Document:

Exhibit 4.2

 

NINTH
AMENDING AGREEMENT to the Credit Agreement dated as of November 28, 2000, as amended
by a First Amending Agreement dated January 5, 2001, a Second Amending
Agreement dated as of June 29, 2001, a Third Amending Agreement dated as
of December 21, 2001, a Fourth Amending Agreement dated as of December 23,
2002, a Fifth Amending Agreement dated as of March 24, 2003, a Sixth
Amending Agreement dated as of October 8, 2003, a Seventh Amending
Agreement dated as of November 19, 2004, and an Eighth Amending Agreement
dated as of March 6, 2008, entered into in the City of Montreal, Province
of Quebec, as of April 7, 2008,

 

	
  AMONG:

  	
  VIDÉOTRON LTÉE, a company constituted in
  accordance with the laws of Quebec, having its registered office at 300 Viger
  Street East, 6th floor, in the City of Montreal,
  Province of Quebec (hereinafter called the “Borrower”)

  
	
   

  	
   

  
	
   

  	
  PARTY OF THE FIRST PART

  
	
   

  	
   

  
	
  AND:

  	
  THE LENDERS, AS DEFINED IN THE CREDIT AGREEMENT (the “Lenders”)

  
	
   

  	
   

  
	
   

  	
  PARTIES OF THE SECOND PART

  
	
   

  	
   

  
	
  AND:

  	
  ROYAL BANK OF CANADA, AS ADMINISTRATIVE AGENT
  FOR THE LENDERS, a Canadian bank, having a place of business at 200 Bay Street, 12th
  floor, South Tower, Royal Bank Plaza, in the City of Toronto, Province of
  Ontario (hereinafter called the “Agent”)

  
	
   

  	
   

  
	
   

  	
  PARTY OF THE THIRD PART

  

 

WHEREAS the parties hereto are parties to a
Credit Agreement dated as of November 28, 2000, as amended by a First
Amending Agreement dated January 5, 2001, a Second Amending Agreement
dated as of June 29, 2001, a Third Amending Agreement dated as of December 21,
2001, a Fourth Amending Agreement dated as of December 23, 2002, a Fifth
Amending Agreement dated as of March 24, 2003, a Sixth Amending Agreement
dated as of October 8, 2003, a Seventh Amending Agreement dated as of November 19,
2004 and an Eighth Amending Agreement dated as of March 6, 2008 (as so
amended and amended and restated, the “Credit Agreement”);

 

WHEREAS the Borrower has requested certain
amendments to the Credit Agreement to extend the Term, increase the aggregate
Commitments of the Lenders and provide for the possibility of future increases;
and

 

 

WHEREAS the Lenders have unanimously agreed
with the Borrower to the amendments contemplated hereby, and as such, the
Lenders have complied with the provisions of Section 18.14 and 18.15 of
the Credit Agreement, as evidenced by the signature of each Lender and of the
Agent on this Agreement;

 

 

NOW THEREFORE, THE PARTIES HERETO AGREE AS
FOLLOWS:

 

I.                                         INTERPRETATION

 

All of the words and expressions which are capitalized
herein shall have the meanings ascribed to them in the Credit Agreement unless
otherwise indicated herein.

 

II.                                     AMENDMENTS

 

1.               Subsection
1.1.2 of the Credit Agreement is amended to clarify certain elements relating
to the term of, and conditions applicable to, any Additional Offering.  The subsection is accordingly deleted and
replaced by the following:

 

“1.1.2                  “Additional Offering”
means an Offering of unsecured Debt incurred or issued by the Borrower having a
maturity date (meaning the date on which repayment can be required by the
lender, not the date of any initial maturity leading to an automatic conversion
or replacement) expiring after the expiry of the Term, the terms and conditions
of which Offering (including any automatic conversion or replacement as
aforesaid and excluding, for greater certainty, (a) pricing, and (b) the right
to require a replacement via an unsecured term loan or an offering of unsecured
high yield Debt in an amount equal to the Additional Offering being replaced (“AO Replacement Debt”)) are no more favourable to the Persons
providing such Debt, in all material respects, than the provisions hereof; for
greater certainty, for the purposes of paragraph (j) of Section 13.8, any such
AO Replacement Debt will not be considered a new incurrence of Debt;”.

 

2.               A
new subsection 1.1.73 is hereby added to the Credit Agreement as follows.  All other subsections are renumbered
accordingly:

 

“1.1.73            “Joinder Agreement”
means an agreement substantially in the form of Schedule “O”;”.

 

3.               A
new subsection 1.1.91 is hereby added to the Credit Agreement as follows.  All other subsections are renumbered
accordingly:

 

“1.1.91            “Ninth Amendment Closing
Date” means April 7, 2008;”.

 

2

 

4.               Subsection
1.1.121 of the Credit Agreement (definition of “Term”)
is amended by deleting the date “November 18, 2009”, and replacing it with
“April 6, 2012”.  Consequently,
subsection 1.1.121 now provides as follows:

 

“1.1.121      “Term” means the
period commencing on the Closing Date and terminating, with respect to the
Revolving Facility, on April 6, 2012;”.

 

5.               Section
2.1 of the Credit Agreement is amended by replacing the number “$450,000,000”
with the number “$575,000,000”. 
Consequently, Section 2.1 now provides as follows:

 

“2.1                           Credit Facility

 

Subject to the provisions hereof, and in particular,
to the provisions of Article 3, each Lender agrees to make available to the
Borrower, individually and not jointly and severally or solidarily, its
Commitment in the Credit, which Credit consists of the Revolving Facility in a
maximum amount equal to $575,000,000 minus the maximum amount that can be
borrowed under the Cash Management Facilities, which form part of the Revolving
Facility.”.

 

6.               A
new Section 2.3 is added as follows:

 

“2.3                           Increase in Revolving Facility

 

2.3.1                        The
Borrower may, on one or more occasions during the portion of the Term of the
Revolving Facility commencing on the Ninth Amendment Closing Date and
terminating April 6, 2009, by written notice to the Agent (an “Increase Notice”), elect to request an increase to the
existing Commitments (any such increase, the “New Lender
Commitments”), by adding one or more Lenders (each, a “New Lender”) or having an existing Lender increase its
Commitment (an “Increased Commitment”) in
accordance with the provisions of this Section.

 

2.3.2                        The
aggregate amount of any such New Lender Commitments and Increased Commitments
shall not exceed $75,000,000 and shall not be less than $25,000,000 per New
Lender (or such lesser amount as may be approved by the Agent).  Such Increase Notice shall specify (a) the
date (the “Increased Amount Date”) on which
the Borrower proposes that the New Lender Commitments and/or Increased
Commitments shall be effective, which shall be a date not less than 10 Business
Days after the date on which such notice is delivered to the Agent, (b) the
amount of the increase in the Revolving Facility, (c) the identity of each New
Lender, and/or of each existing Lender that is prepared to provide an Increased
Commitment, and 

 

3

 

(d) the proposed allocation of such New Lender
Commitments to each New Lender and/or the amount of each Increased
Commitment.  Such New Lender Commitments
and/or Increased Commitments shall become effective as of the Increased Amount
Date; provided that (1) no Default or Event of Default shall exist on the
Increased Amount Date before or after giving effect to such New Lender
Commitments and/or Increased Commitments; (2) the Borrower shall be in compliance
with each of the covenants set forth in Section 12.11 as of the last day of the
most recently ended fiscal quarter after taking into account such New Lender
Commitments and/or Increased Commitments, on a pro forma
basis; (3) the New Lender Commitments shall be effected pursuant to one or more
Joinder Agreements executed and delivered by the Borrower, each New Lender and
the Agent, and each of which shall be recorded in the register maintained by
the Agent in respect of Assignments; (4) Increased Commitments shall be
effected in accordance with the last sentence of subsection 2.3.6; and (5) the
Borrower shall deliver or cause to be delivered any legal opinions or other
documents reasonably requested by the Agent in connection with any such
transaction.

 

2.3.3                        On the
Increased Amount Date, subject to the satisfaction of the foregoing terms and
conditions, (a) each of the Revolving Facility Lenders shall assign to each of
the New Lenders or applicable existing Lenders, who shall purchase same, at the
principal amount thereof (together with accrued interest), such interests in
the Loan outstanding on the Increased Amount Date as shall be necessary in
order that, after giving effect to all such assignments and purchases, such
Loan under the Revolving Facility will be held by existing Revolving Facility
Lenders and New Lenders ratably in accordance with their Commitments after
giving effect to the addition of such New Lender Commitments and/or Increased
Commitments to the Commitments, (b) each New Lender Commitment shall be deemed
for all purposes a Commitment and each Advance made thereunder (a “New Advance”) shall be deemed, for all purposes, an Advance
under the Revolving Facility and (c) each New Lender shall become a Lender with
respect to the New Lender Commitment and all matters relating thereto.

 

2.3.4                        The Agent
shall notify the Lenders, promptly upon receipt, of the Borrower’s Increase
Notice, including the Increased Amount Date, any Increased Commitments, and the
New Lender Commitments and New Lenders in respect thereof, as well as the
effect of same as contemplated by the preceding paragraph.

 

2.3.5                        The terms
and provisions of the New Advances shall be identical to the Advances under the
Revolving Facility.  Each Joinder
Agreement may, 

 

4

 

without the consent of any other Revolving Facility
Lenders, effect such amendments to this Agreement and the Security Documents as
may be necessary or appropriate, in the opinion of the Agent, to give effect to
the provisions of this Section 2.3.

 

2.3.6                        If on April 6,
2009, the Credit is less than $650,0000,000, from that date until the expiry of
the Term, the Borrower may, on one additional occasion, again send an Increase
Notice to the Agent.  The Agent shall
provide a copy of the Increase Notice to the Lenders, and the Lenders shall,
within 10 Business Days following receipt thereof, advise the Agent of their
decision whether or not to provide any Increased Commitments.  Any Lender approached to provide all or a
portion of the Increased Commitments may elect or decline, in its sole
discretion, to provide an Increased Commitment. 
If any Lender does not respond to the Increase Notice, it will be deemed
to have elected not to provide an Increased Commitment.  Schedule “A” will be amended by the Agent to
reflect any Increased Commitments made by Lenders, without requiring the
signature of each Lender.

 

2.3.7                        If, after
the Borrower has availed itself of the procedures set out in subsection 2.3.6,
the Credit remains less than $650,000,000, the Borrower may again, on one
occasion, attempt to obtain New Lender Commitments for the remaining balance
subject to complying with the provisions of subsections 2.3.1 to 2.3.5.”.

 

7.               Section
10.2 of the Credit Agreement is deleted and replaced by the following, to take
into account the conditions precedent contemplated by this Ninth Amending
Agreement:

 

“10.2                     Initial
Advance under the Revolving Facility After the Ninth Amendment Closing Date

 

The obligation of the Lenders to make the initial Advance
under the Revolving Facility after the Ninth Amendment Closing Date is
conditional upon the fulfilment of each of the conditions set out in this
Section 10.2 and in Section 10.3 to the entire satisfaction of the Agent and
the Lenders:

 

10.2.1                                          certified
copies of all of the constating documents, borrowing by-laws and resolutions of
the Borrower, each other member of the VL Group and Spectrum Co. (if the
Borrower elects to use Spectrum Co. to act as bidder on behalf of the Borrower
and others in the Spectrum Auction and Purchase) not previously provided to the
Agent shall have been provided to the Agent;

 

5

 

10.2.2                                          each
of the Security Documents required by Section 9.2 shall have been
executed, delivered, issued or assigned and registered or published, as the
case may be, wherever required;

 

10.2.3                                          all
of the issued and outstanding shares of the Subsidiaries referred to in
subsection 9.2.3, and the shares of Spectrum Co. referred to in subsection
9.2.10, owned, directly or indirectly by the Borrower and any of its
Subsidiaries at the relevant time, shall have been pledged in accordance with
the Share Pledge executed by the Borrower and the relevant Subsidiaries and all
of the pledged shares shall have been remitted to the Agent;

 

10.2.4                                          the
Borrower shall have delivered to the Agent a certificate in the form of
Schedule “F” signed by an officer stipulating and certifying that:

 

a)                                      such
officer has taken cognizance of all the terms and conditions of this Agreement
and of all contracts, agreements and deeds pertaining hereto;

 

b)                                     no
Default or Event of Default has occurred or exists hereunder;

 

c)                                      the
corporate structure of the VL Group is as set out in the diagram attached to
the certificate;

 

d)                                     each
member of the VL Group holds the permits, Licences, licences and authorizations
required in order to permit it to possess its property and its real estate and
to carry on its business in the manner in which it is being carried on at
present; and

 

e)                                      all
property to be charged by the Security Documents is located in the
jurisdictions described in a schedule thereto;

 

10.2.6                                          each
of the Security Documents shall have been amended (to the extent required),
executed, delivered, issued or assigned and registered or published, as the
case may be, wherever required;

 

10.2.7                                          the
Borrower shall have delivered to the Agent the favourable legal opinion(s) of
the counsel to the Borrower, addressed to the Lenders, the Agent and its
counsel, in form and substance acceptable to the Agent and its counsel, acting
reasonably, including with regard to the continuing validity of all relevant
Guarantees and Security.”.

 

8.               A new Schedule “A” is attached, replacing the
former Schedule “A”.

 

6

 

9.               A
new Schedule “O”, entitled “Joinder Agreement”, is attached.

 

III.                                 EFFECTIVE
DATE AND CONDITIONS

 

1.                                       This
Ninth Amending Agreement shall become effective as of April 7, 2008 (the “Effective Date”), subject to the fulfilment of all
conditions precedent set out herein and in the amended Section 10.2 above.

 

2.                                       On
the Effective Date, the Credit Agreement shall be modified by the foregoing
amendments.  The parties hereto agree
that the changes to the Credit Agreement set out herein and the execution hereof
shall not constitute novation and all the Security shall continue to apply to
the Credit Agreement, as amended hereby, and all other obligations secured
thereby.  Without limiting the generality
of the foregoing and to the extent necessary, (i) the Lenders and the Agent
reserve all of their rights under each of the Security Documents, and (ii) each
of the Borrower and the Guarantors obligates itself again in respect of all
present and future obligations under, inter alia, the
Credit Agreement, as amended hereby.

 

3.                                       The
Borrower shall pay all fees and costs, including (a) the fees referred to in
the Borrower’s request letter dated February 15, 2008, and (b) legal fees
associated with this Agreement incurred by the Agent as contemplated and
restricted by the provisions of Section 12.14 of the Credit Agreement.

 

4.                                       The
Borrower shall provide the opinion of its counsel, in form and substance
acceptable to the Agent and the Lenders’ counsel, with respect to the power,
capacity, and authority of the Borrower and each of the Guarantors to enter
into or intervene in this Ninth Amending Agreement and to perform its
obligations hereunder, with respect to the enforceability of this Ninth
Amending Agreement in accordance with its terms, and with respect to the continued
enforceability (unaffected hereby) of all of the Security.

 

IV.                                MISCELLANEOUS

 

1.                                       All
of the provisions of the Credit Agreement that are not amended hereby shall
remain in full force and effect.

 

2.                                       This
Agreement shall be governed by and construed in accordance with the Laws of the
Province of Quebec.

 

3.                                       The
parties acknowledge that they have required that the present agreement, as well
as all documents, notices and legal proceedings entered into, given or
instituted pursuant hereto or relating directly or indirectly hereto be drawn
up in English.  Les parties reconnaissent
avoir exigé la rédaction en anglais de la présente convention ainsi que de tous
documents exécutés, avis donnés et procédures judiciaires intentées,
directement ou indirectement, relativement ou à la suite de la présente
convention.

 

IN WITNESS WHEREOF THE PARTIES HERETO HAVE SIGNED THIS AGREEMENT ON THE
DATE AND AT THE PLACE FIRST HEREINABOVE MENTIONED.

 

7

 

	
  VIDÉOTRON LTÉE

  
	
   

  
	
  Per:

  	
    /s/
  JEAN-FRANÇOIS PRUNEAU

  	
   

  

 

 

	
  ROYAL BANK OF CANADA, as
  Agent for the Lenders

  
	
   

  
	
  Per:

  	
    /s/ ANN HURLEY

  	
   

  	
   

  
	
   

  	
    Manager, Agency

  	
   

  	
   

  
	
   

  	
   

  

 

	
  ROYAL BANK OF CANADA

  	
  THE TORONTO-DOMINION BANK

  
	
   

  	
   

  
	
  Per:

  	
    /s/ ROD SMITH

  	
   

  	
  Per:

  	
    /s/ (ILLEGIBLE)

  
	
   

  	
    Authorized Signatory

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Per:

  	
    /s/ (ILLEGIBLE)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  BANK OF MONTREAL

  	
  BANK OF AMERICA, N.A., Canada
  Branch

  
	
   

  	
   

  
	
  Per:

  	
  /s/ (ILLEGIBLE)

  	
   

  	
  Per:

  	
    /s/ MEDINA SALES DE ANDRADE

  
	
   

  	
   

  	
    Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  CANADIAN IMPERIAL BANK OF
  COMMERCE

  	
  THE BANK OF NOVA SCOTIA

  
	
   

  	
   

  
	
  Per:

  	
    /s/ (ILLEGIBLE)

  	
   

  	
  Per:

  	
    /s/ ROB KING

  
	
   

  	
   

  	
   

  	
   

  	
    Managing Director

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Per:

  	
    /s/ (ILLEGIBLE)

  	
   

  	
  Per:

  	
    /s/ BRADLEY WALKER

  
	
   

  	
   

  	
    Associate
  Director

  

 

 

	
  CITIBANK, N.A., Canadian
  Branch

  	
  CAISSE CENTRALE DESJARDINS

  
	
   

  	
   

  
	
  Per:

  	
    /s/ (ILLEGIBLE)

  	
   

  	
  Per:

  	
    /s/
  (ILLEGIBLE)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Per:

  	
    /s/
  (ILLEGIBLE)

  
					

 

10

 

	
  LAURENTIAN BANK OF CANADA

  	
  NATIONAL BANK OF CANADA

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Per:

  	
  /s/ (ILLEGIBLE)

  	
   

  	
  Per:

  	
  /s/ (ILLEGIBLE)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Per:

  	
  /s/ (ILLEGIBLE)

  	
   

  	
  Per:

  	
  /s/ (ILLEGIBLE)

  

 

 

	
  HSBC BANK CANADA

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Per:

  	
  /s/ (ILLEGIBLE)

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Per:

  	
  /s/ (ILLEGIBLE)

  	
   

  	
   

  	
   

  

 

 

	
  SUMITOMO MITSUI BANKING

  CORPORATION OF CANADA

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Per:

  	
  /s/ E.R. LANGLEY

  	
   

  	
   

  	
   

  
	
   

  	
  Senior Vice President

  	
   

  	
   

  	
   

  

 

 

The undersigned
acknowledge having taken cognizance of the provisions of the foregoing Ninth
Amending Agreement and
agree that the Guarantees and Security executed by them (A) remain
enforceable against them in accordance with their terms, and (B) continue
to guarantee or secure, as applicable, all of the obligations of the Persons
specified in such Guarantees and Security Documents in connection with the
Credit Agreement as defined above, and as amended hereby:

 

	
  LE SUPERCLUB VIDÉOTRON LTÉE

  	
   

  	
  GROUPE DE DIVERTISSEMENT

  SUPERCLUB INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Per:

  	
  /s/ JEAN-FRANÇOIS PRUNEAU

  	
   

  	
  Per:

  	
  /s/ JEAN-FRANÇOIS PRUNEAU

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CF CABLE TV INC.

  	
   

  	
  SUPERCLUB PROPERTIES INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Per:

  	
  /s/ JEAN-FRANÇOIS PRUNEAU

  	
   

  	
  Per:

  	
  /s/ JEAN-FRANÇOIS PRUNEAU

  

 

 

	
  SUPERCLUB VIDÉOTRON

  CANADA INC.

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Per:

  	
  /s/ JEAN-FRANÇOIS PRUNEAU

  	
   

  	
   

  	
   

  

 

 

The undersigned acknowledges having taken cognizance
of the provisions of the foregoing Ninth Amending Agreement and agrees that the pledge
of the shares of the Borrower executed by the undersigned as of July 6,
2006 in favour of the Agent (A) remains enforceable against it in
accordance with its terms, and (B) continues to secure all of the
obligations of the Persons specified in such Security Document in connection
with the Credit Agreement, as defined above, and as amended hereby:

 

 

	
  QUEBECOR MEDIA INC.

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Per:

  	
  /s/ JEAN-FRANÇOIS PRUNEAU

  	
   

  	
   

  	
   

  

 

 

SCHEDULE
“A” - LIST OF LENDERS AND COMMITMENTS

 

The Revolving Facility

 

Cash Management
Facilities — The Toronto-Dominion Bank (“TD”) -
$15,000,000.

 

Balance of Revolving
Facility:

 

	
  Lender

  	
   

  	
  Commitment ($)

  	
   

  	
  Commitment (%)

  	
   

  
	
  Royal Bank of
  Canada

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Bank of Nova
  Scotia

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The
  Toronto-Dominion Bank

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Bank of America
  N.A., Canada Branch

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Citibank N.A.,
  Canadian Branch

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Bank of Montreal

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Canadian
  Imperial Bank of Commerce

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  National Bank of
  Canada

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Caisse centrale Desjardins

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Laurentian Bank
  of Canada

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  HSBC Bank Canada

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Sumitomo Mitsui
  Banking Corporation of Canada

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total

  	
   

  	
  $

  	
  575,000,000

  	
   

  	
  100

  	
  %

  
							

 

 

SCHEDULE
“O” — JOINDER AGREEMENT

 

JOINDER
AGREEMENT

 

THIS
JOINDER AGREEMENT, dated as of
                    
    , 200   (this “Agreement”), by and among [NEW LENDERS] (each a “New Lender” and collectively the “New Lenders”),
VIDÉOTRON
LTÉE (the “Borrower”), the several banks and other financial
institutions or entities from time to time parties thereto, Royal Bank of
Canada, as Agent (in such capacity, the “Agent”).

 

RECITALS:

 

WHEREAS
reference is hereby made to the Credit
Agreement dated as of November 28, 2000, as amended by a First Amending
Agreement dated January 5, 2001, a Second Amending Agreement dated as of June 29,
2001, a Third Amending Agreement dated as of December 21, 2001, a Fourth
Amending Agreement dated as of December 23, 2002, a Fifth Amending
Agreement dated as of March 24, 2003, a Sixth Amending Agreement dated as
of October 8, 2003, a Seventh Amending Agreement dated as of November 19,
2004, an Eighth Amending Agreement dated as of March 6, 2008, and a Ninth
Amending Agreement dated as of April 7, 2008 (as it may be further
amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; the terms defined therein and not
otherwise defined herein being used herein as therein defined), by and among
the Lenders party thereto from time to time and  the Agent; and

 

WHEREAS
subject to the terms and conditions of the Credit Agreement, the Borrower may
increase the existing Commitments by obtaining New Lender Commitments and
entering into one or more Joinder Agreements with the New Lenders.

 

NOW,
THEREFORE, in consideration of the premises and agreements,
provisions and covenants herein contained, the parties hereto agree as follows:

 

Each New Lender
party hereto hereby agrees to commit to provide its respective New Lender
Commitment as set forth on Schedule A annexed hereto, on the terms and subject
to the conditions set forth below:

 

Each New Lender (i) confirms
that it has received a copy of the Credit Agreement and the Security Documents,
together with copies of the financial statements referred to therein and such
other documents and information as it has deemed appropriate to make its own
credit analysis and decision to enter into this Joinder Agreement (this “Agreement”); (ii) agrees that it will,
independently and without reliance upon the Agent or any other Lender and based
on such documents and information as it shall deem appropriate at the time,
continue to make its own credit decisions in taking or not taking action under
the Credit Agreement; (iii) appoints and authorizes the Agent to take such
action as agent on its behalf and to exercise such powers under the Credit
Agreement and the Security Documents as are delegated to the Agent by the terms
thereof, together with such powers as are reasonably incidental thereto; (iv) acknowledges
and accepts that such New Lender and the Agent are solidary creditors of

 

 

the Borrower and
the Guarantors in respect of all amounts, liabilities and other obligations,
present and future, of the Borrower and the Guarantors to each of them under
the Credit Agreement and the Derivative Instruments as contemplated by Section 18.1.2
of the Credit Agreement and in accordance with Article 1541 of the Civil
Code of Quebec; and (v) agrees that it will perform in accordance with
their terms all of the obligations which by the terms of the Credit Agreement
are required to be performed by it as a Lender.

 

Each New Lender
hereby agrees to make its Commitment on the following terms and conditions:

 

1.                                       New Lenders.  Each New Lender acknowledges and agrees that
upon its execution of this Agreement, such New Lender shall become a “Lender”
under, and for all purposes of, the Credit Agreement and the Security
Documents, and shall be subject to and bound by the terms thereof, and shall
perform all the obligations of and shall have all rights of a Lender
thereunder.

 

2.                                       Credit Agreement Governs.  Except as set forth in this
Agreement, New Advances shall otherwise be subject to the provisions of the
Credit Agreement and the Security Documents.

 

3.                                       The Borrower’s Certifications.  By its execution of this Agreement, each of
the undersigned officers, to the best of his or her knowledge, and the Borrower
hereby certify that:

 

i.                                          The
representations and warranties contained in the Credit Agreement and the
Security Documents are true and correct in all material respects on and as of
the date hereof to the same extent as though made on and as of the date hereof,
except to the extent such representations and warranties specifically relate to
an earlier date, in which case such representations and warranties were true
and correct in all material respects on and as of such earlier date;

 

ii.                                       No
event has occurred and is continuing or would result from the addition of the
Commitments from the New Lenders as contemplated hereby that would constitute a
Default or an Event of Default;

 

iii.                                    The
Borrower has performed in all material respects all agreements and satisfied
all conditions required to be performed or satisfied by it under the Credit
Agreement on or before the date hereof; and

 

iv.                                   After
giving effect to this Joinder Agreement and the aggregate new Commitments, the
Borrower is (and will be on a pro forma basis) in compliance with the financial
tests described in Section 12.11 of the Credit Agreement.

 

4.                                       The Borrower’s Covenants.  By its execution of this Agreement, the
Borrower hereby covenants that:

 

i.                                          The
Borrower shall make all payments required pursuant to the Credit 

 

ii

 

Agreement in
connection with the New Lender Commitments, including the payment of any fees
in respect of such New Lender Commitment; and

 

ii.                                       The
Borrower shall deliver or cause to be delivered the legal opinions and
documents required pursuant to subsection 2.3.2 of the Credit Agreement.

 

5.                                       Notice. 
For purposes of the Credit Agreement, the initial notice address of each
New Lender shall be as set forth below its signature below.

 

6.                                       Recording of the New Loans.  Upon execution and delivery hereof, the Agent
will record the New Advances made by New Lenders in the register maintained by
it for such purposes.

 

7.                                       Amendment, Modification and Waiver.  This Agreement may not be amended, modified
or waived except by an instrument or instruments in writing signed and
delivered on behalf of each of the parties hereto.

 

8.                                       Entire Agreement.  This Agreement, the Credit Agreement and the
Security Documents constitute the entire agreement among the parties with
respect to the subject matter hereof and thereof and supersede all other prior
agreements and understandings, both written and verbal, among the parties or
any of them with respect to the subject matter hereof.

 

9.                                       Governing Law.  This Agreement and the rights and obligations
of the parties hereunder shall be governed by, and shall be construed and
enforced in accordance with, the laws of the province of Quebec.

 

10.                                 Severability.  Any term or provision of this Agreement which
is invalid or unenforceable in any jurisdiction shall, as to that jurisdiction,
be ineffective to the extent of such invalidity or unenforceability without
rendering invalid or unenforceable the remaining terms and provisions of this
Agreement or affecting the validity or enforceability of any of the terms or
provisions of this Agreement in any other jurisdiction.  If any provision of this Agreement is so
broad as to be unenforceable, the provision shall be interpreted to be only so
broad as would be enforceable.

 

12.                                 Counterparts.  This Agreement may be executed in
counterparts, each of which shall be deemed to be an original, but all of which
shall constitute one and the same agreement.

 

 

[Remainder of page intentionally
left blank]

 

iii

 

IN
WITNESS WHEREOF, each of the undersigned has caused
its duly authorized officer to execute and deliver this Joinder Agreement as of
[                          ,
            ].

 

	
   

  	
  [NAME OF NEW LENDER]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  Notice
  Address:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Attention:

  
	
   

  	
  Telephone:

  
	
   

  	
  Facsimile:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  VIDÉOTRON LTÉE

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

iv

 

	
  ROYAL BANK OF CANADA
 as Agent

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
  Name:

  	
   

  
	
  Title:

  	
   

  
			

 

v

 

	
  Name of Lender

  	
   

  	
  Type of Commitment

  	
   

  	
  Amount

  
	
  [                                      ]

  	
   

  	
  New Lender Commitment

  	
   

  	
   

  	
  $

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Total:

  	
  $

  	
   

  

 

viExhibit 4.3

 

EIGHTH AMENDING AGREEMENT to the
Credit Agreement dated as of November 28, 2000, as amended by a First
Amending Agreement dated January 5, 2001, a Second Amending Agreement
dated as of June 29, 2001, a Third Amending Agreement dated as of December 21,
2001, a Fourth Amending Agreement dated as of December 23, 2002, a Fifth
Amending Agreement dated as of March 24, 2003, a Sixth Amending Agreement
dated as of October 8, 2003, and a Seventh Amending Agreement dated as of
November 19, 2004, entered into in the City of Montreal, Province of
Quebec, as of March 6, 2008,

 

	
  AMONG:

  	
   

  	
  VIDÉOTRON LTÉE, a
  company constituted in accordance with the laws of Quebec, having its
  registered office at 300 Viger Street East, 6th floor,
  in the City of Montreal, Province of Quebec (hereinafter called the “Borrower”)

  
	 
	
   

  	
   

  	
   

  
	 
	
   

  	
   

  	
  PARTY OF THE FIRST PART

  
	 
	
   

  	
   

  	
   

  
	 
	
  AND:

  	
   

  	
  THE LENDERS, AS DEFINED IN
  THE CREDIT AGREEMENT (the “Lenders”)

  
	 
	
   

  	
   

  	
   

  
	 
	
   

  	
   

  	
  PARTIES OF THE SECOND PART

  
	 
	
   

  	
   

  	
   

  
	 
	
  AND:

  	
   

  	
  ROYAL BANK OF CANADA, AS
  ADMINISTRATIVE AGENT FOR THE LENDERS, a Canadian bank,
  having a place of business at 200 Bay Street, 12th floor, South Tower, Royal
  Bank Plaza, in the City of Toronto, Province of Ontario (hereinafter called
  the “Agent”)

  
	 
	
   

  	
   

  	
   

  
	 
	
   

  	
   

  	
  PARTY OF THE THIRD PART

  
				

 

WHEREAS the
parties hereto are parties to a Credit Agreement dated as of November 28,
2000, as amended by a First Amending Agreement dated January 5, 2001, a
Second Amending Agreement dated as of June 29, 2001, a Third Amending
Agreement dated as of December 21, 2001, a Fourth Amending Agreement dated
as of December 23, 2002, a Fifth Amending Agreement dated as of
March 24, 2003, a Sixth Amending Agreement dated as of October 8,
2003, and a Seventh Amending Agreement dated as of November 19, 2004,
creating an Amended and Restated Credit Agreement (as so amended and amended
and restated, the “Credit Agreement”);

 

WHEREAS the
Borrower has requested certain amendments to the Credit Agreement to provide it
with greater flexibility and, in particular, to allow the Borrower to cause to
be issued Letters of Credit in connection with the upcoming Canadian Auction
for Spectrum Licences for Advanced Wireless Services and other Spectrum in the
2 GHz Range of up to $350,000,000, and to make certain amendments to pricing
and to other covenants; and

 

 

WHEREAS the
requisite majority of the Lenders has agreed with the Borrower to the
amendments contemplated hereby, and as such, the Lenders have complied with the
provisions of Section 18.14 of the Credit Agreement, as evidenced by the
signature of each Lender and of the Agent on this Agreement;

 

NOW THEREFORE, THE PARTIES
HERETO AGREE AS FOLLOWS:

 

I.              INTERPRETATION

 

All of the words and expressions
which are capitalized herein shall have the meanings ascribed to them in the
Credit Agreement unless otherwise indicated herein.

 

II.            AMENDMENTS

 

1.             Subsection 1.1.2 of the
Credit Agreement is deleted and replaced by the following:

 

“1.1.2      “Additional
Offering”  means an
Offering of unsecured Debt incurred or issued by the Borrower having a term
expiring after the expiry of the Term, the terms and conditions of which
Offering (excluding, for greater certainty, pricing) are no more favourable to
the Persons providing such Debt than the provisions hereof;”.

 

2.             Subsection 1.1.9 of the
Credit Agreement (definition of “Asset Disposition”) is amended by deleting the
reference to subsection 1.1.85.1 and replacing it with a reference to
subsection 1.1.89.1.

 

3.             Subsection 1.1.50 of the
Credit Agreement is deleted and replaced by the following:

 

“1.1.50    “EBITDA” means, during a financial period,
earnings of the VL Group before non-controlling interests, earnings from
equity-accounted investments, extraordinary items, non-recurring gains or
losses on debt extinguishment, asset sales and restructuring, Interest Expense,
taxes, depreciation and amortization, foreign exchange translation gains or
losses not involving the payment of cash and other non-cash financial charges,
without taking into account any goodwill adjustments, calculated on a
Consolidated basis, and otherwise in accordance with GAAP; for greater
certainty, there shall be excluded from the calculation of EBITDA, to the
extent included in such calculation, the amount of any income or expense
relating to Back-to-Back Securities and the costs arising out of the termination
of the Derivative Instruments associated with Term Facility B upon its
repayment, in an approximate amount of $8,000,000;”.

 

4.             A new subsection,
1.1.51, is hereby added to the Credit Agreement as follows.  All other subsections are renumbered
accordingly:

 

2

 

“1.1.51    “Eighth
Amendment Closing Date” means March 6, 2008;”.

 

5.             The last sentence of
subsection 1.1.61 (now 1.1.62), the definition of “Guarantors”, is amended to
refer to the “Eighth Amendment Closing Date” instead of the “Seventh Amendment
Closing Date”.

 

6.             New subsections 1.1.72,
1.1.74 and 1.1.76 are added as follows:

 

“1.1.72    “Issuing
Lender” means Royal Bank of Canada as the issuer of Letters of
Credit (in that capacity), or any successor issuer of Letters of Credit.  For greater certainty, where the context
requires, references to “Lenders” herein include the Issuing Lender;

 

1.1.74      “LC
Fees” has the meaning ascribed to such term in subsection 4.3.2;

 

1.1.76      “Letter
of Credit” means any stand-by letter of credit or letter of
guarantee issued by the Issuing Lender in connection with the Spectrum Auction
and Purchase in accordance with the provisions hereof;”.

 

7.             The definition of “Loan”
in subsection 1.1.79 (now 1.1.83) is amended by adding the words “and Letters
of Credit” on the third line after the words “Bankers Acceptances”.  Consequently, the subsection now provides as
follows:

 

“1.1.83    “Loan”
means, at any time, the aggregate of the Advances outstanding in accordance
with the provisions hereof, including the face amount of any Bankers’
Acceptances and Letters of Credit issued in accordance with the provisions
hereof, together with all unpaid interest thereon and any other amount in
principal, interest and accessory costs payable to the Agent or the Lenders by
the Borrower pursuant hereto, including, for greater certainty, amounts
contemplated by Section 5.7;”.

 

8.             The definition of
“Margin” in subsection 1.1.82 (now 1.1.86) is deleted and replaced by the
following:

 

“1.1.86    “Margin”
means, for Prime Rate Advances, Stamping Fees, LC Fees and Facility Fees, as
well as Libor Advances by Foreign Lenders, under the Revolving Facility, the
following annual percentages depending on the VL Group’s then-applicable
Leverage Ratio, determined at the times and in the manner set out below the
table:

 

3

 

	
  Leverage Ratio

  	
   

  	
  Facility Fees

  	
   

  	
  Prime Rate plus

  	
   

  	
  Stamping Fees or Cdn$ Libor plus or LC Fee

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

Each
change resulting from a change in the Leverage Ratio shall be effective with
respect to all outstanding Loans retroactively from the first day of each
fiscal quarter of the Borrower, and shall be based on the VL Group’s financial
statements and Compliance Certificates required by subsections 12.15.1 and
12.15.2, as applicable, and the Leverage Ratio derived from such financial
statements.  Thus, the financial
statements and Compliance Certificates which shall be delivered 60 days after
quarter-end and 75 days after year-end (based on unaudited results and subject
to readjustment upon delivery of a second Compliance Certificate in accordance
with the provisions of subsection 12.15.2(b)) will be used to calculate the
Leverage Ratio applicable from the first day of the quarter in which such
financial statements and Compliance Certificates were to be delivered.  For example, the financial statements and
Compliance Certificates to be delivered in respect of the quarter ending
May 31 of any year of the Term shall be delivered by July 30 of that
year, and shall be used to calculate the Leverage Ratio for the period from
June 1 of that year to August 31 of that year.  If, as a result of an increase in the
Leverage Ratio, the Margin has increased, the Agent will advise the Borrower
and the Lenders and the Borrower will pay all additional amounts that may be
due to the Lenders within 2 Business Days of being advised of the amount
due.  If, as a result of a reduction in
the Leverage Ratio, the Margin has been reduced, the Agent shall advise the Borrower
and the Lenders and the amounts owed to the Borrower (a) will be deducted
from the Stamping Fees otherwise payable in the case of a BA Advance, on the
next Rollover Date of the relevant BA Advance, or (b) in the case of Prime
Rate Advances, will be deducted from the interest otherwise payable by the
Borrower on the next interest payment date contemplated by Section 5.2, or
(c) in the case of Letters of Credit, will be deducted from the LC Fees
otherwise payable by the Borrower on the next LC Fee payment date contemplated
by Section 4.3.2, and (d) if no interest or Stamping Fees are payable
during that period, the Lenders shall remit the necessary amounts to the Agent
for payment to the Borrower;”.

 

9.             The first line of the
definition of “Net Proceeds” in subsection 1.1.85 (now 1.1.89) is amended by
replacing the word “Section” with the word “Sections”.

 

4

 

10.           New subsections 1.1.112
and 1.1.113 are added as follows:

 

“1.1.112  Spectrum Auction
and Purchase” means the process described in Industry Canada’s “Notice
No. DGRB-011-07 — Licensing Framework for the Auction for Spectrum
Licences for Advanced Wireless Services and other Spectrum in the 2 GHz Range;

 

1.1.113    “Spectrum
Co.” means any Person in which the Borrower may have a voting and/or
economic interest and which Person may be the bidder on behalf of the Borrower
and others in the Spectrum Auction and Purchase;”.

 

11.           The definition of “Term
Facility C” in subsection 1.1.116 (now 1.1.122) is amended by replacing the
words “will have been” with the word “was”. 
Consequently, the subsection now reads as follows:

 

“1.1.122  “Term
Facility C” means the portion of the Credit previously available
under this Credit Agreement which was repaid in full by the Borrower
concurrently with the initial Advance hereunder on or after the Seventh
Amending Closing Date;”.

 

12.           Section 3.1 is
amended to add Letters of Credit to the permitted purposes, and now reads as
follows:

 

“3.1         Purpose of the
Advances

 

All Advances made by the Lenders to the
Borrower under the Revolving Facility in accordance with the provisions hereof
from and after the Eighth Amendment Closing Date shall be used by the Borrower
for general corporate purposes, including, without limitation, to issue Letters
of Credit solely in connection with the Spectrum Auction and Purchase and to
pay dividends to QMI from time to time, subject to and in accordance with the
terms and conditions of this Agreement.”.

 

13.           A new Section 4.3
is added as follows, and Sections 4.3 to 4.11 are renumbered as 4.4 to 4.12;
all cross-references in those Sections and elsewhere in the Agreement to
Sections 4.3 to 4.11 are also modified to take into account the new numbering:

 

“4.3         Letters of Credit
for Spectrum Auction and Purchase

 

4.3.1        Issuance.  Subject to the applicable provisions of this
Agreement, on any Business Day during the Disbursement Period, as part of the
Credit available under the Revolving Facility, upon one (1) Business Day’s
prior written Notice of Borrowing delivered to the Agent prior to
10:00 a.m. the preceding Business Day, the Borrower may cause to be issued
by the Issuing Lender on behalf of the Lenders one or more Letters of Credit in
a maximum aggregate amount outstanding at any time not exceeding $350,000,000.  Each Letter of 

 

5

 

Credit may be issued solely to
support, directly or indirectly, the bid in the Spectrum Auction and Purchase,
and shall be issued in Canadian Dollars. 
Concurrently with the delivery of a Notice of Borrowing requesting a
Letter of Credit, the Borrower shall execute and deliver to the Issuing Lender
the documents required by the Issuing Lender in respect of the requested type
of Letter of Credit, including a Letter of Credit application and indemnity on
the Issuing Lender’s standard forms.  In
the event of any conflict between the provisions of this Agreement and the
provisions of any document relating to a Letter of Credit, the provisions of this
Agreement shall govern and prevail.  The
term of each Letter of Credit shall expire prior to the end of the Term and
shall not be more than 364 days and shall otherwise be in form and substance
satisfactory to the Issuing Lender.

 

4.3.2        Fee. 
The Borrower shall pay fees in respect of any such Letters of Credit (“LC Fees”) issued or renewed equal to the
aggregate of: (i) for the Lenders, an amount equal to (A) the face
amount of the Letter of Credit on the date that the fee is payable multiplied
by (B) a fraction (1) the numerator of which shall equal the product
resulting from multiplying the applicable LC Fee percentage provided for in the
table contained in the definition of “Margin” by the number of days in the term
of the Letter of Credit selected by the Borrower, and (2) the denominator
of which shall consist of 365 days or 366 days (as the case may be), which fees
shall be payable quarterly in arrears on the last Business Day of each calendar
quarter and (ii) for the Issuing Lender,     % per
annum of the face amount thereof and for the number of days in the term of the
Letter of Credit selected by the Borrower, payable quarterly in arrears on the
last Business Day of each calendar quarter, or on such other date as the Agent
may determine from time to time.

 

4.3.3        Reimbursement Obligations.  In the event of any drawing under a Letter of
Credit, the Issuing Lender shall promptly notify the Borrower who shall
immediately reimburse the amount to the Issuing Lender in same day funds.  In the event that the Borrower fails to
reimburse the Issuing Lender immediately upon a drawing and fails to provide a
Notice of Borrowing with a different option, the Borrower shall be deemed to
have requested from the Agent a Canadian Prime Rate Advance on the date and in
the amount of the drawing, the proceeds of which will be used to satisfy the
reimbursement obligations of the Borrower to the Lenders in respect of the
drawing.  The reimbursement obligations
of the Borrower hereunder shall be absolute, unconditional and irrevocable and
shall be performed strictly in accordance with the terms of this Agreement
under any and all circumstances whatsoever and irrespective of:

 

4.3.3.1             any lack of validity or
enforceability of any Letter of Credit or this Agreement or any term or
provision therein or herein;

 

4.3.3.2             the existence of any claim, set-off,
compensation, defence or other right that the Borrower, any Guarantor or other
member of the VL 

 

6

 

Group or any other Person may at any
time have against the beneficiary under any Letter of Credit, the Issuing
Lender, the Agent, any Lender or any other Person, whether in connection with
this Agreement or any other related or unrelated agreement or transaction;

 

4.3.3.3             any draft or other document
presented under a Letter of Credit proving to be forged, fraudulent or invalid
in any respect or any statement therein being untrue or inaccurate in any
respect;

 

4.3.3.4             any dispute between or among the
members of the VL Group and any beneficiary of any Letter of Credit or any other
party to which such Letter of Credit may be transferred or any claims
whatsoever of the members of the VL Group against any beneficiary of such
Letter of Credit or any such transferee; and

 

4.3.3.5             the validity or sufficiency of any
instrument transferring or assigning or purporting to transfer or assign any
Letter of Credit or any of the rights or benefits thereunder or proceeds
thereof in whole or in part, which may prove to be invalid or ineffective for
any reason.

 

The Issuing Lender shall not be liable for any
error, omission, interruption or delay in transmission, dispatch or delivery of
any message or advice, however transmitted, in connection with any Letter of
Credit, except for errors or omissions that result directly from the
intentional or gross fault of the Issuing Lender, as determined by a final
judgment of a court of competent jurisdiction.

 

In furtherance and extension and not in
limitation of the specific provisions of this Section 4.3, (A) any
action taken or omitted by the Issuing Lender or any of its respective
correspondents under or in connection with any of the Letters of Credit, if
taken or omitted in good faith and without gross or intentional fault, as
determined by a final judgment of a court of competent jurisdiction, shall be binding
upon the Borrower and shall not put the Issuing Lender or its respective
correspondents under any resulting liability to the Borrower and (B) the
Issuing Lender may, without gross or intentional fault as determined by a final
judgment of a court of competent jurisdiction, accept documents that appear on
their face to be in substantial compliance with the terms of a Letter of
Credit, without responsibility for further investigation, regardless of any
notice or information to the contrary (other than an injunction granted by a
court of competent jurisdiction during the period for which such injunction is
enforced), and may make payment upon presentation of documents that appear on
their face to be in substantial compliance with the terms of such Letter of
Credit, provided that the Issuing Lender shall have the right, in its sole
discretion, to decline to accept such documents and to make such payment if
such documents are not in strict compliance with the terms of such Letter of
Credit.

 

7

 

4.3.4        Indemnification.

 

4.3.4.1             The Borrower agrees to indemnify and
hold harmless the Issuing Lender and each of its officers, directors,
affiliates, employees, advisors and agents (the “Indemnitees”) from and against any and all losses, claims,
damages and liabilities which the Indemnitees may incur (or which may be
claimed against any Indemnitee) by any Person by reason of or in connection
with the issuance or transfer of or payment or failure to pay under any Letter
of Credit, provided that the foregoing indemnity will not, as to an Indemnitee,
apply to losses, claims, damages, liabilities or related expenses to the extent
they are found by a final, non-appealable judgment of a court to arise from the
gross or intentional fault of such Indemnitee.

 

4.3.4.2             The Borrower agrees, as between the
Borrower and the Issuing Lender, that the Borrower shall assume all risks of
the acts, omissions or misuse by the beneficiary of any Letter of Credit.

 

4.3.4.3             Neither the Issuing Lender nor the
Agent or any other Lender shall, in any way, be liable for any failure by the
Issuing Lender or anyone else to pay any drawing under any Letter of Credit as
a result of any action by any governmental authority or any other cause beyond
the control of the Issuing Lender.

 

4.3.4.4             The obligations of the Borrower
under this Section 4.3 shall survive the termination of this
Agreement.  No acts or omissions of any
current or prior beneficiary of a Letter of Credit shall in any way affect or impair
the rights of the Issuing Lender to enforce any right, power or benefit under
this Agreement.

 

4.3.5        LC Escrowed Funds.  Upon the occurrence and continuance of an
Event of Default, or if a Mandatory Repayment to be made would require the
repayment of outstanding Letters of Credit prior to their maturity, the
Borrower will forthwith, upon request from the Issuing Lender or the
Agent, pay to the Agent for deposit into an escrow account maintained by and in
the name of the Agent, (i) in the case of the occurrence and the
continuance of an Event of Default, the amount equal to the Issuing Lender’s
maximum potential exposure under the then outstanding Letters of Credit or
(ii) in the case of a Mandatory Repayment requiring the repayment of
outstanding Letters of Credit prior to their maturity, the amount equal to the
proportion of such Mandatory Repayment that would require Letters of Credit to
be repaid prior to their maturity (in each case, the “LC Escrowed Funds”).  The LC Escrowed Funds will be held by the Agent
for compensation or set-off against future Indebtedness owing by the Borrower
to the Issuing Lender in respect of such Letters of Credit and pending such
application will bear interest at the rate 

 

8

 

declared by the Agent from time to
time as that payable by it in respect of deposits for such amount and for the
period from the date of deposit to the maturity date of the Letters of
Credit.  If such Event of Default is
either waived or cured in compliance with the terms of this Agreement, then the
remaining LC Escrowed Funds, if any, together with any accrued interest to the
date of release, will be released to the Borrower.  The deposit of the LC Escrowed Funds by the
Borrower with the Agent as herein provided will not operate as a repayment on
account of the Loan Obligations until such time as the LC Escrowed Funds are
actually paid to the Issuing Lender as a repayment of principal hereunder.  The Borrower shall sign and remit as Security
with regard thereto all appropriate documents that the Agent or the Issuing
Lender might judge necessary or desirable.

 

4.3.6        Resignation.  The Issuing Lender may resign as such (a “Resigning Issuing Lender”) upon 15 days’
prior written notice to the Agent and the Borrower, in which event the Borrower
shall designate another Lender as Issuing Lender.  Upon acceptance by another Lender of the
appointment as Issuing Lender (the “Successor
Issuing Lender”), the Successor Issuing Lender shall succeed to the
rights, powers and duties of the Resigning Issuing Lender and shall have all
the rights and obligations of the Resigning Issuing Lender under this Agreement
and the other Loan Documents.  Upon
request by any of the Resigning Issuing Lender, the Successor Issuing Lender,
the Agent or the Borrower, each of the Resigning Issuing Lender, the Agent, the
Borrower and the Successor Issuing Lender shall enter into an agreement
evidencing the appointment of the Successor Issuing Lender and dealing with
such other matters as the parties may agree including any reallocation of fees
paid in relation to outstanding Letters of Credit which may be necessary.  Following the resignation of the Resigning
Issuing Lender, the Resigning Issuing Lender shall continue to have all the
rights and obligations of an Issuing Lender under this Agreement and the other
Loan Documents with respect to Letters of Credit issued by it prior to such
resignation, but the Resigning Issuing Lender shall not be required to issue
additional Letters of Credit.  For avoidance
of doubt, the provisions of this Agreement relating to the Issuing Lender shall
inure to the benefit of the Resigning Issuing Lender as to any actions taken or
omitted to be taken by it (a) while it was the Issuing Lender under this
Agreement or (b) at any time with respect to Letters of Credit issued by
the Issuing Lender.”.

 

14.           Section 4.10 (now
4.11) is modified to take into account Letters of Credit, and now reads as
follows:

 

“4.11       Limits on BA
Advances, Letters of Credit and Libor Advances

 

Nothing in this Agreement shall be interpreted
as authorizing the Borrower to issue Bankers’ Acceptances or borrow by way of
Libor Advances for a Designated Period expiring, nor to cause to be issued
Letters of Credit maturing, on a date which results in a situation where the
Credit cannot be reduced as required by this Agreement, or on a date 

 

9

 

which is after the expiry of the Term (or, in
the case of a Letter of Credit, on a date which is less than 5 Business Days
before the expiry of the Term).”.

 

15.           Subsection 9.2.2 is
amended to replace the reference to subsection 1.1.88.7 with a reference to
subsection 1.1.92.7.

 

16.           A new subsection 9.2.10
is added as follows:

 

“9.2.10    if the Borrower elects to use Spectrum Co. as the bidder on behalf of
the Borrower and others in the Spectrum Auction and Purchase, execute and cause
to be executed by the Borrower and any of its Subsidiaries holding shares or
other equity interests in Spectrum Co., from the date on which any of same are
acquired, an agreement pledging such shares and equity interests to the Agent
on behalf of the Lenders by way of a first-ranking pledge (subject only to
Permitted Charges), which agreement shall be substantially in the form of the
Share Pledge.”.

 

17.           The last paragraph of
Section 9.3 is deleted and replaced by the following:

 

“The relevant amounts on the Phase
II Date, as determined by the directors of the Applicable Guarantor, will be
set forth in a certificate in the form set out in Schedule  “K”, to be delivered within 5 Business
Days following the Phase II Date.”.

 

18.           Section 10.2 of the
Credit Agreement is deleted and replaced by the following, to take into account
the conditions precedent contemplated by this Eighth Amending Agreement:

 

“10.2       Initial Advance
under the Revolving Facility After the Eighth Amendment Closing Date

 

The
obligation of the Lenders to make the initial Advance under the Revolving
Facility after the Eighth Amendment Closing Date is conditional upon the fulfilment of each of the conditions set out in this
Section 10.2 and in Section 10.3 to the entire satisfaction of the
Agent and the Lenders:

 

10.2.1              certified
copies of all of the constating documents, borrowing by-laws and resolutions of
the Borrower, each other member of the VL Group and Spectrum Co. (if the
Borrower elects to use Spectrum Co. to act as bidder on behalf of the Borrower
and others in the Spectrum Auction and Purchase) not previously provided to the
Agent shall have been provided to the Agent;

 

10.2.2              each
of the Security Documents required by Section 9.2 shall have been
executed, delivered, issued or assigned and registered or published, as the
case may be, wherever required;

 

10

 

10.2.3              all of the issued
and outstanding shares of the Subsidiaries referred to in subsection 9.2.3, and
the shares of Spectrum Co. referred to in subsection 9.2.10, owned, directly or
indirectly by the Borrower and any of its Subsidiaries at the relevant time,
shall have been pledged in accordance with the Share Pledge executed by the
Borrower and the relevant Subsidiaries and all of the pledged shares shall have
been remitted to the Agent;

 

10.2.4              the Borrower shall
have delivered to the Agent a certificate in the form of Schedule “F” signed by
an officer stipulating and certifying that:

 

a)             such officer has
taken cognizance of all the terms and conditions of this Agreement and of all
contracts, agreements and deeds pertaining hereto;

 

b)            no Default or Event of
Default has occurred or exists hereunder;

 

c)             the corporate
structure of the VL Group is as set out in the diagram attached to the
certificate;

 

d)            each member of the VL
Group holds the permits, Licences, licences and authorizations required in order
to permit it to possess its property and its real estate and to carry on its
business in the manner in which it is being carried on at present; and

 

e)             all property to be
charged by the Security Documents is located in the jurisdictions described in
a schedule thereto;

 

10.2.5              the Borrower shall
have delivered to the Agent in a sufficient number of copies for each of the
Lenders its Annual Business Plan in respect of its financial years ending December 31,
2008, 2009 and 2010, showing pro forma
compliance with all financial covenants hereunder;

 

10.2.6              each of the Security
Documents shall have been amended (to the extent required), executed,
delivered, issued or assigned and registered or published, as the case may be,
wherever required;

 

10.2.7              the Borrower shall
have delivered to the Agent the favourable legal opinion(s) of the counsel
to the Borrower, addressed to the Lenders, the Agent and its counsel, in form
and substance acceptable to the Agent and its counsel, acting reasonably,
including with regard to the continuing validity of all relevant Guarantees and
Security.”.

 

11

 

19.           Section 11.4
is deleted and replaced by the following:

 

“11.4       Current Business

 

The VL Group operates
businesses in the cable and telecommunications industry, including on-line
internet services, telephony, and the sale and rental of videocassettes, or
anything related or ancillary thereto.”.

 

20.           Section 12.13
is amended to remove the reference to providing quarterly Compliance
Certificates containing an updated amount of certain Guarantees.  Consequently, Section 12.13 now provides
as follows:

 

“12.13     Maintenance of Security

 

It shall take all necessary steps to preserve and
maintain in effect the rights of the Agent and the Lenders, as well as any
collateral agent designated by the Agent, pursuant to the Security Documents,
together with any renewals thereof or additional documents creating Charges
that may be required from time to time. 
In addition, if any new Subsidiary of any member of the VL Group is
created or Acquired, or if a Person otherwise becomes a member of the VL Group,
such Subsidiary will provide Security of the nature described in Article 9.”.

 

21.           A new Section 12.19
is added as follows:

 

“12.19     Transfer of Licences from Spectrum Co. to the VL Group

 

The Borrower shall
cause Spectrum Co. to transfer to a member of the VL Group that has provided
unlimited Guarantees and Security to the Agent for the benefit of the Agent and
the Lenders, all of the licences and rights it obtains in the Spectrum Auction and Purchase in
respect of the Province of Quebec (and for any other area to the extent that
the licences and rights for such area were acquired using a Letter of Credit
issued hereunder or were otherwise paid for by a member of the VL Group) as
soon as reasonably possible after any Letter of Credit issued in support of the
said Spectrum Auction and Purchase is presented for payment or payment is
otherwise made to acquire such licences. 
The Borrower shall take all steps required by the Agent to ensure that
the transferred assets are subject to the Security.”.

 

22.           Section 13.4
is amended to correct a typographical error, by adding the following expression
immediately before the expression “, or (c)”:

 

“will be permitted
under this paragraph (b) without complying with the provisions of
paragraphs (i) and (ii) below)”.

 

12

 

23.           Section 13.8
is amended to permit specific unsecured daylight loans and to add a basket of
permitted unsecured Debt.  Section 13.8
accordingly provides as follows:

 

“13.8       Debt and  Guarantees

 

Incur or assume Debt,
provide Guarantees or render itself liable in any manner whatsoever, directly
or indirectly, for any Indebtedness or obligation whatsoever of another Person,
except (a) hereunder for the purposes set forth in Section 3.1; (b) under
the CF Cable Notes, limited to the amount outstanding thereunder at the Closing
Date, or any Debt incurred on the refinancing of the CF Cable Notes by a member
of the VL Group, which refinancing shall be only on an unsecured basis and for
an amount not in excess of US$100,000,000; (c) that a member of the VL
Group may provide financial assistance to another member of the VL Group that
has provided an unlimited Guarantee and the Security to the Agent on behalf of
the Lenders; (d) under the Cash Management Agreements; (e) in
connection with the Acquisition of Consortium Câble-Axion Digitel Inc., in
respect of which not more than $20,000,000 will be due; (f) in connection
with the Borrower’s existing commercial paper program which will be terminated
on or before December 31, 2000; (g) in connection with Debt incurred
or assumed that is secured by Permitted Charges, and within the limits
applicable thereto; (h) in connection with Back-to-Back Transactions and
Tax Benefit Transactions (including by way of unsecured daylight loans); (i) in
connection with the HYD Offering; (j) that the Borrower may incur or
assume Debt by way of Additional Offerings, and that the members of the VL
Group may provide unsecured Guarantees in respect of obligations of the
Borrower under any such Debt outstanding at any time, to the extent that the
Borrower complies with the applicable Leverage Ratio calculated on a pro forma basis; (k) the Borrower may borrow
Subordinated Debt from Quebecor Media Inc. in an initial principal amount of up
to $150,000,000, with interest at a rate not exceeding the three month bankers’
acceptance rate quoted on Reuter’s Services, page CDOR, as at
approximately 10:00 a.m. on such day plus 1.5% per annum (together with
interest accrued thereon or paid in kind, the “QMI
Subordinated Debt”); (l) in connection with an unsecured cash
management credit facility limited to a maximum amount of $10,000,000, provided
that the aggregate amount of such cash management facility and the Cash
Management Facility shall never exceed $15,000,000; (m) additional
unsecured Debt of up to $50,000,000; (n) any unsecured daylight loan in
order to permit the VL Group to purchase from Spectrum Co. any licences granted
as part of the Spectrum Auction and Purchase, which daylight loan will be
repaid immediately following such sale by (i) Spectrum Co. using the
proceeds of the sale to repurchase the preferred shares or other equity
interests held in it by the VL Group, and (ii) the VL Group using such
proceeds to repay the daylight loan; and (o) in connection with other
Subordinated Debt; provided that, with respect to any of the matters described
in paragraphs (c) to (n) above inclusive, (A) no Default or
Event of Default

 

13

 

exists at the time, (B) incurring
or assuming such Debt (including by way of providing such Guarantee) will not
cause a Default or Event of Default, and (C) on a pro forma basis,
the incurrence or assumption of such Debt would not reasonably be expected to
cause the Borrower to breach any of its covenants under Section 12.11
hereof.”.

 

24.           Subsection
16.2.1 is amended to require the consent of the Issuing Lender.  Consequently, the subsection now provides as
follows:

 

“16.2.1    Each Lender may, at its own cost, assign or transfer
to a Person entitled to lend money in Canada or any other Person consented to
by the Borrower, the Agent and the Issuing Lender, or, to the extent permitted
under Section 17.15, to a Foreign Lender (the “Assignee”)
in accordance with this Article 16 up to 100% of its rights, benefits and
obligations hereunder (provided that its aggregate retained Commitment, if any,
under the Revolving Facility is not less than $5,000,000) with the prior
consent of the Borrower, which shall not be unreasonably withheld or
delayed.  The Borrower may not refuse to
consent to an assignment or transfer on the sole grounds that the Assignee is a
Foreign Lender, provided the provisions of Section 17.15 are
respected.  After the occurrence of a
Default, any Lender may transfer all or any part of its rights, benefits and
obligations hereunder to any Person, without the consent of the Borrower, but
upon notice to the Agent and the Borrower and subject to the consent of the
Issuing Lender.”.

 

25.           Section 17.4
is deleted and replaced by the following:

 

“17.4       Entire Agreement

 

The entire agreement
between the parties is expressed herein, and no variation or modification of
its terms shall be valid unless expressed in writing and signed by the
parties.  All previous agreements,
promises, proposals, representations, understandings and negotiations between
the parties hereto which relate in any way to the subject matter of this
Agreement are hereby deemed to be null other than those contained in a letter
by the Borrower to the Agent dated December 21, 2005 and confirmed by the
Agent on March 1, 2006, and a letter by the Borrower to the Agent dated February 28,
2006 and confirmed by the Agent on the same date.”.

 

26.           The
first paragraph of Section 17.13 is deleted and replaced as follows:

 

“The Borrower agrees to
indemnify and defend each of the Agent, each Lender, and their respective
directors, officers, agents and employees from, and hold each of them harmless
against, any and all losses, liabilities, claims, damages or expenses of any
kind which at any time or from time to time may be asserted against or incurred
or paid by any of them for or in connection with, arising directly or indirectly
from or relating to: (i) the participation of the Agent or of any of the
Lenders in the transactions

 

14

 

contemplated by this
Agreement, (ii) any Advance or the use or proposed use of the proceeds
therefrom (including any refusal by the Issuing Lender to honor a demand for
payment under a Letter of Credit if the documents presented in connection with
such demand do not strictly comply with the terms of such Letter of Credit), (iii) the
role of the Agent or the Lenders in any investigation, litigation or other
proceeding brought or threatened relating to the Credit, (iv) the presence
on or under or the release or migration from any property or into the
environment of any hazardous material, and/or (v) the compliance with or
enforcement of any of their rights or obligations hereunder, including without
limitation:”.

 

27.           The
first paragraphs of Schedule “J” (prior to the signature line entitled “Name
and Title”) are deleted and replaced by the following:

 

“              We have reviewed the Credit Agreement originally dated
as of November 28, 2000 entered into among VIDÉOTRON LTÉE, Royal Bank of
Canada, as Agent and the Lenders (as defined in the Credit Agreement, as
amended and restated on November 19, 2004, and as modified, supplemented,
amended or amended and restated from time to time, the “Credit
Agreement”) and hereby certify that:

 

(i)            with the exceptions listed below (if
any), as of the date of this certificate, the Borrower has complied with all
the terms and conditions of the Credit Agreement; and

 

(iii)          no
Default has occurred and is continuing and no Event of Default has occurred or
exists under the Credit Agreement [or, if a Default or Event
of Default exists, set out the details and proposed solutions].

 

We
attach a Compliance Certificate demonstrating the Borrower’s compliance with
the financial covenants listed in subsections 12.11.1, 12.11.2 and 12.11.3 of
the Credit Agreement for the latest period required under subsection {12.15.1 -
quarterly} {12.15.2 - annual} {choose one}.”.

 

In addition, the portion
at the end of the Schedule entitled “List of increases in any limited
Guarantees”, and the titles below it, are deleted.

 

28.           A new
Schedule “M” is attached, replacing the former Schedule “M”.

 

III.           EFFECTIVE DATE AND CONDITIONS

 

1.             This
Eighth Amending Agreement shall become effective as of March 6, 2008 (the “Effective Date”), subject to the fulfilment of all
conditions precedent set out herein and in the amended Section 10.2 above.

 

15

 

2.             On the
Effective Date, the Credit Agreement shall be modified by the foregoing
amendments.  The parties hereto agree
that the changes to the Credit Agreement set out herein and the execution
hereof shall not constitute novation and all the Security shall continue to
apply to the Credit Agreement, as amended hereby, and all other obligations
secured thereby.  Without limiting the
generality of the foregoing and to the extent necessary, (i) the Lenders
and the Agent reserve all of their rights under each of the Security Documents,
and (ii) each of the Borrower and the Guarantors obligates itself again in
respect of all present and future obligations under, inter alia,
the Credit Agreement, as amended hereby.

 

3.             The
Borrower shall pay all fees and costs, including legal fees associated with
this Agreement incurred by the Agent as contemplated and restricted by the
provisions of Section 12.14 of the Credit Agreement.

 

4.             The
Borrower shall provide the opinion of its counsel, in form and substance
acceptable to the Agent and the Lenders’ counsel, with respect to the power,
capacity, and authority of the Borrower and each of the Guarantors to enter
into or intervene in this Eighth Amending Agreement and to perform its
obligations hereunder, with respect to the enforceability of this Eighth
Amending Agreement in accordance with its terms; as well as, prior to the
initial Advance by way of Letter of Credit under the Credit Agreement, with
respect to the pledge of Spectrum Co.’s shares (if any), and with respect to
the continued enforceability (unaffected hereby) of all of the Security.  The Borrower shall also provide any opinions
that the Agent may reasonably require in connection with Section 12.19 of
the Credit Agreement.

 

IV.           MISCELLANEOUS

 

1.             All of
the provisions of the Credit Agreement that are not amended hereby shall remain
in full force and effect.

 

2.             This
Agreement shall be governed by and construed in accordance with the Laws of the
Province of Quebec.

 

3.             The
parties acknowledge that they have required that the present agreement, as well
as all documents, notices and legal proceedings entered into, given or
instituted pursuant hereto or relating directly or indirectly hereto be drawn
up in English.  Les parties reconnaissent
avoir exigé la rédaction en anglais de la présente convention ainsi que de tous
documents exécutés, avis donnés et procédures judiciaires intentées,
directement ou indirectement, relativement ou à la suite de la présente
convention.

 

IN WITNESS WHEREOF
THE PARTIES HERETO HAVE SIGNED THIS AGREEMENT ON THE DATE AND AT THE PLACE
FIRST HEREINABOVE MENTIONED.

 

16

 

	
   VIDÉOTRON
  LTÉE

  	
  ROYAL BANK OF CANADA, as Agent for the Lenders

  
	
   

  	
   

  	
   

  	
   

  
	
  Per:

  	
  /s/
  JEAN-FRANÇOIS PRUNEAU

  	
   

  	
  Per:

  	
  /s/
  ANN MURLEY

  
	
   

  	
   

  	
   

  	
  Manager, Agency

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ROYAL BANK OF CANADA

  	
  THE TORONTO-DOMINION BANK

  
	
   

  	
   

  
	
  Per:

  	
  /s/
  (ILLEGIBLE)

  	
   

  	
  Per:

  	
  /s/
  (ILLEGIBLE)

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Per:

  	
  /s/
  (ILLEGIBLE)

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  BANK OF MONTREAL

  	
  BANK OF AMERICA, N.A., Canada Branch

  
	
   

  	
   

  	
   

  	
   

  
	
  Per:

  	
  /s/
  (ILLEGIBLE)

  	
   

  	
  Per:

  	
  /s/
  NELSON LAM

  
	
   

  	
   

  	
   

  	
  Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  CANADIAN IMPERIAL BANK OF COMMERCE

  	
  THE BANK OF NOVA SCOTIA

  
	
   

  	
   

  	
   

  	
   

  
	
  Per:

  	
  /s/
  (ILLEGIBLE)

  	
   

  	
  Per:

  	
  /s/
  ROB KING

  
	
   

  	
   

  	
   

  	
   

  	
  Managing Director

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Per:

  	
  /s/
  (ILLEGIBLE)

  	
   

  	
  Per:

  	
  /s/
  BRADLEY WALKER

  
	
   

  	
   

  	
   

  	
  Associate Director

  

 

 

	
  CITIBANK, N.A., Canadian Branch

  	
  CREDIT SUISSE, Toronto Branch

  
	
   

  	
   

  	
   

  	
   

  
	
  Per:

  	
   

  	
   

  	
  Per:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Per:

  	
   

  	
   

  	
  Per:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  CAISSE CENTRALE DESJARDINS

  	
  BANK OF TOKYO-MITSUBISHI UFJ (CANADA)

  
	
   

  	
   

  	
   

  	
   

  
	
  Per:

  	
  /s/
  (ILLEGIBLE)

  	
   

  	
  Per:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Per:

  	
  /s/
  (ILLEGIBLE)

  	
   

  	
  Per:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  LAURENTIAN BANK OF CANADA

  	
  NATIONAL BANK OF CANADA

  
	
   

  	
   

  	
   

  	
   

  
	
  Per:

  	
  /s/
  (ILLEGIBLE)

  	
   

  	
  Per:

  	
  /s/
  (ILLEGIBLE)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Per:

  	
  /s/
  (ILLEGIBLE)

  	
   

  	
  Per:

  	
  /s/
  (ILLEGIBLE)

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  HSBC BANK CANADA

  	
  SOCIÉTÉ GÉNÉRALE (CANADA)

  
	
   

  	
   

  	
   

  	
   

  
	
  Per:

  	
  /s/
  (ILLEGIBLE)

  	
   

  	
  Per:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Per:

  	
  /s/
  (ILLEGIBLE)

  	
   

  	
  Per:

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

 

The undersigned
acknowledge having taken cognizance of the provisions of the foregoing Eighth
Amending Agreement and agree that the Guarantees and Security executed by them (A) remain
enforceable against them in accordance with their terms, and (B) continue
to guarantee or secure, as applicable, all of the obligations of the Persons
specified in such Guarantees and Security Documents in connection with the
Credit Agreement as defined above, and as amended hereby:

 

 

	
  LE SUPERCLUB VIDÉOTRON LTÉE

  	
  GROUPE DE DIVERTISSEMENT SUPERCLUB INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Per:

  	
  /s/
  JEAN-FRANÇOIS PRUNEAU

  	
   

  	
  Per:

  	
  /s/
  JEAN-FRANÇOIS PRUNEAU

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CF CABLE TV INC.

  	
  SUPERCLUB PROPERTIES INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Per:

  	
  /s/
  JEAN-FRANÇOIS PRUNEAU

  	
   

  	
  Per:

  	
  /s/
  JEAN-FRANÇOIS PRUNEAU

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SUPERCLUB VIDÉOTRON CANADA INC.

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Per:

  	
  /s/
  JEAN-FRANÇOIS PRUNEAU

  	
   

  	
   

  	
   

  	
   

  

 

 

The undersigned acknowledges having taken cognizance
of the provisions of the foregoing Eighth Amending Agreement and agrees that
the pledge of the shares of the Borrower executed by the undersigned as of July 6,
2006 in favour of the Agent (A) remains enforceable against it in
accordance with its terms, and (B) continues to secure all of the
obligations of the Persons specified in such Security Document in connection
with the Credit Agreement, as defined above, and as amended hereby:

 

 

	
  QUEBECOR MEDIA INC.

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Per:

  	
  /s/
  JEAN-FRANÇOIS PRUNEAU

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
						

 

 

SCHEDULE
“M”

MEMBERS
OF THE VL GROUP AS AT THE

EIGHTH
AMENDMENT CLOSING DATE

 

VIDÉOTRON LTÉE

 

LE SUPERCLUB
VIDÉOTRON LTÉE

 

LES PROPRIÉTÉS SUPERCLUB
INC./SUPERCLUB PROPERTIES INC.

 

SUPERCLUB VIDÉOTRON
CANADA INC.

 

GROUPE DE
DIVERTISSEMENT SUPERCLUB INC.

 

SETTE INC.

 

CF CÂBLE TV INC./CF CABLE TV
INC.

 

GUARANTORS
AS AT THE EIGHTH AMENDMENT CLOSING DATE

 

LE SUPERCLUB
VIDÉOTRON LTÉE

 

LES PROPRIÉTÉS SUPERCLUB
INC./SUPERCLUB PROPERTIES INC.

 

SUPERCLUB VIDÉOTRON
CANADA INC.

 

GROUPE DE
DIVERTISSEMENT SUPERCLUB INC.

 

CF CÂBLE TV INC./CF CABLE TV
INC.

 

QUEBECOR MEDIA INC., under a limited
recourse guarantee (limited to a pledge of the shares of the Borrower).

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