencing use of the mark has not yet been filed with the United States Patent and Trademark Office,
to the extent that granting a security interest in such Trademark application prior to such filing would 

  
 3 

 
adversely affect the enforceability or validity of such Trademark application or any registration that issues therefrom under applicable federal law and (ii) any capital stock or other
securities of Echo Publications Partnership. 
 “Exhibit” refers to a specific exhibit to this Security
Agreement, unless another document is specifically referenced. 
 “Futures Accounts” means all of the present
or future futures accounts maintained for any Grantor by a futures intermediary, including all futures contracts carried in such futures accounts and the agreements between any such Grantor and the futures intermediary governing such futures
accounts. 
 “Goods” means tangible personal property in which any Grantor now or subsequently has an interest
other than chattel paper, documents of title, instruments, money and investment property, and includes fixtures, growing crops, the unborn young of animals, timber to be cut, and minerals and hydrocarbons to be extracted. 

“Governmental Authority” means any nation or government, any state, provincial, territorial or other political
subdivision thereof, any agency, authority, instrumentality, regulatory body, court, administrative tribunal, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government. 
 “Instruments” means all or any part of any letters of credit, advices of credit,
bills of exchange, depository notes, depository bills, bankers’ acceptances and other instruments in which any Grantor now or subsequently has an interest. 
 “Intangibles” means all intangibles of whatever kind in which any Grantor now or subsequently has an interest, including all of any such Grantor’s rights under Contracts,
Intellectual Property rights, Technical Information, permits or quotas. 
 “Intellectual Property” means the
collective reference to all rights, priorities and privileges relating to intellectual property, whether arising under United States, Canadian, multinational or foreign laws or otherwise, including, without limitation, the Copyrights, the Copyright
Licenses, the Patents, the Patent Licenses, the Trademarks and the Trademark Licenses, trade secrets, Technical Information and all related documentation. 
 “Intercreditor Agreements” means the ABL Intercreditor Agreement and the Notes Intercreditor Agreement. 
 “Inventory” means all inventory in which any Grantor now or subsequently has an interest including raw materials, works-in-progress, finished goods and by-products, spare parts, operating
supplies, packing, shipping and packaging materials of or relating to the business of any Grantor. 
 “Investment
Property” means all or any part of any present or future interest of any Grantor in present and after acquired investment property, including all securities, Securities Accounts and Futures Accounts, all of the present and future security
entitlements of any such Grantor as an entitlement holder of such security entitlements, all of the present and future futures contracts of any such Grantor as a futures customer in respect of such futures contracts, and all proceeds of any such
property including, without limitation all Pledged Stock and all Pledged Notes. 

  
 4 

 “Joinder” shall have the meaning set forth in Section 8.16 of this
Security Agreement. 
 “JPM” shall have the meaning set forth in the definition of “Term Loan Credit
Agreement”. 
 “Material Adverse Effect” means (a) a material adverse change in, or a material
adverse effect upon, the business, operations, property, condition (financial or otherwise) or prospects of Holdings, its Subsidiaries and the Acquired Assets (as defined in the Purchase Agreement), taken as a whole; (b) a material impairment
of the ability of the Issuer to perform its obligations under any Note Document to which it is a party; or (c) a material adverse effect upon the validity or enforceability of any Note Document or the rights or benefits available to the Secured
Parties. 
 “MSSF” shall have the meaning set forth in the definition of “ABL Credit Agreement”.

 “Money” means all or any part of any money, cash, or cash equivalents in which any Grantor now has or
subsequently acquires an interest. 
 “Non-ABL Collateral Account” shall have the meaning set forth in
Section 7.1 of this Security Agreement. 
 “Notes Documents” shall mean the Indenture, the Collateral
Documents, those other ancillary agreements as to which the Collateral Agent, the Trustee or any Noteholder is a party or a beneficiary, any agreement evidencing any Pari Passu Lien Obligations and all other agreements, instruments, documents and
certificates, now or hereafter executed by or on behalf of any Grantor or any of its respective Subsidiaries or Affiliates, and delivered to the Collateral Agent or Trustee, in connection with any of the foregoing or any Indenture, in each case as
the same may be amended, supplemented, restated, refinanced, replaced or otherwise modified in whole or in part from time to time in accordance with the terms thereof. 
 “Notes Intercreditor Agreement” means the intercreditor agreement dated as of the date hereof among the Term Loan Collateral Agent and the Collateral Agent, as such agreement may be
amended, restated, amended and restated, supplemented or otherwise modified from time to time. 
 “Notices”
shall have the meaning set forth in Section 4.9 of this Security Agreement. 
 “Obligations” shall mean
all obligations of every nature of each Grantor and each Subsidiary thereof from time to time owed to the Collateral Agent, Trustee, the Noteholders or any of them, under any Notes Document, whether for principal, interest (including interest which,
but for the filing of a petition in bankruptcy with respect to such Grantor or such Subsidiary, would have accrued on any Obligation, whether or not a claim is allowed against such Grantor or such Subsidiary for such interest in the related
bankruptcy proceeding), fees, expenses, indemnification or otherwise, and all other amounts owing or due under the terms of the Notes Documents, as amended, restated, modified, renewed, refunded, replaced or refinanced in whole or in part from time
to time in accordance with the terms thereof. 
 “Patents” means (i) all inventions, designs, technology,
processes and letters patent of the United States, Canada, any other country or any political subdivision thereof, all reissues and extensions thereof, including, without limitation, any of the foregoing listed in Exhibit C, (ii) all
applications for letters patent of the United States, Canada or any other country and all divisions, continuations and continuations-in-part thereof, including, without limitation, any of the foregoing referred to in Exhibit C and to the
extent included under applicable law, for each of (i) and (ii), the 

  
 5 

 
right to make, use and/or sell the inventions disclosed or claimed therein, and (iii) all rights to obtain any reissues or extensions of the foregoing. 

“Patent License” means all written agreements, providing for the grant by or to any Grantor of any right to manufacture,
use or sell any invention covered in whole or in part by a Patent, including, without limitation, any material exclusive in-bound Patent License listed in Exhibit C. 
 “Pledged Collateral” means all Instruments, Securities and other Investment Property of any Grantor, whether or not physically delivered to the Collateral Agent pursuant to this Security
Agreement. 
 “Pledged Notes” means all promissory notes listed in Exhibit D and all other promissory
notes issued to or held by any Grantor (other than promissory notes issued in connection with extensions of trade credit by any Grantor in the ordinary course of business). 
 “Pledged Stock” means the shares of capital stock listed in Exhibit D, together with any other shares, stock certificates, options, interests or rights of any nature whatsoever in
respect of the capital stock of any Person that may be issued or granted to, or held by, any Grantor while this Security Agreement is in effect. 
 “PPSA” means the Personal Property Security Act (Ontario), including the regulations thereto, provided that, if perfection or the effect of perfection or non-perfection or
the priority of any Lien created hereunder or under any other Note Document on the Collateral is governed by the personal property security legislation or other applicable legislation with respect to personal property security in effect in a
jurisdiction other than Ontario, “PPSA” means the Personal Property Security Act or such other applicable legislation in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such
perfection, effect of perfection or non-perfection or priority. 
 “Receivables” means the Accounts, Chattel
Paper, Documents of Title, Investment Property, Instruments and any other rights or claims to receive money which are Intangibles or which are otherwise included as Collateral. 

“Receiver” means a receiver, a manager or a receiver and manager. 

“Rule 3-16 Excluded Collateral” shall have the meaning set forth in Section 2.6(a) of this Security Agreement.

 “Rule 3-16 Proceeds” shall have the meaning set forth in Section 7.3 of this Security Agreement.

 “Section” means a numbered section of this Security Agreement, unless another document is specifically
referenced. 
 “Secured Parties” means the collective reference to the Trustee, the Collateral Agent and the
Noteholders. 
 “Securities Account” means all of the present or future securities accounts maintained for any
Grantor by a securities intermediary, including all of the financial assets credited to such securities accounts, all related securities entitlements and the agreements between any such Grantor and the securities intermediary governing such
securities accounts. 

  
 6 

 “Securities Act” shall mean the U.S. Securities Act of 1933, as
amended, and the rules and regulations promulgated thereunder. 
 “Security” has the meaning set forth in
Section 1 of the STA. 
 “STA” means the Securities Transfer Act, 2006 (Ontario), including
the regulations thereto. 
 “Stock Rights” means all dividends, instruments or other distributions and any
other right or property which any Grantor shall receive or shall become entitled to receive for any reason whatsoever with respect to, in substitution for or in exchange for any capital stock constituting Collateral, any right to receive capital
stock and any right to receive earnings, in which any Grantor now has or hereafter acquires any right, issued by an issuer of such capital stock. 
 “Technical Information” means all know-how and information owned by or licensed to any Grantor, confidential or otherwise, including any information of a scientific, technical, financial
or business nature regardless of its form. 
 “Term Loan Collateral Agent” shall having the meaning set forth
in the definition of “Term Loan Credit Agreement”. 
 “Term Loan Credit Agreement” shall mean the
Term Loan Credit Agreement dated as of July 13, 2010 by and among Postmedia Network Inc., as borrower, the lenders party thereto from time to time, JPMorgan Chase Bank, N.A. (“JPM”), as administrative agent, and JPM, as
collateral agent (in such capacity and together with its successors and assigns in such capacity, the “Term Loan Collateral Agent”), as such agreement may be amended, supplemented, restated or otherwise modified from time to time.

 “Term Loan Documents” shall mean the “Loan Documents” as defined in the Term Loan Credit
Agreement. 
 “Term Loan Facility” shall mean the credit facilities provided to Postmedia Network Inc. pursuant
to the ABL Documents. 
 “Term Priority Collateral” shall have the meaning set forth to such definition in the
ABL Intercreditor Agreement. 
 “Trademarks” means (i) all trademarks, trade names, corporate names,
company names, business names, fictitious business names, brands, trade dress, uniform resource locators, domain names, tag lines, designs, graphics, trade styles, service marks, logos and other source or business identifiers, and all goodwill
connected with the use of and symbolized thereby, now existing or hereafter adopted or acquired, all registrations and recordings thereof, and all applications in connection therewith, whether in the United States Patent and Trademark Office, with
CIPO or in any similar office or agency of the United States, any State thereof, in Canada or any other country or any political subdivision thereof, or otherwise, and all common-law rights related thereto, including, without limitation, any of the
foregoing referred to in Exhibit C, and (ii) the right to obtain all renewals thereof. 
 “Trademark
License” means any written agreement, providing for the grant by or to any Grantor of any right to use any Trademark, including, without limitation, any exclusive in-bound Trademark Licenses listed in Exhibit C. 

  
 7 

 “ULC” means an Issuer that is an unlimited company, unlimited liability
company or unlimited liability corporation. 
 “ULC Laws” means the Companies Act (Nova Scotia), the
Business Corporations Act (Alberta), the Business Corporations Act (British Columbia), and any other present or future laws governing ULCs. 
 “ULC Shares” means shares or other equity interests in the capital stock of a ULC. 
 The foregoing definitions shall be equally applicable to both the singular and plural forms of the defined terms. 
 1.4 Exhibit Updates. The Grantors may update the Exhibits hereto from time to time to reflect changes to the information contained therein by notifying the Collateral Agent in writing and
delivering such updated Exhibits to the Collateral Agent concurrently with Holdings’ or the Issuer’s delivery (or deemed delivery) of its next succeeding quarterly or annual financial statements under Section 4.03(a) of the Indenture.

 ARTICLE II 
 GRANT OF SECURITY INTEREST 
 2.1 Each Grantor hereby pledges, mortgages, charges and
(except in the case of the ULC Shares) assigns and transfers to the Collateral Agent, on behalf of and for the ratable benefit of the Secured Parties, as collateral security for the prompt and complete payment and performance when due (whether at
the stated maturity, by acceleration or otherwise) of such Grantor’s Obligations, and hereby grants to the Collateral Agent, on behalf of and for the ratable benefit of the Secured Parties, a security interest in, all of such Grantor’s
undertaking, property, rights and assets of every nature and kind, now owned or subsequently acquired and at any time and from time to time existing or in which such Grantor has or acquires an interest, wherever situated, including without
limitation: 
  

	 	(i)	all Accounts; 

  

	 	(ii)	all Chattel Paper; 

  

	 	(iii)	all Intellectual Property; 

  

	 	(iv)	all Documents of Title; 

  

	 	(v)	all Equipment; 

  

	 	(vi)	all Intangibles; 

  

	 	(vii)	all Goods; 

  

	 	(viii)	all Instruments; 

  

	 	(ix)	all Inventory; 

  

	 	(x)	all Investment Property; 

  

	 	(xi)	all Money; 

  
 8 

	 	(xii)	all letters of credit; 

  

	 	(xiii)	all rights under leases; 

  

	 	(xiv)	all other property not otherwise described above (except for any property specifically excluded from any clause in this section above, and any property specifically
excluded from any defined term used in any clause of this section above); and 

  

	 	(xv)	all increases, additions, accessories and accessions to, substitutions for and replacements, proceeds (including Stock Rights), insurance proceeds and products of the
foregoing, together with all books and records, including without limitation, customer lists, credit files, computer files, programs, printouts and other computer materials and records related thereto; 

(collectively, the “Collateral”); provided that notwithstanding anything to the contrary in this Security Agreement, no Excluded
Property shall constitute Collateral under this Security Agreement or any other Note Document. For greater certainty, no rights in any Trademark is presently assigned to the Collateral Agent by the sole virtue of the grant of the security interest
contained in this Section 2.1. 
 2.2 Fixed Nature of Security Interests. The security interest described in this Article II is
intended to operate as a fixed and specific charge of all of the Collateral presently existing, and with respect to all future Collateral, to operate as a fixed and specific charge of such future Collateral. Notwithstanding the preceding sentence,
this Section 2.2 shall not affect the right of the Grantors to deal with the Collateral as otherwise permitted by this Security Agreement, the Indenture or any other Note Document. 
 2.3 Attachment. Each Grantor acknowledges that value has been given by the Secured Parties to such Grantor, that such Grantor has rights in the Collateral existing at the date of this Security
Agreement and that such Grantor and the Collateral Agent have not agreed to postpone the time for attachment of the security interests to any of the Collateral. The security interest described in this Article II is intended to attach, as to all of
the Collateral, upon the execution by the Grantors of this Security Agreement, except that, in the case of after-acquired property forming part of the Collateral, such security interest is intended to attach forthwith upon the Grantor acquiring
rights thereto. 
 2.4 Leases. The last day of any term reserved by any real property lease, written or unwritten, or any agreement to
lease real property, now held or subsequently acquired by the Grantors is excepted out of the security interest. As further security for the payment of the Obligations, each Grantor agrees that it will stand possessed of the reversion of such last
day of the term and shall hold it in trust for the Collateral Agent for the purpose of this Security Agreement. Each Grantor shall assign and dispose of the same in such manner as the Collateral Agent may from time to time direct in writing without
cost or expense to the Collateral Agent. Upon any sale, assignment, sublease or other disposition of such lease or agreement to lease, the Collateral Agent shall, for the purpose of vesting the residue of any such term in any purchaser, sublessee or
such other acquiror of the real property lease, agreement to lease or any interest in any of them, be entitled by deed or other written instrument to assign to such other person, the residue of any such term in place of such Grantor and to vest the
residue freed and discharged from any obligation whatsoever to such Grantor respecting the same. 

  
 9 

 2.5 Consent. The security interest granted under Section 2.1 shall not attach to any contract or
agreement to which any Grantor is a party to the extent that applicable laws or the terms of such contract or agreement (other than a contract or agreement that is the whole of an account or chattel paper for money due or to become due) prohibit or
require the consent of any Person other than such Grantor as a condition to the creation of any security interest on such Grantor’s interest thereunder and such consent has not been obtained; provided that, if at any time the grant of a
security interest in any such contract or agreement shall no longer be prohibited or consent to the creation of a security interest therein has been obtained, then such Grantor shall at such time be deemed to have granted a security interest in such
contract or agreement in accordance with Section 2.1. In the case of any such contract or agreement that is material to the business of any Grantor, such Grantor shall use commercially reasonable efforts to obtain the consent of any necessary
third party to the creation of a security interest by such Grantor under this Security Agreement and to its further assignment by the Collateral Agent to any third party as a result of the exercise by the Collateral Agent of remedies. Upon such
consent being obtained or waived, this Security Agreement shall apply to the applicable contract or agreement without regard to this section and without the necessity of any further assurance to effect such assignment. Unless and until the consent
to the creation of a security interest is obtained as provided above, such Grantor shall, to the extent it may do so at law or pursuant to the provisions of the contract or interest in question hold all benefit to be derived from such contracts or
agreements in trust for the Collateral Agent (including, without limitation, such Grantor’s beneficial interest in any contract or agreement which may be held in trust for the Grantor by a third party), as additional security for payment of the
Obligations and shall deliver up all such benefit to the Collateral Agent, promptly upon demand by the Collateral Agent upon and during the continuance of an Event of Default. 
 2.6 Rule 3-16 Excluded Collateral. 
  

	 	(a)	Notwithstanding anything to the contrary set forth in this Security Agreement, in the event that Rule 3-16 of Regulation S-X under the Securities Act requires or would
require (or is replaced with another rule or regulation, or any other law, rule or regulation is adopted, which would require) the filing with the SEC of separate financial statements of an Affiliate of Holdings or the Issuer due to the fact that
such Affiliate’s Capital Stock secures the Notes, then the Capital Stock of such Subsidiary shall be excluded from the security interest granted pursuant to Section 2.1 (any such Capital Stock excluded in accordance with this
Section 2.6(a), “Rule 3-16 Excluded Collateral”) and shall automatically be deemed released and to not be and to not have been part of the Collateral, but only to the extent necessary to not be subject to such financial
statement requirement (and this Security Agreement may be amended or modified, without the consent of any Noteholder, to the extent necessary to evidence the release of the Liens securing the Notes and the Guarantees on the shares of Capital Stock
that are so deemed to no longer constitute part of the Collateral, and the Trustee and Collateral Agent are hereby authorized by each Noteholder to execute, or to authorize the execution of or the filing of, any agreement, document or instrument in
order to evidence such release or to otherwise give effect to this 2.6(a)). 

  

	 	(b)	 In the event that Rule 3-16 of Regulation S-X is amended, modified or interpreted by the SEC to permit (or is replaced with another rule or regulation,
or any other law, rule or regulation is adopted, which would permit) an Affiliate’s Capital Stock to secure the Notes in excess of the amount then pledged without the filing with the SEC (or any other governmental agency) of separate financial
statements of such Affiliate, then the 

  
 10 

	 	 
Capital Stock of such Affiliate shall automatically be deemed to be a part of the Collateral and to be included in the grant of the security interest pursuant to Section 2.1, but only to the
extent necessary to not be subject to any such financial statement requirement (and, in such event, this Security Agreement may be amended or modified, without the consent of any Noteholder, to the extent necessary to subject such additional Capital
Stock to the security interest hereunder) and the Issuer or such Affiliate, as applicable, shall take all such necessary steps to effectuate such Lien. 

 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES 

Each Grantor represents and warrants to the Trustee, the Collateral Agent and the other Secured Parties that, as of the Closing Date:

 3.1 Title, Perfection and Priority. Such Grantor has good and valid rights in or the power to transfer the Collateral and title to the
Collateral with respect to which it has purported to grant a security interest hereunder, free and clear of all Liens except for Permitted Liens, and has full power and authority to grant to the Collateral Agent the security interest in such
Collateral pursuant hereto. 
 3.2 Type and Jurisdiction of Organization, Organizational and Identification Numbers. The type of entity
of such Grantor, such Grantor’s jurisdiction of organization and the identification number from the jurisdiction of organization (if any) are set forth on Exhibit A. 
 3.3 Principal Location. Such Grantor’s mailing address and the location of its place of business (if it has only one) or its chief executive office (if it has more than one place of business)
or its head office or domicile (within the meaning of the Civil Code of Quebec), are disclosed in Exhibit A; such Grantor has no other places of business except those set forth in Exhibit A. 

3.4 Collateral Locations. All of such Grantor’s locations where Collateral constituting Inventory and Equipment (other than mobile goods) is
located are listed on Exhibit A, except for (i) Inventory and Equipment in transit to any such location and Inventory located at a third-party printing facility in the process of production, (ii) Inventory with a value not to exceed
$1,000,000 in the aggregate and (iii) Equipment with a value not to exceed $1,000,000 in the aggregate. All of said locations are owned by such Grantor except for locations (i) which are leased by the Grantor as lessee and designated in
Exhibit A, which Exhibit A may be amended, supplemented or restated as set forth in Section 1.4 or 4.11 and (ii) at which Inventory or Equipment is held by a customer, in a public warehouse or is otherwise held by a bailee or
on consignment as designated in Exhibit. 
 3.5 Bank Accounts. All of such Grantor’s bank accounts are listed on Exhibit
B. 
 3.6 Exact Names. Such Grantor’s name in which it has executed this Security Agreement is the exact name as it appears in
such Grantor’s organizational documents, as amended, as filed with such Grantor’s jurisdiction of organization. 
 3.7 Intellectual
Property. All Canadian and foreign registrations and applications for Intellectual Property owned by any Grantor on the Issue Date and that is material to the conduct of its business, as determined in good faith by such Grantor are listed on
Exhibit C. No holding, decision or judgment has been rendered by any Governmental Authority which would limit, cancel or question the validity 

  
 11 

 
of, or such Grantor’s rights in, any Intellectual Property owned by such Grantor in any respect that could reasonably be expected to have a Material Adverse Effect. Except as disclosed on
Exhibit C hereof, no action or proceeding is pending, or, to the knowledge of such Grantor, threatened in writing, as of the Issue Date seeking to limit, cancel or question the validity of any Intellectual Property owned by a Grantor or such
Grantor’s ownership interest therein and, if adversely determined, would have a Material Adverse Effect. 
 3.8 Motor Vehicles. None
of its Equipment is covered by any certificate of title or vehicle identification number, except for motor vehicles. 
 3.9 No Financing
Statements, Security Agreements. No financing statement or security agreement describing all or any portion of the Collateral which has not lapsed or been terminated naming such Grantor as debtor has been filed or is of record in any
jurisdiction except (a) for financing statements or security agreements naming the Collateral Agent on behalf of the Secured Parties as the secured party, (b) for financing statements filed prior to the Issue Date for which authority to
file termination statements has been obtained and which termination statements, in proper form for filing, have been delivered to the Collateral Agent, and (c) financing statements with respect to Permitted Liens. 

3.10 Accounts with Financial Intermediaries. Each of the Securities Accounts and Futures Accounts is enforceable in accordance with its terms
against the applicable securities intermediary or futures intermediary without any security interest or other Lien held by such securities intermediary or futures intermediary or right of set-off, netting or consolidation other than for normal
charges applicable to the maintenance of such accounts and brokerage fees incurred in the ordinary course of business. 
 3.11 Pledged
Collateral. 
  

	 	(a)	Exhibit D sets forth a complete and accurate list of all Pledged Collateral owned by such Grantor. Such Grantor is the direct, sole beneficial owner and sole
holder of record of the Pledged Collateral listed on Exhibit D as being owned by it, free and clear of any Liens, except for the security interest granted to the Collateral Agent for the benefit of the Secured Parties hereunder and other
Permitted Liens. Such Grantor further represents and warrants that (i) all Pledged Collateral owned by it constituting capital stock has been (to the extent such concepts are relevant with respect to such Pledged Collateral) duly authorized,
validly issued, are fully paid and non-assessable (subject to the general assessability of ULC Shares under s. 135 of the Companies Act (Nova Scotia)), (ii) with respect to any certificates delivered to the Collateral Agent representing
capital stock, either such certificates are Securities as defined in Section 1 of the STA as a result of actions by the issuer or otherwise, or, if such certificates are not Securities, such Grantor has so informed the Collateral Agent so that
the Collateral Agent may take steps to perfect its security interest therein as an Intangible, (iii) all such Pledged Collateral held by a securities intermediary is covered by a control agreement among such Grantor, the securities intermediary
and the Collateral Agent pursuant to which the Collateral Agent has Control and (iv) all Pledged Collateral which represents Indebtedness owed to such Grantor by any other Grantor or Subsidiary thereof has been duly authorized, authenticated or
issued and delivered by the issuer of such Indebtedness, is the legal, valid and binding obligation of such issuer and such issuer is not in default thereunder. 

  
 12 

	 	(b)	In addition, (i) none of the Pledged Collateral owned by it and issued by any other Grantor or Subsidiary or any joint venture of any of the foregoing has been
issued or transferred in violation of the securities registration, securities disclosure or similar laws of any jurisdiction to which such issuance or transfer may be subject, (ii) there are existing no options, warrants, calls or commitments
of any character whatsoever relating to such Pledged Collateral or which obligate the Issuer of capital stock included in the Pledged Collateral to issue additional capital stock, and (iii) no consent, approval, authorization, or other action
by, and no giving of notice, filing with, any governmental authority or any other Person is required for the pledge by such Grantor of such Pledged Collateral pursuant to this Security Agreement or for the execution, delivery and performance of this
Security Agreement by such Grantor, or, except as set forth in the Intercreditor Agreements, for the exercise by the Collateral Agent of the voting or other rights provided for in this Security Agreement or for the remedies in respect of the Pledged
Collateral pursuant to this Security Agreement, except as have been received or as may be required in connection with such disposition by laws affecting the offering and sale of securities generally. 

 

	 	(c)	Except as set forth in Exhibit D, such Grantor owns 100% of the issued and outstanding capital stock of each Subsidiary which constitutes Pledged Collateral
owned by it and on the Issue Date none of the Pledged Collateral which represents Indebtedness owed to such Grantor is subordinated in right of payment to other Indebtedness (other than such Indebtedness that is subordinated to the Obligations,
Indebtedness under the Note Documents, Indebtedness under the ABL Documents and/or Indebtedness under the Term Loan Documents) or subject to the terms of an indenture. 

ARTICLE IV 

COVENANTS 

From the date of this Security Agreement, and thereafter until this Security Agreement is terminated, each Grantor agrees that:

 4.1 General. 
  

	 	(a)	 Authorization to File Financing Statements; Ratification. Such Grantor hereby authorizes the Collateral Agent to file, and if requested will
deliver to the Collateral Agent, all financing statements and other documents and take such other actions as may from time to time be requested by the Collateral Agent in order to maintain a first priority (subject only to Permitted Liens) perfected
security interest in and, if applicable, Control of, the Collateral owned by such Grantor. Any financing statement filed by the Collateral Agent may be filed in any filing office in any PPSA jurisdiction and may (i) indicate such Grantor’s
Collateral (1) as all assets of such Grantor, whether now owned or hereafter acquired, or any words of similar effect, regardless of whether any particular asset comprises the Collateral or falls within the scope of the PPSA, or (2) by any
other description which reasonably approximates the description contained in this Security Agreement and is customary in the filing jurisdiction with respect to this type of Security Agreement, and (ii) contain any other information required by
the PPSA for the sufficiency or filing office acceptance of any financing statement or amendment, including (A) whether such Grantor is an organization, the type of organization and any organization identification number issued to such Grantor
and (B)

  
 13 

	 	 
in the case of a financing statement filed as a fixture filing, a sufficient description of real property to which the Collateral relates. Such Grantor shall cause the filing of Intellectual
Property Short Form Security Agreements substantially in the form of Annex 1 hereof (the “Intellectual Property Short Form Security Agreements”) with the United States Copyright Office, the United States Patent and Trademark Office,
CIPO or equivalent foreign office in respect of all present and after-acquired Intellectual Property of such Grantor, including without limitation, the Intellectual Property listed on Exhibit C. Such Grantor also agrees to furnish any such
information to the Collateral Agent promptly upon request. Such Grantor also ratifies its authorization for the Collateral Agent to have filed in any PPSA jurisdiction any initial financing statements or amendments thereto if filed prior to the date
hereof. 

  

	 	(b)	Further Assurances. Such Grantor will, if so requested by the Collateral Agent, furnish to the Collateral Agent, as often as the Collateral Agent reasonably
requests, statements and schedules further identifying and describing the Collateral owned by it and such other reports and information in connection with its Collateral as the Collateral Agent may reasonably request, all in such detail as the
Collateral Agent may reasonably specify. Such Grantor also agrees to take any and all actions necessary to defend title to the Collateral against all persons and to defend the security interest of the Collateral Agent in its Collateral and the
priority thereof against any Lien other than Permitted Liens; provided that this Section 4.1(b) does not restrict the ability of such Grantor to incur or permit Permitted Liens in accordance with the Indenture. 

 

	 	(c)	Disposition of Collateral. Such Grantor will not sell, lease or otherwise dispose of the Collateral owned by it except for dispositions specifically permitted
pursuant to Section 4.10 of the Indenture. 

  

	 	(d)	Liens. Such Grantor will not create, incur, or suffer to exist any Lien on the Collateral owned by it except for Permitted Liens. 

 

	 	(e)	Other Financing Statements. Such Grantor will not authorize the filing of any financing statement naming it as debtor covering all or any portion of the
Collateral owned by it, except with respect to Permitted Liens. Such Grantor acknowledges that it is not authorized to file any financing statement or financing change statement or discharge with respect to any financing statement in connection with
this Security Agreement without the prior written consent of the Collateral Agent. 

  

	 	(f)	Locations. Such Grantor will not (i) maintain any Inventory or Equipment owned by it at any location other than those locations listed on Exhibit A
(other than (A) Inventory and Equipment in transit to any such location and Inventory located at a third-party printing facility in the process of production, (B) Inventory with a value not exceeding $1,000,000 in the aggregate and
(C) Equipment with a value not exceeding $1,000,000 in the aggregate) or (ii) change its principal place of business or chief executive office or its head office or domicile (within the meaning of the Civil Code of Quebec) from the
location identified on Exhibit A, other than as permitted by Section 4.10. 

 4.2 Equipment. Such Grantor will
not, without the Collateral Agent’s prior written consent, alter or remove any identifying symbol or number on any of such Grantor’s Equipment constituting Collateral. 

  
 14 

 4.3 Delivery of Instruments, Securities, Chattel Paper and Documents. Such Grantor will
(a) deliver to the Collateral Agent immediately upon execution of this Security Agreement the originals of all Chattel Paper (in a face amount in excess of $500,000 individually, Instruments (in a face amount in excess of $500,000 individually)
and Securities constituting Collateral owned by it (if any then exist), (b) if following the date hereof such Grantor acquires any Instrument (in a face amount in excess of $500,000 individually), Chattel Paper (in a face amount in excess of
$500,000 individually) or Securities constituting Collateral, hold in trust for the Collateral Agent upon receipt and within ten Business Days of the acquisition thereof deliver to the Collateral Agent any such Chattel Paper, Instruments and
Securities constituting Collateral, (c) hold in trust for the Collateral Agent and, upon the Collateral Agent’s request, promptly deliver to the Collateral Agent any Document of Title evidencing or constituting Collateral, (d)(i) cause any
Indebtedness of a Subsidiary owed to any Grantor in excess of $1,000,000 and (ii) use its commercially reasonable efforts to cause any Indebtedness of a non-Subsidiary owed to any Grantor in excess of $1,000,000, in either case to be evidenced
by a duly executed promissory note (or subject to a global note) that is pledged and delivered (on the date hereof, in the case of Indebtedness referred to in the immediately preceding sub-clause (i) existing on the date hereof or, in the case
of any Indebtedness referred to in the immediately preceding sub-clause (ii) or any Indebtedness referred to in the immediately preceding sub-clause (i) created after the date hereof, within ten Business Days following the date hereof or
the creation of such Indebtedness, respectively) to the Collateral Agent (or the ABL Collateral Agent or the Term Loan Collateral Agent in accordance with the terms of the Intercreditor Agreements and the ABL Documents or the Term Loan Documents, as
applicable), for the benefit of the Secured Parties, with such notes being accompanied by proper instruments of assignment duly executed by the applicable Grantor and such other instruments or documents as the Collateral Agent may reasonably request
and (e) upon the Collateral Agent’s request, deliver to the Collateral Agent a duly executed amendment to this Security Agreement, in the form of Exhibit F hereto (the “Amendment”), pursuant to which such Grantor
will pledge such additional Collateral. Such Grantor hereby authorizes the Collateral Agent to attach each Amendment to this Security Agreement and agrees that all additional Collateral owned by it set forth in such Amendments shall be considered to
be part of the Collateral. 
 4.4 Uncertificated Pledged Collateral. 

 

	 	(a)	With respect to any Pledged Collateral owned by it, such Grantor will (i) take any actions necessary to cause the issuers (that are Subsidiaries of such Grantor)
of uncertificated securities which are Pledged Collateral to take such action as the Collateral Agent may request and (ii) use commercially reasonable efforts to cause any securities intermediary which is the holder of any such Pledged
Collateral, to cause the Collateral Agent to have and retain Control over such Pledged Collateral. Without limiting the foregoing, such Grantor will, with respect to any such Pledged Collateral held with a securities intermediary, use its
commercially reasonable efforts to cause such securities intermediary to enter into a control agreement with the Collateral Agent giving the Collateral Agent Control over such Pledged Collateral. 

 

	 	(b)	Each Grantor further acknowledges and agrees that the interests in any limited liability company or limited partnership that is a Subsidiary pledged hereunder is a
“security” within the meaning of Section 1 of the STA and governed by the PPSA and STA of the applicable jurisdiction. 

  

	 	(c)	 In the event the interests in any limited liability company, limited partnership or general partnership not represented by a certificate are pledged by
a Grantor hereunder after the 

  
 15 

	 	 
Issue Date such Grantor shall simultaneously therewith provide the Collateral Agent with the information required by the applicable jurisdiction for the filing of a financing statement (or an
amendment to a financing statement) with respect to the uncertificated interests so pledged. 

 4.5 Pledged Collateral.

  

	 	(a)	Certificated Securities. With respect to any certificated securities which are Pledged Collateral, such Grantor will promptly (and in any event within ten
Business Days) deliver to the Collateral Agent certificates evidencing such Pledged Collateral, together with powers endorsed in blank. 

  

	 	(b)	Registration of Pledged Collateral. Such Grantor will permit any registerable Pledged Collateral owned by it (other than Pledged Collateral comprised of ULC
Shares) to be registered in the name of the Collateral Agent or its nominee at any time an Event of Default has occurred and is continuing at the option of the Collateral Agent. 

 

	 	(c)	Exercise of Rights in Pledged Collateral. 

  

	 	(i)	Without in any way limiting the foregoing and subject to clause (ii) below, such Grantor shall have the right to exercise all voting rights or other rights
relating to the Pledged Collateral owned by it for all purposes not inconsistent with this Security Agreement, the Indenture or any other Note Document; provided however, that no vote or other right shall be exercised or action taken
which would have the effect of impairing the rights of the Collateral Agent to enforce its remedies hereunder with respect to such Pledged Collateral; 

  

	 	(ii)	Such Grantor will permit the Collateral Agent or its nominee at any time after the occurrence and during the continuance of an Event of Default, upon notice, to
exercise all voting rights or other rights arising from the Pledged Collateral owned by it, including, without limitation, exchange, subscription or any other rights, privileges, or options pertaining to capital stock or Investment Property
constituting such Pledged Collateral as if it were the absolute owner thereof; 

  

	 	(iii)	Such Grantor shall be entitled to collect and receive for its own use all cash dividends and interest paid in respect of the Pledged Collateral owned by it to the
extent not in violation of the Indenture; provided however, that until actually paid, all rights to such distributions shall remain subject to the Lien created by this Security Agreement; 

 

	 	(iv)	Except as set forth in clause (iii), all distributions in respect of any of the Pledged Collateral owned by such Grantor, whenever paid or made, shall be delivered to
the Collateral Agent to hold as Pledged Collateral and shall, if received by such Grantor, be received in trust for the benefit of the Collateral Agent, be segregated from the other property or funds of such Grantor, and be forthwith delivered to
the Collateral Agent as Pledged Collateral, in the same form as so received (with any necessary endorsement); and 

  

	 	(v)	 such Grantor hereby authorizes and instructs each issuer of any Investment Property (which is a Subsidiary of such Grantor) of any Investment Property

  
 16 

	 	 
pledged by such Grantor hereunder to (i) comply with any instruction received by it from the Collateral Agent in writing (and such issuer hereby agrees to comply with such instruction) that
(x) states that an Event of Default has occurred and is continuing and (y) is otherwise in accordance with the terms of this Security Agreement, without any other or further instructions from such Grantor, and each Grantor agrees that such
issuer shall be fully protected in so complying, and (ii) unless otherwise expressly permitted hereby, with effect upon and during the continuance of an Event of Default, pay any dividends or other payments with respect to the Investment
Property directly to the Collateral Agent. 

 4.6 Intellectual Property. 

 

	 	(a)	Such Grantor will use its commercially reasonable efforts to secure all consents and approvals necessary or appropriate for the grant of security interest herein in
favour of the Collateral Agent of any material Intellectual Property owned by such Grantor and to enforce the security interests granted hereunder provided that for Copyright Licenses, Patent Licenses and Trademark Licenses, such efforts shall only
be required in connection with material Copyright Licenses, Patent Licenses and Trademark Licenses entered into after the date hereof. 

  

	 	(b)	Such Grantor will use the material Trademarks owned by such Grantor with proper statutory notice in accordance with applicable law. Such Grantor (either itself or
through licensees) will as it reasonably determines in the exercise of its reasonable business judgment consistent with past practice (subject to Section 4.6(f)) not adopt or use any mark which is confusingly similar or a colorable imitation of
such Trademark unless the Collateral Agent, for the ratable benefit of the Secured Parties, shall obtain a perfected security interest in such mark pursuant to this Security Agreement. 

 

	 	(c)	Such Grantor will not do any act, or omit to do any act, whereby any material Intellectual Property (as determined in the exercise of such Grantor’s reasonable
business judgment) owned by such Grantor may become prematurely invalidated, forfeited, abandoned or dedicated to the public. 

  

	 	(d)	Such Grantor will promptly notify the Collateral Agent if it knows, or has reason to know, that any application or registration relating to any material Intellectual
Property (as determined in the exercise of such Grantor’s reasonable business judgment) owned by such Grantor may become forfeited, abandoned or dedicated to the public, or of any material adverse determination or development (including,
without limitation, the institution of, or any such determination or development in, any proceeding in the United States Patent and Trademark Office, the United States Copyright Office or with CIPO or any court or tribunal in any country, but
excluding routine office actions or similar determinations in the ordinary course of prosecution before the United States Patent and Trademark Office, CIPO or any foreign counterpart) regarding such Grantor’s ownership of, or the validity of,
any material Intellectual Property owned by such Grantor or such Grantor’s right to register the same or to own and maintain the same. 

  
 17 

	 	(e)	Whenever such Grantor, either by itself or through any agent, employee, licensee or designee, shall file an application for the registration of any Patent, Copyright or
Trademark with the United States Patent and Trademark Office, the United States Copyright Office or CIPO or any similar office or agency in any other country or any political subdivision thereof, such Grantor shall give written notice of such filing
to the Collateral Agent concurrently with Holdings’ or the Issuer’s delivery (or deemed delivery) of its next succeeding financial statements under Section 4.03(a) of the Indenture. Upon request of the Collateral Agent, such Grantor
shall execute and deliver, and have recorded, any and all agreements, instruments, documents, and papers as the Collateral Agent may request to evidence and perfect the Collateral Agent’s and the Secured Parties’ security interest in any
Intellectual Property owned by such Grantor and the goodwill and intangibles of such Grantor relating thereto or represented thereby. 

  

	 	(f)	Such Grantor will, in the exercise of its reasonable business judgment consistent with past practice, take all reasonable and necessary steps including, without
limitation, in any proceeding before the United States Patent and Trademark Office, the United States Copyright Office or CIPO or any similar office or agency in any other country or any political subdivision thereof, to maintain and pursue each
application (and to obtain the relevant registration) and to maintain each registration of the material Intellectual Property owned by such Grantor, including, without limitation, filing of applications for renewal, affidavits of use and affidavits
of incontestability, payment of maintenance fees and opposition and interference and cancellation proceedings. 

  

	 	(g)	In the event that any material Intellectual Property owned by such Grantor is infringed, misappropriated, violated or diluted by a third party, such Grantor shall, as
it reasonably deems appropriate under the circumstances, (i) take action to enforce such Intellectual Property and (ii) promptly notify the Collateral Agent after it learns thereof. 

4.7 No Interference. Such Grantor agrees that it will not interfere with any right, power and remedy of the Collateral Agent or the Trustee
provided for in this Security Agreement or now or hereafter existing at law or in equity or by statute or otherwise, or the exercise or beginning of the exercise by the Collateral Agent or Trustee of any one or more of such rights, powers or
remedies, provided that the Collateral Agent or the Trustee exercises such rights, powers or remedies in a manner which does not contravene the terms of this Security Agreement. 
 4.8 Insurance. 
  

	 	(a)	All insurance policies required under the Indenture or hereunder shall name the Collateral Agent (for the benefit of the Secured Parties) as an additional insured or as
loss payee, as applicable, and shall contain loss payable clauses or mortgagee clauses, through endorsements in form and substance reasonably satisfactory to the Collateral Agent, which provide that: (i) all proceeds thereunder with respect to
any Collateral shall be payable to the Collateral Agent; (ii) no such insurance shall be affected by any act or neglect of the insured or owner of the property described in such policy; and (iii) such policy and loss payable or mortgagee
clauses may be canceled, amended, or terminated only upon at least thirty days prior written notice given to the Collateral Agent. 

  
 18 

	 	(b)	All premiums on any such insurance shall be paid when due by such Grantor, and copies of the policies delivered to the Collateral Agent. If such Grantor fails to obtain
any insurance as required by this Section, the Collateral Agent may obtain such insurance at such Grantor’s expense. 

 4.9
Deposit Account Control Agreements. 
  

	 	(a)	Such Grantor will provide to the Collateral Agent, a Deposit Account Control Agreement with respect to each bank account of such Grantor (other than any Excluded
Account), duly executed on behalf of each financial institution holding such bank account of such Grantor. Pursuant to each Deposit Account Control Agreement, such financial institution shall agree, from and after the receipt of a notice (an
“Activation Notice”) from the Collateral Agent (which Activation Notice may be given by the Collateral Agent at any time when an Event of Default has occurred and is continuing (an “Activation Event”), until such
financial institution’s receipt of a de-activation notice (a “De-Activation Notice”, and together with the Activation Notice, the “Notices”)) from the Collateral Agent (which De-Activation Notice shall be given
by the Collateral Agent once no Event of Default is continuing, provided that, the Collateral Agent shall not be required to deliver a De-Activation Notice more than twice in any period of 12 consecutive months), to forward immediately all
amounts in each bank account of such Grantor (other than Excluded Accounts) (collectively, the “Blocked Accounts”) to an account or accounts with such depositories as the Collateral Agent may from time to time designate (the
“Collection Accounts”) and to commence the process of daily sweeps from such Blocked Accounts into the Collection Accounts. The Collateral Agent acknowledges that it shall not be entitled to deliver any Notice until the obligations
of the Issuer to the ABL Collateral Agent under the ABL Documents and to the Term Loan Collateral Agent under the Term Loan Documents have been paid and performed in full and the lenders under the ABL Facility and the lenders under the Term Loan
Facility have no further obligation to make any further advances to the Issuer under the ABL Documents and the Term Loan Documents, respectively. 

  

	 	(b)	Before opening or replacing any deposit or bank account (other than an Excluded Account), each Grantor shall cause each bank or financial institution in which it seeks
to open an account to enter into a Deposit Account Control Agreement with the Collateral Agent in order to give the Collateral Agent control of such account. 

 4.10 Change of Name or Location; Change of Fiscal Year. Such Grantor shall not (a) change its name as it appears in official filings in the province of its organization, (b) change its
registered office, chief executive office or principal place of business, head office or domicile (within the meaning of the Civil Code of Quebec) as set forth in this Security Agreement, (c) change the type of entity that it is,
(d) change its jurisdiction of incorporation or organization, or (e) have any Collateral constituting Inventory and Equipment (other than (i) mobile goods, (ii) Inventory and Equipment in transit to any such location and
Inventory in the process of production located at third-party printing facilities, provided that the Collateral Agent’s Liens in such Inventory and Equipment have been perfected in both the jurisdiction of origin and the jurisdiction of
destination, (iii) Inventory with a value not to exceed $1,000,000 in the aggregate, and (iv) Equipment with a value not to exceed $1,000,000 in the aggregate) located at a location not listed on Exhibit A, in each case, unless the
Collateral Agent shall have received at least fifteen (15) days prior written notice of such change and any reasonable action 

  
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requested by the Collateral Agent in connection therewith has been completed or taken (including any action to continue the perfection of any Liens in favour of the Collateral Agent, on behalf of
Secured Parties, in any Collateral), provided that, any new location shall be in Canada or the United States. 
 4.11 Updated
Collateral Information. Such Grantor shall promptly furnish to the Collateral Agent from time to time upon the Collateral Agent’s reasonable request, such updates to the information covered by Article III, including any of Exhibits A
through H hereto, such that such updated information and exhibits are true and correct as of the date so furnished. 
 ARTICLE
V 
 REMEDIES 

5.1 Remedies. 
  

	 	(a)	Upon the occurrence and during the continuance of an Event of Default, the Collateral Agent may exercise any or all of the following rights and remedies:

  

	 	(i)	those rights and remedies provided in this Security Agreement, the Indenture, or any other Note Document; provided that, this Section 5.1(a) shall not be
understood to limit any rights or remedies available under such agreements to the Collateral Agent and the Secured Parties prior to an Event of Default; 

  

	 	(ii)	those rights and remedies available to a secured party under the PPSA or under any other applicable law (including, without limitation, any law governing the exercise
of a bank’s right of setoff or bankers’ lien) when a debtor is in default under a security agreement; 

  

	 	(iii)	the right to give notice of sole control or any other instruction under any Deposit Account Control Agreement or any other control agreement with any securities
intermediary and take any action therein with respect to such Collateral; 

  

	 	(iv)	the right to, without notice (except as specifically provided in Section 8.2 or elsewhere herein), demand or advertisement of any kind to any Grantor or any other
Person, enter the premises of any Grantor where any Collateral is located (through self-help and without judicial process) to collect, receive, assemble, process, appropriate, sell, lease, assign, grant an option or options to purchase or otherwise
dispose of, deliver, or realize upon, the Collateral or any part thereof in one or more parcels at public or private sale or sales (which sales may be adjourned or continued from time to time with or without notice and may take place at any
Grantor’s premises or elsewhere), for cash, on credit or for future delivery without assumption of any credit risk; 

  

	 	(v)	concurrently with written notice to the applicable Grantor, transfer and register in its name or in the name of its nominee the whole or any part of the Pledged
Collateral, to exchange certificates or instruments representing or evidencing Pledged Collateral for certificates or instruments of smaller or larger denominations, to exercise the voting and all other rights as a holder with respect thereto, to
collect and receive all cash dividends, interest, principal and other distributions made thereon and to otherwise act with respect to the Pledged Collateral as though the Collateral Agent was the outright owner thereof; and 

  
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	 	(vi)	appoint by instrument in writing one or more Receivers of any Grantor or any or all of the Collateral of such Grantor with such rights, powers and authority (including
any or all of the rights, powers and authority of the Collateral Agent under this Security Agreement) as may be provided for in the instrument of appointment or any supplemental instrument, and remove and replace any such Receiver from time to time.
To the extent permitted by applicable law, any Receiver appointed by the Collateral Agent will (for purposes relating to responsibility for the Receiver’s acts or omissions) be considered to be the agent of such Grantor and not of the
Collateral Agent, the Trustee or any of the other Secured Parties. 

  

	 	(b)	The Collateral Agent’s compliance with any applicable provincial, territorial or federal law in the conduct of any disposition of Collateral following the
occurrence and during the continuance of an Event of Default will not be considered to adversely affect the commercial reasonableness of such disposition. 

  

	 	(c)	Upon the occurrence and during the continuance of an Event of Default, the Collateral Agent shall have the right upon any such public sale or sales and, to the extent
permitted by law, upon any such private sale or sales, to purchase for the benefit of the Collateral Agent and the Secured Parties, the whole or any part of the Collateral so sold, free of any right of equity redemption, which equity redemption the
Grantor hereby expressly releases. 

  

	 	(d)	Upon the occurrence and during the continuance of an Event of Default, until the Collateral Agent is able to effect a sale, lease, or other disposition of Collateral,
the Collateral Agent shall have the right to hold or use Collateral, or any part thereof, for the purpose of preserving Collateral or its value, including by exercising any of the Grantor’s rights to sue at law or in equity for any infringement
or other impairment of any Intellectual Property, including the right to receive all proceeds and damages therefrom. Upon the occurrence and during the continuance of an Event of Default, the Collateral Agent may seek the appointment of a receiver
or keeper to take possession of Collateral and to enforce any of the Collateral Agent’s remedies (for the benefit of the Collateral Agent and Secured Parties), with respect to such appointment without prior notice or hearing as to such
appointment. 

  

	 	(e)	Notwithstanding the foregoing, neither the Collateral Agent nor the Secured Parties shall be required to (i) make any demand upon, or pursue or exhaust any of
their rights or remedies against, any Grantor, any other obligor, guarantor, pledgor or any other Person with respect to the payment of the Obligations or to pursue or exhaust any of their rights or remedies with respect to any Collateral therefor
or any direct or indirect guarantee thereof, (ii) marshal the Collateral or any guarantee of the Obligations or to resort to the Collateral or any such guarantee in any particular order, or (iii) effect a public sale of any Collateral.

  

	 	(f)	 Each Grantor recognizes that the Collateral Agent may be unable to effect a public sale of any or all the Pledged Collateral and may be compelled to
resort to one or more private sales thereof in accordance with clause (a) above. Each Grantor also acknowledges that any private sale may result in prices and other terms less favourable to the seller than if such sale were a public sale and,
notwithstanding such 

  
 21 

	 	 
circumstances, agrees that any such private sale shall not be deemed to have been made in a commercially unreasonable manner solely by virtue of such sale being private. The Collateral Agent
shall be under no obligation to delay a sale of any of the Pledged Collateral upon the occurrence and during the continuance of an Event of Default for the period of time necessary to permit any Grantor or the issuer of the Pledged Collateral to
register such securities for public sale under applicable provincial securities laws, even if the applicable Grantor and the issuer would agree to do so. 

 5.2 Grantor’s Obligations Upon an Event of Default. Upon the request of the Collateral Agent, after the occurrence and during the continuance of an Event of Default, each Grantor will:

  

	 	(a)	assemble and make available to the Collateral Agent the Collateral and all books and records relating thereto at any place or places specified by the Collateral Agent,
whether at a Grantor’s premises or elsewhere; 

  

	 	(b)	permit the Collateral Agent, by the Collateral Agent’s representatives and agents, to enter, occupy and use any premises where all or any part of the Collateral,
or the books and records relating thereto, or both, are located, to take possession of all or any part of the Collateral or the books and records relating thereto, or both, to remove all or any part of the Collateral or the books and records
relating thereto, or both, and to conduct sales of the Collateral, without any obligation to pay the Grantor for such use and occupancy; 

  

	 	(c)	prepare and file, or cause an issuer of Pledged Collateral to prepare and file, in accordance with applicable provincial securities laws, registration statements, a
prospectus and such other documentation in connection with the Pledged Collateral as the Collateral Agent may request, and furnish to the Collateral Agent, or cause an issuer of Pledged Collateral to furnish to the Collateral Agent, any information
regarding the Pledged Collateral in such detail as the Collateral Agent may specify; and 

  

	 	(d)	take, or cause an issuer of Pledged Collateral to take, any and all actions necessary to register or qualify the Pledged Collateral to enable the Collateral Agent to
consummate a public sale or other disposition of the Pledged Collateral. 

 5.3 Grant of Intellectual Property License. For
the purpose of enabling the Collateral Agent to exercise the rights and remedies under this Article V at such time as the Collateral Agent shall be lawfully entitled to exercise such rights and remedies, each Grantor (to the extent and only
to the extent permitted by the terms of any Copyright License, Patent License or Trademark License, if applicable) hereby (a) grants to the Collateral Agent, to the extent such Grantor has the right to do so, for the benefit of the Collateral
Agent and the Secured Parties, an irrevocable, nonexclusive license (exercisable without payment of royalty or other compensation to any Grantor) to use, license or sublicense, on such terms and conditions as the Collateral Agent shall determine,
any Intellectual Property now owned or hereafter acquired by such Grantor, and wherever the same may be located, and including in such license access to all media in which any of the licensed items may be recorded or stored and to all computer
software and programs used for the compilation or printout thereof and (b) irrevocably agrees that, with effect upon the occurrence and during the continuance of an Event of Default, the Collateral Agent may sell any of such Grantor’s or
any other Grantor’s Inventory directly to any person, including without limitation persons who have previously purchased any such Grantor’s Inventory from such Grantor and in connection with any such sale or other enforcement of the

  
 22 

 
Collateral Agent’s rights under this Security Agreement, may sell Inventory which bears any Trademark owned by or licensed to such Grantor and any Inventory that is covered by any Copyright
owned by or licensed to such Grantor and the Collateral Agent may finish any work in process and affix any Trademark owned by or licensed to such Grantor and sell such Inventory as provided herein; provided that the applicable Grantor shall
have such rights of quality control and inspection which are reasonably necessary to maintain the validity and enforceability of such Trademark. The use of the license granted pursuant to clause (a) of the preceding sentence to the Collateral
Agent may be exercised only upon the occurrence and during the continuance of an Event of Default; provided, however, that any license, sublicense or other transaction entered into by the Collateral Agent in accordance herewith shall
be binding upon each Grantor notwithstanding any subsequent cure of an Event of Default. 
 5.4 Subordination. Each Grantor, and each
Issuer that executes and delivers any Acknowledgement and Consent confirming that it is bound hereby, hereby agrees that, upon the occurrence and during the continuance of an Event of Default, unless otherwise agreed by the Collateral Agent, all
Indebtedness owing to it by the Issuer or any of its Subsidiaries shall be fully subordinated to the indefeasible payment in full in cash of such Grantor’s Obligations. 
 5.5 Proceeds to be Turned Over To Collateral Agent. In addition to the rights of the Collateral Agent and the Secured Parties specified in Section 6.1 with respect to payments of Receivables,
if an Event of Default shall occur and be continuing, all proceeds received by any Grantor consisting of cash, cheques and other near-cash items shall be held by such Grantor in trust for the Collateral Agent and the Secured Parties, segregated from
other funds of such Grantor, and shall, forthwith upon receipt by such Grantor, be deposited in a Collateral Account subject to a Deposit Account Control Agreement or, at the request of the Collateral Agent, turned over to the Collateral Agent in
the exact form received by such Grantor (duly endorsed by such Grantor to the Collateral Agent, if required). All proceeds received by the Collateral Agent hereunder shall be held by the Collateral Agent in a Collateral Account maintained under its
sole dominion and control. All proceeds while held by the Collateral Agent in a Collateral Account (or by such Grantor in trust for the Collateral Agent and the Secured Parties) shall continue to be held as collateral security for all the
Obligations and shall not constitute payment thereof until applied as provided in the Indenture. 
 Each Grantor acknowledges and agrees that
any action taken by the Collateral Agent or any other Secured Party hereunder following the occurrence and during the continuance of an Event of Default shall not be rendered invalid or ineffective as a result of the curing of the Event of Default
on which such action was based, and neither the Collateral Agent nor any other Secured Party shall be liable to any Grantor or any other Person for taking such action or as a result of any consequences arising therefrom. 

ARTICLE VI 

ACCOUNT VERIFICATION; ATTORNEY IN FACT; PROXY 
 6.1 Authorization for Secured Party to Take Certain Action. 
  

	 	(a)	 Each Grantor irrevocably authorizes the Collateral Agent, at any time and from time to time in the sole discretion of the Collateral Agent and appoints
the Collateral Agent as its attorney in fact to: (i) execute on behalf of such Grantor as debtor and to file any financing statements to perfect and to maintain the perfection and priority of the Collateral Agent’s security interest in the
Collateral, (ii) file a carbon, photographic or 

  
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other reproduction of this Security Agreement or any financing statement with respect to the Collateral as a financing statement and to file any other financing statement or amendment of a
financing statement (which does not add new collateral or add a debtor) to perfect and to maintain the perfection and priority of the Collateral Agent’s security interest in the Collateral, and (iii) contact and enter into any agreements
with the issuers of uncertificated securities which are Pledged Collateral or with securities intermediaries holding Pledged Collateral in order to give the Collateral Agent Control over such Pledged Collateral; and such Grantor agrees to reimburse
the Collateral Agent on demand for any reasonable and documented out-of-pocket expense incurred by the Collateral Agent in connection with any of the foregoing; provided that, this authorization shall not relieve such Grantor of any of its
obligations under this Security Agreement or under the Indenture. 

  

	 	(b)	Each Grantor irrevocably authorizes the Collateral Agent, with effect upon the occurrence and during the continuance of an Event of Default, and appoints the Collateral
Agent as its attorney in fact to: (i) endorse and collect any cash proceeds of the Collateral, (ii) apply the proceeds of any Collateral received by the Collateral Agent to the Obligations as provided in Section 7.3,
(iii) discharge past due taxes, assessments, charges, fees or Liens on the Collateral (except for Permitted Liens), (iv) contact account debtors for any reason, (v) demand payment or enforce payment of the Receivables in the name of
the Collateral Agent or such Grantor and to endorse any and all cheques, drafts, and other instruments for the payment of money relating to the Receivables, (vi) sign such Grantor’s name on any invoice or bill of lading relating to the
Receivables, drafts against any account debtor of the Grantor, assignments and verifications of Receivables, (vii) exercise all of such Grantor’s rights and remedies with respect to the collection of the Receivables and any other
Collateral, (viii) settle, adjust, compromise, extend or renew the Receivables, (ix) settle, adjust or compromise any legal proceedings brought to collect Receivables, (x) prepare, file and sign such Grantor’s name on a proof of
claim in bankruptcy or similar document against any account debtor of such Grantor, (xi) prepare, file and sign such Grantor’s name on any notice of Lien, assignment or satisfaction of Lien or similar document in connection with the
Receivables, (xii) change the address for delivery of mail addressed to such Grantor to such address as the Collateral Agent may designate and to receive, open and dispose of all mail addressed to such Grantor, and (xii) do all other acts
and things necessary to carry out this Security Agreement; and such Grantor agrees to reimburse the Collateral Agent on demand for any reasonable and documented out-of-pocket expense incurred by the Collateral Agent in connection with any of the
foregoing; provided that, this authorization shall not relieve such Grantor of any of its obligations under this Security Agreement or under the Indenture. 

 

	 	(c)	All acts of said attorney or designee taken pursuant to Section 6.1 are hereby ratified and approved. The powers conferred on the Collateral Agent, for the benefit
of the Collateral Agent and Secured Parties, under this Section 6.1 are solely to protect the Collateral Agent’s and Secured Parties’ interests in the Collateral and shall not impose any duty upon the Collateral Agent or any Secured
Party to exercise any such powers. The Collateral Agent agrees that, except for the powers granted in Section 6.1(a)(i)-(vi) and Section 6.1(a)(xvi) (other than with respect to provisions that are only applicable during the
continuance of an Event of Default), it shall not exercise any power or authority granted to it unless an Event of Default has occurred and is continuing. 

  
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 6.2 Proxy. EACH GRANTOR HEREBY IRREVOCABLY CONSTITUTES AND APPOINTS THE COLLATERAL AGENT AS ITS PROXY
AND ATTORNEY-IN-FACT (AS SET FORTH IN SECTION 6.1 ABOVE) WITH EFFECT UPON THE OCCURRENCE AND DURING THE CONTINUANCE OF AN EVENT OF DEFAULT WITH RESPECT TO ITS PLEDGED COLLATERAL, INCLUDING THE RIGHT TO VOTE SUCH PLEDGED COLLATERAL, WITH FULL POWER
OF SUBSTITUTION TO DO SO. IN ADDITION TO THE RIGHT TO VOTE ANY SUCH PLEDGED COLLATERAL, THE APPOINTMENT OF THE COLLATERAL AGENT AS PROXY AND ATTORNEY-IN-FACT SHALL INCLUDE THE RIGHT TO EXERCISE ALL OTHER RIGHTS, POWERS, PRIVILEGES AND REMEDIES TO
WHICH A HOLDER OF SUCH PLEDGED COLLATERAL WOULD BE ENTITLED (INCLUDING GIVING OR WITHHOLDING WRITTEN CONSENTS OF SHAREHOLDERS, CALLING SPECIAL MEETINGS OF SHAREHOLDERS AND VOTING AT SUCH MEETINGS). SUCH PROXY SHALL BE EFFECTIVE, AUTOMATICALLY AND
WITHOUT THE NECESSITY OF ANY ACTION (INCLUDING ANY TRANSFER OF ANY SUCH PLEDGED COLLATERAL ON THE RECORD BOOKS OF THE ISSUER THEREOF) BY ANY PERSON (INCLUDING THE ISSUER OF SUCH PLEDGED COLLATERAL OR ANY OFFICER OR AGENT THEREOF), UPON THE
OCCURRENCE AND DURING THE CONTINUANCE OF AN EVENT OF DEFAULT AND THE PROVISION OF NOTICE TO SUCH GRANTOR. 
 6.3 Nature of Appointment;
Limitation of Duty. THE APPOINTMENT OF THE COLLATERAL AGENT AS PROXY AND ATTORNEY-IN-FACT IN THIS ARTICLE VI IS COUPLED WITH AN INTEREST AND SHALL BE IRREVOCABLE UNTIL THE DATE ON WHICH THIS SECURITY AGREEMENT IS TERMINATED IN ACCORDANCE WITH
SECTION 8.15. NOTWITHSTANDING ANYTHING CONTAINED HEREIN, NEITHER THE COLLATERAL AGENT, NOR ANY SECURED PARTY, NOR ANY OF THEIR RESPECTIVE AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS OR REPRESENTATIVES SHALL HAVE ANY DUTY TO EXERCISE ANY RIGHT
OR POWER GRANTED HEREUNDER OR OTHERWISE OR TO PRESERVE THE SAME AND SHALL NOT BE LIABLE FOR ANY FAILURE TO DO SO OR FOR ANY DELAY IN DOING SO, EXCEPT IN RESPECT OF DAMAGES ATTRIBUTABLE SOLELY TO THEIR OWN GROSS NEGLIGENCE OR WILLFUL MISCONDUCT AS
FINALLY DETERMINED BY A COURT OF COMPETENT JURISDICTION; PROVIDED THAT, IN NO EVENT SHALL THEY BE LIABLE FOR ANY PUNITIVE, EXEMPLARY, INDIRECT OR CONSEQUENTIAL DAMAGES. 
 ARTICLE VII 
 COLLATERAL ACCOUNTS 

7.1 Collateral Accounts. The Collateral Agent shall establish, when and as directed pursuant to the Indenture, an account which shall be entitled
the “Non-ABL Collateral Account” (the “Non-ABL Collateral Account”) and an account which shall be entitled the “ABL Collateral Account” (the “ABL Collateral Account”). Subject to the
Intercreditor Agreements, all moneys which are required by any Note Document to be delivered to the Collateral Agent while an Event of Default has occurred and is continuing or which are received by the Collateral Agent or any agent or nominee of
the Collateral Agent in respect of the Collateral or otherwise in accordance with the terms of any Note Document, whether in connection with the exercise of the remedies provided in this Security Agreement or in any other Note Document or otherwise,
shall be deposited by the Collateral Agent (a) in the Non-ABL Collateral Account, to the extent that such moneys constitute Term Priority Collateral (as so identified pursuant to an officers’ certificate delivered by an Officer) and
(b) in the ABL Collateral Account, to the extent that such moneys constitute ABL Priority Collateral (as so identified pursuant to an officers’ 

  
 25 

 
certificate delivered by an Officer) under the terms of the ABL Intercreditor Agreement and are not otherwise required under the ABL Intercreditor Agreement to be delivered to the ABL Collateral
Agent. Subject to the Intercreditor Agreements, moneys in the Non-ABL Collateral Account and the ABL Collateral Account shall be held by the Collateral Agent as part of the Collateral and applied in accordance with the terms of this Security
Agreement. 
 7.2 Control of Collateral Account and Collection Account. All right, title and interest in and to the Collateral Accounts
and Collection Accounts shall vest in the Collateral Agent, and funds on deposit in the Collateral Accounts and Collection Accounts shall constitute part of the Collateral. The Collateral Accounts and Collection Accounts shall be subject to the
exclusive dominion and control of the Collateral Agent, and no Grantor shall have any right of withdrawal from the Collateral Accounts and Collection Accounts without the Collateral Agent’s consent except as permitted pursuant to the Indenture
and the other Note Documents. 
 7.3 Application of Moneys. All amounts deposited in the Collateral Accounts and Collection Accounts
shall, after having been credited to the applicable Collateral Account or Collection Account, as applicable, be applied (and allocated) subject to the Intercreditor Agreements, by the Collateral Agent in accordance with the Indenture. The balance,
if any, after all of the Obligations have been satisfied, shall be deposited by the Collateral Agent into the Issuer’s general operating account with the Collateral Agent or such other account designated by the Issuer. The Grantors shall remain
liable for any deficiency if the proceeds of any sale or disposition of the Collateral are insufficient to pay all Obligations, including any attorneys’ fees and other expenses incurred by Collateral Agent or any Secured Party to collect such
deficiency. Notwithstanding anything to the contrary contained herein (i) in no event shall the proceeds of any collection or sale of Rule 3-16 Excluded Collateral (the “Rule 3-16 Proceeds”) be applied to the payment of any
Notes Obligations and (ii) the Notes Obligations shall not be reduced by the amount of any Rule 3-16 Proceeds for the purpose of determining its ratable share of the proceeds of any collection or sale of Collateral. 

7.4 Collateral Agent’s Calculations. All distributions made by the Collateral Agent pursuant to Section 7.3 shall be final (absent
manifest error), and the Collateral Agent shall have no duty to inquire as to the application of any amounts distributed by it. 

ARTICLE VIII 
 GENERAL PROVISIONS 
 8.1 ULC Shares. Each Grantor acknowledges that certain of the
Collateral of Grantor may now or in the future consist of ULC Shares, and that it is the intention of the Trustee, the Collateral Agent and each Grantor that neither the Trustee, the Collateral Agent nor any other Secured Party should under any
circumstances prior to realization be held to be a “member” or a “shareholder”, as applicable, of a ULC for the purposes of any ULC Laws. Therefore, notwithstanding any provisions to the contrary contained in this Security
Agreement, the Indenture or any other Note Document, where a Grantor is the registered and beneficial owner of ULC Shares which are Collateral of such Grantor, such Grantor will remain the sole registered and beneficial owner of such ULC Shares
until such time as such ULC Shares are effectively transferred into the name of the Collateral Agent, any other Secured Party, or any other Person on the books and records of the applicable ULC. Accordingly, each Grantor shall be entitled to receive
and retain for its own account any dividend on or other distribution, if any, in respect of such ULC Shares (except for any dividend or distribution comprised of Pledged Stock of such Grantor, which shall be delivered to the Collateral Agent to hold
as security hereunder) and shall have the right to vote such ULC Shares and to control the direction, management and policies of the 

  
 26 

 
applicable ULC to the same extent as such Grantor would if such ULC Shares were not pledged to the Collateral Agent pursuant hereto. Nothing in this Security Agreement, the Indenture or any other
Note Document is intended to, and nothing in this Security Agreement, the Indenture or any other Note Document shall, constitute the Collateral Agent, any other Secured Party, or any other Person other than the applicable Grantor, a member or
shareholder (whether listed or unlisted, registered or beneficial) of a ULC for the purposes of any ULC Laws, until such time as notice is given to such Grantor and further steps are taken pursuant hereto or thereto so as to register the Collateral
Agent, any other Secured Party, or such other Person, as specified in such notice, as the holder of the ULC Shares. To the extent any provision hereof would have the effect of constituting the Collateral Agent or any other Secured Party as a member
or a shareholder, as applicable, of any ULC prior to such time, such provision shall be severed herefrom and shall be ineffective with respect to ULC Shares which are Collateral of any Grantor without otherwise invalidating or rendering
unenforceable this Security Agreement or invalidating or rendering unenforceable such provision insofar as it relates to Collateral of any Grantor which is not ULC Shares. Except upon the exercise of rights of the Collateral Agent to sell, transfer
or otherwise dispose of ULC Shares in accordance with this Security Agreement, each Grantor shall not cause or permit, or enable any ULC to cause or permit, the Collateral Agent or any other Secured Party to: (a) be registered as a shareholder
or member of such ULC; (b) have any notation entered in their favour in the share register of such ULC; (c) be held out as shareholders or members of such ULC; (d) receive, directly or indirectly, any dividends, property or other
distributions from such ULC by reason of the Collateral Agent holding the security interests over the ULC Shares of such ULC; or (e) act as a shareholder or member of such ULC, or exercise any rights of a shareholder or member including the
right to attend a meeting of shareholders of such ULC or to vote its ULC Shares. 
 8.2 Waivers. Each Grantor hereby waives notice of the
time and place of any public sale pursuant to Section 5.1 or the time after which any private sale or other disposition of all or any part of the Collateral may be made. To the extent such notice may not be waived under applicable law, any
notice made shall be deemed reasonable if sent to the Grantors, addressed as set forth in Article IX, at least ten days prior to (i) the date of any such public sale or (ii) the time after which any such private sale or other disposition
may be made. To the maximum extent permitted by applicable law, each Grantor waives all claims, damages, and demands against the Collateral Agent or any Secured Party arising out of the repossession, retention or sale of the Collateral pursuant to
Section 5.1, except such as arise solely out of the gross negligence or willful misconduct of the Collateral Agent or such Secured Party as finally determined by a court of competent jurisdiction. To the extent it may lawfully do so, after the
occurrence and during the continuance of an Event of Default, each Grantor absolutely and irrevocably waives and relinquishes the benefit and advantage of, and covenants not to assert against the Collateral Agent or any Secured Party, any valuation,
stay, appraisal, extension, moratorium, redemption or similar laws and any and all rights or defenses it may have as a surety now or hereafter existing which, but for this provision, might be applicable to the sale of any Collateral made under the
judgment, order or decree of any court, or privately under the power of sale conferred by Section 5.1 of this Security Agreement, or otherwise. Except as otherwise specifically provided herein, each Grantor hereby waives presentment, demand,
protest or any notice (to the maximum extent permitted by applicable law) of any kind in connection with this Security Agreement or any Collateral. 
 8.3 Limitation on Collateral Agent’s and Secured Parties’ Duty with Respect to the Collateral. The Collateral Agent shall have no obligation to clean-up or otherwise prepare the
Collateral for sale. The Collateral Agent and each Secured Party shall use reasonable care with respect to the Collateral in its possession or under its control. Neither the Collateral Agent nor any Secured Party shall have any other duty as to any
Collateral in its possession or control or in the possession or control of any agent 

  
 27 

 
or nominee of the Collateral Agent or such Secured Party, or any income thereon or as to the preservation of rights against prior parties or any other rights pertaining thereto. To the extent
that applicable law imposes duties on the Collateral Agent to exercise remedies in a commercially reasonable manner, each Grantor acknowledges and agrees that, upon the occurrence and during the continuance of an Event of Default, it is commercially
reasonable for the Collateral Agent (i) to fail to incur expenses deemed significant by the Collateral Agent to prepare Collateral for disposition or otherwise to transform raw material or work in process into finished goods or other finished
products for disposition, (ii) to fail to obtain third party consents for access to Collateral to be disposed of, or to obtain or, if not required by other law, to fail to obtain governmental or third party consents for the collection or
disposition of Collateral to be collected or disposed of, (iii) to fail to exercise collection remedies against account debtors or other Persons obligated on Collateral or to remove Liens on or any adverse claims against Collateral,
(iv) to exercise collection remedies against account debtors and other Persons obligated on Collateral directly or through the use of collection agencies and other collection specialists, (v) to advertise dispositions of Collateral through
publications or media of general circulation, whether or not the Collateral is of a specialized nature, (vi) to contact other Persons, whether or not in the same business as such Grantor, for expressions of interest in acquiring all or any
portion of such Collateral, (vii) to hire one or more professional auctioneers to assist in the disposition of Collateral, whether or not the Collateral is of a specialized nature, (viii) to dispose of Collateral by utilizing internet
sites that provide for the auction of assets of the types included in the Collateral or that have the reasonable capacity of doing so, or that match buyers and sellers of assets, (ix) to dispose of assets in wholesale rather than retail
markets, (x) to disclaim disposition warranties, such as title, possession or quiet enjoyment, (xi) to purchase insurance or credit enhancements to insure the Collateral Agent against risks of loss, collection or disposition of Collateral
or to provide to the Collateral Agent a guaranteed return from the collection or disposition of Collateral, or (xii) to the extent deemed appropriate by the Collateral Agent, to obtain the services of other brokers, investment bankers,
consultants and other professionals to assist the Collateral Agent in the collection or disposition of any of the Collateral. Each Grantor acknowledges that the purpose of this Section 8.3 is to provide non-exhaustive indications of what
actions or omissions by the Collateral Agent would be commercially reasonable in the Collateral Agent’s exercise of remedies against the Collateral and that other actions or omissions by the Collateral Agent shall not be deemed commercially
unreasonable solely on account of not being indicated in this Section 8.3. Without limitation upon the foregoing, nothing contained in this Section 8.3 shall be construed to grant any rights to any Grantor or to impose any duties on the
Collateral Agent that would not have been granted or imposed by this Security Agreement or by applicable law in the absence of this Section 8.3. 
 8.4 Compromises and Collection of Collateral. The Grantors and the Collateral Agent recognize that set-offs, counterclaims, defenses and other claims may be asserted by obligors with respect to
certain of the Receivables, that certain of the Receivables may be or become uncollectible in whole or in part and that the expense and probability of success in litigating a disputed Receivable may exceed the amount that reasonably may be expected
to be recovered with respect to a Receivable. In view of the foregoing, each Grantor agrees that the Collateral Agent may at any time and from time to time, if an Event of Default has occurred and is continuing, compromise with the obligor on any
Receivable, accept any amount in full payment of any Receivable or abandon any Receivable, and any such action by the Collateral Agent shall be deemed to be commercially reasonable. 
 8.5 Secured Party Performance of Debtor Obligations. Upon the occurrence and during the continuance of an Event of Default, without having any obligation to do so, the Collateral Agent may perform
or pay any obligation which any Grantor has agreed to perform or pay in this Security Agreement and the Grantors shall reimburse the Collateral Agent for any amounts paid by the 

  
 28 

 
Collateral Agent pursuant to this Section 8.5. The Grantors’ obligation to reimburse the Collateral Agent pursuant to the preceding sentence shall be an Obligation payable on demand.

 8.6 Specific Performance of Certain Covenants. Each Grantor acknowledges and agrees that a breach of any of the covenants contained in
Sections 4.1(c), 4.1(d), 4.3, 4.4, 4.5, 4.6, 4.7, 4.8, 4.9, 4.10 or 5.2 or in ARTICLE VII will cause irreparable injury to the Collateral Agent and the Secured Parties, that the Collateral Agent and Secured Parties have no adequate remedy at law in
respect of such breaches and therefore agrees, without limiting the right of the Collateral Agent or the Secured Parties to seek and obtain specific performance of other obligations of the Grantors contained in this Security Agreement, that the
covenants of the Grantors contained in the Sections referred to in this Section 8.6 shall be specifically enforceable against the Grantors. 
 8.7 Dispositions Not Authorized. No Grantor is authorized to sell or otherwise dispose of the Collateral except as set forth in Section 4.1(c) and notwithstanding any course of dealing between
any Grantor and the Collateral Agent or other conduct of the Collateral Agent, no authorization to sell or otherwise dispose of the Collateral (except as set forth in Section 4.1(c)) shall be binding upon the Collateral Agent or the Secured
Parties unless such authorization is in writing signed by the Collateral Agent with the consent or at the direction of the Noteholders pursuant to the Indenture. 
 8.8 No Waiver; Amendments; Cumulative Remedies. No delay or omission of the Collateral Agent or any Secured Party to exercise any right or remedy granted under this Security Agreement shall impair
such right or remedy or be construed to be a waiver of any Default or an acquiescence therein, and any single or partial exercise of any such right or remedy shall not preclude any other or further exercise thereof or the exercise of any other right
or remedy. None of the terms or provisions of this Security Agreement may be waived, amended, supplemented or otherwise modified except in accordance with Section 9.01 of the Indenture. All rights and remedies contained in this Security
Agreement or by law afforded shall be cumulative and all shall be available to the Collateral Agent and the Secured Parties until the Obligations have been paid in full. 
 8.9 Limitation by Law; Severability of Provisions. All rights, remedies and powers provided in this Security Agreement may be exercised only to the extent that the exercise thereof does not violate
any applicable provision of law, and all the provisions of this Security Agreement are intended to be subject to all applicable mandatory provisions of law that may be controlling and to be limited to the extent necessary so that they shall not
render this Security Agreement invalid, unenforceable or not entitled to be recorded or registered, in whole or in part. Any provision of this Security Agreement which 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 not invalidate or render unenforceable
such provision in any other jurisdiction and to this end the provisions of this Security Agreement are declared to be severable. 
 8.10
Reinstatement. This Security Agreement shall remain in full force and effect and continue to be effective should any petition be filed by or against any Grantor for liquidation or reorganization, should any Grantor become insolvent or make an
assignment for the benefit of any creditor or creditors or should a receiver or trustee be appointed for all or any significant part of any Grantor’s assets, and shall continue to be effective or be reinstated, as the case may be, if at any
time payment and performance of the Obligations, or any part thereof, is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the Obligations, whether as a “voidable
preference,” “fraudulent conveyance,” or otherwise, all as though such payment 

  
 29 

 
or performance had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the Obligations shall be reinstated and deemed reduced only by
such amount paid and not so rescinded, reduced, restored or returned. 
 8.11 Benefit of Agreement. The terms and provisions of this
Security Agreement shall be binding upon and inure to the benefit of the Grantors, the Collateral Agent and the Secured Parties and their respective successors and assigns (including all persons who become bound as a debtor to this Security
Agreement), except that no Grantor shall have the right to assign its rights or delegate its obligations under this Security Agreement or any interest herein, without the prior written consent of the Collateral Agent. No sales of participations,
assignments, transfers, or other dispositions of any agreement governing the Obligations or any portion thereof or interest therein shall in any manner impair the Lien granted to the Collateral Agent, for the benefit of the Collateral Agent and the
Secured Parties, hereunder. 
 8.12 Survival of Representations. All representations and warranties of the Grantors contained in this
Security Agreement shall survive the execution and delivery of this Security Agreement. 
 8.13 Taxes; Expenses and Indemnification. Each
Grantor shall pay (i) all reasonable and documented out-of-pocket expenses incurred by the Trustee, the Collateral Agent and their Affiliates (including the reasonable and documented fees, charges and disbursements of counsel for the Trustee
and the Collateral Agent), in connection with the preparation, negotiation, execution, delivery and administration of this Security Agreement, any amendments, modifications or waivers of the provisions hereof (whether or not the transactions
contemplated hereby shall be consummated), and any audit, analysis, administration, collection, preservation or sale of the Collateral and (ii) all reasonable and documented out of pocket expenses incurred by the Collateral Agent, the Trustee
or any other Secured Party (including the reasonable and documented fees, charges and disbursements of one counsel for the Trustee and the Collateral Agent and one counsel for all of the Secured Parties plus in each case one local counsel per
applicable jurisdiction) in connection with the enforcement or protection of its rights in connection with this Security Agreement. Any and all costs and expenses incurred by the Grantors in the performance of actions required pursuant to the terms
hereof shall be borne solely by the Grantors. Each Grantor hereby agrees to indemnify the Collateral Agent and the Secured Parties, and their respective successors, assigns, agents and employees, from and against any and all liabilities, damages,
penalties, suits, costs, and reasonable out-of-pocket expenses of any kind and nature (including, without limitation, all reasonable expenses of litigation or preparation therefor whether or not the Collateral Agent or any Secured Party is a party
thereto) imposed on, incurred by or asserted against the Collateral Agent or the Secured Parties, or their respective successors, assigns, agents and employees, in any way relating to or arising out of this Security Agreement, or the manufacture,
purchase, acceptance, rejection, ownership, delivery, lease, possession, use, operation, condition, sale, return or other disposition of any Collateral (including, without limitation, latent and other defects, whether or not discoverable by the
Collateral Agent or the Secured Parties or any Grantor, and any claim for Intellectual Property infringement) except to the extent the same has resulted from such Person’s gross negligence or willful misconduct as finally determined by a
non-appealable decision of a court of competent jurisdiction. The agreements in this Section 8.13 shall survive repayment of the Obligations and all other amounts payable under the Indenture and the other Note Documents. 

8.14 Headings. The title of and section headings in this Security Agreement are for convenience of reference only, and shall not govern the
interpretation of any of the terms and provisions of this Security Agreement. 

  
 30 

 8.15 Termination. This Security Agreement shall continue in effect (notwithstanding the fact that
from time to time there may be no Obligations outstanding) until terminated pursuant to the Indenture. Prior to such termination, the Collateral Agent shall release Liens on the Collateral as required by the Indenture. 

8.16 Additional Grantors. Such Grantor acknowledges that, pursuant to Section 4.15 of the Indenture, the Issuer is required to cause each
Person which becomes a guarantor under the Indenture by executing and delivering a Supplemental Indenture substantially in the form of Exhibit D to the Indenture to become a party hereto as an additional Grantor (each such Person, an
“Additional Grantor”) by executing and delivering a Joinder Agreement (a “Joinder”) substantially in the form attached hereto as Annex 2, along with supplements to the Exhibits to this Security Agreement
necessary to reflect additional Collateral provided by the Additional Grantor. Upon delivery of any such Joinder to the Trustee and the Collateral Agent, notice of which is hereby waived by the Grantors, each such Additional Grantor shall be deemed
a Grantor hereunder and shall be as fully a party hereto as if such Additional Grantor were an original signatory hereto. Each Grantor expressly agrees that its obligations arising hereunder shall not be discharged, diminished or otherwise affected
(a) by the addition or release of any other Grantor hereunder, (b) by any failure by the Company or any Grantor to cause any Subsidiary of the Company to become an Additional Grantor or a Grantor hereunder or (c) by reason of the
Trustee’s, the Collateral Agent’s or any of the other Secured Party’s actions in effecting, or failure to effect, any such Joinder, or in releasing any Grantor hereunder, in each case, without the necessity of giving notice to or
obtaining the consent of any other Grantor. Concurrently with the delivery of a Joinder as contemplated above, each Additional Grantor shall deliver an Acknowledgment to each of the Interceditor Agreements acknowledging receipt of a copy of same.
This Security Agreement shall be fully effective as to any Grantor that is or becomes a party hereto regardless of whether any other Person becomes or fails to become or ceases to be a Grantor hereunder. 

8.17 Entire Agreement. This Security Agreement, the other Collateral Documents, the Note Documents and the Indenture embody the entire agreement
and understanding between the Grantors and the Collateral Agent relating to the Collateral and supersedes all prior agreements and understandings between the Grantors and the Collateral Agent relating to the Collateral, provided that Grantors
acknowledge that the Collateral Agent’s rights and remedies hereunder may be restricted, as against the other parties thereto, by the terms of the Intercreditor Agreements. 
 8.18 GOVERNING LAW. THIS SECURITY AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS SECURITY AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE
WITH, THE LAWS OF THE PROVINCE OF ONTARIO AND FEDERAL LAWS OF CANADA APPLICABLE THEREIN. 
 8.19 Submission to Jurisdiction; Waivers.
Each Grantor hereby irrevocably and unconditionally: 
  

	 	(i)	submits for itself and its property in any legal action or proceeding relating to this Security Agreement, or for recognition and enforcement of any judgment in respect
thereof, to the non exclusive general jurisdiction of the courts of the Province of Ontario and appellate courts from any thereof; 

  

	 	(ii)	 consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of
any such 

  
 31 

	 	 
action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

 

	 	(iii)	agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar
form of mail), postage prepaid at its address set forth in Section 13.02 of the Indenture or at such other address of which the Collateral Agent or the Trustee shall have been notified pursuant thereto; 

 

	 	(iv)	agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right of the Collateral Agent or
the Secured Parties to sue in any other jurisdiction; and 

  

	 	(v)	waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this Section 8.19
any special, exemplary, punitive or consequential damages. 

 8.20 WAIVER OF JURY TRIAL. THE COLLATERAL AGENT AND
EACH GRANTOR HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS SECURITY AGREEMENT AND FOR ANY COUNTERCLAIM THEREIN. 
 8.21 Counterparts. This Security Agreement may be executed in any number of counterparts, all of which taken together shall constitute one agreement, and any of the parties hereto may execute this
Security Agreement by signing any such counterpart. 
 8.22 Language. The parties confirm that it is their wish that this Security
Agreement, as well as any other documents relating to this Security Agreement, including notices, schedules and authorizations, have been and shall be drawn up in the English language only. Les signataires confirment leur volonté que la
présente convention, de même que tous les documents s’y rattachant, y compris tout avis, annexe et autorisation, soient rédigés en anglais seulement. 

ARTICLE IX 

NOTICES 
 9.1 Sending
Notices. All notices, requests and demands to or upon the Trustee, the Collateral Agent or any Grantor hereunder shall be effected in the manner provided for in Section 13.02 of the Indenture; provided that any such notice, request
or demand to or upon any Grantor shall be addressed to such Grantor at its notice address set forth on Exhibit A. 
 9.2 Change in
Address for Notices. Each of the Grantors, the Collateral Agent and the other Secured Parties may change the address for service of notice upon it by a notice in writing to the other parties. 

ARTICLE X 

THE COLLATERAL AGENT AND THE TRUSTEE 
 BNY Trust Company of Canada has been appointed Collateral Agent for the Secured Parties hereunder pursuant to Article VII and Section 10.01 of the Indenture. It is expressly understood and agreed by
the parties to this Security Agreement that any authority conferred upon the Collateral Agent 

  
 32 

 
hereunder is subject to the terms of the delegation of authority made by the Noteholders to the Collateral Agent pursuant to the Indenture, and that the Collateral Agent has agreed to act (and
any successor Collateral Agent shall act) as such hereunder only on the express conditions contained in such Article VII and Section 10.01. Any successor Collateral Agent appointed pursuant to Article VII of the Indenture shall be entitled to
all the rights, interests and benefits of the Collateral Agent hereunder, as applicable. 
 ARTICLE XI 

THE INTERCREDITOR AGREEMENT 
 Notwithstanding anything herein to the contrary, the liens and security interests granted to the Collateral Agent for the ratable benefit of the Secured Parties pursuant to this Security Agreement or any
other Note Document and the exercise of any right or remedy by the Collateral Agent or any Secured Party hereunder are subject to the provisions of the Intercreditor Agreements. In the event of any conflict between the terms of the Intercreditor
Agreements and this Security Agreement with respect to any right or remedy of the Secured Parties relating to the Collateral, the terms of the Intercreditor Agreements shall govern and control. 

Without limiting the generality of the foregoing, and notwithstanding anything herein to the contrary, all rights and remedies of the
Collateral Agent (and the Secured Parties) shall be subject to the terms of the Intercreditor Agreements, and until the Discharge of the ABL Obligations (as defined in the ABL Intercreditor Agreement) and/or the Discharge of Term Loan Obligations
(as defined in the Notes Intercreditor Agreement), (i) no Grantor shall be required hereunder to take any action with respect to Collateral that is inconsistent with such Grantor’s obligations under the Term Loan Documents, and no Grantor
shall be required hereunder to take any action with respect to ABL Priority Collateral that is inconsistent with such Grantor’s obligations under the ABL Documents, as applicable and (ii) any obligation of any Grantor hereunder with
respect to the delivery or control of any ABL Priority Collateral, the notation of any lien on any certificate of title, bill of lading or other document, the giving of any notice to any bailee or other Person, the provision of voting rights or the
obtaining of any consent of any Person, in each case, with respect to ABL Priority Collateral, shall be deemed to be satisfied if the Grantor complies with the requirements of the similar provision of the ABL Credit Agreement, and any obligation of
any Grantor hereunder with respect to the delivery or control of any Collateral, the notation of any lien on any certificate of title, bill of lading or other document, the giving of any notice to any bailee or other Person, the provision of voting
rights or the obtaining of any consent of any Person, in each case, with respect to Collateral, shall be deemed to be satisfied if the Grantor complies with the requirements of the similar provision of the Term Loan Credit Agreement, as applicable.
Until the Discharge of ABL Obligations, the Collateral Agent may not require any Grantor to take any action with respect to the creation, perfection or priority of its security interest in any ABL Priority Collateral, whether pursuant to the express
terms hereof or pursuant to the further assurances provisions hereof, unless the ABL Collateral Agent shall have required such Grantor to take similar action in accordance with the terms of the ABL Intercreditor Agreement, and delivery of any ABL
Priority Collateral to the ABL Collateral Agent pursuant to the ABL Documents and the ABL Intercreditor Agreement shall satisfy any delivery requirement hereunder. Until the Discharge of Term Loan Obligations, the Collateral Agent may not require
any Grantor to take any action with respect to the creation, perfection or priority of its security interest in any Collateral, whether pursuant to the express terms hereof or pursuant to the further assurances provisions hereof, unless the Term
Loan Collateral Agent shall have required such Grantor to take similar action in accordance with the terms of the Notes Intercreditor Agreement, and delivery of any Collateral to the Term Loan Collateral Agent pursuant to the Term Loan Documents and
the Notes Intercreditor Agreement shall satisfy any delivery 

  
 33 

 
requirement hereunder. The Collateral Agent agrees that no amendment to any Intercreditor Agreement that directly affects the rights, interests, liabilities or privileges of any Grantor hereunder
shall be effective, solely as against such Grantor, unless consented to in writing by the Issuer. 
 [Signature Page Follows]

  
 34 

 IN WITNESS WHEREOF, the Grantors, the Collateral Agent and Trustee have executed this
Security Agreement as of the date first above written. 
  

					
	GRANTORS:
	
	POSTMEDIA NETWORK INC.
		
	By:	 	/s/ Douglas Lamb
		 	Name:	 	Douglas Lamb
		 	Title:	 	Executive Vice President and Chief Financial Officer
	
	POSTMEDIA NETWORK CANADA CORP.
		
	By:	 	/s/ Douglas Lamb
		 	Name:	 	Douglas Lamb
		 	Title:	 	Executive Vice President and Chief Financial Officer
	
	COLLATERAL AGENT; TRUSTEE:
	
	BNY TRUST COMPANY OF CANADA., as Collateral Agent
		
	By:	 	/s/ Pamela Lively
		 	Name:	 	Pamela Lively
		 	Title:	 	Authorized Signatory
	
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	/s/ Erika Walker
		 	Name:	 	Erika Walker
		 	Title:	 	Vice President

  
 35 

 Schedule 1 
 ACKNOWLEDGEMENT AND CONSENT 
 The undersigned hereby acknowledges receipt of a
copy of the Pledge and Security Agreement dated as of July 13, 2010 (the “Agreement”), made by the Grantors parties thereto for the benefit of BNY Trust Company of Canada, as Collateral Agent. The undersigned agrees for the
benefit of the Collateral Agent and the Secured Parties as follows: 
 1. The undersigned will be bound by the
terms of the Agreement and will comply with such terms insofar as such terms are applicable to the undersigned. 

2. The undersigned will notify the Collateral Agent promptly in writing of the occurrence of any of the events described
in Section 4.5(c)(iii) or 4.5(c)(iv) of the Agreement. 
 3. The terms of Sections 4.4(b), 4.5(c)(v),
5.1(f), 5.2(c), 5.2(d) and 5.4 of the Agreement shall apply to it, mutatis mutandis, with respect to all actions that may be required of it pursuant to Section 4.4(b), 4.5(c)(v), 5.1(f), 5.2(c), 5.2(d) or 5.4 of the Agreement and
the undersigned agrees to comply with such Sections as though it were a party thereto. 
  

					
	[NAME OF ISSUER]
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

  

			
	
	Address for Notices:
	
	 
	
	 
	
	 
	
	Fax:

 EXHIBIT A 
 NOTICE ADDRESS FOR ALL GRANTORS 
 INFORMATION AND COLLATERAL LOCATIONS OF EACH GRANTOR:

  

									
	 Grantor
	  	Type	  	Identification Number	  	Jurisdiction of
Organization	  	Location of Chief
Executive Office,
Registered Office

Locations of Collateral: 

(a) Properties Owned by the Grantor: 
 (b) Properties Leased by the Grantor (Include Landlord’s Name): 
 (c)
Public Warehouses or other Locations pursuant to Bailment or Consignment Arrangements (include name of Warehouse Operator or other Bailee or Consignee): 

 EXHIBIT B 
 ACCOUNTS 

 EXHIBIT C 
 COPYRIGHTS AND EXCLUSIVE COPYRIGHT LICENSES 
 PATENTS AND EXCLUSIVE PATENT LICENSES

  

													
	 Country
	  	Patent or
Application	  	Status	  	Issue
Date	  	Expiry
Date	  	Owner	  	Title

 TRADEMARKS AND EXCLUSIVE TRADEMARK LICENSES 
  

											
	 Country
	  	Trademark	  	Application	  	Status	  	Owner	  	Description

 Licensed Trade Names: 
 Licensed Trademarks/Service Marks: 
  

									
	 Country
	  	Trade-Mark	  	Application	  	Status	  	Applicant/Registrant

  
 2 

 EXHIBIT D 
 LIST OF PLEDGED COLLATERAL, SECURITIES AND OTHER INVESTMENT PROPERTY 
 PLEDGED
STOCKS 
 1) POSTMEDIA NETWORK INC. 
  

									
	 Issuer
	  	Class of Stock	  	Stock Certificate No.	  	No. of Shares	  	% Ownership
of Pledgor in
Issuer

 

									
	 Issuer
	  	Class of Stock	  	Stock Certificate No.	  	No. of Shares	  	% Ownership
of Pledgor in
Issuer

 

									
	 Issuer
	  	Class of Stock	  	Stock Certificate No.	  	No. of Shares	  	% Ownership
of Pledgor in
Issuer

 2) 
  

									
	 Issuer
	  	Class of Stock	  	Stock Certificate No.	  	No. of Shares	  	% Ownership
of Pledgor in
Issuer

									
	 Issuer
	  	Class of Stock	  	Stock Certificate No.	  	No. of Shares	  	% Ownership
of Pledgor in
Issuer

 

									
	 Issuer
	  	Class of Stock	  	Stock Certificate No.	  	No. of Shares	  	% Ownership
of Pledgor in
Issuer

 

									
	 Issuer
	  	Class of Stock	  	Stock Certificate No.	  	No. of Shares	  	% Ownership
of Pledgor in
Issuer

 3) 
  

									
	 Issuer
	  	Class of Stock	  	Stock Certificate No.	  	No. of Shares	  	% Ownership
of Pledgor in
Issuer

 4) 
  

									
	 Issuer
	  	Class of Stock	  	Stock Certificate No.	  	No. of Shares	  	% Ownership
of Pledgor in
Issuer

  
 2 

 5) 
  

									
	 Issuer
	  	Class of Stock	  	Stock Certificate No.	  	No. of Shares	  	% Ownership
of Pledgor in
Issuer

BONDS 

GOVERNMENT SECURITIES 
 OTHER SECURITIES OR OTHER INVESTMENT PROPERTY 
 (CERTIFICATED AND UNCERTIFICATED
INCLUDING PROMISSORY NOTES) 

  
 3 

 EXHIBIT E 
 AMENDMENT 
 This Amendment, dated
                    ,          is delivered pursuant to Section 4.3 of the Security
Agreement referred to below. All defined terms herein shall have the meanings ascribed thereto or incorporated by reference in the Security Agreement. The undersigned hereby certifies that the representations and warranties in ARTICLE III of the
Security Agreement are and continue to be true and correct. The undersigned further agrees that this Amendment may be attached to that certain Pledge and Security Agreement, dated
                    ,         , between the undersigned, as the Grantors, and BNY Trust Company
of Canada, as the Collateral Agent, (the “Security Agreement”) and that the Collateral listed on Schedule I to this Amendment shall be and become a part of the Collateral referred to in said Security Agreement and shall
secure all Obligations referred to in said Security Agreement. 
  

			
	 
		
	By:	 	
	Name:	 	 
	Title:	 	 

 SCHEDULE I TO AMENDMENT 

STOCKS 
  

											
	 Name of
Grantor
	  	Issuer	  	Certificate
Number(s)	  	Number of
Shares	  	Class of Stock	  	Percentage of
Outstanding
Shares

BONDS 
  

											
	 Name of
Grantor
	  	Issuer	  	Number	  	Face Amount	  	Coupon Rate	  	Maturity

 GOVERNMENT SECURITIES 
  

													
	 Name of
Grantor
	  	Issuer	  	Number	  	Type	  	Face
Amount	  	Coupon
Rate	  	Maturity

 OTHER SECURITIES OR OTHER INVESTMENT PROPERTY 
 (CERTIFICATED AND UNCERTIFICATED)

  

							
	 Name of
Grantor
	  	Issuer	  	Description of
Collateral	  	Percentage Ownership
Interest

 [Add description of custody accounts or arrangements with securities intermediary, if applicable] 

 Annex 1 

GRANT OF 

SECURITY INTEREST IN [TRADEMARKS/PATENTS/COPYRIGHTS] RIGHTS 

This GRANT OF SECURITY INTEREST IN [TRADEMARKS/ PATENTS/ COPYRIGHTS] RIGHTS (“Agreement”), effective as of
[    ], 2010 is made by (i) [Grantor], a [province] [form of entity], located at [address] (each, a “Grantor” and collectively, the “Grantors”), in favour of BNY Trust Company of
Canada, located at [    ], Attention: [    ], as Collateral Agent (the “Agent”) for the Secured Parties referred to in the Pledge and Security Agreement, dated as of July 13, 2010 (as
amended, supplemented,1 restated, refinanced, replaced or
otherwise modified in whole or in part, the “Security Agreement”), among Postmedia Network Inc., a Canada corporation (the “Issuer”), Postmedia Network Canada Corp., a Canada corporation
(“Holdings”), each of the direct and indirect Subsidiaries signatory thereto and the Agent. 
 W I T N E S S E T
H: 
 WHEREAS, the Postmedia Network Inc. (the “Issuer”) and The Bank of New York Mellon, as trustee (in such
capacity, the “Trustee”), and the Agent have entered into an Indenture, dated as of July 13, 2010 (as amended, supplemented, restated, refinanced, replaced or otherwise modified in whole or in part from time to time, the
“Indenture”), providing for the issuance of the 12.50% Senior Secured Notes due 2018 (the “Notes”) of the Issuer, all as contemplated therein (with the holders from time to time of Notes being referred to herein as
the “Noteholders”); 
 WHEREAS, pursuant to the Security Agreement, the Grantor granted, pledged, mortgaged,
charged, assigned and transferred to the Agent, on behalf of and for the ratable benefit of the Secured Parties a first priority, continuing, specific and fixed security interest in all of its Intellectual Property, including the
[Trademarks/Patents/Copyrights] of such Grantor; and 
 WHEREAS, the Grantor has duly authorized the execution, delivery and
performance of this Security Agreement; 
 NOW THEREFORE, for other good and valuable consideration, the receipt of which is
hereby acknowledged, the Grantor agrees, for the benefit of the Secured Parties, as follows: 
 SECTION 1. Definitions.
Unless otherwise defined herein or the context otherwise requires, terms used in this Agreement, including its preamble and recitals have the meanings provided or provided by reference in the Security Agreement. 

SECTION 2. Grant of Security Interest. The Grantor hereby grants, pledges, mortgages, charges, assigns and transfers to the Agent,
for the ratable benefit of the Secured Parties, a security interest in all of the Grantor’s right, title and interest in the [Trademarks/Patents/Copyrights] of such Grantor (including, without limitation, those items 

 
  

	1	 Note that the actual short forms will include the relevant definition for Trademarks/Patents/ Copyrights for notice purposes.

 
listed on Schedule A hereto) (collectively, the “[Trademark/Patent/Copyright] Collateral”); provided, however, that notwithstanding any of the other provisions set forth
in this Section 2, this Agreement shall not constitute a grant of a security interest in any property to the extent that such grant of a security interest is prohibited by any requirements of law of a Governmental Authority, requires a consent
not obtained of any Governmental Authority pursuant to such requirement of law or is prohibited by, or constitutes a breach or default under or results in the termination of or requires any consent not obtained under, any contract, license,
agreement, instrument or other document evidencing or giving rise to such property, except to the extent that such requirement of law or the term in such contract, license, agreement, instrument or other document providing for such prohibition,
breach, default or termination or requiring such consent is ineffective under applicable law; provided, further, that notwithstanding anything herein to the contrary, in no event shall the [Trademark/Patent/Copyright] Collateral
include or the security interest granted under this Section 2 attach to (i) any rights or property acquired under or in connection with a lease, license, contract, property right or agreement (or any of its rights or interests thereunder)
solely if and to the extent that the grant of the security interest shall, after giving effect to the PPSA or any other applicable law, constitute or result in (A) the abandonment, invalidation or unenforceability of any right, title or
interest of such Grantor therein or (B) a breach or termination pursuant to the terms of, or a default under, any such lease, license, contract, property right or agreement, provided that, immediately upon the ineffectiveness, lapse or
termination of any such provision, the [Trademark/Patent/Copyright] Collateral shall include, and the Grantor shall be deemed to have granted a security interest in, all such rights and interests as if such provision had never been in effect;
provided further that the proceeds therefrom shall not be excluded from the definition of [Trademark/Patent/Copyright] Collateral to the extent that the assignment of such proceeds is not prohibited, and (ii) any applications for Trademarks
filed in the United States Patent and Trademark Office on the basis of any Grantor’s intent to use such mark and for which a form evidencing use of the mark has not yet been filed with the United States Patent and Trademark Office, to the
extent that granting a security interest in such Trademark application prior to such filing would adversely affect the enforceability or validity of such Trademark application. 

SECTION 3. Purpose. This Agreement has been executed and delivered by each Grantor for the purpose of recording the grant of
security interest herein with the United States [Patent and Trademark] [Copyright] Office and the Canadian Intellectual Property Office. The security interest granted hereby has been granted to the Agent for the benefit of the Secured Parties in
connection with the Security Agreement and is expressly subject to the terms and conditions thereof. The Security Agreement (and all rights and remedies of the Secured Parties thereunder) shall remain in full force and effect in accordance with its
terms. 
 SECTION 4. Acknowledgment. The Grantor does hereby further acknowledge and affirm that the rights and remedies
of the Secured Parties with respect to the security interest in the Collateral granted hereby are more fully set forth in the Indenture and the Security Agreement, the terms and provisions of which (including the remedies provided for therein) are
incorporated by reference herein as if fully set forth herein, and that the rights and remedies of the Collateral Agent in respect of the Collateral may be restricted, as against the parties thereto, by the terms of the Intercreditor Agreements. In
the event of any conflict between the terms of this Agreement and the terms of the Security Agreement, the terms of the Security Agreement shall govern. 

  
 2 

 SECTION 5. Governing Law. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE PROVINCE OF ONTARIO AND THE FEDERAL LAWS OF CANADA APPLICABLE THEREIN. 

SECTION 6. Counterparts. This Agreement may be executed in any number of counterparts, all of which taken together shall
constitute one agreement, and any of the parties hereto may execute this Agreement by signing any such counterpart. 
 SECTION
7. The Intercreditor Agreement. Notwithstanding anything herein to the contrary, the liens and security interests granted to the Collateral Agent for the ratable benefit of the Secured Parties pursuant to this Security Agreement or any other
Note Document and the exercise of any right or remedy by the Collateral Agent or any Secured Party hereunder are subject to the provisions of the Intercreditor Agreements. In the event of any conflict between the terms of the Intercreditor
Agreements and this Security Agreement with respect to any right or remedy of the Secured Parties relating to the Collateral, the terms of the Intercreditor Agreements shall govern and control. 

Without limiting the generality of the foregoing, and notwithstanding anything herein to the contrary, all rights and remedies of the
Collateral Agent (and the Secured Parties) shall be subject to the terms of the Intercreditor Agreements, and until the Discharge of the ABL Obligations (as defined in the ABL Intercreditor Agreement) and/or the Discharge of Term Loan Obligations
(as defined in the Notes Intercreditor Agreement), (i) no Grantor shall be required hereunder to take any action with respect to Collateral that is inconsistent with such Grantor’s obligations under the ABL Documents and/or Term Loan
Documents as applicable and (ii) any obligation of any Grantor hereunder with respect to the delivery or control of any Collateral, the notation of any lien on any certificate of title, bill of lading or other document, the giving of any notice
to any bailee or other Person, the provision of voting rights or the obtaining of any consent of any Person, in each case, with respect to Collateral, shall be deemed to be satisfied if the Grantor complies with the requirements of the similar
provision of the ABL Credit Agreement and/or the Term Loan Credit Agreement, as applicable. Until the Discharge of ABL Obligations and/or the Discharge of Term Loan Obligations, the Collateral Agent may not require any Grantor to take any action
with respect to the creation, perfection or priority of its security interest in any Collateral, whether pursuant to the express terms hereof or pursuant to the further assurances provisions hereof, unless the Collateral Agent shall have required
such Grantor to take similar action pursuant to the terms of the ABL Intercreditor Agreement and/or the Notes Intercreditor Agreement, as applicable, and delivery of any Collateral to the ABL Collateral Agent pursuant to the ABL Documents and the
ABL Intercreditor Agreement and/or the Term Loan Collateral Agent pursuant to the Term Loan Documents and the Term Loan Intercreditor Agreement, as applicable shall satisfy any delivery requirement hereunder. The Collateral Agent agrees that no
amendment to any Intercreditor Agreement that directly affects the rights, interests, liabilities or privileges of any Grantor hereunder shall be effective, solely as against such Grantor, unless consented to in writing by the Issuer. 

  
 3 

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

			
	[GRANTOR]
		
	 By:
	 	 
	Name:	 	
	Title:	 	
	Date:	 	

  

			
	BNY TRUST COMPANY OF CANADA, as Collateral Agent
		
	 By:
	 	 
	Name:	 	
	Title:	 	
	Date:	 	

  
 4 

 Schedule I 
 Canadian [Patent/Trademark/Copyright] Registrations and Applications 
 Patents 

 

			
	 Patent
	  	 Patent or Application Number

Trademarks 
  

			
	 Trademark
	  	 Registration or Serial Number

Copyrights 
  

			
	 Copyright
	  	 Registration Number

[Patent/Trademark/Copyright] Licenses 

 Annex 2 
 FORM OF JOINDER AGREEMENT 
 JOINDER AGREEMENT, dated as of
                    , 200  , made by
                                        
(the “Additional Grantor”), in favor of BNY Trust Company of Canada, as collateral agent (in such capacity, the “Collateral Agent”) for the Secured Parties referred to below. All capitalized terms not defined herein
shall have the meaning ascribed to them in the Pledge and Security Agreement (as hereinafter defined). 
 W I
T N E S S E T H : 
 WHEREAS, Postmedia Network Inc. (the
“Issuer”) and The Bank of New York Mellon, as trustee (in such capacity, the “Trustee”), and the Agent have entered into an Indenture, dated as of July 13, 2010 (as amended, supplemented, restated, refinanced,
replaced or otherwise modified in whole or in part from time to time, the “Indenture”), providing for the issuance of the 12.50% Senior Secured Notes due 2018 (the “Notes”) of the Issuer (with the holders from time
to time of Notes being referred to herein as the “Noteholders”); 
 WHEREAS, in connection with the Indenture,
Holdings, the Issuer and certain of its Affiliates (other than the Additional Grantor) have entered into the Pledge and Security Agreement Agreement, dated as of July 13, 2010 (as amended, supplemented or otherwise modified from time to time,
the “Pledge and Security Agreement”) in favor of the Collateral Agent for the ratable benefit of the Secured Parties; 
 WHEREAS, the Indenture requires the Additional Grantor to become a party to the Pledge and Security Agreement; and 
 WHEREAS, the Additional Grantor has agreed to execute and deliver this Joinder Agreement in order to become a party to the Pledge and Security Agreement; 

NOW, THEREFORE, IT IS AGREED: 
 1. Pledge and Security Agreement. By executing and delivering this Joinder Agreement, the Additional Grantor, as provided in Section 4.15 of the Indenture, hereby becomes a party to the Pledge
and Security Agreement as a Grantor thereunder with the same force and effect as if originally named therein as a Grantor and, without limiting the generality of the foregoing, hereby expressly assumes all obligations and liabilities of a Grantor
thereunder. The information set forth in Annex 2-A hereto is hereby added to the information set forth in the Exhibits to the Pledge and Security Agreement. The Additional Grantor hereby represents and warrants that each of the representations and
warranties contained in Section 4 of the Pledge and Security Agreement is true and correct in respect of itself on and as the date hereof (after giving effect to this Joinder Agreement) as if made on and as of such date. 

2. Grant of Security. In furtherance of the foregoing, the Additional Grantor hereby pledges, mortgages, charges and (except in
the case of the ULC Shares) assigns and transfers to the Collateral Agent, on behalf of and for the ratable benefit of the Secured Parties, as collateral security for the prompt and complete payment and performance when due (whether

 
at the stated maturity, by acceleration or otherwise) of the Additional Grantor’s Obligations, and hereby grants to the Collateral Agent, on behalf of and for the ratable benefit of the
Secured Parties, a security interest in, all of the Collateral of the Additional Grantor; provided that notwithstanding anything to the contrary in this Joinder Agreement or the Pledge and Security Agreement, no Excluded Property shall constitute
Collateral hereunder or under any other Note Document. For greater certainty, no rights in any Trademark is presently assigned to the Collateral Agent by the sole virtue of the grant of the security interest contained herein. The terms and
provisions of the Pledge and Security Agreement are incorporated by reference in this Supplement. 
 3. Governing Law.
THIS JOINDER AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE PROVINCE OF ONTARIO AND THE FEDERAL LAWS OF CANADA APPLICABLE THEREIN. 

4. Counterparts. This Joinder Agreement may be executed in any number of counterparts, all of which taken together shall
constitute one agreement, and any of the parties hereto may execute this Joinder Agreement by signing any such counterpart. 

IN WITNESS WHEREOF, the undersigned has caused this Joinder Agreement to be duly executed and delivered as of the date first above
written. 
  

					
	[ADDITIONAL GRANTOR]
		
	 By:
	 	 
		 	Name:	 	
		 	Title:	 	

  
 2 

 Annex 2-A to 
 Joinder Agreement 
 Supplement to Exhibit A 

Supplement to Exhibit B 
 Supplement to Exhibit C 
 Supplement to Exhibit D 

Supplement to Exhibit E

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