Document:

TERM LOAN CREDIT AGREEMENT Dated as of July 13, 2010

 Exhibit 10.1 
 Execution Copy 
  

 
  

TERM LOAN CREDIT AGREEMENT 
 Dated as of July 13, 2010 
 among 

POSTMEDIA NETWORK INC., 
 as the Borrower, 
 POSTMEDIA NETWORK CANADA CORP., 

as Holdings 

THE SUBSIDIARY GUARANTORS PARTY HERETO, 
 JPMORGAN CHASE BANK, N.A., 
 as Administrative Agent and Collateral Agent,

 MORGAN STANLEY SENIOR FUNDING, INC., 
 as 
 Syndication Agent, 

THE BANK OF MONTREAL, CANADIAN IMPERIAL BANK OF COMMERCE, THE BANK 

OF NOVA SCOTIA, 
 ROYAL BANK OF CANADA AND THE TORONTO-DOMINION BANK, 
 as 

Co-Documentation Agents, 
 and 
 THE LENDERS FROM TIME TO TIME PARTY HERETO 

 
  

J.P. MORGAN SECURITIES INC. 
 and 
 MORGAN STANLEY SENIOR FUNDING, INC., 

as 
 Joint Lead
Arrangers and Joint Bookrunners 
  
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	ARTICLE I	  			
	DEFINITIONS AND ACCOUNTING TERMS	  			
			
	1.01	  	 Defined Terms
	  	 	7	  
	1.02	  	 Other Interpretive Provisions
	  	 	35	  
	1.03	  	 Accounting Terms
	  	 	36	  
	1.04	  	 Rounding
	  	 	37	  
	1.05	  	 References to Agreements and Laws
	  	 	37	  
	1.06	  	 Times of Day
	  	 	37	  
	1.07	  	 Currency Translations
	  	 	37	  
	1.08	  	 Interpretation Clause (Québec)
	  	 	37	  
		
	ARTICLE II	  			
	THE TERM LOANS	  			
			
	2.01	  	 The Loans
	  	 	38	  
	2.02	  	 Conversions and Continuations of Loans
	  	 	39	  
	2.03	  	 Prepayments
	  	 	39	  
	2.04	  	 Repayment of Loans
	  	 	41	  
	2.05	  	 Interest
	  	 	42	  
	2.06	  	 Fees
	  	 	43	  
	2.07	  	 Computation of Interest and Fees
	  	 	43	  
	2.08	  	 Evidence of Debt
	  	 	43	  
	2.09	  	 Payments Generally
	  	 	43	  
	2.10	  	 Sharing of Payments
	  	 	45	  
	2.11	  	 Incremental Loans
	  	 	45	  
		
	ARTICLE III	  			
	TAXES, YIELD PROTECTION AND ILLEGALITY	  			
			
	3.01	  	 Taxes
	  	 	47	  
	3.02	  	 Illegality
	  	 	49	  
	3.03	  	 Inability to Determine Rates
	  	 	49	  
	3.04	  	 Increased Cost and Reduced Return; Capital Adequacy; Reserves on Eurodollar Rate Loans and CDOR Rate Loans
	  	 	49	  
	3.05	  	 Compensation for Losses
	  	 	50	  
	3.06	  	 Matters Applicable to all Requests for Compensation
	  	 	51	  
	3.07	  	 Survival
	  	 	51	  
		
	ARTICLE IV	  			
	CONDITIONS PRECEDENT	  			
	4.01	  	 Closing Date
	  	 	51	  

  
 i 

							
	4.02	  	 Each Credit Event
	  	 	56	  
		
	ARTICLE V	  			
	REPRESENTATIONS AND WARRANTIES	  			
			
	5.01	  	 Existence, Qualification and Power; Compliance with Laws
	  	 	56	  
	5.02	  	 Authorization; No Contravention
	  	 	56	  
	5.03	  	 Governmental Authorization; Other Consents
	  	 	57	  
	5.04	  	 Binding Effect
	  	 	57	  
	5.05	  	 Financial Statements
	  	 	57	  
	5.06	  	 Litigation
	  	 	57	  
	5.07	  	 No Default
	  	 	58	  
	5.08	  	 Ownership of Property; Liens; Intellectual Property
	  	 	58	  
	5.09	  	 Environmental Compliance
	  	 	58	  
	5.10	  	 Taxes
	  	 	58	  
	5.11	  	 Pension Plans
	  	 	58	  
	5.12	  	 Subsidiaries
	  	 	60	  
	5.13	  	 Margin Regulations; Investment Company Act
	  	 	60	  
	5.14	  	 Disclosure
	  	 	60	  
	5.15	  	 Compliance with Laws
	  	 	60	  
	5.16	  	 Court Approval
	  	 	60	  
	5.17	  	 Solvency
	  	 	60	  
	5.18	  	 Security Agreement
	  	 	60	  
		
	ARTICLE VI	  			
	AFFIRMATIVE COVENANTS	  			
			
	6.01	  	 Financial Statements
	  	 	61	  
	6.02	  	 Certificates; Other Information
	  	 	62	  
	6.03	  	 Notices
	  	 	63	  
	6.04	  	 Payment of Obligations
	  	 	64	  
	6.05	  	 Preservation of Existence, Etc.
	  	 	64	  
	6.06	  	 Maintenance of Properties
	  	 	64	  
	6.07	  	 Maintenance of Insurance
	  	 	64	  
	6.08	  	 Compliance with Laws
	  	 	64	  
	6.09	  	 Books and Records
	  	 	64	  
	6.10	  	 Inspection Rights
	  	 	65	  
	6.11	  	 Covenant to Guarantee Obligations and Give Security
	  	 	65	  
	6.12	  	 Maintenance of Ratings
	  	 	66	  
	6.13	  	 Use of Proceeds
	  	 	66	  
	6.14	  	 Post-Closing Actions
	  	 	66	  

  
 ii 

							
		
	ARTICLE VII	  			
	NEGATIVE COVENANTS	  			
			
	7.01	  	 Liens
	  	 	67	  
	7.02	  	 Indebtedness
	  	 	70	  
	7.03	  	 Fundamental Changes, Dispositions
	  	 	73	  
	7.04	  	 Change in Nature of Business
	  	 	73	  
	7.05	  	 Transactions with Affiliates
	  	 	74	  
	7.06	  	 Holdings
	  	 	74	  
	7.07	  	 Financial Covenants
	  	 	74	  
	7.08	  	 Burdensome Agreements
	  	 	75	  
	7.09	  	 Restricted Payments
	  	 	76	  
	7.10	  	 Investments
	  	 	77	  
	7.11	  	 Amendments of Organization Documents and Indebtedness Agreements
	  	 	79	  
	7.12	  	 Accounting Changes
	  	 	79	  
	7.13	  	 Sale and Leaseback Transactions
	  	 	80	  
	7.14	  	 Swap Contracts
	  	 	80	  
	7.15	  	 Capital Expenditures
	  	 	80	  
	7.16	  	 Pension Plan Compliance
	  	 	80	  
	7.17	  	 Canadian Status
	  	 	80	  
		
	ARTICLE VIII	  			
	EVENTS OF DEFAULT AND REMEDIES	  			
			
	8.01	  	 Events of Default
	  	 	81	  
	8.02	  	 Remedies Upon Event of Default
	  	 	83	  
	8.03	  	 Application of Funds
	  	 	83	  
		
	ARTICLE IX	  			
	ADMINISTRATIVE AGENT; COLLATERAL AGENT	  			
			
	9.01	  	 Appointment and Authority
	  	 	84	  
	9.02	  	 Rights as a Lender
	  	 	84	  
	9.03	  	 Exculpatory Provisions
	  	 	85	  
	9.04	  	 Reliance by Administrative Agent and the Collateral Agent
	  	 	85	  
	9.05	  	 Delegation of Duties
	  	 	85	  
	9.06	  	 Resignation of Administrative Agent or Collateral Agent
	  	 	86	  
	9.07	  	 Notice of Default
	  	 	86	  
	9.08	  	 Non-Reliance on Administrative Agent, Collateral Agent and Other Lenders
	  	 	86	  
	9.09	  	 Indemnification
	  	 	87	  
	9.10	  	 No Other Duties, Etc.
	  	 	87	  
	9.11	  	 Administrative Agent May File Proofs of Claim
	  	 	87	  

  
 iii

							
	9.12	  	 Collateral and Guaranty Matters
	  	 	88	  
	9.13	  	 Authorization for Intercreditor Agreements
	  	 	89	  
	9.14	  	 Quebec Security
	  	 	89	  
	9.15	  	 Appointment by Secured Parties
	  	 	90	  
		
	ARTICLE X	  			
	MISCELLANEOUS	  			
			
	10.01	  	 Amendments, Etc.
	  	 	90	  
	10.02	  	 Notices; Effectiveness; Electronic Communications
	  	 	92	  
	10.03	  	 No Waiver; Cumulative Remedies
	  	 	94	  
	10.04	  	 Expenses; Indemnity; Damage Waiver
	  	 	94	  
	10.05	  	 Payments Set Aside
	  	 	96	  
	10.06	  	 Successors and Assigns
	  	 	96	  
	10.07	  	 Treatment of Certain Information; Confidentiality
	  	 	99	  
	10.08	  	 Right of Set-off
	  	 	100	  
	10.09	  	 Interest Rate Limitation
	  	 	100	  
	10.10	  	 Counterparts; Integration; Effectiveness
	  	 	101	  
	10.11	  	 Survival of Representations and Warranties
	  	 	101	  
	10.12	  	 Severability
	  	 	101	  
	10.13	  	 Replacement of Lenders
	  	 	101	  
	10.14	  	 Governing Law; Jurisdiction; Etc.
	  	 	102	  
	10.15	  	 Waiver of Jury Trial
	  	 	103	  
	10.16	  	 No Advisory or Fiduciary Responsibility
	  	 	103	  
	10.17	  	 USA PATRIOT Act Notice
	  	 	104	  
	10.18	  	 Anti-Money Laundering Legislation
	  	 	104	  
	10.19	  	 Intercreditor Agreements
	  	 	104	  
		
	ARTICLE XI	  			
	Guaranty	  			
			
	11.01	  	 Guaranty
	  	 	105	  
	11.02	  	 Guaranty of Payment
	  	 	105	  
	11.03	  	 No Discharge or Diminishment of Guaranty
	  	 	105	  
	11.04	  	 Defenses Waived
	  	 	106	  
	11.05	  	 Rights of Subrogation
	  	 	106	  
	11.06	  	 Reinstatement; Stay of Acceleration
	  	 	106	  
	11.07	  	 Information
	  	 	106	  
	11.08	  	 Maximum Liability
	  	 	107	  
	11.09	  	 Contribution
	  	 	107	  
	11.10	  	 Liability Cumulative
	  	 	107	  

  
 iv 

 SCHEDULES 
  

			
	 2.01
	  	 Commitments and Applicable Percentages

	 5.06
	  	 Litigation

	 5.08
	  	 Properties

	 5.09
	  	 Environmental Claims

	 5.11
	  	 Pension Plans

	 5.12
	  	 Subsidiaries

	 6.14
	  	 Post-Closing Actions

	 7.01
	  	 Liens

	 7.02
	  	 Indebtedness

	 7.05
	  	 Permitted Affiliate Transactions

	 7.08
	  	 Burdensome Agreements

	 7.10
	  	 Investments

	 10.02
	  	 Administrative Agent’s Office, Certain Addresses for Notices

EXHIBITS 
 Form of 

			
		
	 A-1
	  	 ABL Intercreditor Agreement

	 A-2
	  	 Notes Intercreditor Agreement

	 B
	  	 Assignment and Assumption

	 C
	  	 Compliance Certificate

	 D
	  	 Loan Borrowing Notice

	 E
	  	 Loan Conversion Notice

	 F
	  	 Note

	 G
	  	 Security Agreement

	 H-1
	  	 Opinion of Latham & Watkins LLP

	 H-2
	  	 Opinion of Davies Ward Phillips & Vineberg LLP

	 H-3
	  	 Opinion of Blake, Cassels & Graydon LLP

	 I
	  	 Joinder Agreement

  
 v 

 TERM LOAN CREDIT AGREEMENT 

This TERM LOAN CREDIT AGREEMENT (this “Agreement”) is entered into as of July 13, 2010, among POSTMEDIA NETWORK
INC., a Canada Business Corporations Act corporation (the “Borrower”), POSTMEDIA NETWORK CANADA CORP., a Canada Business Corporations Act corporation (“Holdings”), the Subsidiary Guarantors from time to time party
hereto, each lender from time to time party hereto (collectively, the “Lenders” and individually, a “Lender”), JPMORGAN CHASE BANK, N.A., as Administrative Agent and Collateral Agent, MORGAN STANLEY SENIOR FUNDING,
INC., as Syndication Agent, and THE BANK OF MONTREAL, CIBC OPPENHEIMER, THE BANK OF NOVA SCOTIA, ROYAL BANK OF CANADA and THE TORONTO-DOMINION BANK, as Co-Documentation Agents, with J.P. MORGAN SECURITIES INC. and MORGAN STANLEY SENIOR FUNDING,
INC., as Joint Lead Arrangers and Joint Bookrunners. 
 In consideration of the mutual covenants and agreements herein
contained, the parties hereto covenant and agree as follows: 
 ARTICLE I 

DEFINITIONS AND ACCOUNTING TERMS 
 1.01 Defined Terms. As used in this Agreement, the following terms shall have the meanings set forth below: 
 “2011 Fiscal Year” means the fiscal year of Holdings ending August 31, 2011 (or, if Holdings and its Subsidiaries change their fiscal year ends in accordance with
Section 7.12, (x) to February 28, the fiscal year of Holdings ending February 28, 2011, (y) to May 31, the fiscal year of Holdings ending May 31, 2011 or (z) to November 30, the fiscal year of
Holdings ending November 30, 2011). 
 “ABL Collateral Agent” has the meaning specified in the ABL
Intercreditor Agreement. 
 “ABL Credit Agreement” means the Revolving Credit Agreement, dated as of the date
hereof (as such agreement may be amended, restated, supplemented, refinanced, replaced, extended or otherwise modified from time to time) among the Borrower, the various lenders from time to time party thereto, Morgan Stanley Senior Funding, Inc.,
as administrative agent, and the other agents party thereto. 
 “ABL Documents” means the ABL Credit Agreement
and any other agreement or instrument governing or evidencing the ABL Revolving Loans and the Liens on collateral securing the same. 
 “ABL Intercreditor Agreement” means the Intercreditor Agreement, substantially in the form of Exhibit A-1, between the Collateral Agent on behalf of the Secured Parties, the ABL
Collateral Agent under the ABL Credit Agreement on behalf of the secured parties thereunder, and the trustee under the Senior Secured Notes Documentation on behalf of the holders of the Senior Secured Notes, as in effect on the date hereof, and as
amended, modified, restated or supplemented from time to time. 
 “ABL Lender” means a “Lender” as
defined in the ABL Credit Agreement. 
 “ABL Priority Collateral” has the meaning specified in the ABL
Intercreditor Agreement. 
 “ABL Revolving Loan” means the “Loans” as defined in the ABL Credit
Agreement in an aggregate principal amount of up to $60,000,000. 

 “Acquired Assets” means certain assets and property relating to the
business of the Seller to be acquired by the Borrower pursuant to the Acquisition as set forth in the Acquisition Agreement. 

“Acquisition” means the acquisition of certain assets and property of the Seller by the Borrower pursuant to the terms
of the Acquisition Agreement. 
 “Acquisition Agreement” means, collectively, the Asset Purchase Agreement
dated as of May 10, 2010 among Holdings, CW Acquisition Limited Partnership and the Seller, all schedules, exhibits and annexes thereto and all side letters and agreements entered in connection therewith, as amended by the assignment and
amendment agreement dated June 10, 2010 among Holdings, CW Acquisition Limited Partnership, the Borrower and the Seller. 

“Additional Available Amount” means, on any date of measurement: 

(a) the amount of Cumulative Excess Cash Flow on such date; plus 

(b) the cumulative amount of proceeds (including cash and the fair market value of property other than cash) received by the Borrower
since the Closing Date as a contribution to its equity capital or from the issue of Equity Interests of Holdings; plus 
 (c) an
amount equal to any returns (including dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts) received by the Loan Parties or any Subsidiary in respect of any Investments made pursuant to
Section 7.10(r)(ii); minus 
 (d) the amount of Additional Available Amounts used to fund Restricted Payments
pursuant to Section 7.09(i) and Investments pursuant to Section 7.10(r)(ii). 
 “Adjusted
EBITDA” means the Consolidated EBITDA, which, for purposes of this definition only, shall refer to the pro forma Consolidated EBITDA of the Borrower and the Acquired Assets for the twelve-month period ended on the date of the most recent
available quarterly financial statements of Canwest Limited Partnership prior to the Closing Date, subject to adjustments permitted by Regulation S-X promulgated under the U.S. Securities Exchange Act of 1934, as amended, and such other adjustments
as the Arrangers reasonably determine reflect the pro forma financial condition of the Borrower. For purposes of calculating Adjusted EBITDA, the Dollar shall be translated into Canadian Dollars on the basis of the noon buying rate in New York City
for cable transfers of Canadian Dollars as certified for customs purposes by the Federal Reserve of New York on April 30, 2010, which was US$1=$1.0169. 
 “Administrative Agent” means JPMorgan Chase Bank, N.A. or any of its offices and affiliates (including, without limitation, JPMorgan Chase Bank, N.A., Toronto Branch) in its capacity as
administrative agent under any of the Loan Documents, and any successor administrative agent. 
 “Administrative
Agent’s Office” means the Administrative Agent’s address and, as appropriate, account as set forth on Schedule 10.02, or such other address or account as the Administrative Agent may from time to time notify the Borrower
and the Lenders. 
 “Administrative Questionnaire” means an Administrative Questionnaire to be completed by
each Lender prior to such Lender making or acquiring any Loan in a form supplied by the Administrative Agent. 

“Affiliate” means, with respect to any Person, another Person that directly, or indirectly through one or more
intermediaries, Controls or is Controlled by or is under common Control with the Person 

  
 8 

 
specified. “Control” means the possession, directly or indirectly, of the power to (i) vote 20% or more of the votes entitled to be cast by all securities having ordinary
voting power for the election of directors (or persons performing similar functions) or (ii) direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or
otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 

“Affiliated Lender” means (a) any Lender that is Holdings or any Subsidiary of Holdings or (b) any Lender
(other than any Canadian Tranche Lender (solely in its capacity as a Canadian Tranche Lender) that is a Canadian Tranche Lender on the Closing Date) that owns, or has any Affiliate that owns, directly or indirectly, beneficially or of record, Equity
Interests representing, individually or in the aggregate with any such Affiliates, either (i) 15% or more of the aggregate economic interests represented by all of the Equity Interests of Holdings or any Parent of Holdings or (ii) the
power to vote 20% or more of the votes entitled to be cast by all securities of Holdings or any Parent of Holdings having ordinary voting power for the election of directors (or persons performing similar functions). 

“Agents” means, individually and collectively, each of the Administrative Agent, the Collateral Agent and (solely with
respect to Section 10.04) the Syndication Agent and the Co-Documentation Agents. 
 “Aggregate Canadian
Tranche Credit Exposure” means, at any time, the sum of the Canadian Tranche Credit Exposures of all the Canadian Tranche Lenders. For the avoidance of doubt, as of the date of this Agreement the Aggregate Canadian Tranche Credit Exposure
is $110,000,000. 
 “Aggregate Credit Exposure” means, at any time, the sum of the Credit Exposures of all the
Lenders. 
 “Aggregate U.S. Tranche Credit Exposure” means, at any time, the sum of the U.S. Tranche Credit
Exposures of all the U.S. Tranche Lenders. For the avoidance of doubt, as of the date of this Agreement the Aggregate U.S. Tranche Credit Exposure is US$300,000,000. 
 “Agreement” means this Term Loan Credit Agreement as the same may be amended, restated, amended and restated, renewed, replaced, extended, refinanced, supplemented or otherwise modified
from time to time. 
 “Applicable Canadian Tranche Percentage” means, with respect to any Canadian Tranche
Lender at any time, the percentage (carried out to the ninth decimal place) which such Canadian Tranche Lender’s Canadian Tranche Credit Exposure then constitutes of the Aggregate Canadian Tranche Credit Exposure. The Applicable Canadian
Tranche Percentage of each Canadian Tranche Lender as of the Closing Date is set forth opposite the name of such Lender on Schedule 2.01, and otherwise shall be as set forth in the Assignment and Assumption pursuant to which such Lender
becomes a party hereto, as applicable. 
 “Applicable Percentage” means, (a) with respect to any U.S.
Tranche Lender at any time, its Applicable U.S. Tranche Percentage and (b) with respect to any Canadian Tranche Lender at any time, its Applicable Canadian Tranche Percentage. 

“Applicable Rate” means, (a) for any day with respect to any Base Rate Loan, 6.00%, (b) for any day with
respect to any Eurodollar Rate Loan, 7.00%, (c) for any day with respect to any Canadian Prime Rate Loan, 5.00% and (d) for any day with respect to any CDOR Rate Loan, 6.00%. 

  
 9 

 “Applicable U.S. Tranche Percentage” means, with respect to any U.S.
Tranche Lender at any time, the percentage (carried out to the ninth decimal place) which such U.S. Tranche Lender’s U.S. Tranche Credit Exposure then constitutes of the Aggregate U.S. Tranche Credit Exposure. The Applicable U.S. Tranche
Percentage of each U.S. Tranche Lender as of the Closing Date is set forth opposite the name of such Lender on Schedule 2.01, and otherwise shall be as set forth in the Assignment and Assumption pursuant to which such Lender becomes a party
hereto, as applicable. 
 “Approved Fund” means any Fund that is administered or managed by (a) a Lender,
(b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 

“Arrangers” means each of J.P. Morgan Securities Inc. and Morgan Stanley Senior Funding, Inc. in its capacity as joint
lead arranger and joint bookrunner. 
 “Assignment and Assumption” means an assignment and assumption entered
into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by Section 10.06(b)), and accepted by the Administrative Agent, in substantially the form of Exhibit B or any other form approved by the
Administrative Agent. 
 “Attributable Indebtedness” means, on any date, (a) in respect of any capital
lease of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, and (b) in respect of any Synthetic Lease Obligation, the capitalized amount of the
remaining lease payments under the relevant lease that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease were accounted for as a capital lease. 

“Audited Financial Statements” means the audited consolidated balance sheet of Canwest Limited Partnership for the
fiscal years ended August 31, 2007, August 31, 2008, and August 31, 2009, and the related consolidated statements of earnings (loss), comprehensive income (loss), partners’ deficiency and cash flows for such fiscal years of
Canwest Limited Partnership, including the notes thereto. 
 “Available Investment Basket Amount” means
$25,000,000, less the cumulative amount used (measured from and after the Closing Date) to make Investments constituting acquisitions under Section 7.10(g), and less the cumulative amount (net of any return of capital) (measured from and
after the Closing Date) used to make Investments under Section 7.10(r)(i). 
 “Banking Services”
means each and any of the following bank services provided to any Loan Party by any entity that, at the time of entering into such arrangement, is (a) a Lender, (b) an ABL Lender or (c) an 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 Administrative Agent designating such services as a “Banking Service” between such Bank Services Provider, on the one hand,
and the applicable Loan Party, on the other hand, for purposes of this Agreement and the other Loan Documents (it being understood that any Banking Service provided by the Administrative Agent or its Affiliates will be deemed to be a Banking Service
for purposes of this Agreement and other Loan Documents 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, interstate depository network services, wire payments
and account netting and pooling services) or any similar transactions. 

  
 10 

 “Banking Services Obligations” of the Loan Parties means any and all
obligations of the Loan 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” has the meaning specified in the definition of “Banking
Services”. 
 “Base Rate” means for any day a fluctuating rate per annum equal to the highest of
(a) the Federal Funds Rate plus 1/2 of 1%, (b) the rate of interest in effect for such day as publicly announced from time to time by JPMCB as its “prime rate,” (c) the Eurodollar Rate (determined in accordance with clause
(a) of the definition thereof) plus 1.00% and (d) 3.00%. The “prime rate” is a rate set by JPMCB based upon various factors including JPMCB’s costs and desired return, general economic conditions and other factors, and is
used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such rate announced by JPMCB shall take effect at the opening of business on the day specified in the public announcement of
such change. 
 “Base Rate Loan” means a Loan that bears interest based on the Base Rate. 

“Board of Directors” means the board of directors (or similar governing body) of Holdings. 

“Borrower” has the meaning specified in the introductory paragraph hereto. 

“Borrower Materials” has the meaning specified in Section 6.02. 

“Borrowing” means Loans of the same Type, made, converted or continued on the same date and, in the case of Eurodollar
Rate Loans or CDOR Rate Loans, having the same Interest Period made by each of the Lenders pursuant to Section 2.01 or 2.02. 
 “Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in fact closed in, the state where the
Administrative Agent’s Office is located and, if such day relates to any Eurodollar Rate Loan means any such day on which dealings in Dollar deposits are conducted by and between banks in the London interbank Eurodollar market. “Business
Day” shall also exclude any day on which Canadian chartered banks in Toronto, Ontario, Canada, are required or authorized by law to remain closed. 
 “Canadian Dollars” or “$” (without further designation) means the lawful money of Canada. 
 “Canadian Prime Rate” means for any day, a rate per annum determined by the Administrative Agent equal to the greater of (a) the Reference Rate in effect on such date and
(b) the 30-day CDOR Rate in effect on such date plus 1%. Any change in the Canadian Prime Rate due to a change in the Reference Rate or the CDOR Rate shall be effective from and including the effective date of such change in the
Reference Rate or CDOR Rate, respectively. 
 “Canadian Prime Rate Loan” means a Loan that bears interest based
on the Canadian Prime Rate. 
 “Canadian Tranche Commitment” means, as to any Canadian Tranche Lender, the
obligation of such Canadian Tranche Lender to make a Canadian Tranche Loan to the Borrower in a principal amount not to exceed the amount set forth under the heading “Canadian Tranche Term Loan Commitment” on Schedule 2.01.

  
 11 

 “Canadian Tranche Credit Exposure” means, with respect to any Canadian
Tranche Lender, (a) until the funding of such Canadian Tranche Lender’s Loan on the Closing Date, the aggregate amount of such Canadian Tranche Lender’s Canadian Tranche Commitments at such time, and (b) thereafter, an amount
equal to the outstanding principal amount of such Canadian Tranche Lender’s Canadian Tranche Loans at such time. 

“Canadian Tranche Lender” means, on the Closing Date, any Lender having a Canadian Tranche Commitment and, thereafter,
any Lender from time to time holding Canadian Tranche Loans. 
 “Canadian Tranche Loan” has the meaning
specified in Section 2.01. 
 “Capital Expenditure Carryover Amount” has the meaning specified in
Section 7.15. 
 “Capital Expenditures” means, with respect to any Person for any period, any
expenditure by such Person in respect of the purchase or other acquisition of any fixed or capital asset made with Internally Generated Cash (including replacements, capitalized repairs and improvements during such period) that should be capitalized
under GAAP on a consolidated balance sheet of Holdings and its Subsidiaries; provided that Capital Expenditures shall not include any expenditures: 
 (a) for replacements substitutions, restorations or repairs of assets or equipment to the extent financed with (i) insurance proceeds paid on account of the loss of or damage to the assets being
replaced, restored or repaired, (ii) damage recovery proceeds or (iii) awards of compensation arising from the taking by eminent domain or condemnation of the assets being replaced; 

(b) the purchase price of assets or equipment that is purchased simultaneously with the trade-in of existing assets or equipment to the
extent that the gross amount of such purchase price is reduced by the credit granted by the seller of such equipment for the equipment being traded in at such time; 
 (c) made in connection with or to fund the purchase price in a Permitted Acquisition or Investment; 
 (d) that constitute any part of consolidated lease expense or for leasehold improvements; and 
 (e) expenditures that are accounted for as capital expenditures and are paid for by (or directly or indirectly reimbursed by) a third party. 

“Capital Lease Obligations” of any Person shall mean the obligations of such Person to pay rent or other amounts under
any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and
the amount of such obligations shall be the capitalized amount thereof (attributable to principal) determined in accordance with GAAP. 
 “Cash Equivalents” means any of the following types of Investments, to the extent owned by Holdings or any of its Subsidiaries free and clear of all Liens (other than Liens created under
the Collateral Documents and other Liens permitted hereunder): 
 (a) Canadian Dollars, Dollars, or in the case of any Foreign
Subsidiary, such currencies held by it from time to time in the ordinary course of business; 
 (b) securities issued or
directly and fully guaranteed or insured by the United States Government or Canada or any agency or instrumentality of the United States of America or Canada 

  
 12 

 
(provided that the full faith and credit of the United States of America or Canada, as applicable, is pledged in support thereof); 

(c) marketable general obligations issued by any state of the United States of America or any province or territory of Canada or any
political subdivision of any such state or any public instrumentality thereof maturing within one year from the date of acquisition and, at the time of acquisition, having a credit rating of either “A” or better from S&P,
“A2” or better from Moody’s or “A” or better from DBRS; 
 (d) certificates of deposit, demand
deposits, time deposits, eurodollar time deposits, overnight bank deposits or bankers’ acceptances having maturities of not more than one year from the date of acquisition thereof issued by any commercial bank or Canadian chartered bank
(x) the long-term debt of which is rated at the time of acquisition thereof at least “A” (or the equivalent thereof) by S&P, “A2” (or the equivalent thereof) by Moody’s or “A” by DBRS or (y) the short
term commercial paper of such commercial bank or its parent company or Canadian chartered bank is rated at the time of acquisition thereof at least “A-1” (or the equivalent thereof) by S&P, “P-1” (or the equivalent thereof)
by Moody’s or R-1 (middle) by DBRS, and having combined capital and surplus in excess of $1,000,000,000; 
 (e) repurchase
obligations with a term of not more than 30 days for underlying securities of the types described in clauses (b), (c) and (d) above, entered into with any bank meeting the qualifications specified in clause (d) above; 

(f) commercial paper rated at the time of acquisition thereof at least “A-1” (or the equivalent thereof) by S&P,
“P-1” (or the equivalent thereof) by Moody’s or R-1 (middle) by DBRS, or carrying an equivalent rating by a nationally recognized statistical rating organization, if any of such Rating Agencies cease publishing ratings of investments,
and in any case maturing within one year after the date of acquisition thereof; 
 (g) instruments equivalent to those referred
to in clauses (a) through (f) above denominated in euros or any foreign currency comparable in credit quality and tenor to those referred to in such clauses and customarily used by corporations for cash management purposes in any
jurisdiction outside the United States or Canada to the extent reasonably required in connection with any business conducted by any Subsidiary organized in such jurisdiction; 
 (h) interests in any investment company or money market fund that invests 95% or more of its assets in instruments of the type specified in clauses (a) through (g) above; 

(i) money market funds that (i) comply with the criteria set forth in Rule 2A 7 of the Investment Company Act of 1940, as amended,
(ii) are rated at the time of acquisition thereof “AAA” by S&P , “Aaa” by Moody’s or “AAA” by DBRS and (iii) have portfolio assets of at least $5.0 billion; and 

(j) in the case of any Foreign Subsidiary, high quality short-term investments which are customarily used for cash management purposes in
any country in which such Foreign Subsidiary operates. 
 “CCAA Court” has the meaning specified in Section
4.01(j). 
 “CCAA Plan” has the meaning specified in Section 4.01(j). 

“CDOR Rate” means, for the relevant Interest Period, in the case of any Canadian Tranche Lender that is listed in
Schedule I of the Bank Act (Canada) (a) the annual rate of interest determined with 

  
 13 

 
reference to the arithmetic average of the discount rate quotations of all institutions listed in respect of the relevant Interest Period for Canadian Dollar-denominated bankers’ acceptances
displayed and identified as such on the “Reuters Screen CDOR Page” as defined in the International Swaps and Derivatives Association, Inc. definitions, as modified and amended from time to time, as of 10:00 a.m., Toronto local time, on
such day and, if such day is not a Business Day, then on the immediately preceding Business Day (as adjusted by the Administrative Agent after 10:00 a.m., Toronto local time, to reflect any error in the posted rate of interest or in the posted
average annual rate of interest) and (b) in the case of any Canadian Tranche Lender that is not a Schedule I bank under the Bank Act, the lesser of the (i) the arithmetic average of the actual discount rates for such bankers’
acceptances for such Interest Period quoted by the Canadian Tranche Lenders who are not listed in Schedule I of the Bank Act (Canada) as of 10:00 a.m., Toronto local time and (ii) the discount rate determined under clause (a) above
plus 0.10% per annum; provided that if such rates are not available on the Reuters Screen CDOR Page on any particular day, then the Canadian deposit offered rate component of such rate on that day shall be calculated as the average of
the rates for the applicable Interest Period as of 10:00 a.m., Toronto local time, on such day for Canadian Dollars bankers’ acceptances quoted by the banks listed on Schedule I of the Bank Act (Canada); or if such day is not a Business Day,
then the immediately preceding Business Day. 
 “CDOR Rate Loan” means a Loan that bears interest at a rate
based on the CDOR Rate. 
 “Change of Control” shall have occurred if: 

(a) any person or group (within the meaning of Rules 13d-3 and 13d-5 under the U.S. Securities Exchange Act of 1934, as amended) shall
have acquired beneficial ownership or control of Equity Interests of Holdings representing more than 50% of the aggregate ordinary voting power represented by the issued and outstanding capital stock of Holdings; or 

(b) the majority of the seats (other than vacant seats) on the Board of Directors cease to be occupied by Persons who either
(i) were members of the Board of Directors on the Closing Date or (ii) were nominated for election by the Board of Directors, a majority of whom were directors on the Closing Date or whose election or nomination for election was previously
approved by a majority of such directors; or 
 (c) Holdings shall cease to beneficially own, directly or indirectly, 100% of
the Equity Interests of the Borrower; or 
 (d) any “Change of Control” in the Senior Secured Note Documents or in the
ABL Credit Agreement shall have occurred and such Indebtedness or commitment in respect thereof is then outstanding. 

“Closing Date” means the date on which each of the conditions set forth in Section 4.01 and 2.01(b)
is satisfied (or waived in accordance with the terms of this Agreement), which date shall not be later than July 15, 2010. 
 “Co-Documentation Agents” means, individually and collectively, The Bank of Montreal, CIBC Oppenheimer, The Bank of Nova Scotia, Royal Bank of Canada and The Toronto-Dominion Bank, in
their respective capacities as co-documentation agent. 
 “Collateral” means any and all property and rights
owned, leased, subleased, licensed or operated by a Person covered by the Collateral Documents and any and all other property of any Loan Party, now existing or hereafter acquired, that may at any time be or become subject to a security interest or
Lien in favor of the Collateral Agent for the benefit of the Secured Parties pursuant to the Collateral Documents. 

  
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 “Collateral Agent” means JPMorgan Chase Bank, N.A. or any of its offices
and affiliates (including, without limitation, JPMorgan Chase Bank, N.A., Toronto Branch) in its capacity as collateral agent under any of the Loan Documents, and any successor collateral agent. 

“Collateral Documents” means, collectively, the Mortgages, the Security Agreement, each of the collateral assignments,
Joinder Agreements, Security Agreement joinders, security agreements, pledge agreements, mortgages, debentures, assignments of rent, control agreements or other similar agreements delivered to the Administrative Agent or Collateral Agent pursuant to
Section 6.11, and each of the other agreements, instruments or documents under which a Lien is granted in favor of the Collateral Agent as security for the payment and performance of the Secured Obligations in whole or in part.

 “Commitment” means, as to any Lender, its U.S. Tranche Commitment and/or its Canadian Tranche Commitment.

 “Compliance Certificate” means a certificate substantially in the form of Exhibit C. 

“Consolidated Current Assets” means, at any date, all amounts (other than cash and Cash Equivalents) that would, in
conformity with GAAP, be set forth opposite the caption “total current assets” (or any like caption) on a consolidated balance sheet of Holdings and its Subsidiaries at such date. 

“Consolidated Current Liabilities” means, at any date, all amounts that would, in conformity with GAAP, be set forth
opposite the caption “total current liabilities” (or any like caption) on a consolidated balance sheet of Holdings and its Subsidiaries at such date, but excluding (a) the current portion of any Funded Debt of Holdings and its
Subsidiaries, (b) without duplication of clause (a) above, all Indebtedness consisting of ABL Revolving Loans (including swingline loans and letters of credit) to the extent otherwise included therein, (c) any reserves for deferred
taxes and (d) any reserves for payments on any key-man policy of insurance. 
 “Consolidated EBITDA”
means, for any period, for Holdings and its Subsidiaries on a consolidated basis, an amount equal to: (a) Consolidated Net Income for such period, plus (b) the following to the extent deducted (or in the case of clause
(ix) below, for which pro forma effect may be given) in calculating such Consolidated Net Income for such period: (i) Consolidated Interest Charges, (ii) the provision for federal, provincial, state, local and foreign income taxes
(including any franchise taxes imposed in lieu of income taxes and any income taxes that would be payable if the entity were to become a taxable entity for purposes of federal, provincial, state or local income taxes and any single business tax),
(iii) the amount of depreciation and amortization expense, (iv) the amount of equity-based compensation expense (to the extent paid in equity and not in cash), (v) all non-cash restructuring charges, (vi) all cash restructuring
charges for such period, up to an aggregate amount of $60,000,000 for the period from the Closing Date through August 31, 2011, and, without duplication, up to an aggregate amount of $20,000,000 for any fiscal year thereafter, (vii) other
non-recurring, unusual or extraordinary charges, non-cash charges and non-cash losses, (viii) all charges and losses in connection with the extinguishment of debt (including letters of credit and hedging arrangements) and (ix) the amount
of cost savings, operating expense reductions and synergies projected by Holdings in good faith to be realized as a result of specified actions taken or with respect to which substantial steps have been taken by Holdings and its Subsidiaries or,
with respect to the Acquired Assets, by the Seller, prior to the Closing Date (calculated on a pro forma basis as though such cost savings, operating expense reductions and synergies had been realized on the first day of such period and as if such
cost savings, operating expense reductions and synergies were realized during the entirety of such period), net of the amount of actual benefits realized during such period from such actions; provided that (A) a duly completed
certificate signed by a Responsible Officer of Holdings or the Borrower shall be delivered to the Administrative Agent together with the Compliance Certificate required to be delivered pursuant to Section 6.02(a), certifying that such

  
 15 

 
cost savings, operating expense reductions and synergies are reasonably expected and factually supportable in the good faith judgment of Holdings or the Borrower, (B) the aggregate amount of
cost savings, operating expense reductions and projected synergies added pursuant to this clause (ix) does not exceed $10,000,000 for such period, (C) no cost savings, operating expense reductions and synergies shall be added pursuant to
this clause (ix) to the extent duplicative of any expenses or charges otherwise added to Consolidated EBITDA, whether through a pro forma adjustment or otherwise, for such period, and (D) projected amounts (and not yet realized) may no
longer be added in calculating Consolidated EBITDA pursuant to this clause (ix) to the extent occurring more than four full fiscal quarters after the specified action taken in order to realize such projected cost savings, operating expense
reductions and synergies, minus (c) the following to the extent increasing Consolidated Net Income for such period: (i) all other non-recurring, unusual or extraordinary items, non-cash items and all non-cash gains and
(iii) all gains associated with the extinguishment of debt (including letters of credit and hedging arrangements). Notwithstanding the foregoing, for all purposes of this Agreement, (x) Consolidated EBITDA (without giving effect to the
adjustments set forth in clause (ix) of the definition thereof) for the fiscal quarters ended November 30, 2009 and February 28, 2010 shall deemed to be $69,400,000 and $40,800,000, respectively, (y) the adjustments set forth in
clause (ix) of the definition of “Consolidated EBITDA” shall be deemed to be $5,300,000 as of May 31, 2010 and (z) Consolidated EBITDA for the fiscal quarter ended May 31, 2010 shall be deemed of Holdings and
its Subsidiaries on a Pro Forma Basis (reflecting the EBITDA of Canwest Limited Partnership and National Post on a combined basis). 
 “Consolidated First Lien Indebtedness” means, as of any date of determination, Consolidated Indebtedness as of such date (determined in accordance with GAAP) to the extent outstanding
under (a) the facility provided for under this Agreement, (b) the ABL Credit Agreement and (c) any refinancing of the foregoing permitted by Section 7.02, the obligations in respect of which are secured by any Liens on
substantially the same assets and properties of the Loan Parties that secure the Secured Obligations, which Liens are equal and ratable with, or have priority over, the Liens securing the Secured Obligations. 

“Consolidated First Lien Indebtedness Leverage Ratio” means, as of any date of determination, the ratio of
(a) Consolidated First Lien Indebtedness as of such date to (b) Consolidated EBITDA for the period of the four fiscal quarters most recently ended for which Holdings has delivered financial statements pursuant to
Section 6.01(a) or (b). 
 “Consolidated Indebtedness” means, as of any date of
determination, for Holdings and its Subsidiaries on a consolidated basis determined in accordance with GAAP, but without duplication, the sum of (a) the outstanding principal amount of all obligations, whether current or long-term, for borrowed
money (including Obligations hereunder) and all obligations evidenced by bonds, debentures, notes, loan agreements or other similar instruments, (b) all purchase money Indebtedness, (c) all obligations arising under letters of credit
(including standby), bankers’ acceptances, bank guaranties, surety bonds and other instruments, (d) Attributable Indebtedness in respect of capital leases and Synthetic Lease Obligations, (e) without duplication, all Guarantees with
respect to outstanding Indebtedness of the types specified in clauses (a) through (d) above of Persons other than Holdings or any Subsidiary, and (f) all Indebtedness of the types referred to in clauses (a) through (e) above
of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company or other similar entity that does not provide for pass-through liability) in which Holdings or a Subsidiary is a general
partner or joint venturer, unless such Indebtedness is expressly made non-recourse to Holdings or such Subsidiary. 

“Consolidated Interest Charges” means, for any period, the interest expense of Holdings and its Subsidiaries for such
period determined on a consolidated basis in accordance with GAAP, including but not limited to the portion of any payments or accruals with respect to Capital Lease Obligations that are allocable to interest expense, excluding (a) any
write-offs of capitalized fees under this Agreement and all amendments hereto and (b) all non-cash charges for the amortization of original issue discount and other 

  
 16 

 
financing charges with respect to Indebtedness incurred by Holdings and its Subsidiaries from time to time (including the Loans, the ABL Revolving Loans and the Senior Secured Notes). 

“Consolidated Interest Coverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated EBITDA
for the period of the four fiscal quarters most recently ended for which Holdings has delivered financial statements pursuant to Section 6.01(a) or (b) to (b) Consolidated Interest Charges for such period. 

“Consolidated Net Income” means, for any period, for Holdings and its Subsidiaries on a consolidated basis, (a) the
net income of Holdings and its Subsidiaries for that period, minus (b) the sum of (i) the income (or loss) of any Person in which any other Person (other than Holdings and its Subsidiaries) has a joint interest, except to the extent
of the amount of dividends or other distributions actually paid to Holdings or any of its Subsidiaries by such Person during such period, (ii) the income (or loss) of any Person accrued prior to the date it becomes a Subsidiary or is merged
into or consolidated with Holdings or any of its Subsidiaries or that such Person’s assets are acquired by Holdings or any of its Subsidiaries, (iii) the income of any Subsidiary to the extent that the declaration or payment of dividends
or similar distributions by that Subsidiary of that income is not at the time permitted by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that
Subsidiary and (iv) the cumulative effect of any change in accounting principles to the extent such change has the effect of reducing Consolidated Net Income for such period. 

“Consolidated Total Leverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated
Indebtedness as of such date to (b) Consolidated EBITDA for the period of the four fiscal quarters most recently ended for which Holdings has delivered financial statements pursuant to Section 6.01(a) or (b).

 “Consolidated Working Capital” means, at any date, the excess of Consolidated Current Assets on such date
over Consolidated Current Liabilities on such date. 
 “Contractual Obligation” means, as to any Person,
any provision of any security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound. 

“Control” has the meaning specified in the definition of “Affiliate.” 

“Credit Exposure” means, with respect to any Lender at any time, the sum of its U.S. Tranche Credit Exposure and the
Dollar Equivalent of its Canadian Tranche Credit Exposure. 
 “Cumulative Excess Cash Flow” means, as of any
date of determination, (a) the sum of Excess Cash Flow (if positive) for each fiscal year of Holdings for which (i) financial statements have been delivered pursuant to Section 6.01(a) and (ii) any mandatory prepayment
required to be made pursuant to Section 2.03(b)(ii) has been made, minus (b) the aggregate principal amount of mandatory prepayments made pursuant to Section 2.03(b)(ii) in respect of Excess Cash Flow for the periods
referred to in clause (a). 
 “DBRS” means DBRS Ltd. and any successor thereto. 

“Debtor Relief Laws” means the Bankruptcy and Insolvency Act (Canada), the Companies’ Creditors
Arrangement Act (Canada), the Winding-Up and Restructuring Act (Canada), and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium,

  
 17 

 
rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of Canada or other applicable jurisdictions from time to time in effect and affecting the rights of
creditors generally. 
 “Default” means any event or condition that constitutes an Event of Default or that,
with the giving of any notice, the passage of time, or both, would be an Event of Default. 
 “Default Rate”
means (a) with respect to any Loan, the interest rate (including any Applicable Rate) otherwise applicable to such Loan plus 2% per annum and (b) with respect to any other amount, an interest rate equal to (i) the Base
Rate plus (ii) the Applicable Rate, if any, applicable to Base Rate Loans plus (iii) 2% per annum. 

“Defaulting Lender” means any Lender that has failed to pay over to the Administrative Agent or any other Lender any
other amount required to be paid by it hereunder within one Business Day of the date when due, unless the subject of a good faith dispute, or has been deemed insolvent or become the subject of a bankruptcy or insolvency proceeding. 

“Disposition” or “Dispose” means the sale, transfer, license, lease or other disposition (including any
sale and leaseback transaction) of any property by any Person. 
 “Disqualified Equity Interests” means any
Equity Interest which, by its terms (or by the terms of any security or other Equity Interests into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (a) matures or is mandatorily
redeemable (other than solely for Equity Interests which are not otherwise Disqualified Equity Interests), pursuant to a sinking fund obligation or otherwise, (b) is redeemable at the option of the holder (other than solely for Equity Interests
which are not otherwise Disqualified Equity Interests), in whole or in part, (c) provides for scheduled payments or dividends in cash, or (d) is or becomes convertible into or exchangeable for Indebtedness or any other Equity Interests
that would constitute Disqualified Equity Interests, in each case, prior to the date that is 91 days after the Maturity Date, except, in the case of clauses (a) and (b) above, if as a result of a change of control or asset sale, so long as
any rights of the holders thereof upon the occurrence of such a change of control or asset sale event are subject to the prior payment in full of all Obligations hereunder. 
 “Dollars” or “US$” means the lawful money of the United States. 
 “Dollar Equivalent” means, with respect to an amount of Canadian Dollars, on any date, the amount of Dollars that may be purchased with such amount of Canadian Dollars at the Exchange
Rate in effect on such date. 
 “Early Retirement” means, with respect to all or a portion of any Loan
Party’s Indebtedness for borrowed money, any voluntary prepayment, purchase, repurchase, redemption, retirement, defeasance, acquisition or cancellation of such Indebtedness, or making any sinking fund or similar deposit with respect thereto,
prior to the stated maturity date of such Indebtedness, other than if made with or in exchange for Equity Interests or other Indebtedness that is subordinated in right of payment to the Obligations on terms that are reasonably acceptable to the
Administrative Agent (or with the proceeds of any of the foregoing). 
 “ECF Percentage” for any fiscal year of
Holdings means 75%; provided that, with respect to each fiscal year of Holdings ending on or after August 31, 2010, the ECF Percentage shall be reduced to (a) 50% if the Consolidated Total Leverage Ratio as of the last day of such
fiscal year is not greater than 3.5 to 1.0, (b) 25% if the Consolidated Total Leverage Ratio as of the last day of such fiscal year is not 

  
 18 

 
greater than 3.0 to 1.0 and (c) 0% if the Consolidated Total Leverage Ratio as of the last day of such fiscal year is not greater than 2.5 to 1.0. 

“Eligible Assignee” means any Person that meets the requirements to be an assignee under
Section 10.06(b)(iii), (v), (vi) and (vii) (subject to such consents, if any, as may be required under Section 10.06(b)(iii)). 

“Environmental Laws” means any and all federal, state, provincial, local, and foreign statutes, laws (including common
law), regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements, governmental restrictions or other legally enforceable requirements relating to pollution and the protection of the
environment or human health and safety (to the extent related to exposure to hazardous substances). 
 “Environmental
Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of any Loan Party or any of their respective Subsidiaries, directly or
indirectly resulting from or based upon: (a) any violation of any Environmental Law; (b) the presence, use, treatment, discharge, emission, release or threatened release, transport or disposal of any Materials of Environmental Concern at
any location, whether or not owned, leased or operated by any Loan Party or any of their respective Subsidiaries; (c) otherwise relating to obligations or liabilities under any Environmental Laws or regarding Materials of Environmental Concern;
or (d) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 
 “Equity Contribution” means the common equity contribution by the Investors to Holdings of an aggregate amount of cash of not less than $250,000,000, and the common equity contribution of
such amount by Holdings to the Borrower, used to finance a portion of the Acquisition and the payment of expenses in connection with the Transactions. 
 “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. For the avoidance of doubt, (a) debt securities that are
convertible into shares of capital stock (or other ownership or profit interests) shall not be considered Equity Interests and (b) warrants or purchase contracts sold as units with Indebtedness constituting Permitted Convertible Indebtedness
shall not be considered Equity Interests. 
 “Eurodollar Rate” means, with respect to any Eurodollar Rate Loan
for any Interest Period, a rate per annum for each day during such Interest Period equal to the greater of (a) the rate appearing on the applicable Reuters Screen (or on any successor or substitute page of such service, or any successor to or
substitute for such service, providing rate quotations comparable to those currently provided on such page of such service, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable
to deposits in the applicable currency in the London interbank market) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, as the rate for deposits in the relevant currency with a maturity
comparable to such Interest Period, and (b) 2.00%. In the event that such rate described in clause (a) above is not available at such time for any reason, then the “Eurodollar Rate” pursuant to clause (a) above with
respect to such 

  
 19 

 
Eurodollar Rate Loan for such Interest Period shall be the rate at which deposits in US Dollars of US$5,000,000 and for a maturity comparable to such Interest Period are offered by the principal
London office of the Administrative Agent in immediately available funds in the London interbank market at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period. 

“Eurodollar Rate Loan” means a Loan that bears interest at a rate based on the Eurodollar Rate. 

“Event of Default” has the meaning specified in Section 8.01. 

“Excess Cash Flow” means, for any fiscal year of Holdings, the excess, if any, of (a) the sum, without duplication,
of (i) Consolidated Net Income for such fiscal year, (ii) the amount of all non-cash charges (including depreciation and amortization) deducted in arriving at such Consolidated Net Income, (iii) decreases in Consolidated Working
Capital for such fiscal year, (iv) the aggregate net amount of non-cash loss on the Disposition of property by Holdings and its Subsidiaries during such fiscal year (other than sales of inventory in the ordinary course of business) to the
extent deducted in arriving at such Consolidated Net Income and (v) pension expense to the extent it exceeded cash contributions to Pension Plans in the applicable fiscal year, over (b) the sum, without duplication, of (i) the
amount of all non-cash credits included in arriving at such Consolidated Net Income, (ii) the aggregate amount actually paid by Holdings and its Subsidiaries in cash during such fiscal year on account of capital expenditures (excluding the
principal amount of Indebtedness (other than ABL Revolving Loans) incurred in connection with such expenditures), (iii) the aggregate amount of all principal payments of Funded Debt (including the Loans (other than prepayments described in
Section 2.03(b)(ii)(B)) of Holdings and its Subsidiaries made during such fiscal year (other than in respect of any revolving credit facility to the extent there is not an equivalent permanent reduction in commitments thereunder),
(iv) the aggregate amount actually paid by Holdings and its Subsidiaries in cash during such fiscal year on account of Consolidated Interest Charges, (v) the aggregate amount actually paid by Holdings and its Subsidiaries in cash during
such fiscal year on account of income taxes resulting from operations, (vi) increases in Consolidated Working Capital for such fiscal year and (vii) the aggregate net amount of non-cash gain on the Disposition of property by Holdings and
its Subsidiaries during such fiscal year (other than sales of inventory in the ordinary course of business), to the extent included in arriving at such Consolidated Net Income, (viii) cash contributions to Pension Plans to the extent they
exceeded pension expense in the applicable fiscal year, (ix) the aggregate amount actually paid by Holdings and its Subsidiaries in cash to any third party during such fiscal year as an Investment (including acquisitions and all fees and
expenses incurred in connection therewith) permitted under Section 7.10, (x) the aggregate amount actually paid by Holdings and its Subsidiaries to any third party in cash during such fiscal year as Restricted Payments permitted
under Section 7.09 and (xi) cash earn-out and royalty payments made during such fiscal year to former owners of acquired businesses that were not deducted as expenses in determining such Consolidated Net Income. Notwithstanding the
foregoing, with respect to the first period as to which a prepayment of the Loans is required pursuant to Section 2.03(b)(ii), Excess Cash Flow shall be determined for the period commencing on the Closing Date and ending on the last day
of the 2011 Fiscal Year (and all references in this definition to any “fiscal year” shall be deemed to refer to such period). 
 “Excess Margin” has the meaning specified in Section 2.11(f). 
 “Exchange Rate” means, with respect to (a) Canadian Dollars on a particular date, the rate at which such currency may be exchanged into Dollars, as set forth on such date on the
applicable Reuters currency page with respect to such currency and (b) any other currency on a particular date, the rate at which such currency may be exchanged into Canadian Dollars, as set forth on such date on the applicable Reuters currency
page with respect to such currency. In each case, in the event that such rate does not appear on the applicable Reuters currency page, the Exchange Rate with respect to such currency shall be 

  
 20 

 
determined by reference to such other publicly available service for displaying exchange rates as may be agreed upon by the Administrative Agent and the Borrower or, in the absence of such
agreement, such Exchange Rate shall instead be JPMCB’s spot rate of exchange in the London interbank or other market where its foreign currency exchange operations in respect of such currency are then being conducted, at or about 10:00 a.m.,
local time, at such date for the purchase of Dollars or Canadian Dollars, as applicable, with such alternative currency, for delivery two Business Days later; provided that if at the time of any such determination, for any reason, no such
spot rate is being quoted, the Administrative Agent may use any reasonable method it deems appropriate to determine such rate, and such determination shall be conclusive absent manifest error. 

“Excluded Asset” means (a) a Sale-Leaseback Asset, (b) excess real property that is leased or subleased, and
(c) any assets Disposed of pursuant to any provision of Section 7.03 to the extent that the Net Cash Proceeds of all Dispositions of such assets in the fiscal year in which such Disposition occurs shall be less than $5,000,000.

 “Excluded Subsidiary” means: 
 (a) each Subsidiary that is an Immaterial Subsidiary, for so long as such Subsidiary remains an Immaterial Subsidiary; 
 (b) each Subsidiary that is not a wholly-owned Subsidiary on any date such Subsidiary would otherwise be required to become a Guarantor pursuant to the requirements hereof (for so long as such Subsidiary
remains a non-wholly-owned Subsidiary); 
 (c) each Subsidiary to the extent that (i) such Subsidiary is prohibited by any
applicable Contractual Obligation or Law from guaranteeing the Obligations, (ii) any Contractual Obligation prohibits such guarantee without the consent of the other party, (iii) a guarantee of the Obligations would give any other party to
a Contractual Obligation the right to terminate its obligation thereunder or (iv) a guarantee of the Obligations by such Subsidiary is reasonably expected to result in the loss of a material permit or license, in each case if such limitations,
prohibitions or consents cannot be removed or obtained after using commercially reasonable efforts by the applicable Loan Party controlling such Subsidiary; 
 (d) each Subsidiary organized under the laws of a jurisdiction outside of Canada to the extent that the entry into the Guaranty by such Subsidiary would result in material adverse tax consequences to
Holdings and its Subsidiaries, on a consolidated basis; and 
 (e) any other Subsidiary with respect to which, in the reasonable
judgment of the Administrative Agent the cost of providing a guarantee is excessive in view of the benefits to be obtained by the Lenders. 
 “Excluded Taxes” has the meaning specified in Section 3.01(a). 
 “Facility” means each of the (a) U.S. Tranche Commitments and the U.S. Tranche Loans made thereunder and (b) the Canadian Tranche Commitments and the Canadian Tranche Loans made
hereunder. 
 “Federal Funds Rate” means, for any day, the rate per annum equal to the weighted average of the
rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day;
provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so 

  
 21 

 
published on the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate
(rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to JPMCB on such day on such transactions as determined by the Administrative Agent. 
 “Fee Letter” means the letter agreement, dated April 30, 2010, among the Borrower and the Arrangers; provided that provisions not expressly related to the facility hereunder
shall be disregarded. 
 “Foreign Subsidiary” means any Subsidiary that is not organized under the laws of the
United States of America, any state thereof or the District of Columbia, Canada or any province or territory thereof. 

“FRB” means the Board of Governors of the Federal Reserve System of the United States. 

“Fund” means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or
otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business. 

“Funded Debt” means, as to any Person, all Indebtedness for borrowed money of such Person that matures more than one
year from the date of its creation or matures within one year from such date but is renewable or extendible, at the option of such Person, to a date more than one year from such date or arises under a revolving credit or similar agreement that
obligates the lender or lenders to extend credit during a period of more than one year from such date, including all current maturities and current sinking fund payments in respect of such Indebtedness whether or not required to be paid within one
year from the date of its creation and, in the case of the Borrower, Indebtedness in respect of the Loans. 

“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. 
 “Guarantee” means, as to any Person, any
(a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “primary obligor”) in any
manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to
purchase or lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other obligation, (iii) to maintain working
capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, or (iv) entered into for
the purpose of assuring in any other manner the obligee in respect of such Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien
on any assets of such Person securing any Indebtedness or other obligation of any other Person, whether or not such Indebtedness or other obligation is assumed by such Person. The amount of any Guarantee shall be deemed to be an amount equal to the
stated or determinable amount of the related primary obligation, or 

  
 22 

 
portion thereof, in respect of which such Guarantee is made. The term “Guarantee” as a verb has a corresponding meaning. 

“Guaranteed Obligations” has the meaning specified in Section 11.01. 

“Guarantors” means, collectively, Holdings and the Subsidiary Guarantors. 

“Guaranty” means, collectively, Article XI of this Agreement together with each other guaranty and guaranty
supplement delivered pursuant to Section 6.11. 
 “Holdings” has the meaning specified in the
introductory paragraph hereto. 
 “IFRS” means International Financial Reporting Standards. 

“Immaterial Subsidiary” means on any date, any Subsidiary that has had less than 1% of consolidated total assets and 1%
of annual consolidated revenues of Holdings and its Subsidiaries as reflected on the most recent financial statements delivered pursuant to Section 6.01(a) or (b) prior to such date, provided that (a) at such time as any such
Subsidiary becomes a party to this Agreement or any other Loan Document or executes and delivers a guarantee, security agreement, mortgage or other similar agreement supporting the Obligations, such Subsidiary shall at all times thereafter not be an
Immaterial Subsidiary irrespective of the value of its assets or its revenues, and (b) the aggregate assets and aggregate annual consolidated revenues of all Immaterial Subsidiaries shall at no time exceed 5% of consolidated total assets or 5%
of annual consolidated revenues of Holdings and its Subsidiaries, respectively. 
 “Indebtedness” means, as to
any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness or liabilities in accordance with GAAP: 
 (a) all obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments; 

(b) all direct or contingent obligations of such Person arising under letters of credit (including standby and commercial), bankers’
acceptances, bank guaranties, surety bonds and similar instruments; 
 (c) net obligations of such Person under any Swap
Contract; 
 (d) all obligations of such Person to pay the deferred purchase price of property or services (other than trade
accounts payable in the ordinary course of business), which purchase price is due more than six months from the date of incurrence of the obligation in respect thereof; 
 (e) indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including indebtedness arising under conditional sales or other title retention
agreements), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse; 
 (f) Capital
Lease Obligations and Synthetic Lease Obligations; and 
 (g) all Guarantees of such Person in respect of any of the foregoing.

 For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture
(other than a joint venture that is itself a corporation or limited liability 

  
 23 

 
company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made non-recourse to such Person. The amount of any net obligation of such Person
under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such date. The amount of any capital lease or Synthetic Lease Obligation as of any date shall be deemed to be the amount of Attributable Indebtedness
in respect thereof as of such date. The amount of any other category of Indebtedness shall be the amount that would be reflected on the Borrower’s consolidated balance sheet, prepared in accordance with GAAP. The amount of indebtedness that is
non-recourse to the obligor thereunder or to any guaranteeing person or for which recourse is limited to an identified asset shall be equal to the lesser of (i) the amount of such obligation or (ii) the fair market value of such asset.

 “Indemnitees” has the meaning specified in Section 10.04(b). 

“Indemnified Taxes” has the meaning specified in Section 3.01(a). 

“Information” has the meaning specified in Section 10.07. 

“Information Memorandum” means the Confidential Information Memorandum dated May 21, 2010 relating to the Loan
Parties and the Transactions. 
 “Intercreditor Agreements” means, collectively, the ABL Intercreditor
Agreement and the Notes Intercreditor Agreement. 
 “Interest Payment Date” means, (a) as to any
Eurodollar Rate Loan or CDOR Rate Loan, the last day of each Interest Period applicable to such Loan and the Maturity Date; provided, however, that if any Interest Period for a Eurodollar Rate Loan or CDOR Rate Loan exceeds three
months, the respective dates that fall every consecutive three months after the beginning of such Interest Period shall also be Interest Payment Dates; and (b) as to any Base Rate Loan or Canadian Prime Rate Loan, the last Business Day of each
March, June, September and December and the Maturity Date. 
 “Interest Period” means, as to each Eurodollar
Rate Loan or CDOR Rate Loan, the period commencing on the date such Eurodollar Rate Loan or CDOR Rate Loan is disbursed or converted to or continued as a Eurodollar Rate Loan or CDOR Rate Loan and ending on the date that is (or, in the case of CDOR
Rate Loan, that is approximately) one, two, three or six months thereafter (or, to the extent available to all Lenders, nine or twelve months), as elected by the Borrower; provided that: 

(i) any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next
succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day; 

(ii) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no
numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and 

(iii) no Interest Period shall extend beyond the Maturity Date. 

“Internal Control Event” means a material weakness in, or fraud that involves management or other employees who have a
significant role in, Holdings or the Borrower’s internal controls over financial reporting. 

  
 24 

 “Internally Generated Cash” means, with respect to any period, any cash of
Holdings or any Subsidiary generated during such period, excluding Net Cash Proceeds from a Disposition or a Recovery Event and any cash that is generated from an incurrence of Indebtedness, an issuance of Equity Interests or a capital contribution.

 “Investment” means, as to any Person, any direct or indirect acquisition or investment by such Person,
whether by means of (a) the purchase or other acquisition of capital stock or other securities of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of debt of, or purchase or other acquisition of any
other debt or equity participation or interest in, another Person, including any partnership or joint venture interest in such other Person, or (c) the purchase or other acquisition (in one transaction or a series of transactions) of assets of
another Person that constitute a business unit. For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment.

 “Investors” means, Persons party to the amended and restated funding commitment letter dated June 9,
2010, together with their successors and assigns. 
 “ITA” means the Income Tax Act (Canada) and the
regulations thereunder. 
 “Joinder Agreement” has the meaning specified in Section 6.11.

 “JPMCB” means JPMorgan Chase Bank, N.A. 

“Laws” means, collectively, all international, foreign, federal, state, provincial and local statutes, treaties, rules,
regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and
all applicable administrative orders, directed duties, requirements, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law. 

“Lender” has the meaning specified in the introductory paragraph hereto. For the avoidance of doubt, the Lenders shall
include only those lenders signatory hereto as of the Closing Date, any New Term Loan Lender and any additional lender that acquires a Loan (but not a participation therein) by means of an Assignment and Assumption in accordance with Sections
10.06(b) and (c). 
 “Lending Office” means, as to any Lender, the office or offices of such Lender
described as such in such Lender’s Administrative Questionnaire, or such other office or offices as a Lender may from time to time notify the Borrower and the Administrative Agent. 

“Lien” means any mortgage, pledge, hypothecation, collateral assignment, deposit for security, encumbrance, lien
(statutory or other), charge, or preference, priority or other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including any conditional sale or other title retention agreement,
and any financing lease having substantially the same economic effect as any of the foregoing). 
 “Loan” means
any loan made by any Lender pursuant to this Agreement. 
 “Loan Borrowing Notice” means a notice substantially
in the form of Exhibit D. 

  
 25 

 “Loan Conversion Notice” means a notice of (a) a conversion of Loans
from one Type to the other, or (b) a continuation of Eurodollar Rate Loans or CDOR Rate Loans, pursuant to Section 2.02(a), which, if in writing, shall be substantially in the form of Exhibit E. 

“Loan Documents” means this Agreement, the Collateral Documents, the Intercreditor Agreements, each Note, the Guaranty
and the Fee Letter. 
 “Loan Parties” means, collectively, the Borrower and each Guarantor that is a party to a
Loan Document. 
 “Majority Facility Lenders” means, with respect to any Facility, the holders of more than 50%
of the aggregate unpaid principal amount of the U.S. Tranche Loans or the Canadian Tranche Loans, as the case may be, outstanding under such Facility. 
 “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, taken as a whole; (b) a material impairment of the ability of the Borrower to perform its obligations under any Loan Document to which it is a party; or (c) a material
adverse effect upon the validity or enforceability of any Loan Document or the rights or benefits available to the Administrative Agent, the Collateral Agent or the Lenders thereunder. 

“Material Lease” means any lease of real property to which any Loan Party is a party where the premises being leased are
used or to be used for material printing operations or for the provision of material centralized services to such Loan Party’s business units and where such printing operations or centralized services cannot be readily relocated or transferred
to another location owned or leased by such Loan Party and any capital leases of real property, the fair market value of the freehold interest in which is at least $1,000,000 at the time of entering into such capital lease (e.g., Edmonton
Journal office building). 
 “Materials of Environmental Concern” means any material, substance or waste that
is listed, classified or regulated as “hazardous,” “toxic” or “radioactive” under Environmental Law, including but not limited to petroleum (including crude oil or any fraction thereof), petroleum products,
polychlorinated biphenyls, urea-formaldehyde insulation, asbestos and toxic molds, and any other substances regulated pursuant to or that could give rise to liability under any Environmental Law. 

“Maturity Date” means (a) with respect to the U.S. Tranche Loans, July 13, 2016 and (b) with respect to
the Canadian Tranche Loans, January 13, 2015, or, in each case, any earlier date on which the Loans are accelerated in accordance with the terms hereof. 
 “Moody’s” means Moody’s Investors Service, Inc. and any successor thereto. 
 “Mortgage” means any mortgage, charge, hypothec, deed of trust or other agreement which conveys or evidences a Lien in favor of the Collateral Agent, for the benefit of the Secured
Parties, on real property (or any interest in real property) of a Loan Party, including any amendment, modification, restatement, replacement and/or supplement thereto or thereof. 

“Mortgaged Properties” means those real properties listed on Schedule 5.08 which are designated as Mortgaged Properties
and any real property in respect of which a Mortgage is granted pursuant to Section 6.11. 
 “MSSF”
means Morgan Stanley Senior Funding, Inc. 

  
 26 

 “Multi-Employer Plan” means a multi-employer pension plan as defined under
the Pension Benefits Act (Ontario) or any similar multi-employer plan which is subject to pension standards legislation of another jurisdiction. 
 “Net Cash Proceeds” means: 
 (a) with respect to any Disposition
by Holdings or any of its Subsidiaries or any Recovery Event, the excess, if any, of (i) the cash received in connection with such transaction (including any cash received by way of deferred payment pursuant to, or by monetization of, a note
receivable or otherwise, but only as and when so received) over (ii) the sum of (A) the principal amount of any Indebtedness that is secured by the applicable asset and that is required to be repaid in connection with such transaction
(other than Indebtedness under the Loan Documents), (B) the reasonable and customary out-of-pocket expenses incurred by Holdings or such Subsidiary in connection with such transaction (including marketing expenses, purchase price adjustments,
liabilities associated with any indemnification obligations related thereto, pensions and other post-employment benefit liabilities and liabilities related to environmental matters and any reserves related thereto), (C) income taxes reasonably
estimated to be actually payable within two years of the date of the relevant transaction (or, in the case of any installment sale transaction, the amount of such taxes reasonably estimated to be actually payable over the term of such transaction)
as a result of any gain recognized in connection therewith, and (D) sales, use, transfer, value-added, documentary, recording or other taxes or fees reasonably estimated to be actually payable in connection therewith; provided that, if
the amount of any estimated taxes pursuant to subclauses (C) or (D) exceeds the amount of taxes actually required to be paid in cash in respect of such Disposition or Recovery Event, the aggregate amount of such excess shall constitute Net
Cash Proceeds; and 
 (b) with respect to any sale or issuance of any Equity Interest by Holdings or any Subsidiary, or the
incurrence or issuance of any Indebtedness by Holdings or any Subsidiary (excluding any Indebtedness permitted to be incurred pursuant to Section 7.02), the excess of (i) the cash received in connection with such transaction over
(ii) the sum of all underwriting discounts and commissions (if any) and other reasonable and customary out-of-pocket expenses, incurred by Holdings or the applicable Subsidiary in connection therewith. 

“New Term Lender” has the meaning specified in Section 2.11. 

“New Term Loans” has the meaning specified in Section 2.11. 

“Note” means a promissory note made by the Borrower in favor of a Lender evidencing Loans made by such Lender,
substantially in the form of Exhibit F. 
 “Notes Intercreditor Agreement” means the Intercreditor
Agreement, substantially in the form of Exhibit A-2, between the Collateral Agent on behalf of the Secured Parties and the trustee under the Senior Secured Notes Documentation on behalf of the holders of the Senior Secured Notes, as in effect
on the date hereof, and as amended, modified, restated or supplemented from time to time. 
 “Obligations”
means all advances to, and debts, liabilities and obligations of, any Loan Party arising under any Loan Document or otherwise with respect to any Loan, whether direct or indirect (including those acquired by assumption), absolute or contingent, due
or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the
debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding. 

  
 27 

 “Organizational Documents” means, (a) with respect to any corporation,
the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive or constating documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or
articles of formation or organization and operating agreement; and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or
organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if
applicable, any certificate or articles of formation or organization of such entity. 
 “OSC” means the Ontario
Securities Commission or any Governmental Authority succeeding to any of its principal functions. 
 “Other
Taxes” has the meaning specified in Section 3.01(b). 
 “Parent” means, with respect to
any Person, any other Person of which the first Person is a direct or indirect Subsidiary. 
 “Participant” has
the meaning specified in Section 10.06(d). 
 “PCAOB” means the Public Company Accounting Oversight
Board. 
 “Pension Plan” means any pension or other employee benefit plan (other than a Multi-Employer Plan but
including any pension plan subject to the Pension Benefits Act (Ontario) or any other pension standards legislation, as amended from time to time (or any successor statute)) in respect of which (i) is maintained by any Loan Party,
(ii) any Loan Party makes, has made or is required to make contributions in respect of its employees, or (iii) any other plan with respect to which any Loan Party has incurred or may incur liability, in respect of pension or other employee
benefits, including contingent liability either to such plan or to any Person, administration or Governmental Authority. 

“Permitted Acquisition” has the meaning specified in Section 7.10(g). 

“Permitted Affiliate Transactions” means each of the following: 

(a) indemnity provided to and customary fees paid to members of the board of directors (or similar governing body) of Holdings, its
Subsidiaries or any Parent of the foregoing; 
 (b) (i) compensation, benefits and indemnification arrangements for officers and
other employees of a Parent, Holdings and its Subsidiaries entered into in the ordinary course of business or approved by the Borrower’s Board of Directors, (ii) any issuance of securities, or other payments, awards or grants in cash,
securities or otherwise pursuant to, or the funding of, employment arrangements, stock options, stock ownership plans, including restricted stock plans, stock grants, directed share programs and other equity based plans and the granting of
stockholder rights of registration approved by the Board of Directors; and (iii) payments or loans (or cancellation of loans) to officers, directors and employees that are approved by a majority of the Board of Directors; 

(c) transactions described in Schedule 7.05; 
 (d) (i) any purchase by Holdings of Equity Interests of the Borrower or any contribution by Holdings to the equity capital of the Borrower and (ii) any acquisition of Equity Interests of Holdings and
any contribution by any equity holder of Holdings to the equity capital of Holdings; 

  
 28 

 (e) Restricted Payments permitted by Section 7.09 and Investments permitted by
Section 7.10(e); and 
 (f) amendments to any agreement otherwise permitted by Section 7.05 if, taken as
a whole, such amendment is not more disadvantageous to the Lenders in any material respect than the original agreement as in effect prior to such amendment or any transaction contemplated thereby. 

“Permitted Convertible Indebtedness” means unsecured Indebtedness that is (a)(i) convertible into common stock of
Holdings (and cash in lieu of fractional shares) and/or cash in an amount determined by reference to the price of such common stock or (ii) sold as units with warrants or purchase contracts exercisable for such common stock and/or cash in an
amount determined by reference to the price of such common stock, (b) matures after, and does not require any scheduled amortization or other scheduled payments of principal prior to, the maturity date of the Loans (it being understood that
such Indebtedness may have mandatory prepayment, repurchase or redemption provisions satisfying the requirement of clause (c) hereof and may provide for cash payments upon conversion prior the maturity date of such Indebtedness subject to
Section 7.09(i)), (c) has terms and conditions (other than interest rate and redemption premiums), taken as a whole, that are not materially less favorable to Holdings than the terms and conditions customary at the time for
convertible debt securities issued in a broadly distributed offering and (d) is incurred by Holdings; provided that both immediately prior and after giving effect to the incurrence thereof, (i) no Default or Event of Default shall
exist or result therefrom and (ii) Holdings shall be in compliance with the covenants set forth in Section 7.07. 
 “Permitted Convertible Indebtedness Option Transaction” means any purchase by Holdings or any of its Subsidiaries of a call or capped call option (or substantively equivalent derivative
transaction) on the common stock of Holdings in connection with an issuance of Permitted Convertible Indebtedness (a “Permitted Bond Hedge Transaction”) and any sale by Holdings of a call option or warrant (or substantively
equivalent derivative transaction) on the common stock of Holdings substantially concurrently with any such purchase (a “Permitted Warrant Transaction”); provided that the purchase price for the Permitted Bond Hedge
Transaction less the proceeds of the Permitted Warrant Transaction does not exceed the net proceeds from such Permitted Convertible Indebtedness. 
 “Permitted Disposition” means a Disposition, in one transaction or a series of transactions, involving: 
 (a) inventory sold, leased, assigned, conveyed, transferred, licensed, exchanged or disposed of in the ordinary course of business; 

(b) sales, leases, assignments, conveyances, transfers, licenses, exchanges or dispositions of other assets for aggregate consideration
of less than $500,000 with respect to any transaction or series of related transactions and less than $1,000,000 in the aggregate during any fiscal year of Holdings; 
 (c) dispositions of used, worn out or obsolete property by Borrower or any of its Subsidiaries in the ordinary course of business; 
 (d) (i) licenses of intellectual property in the ordinary course of business and not materially detracting from the value of the business of Holdings and its Subsidiaries taken as a whole and
(ii) the abandonment or other disposition of intellectual property that is, in the reasonable good faith judgment of Borrower, no longer economically practicable to maintain or useful or desirable in the conduct of the business of the Loan
Parties taken as a whole; 

  
 29 

 (e) sales of assets that are made subject to Indebtedness described in
Section 7.02(g) within 270 days after the acquisition, construction, lease or improvement of the asset financed; 

(f) leases of real or personal property which do not materially interfere with the business of the Loan Parties conducted at the
applicable property; 
 (g) Restricted Payments made in compliance with Section 7.09; 

(h) any disposition of property that constitutes a casualty event; 

(i) dispositions, liquidations or sales of Cash Equivalents; 
 (j) dispositions of equipment or real property to the extent that (A) such property is exchanged for credit against the purchase price of similar replacement property or (B) the proceeds of such
Disposition are reasonably promptly applied to the purchase price of such replacement property; 
 (k) dispositions of real
property and related assets in the ordinary course of business in connection with relocation activities for directors, officers or members of management or employees of Holdings and its Subsidiaries; and 

(l) the sale or discount by Holdings or any of its Subsidiaries of receivables arising in the ordinary course of business or which is
customary in the industry. 
 “Person” means any natural person, corporation, limited liability company, trust,
unlimited liability company, joint venture, association, company, partnership, Governmental Authority or other entity. 

“Plan Implementation” has the meaning specified in Section 4.01(j). 

“Platform” has the meaning specified in Section 6.02. 

“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 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. 
 “Pro Forma Basis”
means, when calculating the Consolidated Interest Coverage Ratio, Consolidated Total Leverage Ratio, Consolidated First Lien Indebtedness Leverage Ratio, or Consolidated EBITDA of any Person for any period, 

(a) in the event that the specified Person or any of its Subsidiaries incurs, assumes, guarantees, repays, repurchases, redeems, defeases
or otherwise discharges any Indebtedness (other than ordinary working capital borrowings) or issues, repurchases or redeems preferred stock after the commencement date of the period for which such calculation is being made, then such amount will be
calculated giving pro forma effect to such incurrence, assumption, guarantee, repayment, repurchase, redemption, defeasance or other discharge of Indebtedness, or such issuance, repurchase or redemption of preferred stock, and the use of the
proceeds therefrom, as if the same had occurred at the beginning of such period; 

  
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 (b) Investments (including acquisitions) that have been made by the specified Person or any
of its Subsidiaries, including through mergers or consolidations or acquisitions of assets, or any Person or any of its Subsidiaries acquired by the specified Person or any of its Subsidiaries, and including all related financing transactions, after
the commencement date of the period for which such calculation is being made will be given pro forma effect as if they had occurred on the first day of the four-quarter reference period, provided that such adjustments are identifiable and factually
supportable; 
 (c) the Consolidated EBITDA attributable to discontinued operations, as determined in good faith by the
Borrower, and operations or businesses (and ownership interests therein) disposed of after the commencement date of the period for which such calculation is being made, will be excluded, provided that such adjustments are identifiable and factually
supportable; 
 (d) if any Indebtedness bears a floating rate of interest, the interest expense on such Indebtedness will be
calculated as if the rate in effect on the Calculation Date had been the applicable rate for the entire period (taking into account any hedging obligations or other derivative instruments entered into for the purpose of hedging interest rate risk);
and 
 (e) with respect to any other event, such calculations shall be calculated after giving effect on a pro forma basis for
the period of such calculation as if such event had happened on the first day of such period. 
 “Rating” means
the Borrower’s corporate rating and the debt rating of the Loans issued by Moody’s or S&P. 
 “Rating
Agencies” means S&P and Moody’s and, solely for purposes of the definition of “Cash Equivalents”, S&P, Moody’s and DBRS. 
 “Recovery Event” means any settlement of or payment in respect of any property or casualty insurance claim or any condemnation proceeding relating to any asset of Holdings or any
Subsidiary. 
 “Reference Rate” means the rate of interest most recently publicly announced or established by
JPMCB as its reference rate in effect for determining interest rates on Canadian Dollar denominated commercial loans made in Canada and commonly known as “prime rate”; each change in the Reference Rate shall be effective from and including
the date such change is publicly announced as being effective. 
 “Refinanced Loans” has the meaning specified
in Section 10.01. 
 “Register” has the meaning specified in Section 10.06(c).

 “Reinvestment Asset” means (a) any asset of the type described in the definition of “Permitted
Disposition”, provided that substantially all of the Net Cash Proceeds realized in connection with the Disposition of such asset shall be reinvested in replacement assets of the same type within 270 days of the Disposition of the
original asset and (b) any asset that is the subject of a Recovery Event, provided that substantially all of the Net Proceeds realized in connection with such Recovery Event shall be used to acquire or repair assets useful in the
business of Holdings and its Subsidiaries within 360 days of such Recovery Event. 
 “Related Parties” means,
with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents and advisors of such Person and of such Person’s Affiliates. 

“Replacement Loans” has the meaning specified in Section 10.01. 

  
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 “Required Lenders” means, as of any date of determination, one or more
Lenders holding Credit Exposures representing more than 50% of the Aggregate Credit Exposure at such time. 

“Responsible Officer” means the chief executive officer, president, chief financial officer, treasurer or assistant
treasurer of a Loan Party and any other officer of the applicable Loan Party so designated by any of the foregoing officers in a notice to the Administrative Agent. Any document delivered hereunder that is signed by a Responsible Officer of a Loan
Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan
Party. 
 “Restricted Payment” means (a) any dividend or other distribution (whether in cash, securities
or other property) with respect to any capital stock or other Equity Interest of any Person or any of its Subsidiaries, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the
purchase, redemption, retirement, defeasance, acquisition, cancellation or termination of any such capital stock or other Equity Interest, or on account of any return of capital to any Person’s stockholders, partners or members (or the
equivalent of any thereof), or any option, warrant or other right to acquire any such dividend or other distribution or payment, in each case other than a dividend, distribution or payment made with Equity Interests (other than Disqualified Equity
Interests) and (b) any payment constituting an Early Retirement of Indebtedness. 
 “Sanction and Vesting
Orders” has the meaning specified in Section 4.01(j). 
 “S&P” means
Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. and any successor thereto. 

“Sale-Leaseback Asset” means any real or personal property that is initially owned by Holdings or one of its
Subsidiaries and is subject or is made subject to an arrangement providing for Holdings or one of its Subsidiaries to lease such real or personal property from a Person subsequent to selling or otherwise transferring such property, directly or
indirectly, to such Person. 
 “Sarbanes-Oxley” means the Sarbanes-Oxley Act of 2002. 

“SEC” means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal
functions. 
 “Secured Obligations” means all Obligations, together with all (a) Banking Services
Obligations and (b) Secured Swap Obligations. 
 “Secured Parties” means the collective reference to
(a) the Administrative Agent, the Collateral Agent and the Lenders and (b) each Banking Services Provider and each Secured Swap Counterparty, in the case of this clause (b), solely to the extent such Banking Services Provider or Secured
Swap Counterparty does not contest the provisions set forth in Section 9.15. 
 “Secured Swap
Counterparty” has the meaning specified in the definition of “Secured Swap Obligation”. 
 “Secured
Swap Obligation” means the Swap Obligations of a Loan Party in connection with any Swap Contract entered into between such Loan Party and any 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 Administrative 

  
 32 

 
Agent) of the later of the Closing Date and the time that any transaction relating to such Swap Obligation is executed, the Secured Swap Counterparty party thereto (other than JPMCB) or the
Borrower shall have delivered written notice to the Administrative Agent that such a transaction has been entered into and that the Secured Swap Counterparty party thereto and the Borrower have agreed that such transaction constitutes a Secured
Obligation entitled to the benefits of the Collateral Documents. 
 “Security Agreement” means that certain
Pledge and Security Agreement, in the form of Exhibit G, dated as of the date hereof, among the Loan Parties and the Collateral Agent, for the benefit of the Secured Parties, and any other pledge or security agreement entered into, after the
date of this Agreement by any other Loan Party (as required by this Agreement or any other Loan Document), or any other Person, granting a Lien on any property of any Person to secure the obligations and liabilities of any Loan Party under any Loan
Document, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Seller” means, collectively, Canwest Books Inc., Canwest (Canada) Inc., Canwest Limited Partnership/Canwest
Société en Commandite and Canwest Publishing Inc./Publications Canwest Inc. 
 “Senior Secured Note
Documents” means any agreement or instrument governing or evidencing the Senior Secured Notes and the Liens on collateral securing the same. 
 “Senior Secured Notes” means (a) the senior secured notes due 2018 in an aggregate principal amount of US$275,000,000 issued by the Borrower on the Closing Date in a public offering
or in a Rule 144A or other private placement and (b) any substantially identical senior notes that are registered under the Securities Act of 1933, as amended, and issued in exchange for the senior notes described in clause (a) of this
definition. 
 “Solvent” and “Solvency” mean, with respect to any Person on any date of
determination, that on such date (a) the fair value of the property of such Person is greater than the total amount of liabilities, including contingent liabilities, of such Person, (b) the present fair salable value (on a going concern
basis) of the assets of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured, (c) such Person does not intend to, and does not believe that
it will, incur debts or liabilities beyond such Person’s ability to pay such debts and liabilities as they mature, and (d) such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction,
for which such Person’s property would constitute an unreasonably small capital. The amount of contingent liabilities at any time shall be computed as the amount that, in the light of all the facts and circumstances existing at such time,
represents the amount that would reasonably be expected to become an actual or matured liability. 
 “Specified
Subsidiary” means each Person that, without giving effect to the last sentence of the definition of “Subsidiary” set forth herein, would constitute an Immaterial Subsidiary; so long as Holdings and its Subsidiaries own no more
than 75% of the Equity Interests of such Person (it being understood that Echo Publications Partnership constitutes a Specified Subsidiary on the Closing Date). 
 “Stated Maturity” means the date on which the principal amount of any Indebtedness is stated to be due and payable in the instrument governing such Indebtedness; provided that any right
of the holder of such Indebtedness to require the issuer of such Indebtedness to redeem, repurchase or prepay such Indebtedness upon the occurrence of a change of control or asset sale will not be deemed to cause an earlier maturity date with
respect to such Indebtedness. 
 “Subordination Provisions” has the meaning specified in
Section 8.01(l). 

  
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 “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 happening of a contingency) are at the time beneficially owned directly, or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise specified, all
references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of Holdings. Notwithstanding the foregoing, it is understood that, for all purposes of this Agreement and the other Loan
Documents, each Specified Subsidiary shall be deemed not to be a Subsidiary of Holdings or any Subsidiary thereof. 

“Subsidiary Guarantors” means each Subsidiary (including, for the avoidance of doubt, solely with respect to the Banking
Services Obligations and Secured Swap Obligations of Holdings or any Subsidiary other than the Borrower, the Borrower) other than an Excluded Subsidiary that has executed this Agreement or shall be required to execute a Joinder Agreement pursuant to
Section 6.11. 
 “Supermajority Lenders” means, as of any date of determination, Lenders holding
Credit Exposures representing more than 66 2/3% of the sum of the Aggregate Credit Exposures at such time. 
 “Swap
Contract” means (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. 
 “Swap
Obligations” of a Person means any and all obligations of such Person, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and
substitutions therefor), under (a) any and all Swap Contracts, and (b) any and all cancellations, buy backs, reversals, terminations or assignments of any Swap Contract transaction. 

“Swap Termination Value” means, in respect of any one or more Swap Contracts, after taking into account the effect of
any legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s),
and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined based upon one or more mid-market or other readily available quotations provided by
any recognized dealer in such Swap Contracts (which may include a Lender or any Affiliate of a Lender). 
 “Syndication
Agent” means MSSF. 
 “Synthetic Lease Obligation” means the monetary obligation of a Person under
(a) a so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or possession of 

  
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property creating obligations that do not appear on the balance sheet of such Person but which, in the case of (a) or (b), upon the insolvency or bankruptcy of such Person, would be
characterized as the indebtedness of such Person (without regard to accounting treatment). 
 “Taxes” means all
incomes, stamp or other taxes, duties, levies, imposts, charges, assessments, fees, deductions or withholdings, now or hereafter imposed, levied, collected, withheld or assessed by any Governmental Authority, and all interest, penalties or similar
liabilities with respect thereto, including Canadian Pension Plan contributions, workers compensation premiums and employment or unemployment insurance payments. 
 “Transactions” means, collectively, (a) the execution, delivery and performance by the Loan Parties of this Agreement and the other Loan Documents to which they are party, the
borrowing of Loans and other credit extensions, the use of the proceeds thereof and the creation and perfection of the Liens created by the Collateral Documents, (b) the consummation of the Equity Contribution, (c) the consummation of the
Acquisition pursuant to the Acquisition Agreement, (d) the issuance of the Senior Secured Notes, (e) the execution and delivery of the ABL Documents, (f) the consummation of any other transactions in connection with the foregoing and
(g) the payment of any fees and expenses incurred in connection with any of the foregoing. 
 “Threshold
Amount” means $25,000,000. 
 “Title Company” means a title insurer or title insurance agent which
shall be reasonably acceptable to the Administrative Agent and qualified to issue title insurance as required by the Administrative Agent. 
 “Type” means, (a) with respect to a U.S. Tranche Loan, its character as a Base Rate Loan or a Eurodollar Rate Loan and (b) with respect to a Canadian Tranche Loan, its character
as a Canadian Prime Rate Loan or a CDOR Rate Loan. 
 “UCC” means the Uniform Commercial Code as in effect from
time to time in the State of New York or any other state the laws of which are required to be applied in connection with the issue of perfection of security interests. 
 “United States” and “U.S.” mean the United States of America. 
 “U.S. Tranche Commitment” means, as to any U.S. Tranche Lender, the obligation of such U.S. Tranche Lender to make a U.S. Tranche Loan to the Borrower in a principal amount not to exceed
the amount set forth under the heading “U.S. Tranche Term Loan Commitment” on Schedule 2.01. 
 “U.S.
Tranche Lender” means, on the Closing Date, the Lenders having a U.S. Tranche Commitment and, thereafter, the Lenders from time to time holding U.S. Tranche Loans. 
 “U.S. Tranche Loan” has the meaning specified in Section 2.01. 
 “Weighted Average Life to Maturity” means, when applied to any Indebtedness, at any time, the quotient obtained by dividing (a) the sum of the products of the number of years
from the date of determination to the date of each successive scheduled principal payment of such Indebtedness multiplied by the amount of such payment, by (b) the sum of all such payments. 

1.02 Other Interpretive Provisions. With reference to this Agreement and each other Loan Document, unless otherwise specified
herein or in such other Loan Document: 

  
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 (a) The meanings of defined terms are equally applicable to the singular and plural forms of
the defined terms. 
 (b) (i) The words “herein,” “hereto,” “hereof” and
“hereunder” and words of similar import when used in any Loan Document shall refer to such Loan Document as a whole and not to any particular provision thereof. 

(ii) Article, Section, Exhibit and Schedule references are to the Loan Document in which such reference appears.

 (iii) The term “including” is by way of example and not limitation. 

(iv) The term “documents” includes any and all instruments, documents, agreements, certificates, notices,
reports, financial statements and other writings, however evidenced, whether in physical or electronic form. 
 (c) In the
computation of periods of time from a specified date to a later specified date, the word “from” means “from and including”; the words “to” and “until” each mean “to but
excluding;” and the word “through” means “to and including.” 
 (d) Section headings
herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation of this Agreement or any other Loan Document. 
 (e) “Knowledge” of any Loan Party shall mean actual knowledge by a Responsible Officer. 
 1.03 Accounting Terms. (a) All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other
financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that used in preparing the
Audited Financial Statements, except as otherwise specifically prescribed herein; provided that, notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all
computations of amounts and ratios referred to herein shall be made, without giving effect to any election under Statement of Financial Accounting Standards 159, The Fair Value Option for Financial Assets and Financial Liabilities, or any successor
thereto (including pursuant to the Accounting Standards Codification), or any analogous standards or principles of GAAP or IFRS, to value any Indebtedness of Holdings or any Subsidiary at “fair value”, as defined therein. 

(b) If at any time any change in GAAP or any voluntary or mandatory conversion to IFRS or any change in IFRS thereafter would affect the
computation of any financial ratio or requirement set forth in any Loan Document, and either the Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to amend such
ratio or requirement to preserve the original intent thereof in light of such change in GAAP or IFRS or any conversion to IFRS (subject to the approval of the Required Lenders); provided that, until so amended, (i) such ratio or
requirement shall continue to be computed in accordance with GAAP (or, after a conversion to IFRS, IFRS) prior to such change therein or conversion to IFRS and (ii) the Borrower shall provide to the Administrative Agent and the Lenders
financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP
or IFRS or any conversion to IFRS. 

  
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 1.04 Rounding. Any financial ratios required to be maintained by the Holdings
pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down
to the nearest number (with a rounding-up if there is no nearest number). 
 1.05 References to Agreements and Laws.
Unless otherwise expressly provided herein, (a) references to Organizational Documents, agreements (including the Loan Documents) and other contractual instruments shall be deemed to include all subsequent amendments, restatements, extensions,
supplements and other modifications thereto, but only to the extent that such amendments, restatements, extensions, supplements and other modifications are not prohibited by any Loan Document; and (b) references to any Law shall include all
statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Law. 
 1.06 Times
of Day. Unless otherwise specified, all references herein to times of day shall be references to New York City time. 

1.07 Currency Translations. For purposes of this Agreement and the other Loan Documents, where the permissibility of a transaction
or determinations of required actions or circumstances depend upon compliance with, or are determined by reference to, amounts stated in Canadian Dollars (including, for the avoidance of doubt, the calculation of the financial covenants set forth in
Section 7.07), such amounts shall be deemed to refer to Canadian Dollars or Canadian Dollar equivalent determined according to the Exchange Rate; provided that no Default or Event of Default shall arise as a result of any
limitation set forth in Canadian Dollars in Article VII (other than, for the avoidance of doubt, any limitation set forth in Section 7.07) being exceeded solely as a result of changes in currency exchange rates from those rates
applicable at the time or times Indebtedness, Liens or sale and leaseback transactions were initially consummated in reliance on the exceptions under such Sections. Notwithstanding anything to the contrary set forth herein, to the extent Holdings
and its Subsidiaries have effectively hedged the foreign currency exchange rate between Canadian Dollars on the one hand and Dollars or any other currency on the other pursuant to a Swap Contract reasonably satisfactory to the Administrative Agent,
then for purposes of Sections 2.03(b) and 7.07 the portion of any Indebtedness denominated in Dollars or such other currency that is subject to such Swap Contract shall be translated into Canadian Dollars determined based on the
effective swap value thereof. 
 1.08 Interpretation Clause (Québec). 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 UCC 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 

  
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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 “certificate of location and plan”; (r) “state” shall be deemed to include “province”; (s) “fee simple title” or “freehold interest” 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, envisages par cette convention et les autres documents peuvent être rédigés en la langue anglaise
seulement. 
 ARTICLE II 
 THE TERM LOANS 
 2.01 The Loans. 

(a) The Loans. Subject to the terms and conditions hereof, (a) each U.S. Tranche Lender severally agrees to make a term loan
to the Borrower on the Closing Date (a “U.S. Tranche Loan”) in an amount equal to the amount of the U.S. Tranche Lender Commitment of such U.S. Tranche Lender; provided that if the Borrower delivers a Loan Borrowing Notice in
accordance with Section 2.01(b) for less than the Aggregate U.S. Tranche Credit Exposure, then each U.S. Tranche Lender shall make a term loan to the Borrower on the Closing Date in an amount equal to such U.S. Tranche Lender’s
Applicable U.S. Tranche Percentage multiplied by the amount specified in such Loan Borrowing Notice; and (b) each Canadian Tranche Lender severally agrees to make a term loan to the Borrower on the Closing Date (a “Canadian Tranche
Loan”) in an amount equal to the amount of the Canadian Tranche Lender Commitment of such Canadian Tranche Lender; provided that if the Borrower delivers a Loan Borrowing Notice in accordance with Section 2.01(b) for less
than the Aggregate Canadian Tranche Credit Exposure, then each Canadian Tranche Lender shall make a term loan to the Borrower on the Closing Date in an amount equal to such Canadian Tranche Lender’s Applicable Canadian Tranche Percentage
multiplied by the amount specified in such Loan Borrowing Notice. The U.S. Tranche Loans may from time to time be Eurodollar Rate Loans or Base Rate Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with
Sections 2.01(b) and 2.02. The Canadian Tranche Loans may from time to time be CDOR Rate Loans or Canadian Prime Rate Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with Sections
2.01(b) and 2.02. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are several and no Lender shall be
responsible for any other Lender’s failure to make Loans as required. 
 (b) Procedure for Borrowing. The Borrower
shall give the Administrative Agent irrevocable notice in writing by delivering a Loan Borrowing Notice (delivered by hand or facsimile or other electronic transmission) not later than 10:00 a.m., New York City time, one Business Day before the
Closing Date, requesting that the Lenders make the Loans on the Closing Date and specifying the amount to be borrowed. The Borrowings made on the Closing Date must be made as Base Rate Loans with respect to U.S. Tranche Loans or as Canadian Prime
Rate Loans with respect to Canadian Tranche Loans, but may be converted into Eurodollar Rate Loans or CDOR Rate Loans, as applicable, in accordance with Section 2.02. Not later than 12:00 Noon, New York City time, on the Closing Date
each Lender shall make available to the Administrative Agent’s Office an amount in immediately available funds equal to the Loan or Loans to be made by such Lender. The Administrative Agent shall credit the account of the Borrower on the books
of the Administrative Agent with the aggregate of the amounts made available to the Administrative Agent by the Lenders in immediately available funds. 

  
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 2.02 Conversions and Continuations of Loans. 

(a) Each conversion of Loans from one Type to the other, and each continuation of Eurodollar Rate Loans or CDOR Rate Loans, shall be made
upon the Borrower’s irrevocable notice to the Administrative Agent, which may be given by telephone. Each such notice must be received by the Administrative Agent not later than 10:00 a.m., New York City time, three Business Days prior to the
requested date of conversion to or continuation of Eurodollar Rate Loans or CDOR Rate Loans or of any conversion of Eurodollar Rate Loans to Base Rate Loans or of CDOR Rate Loans to Canadian Prime Rate Loans. Each telephonic notice by the Borrower
pursuant to this Section 2.02(a) must be confirmed promptly by delivery to the Administrative Agent of a written Loan Conversion Notice, appropriately completed and signed by a Responsible Officer of the Borrower. Each conversion to or
continuation of Eurodollar Rate Loans or CDOR Rate Loans shall be in a principal amount of US$5,000,000 or $5,000,000 or a whole multiple of US$1,000,000 or $1,000,000 in excess thereof. Each conversion to Base Rate Loans or Canadian Prime Rate
Loans shall be in a principal amount of US$500,000 or $500,000 or a whole multiple of US$100,000 or $100,000 in excess thereof. Each Loan Conversion Notice (whether telephonic or written) shall specify (i) whether the Borrower is requesting a
conversion of Loans from one Type to the other or a continuation of Eurodollar Rate Loans or CDOR Rate Loans, (ii) the requested date of conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal
amount of Loans to be converted or continued, (iv) if applicable, the Type of Loans to which existing Loans are to be converted, and (v) if applicable, the duration of the Interest Period with respect thereto. If the Borrower fails to
specify a Type of Loan in a Loan Conversion Notice or if the Borrower fails to give a timely notice requesting a conversion or continuation, then the applicable Loans shall be converted to Base Rate Loans or Canadian Prime Rate Loans, as applicable.
Any such automatic conversion to Base Rate Loans or Canadian Prime Rate Loans shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Eurodollar Rate Loans or CDOR Rate Loans. If the Borrower
requests a conversion to, or continuation of Eurodollar Rate Loans or CDOR Rate Loans in any such Loan Conversion Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month. 

(b) Except as otherwise provided herein, a Eurodollar Rate Loan or a CDOR Rate Loan may be continued or converted only on the last day of
an Interest Period for such Eurodollar Rate Loan or CDOR Rate Loan. During the existence of an Event of Default, no Loans may be requested as, converted to or continued as Eurodollar Rate Loans or CDOR Rate Loans without the consent of the Majority
Facility Lenders in respect of the applicable Facility. 
 (c) The Administrative Agent shall promptly notify the Borrower and
the Lenders of the interest rate applicable to any Interest Period for Eurodollar Rate Loans and CDOR Rate Loans upon determination of such interest rate. The determination of the Eurodollar Rate and CDOR Rate by the Administrative Agent shall be
conclusive in the absence of manifest error. At any time that Base Rate Loans or Canadian Prime Rate Loans are outstanding, the Administrative Agent shall notify the Borrower and the Lenders of any change in JPMCB’s prime rate used in
determining the Base Rate or Canadian Prime Rate, as applicable, promptly following the public announcement of such change. 

(d) After giving effect to all conversions of Loans from one Type to the other, and all continuations of Loans as the same Type, there
shall not be more than ten Interest Periods at any one time. 
 2.03 Prepayments. 

(a) Optional. The Borrower may, upon notice to the Administrative Agent, at any time or from time to time voluntarily prepay Loans
in whole or in part, subject to any prepayment premium 

  
 39 

 
payable pursuant to Section 2.03(c); provided that (i) such notice must be received by the Administrative Agent not later than 10:00 a.m., New York City time
(A) three Business Days prior to any date of prepayment of Eurodollar Rate Loans or CDOR Rate Loans and (B) on the date of prepayment of Base Rate Loans or Canadian Prime Rate Loans; (ii) any prepayment of Eurodollar Rate Loans or
CDOR Rate Loans shall be in a principal amount of US$5,000,000 or $5,000,000, as applicable, or a whole multiple of US$1,000,000 or $1,000,000, as applicable, in excess thereof; and (iii) any prepayment of Base Rate Loans or Canadian Prime Rate
Loans shall be in a principal amount of US$500,000 or $500,000, as applicable, or a whole multiple of US$100,000 or $100,000, as applicable, in excess thereof or, in each case the entire principal amount thereof then outstanding. Each such notice
shall specify the date and amount of such prepayment and the Type(s) of Loans to be prepaid and, if Eurodollar Rate Loans or CDOR Rate Loans are to be repaid, the Interest Periods of such Loans. The Administrative Agent will promptly notify each
Lender of its receipt of each such notice, and of the amount of such Lender’s ratable portion of such prepayment (based on such Lender’s Applicable Percentage). If such notice is given by the Borrower, the Borrower shall make such
prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. Any prepayment of a Eurodollar Rate Loan or CDOR Rate Loan shall be accompanied by all accrued interest thereon, together with any
additional amounts required pursuant to Section 3.05. 
 (b) Mandatory. 

(i) Promptly upon receipt by Holdings or any of its Subsidiaries of the Net Cash Proceeds received from the Disposition of
any assets or from any Recovery Event, in each case, other than Excluded Assets and Reinvestment Assets, an amount equal to 100% of such Net Cash Proceeds shall be applied by the Borrower to prepay the Loans (such prepayment to be applied as set
forth below); 
 Notwithstanding the foregoing, if any prepayment required under this Section 2.03(b)(i) would
require the Borrower to prepay Loans on a day other than the last day of an Interest Period and such prepayment would require the Borrower to compensate the Lenders under Section 3.05 by reason of such prepayment, then the Borrower may
delay making the prepayment until the last day of the applicable Interest Period. 
 (ii) Within five
(5) Business Days after financial statements have been delivered pursuant to Section 6.01(a), commencing with the 2011 Fiscal Year, and the related Compliance Certificate has been delivered pursuant to Section 6.02(b),
the Borrower shall prepay an aggregate principal amount of Loans in an amount equal to (A) the ECF Percentage of Excess Cash Flow for the fiscal year covered by such financial statements (or, in the case of the first such prepayment, for the
period commencing on the Closing Date and ending on the last day of the 2011 Fiscal Year) (such prepayment to be applied as set forth below) minus (B) the aggregate amount of optional prepayment of Loans during such fiscal year (to the extent
such prepayments are not funded with the proceeds of Indebtedness and to the extent such prepayments are not included in the calculation of Excess Cash Flow). 
 (iii) Upon the incurrence or issuance by Holdings or any of its Subsidiaries of any Indebtedness (other than Indebtedness expressly permitted to be incurred or issued pursuant to
Section 7.02), the Borrower shall prepay an aggregate principal amount of Loans equal to 100% of all Net Cash Proceeds received therefrom immediately upon receipt thereof by Holdings or such Subsidiary (such prepayments to be applied as
set forth below). 
 (iv) Each prepayment of Loans pursuant to Section 2.03(b)(i),
Section 2.03(b)(ii), Section 2.03(b)(iii) or Section 7.03(v) shall be applied to reduce the then remaining installments of the 

  
 40 

 
U.S. Tranche Loans and the Canadian Tranche Term Loans pro rata based upon the respective then remaining principal amounts thereof and shall reduce the then remaining installments
of the Loans of each Lender ratably in accordance with its Applicable Percentage. Each prepayment shall be made, first, to Base Rate Loans or Canadian Prime Rate Loans, as applicable, and, second, to Eurodollar Rate Loans or CDOR Rate Loans, as
applicable. Amounts prepaid may not be reborrowed. 
 (v) Notwithstanding the above, prior to the first
anniversary of the Closing Date, the Majority Facility Lenders in respect of the applicable Facility may decline to accept any prepayment to be made by the Borrower pursuant to any event described in Section 2.03(b) occurring during such
period, in which case the Borrower shall not prepay the Loans under such Facility as a result of such events and shall retain any such amounts (and such amounts may be used by the Borrower for any purpose not prohibited hereunder). 

(c) Prepayment Premium. If any Loans are prepaid in whole or in part at any time and from time to time pursuant to
Section 2.03(a) on or prior to the first anniversary of the Closing Date, the Borrower shall pay the Lenders a prepayment premium on the principal amount so prepaid of 1.0%. No prepayment premium shall be payable if such prepayment
occurs after the first anniversary of the Closing Date. 
 2.04 Repayment of Loans. 

The Borrower shall repay to the Lenders on the Maturity Date the aggregate principal amount of Loans outstanding on such date.

 (a) The U.S. Tranche Loan of each U.S. Tranche Lender shall mature in twenty-four (24) consecutive quarterly
installments on the last day of each quarter, starting with the quarter ending November 30, 2010, each of which shall be in an amount equal to the amount resulting from multiplying (a) the original principal amount of such U.S. Tranche
Lender’s U.S. Tranche Loans by (b) the percentage set forth below opposite such installment: 
  

					
	 Installment
	  	Percentage of Principal Amount	 
	 1 to 4
	  	 	0.625	% 
	 5 to 8
	  	 	1.250	% 
	 9 to 12
	  	 	2.500	% 
	 13 to 23
	  	 	3.750	% 
	 24
	  	 	41.250	% 

 provided, however, that the
final principal repayment installment of the U.S. Tranche Loans shall be repaid on the Maturity Date with respect thereto and in any event shall be in an amount equal to the aggregate principal amount of all U.S. Tranche Loans outstanding on such
date. Notwithstanding the foregoing, such installments shall be reduced in connection with any voluntary or mandatory prepayments of the U.S. Tranche Loans in accordance with Section 2.03. 

(b) The Canadian Tranche Loan of each Canadian Tranche Lender shall mature in eighteen (18) consecutive quarterly installments on
the last day of each quarter starting with the quarter ending 

  
 41 

 
November 30, 2010, each of which shall be in an amount equal to the amount resulting from multiplying (a) the original principal amount of such Canadian Tranche Lender’s Canadian
Tranche Loans by (b) the amount set forth below opposite such installment: 
  

					
	 Installment
	  	Principal Amount	 
	 1 to 4
	  	 	1.250	% 
	 5 to 12
	  	 	2.500	% 
	 13 to 17
	  	 	3.750	% 
	 18
	  	 	56.250	% 

 provided, however, that the
final principal repayment installment of the Canadian Tranche Loans shall be repaid on the Maturity Date with respect thereto and in any event shall be in an amount equal to the aggregate principal amount of all Canadian Tranche Loans outstanding on
such date. Notwithstanding the foregoing, such installments shall be reduced in connection with any voluntary or mandatory prepayments of the Canadian Tranche Loans in accordance with Section 2.03. 

2.05 Interest. 
 (a) Subject to the provisions of subsection (b) below, (i) each Eurodollar Rate Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum
equal to the Eurodollar Rate for such Interest Period plus the Applicable Rate; (ii) each Base Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the
Base Rate plus the Applicable Rate, (iii) each CDOR Rate Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the CDOR Rate for such Interest Period plus the
Applicable Rate; and (iv) each Canadian Prime Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Canadian Prime Rate plus the Applicable Rate.

 (b) (i) If any amount of principal of any Loan is not paid when due (without regard to any applicable grace periods), whether
at stated maturity, by acceleration or otherwise, all outstanding Loans shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws until such
payment is made in full in cash. 
 (ii) If any amount (other than principal of any Loan) payable by the Borrower
under any Loan Document is not paid when due (without regard to any applicable grace periods), then upon the request of the Majority Facility Lenders of each Facility affected thereby, such amount shall thereafter bear interest at a fluctuating
interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws until such payment is made in full in cash. 
 (iii) Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand. 

(iv) Notwithstanding the foregoing, the Mortgages shall not secure the accrual or payment of interest at the Default Rate,
but shall always secure the accrual and payment of interest at the rates otherwise stipulated herein. 

  
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 (c) Interest on each Loan shall be due and payable in arrears on each Interest Payment Date
applicable thereto and at such other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any
Debtor Relief Law. 
 2.06 Fees. The Borrower shall pay to each Arranger and the Administrative Agent for their own
respective accounts fees in respect of the facility provided for herein in the amounts and at the times specified in the Fee Letter. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever. The Borrower shall
pay to the Lenders such fees as may be from time to time separately agreed upon in writing among them in the amounts and at the times so specified. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever
unless otherwise specified. 
 2.07 Computation of Interest and Fees. 

All computations of interest for Base Rate Loans when the Base Rate is determined by JPMCB’s “prime rate”, Canadian Prime
Rate Loans shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All computations of interest for CDOR Rate Loans shall be made on the basis of a year of 365 days and actual days elapsed. All other
computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall accrue on each
Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall,
subject to Section 2.09(a), bear interest for one day. For the purposes of the Interest Act (Canada) and disclosure thereunder, whenever any interest or any fee to be paid hereunder or in connection herewith is to be calculated on
the basis of a 360-day or 365-day year, the yearly rate of interest to which the rate used in such calculation is equivalent is the rate so used multiplied by the actual number of days in the calendar year in which the same is to be ascertained and
divided by 360 or 365, as applicable. The rates of interest under this Agreement are nominal rates, and not effective rates or yields. The principle of deemed reinvestment of interest does not apply to any interest calculation under this Agreement.

 2.08 Evidence of Debt. 
 The Loans made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and by the Administrative Agent in the ordinary course of business. The accounts or records
maintained by the Administrative Agent and each Lender shall be conclusive absent manifest error of the amount of the Loans made by the Lenders to the Borrower and the interest and payments thereon. Any failure to so record or any error in doing so
shall not, however, limit or otherwise affect the obligation of the Borrower hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts and records maintained by any Lender and the accounts
and records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error. Upon the request of any Lender made through the Administrative Agent, the
Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Note, which shall evidence such Lender’s Loan in addition to such accounts or records. Each Lender may attach schedules to its Note and endorse thereon the
date, Type (if applicable), amount and maturity of its Loans and payments with respect thereto. 
 2.09 Payments
Generally. 

  
 43 

 (a) All payments to be made by the Borrower shall be made without condition or deduction for
any counterclaim, defense, recoupment or set-off. Except as otherwise expressly provided herein, all payments by the Borrower hereunder shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is
owed, at the Administrative Agent’s Office in Dollars (with respect to payments in connection with the U.S. Tranche Loans) or Canadian Dollars (with respect to payments in connection with the Canadian Tranche Loans) and in immediately available
funds not later than 12:00 Noon, New York City time, on the date specified herein. The Administrative Agent will promptly distribute to each Lender its Applicable Percentage in respect of the Loans (or other applicable share as provided herein) of
such payment in like funds as received by wire transfer to such Lender’s Lending Office. All payments received by the Administrative Agent after 12:00 Noon, New York City time, shall be deemed received on the next succeeding Business Day and
any applicable interest or fee shall continue to accrue. 
 (b) If any payment to be made by the Borrower shall come due on a
day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be. 

(c) Unless the Borrower or any Lender has notified the Administrative Agent, prior to the date any payment is required to be made by it
to the Administrative Agent hereunder, that the Borrower or such Lender, as the case may be, will not make such payment, the Administrative Agent may assume that the Borrower or such Lender, as the case may be, has timely made such payment and may
(but shall not be so required to), in reliance thereon, make available a corresponding amount to the Person entitled thereto. If and to the extent that such payment was not in fact made to the Administrative Agent in immediately available funds,
then: 
 (i) if the Borrower failed to make such payment, each Lender shall forthwith on demand repay to the
Administrative Agent the portion of such assumed payment that was made available to such Lender in immediately available funds, together with interest thereon in respect of each day from and including the date such amount was made available by the
Administrative Agent to such Lender to the date such amount is repaid to the Administrative Agent in immediately available funds at the Federal Funds Rate from time to time in effect; and 

(ii) if any Lender failed to make such payment, the Administrative Agent may, in its discretion, apply any amounts
thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender’s obligations hereunder until all such unsatisfied obligations are fully paid. 

A notice of the Administrative Agent to any Lender or the Borrower with respect to any amount owing under this subsection (c) shall
be conclusive, absent manifest error. 
 (d) If any Lender makes available to the Administrative Agent funds for any Loan to be
made by such Lender as provided in the foregoing provisions of this Article II, and such funds are not made available to the Borrower by the Administrative Agent because the conditions to the making of the Loans set forth in Article IV
are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds as received from such Lender) to such Lender, without interest if such funds shall be returned not later than the next
following Business Day and with interest at a rate per annum equal to the Federal Funds Rate for each subsequent day until so returned. 
 (e) The obligations of the Lenders hereunder to make Loans and to make payments pursuant to Section 10.04(c) are several and not joint. The failure of any Lender to make any Loan or to fund
any such participation or to make payments pursuant to Section 10.04(c) on any date required hereunder shall 

  
 44 

 
not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Loan, to purchase its
participation or to make its payment under Section 10.04(c). 
 (f) Nothing herein shall be deemed to obligate any
Lender to obtain the funds for any Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner. 

2.10 Sharing of Payments. If, other than as expressly provided elsewhere herein, any Lender shall obtain on account of the Loans
made by it, any payment (whether voluntary, involuntary, through the exercise of any right of set-off, or otherwise) in excess of its ratable share (or other share contemplated hereunder) thereof, such Lender shall immediately (a) notify the
Administrative Agent of such fact, and (b) purchase from the other Lenders such participations in the Loans made by them, as shall be necessary to cause such purchasing Lender to share the excess payment in respect of such Loans or such
participations, as the case may be, pro rata with each of them; provided, however, that if all or any portion of such excess payment is thereafter recovered from the purchasing Lender under any of the circumstances described in
Section 10.05 (including pursuant to any settlement entered into by the purchasing Lender in its discretion), such purchase shall to that extent be rescinded and each other Lender shall repay to the purchasing Lender the purchase price
paid therefor, together with an amount equal to such paying Lender’s ratable share (according to the proportion of (i) the amount of such paying Lender’s required repayment to (ii) the total amount so recovered from the
purchasing Lender) of any interest or other amount paid or payable by the purchasing Lender in respect of the total amount so recovered, without further interest thereon. The Borrower agrees that any Lender so purchasing a participation from another
Lender may, to the fullest extent permitted by law, exercise all its rights of payment (including the right of set-off, but subject to Section 10.08) with respect to such participation as fully as if such Lender were the direct creditor
of the Borrower in the amount of such participation. The Administrative Agent will keep records (which shall be conclusive and binding in the absence of manifest error) of participations purchased under this Section and will in each case notify the
Lenders following any such purchases or repayments. Each Lender that purchases a participation pursuant to this Section shall from and after such purchase have the right to give all notices, requests, demands, directions and other communications
under this Agreement with respect to the portion of the Obligations purchased to the same extent as though the purchasing Lender were the original owner of the Obligations purchased. The provisions of this Section 2.10 shall not be
construed to apply to (a) the consideration for the assignment or sale of any Loan to another Lender, (b) the consideration for the sale by any Lender of a participation in any of its Loan or other Obligations owed to it, (c) the
exchange of any Loans held by a Lender for all or a portion of a new tranche of Loans issued hereunder or (d) any consent or other fee paid by a Loan Party to those Lenders that provide consent to any amendment or other modification to this
Agreement or the other Loan Documents. 
 2.11 Incremental Loans. 

(a) At any time after the Closing Date and before the Maturity Date, the Borrower may, by written notice to the Administrative Agent
elect to request the establishment of one or more new tranches of term indebtedness (the “New Term Loans”), by a principal amount not in excess of US$50,000,000 in the aggregate (less the amount of Indebtedness incurred and
outstanding pursuant to Section 7.02(y)) and not less than US$5,000,000 individually (or (i) such lesser amount as shall constitute the difference between US$50,000,000 (less the amount of Indebtedness incurred and outstanding
pursuant to Section 7.02(y)) and the aggregate amount of such New Term Loans obtained on or prior to such date or (ii) or such lesser amount as may be agreed to by the Administrative Agent acting reasonably), provided that on a Pro
Forma Basis for the incurrence of such new term loan and any related use of the proceeds 

  
 45 

 
therefrom, the Consolidated Total Leverage Ratio does not exceed 2.50 to 1.00 for the most recent fiscal quarter for which financial statements are delivered pursuant to
Section 6.01(a) or (b). 
 (b) Each such notice shall specify (i) the date (each, an “Increased
Amount Date”) on which Borrower proposes that the New Term Loans 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 Administrative Agent and (ii) the
identity of each Lender or other Person that is an Eligible Assignee (each, a “New Term Loan Lender”) to whom Borrower proposes any portion of such New Term Loan Commitments be allocated and the amounts of such allocations,
provided that no Lender will be required to provide any such New Term Loans. 
 (c) Such New Term Loans shall become
effective, as of such Increased Amount Date; provided that (i) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Term Loans; (ii) both before and after giving effect to the
making of any New Term Loans, each of the conditions set forth in Section 4.01(a), (n) and (o) shall be satisfied; (iii) Holdings and its Subsidiaries shall be in compliance, on a Pro Forma Basis with each of
the covenants set forth in Section 7.07 as of the last day of the most recently ended fiscal quarter after giving effect to such New Term Loans (in addition to compliance of the Consolidated Total Leverage Ratio set forth above);
(iv) the New Term Loans shall be effected pursuant to one or more joinder agreements executed and delivered by Borrower, the New Term Loan Lender and Administrative Agent, and each of which shall be recorded in the Register and each New Term
Loan Lender shall be subject to the requirements set forth in Article III; and (v) Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent (at the direction of
the New Term Loan Lenders) in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated a separate series (a “Series”) of New Term Loans for all purposes of this Agreement.

 (d) On any Increased Amount Date on which any New Term Loans are effective, subject to the satisfaction of the foregoing
terms and conditions, each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan. 
 (e) The Administrative Agent shall notify Lenders promptly upon receipt of the Borrower’s notice of each Increased Amount Date and in respect thereof the Series of New Term Loans and the New Term
Loan Lenders of such Series. 
 (f) The terms and provisions of the New Term Loans of any Series shall be, except as otherwise
set forth herein or in the joinder agreement, identical to the Loans or otherwise on terms reasonably acceptable to the Administrative Agent. In any event (i) the Weighted Average Life to Maturity of all Loans of any Series shall be no shorter
than the Weighted Average Life to Maturity of the U.S. Tranche Loans, (ii) the applicable maturity date of each Series shall be no shorter than the latest of the final maturity of the U.S. Tranche Loans, and (iii) the margin applicable to
the New Term Loans of each Series shall be set forth in each applicable joinder agreement; provided however that the margin applicable to the New Term Loans shall not be greater than the applicable margin payable pursuant to the terms of this
Agreement as amended through the date of such calculation with respect to the U.S. Tranche Loans (any excess of such margin applicable to the New Term Loans of any Series over the margin then-applicable to the U.S. Tranche Loans, the “Excess
Margin”), unless the margin with respect to the U.S. Tranche Loans and the Canadian Tranche Loans are each increased by an amount equal to the applicable Excess Margin. Each joinder agreement may, without the consent of any other Lenders,
effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the opinion of the Administrative Agent and the Arranger to effect the provision of this Section 2.11. 

  
 46 

 ARTICLE III 
 TAXES, YIELD PROTECTION AND ILLEGALITY 
 3.01 Taxes. 

(a) Any and all payments by or on behalf of any Loan Party under any Loan Document shall be made free and clear of, and without
withholdings or deduction for, any and all Taxes, excluding, (i) taxes imposed on or measured by its overall net income or capital (in each case, however denominated, including minimum taxes and similar taxes imposed in lieu thereof),
branch profits taxes and franchise taxes in each case imposed on it by a jurisdiction (or any political subdivision thereof or therein) under the Laws of which the Administrative Agent, any Lender or such other recipient, as the case may be, is
organized or maintains a lending office or with which the Administrative Agent, any such Lender or other such recipient, as the case may be, otherwise has a present or former connection (other than any such connection arising solely from the
Administrative Agent, such Lender or such other recipient, as applicable, having executed, delivered or performed its obligations or received a payment under, or enforced, any Loan Document) and (ii) any United States backup withholding taxes
(all such non-excluded Taxes being hereinafter referred to as “Indemnified Taxes” and any excluded Taxes, “Excluded Taxes”); provided that, if a Loan Party or the Administrative Agent is required by any Laws (as
determined in its sole discretion) to deduct or withhold any Taxes (including Other Taxes as defined in Section 3.01(b)) from or in respect of any sum payable under any Loan Document to the Administrative Agent or any Lender, as the case
may be, (i) the sum payable by such Loan Party shall be increased as necessary so that after making all required deductions and withholdings (including deductions and withholdings applicable to additional sums payable under this
Section 3.01(a)(i)), each of the Administrative Agent and such Lender, as applicable, receives an amount equal to the sum it would have received had no such deductions or withholdings been made, provided, however, that such Loan Party
shall not be required to increase any such amounts payable to the Administrative Agent or any Lender with respect to Taxes (A) that are attributable to a Lender’s failure to comply with Section 3.01(d), or (B) that are
Canadian withholding taxes that would be imposed on amounts (including by reason of the Borrower and Lender not dealing at arm’s length within the meaning of ITA) payable to a Lender at the time that such Lender becomes a party to this
Agreement, except to the extent that such Lender’s assignor, if any, was entitled, at the time of assignment to receive additional amounts with respect to such Taxes pursuant to this Section 3.01(a)(i) (provided, such Lender deals
at arm’s length with the Borrower within the meaning of the ITA); and (ii) the applicable withholding agent shall make such withholdings or deductions of such Taxes and shall pay the full amount withheld or deducted to the relevant
Governmental Authority in accordance with applicable Laws. In the case of Taxes deducted or withheld by any Loan Party, as soon as practicable after the date of such payment, such Loan Party shall furnish to the Administrative Agent (which shall
forward the same to such Lender) the original or a certified copy of a receipt evidencing payment thereof or, if such a receipt is unavailable, such other evidence as may be reasonably satisfactory to the Administrative Agent. 

(b) In addition, the Borrower agrees to pay any and all present or future stamp, court or documentary taxes, recording and filing fees,
and any other excise or property taxes or charges or similar levies which arise from any payment made under any Loan Document or from the execution, delivery, performance, enforcement or registration of, or otherwise with respect to, any Loan
Document other than Excluded Taxes (hereinafter referred to as “Other Taxes”). 
 (c) Without duplication of
any amounts payable under clauses (a) or (b) above, the Borrower agrees to indemnify the Administrative Agent and each Lender for (i) the full amount of Indemnified Taxes with respect to which the Borrower is required to pay
additional amounts pursuant to Section 3.01(a)(i) and Other Taxes (including any such Indemnified Taxes or Other Taxes imposed or asserted by any jurisdiction on amounts payable under this Section 3.01) paid by the
Administrative Agent and/or 

  
 47 

 
such Lender and (ii) any liability (including additions to tax, penalties, interest and expenses, other than those arising from the willful misconduct or gross negligence by the Lender or
the Administrative Agent, as the case may be) arising therefrom or with respect thereto, in each case whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. Any
Lender or the Administrative Agent requesting an indemnity payment pursuant to this Section 3.01(c) shall provide a written request to the Borrower (providing reasonable detail) within 180 days after it became aware of the imposition of
any Taxes for which it is seeking the indemnity. Payment under this subsection (c) shall be made within 30 days after the date the relevant Lender or the Administrative Agent, as the case may be, makes a demand therefor. 

(d) Any Lender that is entitled to an exemption from, or reduction of withholding tax under the law of the jurisdiction in which the
Borrower is resident, or any applicable tax treaty to which such jurisdiction is a party, with respect to any payments under this Agreement shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or times prescribed by
applicable Law or reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation prescribed by applicable Law or reasonably requested by the Borrower or the Administrative Agent as will permit
such payments to be made without withholding, deduction, or at a reduced rate of withholding or deduction. In addition, any Lender, if requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by
applicable Law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting
requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation shall not be required if in the Lender’s judgment such completion, execution or submission
would subject such Lender to a materially more onerous unreimbursed cost or expense, or would prejudice the legal or commercial position of such Lender in a manner that is materially worse, in each case, than the cost or expense or the prejudice
that would have resulted had such Lender been required to complete, execute or submit an Internal Revenue Service Form W-8BEN, W-8ECI, W-8IMY and/or W-9 (or, in each case, any successor forms), as may be applicable. Upon the reasonable request of
the Borrower or the Administrative Agent, any Lender shall update any form or certification previously delivered. If any form or certification previously delivered pursuant to this Section expires or becomes obsolete or inaccurate in any respect
with respect to a Lender, such Lender shall promptly (and in any event within 10 days after such expiration, obsolescence or inaccuracy) notify the Borrower and the Administrative Agent in writing of such expiration, obsolescence or inaccuracy and
update the form or certification if it is legally eligible to do so. 
 (e) Each Lender shall severally indemnify the
Administrative Agent for the full amount of any Excluded Taxes (including any interest, penalties additions to tax and liabilities with respect thereto) attributable to such Lender that are paid or payable by the Administrative Agent in connection
with any Loan Document and any reasonable expenses arising therefrom or with respect thereto, whether or not such Excluded Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. Any such amounts shall be paid
within 10 days after the Administrative Agent delivers to the applicable Lender a certificate stating the amount of Excluded Taxes so paid or payable by the Administrative Agent. Such certificate shall be conclusive of the amount so paid or payable
absent manifest error. 
 (f) If the Administrative Agent or any Lender, as the case may be, determines, in its sole discretion,
that it has received a refund of Indemnified Taxes or Other Taxes paid by the Borrower pursuant to this Section 3.01, the Administrative Agent or such Lender, as applicable, shall promptly pay such refund (but only to the extent of the
Indemnified Taxes or Other Taxes paid by the Borrower under this Section 3.01 and only to the extent that the Administrative Agent or the Lender, as applicable, is satisfied that it may do so without prejudice to its right, as against
the relevant Governmental Authority, 

  
 48 

 
to retain such refund) to the Borrower, net of all out-of-pocket expenses of the Administrative Agent or such Lender, as applicable, incurred in obtaining such refund, as is determined by the
Administrative Agent or such Lender, as applicable, in its sole discretion and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), and as will leave the Administrative Agent or such
Lender, as applicable, in no worse position than it would be in if no such Indemnified Taxes or Other Taxes had been imposed; provided, however, that the Borrower agrees to promptly return such amount (plus any penalties, interest or
other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender, as applicable, if it receives notice from the Administrative Agent or such Lender, as applicable, that the Administrative Agent or such Lender,
as applicable, is required to repay such refund. This paragraph shall not be construed to require the Administrative Agent or any Lender to make available its tax returns (or any other information relating to its taxes which it deems confidential)
to the Borrower or any other Person. Nothing contained herein shall interfere with the right of the Administrative Agent or any Lender to arrange its affairs in whatever manner it sees fit. 

3.02 Illegality. If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has
asserted that it is unlawful, for any Lender or its applicable Lending Office to maintain its Loan, or to determine or charge interest rates, based upon the Eurodollar Rate or CDOR Rate, then, on notice thereof by such Lender to the Borrower through
the Administrative Agent, any obligation of such Lender to continue Loans, or to determine or charge interest rates, based upon the Eurodollar Rate or CDOR Rate, as applicable, shall be suspended until such Lender notifies the Administrative Agent
and the Borrower that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, the Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent), convert all Eurodollar Rate Loans or
CDOR Rate Loans, as applicable, of such Lender to Base Rate Loans or Canadian Prime Rate Loans, as applicable, either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurodollar Rate Loans or
CDOR Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Eurodollar Rate Loans or CDOR Rate Loans. Upon any such conversion, the Borrower shall also pay accrued interest on the amount so converted. Each
Lender agrees to designate a different Lending Office if such designation will avoid the need for such notice and will not, in the good faith judgment of such Lender, otherwise be materially disadvantageous to such Lender. 

3.03 Inability to Determine Rates. If the Majority Facility Lenders in respect of the applicable Facility determine that
for any reason adequate and reasonable means do not exist for determining the Eurodollar Rate or CDOR Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan or CDOR Rate Loan, or that the Eurodollar Rate or CDOR Rate
for any requested Interest Period with respect to a proposed Eurodollar Rate Loan or CDOR Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, the Administrative Agent will promptly so notify the Borrower
and each Lender. Thereafter, the obligation of the Lenders to make or maintain Eurodollar Rate Loans or CDOR Rate Loans, as applicable, shall be suspended until the Administrative Agent (upon the instruction of the Majority Facility Lenders in
respect of such Facility) revokes such notice. Upon receipt of such notice, the Borrower may revoke any pending request for conversion to or continuation of Eurodollar Rate Loans or CDOR Rate Loans, as applicable, or, failing that, will be deemed to
have converted such request into a request for a Base Rate Loans or Canadian Rate Loans in the amount specified therein. 

3.04 Increased Cost and Reduced Return; Capital Adequacy; Reserves on Eurodollar Rate Loans and CDOR Rate Loans. 

(a) If any Lender determines in good faith that as a result of the enactment of, the effectiveness of any change in, or in the official
interpretation of, any Law, or such Lender’s compliance 

  
 49 

 
therewith, there shall be any increase in the cost to such Lender of maintaining Eurodollar Rate Loans or CDOR Rate Loans, or a reduction in the amount received or receivable by such Lender in
connection with any of the foregoing (excluding for purposes of this subsection (a) any such increased costs or reduction in amount resulting from (i) any Indemnified Taxes or Other Taxes (which shall, in each case, be governed by
Section 3.01) or Taxes imposed on gross or net income, gross or net profit or gross or net receipts, and (ii) reserve requirements contemplated by Section 3.04(c)), in each case by an amount reasonably determined by such
Lender to be material, then from time to time upon demand of such Lender (with a copy of such demand to the Administrative Agent), the Borrower shall pay to such Lender such additional amounts as will compensate such Lender for such increased cost
or reduction. Each Lender agrees to designate a different Lending Office if such designation will avoid the need for such demand and will not, in the good faith judgment of such Lender, otherwise be disadvantageous to such Lender. 

(b) If any Lender determines in good faith that the enactment of any Law regarding capital adequacy or the effectiveness of any change
therein or in the official interpretation thereof, or compliance by such Lender (or its Lending Office) therewith, has the effect of reducing the rate of return on the capital of such Lender or any corporation controlling such Lender as a
consequence of such Lender’s obligations hereunder (taking into consideration its policies with respect to capital adequacy and such Lender’s return on capital on its Loan prior to giving effect to such enactment or change), in each case
by an amount reasonably determined by such Lender to be material, then such Lender shall provide notice of such enactment or change to the Administrative Agent and the Borrower and from time to time upon demand of such Lender (with a copy of such
demand to the Administrative Agent), the Borrower shall pay to such Lender such additional amounts as will compensate such Lender for such reduction. Each Lender agrees to designate a different Lending Office if such designation will avoid the need
for such notice and will not, in the good faith judgment of such Lender, otherwise be disadvantageous to such Lender. 
 (c) The
Borrower shall pay to each Lender, as long as such Lender shall be required to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as “Eurocurrency
liabilities”), additional interest on the unpaid principal amount of each Eurodollar Rate Loan or CDOR Rate Loan equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith,
which determination shall be conclusive), which shall be due and payable on each date on which interest is payable on such Loan, provided the Borrower shall have received at least 15 days’ prior notice (with a copy to the Administrative
Agent) of such additional interest from such Lender. If a Lender fails to give notice 15 days prior to the relevant Interest Payment Date, such additional interest shall be due and payable 15 days from receipt of such notice. Each Lender agrees to
designate a different Lending Office if such designation will avoid the need for such notice and will not, in the good faith judgment of such Lender, otherwise be disadvantageous to such Lender. 

3.05 Compensation for Losses. Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, the
Borrower shall promptly compensate such Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result of: 
 (a) any continuation, conversion, payment or prepayment of any Eurodollar Rate Loan or CDOR Rate Loan on a day other than the last day of the Interest Period for such Loan (whether voluntary, mandatory,
automatic, by reason of acceleration, or otherwise); 
 (b) any failure by the Borrower to prepay, borrow, continue or convert
any Loan other than a Base Rate Loan or Canadian Prime Rate Loan on the date or in the amount notified by the Borrower; or 

  
 50 

 (c) any assignment of a Eurodollar Rate Loan or CDOR Rate Loan on a day other than the last
day of the Interest Period therefor as a result of a request by the Borrower pursuant to Section 10.13. 
 The Borrower shall also
pay any customary administrative fees charged by such Lender in connection with the foregoing. 
 For purposes of calculating amounts payable by
the Borrower to the Lenders under this Section 3.05, each Lender shall be deemed to have funded each Eurodollar Rate Loan made by it at the Eurodollar Rate for such Loan by a matching deposit or other borrowing in the London interbank
eurodollar market for a comparable amount and for a comparable period, whether or not such Eurodollar Rate Loan was in fact so funded. 
 3.06 Matters Applicable to all Requests for Compensation. 
 (a) A
certificate of the Administrative Agent or any Lender claiming compensation under this Article III and setting forth the additional amount or amounts to be paid to it hereunder shall be conclusive in the absence of manifest error. In
determining such amount, the Administrative Agent or such Lender may use any reasonable averaging and attribution methods. 

(b) Upon any Lender’s making a claim for compensation under Section 3.01 or 3.04 or a claim of illegality under
Section 3.02, the Borrower may replace such Lender in accordance with Section 10.13. 
 3.07
Survival. All of the Borrower’s obligations under this Article III shall survive repayment of all other Obligations hereunder. 
 ARTICLE IV 
 CONDITIONS PRECEDENT 

4.01 Closing Date. The obligations of the Lenders to make Loans hereunder on the Closing Date shall be subject to the satisfaction
(or waiver in accordance with Section 10.01) of the following conditions on or before the Closing Date: 
 (a) The
Administrative Agent’s receipt of the following: 
 (i) (x) executed counterparts of this Agreement and the
other Loan Documents (other than the Notes), each dated as of the Closing Date and properly executed by a Responsible Officer of the signing Loan Party and (y) executed counterparts of this Agreement and the other Loan Documents, each dated as
of the Closing Date, duly executed and delivered by each Agent party thereto; 
 (ii) a Note dated as of the
Closing Date and executed by the Borrower in favor of each Lender requesting a Note pursuant to Section 2.08; 
 (iii) (A) copies of each Organizational Document of each Loan Party, (to the extent applicable) certified as of a recent date by an appropriate government official, (B) copies of the resolutions of
the Board of Directors or similar governing body of each Loan Party approving and authorizing the execution, delivery and performance of this Agreement and the other Loan Documents to which such Loan Party is a party or is to be a party, certified
as of the Closing Date by its secretary or an assistant secretary as being in full force and effect without modification or amendment and (C) an incumbency certificate dated as of the Closing Date of the officers of each

  
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Loan Party executing this Agreement and the other Loan Documents to which such Loan Party is a party or is to be a party; 

(iv) a good standing certificate from the applicable Governmental Authority of each Loan Party’s jurisdiction of
incorporation, organization or formation, dated as of the Closing Date or a recent date before the Closing Date, together with, if available, a good standing certificate from each jurisdiction where its ownership, lease or operation of properties or
the conduct of its business requires such qualification, except to the extent that failure to be so qualified would not reasonably be expected to have a Material Adverse Effect; 

(v) favorable opinions of (i) Latham & Watkins LLP, New York counsel to the Loan Parties, (ii) Davies
Ward Phillips & Vineberg LLP, Ontario and Quebec counsel to the Loan Parties (and of any other special or local counsel regarding perfection of security interests) and (iii) Blake, Cassels & Graydon LLP, Ontario and Quebec
counsel to the Administrative Agent, each dated as of the Closing Date and addressed to each Agent and each Lender, in substantially the form of Exhibit H-1, Exhibit H-2 and Exhibit H-3 respectively; and 

(vi) a certificate dated as of the Closing Date signed by a Responsible Officer of the Borrower (i) certifying that,
as of the Closing Date, after giving effect to the Transactions, no Default has occurred and is continuing, and (ii) confirming compliance with the conditions precedent set forth in clause (o) of this Section 4.01. 

(b) The Administrative Agent shall have received (i) the Audited Financial Statements, (ii) unaudited interim consolidated or
combined financial statements of Canwest Limited Partnership for each quarter ended after the date of the latest applicable financial statements delivered pursuant to clause (i) of this paragraph as to which such financial statements are
available and unaudited consolidated or combined financial statements for the same period of the prior fiscal year, and (iii) to the extent available, monthly financial data generated by the Seller’s internal accounting systems for use by
senior management for each month ended after the latest quarter referred to in clause (ii). 
 (c) The Administrative Agent
shall have received Holdings’ most recent projected consolidated and consolidating statements of income, balance sheet and cash flows for the fiscal years 2010 through 2017. 

(d) The pro forma ratio of Consolidated Indebtedness after giving effect to the Transactions to Adjusted EBITDA shall not be more than
3.75 to 1.0 and the Borrower shall have provided reasonably satisfactory support for such calculations (it being understood that, solely for purposes of calculating Consolidated Indebtedness pursuant to this clause (d), the Dollar shall be
translated into Canadian Dollars on the basis of the noon buying rate in New York City for cable transfers of Canadian Dollars as certified for customs purposes by the Federal Reserve of New York on April 30, 2010, which was US$1=$1.0169).

 (e) The Administrative Agent shall have received the results of a recent lien search in each of the jurisdictions where
assets of the Loan Parties are located, and such search shall reveal no liens on any of the assets of the Loan Parties except for liens permitted by Section 7.01 or liens to be discharged on or prior to the Closing Date. 

(f) The Administrative Agent shall have received a solvency certificate from the chief financial officer of the Borrower. 

(g) The Collateral Agent shall have received, subject to the Intercreditor Agreements, (i) the certificates, if any, representing
the shares of Equity Interests pledged pursuant to the Security 

  
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Agreement, together with an undated stock power for each such certificate executed in blank by a duly authorized officer of the pledgor thereof and (ii) each promissory note (if any) pledged
to the Collateral Agent pursuant to the Security Agreement endorsed (without recourse) in blank (or accompanied by an executed transfer form in blank) by the pledgor thereof. 
 (h) Each document (including under the PPSA) required by the Collateral Documents or under law or reasonably requested by the Administrative Agent or the Collateral Agent to be filed, registered or
recorded in order to create in favor of the Collateral Agent, for the benefit of the Secured Parties, a perfected Lien on the Collateral described therein, prior and, subject to the Intercreditor Agreements, superior in right to any other Person
(other than with respect to Liens permitted by Section 7.01), shall be in proper form for filing, registration or recordation. 
 (i) The Administrative Agent shall have received evidence reasonably satisfactory to the Administrative Agent that all insurance required to be maintained pursuant to Section 6.07 is in full
force and effect. 
 (j) The Administrative Agent shall have received evidence of (i) an order or orders (the
“Sanction and Vesting Orders”) granted by the Ontario Superior Court of Justice (Commercial List) (the “CCAA Court”) in the Companies’ Creditors Arrangement Act (Canada) proceedings of Canwest (Canada)
Inc., Canwest Publishing Inc./Publications Canwest Inc., Canwest Books Inc. approving and sanctioning the consolidated plan of compromise concerning, affecting and involving the Sellers (the “CCAA Plan”) and the transactions
contemplated in the CCAA Plan and the Acquisition Agreement, and vesting in Borrower title to and in all of the Acquired Assets free and clear of all Liens, other than Liens permitted by Section 7.01 and (ii) that all of the
conditions precedent to the implementation of the CCAA Plan will be fulfilled substantially concurrently with the effectiveness of this Agreement or, to the extent permitted pursuant to the terms and conditions of the Acquisition Agreement and the
CCAA Plan, waived and the CCAA Plan has been implemented or will be implemented substantially concurrently with the effectiveness of this Agreement (“Plan Implementation”). The Sanction and Vesting Orders shall be in form and on
terms satisfactory to the Lenders and all relevant appeal periods shall have passed such that the Sanction and Vesting Orders are final. 
 (k) The Borrower shall have entered into the ABL Credit Agreement, and such ABL Credit Agreement shall be in full force and effect. 

(l) The following transactions shall have been consummated, or shall be consummated substantially concurrently with the making of the
Loans on the Closing Date: (i) the transactions contemplated in the Acquisition Agreement shall have been consummated in accordance with the Acquisition Agreement, and no provision of the Acquisition Agreement shall have been waived, amended,
supplemented or otherwise modified in any respect materially adverse to the Borrower or the Lenders without the approval of the Administrative Agent; (ii) the Equity Contribution shall have been consummated; (iii) the Borrower shall have
received at least US$275,000,000 in gross cash proceeds from the issuance of the Senior Secured Notes and (iv) in addition, after giving effect to the Transactions, the Borrower shall have received or shall have at least $35,000,000 in the form
of cash on balance sheet. 
 (m) All government and third party approvals necessary in connection with the Acquisition, the
financing thereof and the continuing operations of the Borrower shall have been obtained. There shall not exist any action, investigation, litigation or proceeding pending or threatened in any court or before any arbitrator or governmental authority
that would reasonably be expected to have a material adverse effect on the Borrower, the Acquisition, the financing thereof or any of the other transactions contemplated hereby. 

  
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 (n) The Lenders shall have received all documentation and other information reasonably
requested by the Administrative Agent within a reasonable period of time prior to the Closing Date and required under applicable “know your customer” and anti-money laundering rules and regulations. 

(o) The representations and warranties of the Loan Parties set forth in the Loan Documents shall be true and correct in all material
respects (or, in the case of any representation and warranty qualified by materiality, in all respects) as of the Closing Date after giving effect to the Transactions, except to the extent such representations and warranties expressly relate to an
earlier date (in which case such representations and warranties shall be true and correct in all material respects as of such earlier date, or, in the case of any representation and warranty qualified by materiality, in all respects as of such
earlier date). 
 (p) Any fees required to be paid on or before the Closing Date shall have been paid. 

(q) The Borrower shall have paid all reasonable fees, charges and disbursements of counsel to the Administrative Agent to the extent
invoiced at least two Business Days prior to the Closing Date. 
 (r) The Administrative Agent shall have received a letter from
the process agent confirming its appointment in accordance with Section 10.14(d). 
 (s) With respect to each of the
Mortgaged Properties, the Collateral Agent shall have received each of the following, in form and substance reasonably satisfactory to the Collateral Agent: 
 (i) Mortgages. A fully executed counterpart of the Mortgage on such parcel of Mortgaged Property, and evidence that a counterpart of the Mortgage has been either recorded or registered or delivered
to the Title Company (or with respect to Mortgaged Properties located in Canada, to the Borrower’s counsel) for recording or registration in all places to the extent necessary or, in the reasonable opinion of the Collateral Agent, desirable to
effectively create a valid and enforceable mortgage, charge, hypothec or deed of trust lien (with the priority required by the Intercreditor Agreements) on each Mortgaged Property in favor of the Collateral Agent for the benefit of the Secured
Parties, securing the Secured Obligations and the Guaranteed Obligations (provided that in jurisdictions that impose mortgage recording or registration taxes that are calculated with reference to the principal amount of the Mortgage, such
Mortgage shall not secure indebtedness in an amount exceeding 105% of the fair market value of such Mortgaged Property, as reasonably determined in good faith by the Borrower and reasonably acceptable to the Collateral Agent or the Borrower, or the
applicable Loan Party, shall provide to the applicable registry office an affidavit concerning the fair market value of such Mortgaged Property), subject to Liens permitted under Section 7.01 (and with respect to Mortgaged Properties
leased by the Borrower, or the applicable Loan Party, as tenant, together with landlord consents, if required pursuant to the lease relating to such leased Mortgaged Property and assurances, in form and substance reasonably satisfactory to the
Collateral Agent); 
 (ii) Title Policies. A policy of title insurance (or commitment to issue such a
policy having the effect of a policy of title insurance) which shall (A) be in an amount equal to 105% of the fair market value of each Mortgaged Property covered thereby, (B) be issued at commercially reasonable rates, (C) insure or
commit to insure that the Mortgage insured thereby creates a valid and enforceable mortgage, charge, hypothec or deed of trust lien (with the priority required by the Intercreditor Agreements) in the real property described therein, free and clear
of all defects and encumbrances, except Liens permitted under Section 7.01, (D) name the Collateral Agent for the benefit of the Secured Parties as the insured thereunder, (E) be in the form of ALTA Loan Policy – 2006 (or
equivalent policies), (F) contain such affirmative coverage and title endorsements as the Collateral Agent shall reasonably request, and (G) be issued by the Title Company, together with evidence satisfactory to the Collateral Agent that

  
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all premiums in respect of such policy or commitment, all charges for mortgage recording tax and all related expenses, if any, have been paid; 

(iii) Recorded or Registered Documents. A copy of all recorded or registered documents referred to, or listed as
exceptions to title in the title commitments or policies referred to in clause (ii) above; 
 (iv)
Fixture Filings or Notices of Security Interest. If requested by the Collateral Agent, proper fixture filings under the UCC or PPSA or notices of security interest under the UCC or PPSA for filing under the UCC or PPSA in the appropriate
jurisdiction in which the parcel of Mortgaged Property is located, necessary or desirable to perfect the security interests in fixtures purported to be created by the Mortgage in favor of the Collateral Agent for the benefit of the Secured Parties;

 (v) Counsel Opinions. An opinion of counsel in the state or province in which such parcel of Mortgaged
Property is located and an opinion of counsel in the jurisdiction of formation of the Loan Party entering into the relevant Mortgage, in each case, in form and substance and from counsel reasonably satisfactory to the Administrative Agent (but
specifically excluding any opinion as to title to such parcel of Mortgaged Property); 
 (vi) Flood
Determinations. A “Life-of-Loan” Federal Emergency Management Agency Standard Flood Hazard Determination with respect to Mortgaged Properties located in the United States or equivalent determination in any other jurisdiction with
respect to each parcel of Mortgaged Property (together with a notice about special flood hazard area status and flood disaster assistance, duly executed by the Borrower or the applicable Loan Party, and evidence of flood insurance, in the event any
such parcel of Mortgaged Property is located in a special flood hazard area); 
 (vii) Surveys.
(A) To the extent available, an existing ALTA survey with respect to Mortgaged Properties located in the United States (or for Mortgaged Properties situated in Canada, a survey prepared by a licensed land surveyor in the province where the
Mortgaged Property is located in accordance with applicable provincial standards) for each Mortgaged Property listed on Schedule 5.08, and (B) a new ALTA survey with respect to Mortgaged Properties located in the United States (or for Mortgaged
Properties situated in Canada, a survey prepared by a licensed land surveyor in the province where the Mortgaged Property is located in accordance with applicable provincial standards), in form and substance reasonably satisfactory to the
Administrative Agent for each Mortgaged Property as to which a Mortgage is granted pursuant to Section 6.11(c), as well as any updates or affidavits that the Title Company may reasonably request in connection with the issuance of the
title insurance policies; 
 (viii) Mortgaged Property Indemnification Certificates. With respect to each
Mortgaged Property, such affidavits, certificates, instruments of indemnification (with respect to Mortgaged Properties located outside Canada) and other similar items (including a so-called “gap” indemnification with respect to Mortgaged
Properties located outside Canada) as shall be reasonably required to induce the Title Company to issue the title insurance policies and endorsements contemplated in clause (ii) above; and 

(ix) Other. Such other information, documentation, and certifications as may be reasonably required by the
Administrative Agent or the Collateral Agent. 
 Without limiting the generality of the provisions of
Section 9.04, for purposes of determining compliance with the conditions specified in this Section 4.01 and the consent required under Section 10.01(a), each Lender that has signed this Agreement shall be deemed
to have consented to, approved or accepted or to be satisfied with, each document delivered or to be delivered pursuant to 

  
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Section 4.01(a)(v) and not to require any additional documentation under Section 4.01(s)(ix), unless the Administrative Agent shall have received notice from such Lender
prior to the proposed Closing Date specifying its requirements or objection with respect thereto. 
 4.02 Each Credit
Event. Each conversion or continuation of any Loan pursuant to Section 2.02 shall be subject to the satisfaction (or waiver in accordance with Section 10.01) of the following conditions: 

(a) Representations and Warranties. The representations and warranties of the Loan Parties set forth in the Loan Documents shall
be true and correct in all material respects (or, in the case of any representation and warranty qualified by materiality, in all respects) as of the date of such conversion or continuation, except to the extent such representations and warranties
expressly relate to an earlier date (in which case such representations and warranties shall be true and correct in all material respects as of such earlier date, or, in the case of any representation and warranty qualified by materiality, in all
respects as of such earlier date). 
 (b) No Default. At the time of and immediately after giving effect to such
conversion or continuation, no Default or Event of Default shall have occurred and be continuing. 
 Each conversion and
continuation of a Loan shall be deemed to constitute a representation and warranty by the Borrower on the date thereof as to the matters specified in paragraphs (a) and (b) of this Section. 

ARTICLE V 

REPRESENTATIONS AND WARRANTIES 
 Each of Holdings, the Borrower and each other Loan Party represents and warrants to each Agent and each Lender that: 
 5.01 Existence, Qualification and Power; Compliance with Laws. Each Loan Party and each of its Subsidiaries (a) is duly organized or formed, validly existing and, as applicable, in good
standing under the Laws of the jurisdiction of its incorporation or organization, (b) has all requisite power and authority and all requisite governmental licenses, authorizations, consents and approvals to (i) own its assets and carry on
its business and (ii) execute, deliver and perform its obligations under the Loan Documents to which it is a party, (c) is duly qualified and is licensed and, as applicable, in good standing under the Laws of each jurisdiction where its
ownership, lease or operation of properties or the conduct of its business requires such qualification or license, and (d) is in compliance with all Laws; except in each case (other than with respect to clause (a)), to the extent that failure
to do so would not reasonably be expected to have a Material Adverse Effect. 
 5.02 Authorization; No Contravention. The
execution, delivery and performance by each Loan Party of each Loan Document to which such Person is or is to be a party have been duly authorized by all necessary corporate or other organizational action, and do not (a) contravene the terms of
any of such Person’s Organizational Documents; (b) conflict with or result in any breach or contravention of, or the creation of any Lien under (other than as permitted by Section 7.01), (i) any Contractual Obligation to
which such Person is a party or (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject; or (c) violate any Law in; except with respect to any conflict,
breach, violation or contravention or payment (but not creation of Liens) referred to in clauses (b) and (c), to the extent that such conflict, breach, contravention, violation or payment would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect. 

  
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 5.03 Governmental Authorization; Other Consents. No approval, consent, exemption,
authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against, any Loan Party of this
Agreement or any other Loan Document, other than such approvals, consents, exemptions, authorizations, notices or filings the failure of which to obtain or make would not reasonably be expected to have a Material Adverse Effect. 

5.04 Binding Effect. This Agreement has been, and each other Loan Document, when delivered hereunder, will have been, duly
executed and delivered by each Loan Party that is party thereto. This Agreement and each other Loan Document dated on or prior to the date this representation is made constitutes a legal, valid and binding obligation of such Loan Party, enforceable
against each Loan Party that is a party thereto in accordance with its terms, except as enforcement may be limited by (i) bankruptcy, insolvency, moratorium or similar laws affecting creditors’ rights generally or (ii) equitable
principles and equitable remedies, including the fact that the granting of specific performance and other equitable remedies as a matter of judicial discretion. 
 5.05 Financial Statements. 
 (a) As of the Closing Date, the Audited
Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; (ii) fairly present in all material respects the financial condition of
Canwest Limited Partnership as of the date thereof and their results of operations for the period covered thereby in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; and
(iii) to the extent required by GAAP, show all material indebtedness and other liabilities, direct or contingent, of Canwest Limited Partnership as of the date thereof, including liabilities for taxes, material commitments and Indebtedness.

 (b) As of the Closing Date, each of the unaudited consolidated or combined balance sheets of Canwest Limited Partnership
dated November 30, 2009, February 28, 2010 and May 30, 2010, and the related consolidated statements of earnings (loss), comprehensive income (loss), partners’ deficiency and cash flow for the fiscal quarter ended on such
date (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein, and (ii) fairly present in all material respects the financial condition of Canwest
Limited Partnership as of such date and their results of operations for the period covered thereby, subject, in the case of clauses (i) and (ii), to the absence of footnotes and to normal interim accruals or adjustments, unless otherwise
disclosed. 
 (c) Since August 31, 2009, there has been no event or circumstance, either individually or in the aggregate,
that has had or would reasonably be expected to have a Material Adverse Effect other than (i) any events that have been disclosed to the Administrative Agent leading up to the application by Canwest (Canada) Inc., Canwest Publishing
Inc./Publications Canwest Inc. and Canwest Books Inc. with the CCAA Court for creditor protection under the Companies’ Creditors Arrangement Act (Canada) (the “CCAA”) and the granting by such court of creditor protection
thereunder and (ii) those events which customarily occur following the commencement of a proceeding under the CCAA and other events ancillary thereto. 
 5.06 Litigation. There are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of the Borrower or Holdings after due and diligent investigation, threatened, at law, in
equity, in arbitration or before any Governmental Authority, by or against Holdings or any of its Subsidiaries or against any of their properties or revenues, or in respect of the Acquired Assets, that (a) purport to affect the validity or
enforceability of this Agreement or any other Loan Document, or (b) except as specifically 

  
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disclosed in Schedule 5.06, either individually or in the aggregate, if determined adversely, would reasonably be expected to have a Material Adverse Effect. 

5.07 No Default. After giving effect to the Transactions, no Default has occurred and is continuing. 

5.08 Ownership of Property; Liens; Intellectual Property. (a) Each Loan Party and each of its Subsidiaries has good and marketable
title in fee simple to, or valid leasehold interests in, all real property necessary in the ordinary conduct of its business, except for such defects in title as would not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect. Schedule 5.08 sets forth a true and complete list of all the real property owned or leased by each Loan Party and each of its Subsidiaries as of the Closing Date. 

(b) The property (including intellectual property) owned by Holdings and its Subsidiaries is subject to no Liens, other than Liens
permitted by Section 7.01 or created pursuant to any Loan Document. 
 (c) Each Loan Party and its Subsidiaries
owns, or is licensed to use, all trademarks, trade names, copyrights, patents, domain names and other intellectual property necessary to its business as currently conducted, and takes reasonable actions to protect the same, in each case except as
would not reasonably be expected to have a Material Adverse Effect. To the knowledge of the Borrower, the operation of their businesses by the Loan Parties and their Subsidiaries does not infringe, dilute, misappropriate, or otherwise violate the
intellectual property rights of any other Person. 
 5.09 Environmental Compliance. Except as specifically disclosed in
Schedule 5.09 or as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect: (i) each Loan Party and each of its Subsidiaries is in compliance with, and, within the period of all applicable
statutes of limitation, has not violated any, Environmental Laws; (ii) there are no claims pending or threatened against any Loan Party or any of its Subsidiaries regarding or alleging potential liability under, or violations of, Environmental
Laws, or relating to Materials of Environmental Concern; and (iii) Materials of Environmental Concern are not present at, on, under, in, or about any real property now or, to the knowledge of the Loan Parties, formerly owned, leased or operated
by any Loan Party or any of its Subsidiaries or at any other location which could reasonably be expected to give rise to liability of, or otherwise result in costs to, any Loan Party or any of its Subsidiaries or impair the fair salable value of any
real property owned by any Loan Party or any of its Subsidiaries. 
 5.10 Taxes. Except as would not, individually or in
the aggregate, have or be reasonably expected to have a Material Adverse Effect, Holdings and its Subsidiaries have filed on a timely basis (giving effect to any extensions which have been granted) all Federal, state, provincial and other tax
returns and reports required to be filed, and Holdings and its Subsidiaries, as applicable, have paid all Federal, state, provincial and other material taxes, assessments, fees and other governmental charges levied or imposed upon them or their
properties, income or assets otherwise due and payable, except those which are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been provided in accordance with GAAP. There is no
proposed tax assessment against the Borrower or any Subsidiary that would reasonably be expected to have a Material Adverse Effect. 
 5.11 Pension Plans. The Pension Plans which are “registered pension plans” as defined under the ITA are duly registered under the ITA and any other applicable Laws which require
registration, have been administered in all material respects in accordance with the ITA and such other applicable Laws and no event has occurred which would reasonably be expected to cause the loss of such registered status, 

  
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except to the extent that any failure to do so would not reasonably be expected to have a Material Adverse Effect. All material obligations of the Borrower and each other Loan Party (including
fiduciary, funding, investment and administration obligations) required to be performed in connection with the Pension Plans and the funding agreements therefor have been performed on a timely basis, except to the extent that any failure to do so
would not reasonably be expected to have a Material Adverse Effect. There are no outstanding disputes concerning the assets of the Pension Plans except where such disputes would not reasonably be expected to have a Material Adverse Effect. No
promises of benefit improvements under the Pension Plans have been made except where such improvement would not reasonably be expected to have a Material Adverse Effect. All contributions or premiums required to be made or paid by the Borrower and
each other Loan Party to those Pension Plans which are “registered pension plans” as defined under the ITA have been made on a timely basis in accordance with the terms of such plans and all applicable Laws and all contributions or
premiums required to be made or paid by the Borrower and each other Loan Party to any other Pension Plans have been made on a timely basis in accordance with the terms of such plans and all applicable Laws, except to the extent that any failure to
do so would not reasonably be expected to have a Material Adverse Effect. All contributions or premiums required to be made or paid by the Borrower and each other Loan Party to any Multi-Employer Plan have been made on a timely basis in accordance
with the terms of such plans, all applicable collective bargaining agreements, all participation and other agreements in respect of such plans to which the Borrower or any Loan Party is a party and applicable Laws, except, in the case of any
Multi-Employer Plan that is not a “registered pension plan” as defined in the ITA, to the extent that any failure to do so would not reasonably be expected to have a Material Adverse Effect. There have been no improper withdrawals from the
Pension Plans except where such withdrawals would not reasonably be expected to have a Material Adverse Effect. Except as disclosed in Schedule 5.11, as of the date hereof, each of the Pension Plans, which is a “registered pension plan” as
defined under the ITA, is fully funded on a solvency basis, going concern basis and wind-up basis (using actuarial methods and assumptions which are consistent with the valuations last filed with the applicable Governmental Authorities). Subject to
the matters disclosed in Schedule 5.11: 
 (i) for any Pension Plan or fund, which is a defined contribution plan
requiring the Borrower or any Subsidiary to contribute thereto, or to deduct from payments to any employee and pay such deductions into or to the credit of such Pension Plan or fund, all required employer and employee contributions have been
properly withheld by the Borrower or such Subsidiary and have been fully paid into the funding arrangements for the applicable Pension Plan or fund in accordance with applicable Laws; 

(ii) for any Pension Plan or fund which is a defined benefit plan and is a “registered pension plan” as defined
under the ITA (“Defined Benefit Plan”), in each case of the Borrower or any Subsidiary: (A) the date of the most recently filed actuarial valuations in respect of the Defined Benefit Plans are disclosed in Schedule 5.11, and
(B) all payments and contributions required to be remitted or paid to or in respect of each such Defined Benefit Plan, including special payments and any other payments in respect of any funding deficiencies or shortfalls, have been remitted or
paid to or in respect of each such plan in a timely fashion, in accordance with the terms of the plan and all applicable Law; and 
 (iii) any assessments owed to the Pension Benefits Guarantee Fund established under the Pension Benefits Act (Ontario), or other assessments or payments required under similar legislation in any
other jurisdiction, have been paid when due in accordance with applicable Law. 
 None of the Borrower, or any
Loan Party or any of their respective Affiliates is subject to the United States Employee Retirement Income Security Act of 1974, as amended. 

  
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 5.12 Subsidiaries. As of the Closing Date, Holdings has no Subsidiaries other than
those specifically disclosed in Schedule 5.12. 
 5.13 Margin Regulations; Investment Company Act. 

(a) The Borrower is not engaged and will not engage, principally or as one of its important activities, in the business of purchasing or
carrying margin stock (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying margin stock. 
 (b) None of the Borrower, Holding, or any Subsidiary is or is required to be registered as an “investment company” under the Investment Company Act of 1940. 

5.14 Disclosure. Each of the Borrower and Holdings has disclosed to the Administrative Agent and the Lenders all material
agreements, instruments and corporate or other restrictions to which it or any of its Subsidiaries is subject, and all other matters known to it, that, individually or in the aggregate, would reasonably be expected to result in a Material Adverse
Effect. No report, financial statement, certificate or other information furnished (whether in writing or orally) by or on behalf of any Loan Party to the Administrative Agent or any Lender in connection with the transactions contemplated hereby and
the negotiation of this Agreement or delivered hereunder or under any other Loan Document (in each case, as modified or supplemented by other information so furnished), when taken as a whole, contains any material misstatement of fact or omits to
state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not materially misleading; provided that, with respect to projected financial information, the Borrower represents
only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time, it being understood that such financial projections may vary from actual results and such variance may be material. 

5.15 Compliance with Laws. Each Loan Party and each Subsidiary thereof is in compliance in all material respects with the
requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its properties, except in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being contested in good faith
by appropriate proceedings diligently conducted or (b) the failure to comply therewith, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 

5.16 Court Approval. The Sanction and Vesting Orders have been issued by the CCAA Court and Plan Implementation has occurred (or,
with respect to any such representation and warranty to be made on the Closing Date, will occur substantially concurrently with the effectiveness of this Agreement). 
 5.17 Solvency. On and as of the Closing Date, after giving effect to the Transactions (including the use of proceeds of any borrowings to occur on the Closing Date), the Loan Parties (taken as
whole) are Solvent. 
 5.18 Security Agreement. The provisions of the Collateral Documents create legal and valid Liens
on all the Collateral in favor of the Collateral Agent, for the benefit of the Secured Parties, and, to the extent required under the Collateral Documents, such Liens constitute (or, to the extent required for perfection, upon filing of financing
statements and the taking of any other actions or making of filings required for perfection under the relevant Collateral Documents and specified herein or in the relevant Collateral Documents and the taking of actions or making of filings with
respect to intellectual property registrations or applications issued or pending as specified, will constitute) perfected and continuing Liens 

  
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on the Collateral, securing the Secured Obligations, enforceable against the applicable Loan Party, subject to no Liens other than Liens permitted under Section 7.01. 

ARTICLE VI 

AFFIRMATIVE COVENANTS 
 Until such time as the principal of and interest on each Loan, all fees and all other expenses or amounts payable under any Loan Document (other than contingent indemnification and expense reimbursement
obligations not due and payable) shall have been paid in full, Holdings shall, and shall (except in the case of the covenants set forth in Section 6.01) cause each Subsidiary to: 

6.01 Financial Statements. Deliver to the Administrative Agent for delivery to each Lender: 

(a) as soon as available, but in any event within ninety (90) days after the end of each fiscal year of Holdings (commencing with
the first fiscal year of Holdings ending after the Closing Date), a consolidated balance sheet of Holdings and its Subsidiaries as at the end of such fiscal year, and the related consolidated statements of income or operations, shareholders’
equity and cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP (or, at the option of the Borrower and subject to
Section 1.03(b), IFRS, provided that the first set of such financial statements prepared in accordance with IFRS shall include a reconciliation to GAAP), audited and accompanied by a report and opinion of an independent certified
public accountant or chartered accountant of nationally recognized standing, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any “going concern” or like
qualification or exception or any qualification or exception as to the scope of such audit or with respect to the absence of any material misstatement; 
 (b) as soon as available, but in any event within forty-five (45) days after the end of each of the first three fiscal quarters of each fiscal year of Holdings (commencing with the fiscal quarter
ending May 31, 2010; provided that the financial statements for such first quarterly period may be of the Seller and its Subsidiaries instead of Holdings and its Subsidiaries), (i) a consolidated balance sheet of Holdings and its
Subsidiaries as at the end of such fiscal quarter, setting forth in comparative form to the most recent audited balance sheet the figures for the current fiscal quarter end, (ii) the related consolidated statements of income or operations for
such fiscal quarter and for the portion of Holdings’ fiscal year then ended, and (iii) consolidated statements of shareholders’ equity and cash flows for the portion of the fiscal year then ended, setting forth in the case of the
statements of income specified in clause (ii) and cash flows specified in clause (iii) in comparative form the figures for the corresponding interim periods of the previous fiscal year, all in reasonable detail, such statements to be
certified by the chief executive officer, chief financial officer, treasurer or controller of Holdings as fairly presenting in all material respects the financial condition, results of operations, shareholders’ equity and cash flows of Holdings
and its Subsidiaries in accordance with GAAP (or, at the option of the Borrower and subject to Section 1.03(b), IFRS, provided that the first set of such financial statements prepared in accordance with IFRS shall include a
reconciliation to GAAP), subject only to normal interim accruals or adjustments, unless otherwise disclosed, and the absence of footnotes; and 
 (c) as soon as practicable, but in any event within sixty (60) days after the beginning of each fiscal year of Holdings, a consolidated plan and financial forecast for such fiscal year and the
succeeding two fiscal years, including a forecasted consolidated balance sheet, statements of income and funds flow statements for each such fiscal year, together with an explanation of the assumptions on which such forecasts are based. 

  
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 So long as Holdings or the Borrower furnishes the materials required pursuant to
Section 6.02(b), Holdings and the Borrower shall not be separately required to furnish any information under clause (a) or (b) above. 
 6.02 Certificates; Other Information. Deliver to the Administrative Agent for delivery to each Lender: 
 (a) concurrently with the delivery of the financial statements referred to in Sections 6.01(a) and (b) (commencing with the delivery of the financial statements for the fiscal quarter
ended May 31, 2010), a duly completed Compliance Certificate signed by a Responsible Officer of Holdings and within five (5) Business Days after the delivery of the financial statements referred to in Section 6.01(a), a
computation of Excess Cash Flow for such fiscal year signed by a Responsible Officer of Holdings; 
 (b) promptly after the same
are available, copies of each annual report, proxy or financial statement or other report or communication sent to the stockholders of Holdings, and copies of all annual, regular, periodic and special reports and registration statements which
Holdings or the Borrower may file or be required to file with the SEC under Section 13 or 15(d) of the Securities Exchange Act of 1934 or with the Ontario Securities Commission under the Securities Act (Ontario), and not otherwise
required to be delivered to the Administrative Agent pursuant hereto; 
 (c) to the extent not already furnished under any Loan
Document, promptly after the furnishing thereof, copies of each annual, monthly or other periodic statement or report furnished to holders of the Senior Secured Notes pursuant to the terms of the Senior Secured Note Documents or furnished to the
lenders under the ABL Documents, and, promptly following the giving or receipt of written notice of the occurrence of any “default” or “event of default” (however described) by any Loan Party or of any of its Subsidiaries under
the terms of the ABL Documents or the Senior Secured Note Documents, a copy of such notice; and 
 (d) promptly, such additional
information regarding the business, financial or corporate affairs of Holdings or any Subsidiary, or compliance with the terms of the Loan Documents, as the Administrative Agent or any Lender, through the Administrative Agent, may from time to time
reasonably request. 
 Documents required to be delivered pursuant to Section 6.01(a) or (b) or
Section 6.02(b) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which Holdings or the Borrower posts such documents, or provides a link thereto on Holdings’ or the
Borrower’s website on the Internet at the website address listed on Schedule 10.02; or (ii) on which such documents are posted on Holdings’ or the Borrower’s behalf on an Internet or intranet website, if any, to which each
Lender and each Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided that Holdings shall notify (which may be by facsimile or electronic mail) the Administrative Agent of the
posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents. Except for such Compliance Certificates, the Administrative Agent shall have no obligation to request
the delivery or to maintain copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by Holdings with any such request for delivery. 

Each of Holdings and the Borrower hereby acknowledges that (a) the Administrative Agent and/or the Arrangers will make available to
the Lenders materials and/or information provided by or on behalf of Holdings or the Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on IntraLinks or another similar electronic system (the
“Platform”) and (b) certain of the Lenders may be “public-side” Lenders (i.e., Lenders that do not wish to receive material non-public 

  
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information with respect to Holdings, the Borrower or their securities) (each, a “Public Lender”). Each of Holdings and the Borrower hereby agrees that, if requested by the
Administrative Agent, it will use commercially reasonable efforts to identify that portion of the Borrower Materials that may be distributed to the Public Lenders and that (w) all such Borrower Materials shall be clearly and conspicuously
marked “PUBLIC” which shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,” Holdings shall be deemed to have authorized the Administrative
Agent, the Arrangers and the Lenders to treat such Borrower Materials as not containing any material non-public information (although it may be sensitive and proprietary) with respect to Holdings, the Borrower or their securities for purposes of
applicable securities laws (provided, however, that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in Section 10.07); (y) all Borrower Materials marked
“PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Investor;” and (z) the Administrative Agent and the Arrangers shall be entitled to treat any Borrower Materials that are not
marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Investor.” Notwithstanding the foregoing, neither Holdings nor the Borrower shall be under any Obligation to mark any Borrower
Materials “PUBLIC”. 
 6.03 Notices. Promptly after Holdings or the Borrower has obtained knowledge thereof,
notify the Administrative Agent: 
 (a) of the occurrence of any Default; 

(b) of any matter that has resulted or could reasonably be expected to result in a Material Adverse Effect, including to the extent it
has resulted or could reasonably be expected to result in a Material Adverse Effect, (i) material breach or non-performance of, or any material default under, a Contractual Obligation for Indebtedness of any Loan Party or any Subsidiary
thereof; (ii) any material dispute, litigation, investigation, proceeding or suspension between any Loan Party or any Subsidiary thereof and any Governmental Authority which, if adversely determined, would be reasonably expected to have a
Material Adverse Effect; or (iii) the commencement of, or any material development in, any material litigation or proceeding affecting any Loan Party or any Subsidiary thereof, including pursuant to any applicable Environmental Laws which, if
adversely determined, would be reasonably expected to have a Material Adverse Effect; 
 (c) of Holdings’ or the
Borrower’s determination at any time of the occurrence or existence of any Internal Control Event; 
 (d) of the
(i) occurrence of any Disposition of property or assets for which the Borrower is required to make a mandatory prepayment pursuant to Section 2.03(b)(i), or (ii) incurrence or issuance of any Indebtedness for which the Borrower
is required to make a mandatory prepayment pursuant to Section 2.03(b)(iii); 
 (e) of any announcement by
Moody’s or S&P of any material change in a Rating; and 
 (f) of all amendments to the Acquisition Agreement, the ABL
Credit Agreement or the Senior Secured Note Documents, together with a copy of such amendment. 
 Each notice pursuant to this
Section 6.03 (other than Section 6.03(d), (e) or (f)) shall be accompanied by a statement of a Responsible Officer of Holdings or the Borrower setting forth details of the occurrence referred to therein and
stating what action Holdings or the Borrower has taken and proposes to take with respect thereto. Each notice pursuant to Section 6.03(a) shall describe with 

  
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particularity any and all provisions of this Agreement and any other Loan Document that have been breached. 
 6.04 Payment of Obligations. Pay and discharge as the same shall become due and payable, all its material obligations and liabilities, including (a) all material tax liabilities, assessments
and governmental charges or levies upon Holdings or its Subsidiaries, or each of their respective properties or assets, unless the same are being contested in good faith by appropriate proceedings diligently conducted and adequate reserves in
accordance with GAAP are being maintained by Holdings or such Subsidiary; and (b) all material lawful claims which, if unpaid, would by law become a Lien upon its property that would not otherwise be permitted hereunder unless such claims are
being contested in good faith by appropriate proceedings and the relevant entity has established and maintains adequate reserves for the payment of the same. 
 6.05 Preservation of Existence, Etc. (a) Preserve, renew and maintain in full force and effect its legal existence and good standing under the Laws of the jurisdiction of its organization (except
in a transaction permitted by Section 7.03), except to the extent that the failure to do so would not reasonably be expected to have a Material Adverse Effect (provided that, notwithstanding anything to the contrary contained herein, the
Borrower shall continue to be organized under the laws of Canada or any province thereof); (b) take all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary or desirable in the normal conduct of its
business, except to the extent that failure to do so would not reasonably be expected to have a Material Adverse Effect; and (c) preserve or renew all of its registered patents, trademarks, trade names and service marks, the non-preservation or
non-renewal of which would reasonably be expected to have a Material Adverse Effect. 
 6.06 Maintenance of Properties.
(a) Maintain, preserve and protect (i) all intellectual property owned by Holdings or such Subsidiary that is material to the conduct of its business, as determined in good faith by Holdings or such Subsidiary, and (ii) its equipment
necessary in the operation of its business in good working order and condition, ordinary wear and tear excepted and casualty or condemnation excepted, in each case except to the extent that the failure to do so would not reasonably be expected to
have a Material Adverse Effect; (b) make all necessary repairs thereto and renewals and replacements thereof except where the failure to do so would not reasonably be expected to have a Material Adverse Effect; and (c) use the standard of care
typical in the industry in the operation and maintenance of its facilities except where the failure to do so would not reasonably be expected to have a Material Adverse Effect. 

6.07 Maintenance of Insurance. Keep its material properties adequately insured at all times by financially sound and reputable
insurers; maintain such other insurance, to such extent and against such risks, including fire and other risks insured against by extended coverage, and public liability insurance against claims for personal injury, in each case as is customary with
companies in the same or similar businesses operating in the same or similar locations. 
 6.08 Compliance with Laws.
Comply in all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its business or property, except in such instances in which (a) such requirement of Law or order, writ,
injunction or decree is being contested in good faith by appropriate proceedings diligently conducted; or (b) the failure to comply therewith would not reasonably be expected to have a Material Adverse Effect. 

6.09 Books and Records. (a) Maintain proper books of record and account, in which in all material respects full, true and correct
entries in conformity with GAAP consistently applied shall be made of all financial transactions and matters involving the assets and business of Holdings or such Subsidiary, as the case may be; and (b) maintain such books of record and account
in material conformity 

  
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with all applicable requirements of any Governmental Authority having regulatory jurisdiction over Holdings or such Subsidiary, as the case may be. 

6.10 Inspection Rights. Permit representatives and independent contractors of the Administrative Agent to visit and inspect any of
its properties (provided that, unless a Default or Event of Default exists, the Administrative Agent may not conduct or cause to be conducted any intrusive or invasive environmental testing at any of the properties, unless and until prior
written authorization for such testing is obtained from Holdings, which authorization shall not unreasonably be withheld), to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its
affairs, finances and accounts with its directors, officers, and independent public or chartered accountants, all at the expense of the Borrower and at such reasonable times during normal business hours and unless a Default or Event of Default then
exists, not more frequently than twice in any fiscal year, upon reasonable advance notice to Holdings or the Borrower and permit representatives and independent contractors of each Lender to visit and inspect any of its properties (provided that,
unless a Default or Event of Default exists, such Lender may not conduct or cause to be conducted any intrusive or invasive environmental testing at any of the properties, unless and until prior written authorization for such testing is obtained
from Holdings, which authorization shall not unreasonably be withheld), to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its directors,
officers, and independent public or chartered accountants, all at the expense of such Lender and at such reasonable times during normal business hours and unless an Event of Default then exists, not more frequently than once in any fiscal year, upon
reasonable advance notice to Holdings or the Borrower; provided, however, that, notwithstanding the foregoing, when an Event of Default exists the Administrative Agent or any Lender (or any of their respective representatives or
independent contractors) may do any of the foregoing at the expense of the Borrower at any time during normal business hours and upon reasonable advance notice to the Borrower. Notwithstanding anything to the contrary in this
Section 6.10, at all times during such visits and inspections, the Administrative Agent or any Lender (or their respective representatives or contractors) must comply with all applicable site regulations as the Borrower or its
Subsidiaries or any of their respective officers or employees may require by reasonable notice of the same. 
 6.11 Covenant
to Guarantee Obligations and Give Security. 
 (a) Within thirty (30) days of (i) the formation or acquisition of
any new direct or indirect Subsidiary (other than any Excluded Subsidiary) or (ii) the date on which any Excluded Subsidiary ceases to qualify as an Excluded Subsidiary, Holdings or the Borrower shall, at its expense: 

(A) cause such Subsidiary to become a Loan Party by (x) executing a Joinder Agreement as set forth in Exhibit
I (a “Joinder Agreement), and (y) executing and delivering such amendments, supplements or documents of accession to any Collateral Documents as the Administrative Agent reasonably deems necessary for such Subsidiary to grant to
the Collateral Agent, for the benefit of the Secured Parties, a perfected security interest (with the priority required by the Intercreditor Agreements) in the Collateral described in such Collateral Document with respect to such Subsidiary;

 (B) deliver to the Administrative Agent, (x) an incumbency certificate issued by the secretary or
assistant secretary of such Guarantor, certifying as to the authority of the person executing such Joinder Agreement, (y) a copy of a resolution from the board of directors of such Guarantor authorizing execution and delivery of such Joinder
Agreement, and (z) a signed copy of a favorable opinion, addressed to the Administrative Agent, the Collateral Agent and the Lenders, of counsel for the Loan Parties reasonably 

  
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acceptable to the Administrative Agent as to such matters as the Administrative Agent may reasonably request. 
 (b) If any material assets (other than any interest in real property or improvements thereon) referred to in clause (c) below) are acquired by the Borrower or any other Loan Party after the Closing
Date (other than assets constituting Collateral under any applicable Collateral Document that become subject to the Lien in favor of the Collateral Agent pursuant to such Collateral Document upon acquisition thereof), the Borrower will immediately
notify the Administrative Agent and will cause such assets to be subjected to a Lien securing the Secured Obligations and will take, and cause the Loan Parties to take, such actions as shall be necessary or reasonably requested by the Administrative
Agent to grant and perfect such Liens, all at the expense of the Loan Parties. 
 (c) With respect to any owned real property or
improvements thereon having a fair market value of at least $1,000,000, or in connection with the entering into of any Material Lease, as soon as practicable but in no event more than 60 days after the date of the acquisition of such property or the
entering into of such leases, which period may be extended by the Administrative Agent in its reasonable discretion, the Borrower shall, or shall cause the appropriate Loan Party to, execute and deliver (or, in the case of Material Leases of real
property, use commercially reasonable efforts to execute and deliver) the instruments and documents required under Section 4.01(s). 
 (d) If, at the end of any fiscal quarter of Holdings after the Closing Date, Subsidiaries that are “Immaterial Subsidiaries” pursuant to the definition of “Immaterial Subsidiary”
exceed the aggregate amounts set forth in the definition thereof, the applicable Loan Party shall promptly cause one or more Subsidiaries designated by the Borrower to execute the documents required under paragraph (a) above, such that the
foregoing condition ceases to be true. 
 At any time upon reasonable request of the Administrative Agent, Holdings or the
Borrower shall, and shall cause each relevant Subsidiary to, promptly execute and deliver any and all further instruments and documents and take all such other action as the Administrative Agent may reasonably deem necessary or desirable in
obtaining the full benefits of this Agreement or in perfecting and preserving the Liens required under the Collateral Documents. 
 6.12 Maintenance of Ratings. The Borrower will use commercially reasonable efforts to maintain with Moody’s and S&P a Rating, which Ratings shall, in the case of a private rating, be
updated or confirmed at least once per year. 
 6.13 Use of Proceeds. The proceeds of the Loans (other than any New Term
Loans) shall be used to finance a portion of the Acquisition and to pay related costs, fees and expenses. The proceeds of any New Term Loans shall be used for general corporate purposes, including, without limitation, to finance any Permitted
Acquisitions and any related costs, fees and expenses. 
 6.14 Post-Closing Actions. The Borrower shall take each action
set forth on Schedule 6.14 within the period set forth on Schedule 6.14 for such action; provided, that in each case, the Administrative Agent may, in its sole reasonable discretion, grant extensions of the time periods set forth in such
Schedule 6.14. 

  
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 ARTICLE VII 
 NEGATIVE COVENANTS 
 Until such time as the principal of and interest on
each Loan, all fees and all other expenses or amounts payable under any Loan Document (other than contingent indemnification and expense reimbursement obligations not due and payable) shall have been paid in full: 

7.01 Liens. Holdings shall not, nor shall it permit any Subsidiary to create, incur, assume or suffer to exist any Lien upon any
of its property, assets or revenues, whether now owned or hereafter acquired, other than the following: 
 (a) Liens pursuant to
any Loan Document; 
 (b) Liens existing on the date hereof and listed on Schedule 7.01 and any renewals or extensions
thereof, provided that the property covered thereby is not increased and any renewal or extension of the obligations secured or benefited thereby is permitted by Section 7.02(u); 

(c) Liens on property existing at the time the Borrower or any of its Subsidiaries acquired such property, including any acquisition by
means of a merger, amalgamation or consolidation with or into the Borrower or any of its Subsidiaries; provided, however, that such Lien may not extend to any other property of the Borrower or any Subsidiary and such Lien was not
created in connection with or in anticipation of such acquisition; 
 (d) Liens for taxes, assessments or governmental charges
or levies which are not yet due, or for which installments have been paid based on reasonable estimates pending final assessments, or the validity of which are being contested in good faith and by appropriate proceedings diligently conducted, if
adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP; 
 (e)
carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s, construction or other like Liens arising by operation of Law, such as prior claims, legal hypothecs securing the claims of persons having taken part in the
construction or renovation of an immovable, arising in the ordinary course of business, which are not overdue for a period of more than 90 days or which are being contested in good faith and by appropriate dispute resolution or other proceedings
diligently conducted, if adequate holdbacks with respect thereto are being maintained as required by applicable Laws and adequate reserves with respect thereto are maintained on the books of the applicable Person to the extent required in accordance
with GAAP; 
 (f) pledges or deposits in the ordinary course of business in connection with workers’ compensation,
unemployment, employment insurance and other social security legislation; 
 (g) undetermined or inchoate Liens, charges,
privileges, statutory liens, adverse claims or encumbrances of any nature whatsoever arising or potentially arising under statutory provisions which have not at the time been filed or registered in accordance with applicable Laws or of which written
notice has not been duly given in accordance with applicable Laws or which, although filed or registered, relate to obligations not due or delinquent; 
 (h) deposits to secure the performance of bids, trade contracts (other than Indebtedness for borrowed money), tenders, government contracts, leases, statutory obligations, surety and appeal bonds (other
than bonds related to judgments or litigation), performance and return of money bonds and other obligations of a like nature so long as no foreclosure, sale or similar proceedings have been commenced

  
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with respect to any material portion of the Collateral on account thereof, in each case provided in the ordinary course of business; 

(i) in respect of real estate leased by a Loan Party as tenant, any Lien encumbering the interest or title of a licensor, lessor or
sublessor under leases or subleases of real estate permitted hereunder which do not materially reduce the value of the affected asset or materially interfere with the use of such asset in the operation of the business of such Person and do not have,
and would not reasonably be expected to have, a Material Adverse Effect; 
 (j) statutory, common law or contractual Liens of
landlords (including landlords’ right of distress or hypothec in the tangible personal property of a Loan Party, as tenant, located on leased premises) and easements, rights-of-way, licenses, permits, reservations, restrictions, restrictive
covenants and other similar encumbrances affecting real property (including encumbrances consisting of zoning or building restrictions, municipal by-laws and regulations and encumbrances in respect of sewers, drains, gas and water mains or electric
light and power or telephone conduits, poles, wires and cables) which do not materially reduce the value of the affected asset or materially interfere with the use of such asset in the operation of the business of such Person and do not have, and
would not reasonably be expected to have, a Material Adverse Effect; 
 (k) title defects, encroachments or irregularities which
are of a minor nature and which do not materially reduce the value of the affected asset or materially interfere with the use of such asset in the operation of the business of such Person and do not have, and would not reasonably be expected to
have, a Material Adverse Effect; 
 (l) the reservations, limitations, provisos and conditions, if any, expressed in any
original grant from the Crown of any real property or any interest therein which do not materially reduce the value of the affected asset or materially interfere with the use of such asset in the operation of the business of such Person and do not
have, and would not reasonably be expected to have, a Material Adverse Effect; 
 (m) servicing agreements, development
agreements, subdivision agreements, site plan control agreements, facilities sharing agreements, cost sharing agreements and other agreements with Governmental Authorities pertaining to the use or development of any of the assets of such Person,
provided same are complied with and do not materially reduce the value of the affected asset or materially interfere with the use of such asset in the operation of the business of such Person and do not have, and would not reasonably be expected to
have, a Material Adverse Effect; 
 (n) the right reserved to or vested in any Governmental Authority, by any statutory
provision or by the terms of any lease, license, franchise, grant or permit of such Person, to terminate any such lease, license, franchise, grant or permit, or to require annual or other payments as a condition to the continuance thereof;

 (o) Liens on fixed or capital assets provided that (i) such security interests secure Indebtedness permitted by
Section 7.02(g), (ii) the Indebtedness secured thereby does not exceed 100% of the cost of acquiring, constructing or improving such fixed or capital asset and (iii) such security interest shall not apply to any other property
or assets of such Loan Party or Subsidiary or any other Loan Party or Subsidiary; 
 (p) Liens (not securing Indebtedness) of
depository institutions and securities intermediaries (including rights of set-off, offset or similar rights) with respect to deposit accounts or securities accounts; 

  
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 (q) Liens on any cash earnest money deposit (and proceeds thereof) made by the Borrower or
any of its Subsidiaries in connection with any Permitted Acquisition or other acquisition not prohibited by this Agreement, including in connection with a letter of intent or acquisition agreement that is not prohibited by this Agreement;

 (r) licenses or sublicenses of patents, trademarks, copyrights and other intellectual property rights in the ordinary course
of business and not materially detracting from the value of the business of Holdings and its Subsidiaries taken as a whole; 

(s) (i) Liens on insurance policies and the proceeds thereof or Liens securing the payment of financed insurance premiums and
(ii) pledges or deposits of cash and Cash Equivalents securing deductibles, self-insurance, co-payment, co-insurance, retentions or similar obligations to providers of property, casualty or liability insurance in the ordinary course of
business; 
 (t) customary Liens granted in favor of a trustee to secure fees and other amounts owing to such trustee under an
indenture or other agreement pursuant to such Indebtedness permitted by Section 7.02 is issued; 
 (u) Liens
securing reimbursement obligations in respect of documentary letters of credit or bankers’ acceptances; provided that such Liens attach only to the documents, and goods covered thereby and proceeds thereof; 

(v) Liens securing judgments, decrees or attachments for the payment of money not constituting an Event of Default under
Section 8.01(h) or securing appeal or other surety bonds related to such judgments; 
 (w) Liens securing
obligations not prohibited by this Agreement in an aggregate amount not to exceed $25,000,000 at any one time outstanding; 

(x) Liens granted to secure obligations under the Senior Secured Note Documents and any refinancings, refundings, renewals or extensions
of the Senior Secured Notes permitted by Section 7.02(u), which Liens attach to no more than the same assets and properties of the Loan Parties that are subject to Liens under the Security Agreement (other than with respect to Liens on
assets released by the Collateral Agent (acting at the direction of the Administrative Agent or the Required Lenders in accordance herewith)) and are subject to the Intercreditor Agreements; 

(y) Liens granted to secure obligations under the ABL Documents, and any refinancings, refundings, renewals or extensions of the ABL
Revolving Loans permitted by Section 7.02(u), which Liens attach to no more than the same assets and properties of the Loan Parties that are subject to Liens under the Security Agreement (other than with respect to Liens on assets
released by the Collateral Agent (acting at the direction of the Administrative Agent or the Required Lenders in accordance herewith)) and are and subject to the Intercreditor Agreements. 

(z) purported Liens evidenced by the filing of precautionary UCC financing statements relating solely to operating leases of personal
property or similar arrangements entered into in the ordinary course of business or consignment of goods; 
 (aa) Liens in favor
of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods; 

  
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 (bb) any zoning or similar law or right reserved to or vested in any governmental office or
agency to control or regulate the use of any real property; 
 (cc) Liens granted to a public utility or any municipality or
Governmental Authority when required by such utility or other authority in connection with the operation of the business or the ownership of the assets of such Person which do not materially reduce the value of the affected asset or materially
interfere with the use of such asset in the operation of the business of such Person and do not have, and would not reasonably be expected to have, a Material Adverse Effect; 
 (dd) the rights of any tenant, occupant or licensee under any lease, occupancy agreement or license which do not materially impair the use of the property subject thereto for the purpose of which it is
used by the Borrower or any of its Subsidiaries; 
 (ee) lis pendens that may be registered against any real property or
interest therein of such Person in respect of any action or proceeding against such Person, or in which such Person is a defendant, but with respect to which action or proceeding no judgment, award or attachment against such Person has been granted
or made, and in respect of which such Person has posted security reasonably satisfactory to the Administrative Agent; provided that such lis pendens are removed within 60 days by paying money into a court or otherwise and all payments
paid into court or otherwise as aforesaid; and 
 (ff) the replacement, extension or renewal of any Lien permitted by this
Section 7.01; provided that such Lien is on the same assets subject thereto and arises out of the extension, renewal or replacement of the Indebtedness secured thereby (without increase in the amount thereof). 

7.02 Indebtedness. Holdings shall not, and shall not permit any Subsidiary to create, incur, assume or suffer to exist any
Indebtedness, except: 
 (a) Indebtedness under the Loan Documents, including any Guaranty of the Secured Obligations issued by
any Guarantor; 
 (b) Indebtedness outstanding and listed on Schedule 7.02; 

(c) (i) unsecured Indebtedness of the Borrower and its Subsidiaries and (ii) Permitted Convertible Indebtedness of Holdings;
provided that the aggregate principal amount of all such Indebtedness incurred pursuant to this clause (c) shall not exceed $250,000,000 at any one time outstanding; 
 (d) any Permitted Convertible Indebtedness Option Transaction; 
 (e) equity
derivative transactions constituting Indebtedness of Holdings (other than any Permitted Bond Hedge Transaction or Permitted Warrant Transaction) that are accounted for as equity of Holdings in compliance with GAAP in accordance with EITF 00-19;
provided that such transactions may not be settled in cash unless both immediately prior to and after giving effect to such settlement, (i) no Default or Event of Default shall exist or result therefrom and (ii) Holdings shall be in
compliance with the covenants set forth in Section 7.07; 
 (f) Indebtedness in respect of Swap Contracts;
provided that such obligations are (or were) entered into by such Person in the ordinary course of business for the purpose of directly mitigating risks associated with liabilities, commitments, investments, assets, or property held or
reasonably anticipated by such Person, or changes in the value of securities issued by such Person, and not for purposes of speculation; 

  
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 (g) Indebtedness incurred to finance the acquisition, construction or improvement of any
assets, including Capital Lease Obligations and including any such Indebtedness incurred for such purpose within 270 days after such acquisition or completion of construction or improvement, and any Indebtedness assumed in connection with the
acquisition of any such assets or secured by a Lien on any such assets prior to the acquisition thereof; provided that the aggregate principal amount of Indebtedness permitted by this clause (g) shall not exceed $25,000,000 at any one
time outstanding; 
 (h) (i) Indebtedness of a Loan Party (other than Holdings) to another Loan Party and (ii) Indebtedness
of any Subsidiary of the Borrower to any other Subsidiary or the Borrower, provided that any such Indebtedness of any Subsidiary that is not a Loan Party to the Borrower or another Loan Party shall only be permitted to the extent constituting
an Investment permitted under Section 7.10; 
 (i) Guarantees by Holdings or its Subsidiaries of Indebtedness
otherwise permitted under this Section 7.02; 
 (j) Indebtedness arising from the netting services, overdraft
protections or the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business or other cash management services in the ordinary course of business;

 (k) Indebtedness of a Subsidiary, or Indebtedness attaching to an asset of a Person that is, acquired after the date of this
Agreement or a corporation merged into or consolidated with the Borrower or any of its Subsidiaries after the Agreement and Indebtedness assumed in connection with the acquisition of assets, which Indebtedness in each case exists at the time of such
acquisition, merger or consolidation and is not created in contemplation of such event and where such acquisition, merger or consolidation is permitted by this Agreement, provided that the aggregate amount of all such Indebtedness does not at any
time exceed an amount at any time outstanding in excess of $10,000,000; 
 (l) Indebtedness incurred or arising in connection
with the matters described in Sections 7.01(f), (h) and (w); 
 (m) Indebtedness in respect of the
Senior Secured Note Documents in an aggregate principal amount not to exceed US$275,000,000; 
 (n) [Reserved]; 

(o) Indebtedness in respect of the ABL Documents in an aggregate principal amount not to exceed $60,000,000; 

(p) Indebtedness incurred by Holdings or any of its Subsidiaries arising from agreements providing for indemnification, holdbacks,
purchase price adjustments (based on changes in working capital or similar arrangements) and earn-outs in connection with a Permitted Acquisition, or from non-compete agreements, deferred compensation, consulting, incentive or similar obligations or
from guaranties or letters of credit, surety bonds or performance bonds securing the performance of Holdings or any such Subsidiary pursuant to such agreements, in connection with permitted acquisitions (including Permitted Acquisitions) or
permitted dispositions of any business, assets or Subsidiary of Holdings or any of its Subsidiaries; 
 (q) (i) tenant
improvement loans and allowances and (ii) guaranties incurred in the ordinary course of business of the obligations of suppliers, customers, franchisees, lessees, landlords and licensees of Holdings and its Subsidiaries; 

  
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 (r) accretion or amortization of original issue discount and accretion of interest paid in
kind, in each case in respect of Indebtedness otherwise permitted by this Section 7.02; 
 (s) Indebtedness of
Holdings or any of its Subsidiaries consisting of obligations to insurance companies to pay insurance premiums (including financed premiums) arising in the ordinary course of business and not in connection with the borrowing of money or Swap
Contracts; 
 (t) Indebtedness which may be deemed to exist pursuant to any guaranties, performance, surety, statutory, customs,
appeal or similar obligations incurred in the ordinary course of business or any bankers’ acceptance, bank guarantees, letter of credit, warehouse receipt or similar facilities (including in respect of workers compensation claims, health,
disability or other employee benefits or property, casualty or liability insurance or self-insurance or other Indebtedness with respect to reimbursement-type obligations regarding workers compensation claims), in each case in the ordinary course of
business; 
 (u) Indebtedness issued or incurred (including by means of the extension or renewal of existing Indebtedness) to
refinance, refund, extend, defease, discharge, renew or replace Indebtedness incurred pursuant to Sections 7.02(c), (g), (k), (m), (o), (u) or (x) (“Refinanced Indebtedness”); provided that (i) the
principal amount of such refinancing, refunding, extending, defeasing, discharging, renewing or replacing Indebtedness is not greater than the principal amount of such Refinanced Indebtedness plus the amount of any premiums make-whole amounts or
penalties and accrued and unpaid interest paid thereon and fees (including any closing fees and original issue discount) and expenses, in each case associated with such refinancing, refunding, extension, defeasance, discharge, renewal or
replacement, (ii) such refinancing, refunding, extending, defeasing, discharging, renewing or replacing Indebtedness has a final maturity that is no sooner than, and a weighted average life to maturity that is no shorter than, such Refinanced
Indebtedness, (iii) the obligors in respect of such Refinanced Indebtedness immediately prior to such refinancing, refunding, extending, defeasing, discharging, renewing or replacing are the only obligors on such refinancing, refunding
extending, defeasing, discharging, renewing or replacing Indebtedness, (iv) the interest rate of such refinancing, refunding, extending, defeasing, discharging, renewing or replacing Indebtedness is not increased beyond applicable market
interest rate at such time, (v) any Liens securing such Indebtedness are not extended to additional property of any Loan Party, and (vi) if the Refinanced Indebtedness was subordinated in right of payment to the Obligations, then the terms
of the refinancing refunding, extending, defeasing, discharging, renewing or replacing Indebtedness must include subordination terms and conditions that are at least as favorable to the Administrative Agent and the Lenders as those that were
applicable to the Refinanced Indebtedness; 
 (v) Indebtedness consisting of promissory notes issued by Holdings or any
Subsidiary to current or former officers, managers, consultants, directors and employees (or their respective spouses, former spouses, successors, executors, administrators, heirs, legatees or distributees) to finance the purchase or redemption of
capital stock or securities convertible into capital stock of Holdings or any Parent; 
 (w) [Reserved]; 

(x) other Indebtedness of the Borrower and its Subsidiaries; provided that the principal amount of all such Indebtedness shall not
exceed $25,000,000 at any one time outstanding; and 
 (y) other unsecured Indebtedness of the Borrower and its Subsidiaries;
provided that the principal amount of all such Indebtedness shall not exceed $50,000,000 (less the amount of New Term Loans incurred pursuant to Section 2.11). 

  
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 7.03 Fundamental Changes, Dispositions. Holdings shall not, nor shall it permit any
Subsidiary to merge, amalgamate, dissolve, liquidate, consolidate with or into another Person, or Dispose of (whether in one transaction or in a series of transactions) any of its assets (whether now owned or hereafter acquired) to or in favor of
any Person, or make any Disposition or enter into any agreement to make any Disposition, except that: 
 (i) (A)
any Subsidiary may merge or amalgamate with (x) the Borrower, provided that the Borrower shall be the continuing or surviving Person or (y) any other Subsidiary that is a Loan Party, provided that the Subsidiary that is a
Loan Party shall be the continuing or surviving Person, and (B) any Subsidiary of Borrower that is not a Loan Party may be merged or amalgamated with or into another Subsidiary of the Borrower that is not a Loan Party; 

(ii) (A) any Loan Party other than Holdings or the Borrower may Dispose of all or substantially all of its assets (upon
voluntary liquidation or otherwise) to the Borrower or to another Loan Party (other than Holdings) and (B) any Subsidiary of Borrower that is not Loan Party may Dispose of all or substantially all of its assets (upon voluntary liquidation or
otherwise) to another Subsidiary; 
 (iii) Permitted Dispositions; 

(iv) the Borrower or any of its Subsidiaries may make Dispositions of newspaper assets (including one or more
Subsidiaries) to the extent exchanged for other newspaper assets (including any Person that becomes a Subsidiary as a result of such exchange) so long as, after giving effect thereto, the portion of Consolidated EBITDA attributable to such Disposed
assets, when added to that portion of Consolidated EBITDA attributable to all other assets Disposed of in reliance on this subsection (iv), does not exceed 10% of Consolidated EBITDA as set forth in the most recent financial information delivered to
the Administrative Agent pursuant to Section 6.01(a) or (b); 
 (v) other Dispositions so long as
(w) no Default or Event of Default exists or would result therefrom, (x) after giving pro forma effect to such transaction, Holdings shall be in compliance with the covenants in Section 7.07, (y) such Disposition shall be
(A) for fair market value and (B) at least 75% of the proceeds thereof shall be in cash or Cash Equivalents, and (z) all Net Cash Proceeds therefrom shall be applied as set forth in Section 2.03(b)(i); provided that
Dispositions for consideration having a value of up to $5,000,000 in any fiscal year of Holdings may be undertaken without satisfying the requirement in clause (B) above so long as the Net Cash Proceeds of the liquidation of any such
consideration is applied as set forth in Section 2.03(b)(i); 
 (vi) Investments otherwise permitted
by Section 7.10; and 
 (vii) Dispositions in connection with a joint production arrangement of
equipment to a joint venture entity permitted under Section 7.10 in exchange for Equity Interests in or Indebtedness of the joint venture entity so long as within 10 days after such Disposition (or such longer period agreed to by the
Administrative Agent), the Borrower’s or the applicable Subsidiary’s Equity Interests or Indebtedness in such entity are pledged to the Collateral Agent, for the benefit of the Secured Parties. 

7.04 Change in Nature of Business. The Borrower shall not, nor shall it permit any Subsidiary to, engage in any material line of
business other than business in the media, advertising or marketing industries or any business substantially related or incidental thereto or an extension thereof, including in any business involving the foregoing through the internet. 

  
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 7.05 Transactions with Affiliates. Holdings shall not, nor shall it permit any
Subsidiary to, enter into any transaction of any kind with any Affiliate of Holdings or the Borrower, whether or not in the ordinary course of business, other than on fair and reasonable terms substantially as favorable (or more favorable) to
Holdings or such Subsidiary as would be obtainable by Holdings or such Subsidiary at the time in a comparable arm’s length transaction with a Person other than an Affiliate, provided that the foregoing restriction shall not apply to
(a) transactions between or among Holdings and any of its wholly-owned Subsidiaries or between and among any wholly-owned Subsidiaries, (b) any Permitted Affiliate Transaction or (c) the payment of principal, interest and fees on the
Loans and other transactions contemplated under this Agreement or any Loan Document between Holdings or any Subsidiary and any Lender solely in its capacity as a Lender hereunder. 

7.06 Holdings. Holdings shall not conduct, transact or otherwise engage in any active trade or business or operations other than
those incidental to the ownership of Equity Interests of the Borrower; provided that, for the avoidance of doubt, Holdings may take such actions as are necessary to (i) maintain its legal existence, including the ability to incur fees,
costs and expenses relating to such maintenance and including managing the responsibilities of a publicly traded company, interactions with shareholders, accounting and audit functions, public reporting obligations and other compliance matters,
(ii) participate in tax, accounting and other administrative matters as a member of the consolidated group of Holdings and Borrower, (iii) perform its obligations under this Agreement and the other Loan Documents to which it is a party,
the Senior Secured Note Documents or the ABL Documents or (iv) engage in any other transaction specifically permitted hereunder to be entered into by Holdings. 
 7.07 Financial Covenants. 
 (a) Consolidated Interest Coverage
Ratio. Holdings shall not permit the Consolidated Interest Coverage Ratio (measured on a Pro Forma Basis) at any time during any period set forth below to be less than the following ratios: 

 

					
	 Period
	  	Ratio:	 
	 Closing Date – May 31, 2011
	  	 	2.00 to 1.00	  
	 June 1, 2011 – May 31, 2012
	  	 	2.50 to 1.00	  
	 June 1, 2012 and the last day of each fiscal quarter thereafter
	  	 	3.00 to 1.00	  

 (b) Consolidated
Total Leverage Ratio. Holdings shall not permit the Consolidated Total Leverage Ratio (measured on a Pro Forma Basis) at any time during any period set forth below to be more than the following ratios: 

 

					
	 Period
	  	Ratio:	 
	 Closing Date – May 31, 2011
	  	 	4.10 to 1.00	  
	 June 1, 2011 – May 31, 2012
	  	 	3.50 to 1.00	  
	 June 1, 2012 – May 31, 2013
	  	 	3.00 to 1.00	  
	 June 1, 2013 –May 31, 2014
	  	 	2.50 to 1.00	  

  
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	 June 1, 2014 and the last day of each fiscal quarter thereafter
	  	 	2.00 to 1.00	  

 (c) Consolidated
First Lien Indebtedness Leverage Ratio. Holdings shall not permit the Consolidated First Lien Indebtedness Leverage Ratio (measured on a Pro Forma Basis) at any time during any period set forth below to be more than the following ratios:

  

					
	 Period
	  	Ratio:	 
	 Closing Date – May 31, 2011
	  	 	2.25 to 1.00	  
	 June 1, 2011 – May 31, 2012
	  	 	1.85 to 1.00	  
	 June 1, 2012 and the last day of each fiscal quarter thereafter
	  	 	1.50 to 1.00	  

 7.08 Burdensome
Agreements. Holdings shall not, nor shall it permit any Subsidiary to, enter into or permit to exist any Contractual Obligation (other than this Agreement or any other Loan Document) that limits the ability (i) of any Subsidiary to make
dividends or distributions to the Borrower or any Guarantor or to otherwise transfer property to or invest in the Borrower or any Guarantor, (ii) of any Subsidiary or Holdings to Guarantee the Obligations hereunder or (iii) of Holdings,
the Borrower or any Subsidiary to create, incur, assume or suffer to exist Liens on property of such Person to secure the Obligations; provided, however, that this Section 7.08 shall not prohibit any limitations:

 (A) incurred or provided in favor of any holder of Indebtedness secured by Liens permitted under
Section 7.01(b) (and any refinancings, refundings, renewals or extensions thereof permitted under Section 7.02(u)), Section 7.01(k) or Section 7.01(m) solely to the extent any such limitation relates
to the property financed by or the subject of such Indebtedness and any proceeds of, accessions to, or substitutions of similar value for such property; 
 (B) existing by reason of provisions restricting assignments, subletting or other transfers contained in leases, licenses, joint venture agreements, partnership agreements and other agreements that
customarily restrict the same; 
 (C) that are or were created by virtue of any sale or transfer of, agreement to
sell or transfer or option or right with respect to any property or assets (including the capital stock of any Person) not otherwise prohibited under this Agreement; 

(D) under any agreement, instrument or contract affecting property or a Person at the time such property or Person was
acquired by the Borrower or any of its Subsidiaries, so long as such restriction relates solely to the property or Person so acquired and was not created in connection with or in anticipation of such acquisition; 

(E) in effect on the date hereof and set forth on Schedule 7.08 so long as the consequences of violating any such
limitations would not reasonably be expected to have a Material Adverse Effect; 
 (F) with respect to clause
(iii) above, to the extent such Contractual Obligation permits the creation, incurrence, assumption or existence of a Lien on property of the Borrower or any Subsidiary (x) to secure Obligations (including Loans) in

  
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favor of the Collateral Agent on behalf of the Secured Parties under this Agreement and (y) to secure amounts due under one or more other financing arrangements that refinance, refund,
renew, extend or otherwise replace this Agreement in whole or in part in favor of lenders or other holders of indebtedness (or an agent on behalf of such lenders or holders) (or any subsequent refinancings, refundings, renewals, extensions or
replacements of any such arrangements); 
 (G) under any document, instrument or agreement entered into in
connection with Indebtedness permitted under Section 7.02(c), (g), (k), (m), (o), (x) or (u) (to the extent related to any of the foregoing); 

(H) pursuant to applicable Law; or 

(I) pursuant to this Agreement and the other Loan Documents. 

7.09 Restricted Payments. Holdings shall not, nor shall it permit any Subsidiary to, declare or make, directly or indirectly, any
Restricted Payment, or incur any obligation (contingent or otherwise) to do so, except that: 
 (a) each Subsidiary of the
Borrower may make Restricted Payments to the Borrower, any Subsidiaries of the Borrower that is a Guarantor and any other Person that owns a direct Equity Interest in such Subsidiary, ratably according to their respective holdings of the type of
Equity Interest in respect of which such Restricted Payment is being made; 
 (b) Holdings and each Subsidiary may declare and
make dividend payments or other distributions payable solely in the common stock or other common Equity Interests of such Person; 
 (c) Holdings may distribute rights pursuant to any existing shareholder rights plan or redeem such rights in accordance with the terms of any such existing shareholder rights plan; 

(d) the Borrower may make Restricted Payments to Holdings to pay general corporate and overhead expenses and other administrative
expenses of Holdings and to make customary indemnification payments to officers and directors of Holdings in an aggregate amount for this clause (d) not to exceed $5,000,000 for each fiscal year of Holdings; 

(e) the Borrower may make any payment constituting an Early Retirement of (A) the Loans, (B) the ABL Revolving Loans, and
(C) Indebtedness owing to the Borrower or any Subsidiary that is otherwise permitted hereunder; 
 (f) the Loan Parties may
make any payment constituting an Early Retirement of Indebtedness as a result of a refinancing, refunding, extension, defeasance, discharge, renewal or replacement of Indebtedness that is permitted by Section 7.02; 

(g) the Borrower may make Restricted Payments to Holdings (and Holdings may make Restricted Payments to its Parent) (i) to enable
Holdings (or its Parent) to redeem or repurchase Equity Interests from officers, directors, employees or consultants of Holdings or its Subsidiaries, upon termination of employment or service, in connection with the exercise of stock options, stock
appreciation rights or other equity incentives or equity based incentives, or in connection with the death or disability of such officers, directors, employees or consultants; provided that in all such cases the aggregate amount paid in
respect of all such shares so redeemed or repurchased does not exceed $2,500,000 in the aggregate in any fiscal year; (ii) that consist of the cancellation of Indebtedness owing to a Loan Party from officers,

  
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directors, employees or consultants of Holdings or its Subsidiaries in connection with any repurchase of Equity Interests; and (iii) arising from repurchases of Equity Interests deemed to
occur upon the exercise of stock options if such stock represents a portion of the exercise price thereof; 
 (h) (i) Holdings
may (A) make regularly scheduled payments of interest in respect of any Permitted Convertible Indebtedness and (B) make cash payments in connection with any conversions of Permitted Convertible Indebtedness (provided that, in the
case of each of (A) and (B), other than cash payments in lieu of fractional shares upon conversion, both immediately prior and after giving effect to any such payment, (x) no Default or Event of Default shall have occurred and be
continuing or result therefrom and (y) Holdings shall be in compliance with the covenants set forth in Section 7.07), (ii) Holdings may purchase a Permitted Bond Hedge Transaction and can settle any amount due under any related
Permitted Warrant Transaction by set-off against such related Permitted Bond Hedge Transaction (if such set-off is permitted under the terms thereof), by delivery of shares of its common stock and, subject to compliance with the proviso to clause
(i) above, by payment in cash and (iii) the Borrower may distribute to Holdings cash in amounts necessary to enable Holdings to make any payment referred to in the foregoing clauses (i) and (ii); and 

(i) other Restricted Payments during the term of this Agreement in an aggregate amount not to exceed $10,000,000 plus, so long as
immediately before and immediately after giving effect thereto on a Pro Forma Basis (i) no Default or Event of Default shall have occurred and be continuing, and (ii) the Consolidated Total Leverage Ratio does not exceed 2.50 to 1.00 for
the most recent fiscal quarter for which financial statements are delivered pursuant to Section 6.01(a) or (b), the Additional Available Amount on the date such Restricted Payment is made. 

7.10 Investments. Holdings shall not, nor shall it permit any Subsidiary to make or hold any Investments, except:

 (a) Investments held by Holdings and its Subsidiaries in the form of Cash Equivalents or Investments that were Cash
Equivalents when made; 
 (b) (i) advances to officers, directors and employees of Holdings and its Subsidiaries in an aggregate
amount not to exceed $2,000,000 at any one time outstanding, for travel, entertainment, relocation and analogous ordinary business purposes, (ii) loans to officers, directors and employees of Holdings and its Subsidiaries for the purpose of
purchasing Equity Interests of Holdings or a Parent of Holdings (or purchase of such loans made by others) so long as a capital contribution of the proceeds of any such purchase is made to the common equity of the Borrower, (iii) advances of
payroll payments and expenses to officers, directors or employees of Holdings and its Subsidiaries in the ordinary course of business, and (iv) Investments made pursuant a “rabbi trust” or similar employee benefit plan or arrangement
designed to defer the taxability of compensation to an employee, officer or director or of purchase payments made in connection with an acquisition; 
 (c) (i) Investments by Holdings and its Subsidiaries in their respective Subsidiaries outstanding on the Closing Date, (ii) additional Investments by Holdings and its Subsidiaries in the Loan
Parties, and (iii) Investments in Subsidiaries which are not Loan Parties, provided that such Investments made pursuant to this clause (iii) shall not exceed at any time an aggregate amount equal to $20,000,000 (net of any return on
such investment); 
 (d) Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable
arising from the grant of trade credit in the ordinary course of business, Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors, 

  
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Investments received pursuant to any plan of reorganization or similar arrangement upon the bankruptcy, reorganization or insolvency of an account debtor; 

(e) Guarantees of ordinary course obligations of Subsidiaries of the Borrower that do not constitute Indebtedness and Guarantees
permitted by Section 7.02; 
 (f) Investments existing on the Closing Date and set forth on Schedule 7.10;

 (g) the purchase or other acquisition (a “Permitted Acquisition”) of all of the Equity Interests in, or all
or substantially all of the property of, any Person that, upon the consummation thereof, will be wholly-owned directly by the Borrower or one or more of its wholly-owned Subsidiaries (including as a result of a merger or consolidation);
provided that, with respect to each purchase or other acquisition made pursuant to this Section 7.10(g): 
 (i) any such newly-created or acquired Subsidiary shall comply with the requirements of Section 6.11; 
 (ii) the lines of business of the Person to be (or the property of which is to be) so purchased or otherwise acquired shall be substantially the same lines of business, or reasonably related or incidental
thereto, as one or more of the principal businesses of the Borrower and its Subsidiaries in the ordinary course; 

(iii) such purchase or other acquisition shall not include or result in any contingent liabilities that would reasonably
be expected to be material to the business, financial condition, operations or prospects of Holdings and its Subsidiaries, taken as a whole (as determined in good faith by the board of directors (or the persons performing similar functions) of
Holdings or such Subsidiary if the board of directors is otherwise approving such transaction and, in each other case, by a Responsible Officer); 
 (iv) the total cash and noncash consideration (including the fair market value of all Equity Interests issued or transferred to the sellers thereof measured at the time of execution of the acquisition
agreement, the reasonably estimated amount of earnouts and other contingent payment obligations to, and the aggregate cash amounts paid or to be paid under noncompete, consulting and other affiliated agreements with, the sellers thereof, and all
assumptions of Indebtedness) paid by or on behalf of the Borrower and its Subsidiaries for any such purchase or other acquisition, when aggregated with the total cash and noncash consideration paid by or on behalf of the Borrower and its
Subsidiaries for all other purchases and other acquisitions made by the Borrower and its Subsidiaries pursuant to this Section 7.10(g), shall not exceed the Available Investment Basket Amount; and 

(v) (A) immediately before and immediately after giving effect on a Pro Forma Basis to any such purchase or other
acquisition, no Default shall have occurred and be continuing and (B) immediately after giving effect to such purchase or other acquisition, Holdings and its Subsidiaries shall be in pro forma compliance with all of the covenants set forth in
Section 7.07, such compliance to be determined on the basis of the financial information most recently delivered to the Administrative Agent and the Lenders pursuant to Section 6.01(a) or (b) as though such purchase or
other acquisition had been consummated as of the first day of the fiscal period covered thereby. 
 (h) any Investment received
as non-cash consideration from a Disposition permitted under Section 7.03; 

  
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 (i) Investments consisting of pledges and deposits permitted by Section 7.01(f)
and (h); 
 (j) Investments of any Person that becomes a Subsidiary after the Closing Date; provided that (i) such
Investments exist at the time such Person becomes a Subsidiary and (ii) such Investments were not made in anticipation of such Person becoming a Subsidiary; 
 (k) Investments pursuant to Swap Contracts permitted by Section 7.02(f); 
 (l) Investments consisting of acquisitions of newspaper assets (including Investments in any Person that becomes a Subsidiary) in an exchange permitted under Section 7.03(iv); 

(m) Investments that constitute a capital expenditure; 
 (n) intercompany loans and advances to Holdings to the extent that the Borrower may pay dividends to Holdings pursuant to Section 7.09(d) or (e) (and in lieu of paying such
Restricted Payment); provided that such intercompany loans and advances shall be unsecured and expressly subordinated in right of payment to the Obligations; 
 (o) Investments permitted by Section 7.03 (other than clause (vi)); 

(p) Investments or deemed Investments with respect to any Permitted Bond Hedge Transaction; and 

(q) Investments the consideration for which solely consists of Equity Interests (other than Disqualified Equity Interests) of Holdings or
Equity Interests of any Parent of Holdings; and 
 (r) other Investments during the term of this Agreement in an aggregate
amount not to exceed the sum of (i) the Available Investment Basket Amount plus (ii) so long as immediately before and immediately after giving effect thereto on a Pro Forma Basis no Default or Event of Default shall have occurred and be
continuing, the Additional Available Amount on the date such Investments are made. 
 7.11 Amendments of Organization
Documents and Indebtedness Agreements. No Loan Party will, nor will it permit any of its Subsidiaries to, amend, modify or waive any of its rights under (a) the Acquisition Agreement, (b) any agreement or instrument governing or
evidencing (i) the ABL Revolving Loans or (ii) the Senior Secured Notes or (c) its Organization Documents, in each case to the extent such amendment, modification or waiver could reasonably be expected to be adverse in any material
respect to the Lenders. 
 7.12 Accounting Changes. Holdings shall not, nor shall it permit any Subsidiary to make any
change in (a) accounting policies or reporting practices, except as required or permitted by GAAP or as required to implement IFRS, or as required or permitted by IFRS after such implementation, or (b) its fiscal year; provided
that, at any time on or prior to October 31, 2010, Holdings and its Subsidiaries may change their respective fiscal year ends to November 30, February 28 or May 31; provided that, upon the reasonable request of the
Administrative Agent, Holdings and the Borrower shall enter into an amendment to this Agreement reasonably satisfactory to (and executed by) the Administrative Agent and the Borrower which shall (i) effect changes to this Agreement with respect
to provisions which refer to fiscal years and fiscal quarters in order to reflect such fiscal period changes, including, without limitation, changes to the reporting required under Sections 6.01 and 6.02 (including, without limitation,
comparative financial reporting and the requirement for delivery of annual audited financial statements) and the financial covenants in Section 7.07) and (ii) require the delivery of audited financial statements of 

  
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Holdings and its Subsidiaries for the period beginning on the Closing Date and ending either August 31, 2010 or November 30, 2010 on or prior to November 30, 2010 or
February 28, 2011, respectively. In the event that Holdings and its Subsidiaries change their respective fiscal year ends pursuant to this Section 7.12, all baskets and similar limitations to be determined per “fiscal
year”, shall be prorated following any such change to reflect the resulting fiscal periods, as determined by the Administrative Agent in its reasonable discretion and reasonably acceptable to the Borrower. 

7.13 Sale and Leaseback Transactions. No Loan Party will, nor will it permit any of its Subsidiaries to, enter into any
arrangement, directly or indirectly, whereby it shall sell or transfer any property, real or personal, used or useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease such property or other property that it
intends to use for substantially the same purpose or purposes as the property sold or transferred, except for any such sale of any fixed or capital assets by the Borrower or any Subsidiary that is made for cash consideration in an amount not less
than the fair value of such fixed or capital asset and is consummated within 90 days after the Borrower or Subsidiary acquires or completes the construction of such fixed or capital asset, provided that the aggregate amount of sale and
leaseback transactions consummated in reliance on this Section 7.13 shall not exceed $25,000,000. 
 7.14 Swap
Contracts. No Loan Party will, nor will it permit any of its Subsidiaries to, enter into any Swap Contract, except as permitted by Section 7.02(d), (e) or (f). 

7.15 Capital Expenditures. No Loan Party will, nor will permit any of its Subsidiaries to, make Capital Expenditures in excess of
$50,000,000 for each fiscal year of Holdings, provided, that (a) such amount, if not so expended in the fiscal year for which it is permitted, may be carried over (the “Capital Expenditure Carryover Amount”) for
expenditure in the next succeeding fiscal year and (b) Capital Expenditures made pursuant to this Section during any fiscal year shall be deemed made, first, in respect of amounts permitted for such fiscal year as provided above and,
second, in respect of amounts carried over from the prior fiscal year pursuant to clause (a) above. 
 7.16
Pension Plan Compliance. No Loan Party will (a) establish or terminate any Pension Plan or take any other action with respect to any Pension Plan, except where the establishment or termination of, or action with respect to, a Pension Plan,
solely or in the aggregate, would not reasonably be expected to have a Material Adverse Effect, (b) fail to make full payment when due of all amounts which, under the provisions of any Pension Plan or Multi-Employer Plan, agreement relating
thereto or applicable Laws, the Loan Party is required to pay as contributions thereto, except where the failure to make such payments could not reasonably be expected to have a Material Adverse Effect, (c) contribute to or assume an obligation
to contribute to any new Multi-Employer Plan or any new Pension Plan that could reasonably be expected to result in any material liability to any Loan Party unless consented to by the Administrative Agent, or permit, or allow any Loan Party to
permit, to exist a solvency or wind-up funding deficiency with respect to any Pension Plan which triggers or results in a funding obligation on the part of any Loan Party except where such funding obligation would not reasonably be expected to have
a Material Adverse Effect. 
 7.17 Canadian Status. Holdings shall not, nor shall it permit any Subsidiary to (in each
case, solely to the extent such entity is a direct publisher of any newspaper with respect to which limitations on deductibility of advertising expenses pursuant to Section 19 of the ITA (or any related or successor statute addressing
deductibility of such advertising expenses) are in effect) fail (after the expiration of any grace periods applicable thereto set forth in the ITA (or any related or successor statute addressing deductibility of such advertising expenses)), with
respect to any issue of any such newspaper, to satisfy the applicable requirements of Section 19 of the ITA (or any such related or successor statute) in order for such issue to be a “Canadian issue” of a “Canadian
newspaper” as those terms are defined in section19 of the ITA (or 

  
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any similar requirements set forth in Section 19 of the ITA (or any related or successor statute) applicable to the publisher of any newspaper in order for any related advertising expenses
to be deductible under the ITA); provided that, with respect to the possible application of subsection 19(8) of the ITA (or any successor or analogous provision), the covenant of Holdings set forth in this Section 7.17 is limited to the
extent that it is within Holdings’ control. 
 ARTICLE VIII 

EVENTS OF DEFAULT AND REMEDIES 
 8.01 Events of Default. The occurrence and continuance of any of the following shall constitute an Event of Default: 
 (a) Non-Payment. The Borrower or any other Loan Party fails to pay (i) when and as required to be paid herein, any amount of principal of any Loan, or (ii) within five (5) Business
Days after the same becomes due, any interest on any Loan, or any fee due hereunder or any other amount payable hereunder or under any other Loan Document; or 
 (b) Specific Covenants. The Borrower or any other Loan Party fails to perform or observe any term, covenant or agreement contained in any of Section 6.03(a), 6.05, 6.10,
6.11, 6.13 or Article VII; or 
 (c) Other Defaults. Any Loan Party fails to perform or observe any
other covenant or agreement (not specified in subsection (a) or (b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for 30 days after the earlier of (i) knowledge by a
Responsible Officer of the Borrower or Holdings of such failure or (ii) written notice thereof from the Administrative Agent to the Borrower; or 
 (d) Representations and Warranties. Any representation or warranty or certification made or deemed made by or on behalf of the Borrower, Holdings or any other Loan Party herein, in any other Loan
Document, or in any document delivered in connection herewith or therewith shall be incorrect or false in any material respect when made or deemed made; or 
 (e) Cross-Default. (i) Any Loan Party or any Subsidiary thereof (A) fails to make any payment when due (beyond the applicable grace period with respect thereto) (whether by scheduled
maturity, required prepayment, acceleration, demand, or otherwise) in respect of the Senior Secured Notes, the ABL Revolving Loans or in respect of any Indebtedness or Guarantee (other than Indebtedness hereunder and Indebtedness under Swap
Contracts) having an aggregate principal amount (including undrawn committed or available amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement) of more than the Threshold Amount, or (B) fails
to observe or perform any other agreement or condition, beyond the applicable grace period with respect thereto, relating to the Senior Secured Notes, the ABL Revolving Loans, or relating to any such Indebtedness or Guarantee or contained in any
instrument or agreement evidencing, securing or relating thereto of not less than the Threshold Amount, or any other event occurs, the effect of which default or other event is to cause, or to permit the holder or holders of the Senior Secured
Notes, the ABL Revolving Loans or such Indebtedness or the beneficiary or beneficiaries of such Guarantee (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries), as applicable, to cause, with the giving of notice
or the lapse of time if required, such Indebtedness to be demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made
(other than (in the case of any such offer to repurchase, 

  
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prepayment, defeasance or redemption) to the extent made with proceeds from the Disposition of assets (x) subject to Liens securing such other Indebtedness that have priority to the Liens,
if any, on the same assets securing the Secured Obligations hereunder, and (y) subject to Liens securing the Secured Obligations hereunder and with respect to which the applicable Lenders decline to accept prepayment in accordance with
Section 2.03(b)(v), provided that, in each case, such Disposition is permitted by the terms of such Indebtedness), prior to its stated maturity, or such Guarantee to become payable or cash collateral in respect thereof to be demanded; or
(ii) there occurs under any Swap Contract an Early Termination Date (as defined in such Swap Contract) resulting from (A) any event of default under such Swap Contract as to which a Loan Party or any Subsidiary thereof is the Defaulting
Party (as defined in such Swap Contract) or (B) any Additional Termination Event (as so defined) under such Swap Contract as to which a Loan Party or any Subsidiary thereof is the sole Affected Party (as so defined) and, in either event, the
Swap Termination Value owed by such Loan Party or such Subsidiary as a result thereof is greater than the Threshold Amount. Notwithstanding the foregoing, (1) any conversion of Permitted Convertible Indebtedness by a holder thereof into shares
of common stock, cash or a combination of cash and shares of common stock; (2) the rights of holders of such Permitted Convertible Indebtedness to convert into shares of common stock, cash or a combination of cash and shares of common stock;
(3) the rights of holders of such Permitted Convertible Indebtedness to require any repurchase by Holdings upon a fundamental change of such Permitted Convertible Indebtedness in cash, and (4) the termination of any of Swap Contract
entered into in connection with such Permitted Convertible Indebtedness, shall not constitute an Event of Default; or 
 (f)
Insolvency Proceedings, Etc. Any Loan Party institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any
receiver, interim receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any material part of its property; or any receiver, interim receiver, trustee, custodian, conservator, liquidator,
rehabilitator or similar officer is appointed without the application or consent of such Person(s) and the appointment continues undischarged or unstayed for sixty (60) days; or any proceeding under any Debtor Relief Law relating to any such
Person(s) or to all or any material part of their property is instituted without the consent of such Person(s) and continues undismissed or unstayed for sixty (60) days, or an order for relief is entered in any such proceeding; or 

(g) Inability to Pay Debts; Attachment. (i) Any Loan Party becomes unable or admit in writing their inability or fails
generally to pay its debts as they become due, or (ii) any writ or warrant of attachment or execution or similar process is issued or levied against all or any material part of the property of any such Person(s) and is not released, vacated or
fully bonded within 30 days after its issue or levy; or 
 (h) Judgments. There is entered against any Loan Party or any
Subsidiary thereof any one or more final judgments or orders for the payment of money in an aggregate amount exceeding the Threshold Amount (to the extent not covered by independent third-party insurance as to which the insurer does not dispute
coverage), and such judgments or orders shall not have been satisfied, vacated, discharged or stayed or bonded pending an appeal within a period of sixty (60) days; or 
 (i) Invalidity of Loan Documents. Any material portion of any Loan Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or
thereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect; or any Loan Party contests in writing the validity or enforceability of any Loan Document; or any Loan Party denies in writing that it has any or
further liability or obligation under any Loan Document, or purports in writing to revoke, terminate or rescind any Loan Document; or 

  
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 (j) Change of Control. There occurs any Change of Control. 

(k) Collateral Documents. Any Collateral Document shall for any reason (other than pursuant to the terms thereof) cease to create
a valid and perfected Lien (with the priority set forth in the Intercreditor Agreements and subject to Liens permitted by Section 7.01) on the Collateral purported to be covered thereby except to the extent that any such loss of
perfection or priority results from limitations of foreign laws, rules and regulations as they apply to pledges of capital stock in Foreign Subsidiaries or the application thereof, or from the failure of the Collateral Agent or the Administrative
Agent to maintain possession of certificates actually delivered to it representing securities pledged under the Collateral Documents; or 
 (l) Subordination. (i) The subordination provisions of the documents evidencing or governing any Indebtedness that is subordinated in right of payment to the Loans (the “Subordination
Provisions”) shall, in whole or in part, terminate, cease to be effective or cease to be legally valid, binding and enforceable against any holder of the applicable subordinated Indebtedness other than as a result of the discharge of such
subordinated Indebtedness in full; or (ii) the Borrower or any other Loan Party shall, directly or indirectly, disavow or contest in any manner (A) the effectiveness, validity or enforceability of any of the Subordination Provisions,
(B) that the Subordination Provisions exist for the benefit of the Administrative Agent and the Lenders or (C) that all payments of principal of or premium and interest on the applicable subordinated Indebtedness, or realized from the
liquidation of any property of any Loan Party, shall be subject to any of the Subordination Provisions. 
 8.02 Remedies Upon
Event of Default. If any Event of Default occurs and is continuing, the Administrative Agent and/or the Collateral Agent (as applicable) shall, at the request of, or may, with the consent of, the Required Lenders, take any or all of the
following actions: 
 (a) by notice to the Borrower, declare the commitment of each Lender to make Loans to be terminated,
whereupon such commitments and obligation shall be terminated; 
 (b) by notice to the Borrower, declare the unpaid principal
amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of
any kind, all of which are hereby expressly waived by the Borrower; and 
 (c) exercise on behalf of itself and the Secured
Parties all rights and remedies available to it and the Secured Parties under the Loan Documents or applicable law; 
 provided,
however, that upon the occurrence of any Event of Default pursuant to clauses (f) or (g) of Section 8.01, the obligation of each Lender to make Loans shall automatically terminate, and the unpaid principal amount of all
outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable without further act of the Administrative Agent or any Lender. 
 8.03 Application of Funds. After the exercise of remedies provided for in Section 8.02 (or after the Loans have automatically become immediately due and payable), any amounts received
on account of the Secured Obligations shall be applied by the Administrative Agent in the following order, subject to the Intercreditor Agreements: 
 First, to payment of that portion of the Secured Obligations constituting fees, indemnities, expenses and other amounts (including reasonable fees, charges and disbursements of counsel to the
Administrative Agent and/or the Collateral Agent and amounts payable under Article III) payable to the Administrative Agent and/or the Collateral Agent in its capacity as such; 

  
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 Second, to payment of that portion of the Secured Obligations constituting fees,
indemnities and other amounts (other than principal and interest) payable to the Secured Parties (including reasonable fees, charges and disbursements of counsel to the respective Lenders and amounts payable under Article III), ratably among
them in proportion to the respective amounts described in this clause Second payable to them; 
 Third, to payment
of that portion of the Secured Obligations constituting accrued and unpaid interest on the Loans and other Secured Obligations, ratably among the Secured Parties in proportion to the respective amounts described in this clause Third payable
to them; 
 Fourth, to payment of that portion of the Secured Obligations constituting (i) unpaid principal of the
Loans, (ii) Banking Services Obligations and (iii) Secured Swaps Obligations, ratably among the Secured Parties in proportion to the respective amounts described in this clause Fourth payable to them; and 

Fifth, to payment of any other Secured Obligation due to the Administrative Agent or any other Secured Party; 

Last, the balance, if any, after all of the Secured Obligations have been paid in full, to the Borrower or as otherwise required
by Law. 
 ARTICLE IX 
 ADMINISTRATIVE AGENT; COLLATERAL AGENT 
 9.01 Appointment and
Authority. 
 (a) Each Secured Party hereby irrevocably designates and appoints the Administrative Agent and the Collateral
Agent, each of them individually as the agent of such Secured Party under this Agreement and the other Loan Documents, and each such Secured Party irrevocably authorizes the Administrative Agent and the Collateral Agent, in such capacity, jointly
and severally, to take such action on its behalf under the provisions of this Agreement and the other Loan Documents and to exercise such powers and perform such duties as are expressly delegated to the Administrative Agent or the Collateral Agent,
as applicable, by the terms of this Agreement and the other Loan Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, neither the Administrative
Agent nor the Collateral Agent shall have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Secured Party, and no implied covenants, functions, responsibilities, duties, obligations or
liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against the Administrative Agent or the Collateral Agent. 
 (b) The Administrative Agent and the Collateral Agent may execute any of their duties under this Agreement and the other Loan Documents by or through agents or attorneys in fact and shall be entitled to
advice of counsel concerning all matters pertaining to such duties. Neither the Administrative Agent nor the Collateral Agent shall be responsible for the negligence or misconduct of any agents or attorneys in fact selected by it with reasonable
care. 
 9.02 Rights as a Lender. Each Person serving as the Administrative Agent or the Collateral Agent hereunder shall
have the same rights and powers in its capacity as a Lender (to the extent it is then the duly registered owner of any Loans) as any other Lender and may exercise the same as though it were not the Administrative Agent or the Collateral Agent, as
applicable, and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person 

  
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serving as the Administrative Agent and/or the Collateral Agent hereunder solely in its capacity as a Lender. Such Person and its Affiliates may accept deposits from, lend money to, act as the
financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Loan Parties and their Affiliates as if such Person were not the Administrative Agent and/or the Collateral Agent hereunder and without any
duty to account therefor to the Lenders. 
 9.03 Exculpatory Provisions. Neither the Administrative Agent, the Collateral
Agent, nor any of their respective officers, directors, employees, agents, advisors, attorneys in fact or affiliates shall be (i) liable for any action lawfully taken or omitted to be taken by it or such Person under or in connection with this
Agreement or any other Loan Document (except to the extent that any of the foregoing are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from its or such Person’s own gross negligence or willful
misconduct) or (ii) responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by any Loan Party or any officer thereof contained in this Agreement or any other Loan Document or in any
certificate, report, statement or other document referred to or provided for in, or received by the Administrative Agent or the Collateral Agent, as applicable, under or in connection with, this Agreement or any other Loan Document or for the value,
validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document or for any failure of any Loan Party a party thereto to perform its obligations hereunder or thereunder. Neither the Administrative
Agent nor the Collateral Agent shall be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to
inspect the properties, books or records of any Loan Party. 
 9.04 Reliance by Administrative Agent and the Collateral
Agent. The Administrative Agent and the Collateral Agent shall be entitled to rely, and shall be fully protected in relying, upon any instrument, writing, resolution, notice, consent, certificate, affidavit, letter, telecopy or email message,
statement, order or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including counsel to Holdings or the
Borrower), independent accountants and other experts selected by the Administrative Agent or the Collateral Agent, as applicable. The Administrative Agent and the Collateral Agent may deem and treat the payee of any Note as the owner thereof for all
purposes unless a written notice of assignment, negotiation or transfer thereof shall have been filed with the Administrative Agent. Each of the Administrative Agent and the Collateral Agent shall be fully justified in failing or refusing to take
any action under this Agreement or any other Loan Document unless it shall first receive such advice or concurrence of the Required Lenders (or, if so specified by this Agreement, the Majority Facility Lenders or all Lenders) as it deems appropriate
or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action. The Administrative Agent and the Collateral Agent
shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement and the other Loan Documents in accordance with a request of the Required Lenders (or, if so specified by this Agreement, the Majority Facility
Lenders or all Lenders), and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders and all future holders of the Loans. 
 9.05 Delegation of Duties. Each of the Administrative Agent and the Collateral Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan
Document by or through any one or more sub-agents appointed by the Administrative Agent or the Collateral Agent, as applicable. The Administrative Agent, the Collateral Agent and any such sub-agent may perform any and all of its duties and exercise
its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent, the Collateral Agent and any such sub-agents,
and shall 

  
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apply to their respective activities in connection with the syndication of the facility provided for herein as well as activities as Administrative Agent or Collateral Agent, as applicable.

 9.06 Resignation of Administrative Agent or Collateral Agent. The Administrative Agent or the Collateral Agent may
resign as Administrative Agent or Collateral Agent upon 20 days’ notice to the Lenders, the other Agent and the Borrower. If the Administrative Agent or the Collateral Agent shall resign as Administrative Agent or Collateral Agent, as
applicable, under this Agreement and the other Loan Documents, then the Required Lenders shall appoint from among the Lenders a successor agent for the Lenders, which successor agent shall (unless an Event of Default under
Section 8.01(a) or Section 8.01(f) with respect to the Borrower or Holdings shall have occurred and be continuing) be subject to approval by the Borrower (which approval shall not be unreasonably withheld or delayed),
whereupon such successor agent shall succeed to the rights, powers and duties of the Administrative Agent or Collateral Agent, as applicable, and the term “Administrative Agent” or “Collateral Agent”, as applicable, shall mean
such successor agent effective upon such appointment and approval, and the former Administrative Agent’s or Collateral Agent’s (as applicable) rights, powers and duties as Administrative Agent or Collateral Agent, as applicable, shall be
terminated, without any other or further act or deed on the part of such former Administrative Agent or Collateral Agent, as applicable, any of the parties to this Agreement or any holders of the Loans. If no successor agent has accepted appointment
as Administrative Agent or Collateral Agent, as applicable, by the date that is 20 days following a retiring Administrative Agent’s or Collateral Agent’s (as applicable) notice of resignation, the retiring Administrative Agent’s or
Collateral Agent’s (as applicable) resignation shall nevertheless thereupon become effective, and the Lenders shall assume and perform all of the duties of the Administrative Agent or the Collateral Agent (as applicable) hereunder until such
time, if any, as the Required Lenders appoint a successor agent as provided for above. After any retiring Administrative Agent’s or Collateral Agent’s (as applicable) resignation as Administrative Agent or Collateral Agent (as applicable),
the provisions of this Article IX and of Section 10.04 shall continue to inure to its benefit. 
 9.07
Notice of Default. Neither the Administrative Agent nor the Collateral Agent shall be deemed to have knowledge or notice of the occurrence of any Default or Event of Default unless the Administrative Agent or Collateral Agent, as the case may
be, has received notice from a Lender,another Agent, Holdings or the Borrower referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “notice of default”. In the event that the
Administrative Agent receives such a notice, the Administrative Agent shall give notice thereof to the Lenders. The Administrative Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the
Required Lenders (or, if so specified by this Agreement, the Majority Facility Lenders or all Lenders); provided that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be
obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders. 

9.08 Non-Reliance on Administrative Agent, Collateral Agent and Other Lenders. Each Lender expressly acknowledges that neither the
Administrative Agent, the Collateral Agent nor any of their respective officers, directors, employees, agents, advisors, attorneys in fact or affiliates have made any representations or warranties to it and that no act by the Administrative Agent or
Collateral Agent hereafter taken, including any review of the affairs of a Loan Party or any affiliate of a Loan Party, shall be deemed to constitute any representation or warranty by the Administrative Agent or Collateral Agent to any Lender. Each
Lender represents to the Administrative Agent and the Collateral Agent that it has, independently and without reliance upon the Administrative Agent, the Collateral Agent or any other Lender, and based on such documents and information as it has
deemed appropriate, made its own appraisal of and investigation into the business, operations, property, financial and other condition and creditworthiness of the Loan Parties and their affiliates and made its own decision to make its Loans

  
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hereunder and enter into this Agreement. Each Lender also represents that it will, independently and without reliance upon the Administrative Agent, the Collateral 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 analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents, and to make such
investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the Loan Parties and their affiliates. Except for notices, reports and other documents expressly
required to be furnished to the Lenders by the Administrative Agent or the Collateral Agent hereunder, neither the Administrative Agent nor the Collateral Agent shall have any duty or responsibility to provide any Lender with any credit or other
information concerning the business, operations, property, condition (financial or otherwise), prospects or creditworthiness of any Loan Party or any affiliate of a Loan Party that may come into the possession of the Administrative Agent or the
Collateral Agent (as applicable) or any of its officers, directors, employees, agents, advisors, attorneys in fact or affiliates. 
 9.09 Indemnification. The Lenders agree to indemnify the Administrative Agent, the Collateral Agent and their respective officers, directors, employees, affiliates, agents, advisors and controlling
persons (each, an “Agent Indemnitee”) (to the extent not reimbursed by Holdings or the Borrower and without limiting the obligation of Holdings or the Borrower to do so), ratably according to their respective Applicable Percentage
in effect on the date on which indemnification is sought under this Section (or, if indemnification is sought after the date upon which the Loans shall have been paid in full, ratably in accordance with such Applicable Percentage immediately prior
to such date), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time (whether before or after the payment of the
Loans) be imposed on, incurred by or asserted against such Agent Indemnitee in any way relating to or arising out of, this Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein or the
transactions contemplated hereby or thereby or any action taken or omitted by such Agent Indemnitee under or in connection with any of the foregoing; provided that no Lender shall be liable for the payment of any portion of such liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements that are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from such Agent Indemnitee’s gross
negligence or willful misconduct. The agreements in this Section shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. 

9.10 No Other Duties, Etc. Neither the Syndication Agent nor any Co-Documentation Agent shall have any duties or responsibilities
hereunder in its capacity as such. 
 9.11 Administrative Agent May File Proofs of Claim. Each Secured Party hereby
further authorizes the Administrative Agent or the Collateral Agent, as applicable, on behalf of and for the benefit of Secured Parties, to be the agent for and representative of the Secured Parties with respect to the Guaranty, the Collateral and
the Collateral Documents. In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan shall then be
due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise

 (a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and
all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and the Agents (including any claim for the reasonable compensation, expenses, disbursements
and advances of the 

  
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Lenders and the Agents and their respective agents and counsel and all other amounts due the Lenders and the Agents under Section 10.04) allowed in such judicial proceeding; and

 (b) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby
authorized by each Lender to make such payments to the Administrative Agent and, if the Administrative Agent shall consent to the making of such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable
compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under Section 10.04. 
 Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or
composition affecting the Obligations or the rights of any Lender or to authorize the Administrative Agent to vote in respect of the claim of any Lender or in any such proceeding. 

9.12 Collateral and Guaranty Matters. Each Secured Party hereby further (x) authorizes the Administrative Agent or the
Collateral Agent, as applicable, on behalf of and for the benefit of Secured Parties, to be agent for and representative of the Secured Parties with respect to the Guaranty, the Collateral and the Collateral Documents and (y) agrees that all
exculpatory provisions set forth in this Article IX shall apply to the Administrative Agent and the Collateral Agent in such capacity and that each reference to a Lender or Lenders in such exculpatory provisions shall be deemed to include
such Secured Party. The Collateral Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document with respect to the Collateral Documents, and the security interest created thereunder for
the benefit of the Secured Parties, in its capacity as Collateral Agent. The exculpatory provisions of this Article shall apply to the Collateral Agent, and shall apply to its activities in its capacity as Collateral Agent. 

Each Secured Party irrevocably authorizes the Collateral Agent and/or the Administrative Agent (as applicable), at its option and in its
discretion, 
 (a) to release any Lien on any property granted to or held by the Collateral Agent under any Loan Document
(i) upon payment in full of all Secured Obligations (other than contingent indemnification obligations, Banking Services Obligations or Secured Swap Obligations), (ii) that is sold or to be sold as part of or in connection with any sale
permitted hereunder or under any other Loan Document, or (iii) if approved, authorized or ratified in writing in accordance with Section 10.01; and 
 (b) to release any Guarantor from its obligations under the Guaranty if such Person becomes an Excluded Subsidiary or ceases to be a Subsidiary of Holdings as a result of a transaction permitted
hereunder. 
 Upon request by the Administrative Agent or the Collateral Agent (as applicable) at any time, the Required Lenders
will confirm in writing the Administrative Agent’s or Collateral Agent’s (as applicable) authority to release its interest in particular types or items of property, or to release any Guarantor from its obligations under the Guaranty
pursuant to this Section 9.12. In each case as specified in this Section 9.12, the Administrative Agent and/or the Collateral Agent (as applicable) will, at the Borrower’s expense, execute and deliver to the applicable
Loan Party such documents as such Loan Party may reasonably request to evidence the release of such property, or to release such Guarantor from its 

  
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obligations under the Guaranty, in each case in accordance with the terms of the Loan Documents and this Section 9.12. 

No Banking Services Provider or Secured Swap Counterparty, in such capacities, shall have any voting rights under this Agreement or any
other rights whatsoever to participate in the administration or enforcement of the Collateral Documents. For the avoidance of doubt but without limitation, any or all of the Collateral Documents or any rights contained therein may be amended or
released pursuant to this Agreement and the other Loan Documents without the consent of any Banking Services Provider or Secured Swap Counterparty. 
 9.13 Authorization for Intercreditor Agreements. The Lenders irrevocably authorize the Collateral Agent to enter into and perform its obligations under the Intercreditor Agreements and any
amendments, restatements, supplements or other modifications thereto approved in accordance with the terms thereof. 
 9.14
Quebec Security. For greater certainty, and without limiting the powers of the Administrative Agent, the Collateral Agent or any other Person acting as an agent or mandatary for the Administrative Agent or the Collateral Agent hereunder or under
any of the other Loan Documents, the Borrower hereby acknowledges that, for purposes of holding any security granted by the Borrower or any other Loan Party on property pursuant to the laws of the Province of Quebec to secure obligations of the
Borrower or any other Loan Party under any bond or debenture, JPMorgan Chase Bank, N.A. shall be the holder of an irrevocable power of attorney (fondé de pouvoir) (within the meaning of Article 2692 of the Civil Code of Quebec) for all
present and future Secured Parties and in particular for all present and future holders of any such bond or debenture. Each Lender hereby irrevocably constitutes, to the extent necessary, JPMorgan Chase Bank, N.A. as the holder of an irrevocable
power of attorney (fondé de pouvoir) (within the meaning of Article 2692 of the Civil Code of Quebec) in order to hold security granted by the Borrower or any other Loan Party in the Province of Quebec to secure the obligations of the
Borrower or any other Loan Party under any bond or debenture issued by the Borrower or any other Loan Party. Each assignee of a Lender shall be deemed to have confirmed and ratified the constitution of JPMorgan Chase Bank, N.A. as the holder of such
irrevocable power of attorney (fondé de pouvoir) by execution of an Assignment and Assumption or any other document pursuant to which they become a party to this Agreement. Each Secured Swap Counterparty or Banking Services Provider that is
not a party to this Agreement shall be deemed to have confirmed and ratified the constitution of JPMorgan Chase Bank, N.A. as the holder of such irrevocable power of attorney (fondé de pouvoir) (within the meaning of Article 2692 of the Civil
Code of Quebec) by entering into a Swap Contract or a Banking Services Agreement. Notwithstanding the provisions of section 32 of the An Act respecting the special powers of legal persons (Quebec), JPMorgan Chase Bank, N.A. may acquire and be the
holder of any bond or debenture. The Borrower hereby acknowledges that such bond or debenture constitutes a title of indebtedness, as such term is used in Article 2692 of the Civil Code of Quebec. The execution by JPMorgan Chase Bank, N.A. as
fondé de pouvoir of any deeds of hypothec or other documents prior to the date hereof is hereby ratified and confirmed. Each Lender and the Borrower also agree that each of the Administrative Agent and Collateral Agent may hold any bond or
debenture issued by the Borrower or any other Loan Party, including as named bondholder or debentureholder or as the Person holding on behalf of the Lenders, the Secured Swap Counterparties and the Banking Services Providers, in accordance with
Article 2705 of the Civil Code of Quebec, any bond or debenture pledged in favour of the Lenders, the Secured Swap Counterparties and the Banking Services Providers. JPMorgan Chase Bank, N.A. acting as fondé de pouvoir shall have the
same rights, powers, immunities, indemnities and exclusions from liability as are prescribed in favour of the Administrative Agent and/or the Collateral Agent in this Agreement, which shall apply mutatis mutandis to JPMorgan Chase Bank, N.A. acting
as fondé de pouvoir. Without limitation, the provisions of Section 9.06 shall apply mutatis mutandis to the resignation and appointment of a successor to JPMorgan Chase Bank, N.A. acting as fondé de pouvoir. 

  
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 9.15 Appointment by Secured Parties. Each Secured Party that is not a party to this
Agreement shall be deemed to have appointed each of the Administrative Agent and the Collateral Agent as its agent under the Loan Documents in accordance with the terms of this Article IX and to have acknowledged that the provisions of this
Article IX apply to such Secured Party mutatis mutandis as though it were a party hereto (and any acceptance by such Secured Party of the benefits of this Agreement or any other Loan Document shall be deemed an acknowledgment of the
foregoing). 
 ARTICLE X 
 MISCELLANEOUS 
 10.01 Amendments, Etc. (a) Amendments, Waivers
and Consents. No amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by the Borrower or any other Loan Party therefrom, shall be effective unless in writing signed by the Required
Lenders (or by the Administrative Agent with the consent of the Required Lenders) and Holdings, the Borrower and any other applicable Loan Party, as the case may be, and each such waiver or consent shall be effective only in the specific instance
and for the specific purpose for which given; provided, however, that no such amendment, waiver or consent shall: 
 (i) postpone any date fixed by this Agreement or any other Loan Document for any payment of principal, interest, fees or other amounts due to the Lenders (or any of them) hereunder or under such other
Loan Document without the written consent of each Lender entitled to such payment; 
 (ii) reduce the principal
of, or the rate of interest specified herein on, any Loan, or (subject to clause (ii) of the second proviso to this Section 10.01(a)) any fees or other amounts payable hereunder or under any other Loan Document without the written
consent of each Lender entitled to such amount; provided, however, that only the consent of the Majority Facility Lenders in respect of each Facility adversely affected thereby shall be necessary to amend the definition of
“Default Rate” or to waive any obligation of the Borrower to pay interest at the Default Rate; 
 (iii)
change any provision of this Section 10.01 or the definition of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder
or make any determination or grant any consent hereunder, without the written consent of each Lender, or change the definition of “Majority Facility Lenders” without the written consent of each Lender under each Facility adversely affected
thereby; or 
 (iv) except in connection with a Disposition permitted under Section 7.03 or as set
forth in Section 9.12(b), release all or substantially all of the value of the Guaranty, without the written consent of each Lender; or 
 (v) impose any greater restriction on the ability of any Lender to assign any of its rights or obligations hereunder without the written consent of each Lender; or 

(vi) at any time when the total Canadian Tranche Commitments equal or exceed $25,000,000, amend, modify or waive any
provision of Article VI, Article VII or Section 8.01 without the written consent of the Majority Facility Lenders of each Facility; 
 and, provided further, that (i) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent or the Collateral Agent, as applicable, in addition to the
Lenders required above, affect the rights or duties of the Administrative Agent or the Collateral Agent, as applicable, under this 

  
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Agreement or any other Loan Document; and (ii) the Fee Letter may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto. Notwithstanding
anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except that the Commitment of such Lender may not be increased or extended without the consent of such
Lender. 
 If any Lender does not consent to a proposed amendment, waiver, consent or release with respect to any Loan Document
that requires the consent of each Lender and that has been approved by the Supermajority Lenders, the Borrower may replace such non-consenting Lender in accordance with Section 10.13; provided that such amendment, waiver, consent
or release can be effected as a result of the assignment contemplated by such Section (together with all other such assignments required by the Borrower to be made pursuant to this paragraph). 

Notwithstanding the foregoing, this Agreement may be amended (or amended and restated) with the written consent of the Required Lenders,
the Administrative Agent and the Borrower (i) to add one or more additional credit facilities to this Agreement (it being understood that no Lender shall have any obligation to provide or commit to provide all or any portion of any such
additional credit facility) and to permit the extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the
Loans and the accrued interest and fees in respect thereof and (ii) to effect the amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent, to provide
for such additional credit facilities. 
 In addition, notwithstanding the foregoing, this Agreement may be amended with the
written consent of the Administrative Agent, the Borrower and the Lenders providing the relevant Replacement Loans (as defined below), to permit the refinancing of all outstanding Loans (any such refinanced Loans, “Refinanced
Loans”), with one or more term loans denominated in Dollars (any such replacement Loans, “Replacement Loans”); provided that, (i) the aggregate principal amount of such Replacement Loans shall not exceed the
aggregate principal amount of the corresponding tranche of Refinanced Loans, (ii) the Applicable Rate for such Replacement Loans shall not be higher than the Applicable Rate for the corresponding tranche of Refinanced Loans, (iii) the
Weighted Average Life to Maturity of such Replacement Loans shall not be shorter than the Weighted Average Life to Maturity of such Refinanced Loans at the time of such Refinancing and (iv) all other terms applicable to such Replacements Loans
shall be substantially identical to, or less favorable taken as a whole to the Lenders providing such Replacement Loans, than those applicable to such Refinanced Loans, except to the extent necessary to provide for covenants and other terms
applicable to any period after the final maturity of the corresponding tranche of Loans in effect immediately prior to such refinancing. 
 (b) Limitation on Rights of Affiliated Lenders. No Affiliated Lender, in its capacity as Lender, shall have any right: 

(i) to consent to any amendment, modification, waiver, consent or other such action with respect to any of the terms of
this Agreement or any other Loan Document, except as set forth in the first proviso of Section 10.01(a) (other than clause (vi) thereof); 
 (ii) to require the Administrative Agent, the Collateral Agent or other Lender to undertake any action (or refrain from taking any action) with respect to this Agreement or any other Loan Document;

  
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 (iii) to attend any meeting with any Agent or Lender or receive any
information from any Agent or Lender, in each case in respect of this Agreement, any other Loan Document or the Loans; 
 (iv) to make or bring any claim, in its capacity as a Lender, against the Administrative Agent, the Collateral Agent or any other Lender with respect to its duties and obligations of such Persons under
the Loan Documents; or 
 (v) to support or vote in favor of any reorganization plan of the Borrower (and will be
deemed to have voted to reject any plan of reorganization of the Borrower) unless such plan is accepted by the Required Lenders, which for these purposes shall be calculated only with respect to the interests of Lenders other than Holdings and the
Affiliated Lenders, and will support and vote in favor of any plan of reorganization of the Borrower (and will be deemed to have voted to support any plan of organization of the Borrower) accepted by the Required Lenders, which for these purposes
shall be calculated only with respect to the interests of Lenders other than Holdings and the Affiliated Lenders; 
 provided, that no
amendment, modification, consent or waiver shall (A) deprive any Affiliated Lender, in its capacity as a Lender, of its share of any payments which Lenders are entitled to share on a pro rata basis hereunder, or (B) affect any Affiliated
Lender, in its capacity as a Lender, in a manner that is materially disproportionate to the effect of such amendment, modification, consent or waiver on other Lenders of the same class. 

10.02 Notices; Effectiveness; Electronic Communications. 
 (a) Notices Generally. Except in the case of notices and other communications expressly permitted to be given by telephone and except as provided in subsection (b) below, all notices and other
communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile as follows, and all notices and other communications expressly permitted
hereunder to be given by telephone shall be made to the applicable telephone number, as follows: 
 (i) if to
Holdings, the Borrower, the Administrative Agent or the Collateral Agent, to the address, facsimile number, electronic mail address or telephone number specified for such Person on Schedule 10.02; and 

(ii) if to any other Lender, to the address, facsimile number, electronic mail address or telephone number specified in
its Administrative Questionnaire. 
 Notices sent by hand or overnight courier service, or mailed by certified or registered
mail, shall be deemed to have been given when received; notices sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the
opening of business on the next business day for the recipient). Notices delivered through electronic communications to the extent provided in subsection (b) below, shall be effective as provided in such subsection (b). 

(b) Electronic Communications. Notices and other communications to the Lenders hereunder may be delivered or furnished by
electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that the foregoing shall not apply to notices to any Lender pursuant to Article II if such
Lender, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic 

  
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communication. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to
procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications. 
 Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from
the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), provided that if such notice or other communication is not sent during the normal business
hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be
deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor.

 (c) The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS
DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED
OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR
THE PLATFORM. In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to Holdings, the Borrower, any Lender or any other Person for losses, claims, damages,
liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of Holdings’, the Borrower’s or the Administrative Agent’s transmission of Borrower Materials through the Internet, except to the extent that
such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Agent Party; provided,
however, that in no event shall any Agent Party have any liability to Holdings, the Borrower, any Lender or any other Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages).

 (d) Change of Address, Etc. Each of Holdings, the Borrower, the Administrative Agent and the Collateral Agent may change its
address, facsimile or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each other Lender may change its address, facsimile or telephone number for notices and other communications hereunder by
notice to the Borrower and the Administrative Agent. In addition, each Lender agrees to notify the Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an effective address, contact name, telephone
number, facsimile number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender. 
 (e) Reliance by Administrative Agent, Collateral Agent and Lenders. The Administrative Agent, the Collateral Agent and the Lenders shall be entitled to rely and act upon any notices (including telephonic
Loan Conversion Notices) given by any Responsible Official of Holdings or the Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified
herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. Each of Holdings and the Borrower shall indemnify the Administrative Agent, the Collateral Agent, each Lender and the Related Parties of
each of them from all direct out-of-pocket losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice given by any Responsible Official of Holdings or the Borrower. All

  
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telephonic notices to and other telephonic communications with the Administrative Agent or the Collateral Agent may be recorded by the Administrative Agent or the Collateral Agent, as applicable,
and each of the parties hereto hereby consents to such recording. 
 10.03 No Waiver; Cumulative Remedies. No failure by
any Lender, the Collateral Agent or the Administrative Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall
any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein
provided, and provided under each other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 
 Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents against the Loan Parties
or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent or the Collateral Agent, as applicable, in
accordance with Section 8.02 for the benefit of all the Secured Parties; provided, however, that the foregoing shall not prohibit (a) the Administrative Agent or the Collateral Agent from exercising on its own behalf
the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent or Collateral Agent, as applicable) hereunder and under the other Loan Documents, (b) any Lender from exercising set-off rights in accordance with
Section 10.08 (subject to the terms of Section 2.10) or (c) any Secured Party from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party
under any Debtor Relief Law; and provided, further, that if at any time there is no Person acting as Administrative Agent or Collateral Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall have the rights
otherwise ascribed to the Administrative Agent or Collateral Agent, as applicable, pursuant to Section 8.02 and (ii) in addition to the matters set forth in clauses (b) and (c) of the preceding proviso and subject to
Section 2.10, any Secured Party may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders. For the avoidance of doubt, it is understood and agreed that
nothing herein shall limit or otherwise restrict the enforcement by any Secured Party of any other rights and remedies such Secured Party may have under applicable law. Notwithstanding any other provision of this Article X to the contrary,
neither the Administrative Agent nor the Collateral Agent shall be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, obligations to the Secured Parties arising under Banking Services, treasury
or cash management agreements and Swap Contracts unless the Administrative Agent has received written notice of such obligations, together with such supporting documentation as the Administrative Agent may request, from the applicable Banking
Services, treasury or cash management Lender or swap counterparty, as the case may be. 
 10.04 Expenses; Indemnity; Damage
Waiver. 
 (a) Costs and Expenses. The Borrower shall pay (i) all reasonable and documented out-of-pocket
expenses incurred by the Administrative Agent, the Collateral Agent and their respective Affiliates (including the reasonable and documented fees, charges and disbursements of counsel for the Administrative Agent and the Collateral Agent), in
connection with the syndication of the facility provided for herein, the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions
hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated) and (ii) all reasonable and documented out of pocket expenses incurred by the Administrative Agent, the Collateral Agent or any Lender
(including the reasonable and documented fees, charges and disbursements of one counsel for the Administrative Agent and the Collateral Agent and one counsel for 

  
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all of the Lenders plus in each case one local counsel per applicable jurisdiction) in connection with the enforcement or protection of its rights (A) in connection with this Agreement and
the other Loan Documents, including its rights under this Section, or (B) in connection with Loans made hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans.

 (b) Indemnification by Holdings and the Borrower. Each of Holdings and the Borrower shall indemnify the Administrative
Agent and the Collateral Agent (and any sub-agent of either of the foregoing), each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee
harmless from, any and all losses, claims, damages, liabilities and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee) incurred by any Indemnitee or asserted against any Indemnitee by any third party
or by Holdings, the Borrower or any other Loan Party arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby,
the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, or, in the case of the Administrative Agent and the Collateral Agent (and any
sub-agent of either of the foregoing) and its Related Parties only, the administration of this Agreement and the other Loan Documents, (ii) any Loan or the use or proposed use of the proceeds therefrom, (iii) any actual or alleged presence
or release of Materials of Environmental Concern on or from any property owned or operated by Holdings or any of its Subsidiaries, or any Environmental Liability related in any way to Holdings or any of its Subsidiaries, or (iv) any actual or
prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower or any other Loan Party, and regardless of whether
any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction
by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee. 
 (c)
Reimbursement by Lenders. To the extent that any of the Loan Parties for any reason fails to indefeasibly pay any amount required under subsection (a) or (b) of this Section to be paid by it to the Administrative Agent or the Collateral
Agent (or any sub-agent of either of the foregoing) or any Related Party of any of the foregoing, but without limiting the obligation of Holdings and the Borrower to do so, each Lender severally agrees to pay to the Administrative Agent or the
Collateral Agent (or any such sub-agent) or such Related Party, as the case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount,
provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent or the Collateral Agent (or any such sub-agent) in its
capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent or the Collateral Agent (or any such sub-agent) in connection with such capacity. The obligations of the Lenders under this subsection
(c) are subject to the provisions of Section 2.09(e). 
 (d) Waiver of Consequential Damages, Etc. To the
fullest extent permitted by applicable law, neither Holdings nor the Borrower shall assert, and hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to
direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or the use of the
proceeds thereof. No Indemnitee referred to in subsection (b) above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed to such unintended recipients by such Indemnitee
through 

  
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telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby other
than for direct or actual damages resulting from the gross negligence or willful misconduct of such Indemnitee as determined by a final and nonappealable judgment of a court of competent jurisdiction. 

(e) Payments. All amounts due under this Section shall be payable not later than ten (10) Business Days after demand therefor.

 (f) Survival. The agreements in this Section shall survive the resignation of the Administrative Agent or the Collateral
Agent, as applicable, the replacement of any Lender and the repayment, satisfaction or discharge of all the other Obligations. 

10.05 Payments Set Aside. To the extent that any payment by or on behalf of the Borrower is made to the Administrative Agent, the
Collateral Agent or any Lender, or the Administrative Agent, the Collateral Agent or any Lender exercises its right of set-off, and such payment or the proceeds of such set-off or any part thereof is subsequently invalidated, declared to be
fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Administrative Agent, the Collateral Agent or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in
connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if
such payment had not been made or such set-off had not occurred, and (b) each Lender severally agrees to pay to the Administrative Agent or the Collateral Agent, as applicable, upon demand its applicable share (without duplication) of any
amount so recovered from or repaid by the Administrative Agent or Collateral Agent, as applicable, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the Federal Funds Rate from time to
time in effect. The obligations of the Lenders under clause (b) of the preceding sentence shall survive the payment in full of the Obligations and the termination of this Agreement. 

10.06 Successors and Assigns. 
 (a) Successors and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted
hereby, except that neither the Borrower nor any other Loan Party may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender and no Lender may assign or
otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of Section 10.06(b), (ii) by way of participation in accordance with the provisions of
Section 10.06(d), or (iii) by way of pledge or assignment of a security interest subject to the restrictions of Section 10.06(f) (and any other attempted assignment or transfer by any party hereto shall be null and
void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in subsection
(d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Collateral Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this
Agreement. 
 (b) Assignments by Lenders. Any Lender may at any time assign to one or more assignees all or a portion of
its rights and obligations under this Agreement (including all or a portion of the Loans at the time owing to it); provided that any such assignment shall be subject to the following conditions: 

(i) Minimum Amounts. 

  
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 (A) in the case of an assignment of the entire remaining amount of the Loans
at the time owing to it or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and 
 (B) in any case not described in subsection (b)(i)(A) of this Section, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment, determined as of the date the
Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than US$1,000,000, unless each of
the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); provided, however, that concurrent assignments to members of
an Assignee Group and concurrent assignments from members of an Assignee Group to a single Eligible Assignee (or to an Eligible Assignee and members of its Assignee Group) will be treated as a single assignment for purposes of determining whether
such minimum amount has been met; 
 (ii) Proportionate Amounts. Each partial assignment shall be made as
an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loans assigned; 
 (iii) Required Consents. No consent shall be required for any assignment except to the extent required by subsection (b)(i)(B) of this Section and, in addition: 

(A) the consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless
(1) an Event of Default has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; provided that the Borrower shall be deemed to have consented
to any such assignment unless it shall object thereto by written notice to the Administrative Agent within 5 Business Days after having received notice thereof; and 

(B) the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required
for assignments in respect of any Loan to a Person that is not a Lender, an Affiliate of a Lender or an Approved Fund. 
 (iv) Assignment and Assumption. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of
US$3,500; provided, however, that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee, if it shall not be a Lender, shall deliver to the Administrative
Agent an Administrative Questionnaire. 
 (v) No Assignment to Natural Persons. No such assignment shall
be made to a natural person. 
 (vi) No assignment to Holdings or any Affiliated Lender. No such
assignment shall be made to Holdings or any Affiliated Lender if after giving effect thereto (i) the aggregate Loans held collectively by Holdings and any Affiliated Lender exceeds 25% of the principal amount of Loans or (ii) such
Affiliated Lender is not a bona fide diversified fund with significant debt investments managed by a 

  
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Person with fiduciary duties owed to such fund. This clause (vi) shall not apply to assignments made by the Administrative Agent in connection with the initial syndication of the Loans.

 (vii) Restrictions on Assignments to Tax Related Parties. Without the consent of the Administrative
Agent, no such assignment shall be made to any Lender, if after giving effect to such Assignment, the Lender bears a relationship to the Borrower described in Section 108(e)(4) of the Code; provided that consent shall not be required to
the extent the Borrower is able to establish to the reasonable satisfaction of the Administrative Agent that, as a result of such assignment, the assigned portion of the Loan will not have original issue discount for U.S. federal income tax
purposes, or will have an amount of original issue discount for U.S. federal income tax purposes that is exactly equal to the amount of original issue discount, if any, on the remaining Loan. 

Subject to acceptance and recording thereof by the Administrative Agent pursuant to subsection (c) of this Section, from and after
the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender
under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption
covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 3.01, 3.04, 3.05 and
10.04 with respect to facts and circumstances occurring prior to the effective date of such assignment). Upon request, the Borrower (at its expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a
Lender of rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with
Section 10.06(d). 
 (c) Register. The Administrative Agent, acting solely for this purpose as an agent of
the Borrower, shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and principal amounts of the Loans owing
to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is
recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable
time and from time to time upon reasonable prior notice. 
 (d) Participations. Any Lender may at any time, without the
consent of, or notice to, the Borrower or the Administrative Agent, sell participations to any Person (other than a natural person or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in
all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged,
(ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, (iii) the Borrower, the Administrative Agent, the Collateral Agent and the Lenders shall continue to deal solely and
directly with such Lender in connection with such Lender’s rights and obligations under this Agreement and (iv) no such participations shall be made to any Participant, without the consent of the Administrative Agent, if after giving
effect to such participation, the Participant bears a relationship to the Borrower described in Section 108(e)(4) of the Code; provided further that consent shall not be required to the extent the Borrower is able to establish to the
reasonable satisfaction of the Administrative Agent that, as a result of such participation, the participated portion of the Loan will not have original issue discount for U.S. federal income tax purposes, or will have an amount of original issue
discount for U.S. federal income tax purposes that is exactly equal to the amount of original issue 

  
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discount, if any, on the remaining Loan. Each Lender that sells a participation shall maintain a register on which it enters the name and address of each Participant and the principal amounts of
each Participant’s interest in the Loans held by it (the “Participant Register”). The entries in the Participant Register shall be conclusive, and such Lender shall treat each Person whose name is recorded in the Participant
Register as the owner of such Loan for all purposes of this Agreement notwithstanding any notice to the contrary. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole
right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant,
agree to any amendment, waiver or other modification described in the first proviso to Section 10.01 that directly affects such Participant. Subject to subsection (e) of this Section, the Borrower agrees that each Participant shall
be entitled to the benefits of Sections 3.01, 3.04 and 3.05 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 10.06(b) so long as the Participant provides
documentation required under Section 3.01 as if it were a Lender. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.08 as though it were a Lender, provided such
Participant agrees to be subject to Section 2.10 as though it were a Lender. 
 (e) Limitations upon Participant
Rights. A Participant shall not be entitled to receive any greater payment under Section 3.01 or 3.04 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant,
unless the sale of the participation to such Participant is made with the Borrower’s prior written consent. 
 (f)
Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or
assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party
hereto. 
 (g) Electronic Execution of Assignments. The words “execution,” “signed,”
“signature,” and words of like import in any Assignment and Assumption shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or
enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National
Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 
 10.07 Treatment of Certain Information; Confidentiality. Each of the Administrative Agent, the Collateral Agent and each Lender agrees to maintain the confidentiality of the Information (as defined
below), except that Information may be disclosed (subject to the Confidentiality restrictions of this Section 10.07) (a) to its Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees with
a need to know, agents, advisors and representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential),
(b) to the extent lawfully requested by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by
applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating
to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section 10.07, to (i) any assignee of
or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any actual or prospective counterparty (or 

  
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its advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (g) with the consent of the Borrower or (h) to the extent such Information
(i) becomes publicly available other than as a result of a breach of this Section or (ii) becomes available to the Administrative Agent, the Collateral Agent, any Lender or any of their respective Affiliates on a nonconfidential basis from
a source other than Holdings or the Borrower. Each of the Administrative Agent, the Collateral Agent and the Lenders further agrees to use the Information solely in connection with the extension of its Commitments under this Agreement and the
exercise of its rights and discharge of its obligations hereunder and under the other Loan Documents. 
 For purposes of this
Section, “Information” means all information received from any Loan Party or any Subsidiary thereof relating to any Loan Party or any Subsidiary thereof or their respective businesses, other than any such information that is
available to the Administrative Agent, the Collateral Agent or any Lender on a nonconfidential basis prior to disclosure by any Loan Party or any Subsidiary thereof, provided that, in the case of information received from a Loan Party or any
such Subsidiary after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have
complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. The confidentiality provisions set forth
in this Section shall terminate two years following the date on which all Obligations hereunder (other than contingent indemnification and expense reimbursement obligations not due and payable) have been paid in full. 

Each of the Administrative Agent, the Collateral Agent and the Lenders acknowledges that (a) the Information may include material
non-public information concerning Holdings, the Borrower or a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public information and (c) it will handle such material non-public
information in accordance with applicable Law, including Canadian Federal and provincial and U.S. Federal and state securities Laws. 
 10.08 Right of Set-off. If an Event of Default shall have occurred and be continuing, each Lender and each of their respective Affiliates is hereby authorized at any time and from time to time, to
the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time
owing by such Lender or any such Affiliate to or for the credit or the account of the Borrower or any other Loan Party against any and all of the obligations of the Borrower or such Loan Party now or hereafter existing under this Agreement or any
other Loan Document to such Lender that are then due and payable (after the expiration of all applicable cure and grace periods), irrespective of whether or not such Lender shall have made any demand under this Agreement or any other Loan Document
and although such obligations of the Borrower or such Loan Party are owed to a branch or office of such Lender different from the branch or office holding such deposit or obligated on such indebtedness. The rights of each Lender and their respective
Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender or their respective Affiliates may have. Each Lender agrees to notify the Borrower and the Administrative Agent promptly
after any such set-off and application, provided that the failure to give such notice shall not affect the validity of such set-off and application. 
 10.09 Interest Rate Limitation. Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum
rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). If the Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate or would result in receipt by that lender of
“interest” at a “criminal rate” (as such terms are construed under the Criminal Code (Canada)), the excess interest shall be applied to the principal of the Loans or, if

  
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it exceeds such unpaid principal, refunded to the Borrower. In determining whether the interest contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum
Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and
(c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder. 
 10.10 Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an
original, but all of which when taken together shall constitute a single contract. This Agreement and the other Loan Documents constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous
agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the
Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement by facsimile shall be
effective as delivery of a manually executed counterpart of this Agreement. 
 10.11 Survival of Representations and
Warranties. All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and
thereof. 
 10.12 Severability. If any provision of this Agreement or the other Loan Documents is held to be illegal,
invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith
negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a
particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 10.13
Replacement of Lenders. If (i) any Lender requests compensation under Section 3.04, (ii) Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant
to Section 3.01, (iii) a Lender (a “Non-Consenting Lender”) does not consent to a proposed change, waiver, discharge or termination with respect to any Loan Document that has been approved by the Supermajority
Lenders as provided in Section 10.01 but requires unanimous consent of all Lenders or all Lenders affected thereby (as applicable), (iv) any Lender is a Defaulting Lender or (v) any other circumstance exists hereunder that
gives the Borrower the right to replace a Lender as a party hereto, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in
accordance with and subject to the restrictions contained in, and consents required by, Section 10.06), all of its interests, rights and obligations under this Agreement and the related Loan Documents to an assignee that shall assume
such obligations (which assignee shall be reasonably acceptable to Borrower and may be another Lender, if such other Lender accepts such assignment), provided that: 
 (a) the Borrower shall have paid to the Administrative Agent the assignment fee specified in Section 10.06(b); 
 (b) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the
other Loan Documents (including any amounts under Section 3.05) from the assignee (to the 

  
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extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts); 
 (c) in the case of any such assignment resulting from a claim for compensation under Section 3.04 or payments required to be made pursuant to Section 3.01, such assignment will
result in a reduction in such compensation or payments thereafter; and 
 (d) such assignment does not conflict with applicable
Laws. 
 A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by
such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. 

10.14 Governing Law; Jurisdiction; Etc. 
 (a) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 (b) SUBMISSION TO JURISDICTION. EACH LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN
NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR
RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY
OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, THE COLLATERAL AGENT OR ANY LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS
AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 
 (c) WAIVER
OF VENUE. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT
OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN
INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. 
 (d) SERVICE OF PROCESS. THE
BORROWER HEREBY AGREES THAT SERVICE OF ALL WRITS, PROCESS AND SUMMONSES IN ANY SUIT, ACTION OR PROCEEDING BROUGHT UNDER THE LOAN DOCUMENTS IN THE STATE OF NEW YORK MAY BE MADE 

  
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UPON CT CORPORATION, PRESENTLY LOCATED AT 111 EIGHTH AVENUE, NEW YORK, NEW YORK 10011 (THE “PROCESS AGENT”), AND THE BORROWER HEREBY CONFIRMS AND AGREES THAT THE PROCESS AGENT HAS BEEN
DULY AND IRREVOCABLY APPOINTED AS ITS AGENT AND TRUE AND LAWFUL ATTORNEY-IN-FACT IN ITS NAME, PLACE AND STEAD TO ACCEPT SUCH SERVICE OF ANY AND ALL SUCH WRITS, PROCESS AND SUMMONSES, AND AGREES THAT THE FAILURE OF THE PROCESS AGENT TO GIVE ANY
NOTICE OF ANY SUCH SERVICE OF PROCESS TO THE BORROWER SHALL NOT IMPAIR OR AFFECT THE VALIDITY OF SUCH SERVICE OR OF ANY JUDGMENT BASED THEREON. 
 10.15 Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY
OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES
HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 10.16 No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby, each of Holdings and the Borrower acknowledges and agrees that (except as
expressly set forth in an engagement letter between Holdings or the Borrower and J.P. Morgan Securities Inc. or the Administrative Agent): (i) the facility provided for hereunder and any related arranging or other services in connection
therewith (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document) are an arm’s-length commercial transaction between the Borrower and its Affiliates, on the one hand, and the
Administrative Agent, the Collateral Agent and the Arrangers, on the other hand, and the Borrower is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions contemplated hereby and by
the other Loan Documents (including any amendment, waiver or other modification hereof or thereof); (ii) in connection with the process leading to such transaction, the Administrative Agent, the Collateral Agent and each Arranger is and has
been acting solely as a principal and is not the financial advisor, agent or fiduciary, for Holdings, the Borrower, or any of its Affiliates, stockholders, creditors or employees or any other Person; (iii) neither the Administrative Agent, the
Collateral Agent nor any Arranger has assumed or will assume an advisory, agency or fiduciary responsibility in favor of Holdings or the Borrower with respect to any of the transactions contemplated hereby or the process leading thereto, including
with respect to any amendment, waiver or other modification hereof or of any other Loan Document (irrespective of whether the Administrative Agent, the Collateral Agent or any other Arranger has advised or is currently advising Holdings or the
Borrower or any of its Affiliates on other matters) and neither the Administrative Agent, the Collateral Agent nor any Arranger has any obligation to Holdings or the Borrower or any of its Affiliates with respect to the transactions contemplated
hereby except those obligations expressly set forth herein and in the other Loan Documents; (iv) the Administrative Agent, the Collateral Agent and the Arrangers and their respective Affiliates may be engaged in a broad range of transactions
that involve interests that differ from those of Holdings or the Borrower and their Affiliates, and neither the Administrative Agent, the Collateral Agent nor any Arranger has any obligation to disclose any of such interests by virtue of any
advisory, agency or fiduciary relationship; and (v) the Administrative Agent, the Collateral Agent and the Arrangers have not provided and will not provide any legal, accounting, regulatory or tax advice with respect to any of the transactions
contemplated hereby 

  
 103

 
(including any amendment, waiver or other modification hereof or of any other Loan Document) and Holdings and the Borrower have consulted its own legal, accounting, regulatory and tax advisors to
the extent it has deemed appropriate. Each of Holdings and the Borrower hereby waives and releases, to the fullest extent permitted by law, any claims that it may have against the Administrative Agent, the Collateral Agent and the Arrangers with
respect to any breach or alleged breach of agency or fiduciary duty. 
 10.17 USA PATRIOT Act Notice. Each Lender that is
subject to the Act (as hereinafter defined) and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law
October 26, 2001)) (the “Act”), it is required to obtain, verify and record information that identifies each Loan Party, which information includes the name and address of each Loan Party and other information that will allow such
Lender or the Administrative Agent, as applicable, to identify each Loan Party in accordance with the Act. 
 10.18
Anti-Money Laundering Legislation. (a) Each of Holdings and the Borrower acknowledges that, pursuant to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada) and other applicable anti-money laundering, anti-terrorist
financing, government sanction and “know your client” Laws (collectively, including any guidelines or orders thereunder, “AML Legislation”), the Lenders and the Administrative Agent may be required to obtain, verify and record
information regarding Holdings, the Borrower, their directors, authorized signing officers, direct or indirect shareholders or other Persons in control of Holdings and the Borrower, and the transactions contemplated hereby. Each of Holdings and the
Borrower shall promptly provide all such information, including supporting documentation and other evidence, as may be reasonably requested by any Lender or the Administrative Agent, or any prospective assignee or participant of a Lender or the
Administrative Agent, in order to comply with any applicable AML Legislation, whether now or hereafter in existence. 
 (b) If
the Administrative Agent has ascertained the identity of Holdings or the Borrower or any authorized signatories of Holdings or the Borrower for the purposes of applicable AML Legislation, then the Administrative Agent: 

(i) shall be deemed to have done so as an agent for each Lender, and this Agreement shall constitute a “written
agreement” in such regard between each Lender and the Administrative Agent within the meaning of applicable AML Legislation; and 
 (ii) shall provide to each Lender copies of all information obtained in such regard without any representation or warranty as to its accuracy or completeness. 

Notwithstanding the preceding sentence and except as may otherwise be agreed in writing, each of the Lenders agrees that the Administrative Agent has no
obligation to ascertain the identity of Holdings or the Borrower or any authorized signatories of Holdings or the Borrower on behalf of any Lender, or to confirm the completeness or accuracy of any information it obtains from Holdings or the
Borrower or any such authorized signatory in doing so. 
 10.19 Intercreditor Agreements. Notwithstanding anything herein
to the contrary, the lien and security interest granted to the Collateral Agent pursuant to the Collateral Documents and the exercise of any right or remedy by the Administrative Agent or the Collateral Agent hereunder or under any other Loan
Document are subject to the provisions of the Intercreditor Agreements. In the event of any conflict between the terms of the Intercreditor Agreements, this Agreement and any other Loan Document 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, 

  
 104

 
and notwithstanding anything herein to the contrary, all rights and remedies of the Administrative Agent and the Collateral Agent (and the Lenders and the other Secured Parties) with respect to
the Collateral shall be subject to the terms of the Intercreditor Agreements, and any obligation of any Loan Party hereunder or under any other Loan Document with respect to the delivery or control of any ABL Priority Collateral, the novation 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 in connection with any ABL
Priority Collateral, shall be deemed to be satisfied if such Loan Party complies with the requirements of the similar provision of the applicable ABL Document. 
 ARTICLE XI 
 GUARANTY 

11.01 Guaranty. Each Guarantor hereby agrees that it is jointly and severally liable for, and, as primary obligor and not merely
as surety, absolutely and unconditionally guarantees to the Secured Parties the prompt payment when due, whether at stated maturity, upon acceleration or otherwise, and at all times thereafter, of the Secured Obligations and all reasonable
out-of-pocket costs and reasonable expenses including, without limitation, all court costs and reasonable attorneys’ and paralegals’ fees and expenses paid or incurred by the Administrative Agent and the Secured Parties in endeavoring to
collect all or any part of the Secured Obligations from, or in prosecuting any action against, the Borrower or any other Guarantor of all or any part of the Secured Obligations (such costs and expenses, together with the Secured Obligations,
collectively the “Guaranteed Obligations”). Each Guarantor further agrees that the Guaranteed Obligations may be extended or renewed in whole or in part without notice to or further assent from it, and that it remains bound upon its
guarantee notwithstanding any such extension or renewal. All terms of this Guaranty apply to and may be enforced by or on behalf of any domestic or foreign branch or Affiliate of any Secured Party that extended any portion of the Guaranteed
Obligations. 
 11.02 Guaranty of Payment. This Guaranty is a guaranty of payment and not of collection. Each Guarantor
waives any right to require the Administrative Agent or any Secured Party to sue the Borrower, any other Guarantor, any other guarantor, or any other person obligated for all or any part of the Guaranteed Obligations (each, an “Obligated
Party”), or otherwise to enforce its payment against any collateral securing all or any part of the Guaranteed Obligations. 
 11.03 No Discharge or Diminishment of Guaranty. (a) Except as otherwise provided for herein, the obligations of each Guarantor hereunder are unconditional and absolute and not subject to any
reduction, limitation, impairment or termination for any reason (other than the indefeasible payment in full in cash of the Guaranteed Obligations), including: (i) any claim of waiver, release, extension, renewal, settlement, surrender,
alteration, or compromise of any of the Guaranteed Obligations, by operation of law or otherwise; (ii) any change in the corporate existence, structure or ownership of the Borrower or any other guarantor of or other person liable for any of the
Guaranteed Obligations; (iii) any insolvency, bankruptcy, reorganization or other similar proceeding affecting any Obligated Party, or their assets or any resulting release or discharge of any obligation of any Obligated Party; or (iv) the
existence of any claim, setoff or other rights which any Guarantor may have at any time against any Obligated Party, the Administrative Agent, any Secured Party, or any other person, whether in connection herewith or in any unrelated transactions.

 (b) The obligations of each Guarantor hereunder are not subject to any defense or setoff, counterclaim, recoupment, or
termination whatsoever by reason of the invalidity, illegality, or unenforceability of any of the Guaranteed Obligations or otherwise, or any provision of applicable law or regulation purporting to prohibit payment by any Obligated Party, of the
Guaranteed Obligations or any part thereof. 

  
 105

 (c) Further, the obligations of any Guarantor hereunder are not discharged or impaired or
otherwise affected by: (i) the failure of the Administrative Agent or any Secured Party to assert any claim or demand or to enforce any remedy with respect to all or any part of the Guaranteed Obligations; (ii) any waiver or modification
of or supplement to any provision of any agreement relating to the Guaranteed Obligations; (iii) any release, non-perfection, or invalidity of any indirect or direct security for the obligations of the Borrower for all or any part of the
Guaranteed Obligations or any obligations of any other guarantor of or other person liable for any of the Guaranteed Obligations; (iv) any action or failure to act by the Administrative Agent, the Collateral Agent or any Secured Party with
respect to any collateral securing any part of the Guaranteed Obligations; or (v) any default, failure or delay, willful or otherwise, in the payment or performance of any of the Guaranteed Obligations, or any other circumstance, act, omission
or delay that might in any manner or to any extent vary the risk of such Guarantor or that would otherwise operate as a discharge of any Guarantor as a matter of law or equity (other than the indefeasible payment in full in cash of the Guaranteed
Obligations). 
 11.04 Defenses Waived. To the fullest extent permitted by applicable law, each Guarantor hereby waives
any defense based on or arising out of any defense of the Borrower or any other Guarantor or the unenforceability of all or any part of the Guaranteed Obligations from any cause, or the cessation from any cause of the liability of the Borrower or
any other Guarantor, other than the indefeasible payment in full in cash of the Guaranteed Obligations. Without limiting the generality of the foregoing, each Guarantor irrevocably waives acceptance hereof, presentment, demand, protest and, to the
fullest extent permitted by law, any notice not provided for herein, as well as any requirement that at any time any action be taken by any person against any Obligated Party, or any other person. The Collateral Agent may, at its election, realize
upon or otherwise dispose of any Collateral held by it by one or more judicial or nonjudicial sales, accept an assignment of any such Collateral or otherwise act or fail to act with respect to any collateral securing all or a part of the Guaranteed
Obligations, compromise or adjust any part of the Guaranteed Obligations, make any other accommodation with any Obligated Party or exercise any other right or remedy available to it against any Obligated Party, without affecting or impairing in any
way the liability of such Guarantor under this Guaranty except to the extent the Guaranteed Obligations have been fully and indefeasibly paid in cash. To the fullest extent permitted by applicable law, each Guarantor waives any defense arising out
of any such election even though that election may operate, pursuant to applicable law, to impair or extinguish any right of reimbursement or subrogation or other right or remedy of any Guarantor against any Obligated Party or any security.

 11.05 Rights of Subrogation. No Guarantor will assert any right, claim or cause of action, including, without
limitation, a claim of subrogation, contribution or indemnification that it has against any Obligated Party, or any collateral, until all Guaranteed Obligations (other than contingent indemnification and expense reimbursement obligations not due and
payable) have been paid in full. 
 11.06 Reinstatement; Stay of Acceleration. If at any time any payment of any portion
of the Guaranteed Obligations is rescinded or must otherwise be restored or returned upon the insolvency, bankruptcy, or reorganization of the Borrower or otherwise, each Guarantor’s obligations under this Guaranty with respect to that payment
shall be reinstated at such time as though the payment had not been made and whether or not the Administrative Agent and the Secured Parties are in possession of this Guaranty. If acceleration of the time for payment of any of the Guaranteed
Obligations is stayed upon the insolvency, bankruptcy or reorganization of the Borrower, all such amounts otherwise subject to acceleration under the terms of any agreement relating to the Guaranteed Obligations shall nonetheless be payable by the
Guarantors forthwith on demand by the Secured Party. 
 11.07 Information. Each Guarantor assumes all responsibility for
being and keeping itself informed of the Borrower’s financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope and extent of the risks that each

  
 106

 
Guarantor assumes and incurs under this Guaranty, and agrees that neither the Administrative Agent nor any Secured Party shall have any duty to advise any Guarantor of information known to it
regarding those circumstances or risks. 
 11.08 Maximum Liability. The provisions of this Guaranty are severable, and in
any action or proceeding involving any corporate law, or any provincial, state, federal or foreign bankruptcy, insolvency, reorganization or other law affecting the rights of creditors generally, if the obligations of any Guarantor under this
Guaranty would otherwise be held or determined to be avoidable, invalid or unenforceable on account of the amount of such Guarantor’s liability under this Guaranty, then, notwithstanding any other provision of this Guaranty to the contrary, the
amount of such liability shall, without any further action by the Guarantors or the Secured Parties, be automatically limited and reduced to the highest amount that is valid and enforceable as determined in such action or proceeding (such highest
amount determined hereunder being the relevant Guarantor’s “Maximum Liability”). This Section with respect to the Maximum Liability of each Guarantor is intended solely to preserve the rights of the Secured Parties to the
maximum extent not subject to avoidance, invalidity or unenforceability under applicable law, and no Guarantor nor any other person or entity shall have any right or claim under this Section with respect to such Maximum Liability, except to the
extent necessary so that the obligations of any Guarantor hereunder shall not be rendered voidable under applicable law. Each Guarantor agrees that the Guaranteed Obligations may at any time and from time to time exceed the Maximum Liability of each
Guarantor without impairing this Guaranty or affecting the rights and remedies of the Secured Parties hereunder, provided that, nothing in this sentence shall be construed to increase any Guarantor’s obligations hereunder beyond its Maximum
Liability. 
 11.09 Contribution. In the event any Guarantor (a “Paying Guarantor”) shall make any
payment or payments under this Guaranty or shall suffer any loss as a result of any realization upon any collateral granted by it to secure its obligations under this Guaranty, each other Guarantor (each a “Non-Paying Guarantor”)
shall contribute to such Paying Guarantor an amount equal to such Non-Paying Guarantor’s Applicable Percentage of such payment or payments made, or losses suffered, by such Paying Guarantor. For purposes of this Article XI, each
Non-Paying Guarantor’s “Applicable Percentage” with respect to any such payment or loss by a Paying Guarantor shall be determined as of the date on which such payment or loss was made by reference to the ratio of (i) such
Non-Paying Guarantor’s Maximum Liability as of such date (without giving effect to any right to receive, or obligation to make, any contribution hereunder) or, if such Non-Paying Guarantor’s Maximum Liability has not been determined, the
aggregate amount of all monies received by such Non-Paying Guarantor from the Borrower after the date hereof (whether by loan, capital infusion or by other means) to (ii) the aggregate Maximum Liability of all Guarantors hereunder (including
such Paying Guarantor) as of such date (without giving effect to any right to receive, or obligation to make, any contribution hereunder), or to the extent that a Maximum Liability has not been determined for any Guarantor, the aggregate amount of
all monies received by such Guarantors from the Borrower after the date hereof (whether by loan, capital infusion or by other means). Nothing in this provision shall affect any Guarantor’s several liability for the entire amount of the
Guaranteed Obligations (up to such Guarantor’s Maximum Liability). Each of the Guarantors covenants and agrees that its right to receive any contribution under this Guaranty from a Non-Paying Guarantor shall be subordinate and junior in right
of payment to the payment in full in cash of the Guaranteed Obligations. This provision is for the benefit of all of the Administrative Agent, the Secured Parties and the Guarantors and may be enforced by any one, or more, or all of them in
accordance with the terms hereof. 
 11.10 Liability Cumulative. The liability of each Loan Party as a Guarantor under
this Article XI is in addition to and shall be cumulative with all liabilities of each Loan Party to the Administrative Agent and the Secured Parties under this Agreement and the other Loan Documents to which such Loan Party is a party or in
respect of any obligations or liabilities of the other Loan Parties, without any 

  
 107

 
limitation as to amount, unless the instrument or agreement evidencing or creating such other liability specifically provides to the contrary. 

  
 108

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first
above written. 
  

			
	POSTMEDIA NETWORK CANADA CORP.
		
	By:	 	/s/ Paul Godfrey
	Name:	 	Paul Godfrey
	Title:	 	President and Chief Executive Officer
	
	POSTMEDIA NETWORK INC.
		
	By:	 	/s/ Paul Godfrey
	Name:	 	Paul Godfrey
	Title:	 	President and Chief Executive Officer

  
 109

 
			
	 JPMORGAN CHASE BANK, N.A.,
 as Administrative Agent and as a Lender

		
	By:	 	/s/ Peter B. Thauer
	Name:	 	Peter B. Thauer
	Title:	 	Executive Director
	
	 MORGAN STANLEY SENIOR FUNDING, INC.
 as Syndication Agent

		
	By:	 	/s/ Lisa M. Hanson
	Name:	 	Lisa M. Hanson
	Title:	 	Authorized Signatory
	
	 BANK OF MONTREAL
 as Co-Documentation Agent and Lender

		
	By:	 	/s/ Martin Stevenson
	Name:	 	Martin Stevenson
	Title:	 	Director
	
	 CANADIAN IMPERIAL BANK OF COMMERCE
 as Co-Documentation Agent and Lender

		
	By:	 	/s/ William J. Chrumka
	Name:	 	William J. Chrumka
	Title:	 	Executive Director
	
	 CANADIAN IMPERIAL BANK OF COMMERCE
 as Co-Documentation Agent and Lender

		
	By:	 	/s/ Stephen Redding
	Name:	 	Stephen Redding
	Title:	 	Executive Director
	
	 THE BANK OF NOVA SCOTIA
 as Co-Documentation Agent and Lender

		
	By:	 	/s/ Daniel Grouix
	Name:	 	Daniel Grouix
	Title:	 	Managing Director
	
	 THE BANK OF NOVA SCOTIA
 as Co-Documentation Agent and Lender

		
	By:	 	/s/ Heather Wylie
	Name:	 	Heather Wylie
	Title:	 	Director
	
	 ROYAL BANK OF CANADA
 as Co-Documentation Agent and Lender

		
	By:	 	/s/ Thomas Paton
	Name:	 	Thomas Paton
	Title:	 	Authorized Signatory
	
	 THE TORONTO-DOMINION BANK
 as Co-Documentation Agent and Lender

		
	By:	 	/s/ Gouri Yajaman
	Name:	 	Gouri Yajaman
	Title:	 	Vice President & Director
	
	 THE TORONTO-DOMINION BANK
 as Co-Documentation Agent and Lender

		
	By:	 	/s/ Sundeep Dhillon
	Name:	 	Sundeep Dhillon
	Title:	 	VP

  
 110PLEDGE AND SECURITY AGREEMENT dated as of July 13, 2010

 Exhibit 10.2 
 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 “Borrower”), each of the other signatories hereto (together with the Borrower, each a “Grantor”, and collectively, the
“Grantors”), and JPMorgan Chase Bank, N.A., in its capacity as administrative agent (in such capacity, the “Administrative Agent”) and collateral agent (in such capacity, the “Collateral Agent”) for
the Secured Parties referred to below. 
 PRELIMINARY STATEMENT 

WHEREAS, the Lenders have severally agreed to make extensions of credit to the Borrower pursuant to the Term Loan Credit Agreement, dated
as of July 13, 2010 (as such agreement may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) among, inter alios, the Borrower, Postmedia Network
Canada Corp., a Canada corporation (“Holdings”), the other guarantors from time to time party thereto, each lender from time to time party thereto (collectively, the “Lenders” and individually, a
“Lender”), the Administrative Agent and the Collateral Agent, and the other agents party thereto, upon the terms and subject to the conditions set forth therein; 

WHEREAS, the Borrower is a member of an affiliated group of companies that includes each other Grantor; 

WHEREAS, the Borrower and the other Grantors are engaged in related businesses, and each Grantor will derive substantial direct and
indirect benefit from the making of the extensions of credit to the Borrower under the Credit Agreement; 
 WHEREAS, in order to
induce the Lenders to make their respective extensions of credit to the Borrower under the Credit Agreement, each of the Guarantors (as defined below) has guaranteed the obligations of the Borrower under the Credit Agreement; and 

WHEREAS, it is a further condition precedent to the obligation of the Lenders to make extensions of credit to the Borrower under the
Credit Agreement that the Grantors shall have executed and delivered this Security Agreement to the Administrative Agent and granted 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 to induce the Administrative Agent, the Collateral Agent, the other agents party
thereto and the Lenders to enter into the Credit Agreement and to induce the Lenders to make their respective extensions of credit to the Borrower thereunder and for other good and valuable consideration the receipt of which is hereby acknowledged,
each Grantor hereby agrees with the Administrative Agent and the Collateral Agent, for the ratable benefit of the Secured Parties, as follows: 
 ARTICLE I 
 DEFINITIONS 

1.1 Terms Defined in Credit Agreement. All capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms
in the Credit Agreement. 

 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 Intercreditor Agreement”
means the intercreditor agreement dated as of the date hereof among Morgan Stanley Senior Funding, Inc., as collateral agent for the ABL Lenders referred to therein, JPMorgan Chase Bank, N.A., as collateral agent for the Term Loan Lenders referred
to therein, and BNY Trust Company of Canada, as trustee for the Noteholders referred to therein, as such agreement may be amended, restated, amended and 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. 
 “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. 
 “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. 

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

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

  
 2 

 “Collection Account” shall have the meaning set forth in Section 4.9.

 “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. 

“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 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. 

  
 3 

 “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. 

“Guaranteed Obligations” means the “Guaranteed Obligations” under and as defined in the Credit Agreement,
including the guarantee obligations of the Guarantors under the Guaranty. 
 “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. 

“Issuers” means the collective reference to each issuer of any Investment Property. 

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

  
 4 

 “Lenders” means the lenders party to the Credit Agreement and their
successors and assigns. 
 “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 Intercreditor Agreement” means the
intercreditor agreement dated as of the date hereof among JPMorgan Chase Bank, N.A., as collateral agent for the Lenders and the other Secured Parties, and BNY Trust Company of Canada, as trustee for the Noteholders referred to therein, 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. 

“Obligations” means, (a) with respect to the Borrower, (x) the “Secured Obligations” (as defined in
the Credit Agreement) and (y) the Guaranteed Obligations and (b) with respect to any other Grantor, the Guaranteed Obligations. 
 “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 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. 
 “Permitted Liens” means Liens permitted pursuant to Section 7.01 of the Credit Agreement. 
 “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. 

  
 5 

 “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 Loan 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.

 “Section” means a numbered section of this Security Agreement, unless another document is specifically
referenced. 
 “Secured Parties” means the collective reference to (i) the Administrative Agent, the
Collateral Agent and the Lenders and (ii) each Secured Swap Counterparty and each Banking Services Provider (in the case of this clause (ii), solely to the extent such Secured Swap Counterparty or Banking Services Provider does not contest the
provisions set forth in Section 9.15 of the Credit Agreement). 
 “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. 
 “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 Priority Collateral” shall have the meaning set forth to such definition in the ABL Intercreditor Agreement.

  
 6 

 “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. 

“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’ delivery
of its next succeeding quarterly or annual financial statements under Section 6.01(a) or (b) of the Credit Agreement. 

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; 

  
 7 

	 	(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; 

  

	 	(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 Loan 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 Credit Agreement or any other Loan 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. 

  
 8 

 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. 
 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. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 
 Each Grantor represents and warrants to the Administrative Agent, 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. 

  
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 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 A. 
 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 Closing 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 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 Closing
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 Closing 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. 

  
 10 

 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. 

 

	 	(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 Agreement, 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 Closing Date none of the Pledged Collateral which represents Indebtedness owed to 

  
 11 

	 	 
such Grantor is subordinated in right of payment to other Indebtedness (other than such Indebtedness that is subordinated to the Obligations, Indebtedness under the Loan Documents and/or
Indebtedness under the ABL 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) 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 Administrative 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 

  
 12 

	 	 
that this Section 4.1(b) does not restrict the ability of such Grantor to incur or permit Permitted Liens in accordance with the Credit Agreement. 

 

	 	(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 7.03 of the Credit Agreement. 

  

	 	(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. 
 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 

  
 13 

 
Indebtedness, respectively) to the Collateral Agent (or the ABL Collateral Agent in accordance with the terms of the ABL Documents and the ABL Intercreditor Agreement), 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, in form and substance reasonably satisfactory to 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 Closing 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. 

  
 14 

	 	(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 Credit Agreement or any other Loan 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 Credit Agreement; 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 (which is a Subsidiary of such Grantor) of any Investment Property pledged by such Grantor hereunder to
(i) comply with any instruction received by it from the Collateral Agent in writing (and the 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 each 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,

  
 15 

	 	 
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. 

  

	 	(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’ delivery of its next succeeding financial statements under Sections 6.01(a) and 6.01(b) of the Credit Agreement. 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 

  
 16 

	 	 
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 Administrative
Agent 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 Administrative Agent of any one or more of such
rights, powers or remedies, provided that the Collateral Agent or the Administrative Agent 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 hereunder and under Section 6.07 of the Credit Agreement 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. 

 

	 	(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, in form and substance satisfactory to the Collateral Agent. 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 the Collateral Agent is satisfied, as determined by the Collateral Agent in its sole discretion, that no Event of Default is continuing, provided that,
the Collateral Agent shall not be required to deliver a De-Activation Notice more than twice 

  
 17 

	 	 
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 Borrower to the ABL Collateral Agent under the ABL Credit Documents have been paid and performed in full and the
ABL Collateral Agent has no further obligation to make any further advances to the Borrower under the ABL Credit Documents. 

  

	 	(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. In the case of accounts maintained with Lenders, the terms of such agreements shall be
subject to the provisions of Section 10.08 of the Credit Agreement regarding set-offs. 

 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 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 Credit Agreement, or any other Loan Document; provided that, this
Section 5.1(a) shall not be 

  
 18 

	 	 
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, and upon such other terms as the Collateral Agent may deem commercially reasonable; 

 

	 	(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 

 

	 	(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 Administrative Agent 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. 

  
 19 

	 	(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, to the extent that it deems appropriate for the purpose of preserving Collateral or its value or for any other purpose deemed appropriate by the Collateral
Agent, 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, if it so elects, 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 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; 

  
 20 

	 	(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, all in form and substance satisfactory to the Collateral Agent, 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 Administrative Agent or 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 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 

  
 21 

 
occurrence and during the continuance of an Event of Default, unless otherwise agreed by the Collateral Agent, all Indebtedness owing to it by the Borrower 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
Credit Agreement. 
 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 financing statements necessary or desirable in the Collateral Agent’s sole discretion 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 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) in such offices as the Collateral Agent in its sole discretion deems necessary or desirable 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 one or more agreements with the issuers of uncertificated securities which are Pledged Collateral or
with securities intermediaries holding Pledged Collateral as may be necessary or advisable 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 

  
 22 

	 	 
of the foregoing; provided that, this authorization shall not relieve such Grantor of any of its obligations under this Security Agreement or under the Credit Agreement.

  

	 	(b)	Each Grantor irrevocably authorizes the Collateral Agent, with effect upon the occurrence and during the continuance of an Event of Default, in the sole discretion of
the Collateral Agent 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 Credit Agreement. 

 

	 	(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. 

 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 

  
 23 

 
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 needed, 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 ABL Interecreditor Agreement, moneys which are required by any Loan 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 Loan Document, whether in connection
with the exercise of the remedies provided in this Security Agreement or in any other Loan 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 a Responsible 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’ certificate delivered by a Responsible 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 ABL Intercreditor Agreement, 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 

  
 24 

 
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 Credit Agreement and the other Loan
Documents. 
 7.3 Application of Moneys. All amounts deposited in the Collateral Accounts and Collection Accounts shall be deemed
received by the Collateral Agent in accordance with Section 8.03 of the Credit Agreement and shall, after having been credited to the applicable Collateral Account or Collection Account, as applicable, be applied (and allocated) subject to the
Intercreditor Agreement, by the Collateral Agent in accordance with Section 8.03 of the Credit Agreement. The balance, if any, after all of the Obligations have been satisfied, shall be deposited by the Collateral Agent into the Borrower’s
general operating account with the Collateral Agent or such other account designated by the Borrower. 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. 
 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 Administrative Agent, the Collateral Agent and each Grantor that neither the
Administrative Agent, 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 Credit Agreement or any other Loan 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 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 Credit Agreement or any other Loan Document is intended to, and nothing in this Security
Agreement, the Credit Agreement or any other Loan 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 

  
 25 

 
member or a shareholder, as applicable, of any ULC prior to such time, such provision shall be severed here from 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 an Issuer that is a ULC to cause or permit, the Collateral Agent or
any other Secured Party to: (a) be registered as a shareholder or member of such Issuer; (b) have any notation entered in their favour in the share register of such Issuer; (c) be held out as shareholders or members of such Issuer;
(d) receive, directly or indirectly, any dividends, property or other distributions from such Issuer by reason of the Collateral Agent holding the security interests over the ULC Shares; or (e) act as a shareholder or member of such
Issuer, or exercise any rights of a shareholder or member including the right to attend a meeting of shareholders of such Issuer 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 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 

  
 26 

 
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 in full payment of any Receivable such amount as the Collateral Agent in its sole discretion shall determine or abandon any Receivable, and any such action by the Collateral Agent
shall be commercially reasonable so long as the Collateral Agent acts in good faith based on information known to it at the time it takes any such action. 
 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 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, 4.11, 4.12 or 5.2 or in ARTICLE VII will cause
irreparable injury to the Collateral Agent and the 

  
 27 

 
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 Required
Lenders. 
 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 10.01 of the Credit Agreement. 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 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. 

  
 28 

 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 Administrative Agent, the Collateral Agent and their Affiliates (including the reasonable and documented fees, charges and disbursements of counsel for the Administrative Agent 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 Administrative Agent
or any other Secured Party (including the reasonable and documented fees, charges and disbursements of one counsel for the Administrative Agent 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 Credit Agreement and the other Loan
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. 
 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 Section 9.12 

  
 29 

 
of the Credit Agreement. Prior to such termination, the Collateral Agent shall release Liens on the Collateral as required by Section 9.12 of the Credit Agreement. 

8.16. Additional Grantors. Such Grantor acknowledges that, pursuant to Section 6.11 of the Credit Agreement, the Borrower is required
to cause each Person which (i) becomes a direct or indirect Subsidiary of Holdings (other than any Excluded Subsidiary) or (ii) ceases to qualify as an Excluded Subsidiary, in each case, after the Closing Date, to become a party hereto as
an additional Grantor (each such Person, an “Additional Grantor”) by executing and delivering a Joinder Agreement substantially in the form of Exhibit I to the Credit Agreement and 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 Administrative Agent 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 Administrative Agent’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. 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 Loan Documents and the Credit Agreement 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 Agreement. 
 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 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; 

  
 30 

	 	(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 10.02 of the Credit Agreement or at such other address of which the Collateral Agent or the Administrative Agent 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 Administrative Agent, the Collateral Agent or any Grantor hereunder shall be effected in the manner provided for in Section 10.02 of the Credit Agreement; 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 ADMINISTRATIVE AGENT 
 JPMorgan Chase Bank, N.A. has been appointed Collateral Agent and Administrative Agent for the Secured Parties hereunder pursuant to Section 9 of the Credit Agreement. It is expressly understood and
agreed by the parties to this Security Agreement that any authority conferred upon the Collateral Agent and Administrative Agent hereunder is subject to the terms of the delegation of authority made by the Lenders to the Collateral Agent and
Administrative Agent pursuant to the Credit Agreement, and that the Collateral Agent and Administrative Agent have agreed to act (and any 

  
 31 

 
successor Collateral Agent or Administrative Agent shall act) as such hereunder only on the express conditions contained in such Section 9. Any successor Collateral Agent or Administrative
Agent appointed pursuant to Section 9 of the Credit Agreement shall be entitled to all the rights, interests and benefits of the Collateral Agent and Administrative 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 Loan 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 ABL Intercreditor Agreement, and until the Discharge of the ABL Obligations (as defined in the ABL Intercreditor Agreement), (i) 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 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. 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. 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 Borrower. 
 [Signature Page Follows] 

  
 32 

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

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

General Counsel

	
	POSTMEDIA NETWORK CANADA CORP.
		
	By:	 	/s/ Steven Pasternak
		 	Name:	 	Steven Pasternak
		 	Title:	 	 Senior Vice President and

General Counsel

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

 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 JPMorgan Chase Bank, N.A., as Administrative Agent and Collateral Agent. The
undersigned agrees for the benefit of the Administrative Agent, 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

 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

 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) 

 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 JPMorgan Chase Bank, N.A., as the Administrative Agent and 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 JPMorgan Chase Bank, N.A, a national banking association
located at [ ], Attention: [ ], as Collateral Agent (the “Agent”) for the banks and other financial institutions or entities (the “Lenders”) parties to the Term Loan Credit Agreement, dated as of July 13, 2010
(as amended, supplemented 1 or otherwise modified from
time to time, the “Credit Agreement”), among Postmedia Network Inc., a Canada corporation (the “Borrower”), Postmedia Network Canada Corp., a Canada corporation (“Holdings”), each of the direct and
indirect Subsidiaries signatory thereto, the Lenders, and JPMorgan Chase Bank, N.A. Administrative Agent and Collateral Agent. 

W I T N E S S E T H: 

WHEREAS, pursuant to the Credit Agreement, the Lenders have severally agreed to make extensions of credit to the Borrower upon the terms
and subject to the conditions set forth therein; and 
 WHEREAS, in connection with the Credit Agreement, the Grantor has
executed and delivered a Pledge and Security Agreement, dated as of July 13, 2010, in favour of the Agent (together with all amendments and modifications, if any, from time to time thereafter made thereto, the “Security
Agreement”); 
 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, and in
order to induce the Lenders to make extensions of credit to the Borrower pursuant to the Credit Agreement, 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 
  

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

 
meanings provided or provided by reference in the Credit Agreement and the Security Agreement, as applicable. 
 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 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 Credit Agreement 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. 

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 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 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 Loan 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 ABL Intercreditor Agreement, and until the Discharge of ABL Obligations (as defined in the ABL Intercreditor Agreement), (i) 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 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. 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 pursuant to 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. 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 Borrower. 

 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:	 	

 
			
	 JPMORGAN CHASE BANK, N.A.,
 as Collateral Agent and Administrative Agent

		
	By:	 	 
	Name:	 	
	Title:	 	
	Date:	 	

 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 JPMorgan Chase Bank, N.A., as
administrative agent (in such capacity, the “Administrative Agent”) and 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 Canada Corp., a
Canada corporation (“Holdings”), Postmedia Network Inc., a Canada corporation (the “Borrower”), the Lenders , the Administrative Agent and the Collateral Agent have entered into a Term Loan Credit Agreement, dated
as of July 13, 2010 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”); 
 WHEREAS, in connection with the Credit Agreement, Holdings, the Borrower and certain of its Affiliates (other than the Additional Grantor) have entered into the Pledge and Security 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 Administrative Agent and the Collateral Agent for the ratable benefit of the Secured Parties;

 WHEREAS, the Credit Agreement 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 8.16 of the Pledge and Security Agreement, 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 Loan 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:	 	

 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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