Document:

<PAGE>

                                                                    EXHIBIT 10.1

                                                                  EXECUTION COPY

                      AMENDED AND RESTATED CREDIT AGREEMENT

                                      AMONG

                               THE HOCKEY COMPANY

                                       AND

                                SPORT MASKA INC.

                                 (as Borrowers)

                                       AND

                     CAISSE DE DEPOT ET PLACEMENT DU QUEBEC

                              (as Agent and Lender)

                                       AND

                             MONTREAL TRUST COMPANY

                                (as Paying Agent)

                                 MARCH 14, 2001

<PAGE>

                                TABLE OF CONTENTS

1.                 INTERPRETATION.............................................1
          1.1      DEFINITIONS................................................1
          1.2      HEADINGS AND TABLE OF CONTENTS............................13
          1.3      ACCOUNTING TERMS..........................................13
          1.4      CONVERSION TO OR FROM US DOLLARS..........................13
          1.5      TIME......................................................13
          1.6      GOVERNING LAW.............................................13
          1.7      ABSENCE OF NOVATION.......................................13

2.                 THE CREDIT................................................14
          2.1      OBLIGATION OF LENDERS AND TOTAL COMMITMENT................14
          2.2      AVAILABILITY OF THE CREDIT................................14
          2.3      COMMITMENT OF EACH LENDER.................................14
          2.4      UTILIZATIONS PROPORTIONAL TO COMMITMENTS..................14
          2.5      BORROWINGS UNDER THE CREDIT...............................15
          2.6      NOTICES OF UTILIZATION....................................15
          2.7      CONVERSIONS AND RENEWALS..................................15
          2.8      USE OF PROCEEDS...........................................16

3.                 PROVISIONS APPLICABLE TO ACCEPTANCES AND BA LOANS.........16
          3.1      PERIODS AND AMOUNTS.......................................16
          3.2      DISCOUNT AND ACCEPTANCE FEE...............................17
          3.3      SELECTION OF PERIODS......................................17
          3.4      ACCEPTANCE FORMS..........................................17
          3.5      AUTHORITY TO COMPLETE ACCEPTANCES.........................17
          3.6      RECORDS RESPECTING ACCEPTANCES............................18
          3.7      BA LOANS..................................................18

4.                 CONDITIONS PRECEDENT TO BORROWINGS........................18
          4.1      CONDITIONS PRECEDENT......................................18
          4.2      CONDITIONS PRECEDENT TO ALL BORROWINGS....................20
          4.3      WAIVER OF CONDITIONS PRECEDENT............................21
          4.4      RESTATEMENT OF REPRESENTATIONS AND WARRANTIES.............21

5.                 FEES AND INTEREST.........................................21
          5.1      RESTRUCTURING FEE.........................................21
          5.2      AGENCY FEE................................................21

                                        i
<PAGE>

          5.3      ACCEPTANCE FEES...........................................22
          5.4      DOLLAR LOANS..............................................22
          5.5      BA LOANS..................................................22
          5.6      ADDITIONAL INTEREST ON FACILITY 2 LOANS AND ACCEPTANCES...22
          5.7      CALCULATION OF RATES......................................23
          5.8      INTEREST ON ARREARS.......................................23

6.                 REPAYMENTS................................................23
          6.1      MANDATORY REPAYMENTS......................................23
          6.2      OPTIONAL REPAYMENTS.......................................24

7.                 PLACE, MANNER, CURRENCY AND APPLICATION OF PAYMENTS.......24
          7.1      PAYMENT TO LENDERS........................................24
          7.2      PLACE.....................................................25
          7.3      TIME......................................................25
          7.4      CURRENCY OF PAYMENTS......................................25
          7.5      PAYMENTS NET OF TAXES.....................................25
          7.6      PAYMENTS TO PAYING AGENT ON BEHALF OF LENDERS.............27
          7.7      APPLICATION OF PAYMENTS...................................27
          7.8      JUDGMENT CURRENCY.........................................28

8.                 REPRESENTATIONS AND WARRANTIES............................28
          8.1      CORPORATE EXISTENCE.......................................28
          8.2      CORPORATE POWER...........................................28
          8.3      CORPORATE ACTION..........................................29
          8.4      COMPLIANCE WITH LAWS......................................29
          8.5      ENVIRONMENTAL MATTERS.....................................29
          8.6      ACCURACY OF INFORMATION...................................29
          8.7      MATERIAL ADVERSE CHANGE...................................30
          8.8      EFFECT OF THIS AGREEMENT..................................30
          8.9      VALIDITY OF THIS AGREEMENT................................30
          8.10     LITIGATION................................................31
          8.11     DEFAULT...................................................31
          8.12     FINANCIAL STATEMENTS......................................31
          8.13     DEFECTS OF TITLE AND LIENS................................31
          8.14     TAX RETURNS...............................................31
          8.15     PENSIONS PLANS............................................31
          8.16     INTELLECTUAL PROPERTY.....................................32
          8.17     ASSETS OF JOFA HOLDING AB.................................33

                                       ii
<PAGE>

9.                 AFFIRMATIVE COVENANTS.....................................33
          9.1      PAYMENT OF PRINCIPAL AND INTEREST.........................33
          9.2      GOOD STANDING.............................................33
          9.3      CONDUCT OF BUSINESS.......................................33
          9.4      PAYMENT OF TAXES..........................................33
          9.5      INSURANCE.................................................34
          9.6      OBLIGATIONS UNDER CONTRACTS...............................34
          9.7      TRANSACTIONS WITH AFFILIATES..............................34
          9.8      BOOKS AND ACCOUNTS........................................35
          9.9      REPORTING REQUIREMENTS....................................35
          9.10     INSPECTIONS AND MONITORING................................36
          9.11     COMPLIANCE WITH LAWS AND REGULATIONS......................37
          9.12     APPROVALS.................................................37
          9.13     REPRESENTATIONS AND WARRANTIES............................37
          9.14     PERFECTION OF SECURITY....................................37
          9.15     NOTIFICATION OF DEFAULT...................................37
          9.16     HEDGING TRANSACTIONS......................................37
          9.17     PENSION PLANS AND ERISA...................................38
          9.18     BOARD REPRESENTATION......................................38
          9.19     FIRPTA CERTIFICATION......................................38
          9.20     SIGNATURE OF SALE AGREEMENT...............................38

10.                NEGATIVE COVENANTS........................................38
          10.1     NEGATIVE PLEDGE...........................................38
          10.2     DISPOSITION OF ASSETS.....................................39
          10.3     GUARANTEES................................................39
          10.4     SUBSIDIARIES AND AMALGAMATIONS............................39
          10.5     FISCAL YEAR...............................................40
          10.6     INCURRENCE OF INDEBTEDNESS................................40
          10.7     INSURANCE OF PREFERRED SHARES.............................40

11.                FINANCIAL COVENANTS.......................................40
          11.1     CAPITAL EXPENDITURES......................................41
          11.2     DIVIDENDS.................................................41
          11.3     INDEBTEDNESS TO EBITDA....................................41
          11.4     SENIOR INDEBTEDNESS TO EBITDA.............................41
          11.5     INTEREST COVERAGE RATIO...................................41
          11.6     INTERCOMPANY DIVIDENDS....................................42
          11.7     MINIMUM EBITDA............................................42

                                      iii
<PAGE>

12.                SECURITY..................................................42
          12.1     GRANTING OF SECURITY......................................42
          12.2     PURPOSE OF THE SECURITY...................................42
          12.3     RANKING OF THE SECURITY...................................42
          12.4     EVIDENCE OF THE SECURITY..................................43
          12.5     SECURITY BY FUTURE MATERIAL SUBSIDIARIES..................43

13.                EVENTS OF DEFAULT.........................................43
          13.1     EVENTS OF DEFAULT.........................................43
          13.2     REMEDIES..................................................45
          13.3     ADDITIONAL REMEDIES RESPECTING FACILITY 2.................46
          13.4     NOTICE OF DEFAULT.........................................46

14.                SHARING AND EQUALITY AMONG LENDERS.........................46
          14.1     DISTRIBUTION AMONG LENDERS.................................46
          14.2     EQUALITY AMONG THE LENDERS.................................47
          14.3     OTHER SECURITY.............................................47
          14.4     DIRECT PAYMENT TO A LENDER.................................47
          14.5     ADJUSTMENTS AMONG LENDERS..................................47

15.                THE AGENT AND THE LENDERS.................................47
          15.1     APPOINTMENT OF THE AGENT AND PAYING AGENT.................47
          15.2     ACTION BY AGENT...........................................48
          15.3     LIABILITY OF THE AGENT AND THE PAYING AGENT...............48
          15.4     NOTICES BY AGENT TO LENDERS...............................48
          15.5     MANNER OF DISBURSEMENT....................................49
          15.6     NON-CONTRIBUTION OF A LENDER..............................49
          15.7     NOTICES OF DEFAULT........................................49
          15.8     LIABILITY OF LENDERS......................................50
          15.9     INDEMNIFICATION...........................................50
          15.10    CREDIT DECISION...........................................50
          15.11    LEGAL PROCEEDINGS AND ENFORCEMENT MEASURES................50
          15.12    SHARING OF INFORMATION....................................51
          15.13    NO ASSOCIATION AMONG LENDERS..............................51
          15.14    SUCCESSOR AGENT AND PAYING AGENT..........................51
          15.15    OPTION OF LENDERS TO REPLACE A LENDER.....................52

16.                WAIVERS AND AMENDMENTS....................................52
          16.1     AMENDMENTS AND WAIVERS WITH THE APPROVAL OF THE
                   MAJORITY LENDERS..........................................52
          16.2     AMENDMENTS BY UNANIMOUS APPROVAL..........................52

                                       iv
<PAGE>

          16.3     AMENDMENTS WITH THE APPROVAL OF THE AGENT.................53
          16.4     BINDING EFFECT UPON LENDERS...............................53
          16.5     FAILURE TO ACT............................................53

17.                ASSIGNMENTS...............................................53
          17.1     ASSIGNMENTS...............................................53

18.                MISCELLANEOUS.............................................54
          18.1     BOOKS AND ACCOUNTS........................................54
          18.2     DETERMINATION.............................................55
          18.3     NOTES.....................................................55
          18.4     ORAL NOTICES OR INSTRUCTIONS..............................55
          18.5     UNASSIGNABILITY BY BORROWER...............................55
          18.6     EXPENSES..................................................55
          18.7     COMPENSATION..............................................56
          18.8     IRREVOCABILITY OF NOTICES OF UTILIZATION, CONVERSION,
                   RENEWAL OR REPAYMENT......................................56
          18.9     IRREGULAR NOTICE OF UTILIZATION, CONVERSION, RENEWAL
                   OR REPAYMENT..............................................56
          18.10    INDEMNIFICATION...........................................56
          18.11    LIABILITY OF BORROWERS....................................58
          18.12    PREVIOUS AGREEMENTS.......................................59
          18.13    LANGUAGE..................................................59
          18.14    SEVERABILITY..............................................59

19.                NOTICES...................................................59
          19.1     SENDING OF NOTICES........................................59
          19.2     RECEIPT OF NOTICES........................................60

20.       COUNTERPARTS.......................................................60

SCHEDULE "A".................................................................63
          Commitments of Lenders.............................................63

SCHEDULE "B".................................................................64
          Notice of Utilization (or Conversion or Renewal)...................64

SCHEDULE "C".................................................................65
          Plans and Multiple Employer Plans..................................65

SCHEDULE "D".................................................................66
          Intellectual Property..............................................66

                                       v
<PAGE>

SCHEDULE "E".................................................................67
          Officer's Certificate..............................................67

SCHEDULE "F".................................................................69
          Intercompany Loans.................................................69

SCHEDULE "G".................................................................70
          Certain Financial Tests............................................70

                                       vi
<PAGE>

AMENDED AND RESTATED CREDIT AGREEMENT entered into on the 14th day of March,
2001

AMONG                               THE HOCKEY COMPANY (formerly SLM
                                    International, Inc.), a corporation
                                    incorporated under the laws of Delaware and
                                    SPORT MASKA INC., a corporation incorporated
                                    under the laws of New Brunswick
                                    (individually a "Borrower" and collectively
                                    the "Borrowers");

AND                                 CAISSE DE DEPOT ET PLACEMENT DU QUEBEC, a
                                    corporation incorporated under the laws of
                                    Quebec, acting as agent for the Lenders (in
                                    such capacity, the "Agent");

AND                                 MONTREAL TRUST COMPANY, a trust company
                                    continued under the TRUST AND LOAN COMPANIES
                                    ACT (Canada) (the "Paying Agent");

AND                                 CAISSE DE DEPOT ET PLACEMENT DU QUEBEC, a
                                    corporation incorporated under the laws of
                                    Quebec, acting as a Lender ("Caisse").

                  WHEREAS the Borrowers, the Agent and Caisse entered into a
credit agreement dated November 19, 1998, as amended, pursuant to which
agreement a credit facility of $135,800,000 was made available to the Borrowers
(the "Existing Credit Facility");

                  WHEREAS the Borrowers, the Agent and Caisse wish to amend the
Existing Credit Facility to, INTER ALIA, extend the maturity date of the loans
made available thereunder, amend the rates of interest payable by the Borrowers
and provide for the issue of warrants to Caisse;

                  WHEREAS the parties wish to enter into this amended and
restated agreement to reflect such amendments.

                  NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS:

1.                INTERPRETATION

         1.1      DEFINITIONS

                  In this Agreement and the Schedules, as well as in all notices
pursuant to this Agreement, unless the context otherwise requires,

<PAGE>

                                      -2-

                  1.1.1    "Acceptance" means, either a depository bill, as
                           defined in the Depository Bills and Notes Act
                           (Canada) or a bill of exchange, as defined in the
                           Bills of Exchange Act (Canada) drawn by a Borrower on
                           a Lender and accepted by such Lender;

                  1.1.2    "Affiliate" has the meaning ascribed to such term in
                           the Canada Business Corporations Act, as amended;

                  1.1.3    "Agent" means Caisse de depot et placement du Quebec
                           and any successor agent appointed pursuant to Section
                           15.14;

                  1.1.4    "Agreement" or "Credit Agreement" means this amended
                           and restated credit agreement and the schedules
                           attached hereto, as the same may be amended or
                           supplemented from time to time;

                  1.1.5    "Agreement and Plan of Reorganization" means the
                           agreement dated as of October 6, 1998 among THC (the
                           successor of SLM International, Inc.), Sport Maska
                           Inc., SLM Acquisition Corp., and Sports Holdings
                           Corp. providing for the purchase by Sport Maska Inc.
                           of the shares of Tropsport Acquisitions Inc. and the
                           reorganization by way of merger of Sports Holdings
                           Corp. and SLM Acquisition Corp.;

                  1.1.6    "BA Loan" means a Borrowing in Dollars with respect
                           to which interest is calculated in whole or in part
                           on the basis of the BA Loan Rate;

                  1.1.7    "BA Loan Rate" means, for each BA Loan, an interest
                           rate per annum equal to the average discount rate of
                           bankers' acceptances in Dollars having periods
                           identical to the period of such BA Loan as quoted on
                           Reuters Service page CDOR as of approximately 10:00
                           a.m. (Montreal time) on the date such BA Loan is
                           made;

                  1.1.8    "Borrowers" means THC and Sport Maska Inc. and
                           "Borrower" means either of them;

                  1.1.9    "Borrowings" means the Loans and the Acceptances
                           which are made available to the Borrowers pursuant to
                           this Agreement and includes any conversion or renewal
                           thereof in accordance with the terms of this
                           Agreement;

                  1.1.10   "Business Day" means a day on which banks and the
                           Paying Agent are open for normal business over the
                           counter in the City of Montreal, Province of

<PAGE>

                                      -3-

                           Quebec, excluding Saturday and Sunday and any other
                           day which is a statutory holiday in such city;

                  1.1.11   "Caisse" means Caisse de depot et placement du
                           Quebec;

                  1.1.12   "Canadian Operating Credit" means the credit
                           agreement entered into on November 19, 1998 among
                           Sport Maska Inc. and Tropsport Acquisitions Inc., as
                           borrowers, General Electric Capital Canada Inc., as
                           agent and the lenders and credit parties referred to
                           therein, as same may be amended or supplemented from
                           time to time;

                  1.1.13   "Capital Expenditures" means, with respect to any
                           Person, all expenditures (by the expenditure of cash
                           or the incurrence of Indebtedness) by such Person for
                           any fixed assets or improvements or for replacements,
                           substitutions or additions thereto, that have a
                           useful life of more than one year and that are
                           required to be capitalized under GAAP, less any
                           amount of proceeds from any disposition of assets or
                           from property insurance to the extent that such
                           amount is used to make any such expenditure;

                  1.1.14   "Capitalized Interest" means additional interest
                           which will be calculated and capitalized at the end
                           of the period of the relevant Acceptance or BA Loan
                           in respect of which the Capitalized Interest has
                           accrued, or monthly on the first Business Day after
                           the end of each month in respect of Capitalized
                           Interest which has accrued on a Dollar Loan;

                  1.1.15   "Code" shall have the meaning provided in Section
                           8.14;

                  1.1.16   "Commitment" means, with respect to each Lender, its
                           obligation to make Borrowings available to the
                           Borrowers in an aggregate principal amount in Dollars
                           not exceeding its Lender's Proportion of the Facility
                           1 Commitment or the Facility 2 Commitment, as the
                           case may be;

                  1.1.17   "Credit" means the facilities provided by the Lenders
                           to the Borrowers pursuant to this Agreement;

                  1.1.18   "Default" means any event or circumstance which
                           constitutes an Event of Default or which, upon lapse
                           of time or the giving of a notice or both, would
                           constitute an Event of Default;

<PAGE>

                                      -4-

                  1.1.19   "Discount" means, with respect to any Acceptance, the
                           amount equal to the face value of the Acceptance,
                           multiplied by the Discount Rate and by the actual
                           number of days in the period of such Acceptance and
                           divided by 365;

                  1.1.20   "Discount Rate" means, with respect to any Acceptance
                           being issued hereunder on any date, the average
                           discount rate of bankers' acceptances in Dollars
                           having periods identical to the period of such
                           Acceptance as quoted on Reuters Service page CDOR as
                           of approximately 10:00 a.m. (Montreal time) on such
                           day;

                  1.1.21   "Dollar" and the symbol "$" mean lawful money of
                           Canada;

                  1.1.22   "Dollar Loan" means a loan denominated in Dollars and
                           bearing interest solely at the Prime Rate, plus the
                           margin provided for in this Agreement;

                  1.1.23   "EBITDA" means for any fiscal period of THC:

                           (a)  the consolidated net income (or net loss) of THC
                                and its Subsidiaries for such period, computed
                                and calculated in accordance with GAAP without
                                giving effect to any extraordinary or unusual
                                gains or losses, any gains or losses from the
                                sale or disposition of assets other than in the
                                ordinary course of business, or any
                                extraordinary, unusual or non-recurring expenses
                                or charges, including, without limitation,
                                restructuring charges (which restructuring
                                charges shall not exceed US$2,900,000 for fiscal
                                year 2001) and all fees paid to the consultant
                                appointed by the Agent pursuant to Section 9.10
                                PLUS (or MINUS),

                           (b)  to the extent that any of the items referred to
                                in any of clauses (i) through (iii) below were
                                deducted (or added) in calculating such net
                                income:

                                i)       consolidated interest expense
                                         (including, without limitation,
                                         amortization or charges of deferred
                                         financing fees, amortization of the
                                         Restructuring Fee, premiums or interest
                                         rate protection agreements and original
                                         issue discounts (including, without
                                         limitation, discounts or Acceptances),
                                         letter of credit fees, the portion of
                                         any capital lease payments which are
                                         allocated to interest expense and
                                         interest paid in kind) of THC and its
                                         Subsidiaries for such period;

                                ii)      income, capital or large corporation
                                         tax expense or benefit of THC and its
                                         Subsidiaries for such period;

<PAGE>
                                      -5-

                                iii)     the consolidated amount of all
                                         depreciation and amortization and all
                                         non-cash charges of THC and its
                                         Subsidiaries for such period, PLUS;

                           (c)  all fixed and all calculable dividend payments
                                on preferred stock;

                  1.1.24   "ERISA" means the Employee Retirement Income Security
                           Act of 1974, as amended from time to time, and the
                           regulations promulgated and rulings issued
                           thereunder;

                  1.1.25   "ERISA Event" means (a) (i) the occurrence of a
                           reportable event, within the meaning of Section
                           4043(c) of ERISA, with respect to any Plan unless the
                           30-day notice requirement with respect to such event
                           has been waived by the PBGC or (ii) the requirements
                           of Section 4043 (b) of ERISA apply with respect to a
                           contributing sponsor, as defined in Section 4001 (a)
                           (13) of ERISA, of a Plan, and an event described in
                           paragraph (9), (10), (11) or (13) of Section 4043 (c)
                           of ERISA is reasonably expected to occur with respect
                           to such Plan within the following 30 days; (b) the
                           application for a minimum funding waiver with respect
                           to a Plan; (c) the provision by the administrator of
                           any Plan of a notice of intent to terminate such
                           Plan, pursuant to Section 4041 (a) (2) of ERISA
                           (including any such notice with respect to a plan
                           amendment referred to in Section 4041 (e) of ERISA);
                           (d) the cessation of operations at a facility of any
                           Borrower or any Material Subsidiary in the
                           circumstances described in Section 4062 (e) of ERISA;
                           (e) the withdrawal by any Borrower or any Material
                           Subsidiary from a Multiple Employer Plan during a
                           plan year for which it was a substantial employer, as
                           defined in Section 4001 (a) (2) of ERISA; (f) the
                           conditions for imposition of a lien under Section 302
                           (f) of ERISA shall have been met with respect to any
                           Plan; (g) the adoption of an amendment to a Plan
                           requiring the provision of security to such Plan
                           pursuant to Section 307 of ERISA; or (h) the
                           institution by the PBGC of proceedings to terminate a
                           Plan pursuant to Section 4042 of ERISA, or the
                           occurrence of any event or condition described in
                           Section 4042 of ERISA that constitutes grounds for
                           the termination of, or the appointment of a trustee
                           to administer, such Plan, which in any such case
                           could reasonably be expected to have a Material
                           Adverse Effect;

                  1.1.26   "Event of Default" means any of the events or
                           circumstances set out in Section 13.1;

<PAGE>
                                      -6-

                  1.1.27   "Facility 1" means the facility in the maximum amount
                           of $90,000,000 made available to the Borrowers by the
                           Lenders pursuant to Section 2.1;

                  1.1.28   "Facility 1 Commitment" means the aggregate amount of
                           the credit available under Facility 1 as may be
                           adjusted from time to time as a result of repayments
                           made pursuant to this Agreement;

                  1.1.29   "Facility 1 Loans" mean the aggregate of the Dollar
                           Loans and the BA Loans made available under Facility
                           1;

                  1.1.30   "Facility 1 Maturity Date" shall mean June 30, 2004;

                  1.1.31   "Facility 2" means the facility in the maximum
                           aggregate amount equal to $45,800,000 plus the total
                           amount of Capitalized Interest made available to the
                           Borrowers by the Lenders pursuant to Section 2.1;

                  1.1.32   "Facility 2 Commitment" means the aggregate amount of
                           the credit available under Facility 2 as may be
                           adjusted from time to time as a result of repayments
                           made pursuant to this Agreement;

                  1.1.33   "Facility 2 Loans" mean the aggregate of the Dollar
                           Loans and the BA Loans made available under Facility
                           2;

                  1.1.34   "Facility 2 Maturity Date" shall mean October 31,
                           2002;

                  1.1.35   "GAAP" means generally accepted accounting principles
                           in the United States of America;

                  1.1.36   "Guarantee" means, with respect to any Person,
                           without duplication, any obligation, contingent or
                           otherwise (other than an endorsement for collection
                           or deposit in the ordinary course of business or a
                           guarantee of the obligations of a Subsidiary of such
                           Person in respect of trade payables incurred in the
                           ordinary course of business or resulting from banking
                           cash management systems) directly or indirectly
                           guaranteeing the payment or other performance of any
                           indebtedness or obligation of any other Person or
                           protecting a creditor of such Person from a loss
                           resulting from the failure by such Person to pay or
                           perform such indebtedness or obligation;

<PAGE>
                                      -7-

                  1.1.37   "Indebtedness" means, with respect to any Person,
                           without duplication: (i) indebtedness for monies
                           borrowed or raised, or for the purchase price of
                           property, goods or services more than 90 days past
                           due (but excluding such past due payables being
                           diligently contested in good faith or the non-payment
                           of which is being tolerated and for so long as such
                           tolerance lasts), and including obligations under
                           agreements relating to the issuance of letters of
                           credit or acceptance financing, (ii) obligations as
                           lessee under leases which shall have been or should
                           be recorded as capital leases in accordance with
                           GAAP, and (iii) obligations under Guarantees by such
                           Person in respect of liabilities and obligations
                           (contingent or otherwise) with respect to (i) and
                           (ii) above; for greater certainty, Indebtedness shall
                           not include trade debt incurred in the ordinary
                           course of business (except to the extent included in
                           (i) above) or monies borrowed or raised to the extent
                           of the amount of any letter of credit or guarantee of
                           any other Person which secures the repayment of such
                           monies and which is included in (i) above;

                  1.1.38   "Intercreditor Agreement" means, the agreement dated
                           as of November 19, 1998 and made among Caisse,
                           General Electric Capital Canada Inc., General
                           Electric Capital Corporation, the Borrowers and the
                           other parties named herein, as same may be amended or
                           supplemented from time to time;

                  1.1.39   "Interest Coverage Ratio" means, at any date of
                           determination, the ratio of (a) EBITDA to (b) net
                           interest expense (whether cash or non cash) of THC
                           and its Subsidiaries during the four consecutive
                           fiscal quarters most recently ended for which
                           financial statements are required to be delivered to
                           the Agent;

                  1.1.40   "Lenders" means Caisse, and the other lenders which
                           become parties hereto by way of an assignment made
                           pursuant to Section 17, in each case together with
                           their successors and permitted assigns, and "Lender"
                           means any of them;

                  1.1.41   "Lender's Proportion" means, with respect to each
                           Lender, its respective proportion of the Total
                           Commitment, the Facility 1 Commitment and the
                           Facility 2 Commitment as set out opposite its name in
                           Schedule "A", as may be adjusted from time to time as
                           a result of a repayment made pursuant to this
                           Agreement or an assignment made pursuant to Section
                           17.1;

                  1.1.42   "Loans" means the aggregate of the Dollar Loans and
                           the BA Loans;

<PAGE>
                                      -8-

                  1.1.43   "Majority Lenders" means any group of Lenders whose
                           Commitments amount in the aggregate to at least 60%
                           of the Total Commitment;

                  1.1.44   "Material Adverse Effect" shall mean a material
                           adverse effect on the business, assets, property or
                           condition (financial or otherwise, including without
                           limitation any material adverse effect by virtue of
                           any environmental liability or occurrence, or the
                           receipt from any governmental authority of any
                           notice, compliant or order to that effect) of (a) THC
                           and its Subsidiaries taken as a whole, (b) Sport
                           Maska Inc., (c) KHF Finland Oy, or (d) Jofa AB or on
                           the ability of the Borrowers to perform their
                           obligations hereunder;

                  1.1.45   "Material Subsidiaries" means the following
                           corporations: Maska U.S., Inc., Sports Holdings
                           Corp., SLM Trademark Acquisition Corp., SLM Trademark
                           Acquisition Canada Corporation, KHF Finland Oy, WAP
                           Holdings Inc., Jofa Holding AB, Jofa AB, KHF Sports
                           Oy, and any other Subsidiary of a Borrower having
                           assets or gross annual income (on a four quarter
                           basis) in excess of $1,000,000, provided, however,
                           that any Subsidiary which ceases to possess such
                           assets or have such gross annual income shall
                           nonetheless remain a Material Subsidiary;

                  1.1.46   "Multiple Employer Plan" means a Plan which is a
                           "multiemployer plan" as defined in Section 4001(a)(3)
                           of ERISA;

                  1.1.47   "Paying Agent" shall mean Montreal Trust Company and
                           any successor paying agent appointed pursuant to
                           Section 15.4;

                  1.1.48   "Paying Agent's Branch of Account" means the office
                           of the Paying Agent located at the address opposite
                           its name on the signature pages hereto or the branch
                           as may be designated by the Paying Agent from time to
                           time by notice to the Agent and the Borrowers;

                  1.1.49   "PBGC" shall mean the Pension Benefit Guarantee
                           Corporation established under ERISA, or any successor
                           thereto;

                  1.1.50   "Permitted Encumbrances" means:

                           (i)      deficiencies or defects in title, liens,
                                    mortgages, hypothecs, charges, priorities,
                                    charges and encumbrances, whether arising by
                                    law or by

<PAGE>
                                      -9-

                                    contract, existing on the date of this
                                    Agreement, or created, discovered or arising
                                    subsequently and which do not result (except
                                    as otherwise permitted under this Agreement)
                                    from a voluntary act or the consent of THC
                                    or of a Subsidiary of THC,

                           (ii)     PMO's,

                           (iii)    pledges or deposits made in the ordinary
                                    course of business in connection with bids,
                                    tenders, performance bonds, surety, appeal
                                    or custom bonds, contracts (other than to
                                    raise money or for the repayment of money
                                    borrowed) or leases or to secure statutory
                                    obligations,

                           (iv)     liens or priorities arising by operation of
                                    law and which have not become enforceable or
                                    relate to obligations not due or delinquent
                                    or are being contested diligently and in
                                    good faith,

                           (v)      minor encumbrances, including, without
                                    limitation, easements, rights of way,
                                    servitudes or other similar rights in land
                                    granted to or reserved by other Persons, or
                                    zoning or other restrictions as to the use
                                    of real or immoveable properties, which
                                    encumbrances do not, in the aggregate,
                                    materially affect the value of the said
                                    properties or materially impair their use in
                                    the operation of the business of a Borrower
                                    or of its Subsidiaries,

                           (vi)     liens, mortgages, hypothecs, charges,
                                    priorities and encumbrances, ranking junior
                                    to the Security, whether by express
                                    subordination or by operation of law,
                                    incurred, created or assumed by a Borrower
                                    or a Subsidiary of the Borrower and relating
                                    to the leasing of any property, movable or
                                    immovable,

                           (vii)    the right reserved to or vested in any
                                    municipality or governmental or other public
                                    authority by the terms of any lease,
                                    license, franchise, grant or permit or by
                                    any statutory provision, to terminate any
                                    such lease, license, franchise, grant or
                                    permit, or to require annual or other
                                    periodic payments as a condition of the
                                    continuance thereof,

                           (viii)   security given by THC or a Subsidiary of THC
                                    in the ordinary course of its business to a
                                    public utility or any municipality or
                                    governmental or other

<PAGE>
                                      -10-

                                    public authority when required by such
                                    utility or municipality or other authority
                                    in connection with its operations,

                           (ix)     the reservations, limitations, provisos and
                                    conditions, if any, expressed in any
                                    original grants from the Crown,

                           (x)      the Security,

                           (xi)     security granted by the Borrowers and their
                                    Affiliates named in the Intercreditor
                                    Agreement to secure the indebtedness and
                                    other obligations under the Canadian
                                    Operating Credit or the US Operating Credit
                                    and the guarantees thereof, but, as to the
                                    principal amount so secured or guaranteed,
                                    only to the maximum aggregate amount of
                                    US$70,000,000, and any renewal thereof,
                                    provided that the principal amount secured
                                    by any such renewal does not exceed the
                                    unpaid principal amount of the indebtedness
                                    which was secured by such security or
                                    guarantees immediately before its renewal;

                           (xii)    carriers', warehousemen's, suppliers' or
                                    other similar possessory liens arising in
                                    the ordinary course of business that are
                                    unregistered and secure amounts that are not
                                    yet due and payable;

                           (xiii)   any attachment or judgment lien not
                                    constituting an Event of Default under
                                    Section 13.1.11 and which has not become
                                    enforceable or is being contested diligently
                                    and in good faith;

                           provided that, at the time when any Permitted
                           Encumbrance is created or granted, the maximum
                           aggregate amount of the indebtedness or obligations
                           secured by Permitted Encumbrances (exclusive of the
                           pledges and deposits referred to in paragraph (iii),
                           the liens or priorities referred to in paragraph
                           (iv), PMO's, the Security, the security referred to
                           in paragraph (xi), and liens or priorities arising by
                           operation of law and which have not become
                           enforceable or relate to obligations not due or
                           delinquent or are being contested diligently and in
                           good faith) shall not exceed US $5,000,000;

                  1.1.51   "Person" means and includes an individual, a
                           partnership, a corporation, a joint stock company, a
                           trust, an unincorporated association, a joint venture
                           or other entity or a government or any agency or
                           political subdivision thereof;

<PAGE>
                                      -11-

                  1.1.52   "Plan" means any "employee benefit plan" as defined
                           in Section 3(3) of ERISA covered by Title IV of
                           ERISA;

                  1.1.53   "PMO's" means Purchase Money Obligations;

                  1.1.54   "Prime Rate" means, on any day, the rate of interest
                           per annum that is equal to the greater of:

                           (i)      the rate of interest publicly announced by
                                    Royal Bank of Canada from time to time as
                                    being its reference rate then in effect for
                                    determining interest rates for commercial
                                    loans in Dollars made by it in Canada; and

                           (ii)     the annual rate of interest equal to the
                                    average of the "BA 1 month" rates applicable
                                    to bankers' acceptances in Dollars displayed
                                    and identified as such on the "Reuters
                                    Screen CDOR Page" (as defined in the
                                    International Swap and Derivatives
                                    Association, Inc. definitions, as modified
                                    and amended from time to time) (the "CDOR
                                    Rate") as at approximately 10:00 a.m. on
                                    such day, or if such day is not a Business
                                    Day then on the immediately preceding
                                    Business Day, plus 1.0% per annum; provided
                                    that if such rates do not appear on the
                                    Reuters Screen CDOR Page as contemplated,
                                    then the CDOR Rate on any day shall be
                                    calculated as the arithmetic average of the
                                    30-day discount rates applicable to bankers'
                                    acceptances in Dollars quoted by three major
                                    Canadian Schedule 1 chartered banks chosen
                                    by the Paying Agent as of approximately
                                    10:00 a.m. on such day, or if such day is
                                    not a Business Day, then on the immediately
                                    preceding Business Day;

                  1.1.55   "Purchase Money Obligations" means:

                           (i)      any security interest, lien, mortgage,
                                    hypothec, charge, encumbrances
                                    (collectively, "Security Interest") created,
                                    incurred or assumed by a Borrower or a
                                    Subsidiary of a Borrower for indebtedness
                                    incurred in connection with, or created to
                                    provide a Borrower or a Subsidiary of a
                                    Borrower with funds to pay, the purchase
                                    price of any immoveable or moveable property
                                    (including pursuant to a lease which is
                                    capitalized in accordance with GAAP),
                                    provided that such Security Interest is
                                    limited to the property so acquired and is
                                    created, incurred or assumed substantially
                                    concurrently with the acquisition of such
                                    property, and

<PAGE>
                                      -12-

                           (ii)     any renewal or extension of any such
                                    Security Interest and any new Security
                                    Interest created on the same property in
                                    replacement of any such Security Interest
                                    provided that the principal amount secured
                                    by any such renewal, extension or new
                                    Security Interest does not exceed the unpaid
                                    principal amount of the indebtedness which
                                    was secured by such Security Interest
                                    immediately before its extension, renewal or
                                    replacement,

                           up to a maximum aggregate outstanding amount at any
                           time of such secured debt of US$5,000,000;

                  1.1.56   "Related Agreements" means the Warrant Agreement
                           entered between THC and Caisse together with the
                           Warrant Certificates issued thereunder, the
                           Registration Rights Agreement entered into between
                           THC and Caisse, the Sale Agreement entered into among
                           THC, Caisse, WS Acquisition LLC and certain
                           shareholders of THC and the Stockholders' Agreement
                           entered into among THC, Caisse and WS Acquisition
                           LLC, all of which agreements have been entered into
                           as of the date hereof;

                  1.1.57   "Restructuring Fee" shall have the meaning set forth
                           in Section 5.1

                  1.1.58   "Security" means any and all security and guarantees
                           to be provided to the Lenders pursuant to Article 12;

                  1.1.59   "Subsidiary" means, with respect to a Person, any
                           corporation of which at least a majority of the
                           outstanding shares to which there is attached voting
                           power under ordinary circumstances to elect a
                           majority of the board of directors of said
                           corporation, shall at the relevant time be owned
                           directly or indirectly by such Person, one or more
                           Subsidiaries of such Person, or any combination
                           thereof; for greater certainty the Subsidiaries of
                           THC shall be deemed to include Sports Holdings Corp.
                           and its Subsidiaries;

                  1.1.60   "THC" means The Hockey Company (formerly SLM
                           International, Inc.);

                  1.1.61   "Total Commitment" means the aggregate amount of the
                           Credit, as may be adjusted from time to time as a
                           result of a repayment made pursuant to this
                           Agreement;

<PAGE>
                                      -13-

                  1.1.62   "US Operating Credit" means the credit agreement
                           entered into on November 19, 1998 among SHC Hockey,
                           Inc. and Maska U.S., Inc., as borrowers, General
                           Electric Capital Corporation, as agent, and the
                           lenders and credit parties referred to therein, as
                           same may be amended or supplemented from time to
                           time;

                  1.1.63   "Withdrawal Liability" means withdrawal liability as
                           determined in accordance with Title IV of ERISA.

         1.2      HEADINGS AND TABLE OF CONTENTS

                  The headings and the Table of Contents are inserted for
convenience of reference only and shall not affect the construction or
interpretation of this Agreement.

         1.3      ACCOUNTING TERMS

                  Unless otherwise provided, (i) accounting terms and
expressions used herein shall have the meaning assigned to them under GAAP in
effect from time to time, provided that all calculations shall be made according
to the same principles utilized in the preparation of the financial statements
referred to in Section 8.12, and (ii) compliance with covenants shall be
determined on a consolidated basis.

         1.4      CONVERSION TO OR FROM US DOLLARS

                  Where a Dollar amount has to be converted or expressed in US
dollars, or where its US dollar equivalent has to be determined (or vice-versa),
the calculation is made at the relevant date at the Bank of Canada rate as
displayed and identified as such on the Reuters Screen BOFC Page for US dollars
against Dollars (or vice-versa) at or around noon on such date.

         1.5      TIME

                  Except where otherwise indicated in this Agreement, any
reference to a time shall mean local time in the City of Montreal, Province of
Quebec.

         1.6      GOVERNING LAW

                  This Agreement shall be governed by and construed in
accordance with laws of the Province of Quebec and the laws of Canada applicable
therein.

<PAGE>
                                      -14-

         1.7      ABSENCE OF NOVATION

                  The parties acknowledge and expressly agree that the
amendments to the Existing Credit Facility made pursuant to this Agreement do
not novate the Existing Loan Agreement and that all Security provided to the
Lenders pursuant to or in connection with the Existing Credit Facility shall
remain in full force and effect and continue to secure the credit made available
hereunder.

2.                THE CREDIT

         2.1      OBLIGATION OF LENDERS AND TOTAL COMMITMENT

                  Relying on each of the representations and warranties set out
herein and subject to the terms and conditions of this Agreement, the Lenders,
individually, and not solidarily (that is to say, not jointly and severally),
agree to make credit facilities (the "Credit") available to the Borrowers by way
of their respective Lender's Proportion of the Facility 1 Commitment and
Lender's Proportion of the Facility 2 Commitment. The Facility 1 Commitment
shall not exceed $90,000,000 and the Facility 2 Commitment shall not exceed the
aggregate of $45,800,000 plus the total amount of Capitalized Interest. The
Total Commitment for the Credit shall be $135,800,000 plus the total amount of
Capitalized Interest.

         2.2      AVAILABILITY OF THE CREDIT

                  Facility 1 and Facility 2 shall not revolve and shall be
repayable as provided for herein and on the Facility 1 Maturity Date and the
Facility 2 Maturity Date, respectively. The Borrowers acknowledge that Facility
1 and Facility 2 have been fully utilized and that no new advances are to be
made under this Agreement

         2.3      COMMITMENT OF EACH LENDER

                  Facility 1 and Facility 2 shall be made available to the
Borrowers by each Lender in the same proportion as the Commitment of each Lender
is to its respective Facility1 Commitment and Facility 2 Commitment.

         2.4      UTILIZATIONS PROPORTIONAL TO COMMITMENTS

                  Any utilization of the Credit shall be made through the Paying
Agent and, to the extent reasonably possible, utilizations shall be, as to each
Lender and each Facility, in the same proportion as its Commitment is to its
respective Facility1 Commitment and Facility 2 Commitment. If it is not
practicable to allocate a Borrowing in such manner, or to allocate a Borrowing
by way of Acceptances or BA Loans

<PAGE>
                                      -15-

so that the aggregate amount of Acceptances or BA Loans, as the case may be,
required to be accepted or made by a Lender is a whole multiple of $100,000, the
Paying Agent is authorized by the Borrowers and the Lenders to make such
allocations with respect to such Borrowings without amendment of the Facility1
Commitment or Facility 2 Commitment of each Lender as the Paying Agent, in its
sole discretion, determines to be equitable in the circumstances.

         2.5      BORROWINGS UNDER THE CREDIT

                  The Borrowers may utilize Facility 1 and Facility 2 (and
re-utilize same as provided herein) pursuant to the following forms of
Borrowings or a combination thereof:

                  2.5.1    Dollar Loans,

                  2.5.2    BA Loans, and

                  2.5.3    Acceptances.

         2.6      NOTICES OF UTILIZATION

                  Prior to each utilization of the Credit by a Borrower, such
Borrower shall give to the Agent and the Paying Agent a notice of utilization
specifying:

                  2.6.1    the selected form of Borrowing;

                  2.6.2    the amount of the Borrowing, which shall be in a
                           minimum amount of $10,000,000;

                  2.6.3    the date of the Borrowing, which shall be a Business
                           Day; and

                  2.6.4    to the extent applicable, the period of the
                           Borrowing, which shall comply with the provisions of
                           Article 3, in the case of a Borrowing by way of
                           Acceptances or BA Loans;

and the notice shall be given in writing in the form attached as Schedule "B" by
12:00 (noon) on the second Business Day prior to an issue of Acceptances or a BA
Loan, and the first Business Day prior to a Dollar Loan.

<PAGE>
                                      -16-

         2.7      CONVERSIONS AND RENEWALS

                  2.7.1    A Borrower may convert from Loans to Acceptances (and
                           vice versa) and renew Acceptances, provided a notice
                           of conversion or renewal is given to the Agent;

                  2.7.2    Section 2.6 shall apply to a conversion or a renewal;

                  2.7.3    Notwithstanding Section 2.7.1, Acceptances and BA
                           Loans may not be converted prior to the maturity of
                           their respective periods. In addition, unless they
                           converted or renewed, as the case may be, at the
                           maturity date of their respective periods,
                           Acceptances and BA Loans shall then become Dollar
                           Loans.

         2.8      USE OF PROCEEDS

                  The proceeds of the utilizations shall be used to finance,
directly or indirectly, the completion of the transactions and the payment of
related fees provided in the Agreement and Plan of Reorganization.

3.                PROVISIONS APPLICABLE TO ACCEPTANCES AND BA LOANS

         3.1      PERIODS AND AMOUNTS

                  Acceptances

                  3.1.1    shall be for periods of one, two, three or six months
                           and shall mature on a Business Day;

                  3.1.2    shall be denominated in Dollars, in amounts of
                           $100,000 per Lender or multiples thereof;

                  3.1.3    shall be issued in whole multiples of $1,000,000,
                           with a minimum amount of $5,000,000 per issue;

                  3.1.4    shall form part of the Borrowings for their face
                           amount (whether they have been accepted by a Lender
                           or by a financial institution which is not a Lender);

                  3.1.5    do not carry any days of grace; and

<PAGE>
                                      -17-

                  3.1.6    may be held by the Lenders for their own account or
                           may be sold to third parties.

         3.2      DISCOUNT AND ACCEPTANCE FEE

                  3.2.1    The amount that shall be disbursed to a Borrower upon
                           an issue of Acceptances is the aggregate face amount
                           of the Acceptances so issued, less the Discount and
                           the acceptance fee applicable to such Acceptances.

                  3.2.2    In the case of a conversion into Acceptances or
                           renewal of Acceptances, the Borrower concerned shall
                           concurrently with the conversion or renewal pay to
                           the Paying Agent an amount equal to the aggregate
                           face amount of the Acceptances issued upon such
                           conversion or renewal; the amount so paid to the
                           Paying Agent shall be applied on the portion of the
                           Borrowings having been so converted, or, as the case
                           may be, on the Acceptances so renewed.

                  3.2.3    Except for Acceptances renewed or converted under
                           Section 3.2.2, and subject to Section 2.7.3, the
                           Borrower concerned shall pay to the Paying Agent the
                           face amount of each Acceptance issued by it on the
                           maturity date thereof.

         3.3      SELECTION OF PERIODS

                  3.3.1    Periods of Acceptances shall be selected in order
                           that no mandatory repayments to be made under Section
                           6.1 shall result in a payment of Acceptances prior to
                           their maturity dates.

                  3.3.2    Periods of Acceptances shall be selected so that no
                           more than 10 different issues of Acceptances shall be
                           outstanding at the same time.

         3.4      ACCEPTANCE FORMS

                  No notice of utilization, conversion or renewal in respect of
Acceptances shall be effective if a Lender which is a bank notifies the Agent
and the Paying Agent, on or before the expiry of the notice period referred to
in Section 2.6, that the Borrower concerned has not provided such Lender with
the Acceptances to be then issued by such Lender.

<PAGE>
                                      -18-

         3.5      AUTHORITY TO COMPLETE ACCEPTANCES

                  In accordance with the instructions given from time to time by
the Borrowers to the Agent and the Paying Agent for onward conveyance to the
Lenders, each Lender is authorized to complete Acceptance forms in the form
generally used by such Lender and to provide its acceptance thereon for the
purposes of giving effect to notices of utilizations by way of Acceptances.
Acceptances so completed, signed, endorsed and negotiated on behalf of a
Borrower by any Lender shall bind such Borrower as fully and effectively as if
those acts were performed by an authorized officer of such Borrower. Any
executed Acceptances which are held by any Lender need only be held in
safekeeping with the same degree of care as if they were that Lender's own
property and that Lender was keeping them at the place at which they are to be
held. Neither the Agent, the Paying Agent nor any Lender nor any of their
respective directors, officers, employees or representatives shall be liable for
any action taken or omitted to be taken by any of them under this Section 3.5
except for its own negligence or willful misconduct.

         3.6      RECORDS RESPECTING ACCEPTANCES

                  Each Lender shall maintain a record with respect to
Acceptances accepted by it hereunder, cancelled at their respective maturities
or voided by it for any reason. Each Lender further agrees to retain the
foregoing records in the manner and for the statutory periods provided in the
various provincial or federal statutes and regulations which apply to such
Lender.

         3.7      BA LOANS

                  Notwithstanding anything contained in this Agreement or any
other document, if a Lender is not a bank and accordingly is unable to issue
Acceptances pursuant to any notice of utilization, such Lender shall make
available to a Borrower prior to 12:00 (noon) on the applicable borrowing date,
a BA Loan in the principal amount equal to such Lender's Proportion of the
aggregate amount of Borrowings requested from the Lenders by way of Acceptances
pursuant to such notice of utilization. Such BA Loan shall have the same term as
the Acceptances for which it is a substitute and, for greater certainty, shall
permit such Lender to obtain the same effective yield as if such Lender had
accepted and purchased an Acceptance, a Borrower agreeing to pay to such Lender
an amount equal to the applicable acceptance fee and to prepay, on the date the
BA Loan is made, interest on such BA Loan at the rate provided in Section 5.5,
such interest payment to be made by such Lender deducting the amount of such
interest from the principal amount of such BA Loan. The net amount to be made
available by each Lender to a Borrower for a BA Loan shall be the same as the
amount that such Lender would have been required to make available to a Borrower
on such date had such Lender been a Lender that provided Borrowings through
Acceptances.

<PAGE>
                                      -19-

4.                CONDITIONS PRECEDENT TO BORROWINGS

         4.1      CONDITIONS PRECEDENT

                  The obligation of the Lenders to continue to make available
the credit made pursuant to the Existing Credit Facility as amended hereunder is
conditional upon the delivery of the following to the Agent, in form and
substance reasonably satisfactory to all Lenders, and in sufficient copies for
distribution to each Lender:

                  4.1.1    a duly executed copy of this Agreement together with
                           a promissory note stated to be payable in accordance
                           with and subject to this Agreement in favour of any
                           Lender which so requests in the amount of its
                           aggregate Commitment hereunder;

                  4.1.2    a certified copy of the constating documents of the
                           Borrowers and each Material Subsidiary, if such
                           constating documents have changed in any material
                           respect since the date of the Existing Credit
                           Facility;

                  4.1.3    a duly certified copy of the resolution or
                           resolutions of the board of directors of each
                           Borrower relating to the authority of such Borrower
                           to execute and deliver, and to perform its
                           obligations under this Agreement and the instruments,
                           agreements, certificates and papers and other
                           documents provided for or contemplated herein, and
                           relating to the manner in which the foregoing
                           documents are to be executed and delivered;

                  4.1.4    a certificate of the secretary of each Borrower
                           setting forth specimen signatures of the individuals
                           authorized to sign on its behalf this Agreement and
                           the instruments, agreements, certificates, papers and
                           other documents provided for or contemplated herein;

                  4.1.5    a certificate of each Borrower to the effect that (i)
                           the representations and warranties contained herein
                           are true and accurate in all material respects and
                           that there is no Default or Event of Default, such
                           certificate to include, in the case of THC,
                           calculations showing compliance, on a consolidated
                           basis and as of December 31, 2000, with the financial
                           tests set forth in this Agreement and (ii) no
                           material adverse change has occurred in the business
                           or financial condition of THC and its Subsidiaries,
                           taken as a whole, since December 31, 2000;

<PAGE>
                                      -20-

                  4.1.6    a report from THC providing details of all material
                           Permitted Encumbrances referred to in paragraphs (ii)
                           and (viii) of Section 1.1.50 which were not set out
                           in the Schedule to the Existing Credit Agreement;

                  4.1.7    a copy of all amendments to the Canadian Operating
                           Credit and the US Operating Credit;

                  4.1.8    copies of all regulatory approvals and consents which
                           are required to be obtained from any governmental
                           authority in order to complete the transactions
                           contemplated by the Agreement;

                  4.1.9    an executed copy of each of the Related Agreements
                           together with a copy of a Consent and Waiver from the
                           Estate of Martin Davis;

                  4.1.10   a certificate of the Chief Operating Officer of THC
                           that the consolidated EBITDA of THC for the year
                           ended December 31, 2000 was not less than
                           US$18,000,000;

                  4.1.11   copy of the unaudited internal consolidated financial
                           statements of THC for the year ended December 31,
                           2000;

                  4.1.12   the favourable opinion of counsel to the Borrowers as
                           to corporate status and capacity, their authority and
                           legal right to enter into and perform their
                           respective obligations under this Agreement and the
                           Related Agreements, as to the validity, binding
                           effect and enforceability of this Agreement and the
                           Related Agreements;

                  4.1.13   a copy of all shareholder agreements between
                           Wellspring Acquisition, LLC and the shareholders of
                           THC, the terms of which shall be satisfactory to the
                           Agent;

                  4.1.14   the favourable opinion of counsel to the Lenders as
                           to the validity, binding effect and enforceability of
                           this Agreement and the Related Agreements; and

                  4.1.15   confirmation that the Borrowers have paid all fees
                           due to the Agent or the Lenders in respect of this
                           Agreement.

<PAGE>
                                      -21-

         4.2      CONDITIONS PRECEDENT TO ALL BORROWINGS

                  The Lenders shall not have any obligation to make any
Borrowings available to the Borrowers or to permit the Borrowers to convert
existing Borrowings into, or to renew, Acceptances if:

                  4.2.1    the Agent and the Paying Agent shall not have
                           received the timely notice of utilization (or
                           conversion or renewal) required pursuant to Section
                           2.6, or

                  4.2.2    if a Default shall have occurred and be continuing,

provided that Acceptances and BA Loans may become Dollar Loans pursuant to
Section 2.7.3 even after the occurrence of a Default.

         4.3      WAIVER OF CONDITIONS PRECEDENT

                  The terms and conditions of Sections 4.1 and 4.2 are inserted
for the sole benefit of the Lenders and may be waived by the Agent in conformity
with Article 16 in whole or in part, with or without terms or conditions, in
respect of any Borrowings without affecting the rights of the Lenders against
the Borrowers and the Material Subsidiaries and without prejudicing the right of
the Agent to assert such terms and conditions in whole or in part in respect of
any other Borrowing.

         4.4      RESTATEMENT OF REPRESENTATIONS AND WARRANTIES

                  Any request for Borrowings (including through a conversion or
a renewal) and any notice of utilization (or conversion or renewal) shall be
deemed to include a representation and warranty that the representations and
warranties contained herein, other than the representations made in Sections
8.6, 8.12, 8.15(i) and the first and last sentences of Section 8.16, are still
true and accurate in all material respects as at the date of the request or
notice.

5.                FEES AND INTEREST

         5.1      RESTRUCTURING FEE

                  The Borrowers shall pay to Caisse for its own account a
restructuring fee for the amount and payable in such manner as THC and Caisse
have agreed prior to the execution of this Agreement (the "Restructuring Fee").

<PAGE>
                                      -22-

         5.2      AGENCY FEE

                  The Borrowers shall pay to the Agent, for its own account, an
agency fee in the amount previously agreed to in writing between the Borrowers,
Caisse and the Agent. Such agency fee shall be paid on November 18 of each year,
provided that Borrowings remain outstanding hereunder. Such agency fee shall
include the annual fee payable by the Agent to the Paying Agent in the amount
and payable in such manner as the Agent and the Paying Agent have agreed prior
to the execution of this Agreement.

         5.3      ACCEPTANCE FEES

                  The Borrowers shall pay concurrently with the issue of each
Acceptance an acceptance fee at the annual rate of 6% calculated on the face
amount of such Acceptance and for the number of days included in the period of
same. Such acceptance fees may be deducted from the proceeds of the issue of any
such Acceptance, as provided in Section 3.2.1.

         5.4      DOLLAR LOANS

                  Any Dollar Loan shall bear interest at an annual rate equal to
the Prime Rate in effect from time to time, plus 5%. The interest shall be
payable monthly in arrears on the first Business Day after the end of each
month. Notwithstanding the foregoing, the Borrowers shall pay interest accrued
on Dollar Loans up to and including the date hereof on the Business Day after
the day on which this Agreement is executed.

         5.5      BA LOANS

                  Any BA Loan shall bear interest at an annual rate equal to the
BA Loan Rate in effect from time to time plus 6%. The interest shall be
calculated on the amount of such BA Loan and for the number of days included in
the period of same. Such interest shall be payable in advance and may be
deducted from the amount of such BA Loan as provided in Section 3.7.

         5.6      ADDITIONAL INTEREST ON FACILITY 2 LOANS AND ACCEPTANCES

                  In addition to the acceptance fees and interest payable
pursuant to Sections 5.3, 5.4 and 5.5, the face amount of Acceptances and Loans
outstanding under Facility 2 shall bear Capitalized Interest at the rates set
forth herein and shall be payable on the Facility 2 Maturity Date or the date on
which the Credit outstanding under Facility 2 is repaid in full. Capitalized
Interest shall accrue at the annual rate of 3.0% for the six months following
the date of this Agreement and 3.5% thereafter until the Facility 2 Maturity
Date, provided that Capitalized Interest shall accrue at the annual rate of 5.0%
after February 28,

<PAGE>
                                      -23-

2002 if EBITDA for THC's fiscal year ending December 31, 2001 is less than
US$23,000,000 (excluding transaction fees related to this Agreement). For
greater certainty interest accruing and capitalized hereunder shall form part of
the principal amount outstanding under Facility 2 and shall be deemed to be
outstanding by way of Dollar Loan unless the Borrowers otherwise stipulate
pursuant to a notice of utilization.

         5.7      CALCULATION OF RATES

                  5.7.1    Annual rates are calculated daily on the basis of a
                           365-day year.

                  5.7.2    For the purposes of the INTEREST ACT (Canada), the
                           yearly rate to which a rate calculated as specified
                           in Section 5.7.1 is equivalent, is equal to the rate
                           so calculated multiplied by the actual number of days
                           included in that year and divided by 365 days.

         5.8      INTEREST ON ARREARS

                  Any amount (other than an amount in principal or interest due
under a Loan) which is not paid when due shall bear interest at the rate
(including the applicable margin) which would be applicable to a Dollar Loan
made on the date on which such payment became due, or, in the case of a payment
becoming due after the Maturity Date, on the Maturity Date. Any amount in
principal or interest payable under a Loan and which is not paid when due shall
bear interest at the annual rate which was applicable to the principal on the
date such payment became due. Interest on arrears is compounded monthly.

6.                REPAYMENTS

         6.1      MANDATORY REPAYMENTS

                  6.1.1    A Borrower shall make a repayment of Facility 1 in
                           the minimum amount of $5,000,000 on January 31, 2004.
                           The outstanding Borrowings under Facility 1, together
                           with all outstanding interest, shall also be repaid
                           on the Facility 1 Maturity Date.

                  6.1.2    The proceeds from the issuance of any equity or
                           subordinated debt of the Borrowers shall be applied
                           to the repayment of Facility 2 provided that a
                           Borrower shall provide five Business Days' prior
                           notice of such repayment. The outstanding Borrowings
                           under Facility 2 shall also be repaid on the Facility
                           2 Maturity Date.

<PAGE>
                                      -24-

                  6.1.3    Other than sales permitted under Section 10.2 and
                           subject to the terms of the Intercreditor Agreement,
                           all proceeds of sales of assets shall be applied
                           first to the repayment of Facility 2 and then to the
                           repayment of Facility 1.

         6.2      OPTIONAL REPAYMENTS

                  6.2.1    The Borrowers may at any time, and upon five Business
                           Days' notice, make repayments in principal additional
                           to the mandatory payments provided in Section 6.1.
                           However,

                           6.2.1.1  repayments shall not be made in respect of
                                    Facility 1 until such time as the principal
                                    and interest outstanding under Facility 2 is
                                    repaid in full;

                           6.2.1.2  such repayments shall be made in minimum
                                    amounts of $10,000,000 increased by whole
                                    multiples of $1,000,000;

                           6.2.1.3  a written notice of repayment shall be given
                                    to the Agent and the Paying Agent prior to
                                    any such repayment specifying the amount of
                                    the repayment and the Borrowings to be
                                    repaid;

                           6.2.1.4  a Borrower shall pay a prepayment fee in
                                    respect of optional repayments under
                                    Facility 1 in the amount of 2% of the amount
                                    repaid if such repayment is made prior to
                                    June 30, 2002 or 1% of the amount repaid
                                    under Facility 1 thereafter but prior to
                                    June 30, 2003, and no prepayment fee on
                                    repayments made on or after June 30, 2003
                                    (it being understood that no prepayment fee
                                    shall be payable in respect of prepayments
                                    made in respect of Facility 2); and

                           6.2.1.5  notwithstanding Section 6.2.1 no such
                                    optional repayment can be made on
                                    Acceptances or BA Loans before the maturity
                                    date of their respective periods unless the
                                    Lenders are indemnified in accordance with
                                    Section 18.10.2 concurrently with the
                                    repayment.

<PAGE>
                                      -25-

7.                PLACE, MANNER, CURRENCY AND APPLICATION OF PAYMENTS

         7.1      PAYMENT TO LENDERS

                  Unless otherwise specified, all payments to be made by the
Borrowers hereunder shall be made to the Paying Agent.

         7.2      PLACE

                  Any payments to be made by the Borrowers to the Paying Agent
shall be made for value on the day such payment is due and at the Paying Agent's
Branch of Account.

         7.3      TIME

                  If a payment is due on a day which is not a Business Day, this
payment may be made on the following Business Day.

         7.4      CURRENCY OF PAYMENTS

                  Unless otherwise provided herein, all amounts payable under
this Agreement shall be paid in Dollars.

         7.5      PAYMENTS NET OF TAXES

                  7.5.1    All payments made by each Borrower will be made
                           without setoff, counterclaim or other defence. Any
                           payment to the Paying Agent or the Agent shall be
                           made free and clear of, and without deduction or
                           withholding for, any present or future taxes or other
                           charges of whatever nature now or hereafter imposed
                           by any taxing authority in any jurisdiction with
                           respect to such payments (but excluding any tax or
                           other governmental charge imposed on or measured by
                           the net income or net profits of a Lender pursuant to
                           the laws of the jurisdiction in which it is organized
                           or the jurisdiction in which the principal office or
                           applicable lending office of such Lender is located)
                           and all interest, penalties or similar liabilities
                           with respect to such non-excluded taxes or other
                           governmental charge (collectively referred to herein
                           as "Taxes"). If any Taxes are so levied or imposed,
                           the relevant Borrower shall pay the full amount of
                           such Taxes to the relevant taxing authority in
                           accordance with applicable law and shall pay to the
                           Agent or the Paying Agent, as the case may be, such
                           additional amounts as may be necessary so that every
                           payment actually received by the Paying Agent, the
                           Agent or relevant Lender will not be less than the
                           amount which would otherwise have been received in
                           the absence of such levy or imposition of Taxes. Each
                           Borrower will furnish to the Agent or the Paying
                           Agent, as the case may be, within 45 days after the
                           date the payment of

<PAGE>
                                      -26-

                           any Taxes is due pursuant to applicable law certified
                           copies of tax receipts, if any, or other evidence
                           reasonably acceptable to the Agent or the Paying
                           Agent, as the case may be, evidencing such payment by
                           such Borrower. Each Borrower agrees to indemnify and
                           hold harmless each Lender, and reimburse such Lender
                           upon its written request, for the amount of any Taxes
                           so levied or imposed and paid by such Lender, and for
                           any taxes, levies, imposts, duties or charges paid by
                           such Lender in respect of amounts paid to or on
                           behalf of such Lender pursuant to this Section 7.5.1,
                           other than penalties, additions to tax, interest and
                           expenses arising as a result of the willful
                           misconduct or gross negligence of such Lender, within
                           30 days after the date upon which such Lender makes
                           written demand therefor supported by a copy of any
                           written assessment thereof. Notwithstanding the
                           foregoing provisions of this Section 7.5.1, a
                           Borrower's obligations under this Section 7.5.1 shall
                           not apply in respect of a Lender to the extent that
                           such Lender has not complied with the provisions of
                           Section 7.5.2 to the extent it is legally able to do
                           so.

                  7.5.2    Each Lender that is not a United States person (as
                           such term is defined in Section 7701(a)(30) of the
                           Internal Revenue Code of 1986, as amended) and that
                           is entitled to an exemption from or reduction of
                           withholding tax under the law of the United States or
                           under a treaty to which the United States is a party,
                           with respect to payments under this Agreement shall,
                           to the extent it is legally able to do so, on or
                           prior to the date hereof, or in the case of a Lender
                           that is an assignee or transferee of an interest
                           under this Agreement pursuant to Section 17.1, on the
                           date of such assignment or transfer to such Lender,
                           and from time to time upon request from THC, deliver
                           to THC, accurate, properly completed and properly
                           executed documentation prescribed by applicable law
                           which is reasonably requested by THC (to the extent
                           that such documentation reasonably requested by THC
                           will not, in the reasonable judgment of such Lender,
                           be disadvantageous to such Lender), if the delivery
                           of such documentation will permit such payments to be
                           made without withholding or with withholding at a
                           reduced rate, as the case may be. THC agrees to
                           reimburse each Lender for any expense incurred by
                           reason of complying with this Section 7.5.2.

                  7.5.3    If a Borrower pays any additional amount under
                           Section 7.5.1 to a Lender and such Lender determines
                           in its sole discretion that it has actually received
                           or realized in connection therewith any refund and,
                           in the case of a Lender that is not exempt from tax,
                           any reduction of or credit against its tax
                           liabilities, with respect to the taxable year in
                           which the additional amount is paid, such Lender
                           shall pay to a

<PAGE>
                                      -27-

                           Borrower an amount that such Lender shall, in its
                           sole discretion, determine is equal to the net
                           benefit, after tax, which was obtained by the Lender
                           in such year as a consequence of such refund. Such
                           amount shall be paid as soon as practicable after
                           receipt or realization by such Lender of such refund.
                           Nothing in this Section 7.5.3 shall require any
                           Lender to disclose or detail the basis of its
                           calculation of the amount of any refund or any other
                           information to any Borrower or any other Person.

         7.6      PAYMENTS TO PAYING AGENT ON BEHALF OF LENDERS

                  Unless otherwise provided herein, all payments to be made to
the Paying Agent shall be for the account of the Lenders and any payment
received by the Paying Agent shall be deemed to have been received by the
Lenders.

         7.7      APPLICATION OF PAYMENTS

                  7.7.1    Subject to the terms of the Intercreditor Agreement,
                           all payments made to the Paying Agent or the Agent
                           prior to a demand for payment pursuant to Section
                           13.2 shall be applied in the following order:

                           7.7.1.1  to amounts due pursuant to Sections 5.1 and
                                    5.2, as and by way of fees;

                           7.7.1.2  to amounts due pursuant to Section 6.2;

                           7.7.1.3  to amounts due pursuant to Section 18.6, as
                                    and by way of expenses;

                           7.7.1.4  to amounts due pursuant to Section 18.10, as
                                    and by way of indemnity;

                           7.7.1.5  to amounts due pursuant to Section 5.8, as
                                    and by way of default interest;

                           7.7.1.6  to amounts due pursuant to Sections 3.2.1,
                                    5.3, 5.4, 5.5 and 5.6, as and by way of
                                    accrued interest, acceptance fees and
                                    Discount;

                           7.7.1.7  to amounts due, as and by way of principal;
                                    and

                           7.7.1.8  in payment of any other amounts then due and
                                    payable by a Borrower hereunder.

<PAGE>
                                      -28-

                           7.7.2    After a demand for payment made pursuant to
                                    Section 13.2, all payments made by the
                                    Borrowers pursuant to this Agreement and all
                                    sums received or realized on account of
                                    amounts owing hereunder, shall be
                                    appropriated and applied by the Paying Agent
                                    towards the obligations of the Borrowers
                                    hereunder as the Paying Agent may decide or
                                    the Majority Lenders may direct, and any
                                    such appropriation and application shall
                                    override any appropriations or applications
                                    made or requested by the Borrowers. For
                                    greater certainty, any such decision shall
                                    be consistent with the provisions of Article
                                    14.

         7.8      JUDGMENT CURRENCY

                  If a judgment is rendered against a Borrower for an amount
owed hereunder and if the judgment is rendered in a currency ("Other Currency")
other than Dollars, a Borrower shall pay, if applicable, at the date of payment
of the judgment, an additional amount equal to the difference between (i) the
said amount owed under this Agreement, expressed into the Other Currency as at
the date of payment of the judgment, and (ii) the amount of the judgment. For
the purposes of obtaining the judgment and making the calculation referred to in
(i), the exchange rate shall be 12:00 noon rate quoted on the Reuters Monitor
Screen (Page BOFC or on such other page, as may replace such page for the
purposes of displaying exchanges rates). Any additional amount owed under this
Section shall constitute a cause of action distinct from the cause of action
which gave rise to the judgment, and said judgment shall not constitute RES
JUDICATA in that respect.

8.                REPRESENTATIONS AND WARRANTIES

                  The Borrowers represent and warrant to the Agent and each of
the Lenders that, as at the date hereof:

         8.1      CORPORATE EXISTENCE

                  Each of the Borrowers and the Material Subsidiaries is a duly
organized, and validly subsisting corporation, it has filed all annual returns
and financial statements which it is required to file under applicable law and
is duly qualified to do business in the jurisdictions in which the nature of the
business transacted by it or the character of the properties owned or leased by
it requires such qualifications, except to the extent that the failure to be so
organized, subsisting or qualified, or to have made such filings, could not
reasonably be expected to have a Material Adverse Effect.

         8.2      CORPORATE POWER

<PAGE>
                                      -29-

                  Each of the Borrowers and the Material Subsidiaries has the
corporate power and authority to own its assets and to carry on its business as
presently conducted.

         8.3      CORPORATE ACTION

                  Each of the Borrowers and the Material Subsidiaries has full
power and authority to enter into and perform its obligations provided for under
this Agreement, and this Agreement has been duly authorized by all necessary
corporate action.

         8.4      COMPLIANCE WITH LAWS

                  Subject to Section 8.5, each of the Borrowers and their
Subsidiaries is not in violation of any law, regulation, or order applicable to
it within any jurisdiction in which it does business, the effect of which could
reasonably be expected to have a Material Adverse Effect.

         8.5      ENVIRONMENTAL MATTERS

                  Except as disclosed to the Lenders in writing prior to the
execution of this Agreement and except to the extent that a Material Adverse
Effect could not reasonably be expected to result therefrom,

                  8.5.1    the assets and business of the Borrowers and their
                           Subsidiaries continue to be owned, possessed and
                           operated in compliance with all applicable
                           environmental laws and regulations;

                   8.5.2   to the best of the Borrowers' knowledge, there are no
                           apprehended, pending or threatened complaints,
                           inquiries or enforcement action with respect to any
                           alleged violation by the Borrowers and their
                           Subsidiaries of any applicable environmental law or
                           regulation;

                   8.5.3   the Borrowers and their Subsidiaries have been
                           issued, and are in compliance with, all permits,
                           authorizations and approvals relating to
                           environmental matters and necessary for their assets,
                           businesses and operations ; and

                   8.5.4   the Borrowers are not aware of any condition or
                           circumstance which could give rise to any liability
                           by the Borrowers and their Subsidiaries under any
                           applicable environmental law or regulation.

         8.6      ACCURACY OF INFORMATION

<PAGE>
                                      -30-

                  All written information delivered by the Borrowers to the
Lenders in connection with this Agreement is accurate in all material respects
and contains no material misstatement of fact nor does it omit a material fact
the omission of which would make such information misleading in light of the
circumstances in which the statements contained therein were made; the financial
forecasts contained in such information have been prepared on the basis of
reasonable assumptions and procedures and represent a good faith estimate of the
results contained therein, it being recognized by the Lenders that such
financial information as it relates to future events is not to be viewed as
facts or an assurance of performance and that actual results during the period
or periods covered by such financial information may differ from the forecasted
or projected results set forth therein.

         8.7      MATERIAL ADVERSE CHANGE

                  Except as disclosed in writing to Caisse prior to the date
hereof, no material adverse change has occurred in the business and financial
condition of THC and its Material Subsidiaries, taken as a whole, since the date
of the most recent annual audited consolidated financial statements of THC.

         8.8      EFFECT OF THIS AGREEMENT

                  Neither the execution and delivery of this Agreement nor
compliance with the terms and provisions hereof or with the terms and provisions
of the documents evidencing the Security will:

                  8.8.1    conflict with, violate, or result in a breach of any
                           of the terms, conditions or provisions of any law or
                           regulation applicable to each of the Borrowers and
                           the Material Subsidiaries, or any order of any court,
                           or administrative agency or tribunal applicable to
                           it, except to the extent such conflict, violation or
                           breach could not reasonably be expected to have a
                           Material Adverse Effect, or

                  8.8.2    conflict with, violate, result in a breach of, or
                           constitute a default under the articles or by-laws of
                           the Borrowers or the Material Subsidiaries or of any
                           agreement or instrument to which the Borrowers or the
                           Material Subsidiaries is a party or by which they are
                           bound, except to the extent such conflict, violation,
                           breach or default could not reasonably be expected to
                           have a Material Adverse Effect.

         8.9      VALIDITY OF THIS AGREEMENT

                  This Agreement constitutes a legal, valid and binding
obligation of the Borrowers.

<PAGE>
                                      -31-

         8.10     LITIGATION

                  There is no litigation and there are no legal proceedings
pending, or, to the best of its knowledge, threatened, before any court or
administrative agency or tribunal which could reasonably be expected to have a
Material Adverse Effect.

         8.11     DEFAULT

                  No Event of Default has occurred and is continuing.

         8.12     FINANCIAL STATEMENTS

                  The financial statements delivered pursuant to Section 4.1.11
have been prepared in accordance with GAAP and present fairly, in all material
respects, the financial positions of THC and the results of the operations for
the fiscal period reported on.

         8.13     DEFECTS OF TITLE AND LIENS

                  There is no deficiency or defect in the title of the Borrowers
and the Material Subsidiaries to any of their principal plants, properties or
assets which would reasonably be expected to have a Material Adverse Effect,
and, except for Permitted Encumbrances, the assets of the Borrowers and their
Subsidiaries are free and clear of any lien, priority, or security.

         8.14     TAX RETURNS

                  Each of the Borrowers and the Material Subsidiaries has filed
all tax returns which were required to be filed and paid or made provision for
payment of all taxes which are due and payable, whether or not shown to be due
and payable on such returns, except to the extent that adequate accounting
reserves have been established in accordance with GAAP for the payment of any
tax the payment of which is being contested. Neither of the Borrowers is or ever
has been a United States real property holding corporation within the meaning of
Section 897(c)(2) of the Internal Revenue Code of 1986, as amended (the "Code").

         8.15     PENSIONS PLANS

                  Any Borrower or any Material Subsidiary that maintains or
contributes to a plan that provides retirement or health benefits for its
employees, has performed any material obligation provided in such plan in
accordance with the terms thereunder and in accordance with any statute, order,
rule or regulation applicable to such plan. In addition:

<PAGE>
                                      -32-

         (i)      set forth on Schedule C hereto is a complete and accurate
                  list, as at the date hereof, of all Plans and Multiple
                  Employer Plans;

         (ii)     except with respect to the Bradford, Vermont facility and the
                  termination of not more than 15 employees at such location, no
                  ERISA Event has occurred or is reasonably expected to occur
                  with respect to any Plan that has resulted in or is reasonably
                  expected to result in a Material Adverse Effect;

         (iii)    Schedule B (Actuarial Information) to the most recent annual
                  report (Form 5500 Series) for each Plan, copies of which have
                  been filed with the United States Internal Revenue Service and
                  furnished to the Agent, is complete and accurate and fairly
                  presents the funding status of such Plan, and since the date
                  of such Schedule B there has been no material adverse change
                  in such funding status;

         (iv)     neither the Borrowers nor any Subsidiary has incurred or is
                  reasonably expected to incur any Withdrawal Liability to any
                  Multiple Employer Plan, except with respect to the Bradford,
                  Vermont facility and the termination of not more than 15
                  employees at such location; and

         (v)      neither the Borrowers nor any Subsidiary has been notified by
                  the sponsor of a Multiple Employer Plan that such Multiple
                  Employer Plan is in reorganization or has been terminated,
                  within the meaning of Title IV of ERISA, and no such Multiple
                  Employer Plan is reasonably expected to be in reorganization
                  or to be terminated, within the meaning of Title IV of ERISA.

         8.16     INTELLECTUAL PROPERTY

                  Set forth on Schedule D hereto is a list which includes, as
at the date hereof, all material patents, trademarks, industrial designs,
integrated circuit topographies, plant breeder rights, trade names, service
marks and copyrights, and all applications therefor and licenses thereof
(collectively, the "Intellectual Property"), of the Borrowers or their
Subsidiaries, showing, as applicable, as of the date hereof the jurisdiction in
which registered, the registration number, the date of registration and the
expiration date. None of such Intellectual Property is subject to any pending or
(to the best of the Borrowers' knowledge) threatened claim or litigation or any
licensing agreement or similar arrangement except as set forth therein. Each of
the Borrowers and its Subsidiaries owns or is licensed or otherwise has the
right to use all of the Intellectual Property that are reasonably necessary for
the operation of its business and, to the best of the Borrowers' knowledge, none
of such Intellectual Property infringes on or conflicts with any material

<PAGE>
                                      -33-

Intellectual Property of any other Person in any material respect, and no other
Person's property infringes on or conflicts with any material Intellectual
Property of a Borrower and their Subsidiaries. The Intellectual Property
described on Schedule D constitutes, as at the date hereof, all of the material
property of such type necessary to the current and reasonably anticipated future
conduct of the business of the Borrowers and its Subsidiaries.

         8.17     ASSETS OF JOFA HOLDING AB

                  The only asset of Jofa Holding AB consists of shares in the
capital stock of Jofa AB and Intellectual Property related to the business of
Jofa AB.

9.                AFFIRMATIVE COVENANTS

                  Each of the Borrowers solidarily covenants and agrees that:

         9.1      PAYMENT OF PRINCIPAL AND INTEREST

                  The Borrowers will duly and punctually pay the principal and
interest (including any interest on amounts in default) on the outstanding
Borrowings, as well as fees and other amounts due hereunder, on the dates, at
the places and in the manner mentioned herein.

         9.2      GOOD STANDING

                  Each of the Borrowers and its Subsidiaries will do all things
necessary to preserve and keep in full force and effect its corporate existence
except as expressly permitted by Section 10.4, will file all annual returns and
financial statements as may be required pursuant to applicable law and will
remain duly qualified to do business in the jurisdictions in which the nature of
the business transacted by it or the character of the material properties owned
or leased by it will require such qualifications, except as would not reasonably
have a Material Adverse Effect.

         9.3      CONDUCT OF BUSINESS

                  Each of the Borrowers and its Material Subsidiaries will carry
on and conduct its business in a prudent manner and will diligently maintain its
property and premises and corporate assets in good condition and use, reasonable
wear and tear excepted, where failure to so maintain would, in any material
respect, affect the conduct or carrying on of its business.

         9.4      PAYMENT OF TAXES

<PAGE>
                                      -34-

                  Each of the Borrowers and its Subsidiaries will pay all taxes,
levies and assessments, government fees, dues and other obligations to pay money
to the proper authorities which have been validly levied, assessed or imposed
upon it, or upon its assets or any part thereof, as and when the same become due
and payable, except to the extent and for so long as it shall contest in good
faith, diligently and by appropriate measures its obligation to do so, provided
that in such case, it shall reasonably satisfy the Agent that no such
contestation will involve forfeiture of any material part of the assets of the
Borrowers and its Subsidiaries or could reasonably be expected to have a
Material Adverse Effect.

         9.5      INSURANCE

                  Each of the Borrowers and its Material Subsidiaries will
insure and keep insured its assets which are of an insurable nature, against
loss or damage by fire and against such other hazards, in such amount and in
such manner, to the extent available on commercially reasonable terms, as a
prudent administrator would do in the case of assets similarly situated and of
companies operating generally similar businesses and with reputable insurance
companies, will duly and punctually pay the premiums and other sums of money
payable for that purpose, will provide the Agent with evidence of the renewal of
any insurance policy prior to the expiry of same, and will, at the request of
the Agent, furnish to the Agent certificates of insurance relating to such
insurance carried by it.

         9.6      OBLIGATIONS UNDER CONTRACTS

                  During the term of any lease, operating agreement, license,
concession or other contract or agreement in which the each of the Borrowers or
its Material Subsidiaries have an interest or to which it is a party, each of
the Borrowers and its Material Subsidiaries will faithfully observe, perform and
discharge the covenants, conditions and obligations relating to non-financial
aspects imposed on it thereby, except to the extent that failure to so observe,
perform and discharge, could not reasonably be expected to have a Material
Adverse Effect.

         9.7      TRANSACTIONS WITH AFFILIATES

                  Each of the Borrowers shall conduct, and cause each of its
Subsidiaries to conduct, all transactions with any Subsidiary on terms that are
fair and reasonable and no less favourable to the Borrowers or the Subsidiaries
than would be obtained in a comparable arm's-length transaction with a Person
not a Subsidiary; provided, however, that (i) the Borrowers may make loans and
advances to their officers and employees in an amount not to exceed US $250,000
for any one officer or employee and in the aggregate amount outstanding at any
time of US $1,000,000, (ii) the Borrowers and its Material Subsidiaries may pay
reasonable directors fees to non-executive directors and may reimburse their
respective directors and any shareholders of THC for all out-of-pocket expenses,
including expenses of

<PAGE>
                                      -35-

travel and lodging, incurred by such directors or shareholders in regard to
their participation in the management, business and affaires of the Borrowers
and their Subsidiaries, (iii) THC, directly or indirectly through any
Subsidiary, may provide indemnification to the directors, officers and employees
of THC and its Subsidiaries against all costs, charges and expenses incurred by
them by reason of any action taken in their capacity as such and (iv) the
Borrowers may pay Wellspring and its Associates (as defined in Section 13.1.10)
(x) management fees that do not exceed in any fiscal year US$200,000 in the
aggregate, and (y) industry standard fees for services rendered by them upon the
successful completion of any refinancing by the Borrowers of their Indebtedness
or the sale by them of all or a portion of their assets (which shall not at any
time exceed 1% of the amount of such refinancing or of the gross value of the
assets sold), provided that no such fee shall be paid if there exists a Default
or the payment would result in the occurrence of a Default.

         9.8      BOOKS AND ACCOUNTS

                  Each of the Borrowers and its Subsidiaries will keep and
maintain proper books of account and other accounting records in accordance with
the applicable generally accepted accounting principles.

         9.9      REPORTING REQUIREMENTS

                  The Borrowers or THC, as the case may be, will furnish to the
Agent in a sufficient number of copies for distribution to each of the Lenders:

                  9.9.1    within 45 days after the end of each fiscal quarter,
                           and within 30 days after the end of each month (other
                           than a month during which a fiscal quarter ends),
                           each fiscal year of THC or when made public by THC,
                           whichever is earlier, interim unaudited consolidated
                           financial statements of THC for such month, subject
                           to year-end audit adjustments, certified by the chief
                           financial officer of a Borrower;

                  9.9.2    within 120 days after the end of each fiscal year of
                           THC or when made public by THC, whichever is earlier,
                           annual audited consolidated financial statements of
                           THC and unaudited consolidating financial statements
                           of THC and each of its Subsidiaries for such year,
                           prepared in accordance with GAAP, consistently
                           applied, and accompanied by the external auditors'
                           report therein;

                  9.9.3    within 30 days after the end of each fiscal year of
                           THC, an annual budget and business plan for THC's
                           current fiscal year, presented on a consolidated and
                           consolidating basis; such annual budget shall include
                           balance sheets, income statements and cash flow
                           statements for THC together with the underlying

<PAGE>
                                      -36-

                           principal assumptions; and such annual budget will
                           include proposed capital expenditures and dividends;

                  9.9.4    from time to time, any other report or information on
                           the financial condition, the operations and the
                           assets of a Borrower and its Subsidiaries as may
                           reasonably be required by the Agent;

                  9.9.5    within 45 days after the end of each fiscal quarter
                           and within 120 days of each fiscal year end, a
                           compliance certificate of the chief financial officer
                           of THC that he has reviewed this Agreement, and that
                           he has no knowledge of any Default or, if he has such
                           knowledge, specifying such Default, such certificate
                           to be substantially in the form and substance of
                           Schedule "E";

                  9.9.6    promptly upon transmission thereof, copies of all
                           statements, annual information forms, prospectuses,
                           offering circulars or similar materials filed by it
                           with any stock exchange, securities commission, or
                           similar entity;

                  9.9.7    a notice, upon knowledge of the occurrence of any
                           Material Adverse Effect or upon knowledge of a
                           Subsidiary becoming a Material Subsidiary;

                  9.9.8    any other information reasonably requested by the
                           Agent.

         9.10     INSPECTIONS AND MONITORING

                  The Borrowers and the Material Subsidiaries shall allow the
Agent and any Person designated in writing by the Agent, on reasonable notice
and at such reasonable time or times as will not interfere with the normal
operations of the Borrowers and the Material Subsidiaries, to visit and inspect
any of the properties of the Borrowers and the Material Subsidiaries and to
discuss the affairs, finances and accounts of the Borrowers and the Material
Subsidiaries with its chief financial officer and its auditors, provided that
any such meeting with its auditors is scheduled by such chief financial officer.
In particular, the Agent shall have the right to appoint a consultant to monitor
THC's performance. Said consultant will be provided with access to management
information (including, INTER ALIA, production, distribution and financial
information) as may be reasonably requested and access to the senior operating
officers of THC in order to discuss the performance of THC on a weekly basis. As
well, the consultant will be provided with access to operational management of
the Borrowers as may be reasonably requested. The consultants shall report to
the Agent, and the cost of such consultant will be for THC's account. The right
of the Agent to have the consultant monitor THC's performance shall terminate on
the later of:

<PAGE>
                                      -37-

                  (a)      the date on which all amounts owing under Facility 2
                           are repaid in full; and

                  (b)      the first anniversary of the execution of this
                           Agreement,

provided that no Default or Event of Default exists on any such date.

         9.11     COMPLIANCE WITH LAWS AND REGULATIONS

                  Each of the Borrowers and its Subsidiaries shall own, possess
and operate its assets and business in compliance with applicable laws and
regulations (including environmental laws and regulations), except to the extent
that failure to so comply could not reasonably be expected to have a Material
Adverse Effect.

         9.12     APPROVALS

                  Each of the Borrowers and its Subsidiaries will obtain,
maintain and renew all permits, authorizations and approvals required under
applicable laws and regulations (including environmental laws and regulations)
required for their operations, businesses and assets, except to the extent that
failure to so obtain, maintain and renew could not reasonably be expected to
have a Material Adverse Effect.

         9.13     REPRESENTATIONS AND WARRANTIES

                  Each of a Borrower and the Material Subsidiaries will do all
things necessary to ensure that all representations and warranties made in
Article 8, other than in Sections 8.6, 8.12, 8.15(i) and in the first and last
sentences of Section 8.16, shall remain true and accurate during the whole term
of this Agreement and shall promptly notify the Agent of any event or
circumstances which would result in such representations ceasing to be true and
accurate in any respect which is material to a Borrower or any Material
Subsidiary and of the steps taken to remedy same.

         9.14     PERFECTION OF SECURITY

                  Each of the Borrowers and the Material Subsidiaries will do
all things required in order that any Security granted pursuant to Article 12 be
constantly perfected on all property intended to be covered by the Security, as
reasonably requested by the Agent.

         9.15     NOTIFICATION OF DEFAULT

<PAGE>
                                      -38-

                  Each of the Borrowers shall promptly notify the Agent of the
occurrence of any Default known to it and of the steps being taken to remedy the
same.

         9.16     HEDGING TRANSACTIONS

                  The Borrowers will not undertake derivative hedging
transactions of any nature except for normal business related and not
speculative purposes and the Borrowers may, as they deem appropriate, hedge
against currency and exchange risks resulting from the Borrowings.

         9.17     PENSION PLANS AND ERISA

                  Any Borrower or any Material Subsidiary that maintains or
contributes to a plan that provides retirement or health benefits for its
employees, will perform any material obligation provided in such plan in
accordance with the terms thereunder and in accordance with any statute, order,
rule or regulation applicable to such plan, and, without limiting the generality
of the foregoing, shall comply with any material obligations to which it may be
subject under ERISA, or any plan governed thereby.

         9.18     BOARD REPRESENTATION

                  For so long as the Borrowings have not been repaid in full,
Caisse shall be entitled to receive notice of and have its representative attend
as observer at all meetings of the board of directors of THC.

         9.19     FIRPTA CERTIFICATION

                  Each Borrower and Material Subsidiary will, upon request of
Lender, inform Lender whether it is a United States real property holding
corporation within the meaning of Section 897 (c)(2) of the Code as required by
Treasury Regulations Section 1.897-2(h).

         9.20     SIGNATURE OF SALE AGREEMENT

                  The Borrowers shall use their best commercial efforts to
obtain the signature by GE Capital Assurance Co. and the Northwestern Mutual
Life of the Sale Agreement dated March 14, 2001 among THC, Caisse and certain
shareholders of THC.

10.               NEGATIVE COVENANTS

                  Each of the Borrowers covenants and agrees that:

<PAGE>
                                      -39-

         10.1     NEGATIVE PLEDGE

                  Each of the Borrowers and its Subsidiaries shall not grant,
create, assume or suffer to exist any security, mortgage, hypothec, charge,
security interest, lien or priority of any kind on their properties, assets or
other rights, other than Permitted Encumbrances.

         10.2     DISPOSITION OF ASSETS

                  The Borrowers and their Subsidiaries shall not sell, transfer,
lease, convey or otherwise dispose of any of their property or assets other than
(a) to the Borrowers or Material Subsidiaries in the ordinary course of
business, (b) the sale of inventory to third parties in the ordinary course of
business, (c) the sale, transfer, conveyance or other disposition of property or
assets that are obsolete or no longer used or useful in a Borrower's business or
the business of a Material Subsidiary of a Borrower for an aggregate amount not
to exceed Cdn$400,000 in any fiscal year, or (d) other dispositions of assets
(other than inventory) in the ordinary course of business for an aggregate
amount not to exceed US $500,000 in any fiscal year. Subject to Section 6.1.3
the prohibitions set forth in this Section 10.2 shall not apply in respect of
the sale of the Mount Forest, Ontario and Bradford, Vermont facilities as set
forth in THC's 2001 budget and operating plan, provided that such sales are made
on an arm's length basis. With respect to any sale, transfer, conveyance or
other disposition permitted pursuant to this Section, Agent and Lenders agree to
release their Liens or such assets or property in order to permit such sale,
transfer, conveyance or disposition to be effected and shall execute and deliver
to such Borrower or Subsidiary, at a Borrower's or Subsidiary's expense,
appropriate releases as reasonably requested.

         10.3     GUARANTEES

                  The outstanding liabilities (contingent or not) of a Borrower
and its Subsidiaries under Guarantees shall not at any time exceed the aggregate
amount of US$3,000,000 calculated on a consolidated basis, excluding Guarantees
required or contemplated by Article 12 and Guarantees of Indebtedness permitted
by Section 10.6.

         10.4     SUBSIDIARIES AND AMALGAMATIONS

                  Except as provided in the Agreement and Plan of
Reorganization, each of the Borrowers and its Subsidiaries shall not merge or
amalgamate with or liquidate or wind up into any other Person (a "Transaction"),
save (a) for Transactions among wholly-owned Subsidiaries of the Borrowers or
between a Borrower and any wholly-owned Subsidiary of a Borrower, and (b) with
the consent of the Agent, not to be unreasonably withheld, only if at the time
thereof and immediately thereafter no Default or Event of Default shall have
occurred and be continuing, and if there shall not result therefrom any actual
or potential

<PAGE>
                                      -40-

environmental liability, litigation or other contingent liability having a
material adverse effect on the affected Borrower or the affected Subsidiary or
Subsidiaries, and if, immediately prior to any such Transaction, the Agent is
provided with an opinion of legal counsel to THC in form and substance
satisfactory to the Agent acting reasonably, as to the effect, if any, of any
such Transaction upon the continuing validity and enforceability of the
Agreement and Security upon each of the Borrowers and the parties thereto. If a
Transaction permitted under the foregoing provisions involves a Material
Subsidiary, any Subsidiary issued from such Transaction or into which assets
have been transferred further to such Transaction shall be deemed to be a
Material Subsidiary.

         10.5     FISCAL YEAR

                  Each of the Borrowers and the Material Subsidiaries shall not
change the date of its fiscal year end without the prior consent of the Agent,
not to be unreasonably withheld.

         10.6     INCURRENCE OF INDEBTEDNESS

                  Each of the Borrowers and its Subsidiaries shall not incur,
assume, or suffer to exist any Indebtedness for money borrowed or raised, or
guarantee any such Indebtedness, other than Indebtedness to the Lenders
hereunder; Indebtedness under the Canadian Operating Credit or the U.S.
Operating Credit; Indebtedness under interest rate and currency hedging
arrangements; Indebtedness in the amount of US $ 49,054,012.08 and payable on
demand resulting from an intercompany advance made by THC to Sports Holdings
Corp. with the proceeds of Borrowings for the purpose of consummating the
transactions contemplated by the Agreement; Indebtedness in the form of loans
made by Sport Maska Inc. and Maska U.S., Inc. to THC that are payable on demand
for the purpose of paying all general and administrative fees, all regulatory
fees, the necessary fees and expenses to maintain THC's corporate existence, the
reasonable costs of its directors' and officers' insurance and their legal and
accounting fees to the extent such fees relate to legal and accounting services
provided directly to it by entities that are not its Affiliates; Indebtedness in
the form of loans made by Sport Maska Inc. to Maska U.S., Inc. that are payable
on demand and the proceeds of which are used for the purpose of paying trade
creditors of Maska U.S., Inc.; Indebtedness in the form of loans made by Sport
Maska Inc. and Maska U.S., Inc. to THC to the extent required to pay regularly
scheduled interest payments and prepayments of principal on the Borrowings;
other existing Indebtedness not exceeding US $150,000, or as otherwise permitted
or contemplated by Permitted Encumbrances.

         10.7     INSURANCE OF PREFERRED SHARES

<PAGE>
                                      -41-

                  Each of the Borrowers shall not issue preferred shares of its
capital stock without the prior written consent of the Agent except with respect
to the payment of dividends on preferred shares issued to Phoenix Home Life
Insurance Company.

11.               FINANCIAL COVENANTS

                  THC covenants in favour of the Agent and the Lenders that it:

         11.1     CAPITAL EXPENDITURES

                  Shall not incur Capital Expenditures in any fiscal year on a
consolidated basis which in the aggregate exceed the following amounts:

<TABLE>
<CAPTION>

                            YEAR                      AMOUNT

<S>                                                   <C>
                            2000                      US$4,500,000
                            2001                      US$3,500,000
                            2002                      US$4,000,000
                            2003                      US$4,000,000
                            2004                      US$4,000,000
</TABLE>

it being understood that an amount unutilized in a fiscal year after 2001 may be
carried forward and incurred in the immediately following fiscal year.

         11.2     DIVIDENDS

                  Shall not pay dividends (other than stock dividends) on common
shares or preferred shares or undertake common share repurchase programs.

         11.3     INDEBTEDNESS TO EBITDA

                  Shall maintain on a consolidated basis, calculated as of the
last day of each fiscal quarter, a ratio of Indebtedness to EBITDA not greater
than the ratios set forth in Schedule G.

<PAGE>
                                      -42-

         11.4     SENIOR INDEBTEDNESS TO EBITDA

                  Shall maintain on a consolidated basis, calculated as of the
last day of each fiscal quarter, a ratio of Senior Indebtedness to EBITDA not
greater than the applicable ratio set forth in Schedule G. For the purpose of
calculating compliance with this Section, "Senior Indebtedness" shall mean
Indebtedness less the amount outstanding in principal and Capitalized Interest
under Facility 2.

         11.5     INTEREST COVERAGE RATIO

                  Shall maintain on a consolidated basis, calculated on the last
day of each fiscal quarter, an Interest Coverage Ratio of not less than:

                  11.5.1   1.25 to 1.00 from December 31,2000 to June 30, 2001;

                  11.5.2   1.30 to 1.00 from July 1, 2001 to September 30, 2001;

                  11.5.3   1.50 to 1.00 from October 1, 2001 to March 31, 2002;

                  11.5.4   1.70 to 1.00 from April 1, 2002 to June 30, 2003; and

                  11.5.5   2.00 to 1.00 from and after July 1, 2003.

         11.6     INTERCOMPANY DIVIDENDS

                  Shall cause the Material Subsidiaries, from time to time, to
pay such dividends or make such inter-corporate payments, subject to applicable
laws, as to ensure the ability of the Borrowers to service their debt;

         11.7     MINIMUM EBITDA

                  Shall maintain a minimum EBITDA in the amounts set forth in
Schedule G, calculated on a rolling four quarter basis on the last day of each
fiscal quarter.

12.               SECURITY

         12.1     GRANTING OF SECURITY

<PAGE>
                                      -43-

                  Each of the Borrowers and the Material Subsidiaries shall (i)
provide security on all of their present and future, tangible and intangible,
assets and (ii) guarantee the performance of all obligations and liabilities
hereunder (collectively, the "Security"). The Lenders shall be named loss
payees, as their respective interests may appear, on all insurance policies
relating to the assets covered by the Security and such policies shall include
mortgage clauses.

         12.2     PURPOSE OF THE SECURITY

                  The Security shall secure the indebtedness and obligations of
the Borrowers under this Agreement and the obligations of the Material
Subsidiaries under their respective guarantees.

         12.3     RANKING OF THE SECURITY

                  The Security shall be perfected in all jurisdictions where
material property intended to be covered thereby is located and shall be first
ranking on the property covered thereby, subject to Permitted Encumbrances and
the terms of the Intercreditor Agreement.

         12.4     EVIDENCE OF THE SECURITY

                  The Security, including all agreements and documents
evidencing same (including its perfection) and legal opinions in respect
thereof, shall be satisfactory to all Lenders both (i) at the time such Security
is granted, and (ii) pursuant to revisions under Article 9 of the Uniform
Commercial Code of the various States of the United States, on August 1, 2001.
Each Lender hereby appoints the Agent hereunder as its mandatary to execute on
its behalf said agreements and documents together with all releases and
discharges in respect of the Security.

         12.5     SECURITY BY FUTURE MATERIAL SUBSIDIARIES

                  Security by a future Material Subsidiary shall be provided 45
days after the date the Person concerned shall have become a Material
Subsidiary.

13.               EVENTS OF DEFAULT

         13.1     EVENTS OF DEFAULT

                  Each of the following events or circumstance shall constitute
an Event of Default:

<PAGE>
                                      -44-

                  13.1.1         if the Borrowers fail to pay when due the whole
                                 or any part of the outstanding Borrowings or of
                                 any interest, fee or other amount payable under
                                 this Agreement;

                   13.1.2        if either Borrower or any Material Subsidiary
                                 has acknowledged its insolvency or has been
                                 declared insolvent or bankrupt or becomes
                                 voluntarily subject to any law relating to
                                 bankruptcy, insolvency or relief of debtors;

                   13.1.3        if all or a substantial portion of the assets
                                 of either Borrower or any Material Subsidiary,
                                 are seized in connection with any judgment and
                                 such seizure is not released or stayed within
                                 30 days or are subject to a taking of
                                 possession by a creditor, or are placed under
                                 sequestration, receivership or guardianship, or
                                 if a liquidator is appointed in respect of any
                                 of a Borrower and the Material Subsidiaries,
                                 unless such proceedings are being actively and
                                 diligently contested in good faith by a
                                 Borrower or such Subsidiary and are dismissed
                                 or stayed within 60 days;

                   13.1.4        subject to Section 10.4, if any proceedings for
                                 the dissolution, liquidation or winding-up of
                                 either Borrower or any Material Subsidiary or
                                 for the suspension of its operations are
                                 commenced, unless such proceedings are being
                                 diligently contested in good faith by such
                                 Borrower or such Material Subsidiary and are
                                 dismissed or stayed within 60 days;

                   13.1.5        if any proceedings under any law relating to
                                 bankruptcy, insolvency or relief of debtors is
                                 commenced against any Borrower or any Material
                                 Subsidiary and is not actively and diligently
                                 contested in good faith and dismissed or stayed
                                 within 60 days;

                   13.1.6        if any of the representations and warranties
                                 made by the Borrowers in this Agreement or if a
                                 document supplied by a Borrower or a Material
                                 Subsidiary in connection with this Agreement
                                 shall prove to have been erroneous or
                                 inaccurate in any material respect concerning
                                 any matter material to the Lenders as at the
                                 date made or deemed to be made;

                   13.1.7        if any Borrower or any Material Subsidiary
                                 otherwise fails to fulfill, in any material
                                 respect, any of its obligations or covenants
                                 under this Agreement, or any other agreement
                                 evidencing or related to the Security and if
                                 such failure is not remedied within 25 days of
                                 the earlier of (i) a Borrower's becoming

<PAGE>
                                      -45-

                                 aware of such failure and (ii) notice of such
                                 failure being given to a Borrower by the Agent;

                   13.1.8        if any Borrower or any Material Subsidiary is
                                 in default to pay amounts when due (after the
                                 expiry of any applicable grace periods) under
                                 any Indebtedness (other than amounts due under
                                 this Agreement) owed by it or them and
                                 exceeding US $1,500,000 in the aggregate;

                   13.1.9        if any Borrower or any Subsidiary fails to
                                 perform any obligation in respect of any
                                 Indebtedness (other than amounts due under this
                                 Agreement) owed by it or them and, as a result
                                 of such failure, the payment of amounts
                                 exceeding US $1,500,000 are accelerated;

                   13.1.10       if WS Acquisition, LLC ("Wellspring") and its
                                 Associates, collectively, (i) no longer hold
                                 the largest percentage interest (other than the
                                 interest of Caisse, as the case may be) of the
                                 outstanding capital stock of THC on a fully
                                 diluted basis, or (ii) no longer control
                                 (either directly or indirectly) not less than
                                 50% of the number of seats on the board of
                                 directors of THC (excluding the board seats
                                 occupied by nominees of Caisse or a loss of
                                 control in favour of Caisse). For the purpose
                                 of this Section 13.1.10, an "Associate" of
                                 Wellspring means any Person which, directly or
                                 indirectly, is in control of, is controlled by,
                                 or is under common control with, Wellspring. In
                                 the preceding sentence, "control" means the
                                 power, directly or indirectly, either to (a)
                                 vote securities having 10% or more of the
                                 ordinary voting power for the election of
                                 directors (or Persons performing similar
                                 functions) of a Person or (b) direct or cause
                                 the direction of the management and policies of
                                 such Person, whether by contract or otherwise;

                   13.1.11       if any judgment or order is rendered against
                                 any Borrower or any Material Subsidiary which
                                 requires the payment of monies in excess of US
                                 $2,000,000, net of any proceeds of insurance
                                 policies payable to such Borrower or Material
                                 Subsidiary in relation thereto, and such
                                 judgement or order shall remain undischarged or
                                 unsatisfied and either:

                                 (i) an enforcement proceeding shall have been
                                     commenced by a creditor upon such judgment
                                     or order if such judgement or order is
                                     final and not appealable, or

<PAGE>
                                      -46-

                                 (ii)     there shall have been a period of 30
                                          consecutive days during which a stay
                                          of enforcement of such judgment or
                                          order, by reason of pending appeal or
                                          otherwise, was not in effect;

                  13.1.12        if there is a material adverse change in the
                                 financial condition, business or operations of
                                 a Borrower or a Material Subsidiary; and

                  13.1.13        there is a default under any Related Agreement
                                 and such default is not cured or waived within
                                 five days of the occurrence of such default.

         13.2     REMEDIES

                  If an Event of Default occurs and is continuing, the Agent
may, and if required by the Majority Lenders, shall:

                  13.2.1   terminate the Total Commitment and the right of the
                           Borrowers to make utilizations, conversions and
                           renewals;

                  13.2.2   declare all indebtedness of the Borrowers hereunder
                           to be immediately payable and demand immediate
                           payment of the whole or part of same; and

                  13.2.3   exercise all of the rights and remedies of the
                           Lenders, including realization on the Security.

         13.3     ADDITIONAL REMEDIES RESPECTING FACILITY 2

                  In the event that Facility 2 is not repaid in full on the
Facility 2 Maturity Date, the Lenders under Facility 2 may, in addition to all
other rights and remedies they may have:

                  13.3.1   require THC to convert the outstanding amount
                           (consisting of the principal capital and Capitalized
                           Interest) owing under Facility 2 into, and issue and
                           deliver to such Lenders, Common Shares of THC (the
                           "Resultant Shares"). The number of Resultant Shares
                           shall be determined on the basis of five times the
                           EBITDA of THC for the previous fiscal year in
                           accordance with the formula attached in Schedule C to
                           the Sale Agreement between WS Acquisition LLC,
                           Caisse, THC and certain shareholders of THC; provided
                           that the number of Common Shares issued pursuant to
                           such conversion right shall be limited such that,
                           after exercising the conversion right and/or after
                           the exercise of the warrants held by Caisse which

<PAGE>
                                      -47-

                           are exchangeable for Common Shares, Caisse shall not
                           own more than 50.1% of the issued and outstanding
                           voting shares of the capital stock of THC; and/or

                  13.3.2   subject to the terms and conditions of the
                           Intercreditor Agreement, require that THC proceed
                           with the sale of all or a portion of the assets of
                           THC and apply the proceeds of any such sale in
                           reduction of the indebtedness owing to the Lenders in
                           a manner consistent with the terms of the
                           Intercreditor Agreement.

         13.4     NOTICE OF DEFAULT

                  The Borrowers shall be in default hereunder by the mere lapse
of time without the requirement of any notice or delay other than as expressly
provided herein.

14.               SHARING AND EQUALITY AMONG LENDERS

         14.1     DISTRIBUTION AMONG LENDERS

                  Any payment received by the Paying Agent to be applied to
indebtedness of the Borrowers hereunder, including any amount received through
the exercise of a right of set-off by any Lender and the realization of the
Security, shall be distributed among the Lenders proportionate to their pro rata
share of the indebtedness to which such payment is to be applied. Such
distribution shall be made forthwith but no later than two Business Days after
receipt of such payment by the Paying Agent.

         14.2     EQUALITY AMONG THE LENDERS

                  All rights of the Lenders hereunder or under the Security
shall rank PARI PASSU, pro rata to their respective share of the indebtedness of
the Borrowers to the Lenders hereunder.

         14.3     OTHER SECURITY

                  No Lender shall obtain any additional security for the payment
of the indebtedness of the Borrowers hereunder, unless such security forms part
of the Security.

         14.4     DIRECT PAYMENT TO A LENDER

                  If a Lender receives otherwise than through the Paying Agent a
payment which must be applied to the indebtedness of the Borrowers hereunder
(including any payment received through the exercise of a right of set-off or
the realization of the Security), such Lender shall remit to the Paying Agent

<PAGE>
                                      -48-

the payment so received, in order that such payment be applied by the Paying
Agent to the indebtedness of the Borrowers hereunder in accordance with the
provisions of this Agreement.

         14.5     ADJUSTMENTS AMONG LENDERS

                  If, at any time after the Agent has made a demand for payment
pursuant to Section 13.2, the ratio of the aggregate indebtedness of the
Borrowers to any Lender under Facility 1 or Facility 2 to the aggregate
indebtedness of the Borrowers to the Lenders is not equal to its Lender's
Proportion of Facility 1 or Facility 2, as the case may be, all Lenders shall
make payments among themselves as may be necessary or appropriate in order that
the amounts due to each Lender shall be proportional to their respective
Lender's Proportion of Facility 1 and Facility 2.

15.               THE AGENT AND THE LENDERS

         15.1     APPOINTMENT OF THE AGENT AND PAYING AGENT

                  Each Lender irrevocably appoints the Agent and the Paying
Agent to exercise on its behalf such rights and powers as are delegated to the
Agent and the Paying Agent, respectively, by the terms of this Agreement and as
are reasonably incidental thereto. Whenever acting in such capacity, the Agent
and the Paying Agent shall represent and bind all Lenders as herein provided. No
Lender shall exercise individually any of the rights and powers delegated to the
Agent or the Paying Agent hereunder. Without limiting the foregoing, the Paying
Agent shall be responsible, INTER ALIA, for administering Borrowings and
payments made pursuant to this Agreement, including calculating interest payable
by the Borrowers in accordance with this Agreement and receiving funds from
Lenders for disbursement to the Borrowers.

         15.2     ACTION BY AGENT

                  Except as expressly required by this Agreement, the Agent
shall not be required to take or refrain from taking any action which it is
empowered to take under this Agreement or the Security documents, unless the
Agent has been required by the Majority Lenders to take or refrain from taking
any such action. Notwithstanding the foregoing, the Agent shall in no event be
required to take or refrain from taking any action which it would be required to
take or refrain from taking by the Majority Lenders if in its judgment, such
action or omission is contrary hereto or to applicable law or exposes it to
personal liability in circumstances in which it determines that indemnity under
Section 15.9 may not be available or adequate.

         15.3     LIABILITY OF THE AGENT AND THE PAYING AGENT

<PAGE>
                                      -49-

                  Neither the Agent nor the Paying Agent shall be liable for any
action taken or omitted to be taken by it in the absence of gross negligence or
wilful misconduct, provided it has acted in accordance with the provisions of
this Agreement. In addition, but without limiting the generality of the
foregoing, neither the Agent nor the Paying Agent:

                  15.3.1   shall be liable for any action it takes or omits to
                           take in good faith in accordance with the advice of
                           legal counsel, experts or professional advisors;

                  15.3.2   shall incur liability by acting upon any
                           communication or document believed by it to be
                           genuine and to have been signed, sent or given by the
                           proper Person or Persons;

                  15.3.3   shall have duty to investigate whether a Default has
                           occurred or is continuing;

                  15.3.4   shall have duty to examine or comment on the
                           validity, genuineness, sufficiency or accuracy of any
                           document or information supplied by the Borrowers or
                           the Material Subsidiaries to the Lenders through the
                           Agent.

         15.4     NOTICES BY AGENT TO LENDERS

                  Whenever a notice of utilization, conversion or renewal is
given by a Borrower to the Agent and the Paying Agent, the Paying Agent shall
promptly provide the Lenders with the details of the Borrowing which is the
subject matter of the notice, in order that the Lenders may make available to a
Borrower concerned, through the Paying Agent, or as the case may be, may fund,
their respective proportions of such Borrowing.

         15.5     MANNER OF DISBURSEMENT

                  15.5.1   Any amount to be disbursed by a Lender pursuant to a
                           Borrowing under the Credit shall be made available to
                           the Paying Agent by such Lender at the Paying Agent's
                           Branch of Account, by 2:00 p.m. on the date the
                           Borrowing is to be effected.

                  15.5.2   Any amount so received by the Paying Agent shall be
                           made available to a Borrower concerned at places to
                           be agreed to from time to time between the Borrowers
                           and the Paying Agent.

<PAGE>
                                      -50-

         15.6     NON-CONTRIBUTION OF A LENDER

                  Unless previously notified in writing by a Lender no less than
two Business Day before a Borrowing is to be effected that such Lender does not
intend to make available to the Paying Agent its proportion of such Borrowing,
the Paying Agent may assume that such Lender will be making its proportion of
such Borrowing available to the Paying Agent on such date and the Paying Agent
may, but is not required to, in reliance upon such assumption, make available to
a Borrower concerned an amount corresponding to such Lender's proportion of the
Borrowing. If such Lender fails to make its proportion of the relevant Borrowing
available to the Paying Agent on the relevant date, the Paying Agent shall be
entitled to recover on demand the amount of such Lender's proportion of the
Borrowing, from such Lender or, failing recovery from such Lender, from a
Borrower concerned on one day's notice. Interest shall accrue on such amount
during the period prior to such recovery at a rate per annum equal to the rate
applicable to a Dollar Loan and shall be paid to the Paying Agent for its own
account.

         15.7     NOTICES OF DEFAULT

                  The Paying Agent and the Agent shall be entitled to assume
that no Default has occurred and is continuing, unless the Paying Agent and the
Agent have been notified by the Borrowers or any of the Material Subsidiaries of
any such Default, or has been notified by a Lender that such Lender considers
that a Default has occurred and is continuing. In such a case, the Agent and the
Paying Agent, as the case may be, shall promptly notify the Lenders of the
Default, but the Agent shall incur no liability for its failure to do so if such
Default has been remedied.

         15.8     LIABILITY OF LENDERS

                  No Lender (including the Agent) shall have any liability
whatsoever:

                  15.8.1   as a consequence of the failure of any other Lender
                           to perform its obligations under this Agreement;

                  15.8.2   as a consequence of the failure of any Borrower or
                           any Material Subsidiary to perform its obligations
                           under this Agreement or any of the Security
                           documents;

                  15.8.3

                           for the accuracy or completeness of any information,
                           representations or warranties contained herein or
                           made in connection herewith or provided pursuant to
                           this Agreement, or for the legality, validity,
                           enforceability, sufficiency or value of this

<PAGE>
                                      -51-

                           Agreement, the Security documents or any other
                           document or instrument contemplated thereby.

         15.9     INDEMNIFICATION

                  Each Lender shall indemnify the Agent and the Paying Agent in
the proportion its Commitment bears to the Total Commitment, to the extent not
reimbursed by the Borrowers or the Material Subsidiaries, from and against all
liabilities, losses, expenses, claims or disbursements of any kind or nature
whatsoever which may be incurred or imposed on them, relating to or arising out
of this Agreement, the Security or any action taken or omitted to be taken by
the Agent, except for any portion of such liabilities, losses, expenses, claims
or disbursements resulting from its negligence or wilful misconduct.

         15.10    CREDIT DECISION

                  Each Lender acknowledges that it has been and will continue to
be solely responsible for making its own independent appraisal and investigation
of the financial condition, credit- worthiness, affairs and viability of the
Borrowers and the Material Subsidiaries and that it has not relied on the Agent
or any other Lender in the making of its decision to enter into this Agreement.

         15.11    LEGAL PROCEEDINGS AND ENFORCEMENT MEASURES

                  Any legal proceedings and enforcement measures on behalf of
all Lenders shall be taken by the Agent, and upon the request of the Agent, all
Lenders shall join the Agent in such proceedings or enforcement measures.

         15.12    SHARING OF INFORMATION

                  The Borrowers authorize the Agent, the Paying Agent and the
Lenders to share with each other and with prospective assignees of and
participants in the Borrowings, any information held by them regarding each of
the Borrowers and its Subsidiaries or relating to this Agreement, provided
however that any information held by the Lenders subject to a confidentiality
agreement shall only be shared on the condition that the recipient thereof
agrees to be bound by such confidentiality agreement. The Agent shall provide
the Paying Agent with timely notice of changes in the rate of Capitalized
Interest accruing pursuant to Section 5.6.

         15.13    NO ASSOCIATION AMONG LENDERS

<PAGE>
                                      -52-

                  Nothing contained in this Agreement and no action taken
pursuant to it shall, or shall be deemed to, constitute the Lenders a
partnership, association, joint venture or other similar entity.

         15.14    SUCCESSOR AGENT AND PAYING AGENT

                  Subject to the appointment and acceptance of a successor agent
as provided in this Section 15.14, the Agent or the Paying Agent may resign at
any time by giving written notice thereof to the Lenders and THC. Upon any such
resignation, the Majority Lenders shall have the right to appoint a successor
agent with the approval of THC (such approval not to be unreasonably withheld).
Any such successor agent or paying agent appointed under this Section 15.14
shall be a financial institution which has an office in Montreal, Province of
Quebec. If no successor agent shall have been appointed by the Majority Lenders
within 90 days after the retiring agent's giving of notice of resignation, then
the retiring agent may, on behalf of the Lenders and with the approval of THC
(such approval not to be unreasonably withheld), appoint a successor agent.
Notwithstanding the foregoing, Montreal Trust Company may resign as Paying Agent
and appoint as its successor Computershare Trust Company of Canada upon
providing ten Business Days prior notice to the Agent and THC. Upon the
appointment as Agent or Paying Agent of a successor agent, such successor agent
shall thereupon succeed to and become vested with all the rights, powers,
obligations and duties of the retiring agent and shall be deemed for the
purposes of this Agreement to be the Agent or Paying Agent, as the case may be,
and the retiring agent shall be discharged from its duties and obligations under
this Agreement. After any retiring agent's resignation hereunder as the Agent or
Paying Agent, the provisions of this Agreement shall continue in effect for its
benefit, for the benefit of the Lenders and for the benefit of THC in respect of
any actions taken or omitted to be taken by the retiring agent while it was
acting as the Agent or Paying Agent.

         15.15    OPTION OF LENDERS TO REPLACE A LENDER

                  In the event that any Lender does not consent to any amendment
or waiver requiring the unanimous consent of the Lenders, the consenting Lenders
shall have the option, but not the obligation, to purchase the dissenting
Lender's interest in this Agreement. If the consenting Lenders do not exercise
such option for the total amount of such interest, the dissenting Lender shall
have the option of locating a new Lender to assume the dissenting Lender's
interest in this Agreement, such new lender to be acceptable to the Borrowers
and the Agent acting reasonably. The Borrowers shall reimburse the Agent for any
cost or expense incurred in respect of such assignment or proposed assignment.

16.               WAIVERS AND AMENDMENTS

         16.1     AMENDMENTS AND WAIVERS WITH THE APPROVAL OF THE MAJORITY
                  LENDERS

<PAGE>
                                      -53-

                  Subject to the other Sections of this Article 16, the
provisions of this Agreement or of any of the Security documents may only be
amended or waived by an instrument in writing signed by the Agent, with the
approval of the Majority Lenders.

         16.2     AMENDMENTS BY UNANIMOUS APPROVAL

                  The provisions of this Agreement relating to any of the
following matters may only be amended by an instrument in writing signed by the
Agent, with the prior consent of all the Lenders:

                  16.2.1   Any lengthening or shortening of the term of this
                           credit facility;

                  16.2.2   Any change in the amount of any principal amount
                           payable hereunder or in the time within which
                           principal must be repaid;

                  16.2.3   Any change in the interest rates, fees and Discounts
                           payable hereunder and in the manner in which they are
                           calculated or in the time within which they must be
                           paid;

                  16.2.4   Any subordination of the Security or of any amount
                           payable hereunder;

                  16.2.5   Any modification, amendment or release of the
                           Security, except as expressly permitted herein;

                  16.2.6   Any change in the conditions precedent provided in
                           Section 4.2, in Articles 13, 14, or 16, in the
                           definition of Majority Lenders, or in any matter
                           requiring the approval or consent of all Lenders.

         16.3     AMENDMENTS WITH THE APPROVAL OF THE AGENT

                  No amendment to the provisions of this Agreement respecting
the duties, obligations and liabilities of the Agent shall be made without the
approval of the Agent.

         16.4     BINDING EFFECT UPON LENDERS

                  Any extension, indulgence, amendment or waiver granted or made
in accordance with the provisions of this Article 16 shall be binding upon all
the Lenders.

         16.5     FAILURE TO ACT

<PAGE>
                                      -54-

                  No waiver and no failure or delay in the exercise of any right
or remedy shall preclude the further exercise of any of the rights and remedies
of the Agent and the Lenders hereunder. In addition no such failure or delay
shall be construed as a waiver of any of the provisions of this Agreement or the
Security documents.

17.               ASSIGNMENTS

         17.1     ASSIGNMENTS

                  17.1.1   Each Lender may assign, in whole or in part, its
                           rights and obligations in respect of the Credit to
                           any other financial institution with the prior
                           written consent of the Agent (which consent shall not
                           be unreasonably withheld), provided that, when no
                           Event of Default has occurred and is continuing, (i)
                           no such assignment (other than an assignment by
                           Caisse as Lender) shall have the effect of increasing
                           the Borrowers' cost of Borrowings hereunder without
                           the prior consent of THC and (ii) if Caisse as Lender
                           wishes to make any such assignment, Caisse shall use
                           its best efforts in order that the assignment shall
                           not have the effect of increasing the Borrowers' cost
                           of Borrowings hereunder. For greater certainty, the
                           expression "Borrowers' cost of Borrowings" shall
                           incude the cost to the Borrowers of making additional
                           payments as contemplated in Section 7.5.

                  17.1.2   No such assignment may be made if the aggregate
                           amount of the assigning Lender's Commitment following
                           such assignment, or the portion thereof which is
                           assigned, is not at least $10,000,000 and in integral
                           multiples of $1,000,000.

                  17.1.3   Any financial institution becoming an assignee of the
                           whole or part of the rights of a Lender and of its
                           obligations towards the Borrowers in accordance with
                           Section 17.1.1 shall become a Lender hereunder and
                           this Agreement and the Commitment of the assignor
                           shall be amended automatically.

                  17.1.4   A Lender which, in accordance with Section 17.1.1,
                           assigns all or any part of its rights or obligations
                           hereunder shall pay to the Agent on demand an
                           assignment fee of $2,500 and all expenses, including
                           but not limited to legal fees, incurred by the Agent
                           in connection with such transfer. If as a result of
                           such transfer, the Agent incurs any increased costs
                           or additional expenses in connection with the
                           performance of its duties hereunder, the assignee
                           shall upon demand from time to time pay to the Agent
                           such amount as shall compensate the Agent for any
                           such

<PAGE>
                                      -55-

                           reasonable increased costs or additional expenses
                           (and the certificate of the Agent specifying the
                           amount of such compensation shall be conclusive in
                           the absence of manifest error).

                  17.1.5   For the purposes of this Article 17, Caisse, a
                           pension fund and organizations performing similar
                           functions shall be deemed to be financial
                           institutions to the extent that such entities are
                           authorized to make loans or purchase participations
                           of the nature contemplated in this Section 17 in the
                           ordinary course of business.

18.               MISCELLANEOUS

         18.1     BOOKS AND ACCOUNTS

                  The Agent shall keep books and accounts evidencing the
indebtedness of the Borrowers under the Credit and the transactions made in
respect thereof pursuant to this Agreement. Such books and accounts shall, in
the absence of manifest error, be deemed to represent accurately that
indebtedness and those transactions. The Borrowers acknowledge that the actual
recording of the amount of any Borrowing or repayment thereof under this
Agreement, and interest, fees, and other amounts due in connection with this
Agreement, in the accounts of the Borrowers maintained by the Agent shall
constitute PRIMA FACIE evidence of the Borrowers' indebtedness and liability
from time to time under this Agreement; provided that the obligation of the
Borrowers to pay or repay any indebtedness and liability in accordance with this
Agreement shall not be affected by the failure of the Agent to make such
recording.

         18.2     DETERMINATION

                  In the absence of manifest error, any determination of fact
(other than the determination of Material Adverse Effect) made by the Agent in
accordance with this Agreement shall be final and binding upon the Borrowers,
the Material Subsidiaries and the Lenders.

         18.3     NOTES

                  The Borrowings may, but need not be, evidenced by notes or
other instruments of indebtedness that the Borrowers undertake to execute upon
request from the Agent. Payment of those notes and instruments may only be
demanded in accordance with the provisions of this Agreement.

         18.4     ORAL NOTICES OR INSTRUCTIONS

<PAGE>
                                      -56-

                  If any Borrower or any of its agents or employees makes an
oral request or gives an oral notice to the Agent or the Paying Agent, the Agent
and Paying Agent shall be entitled to rely upon such oral instructions. The
Agent and the Paying Agent shall not incur any liability to the Borrowers or the
Material Subsidiaries or to the Lenders in acting upon oral instructions which
the Agent or the Paying Agent believes in good faith to have been given by a
Person authorized by a Borrower to give such instructions or to effect any
applicable transaction. In the event of a discrepancy between oral instructions
and any written confirmation in respect thereof, or in the absence of receiving
confirmation, the oral instructions as understood by the Agent or the Paying
Agent shall be deemed to be the controlling instructions.

         18.5     UNASSIGNABILITY BY BORROWER

                  No Borrower may assign its rights or the amounts to be
received by it under this Agreement.

         18.6     EXPENSES

                  The Borrowers shall pay the reasonable out-of-pocket expenses
incurred by Caisse or the Agent in connection with the preparation, negotiation,
execution, and administration of this Agreement, the Security and the Related
Agreements due diligence investigations, environmental audits or other studies
made in connection with or pursuant to this Agreement, the syndication and
pre-approved public announcement of the credit facility provided hereunder and
the exercise of the rights and remedies of Caisse or the Agent and the Lenders
under this Agreement and the Security, including the reasonable fees and
expenses of legal counsel, professional advisors and experts of the Agent or
Caisse. The Borrowers shall also pay the reasonable fees and expenses of legal
counsel to the Paying Agent incurred, as the case may be, pursuant to Section
15.3.1.

         18.7     COMPENSATION

                  Subject to their respective obligations under Section 14.4,
each Lender is authorized (but not obligated) at any time or from time to time
after the occurrence of an Event of Default which is continuing, without notice
to the Borrowers or to the Material Subsidiaries to compensate and to apply any
and all deposits held for or in the name of any of the Borrowers or of any
Material Subsidiaries and any indebtedness at any time owing or payable by such
Lender to or for the credit of or the account of any of the Borrowers or of any
Material Subsidiaries against and on account of the obligations of the Borrowers
or the Material Subsidiaries payable to such Lender under this Agreement,
irrespective of currency and of whether or not such Lender has made any demand
under this Agreement and whether or not these

<PAGE>
                                      -57-

obligations of the Borrowers have matured. The provisions of this Section 18.7
shall not restrict such rights as the Lenders may be entitled to without relying
upon the provisions of this Section 18.7.

         18.8     IRREVOCABILITY OF NOTICES OF UTILIZATION, CONVERSION, RENEWAL
                  OR REPAYMENT

                  A Borrower may not cancel a notice of utilization, conversion,
renewal or repayment and shall indemnify the Lenders through the Agent for any
damage resulting from its failure to act in accordance with such a notice.

         18.9     IRREGULAR NOTICE OF UTILIZATION, CONVERSION, RENEWAL OR
                  REPAYMENT

                  The Agent and the Paying Agent may consider of no effect any
notice of utilization, conversion, renewal or repayment if such notice or the
proposed utilization, conversion or renewal is not in compliance with the
provisions of this Agreement.

         18.10    INDEMNIFICATION

                  18.10.1  If any future law, regulation, administrative
                           decision or guideline or decision of any Court
                           increases the cost for any Lender of its Commitments
                           or the cost for any Lender of, or reduces the income
                           receivable by any Lender from, the Borrowings
                           (including, without limitation, by reason of the
                           imposition of reserves, taxes or requirements as to
                           the capital adequacy of such Lender but excluding any
                           costs incurred as a result of tax increases of
                           general application), such Lender may send to the
                           Borrowers a statement indicating the amount of such
                           additional cost or reduction of income and its method
                           of calculation; in the absence of manifest error,
                           this statement shall be conclusive evidence of the
                           amount of such additional cost or reduction of income
                           and the Borrowers shall pay forthwith this amount to
                           such Lender. Each Lender agrees that, as promptly as
                           practicable after it becomes aware of any
                           circumstances referred to above which would result in
                           any such increased cost or reduction in income, the
                           affected Lender shall, to the extent not inconsistent
                           with such Lender's internal policies of general
                           application, use reasonable commercial efforts to
                           minimize such costs or reductions.

                  18.10.2  The Borrowers shall pay to any Lender the amount of
                           any and all losses suffered by the latter and
                           resulting from Acceptances having been converted or
                           repaid before the maturity dates of their respective
                           periods, whatever the

<PAGE>
                                      -58-

                           cause for such conversion or repayment may be. The
                           affected Lender may send to the Borrowers a statement
                           indicating the amount of any such loss suffered by it
                           and its method of calculation; in the absence of
                           manifest error, this statement shall be conclusive
                           evidence of the amount of such loss and the Borrowers
                           shall pay forthwith this amount to the affected
                           Lender.

                  18.10.3  Each of the Borrowers and the Material Subsidiaries
                           permits the Agent, acting reasonably, to conduct
                           inspections and appraisals of all or any of its
                           records, business and assets at any time and from
                           time to time, upon one (1) Business Days' prior
                           notice, to verify compliance with applicable
                           environmental laws and, if the Agent has a reasonable
                           basis to believe that there may be a violation of
                           environmental law by any Borrower or Material
                           Subsidiary which could reasonably be expected to have
                           a Material Adverse Effect, the Agent may also appoint
                           experts or consultants to make any inspection or
                           appraisal and prepare reports on same. Any costs and
                           expenses incurred by the Agent as a result of the
                           foregoing shall be reimbursed by the Borrowers on
                           demand. If the Agent is required to expend any funds
                           in compliance with applicable environmental laws,
                           regulations, administrative or court order in respect
                           thereof or in connection with any recourse for
                           damages, the Borrowers shall indemnify the Agent in
                           respect of such expenditures.

                  18.10.4  The Borrowers shall, to the extent permitted by
                           applicable laws, indemnify the Lenders and the Agent,
                           and their respective directors, officers, employees,
                           and agents and shall hold each of them harmless from
                           and against any and all losses, liabilities damages,
                           costs, penalties, fines, expenses and claims
                           (including reasonable legal fees and costs) which at
                           any time or from time to time may be paid or incurred
                           by, or asserted against, any of them for, with
                           respect to or as a direct or indirect result of (i)
                           any environmental activity by the Borrowers or any of
                           their Subsidiaries or (ii) any failure on the part of
                           the Borrowers or any of their Subsidiaries to comply
                           with any environmental laws, and (iii) any
                           misrepresentation, breach of warranty or breach of
                           covenant on the part of the Borrowers or any of their
                           Subsidiaries with respect to environmental matters.

                  18.10.5  The Borrowers shall indemnify the Lenders, the Agent
                           and the Paying Agent and their respective directors,
                           officers, employees and agents and hold each

<PAGE>
                                      -59-

                           of them harmless from and against all losses, costs,
                           expenses (including reasonable fees, charges and
                           disbursements of counsel) and liabilities including
                           those arising from any litigation or other
                           proceedings relating to or arising out of the
                           transactions contemplated by this Agreement and the
                           Related Agreements, provided that no Person
                           indemnified under this Section 18.10.5 shall be
                           indemnified for its own negligence or wilful
                           misconduct.

                  18.10.6  The Borrowers shall not assert, and hereby waive, 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 Related Agreement or
                           any other agreement or instrument contemplated
                           hereby, any Borrowings or the use of the proceeds
                           thereof.

         18.11    LIABILITY OF BORROWERS

                  18.11.1  Each Borrower shall be solidarily (that is, jointly
                           and severally) liable for the aggregate amount of
                           Borrowings and for all the obligations and
                           liabilities of the Borrowers hereunder. Each Borrower
                           hereby renounces to the benefits of division and
                           discussion. The liability of a Borrower hereunder
                           shall not be released, reduced or affected by reason
                           of any waiver or extension granted by the Lenders
                           without the consent of such Borrower or by reason of
                           any release of or stay of proceedings against the
                           other Borrower pursuant to any law or by reason of
                           any circumstance which might constitute a defence
                           available to a guarantor.

                  18.11.2  Each of the Borrowers irrevocably appoints the other
                           to act as its attorney for the purposes of exercising
                           the rights and performing the obligations of the
                           Borrowers hereunder and the Borrowers shall be bound
                           by all things done and documents executed by any
                           Borrower.

         18.12    PREVIOUS AGREEMENTS

                  This Agreement amends and completely restates (thereby
superseding but not novating) any previous agreement in connection with the
credit facility provided for herein.

         18.13    LANGUAGE

<PAGE>
                                      -60-

                  This Agreement has been drawn up in English at the express
request of the parties. Cette convention a ete redigee en anglais a la demande
expresse des parties.

         18.14    SEVERABILITY

                  If any provision of this Agreement is determined to be void,
voidable, illegal or unenforceable, in whole or in part, all other provisions of
this Agreement shall nevertheless remain in full force and effect, and all
provisions hereof are hereby declared and shall be deemed, unless otherwise
expressly provided, to be separate, severable and distinct.

19.               NOTICES

         19.1     SENDING OF NOTICES

                  Any demand, notice or other communication (hereinafter
referred to as a "Communication") to be given to a party in connection with this
Agreement shall be given in writing and shall be given by personal delivery, by
registered mail or by transmittal by facsimile addressed to the recipient at the
address indicated opposite its name on the signature pages hereto, or at such
other address as may be notified by such party to the others pursuant to this
Section 19.1.

         19.2     RECEIPT OF NOTICES

                  Any Communication given by personal delivery shall be
conclusively deemed to have been given on the day of actual delivery thereof
and, if given by registered mail, on the fifth Business Day following the
mailing thereof and, if given by facsimile on the day of transmittal thereof if
given during normal business hours of the recipient or on the next Business Day
if given after normal business hours on any day. If the party giving any
Communication knows or ought to know of any difficulties with the postal system
or facsimile transmission system which might affect the delivery of mail or
facsimile transmission, any such Communication shall be given by personal
delivery or by other methods of communication not affected by the said
difficulties.

20.      COUNTERPARTS

                  This Agreement may be executed in any number or counterparts,
each of which shall be deemed to be an original and all of which taken together
shall be deemed to constitute one and the same instrument, and it shall not be
necessary in making proof of this Agreement to produce or account for more than
one such counterpart.

<PAGE>
                                      -61-

<PAGE>

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

<TABLE>
<S>                                                        <C>
                                                           CAISSE DE DEPOT ET DE PLACEMENT DU
                                                           QUEBEC
c/o CDP Capital d'Amerique Inc.
2001 McGill College Avenue                                 By:   /s/ Diane Favreau
Suite 600                                                        ----------------------------------
Montreal, Quebec                                           Name:     Diane Favreau
H3A 1G1
                                                           Title:  Duly authorized representative
Attention:         Diane Favreau
Telecopier No.:    (514) 847-5488
Telephone No.:     (514) 847-2493                          By:   /s/ James McMullan
                                                                 ----------------------------------
                                                           Name:     James McMullan

                                                           Title:  Duly authorized representative

139 Harvest Lane                                           THE HOCKEY COMPANY
P.O. Box 1200
Williston, Vermont                                         By:   /s/ Russell David
05495, U.S.A.                                                    ----------------------------------
                                                           Name:     Russell David
Attention:         President
Telecopier No.:    (802) 872-4226                          Title:__________________________________
Telephone No.:     (802) 872-4256
</TABLE>

<PAGE>

<TABLE>
<S>                                                        <C>
3500 De Maisonneuve Blvd. West                             SPORT MASKA INC.
Suite 800
Westmount, Quebec                                          By:   /s/ Russell David
H3Z 3C1                                                          ----------------------------------
                                                           Name:     Russell David
Attention:         President
Telecopier No.:    (514) 932-1118                          Title:
Telephone No.:     (514) 932-6020                                ----------------------------------

1800 McGill College Avenue                                 MONTREAL TRUST COMPANY
5th Floor
Montreal, Quebec                                           By:   /s/ Louis Lochhead
H3A 3K9                                                          ----------------------------------
                                                           Name:     Louis Lochhead
                                                                 ----------------------------------
                                                           Title:
                                                                 ----------------------------------

Attention:         Corporate Trust Services
Telecopier No.:    (514) 982-7677
Telephone No.:     (514) 982-7280                          By:   /s/ Josee Lebeau
                                                                 ----------------------------------
                                                           Name:     Josee Lebeau
                                                                 ----------------------------------
                                                           Title:
                                                                 ----------------------------------
</TABLE><PAGE>

                                                                    EXHIBIT 10.2

                                WARRANT AGREEMENT

This WARRANT AGREEMENT, dated as of March 14, 2001, is between The Hockey
Company, a corporation organized and existing under the laws of Delaware (the
"Company"), and Caisse de depot et placement du Quebec, a legal person
constituted under the laws of Quebec (the "Holder").

                                    RECITALS

A. Pursuant to a Restated and Amended Credit Agreement, dated as of March 14,
2001, executed among others by the Company as borrower (the "Borrower"), and the
Holder, the Holder has extended credit to the Borrower on the terms and
conditions set forth therein (as amended and modified from time to time in
accordance with its terms, the "Credit Agreement").

B. Pursuant to the Credit Agreement, as a portion of the inducement to Holder to
extend the credit provided for therein and as a condition thereto, the Company
has agreed to issue certain common share purchase warrants as provided herein
(the "Warrants") permitting Holder to purchase voting shares of common stock of
the Company with a par value of US $0.01 (the "Common Shares"), with the Common
Shares issuable by the Company upon exercise of the Warrants referred to herein
as the "Warrant Shares".

C. The parties intend that capitalized terms used but not defined herein will
have the meanings given to them in the Credit Agreement.

                                    AGREEMENT

NOW, THEREFORE, in consideration of the Holder's extension of credit to the
Borrower pursuant to the Credit Agreement and of the covenants herein, the
parties hereto agree as follows:

1.       WARRANT CERTIFICATES

         The Warrants shall be evidenced by three or more certificates, in the
         form appended hereto as Exhibit A, B and C (the "Warrant
         Certificate(s)").

2.       EXECUTION OF THE WARRANT CERTIFICATES

         The Warrant Certificates shall be signed on behalf of the Company by
         any one of the following officers of the Company: Chairman of the
         Board, Chief Operating Officer, President, Vice President, Secretary or
         Assistant Secretary.

         Each such signature upon the Warrant Certificates may be in the form of
         a facsimile signature and may be imprinted or otherwise reproduced on
         the Warrant Certificates. The seal of the Company may be in the form of
         a facsimile thereof and may be impressed, affixed, imprinted or
         otherwise reproduced on the Warrant Certificates.

<PAGE>

                                                                         Page 2

         Any Warrant Certificate may be signed on behalf of the Company by any
         person described above, who at the actual date of the execution of such
         Warrant Certificate, shall be a proper officer of the Company to sign
         such Warrant Certificate, although at the date of the execution of this
         Agreement any such person was not such a proper officer.

3.       REGISTRATION

         The Company shall number and register the Warrant Certificates in a
         register upon issuance by the Company. The Company may deem and treat
         the registered holder(s) of the Warrant Certificates as the absolute
         owner(s) thereof (notwithstanding any notation of ownership or other
         writing thereon made by anyone), for all purposes, and the Company
         shall not be affected by any notice to the contrary.

4.       REGISTRATION OF TRANSFERS AND EXCHANGES

         Subject to Sections 18 and 19 hereof, the Company shall from time to
         time register the transfer of any outstanding Warrant Certificates upon
         the records to be maintained by it for that purpose, upon surrender
         thereof accompanied by a written instrument or instruments of transfer
         duly executed by the registered holder or holders thereof or by the
         duly appointed legal representative thereof or by a duly authorized
         attorney in the form of Exhibit D hereto. Upon any such registration of
         transfer, a new Warrant Certificate or Warrant Certificates shall be
         issued to the transferee(s) and the surrendered Warrant Certificate(s)
         shall be cancelled by the Company.

         Warrant Certificates may be exchanged at the option of the holder(s)
         thereof, when surrendered to the Company at its office for another
         Warrant Certificate or other Warrant Certificates of like tenor
         registered in the name of the holder(s) and representing in the
         aggregate a like number of Warrants. Warrant Certificates surrendered
         for exchange shall be cancelled by the Company.

5.       ISSUANCE OF WARRANTS

         Concurrently with the Company's execution hereof, the Company will
         issue the Warrant Certificates and deliver them to the Holder.

6.       NUMBER AND TERMS OF WARRANTS; EXERCISE OF WARRANTS

          6.1. NUMBER AND TERMS OF WARRANTS. The Warrants shall be issued on the
               following terms, certain of which terms are subject to adjustment
               as provided in this Agreement:

                  6.1.1    Number of Common Shares:

                           On the date hereof, Warrant A to purchase 539,974
                           Common Shares* (representing 7.5% on a fully diluted
                           basis, as of the date

<PAGE>

                                                                         Page 3

                           of this Agreement), Warrant B to purchase 583,755
                           Common Shares* (representing 7.5% on a fully diluted
                           basis, as of the date of this Agreement) and Warrant
                           C to purchase 409,653 Common Shares* (representing 5%
                           on a fully diluted basis, as of the date of this
                           Agreement), subject to adjustment in Section 9 below.

                           It is agreed between the Holder and the Company that
                           if by May 14, 2001 a fully financed firm offer is
                           received by the Company which would be sufficient to
                           repay Facility 2 and if Facility 2 is so repaid in
                           full as a result of the above-mentioned offer no
                           later than June 13, 2001, Warrants issued as of the
                           date hereof which represent the right to 179,991
                           Common Shares (representing 2.5% on a fully diluted
                           basis, as of the date of this Agreement) shall be
                           promptly returned by the Holder to the Company for
                           cancellation and shall be of no further force or
                           effect.

                           Notwithstanding anything to the contrary herein, it
                           is agreed between the parties that (i) Warrant B will
                           only be exercisable by the Holder on or after
                           February 28, 2002 if (x) the consolidated EBITDA of
                           the Company for the fiscal year ended December 31,
                           2001 is less than US $23 million (which amount shall
                           exclude the amount of the Restructuring Fees) and (y)
                           Facility 2 has not been completely repaid in cash
                           prior to or on February 28, 2002, and (ii) Warrant C
                           will be exercisable by the Holder on or after October
                           31, 2002 only if Facility 2 has not been completely
                           repaid in cash prior to or on such date.

                           In the event that the conditions set forth above for
                           the exercise of Warrant B or Warrant C have not been
                           satisfied the Warrant in question shall be promptly
                           returned by the Holder to the Company and shall be of
                           no further force or effect.

                  6.1.2    Exercise Price:       US $0.01 per common share**

                  6.1.3    Exercise Period:      Warrant  A: From and after the
                                                 date of  issuance  of the
                                                 Warrant  Certificate until
                                                 complete repayment of all the
                                                 Loans

                                                 Warrant B: From and after
                                                 February 28, 2002, if Facility
                                                 2 has not been completely
                                                 repaid in cash, until complete
                                                 repayment of all the Loans.

                                                 Warrant C: From and after
                                                 October 31, 2002, if Facility 2
                                                 has not been completely repaid
                                                 in cash, until complete
                                                 repayment of all the Loans

                  * Subject to adjustment as provided in Section 9 below.

<PAGE>

                                                                          Page 4

                  ** Not subject to adjustment.

                  For the purposes hereof, "on a fully diluted basis" means, on
                  any date of determination, after giving effect to (i) all of
                  the Common Shares issued and outstanding on the date of
                  determination, PLUS (ii) the number of Common Shares issuable
                  on the date of determination upon exercise of the warrants in
                  favour of Phoenix Home Life Mutual Insurance Company set forth
                  in Schedule A attached hereto.

         6.2.     EXERCISE OF WARRANTS.

                  6.2.1  EXERCISE AT HOLDER'S ELECTION. Subject to applicable
                         law, the Holder may elect, in its sole discretion, to
                         exercise one or more of the Warrants, in whole or in
                         part, at any time during (but not prior to) the
                         Exercise Period set forth in Section 6.1, in the manner
                         specified in paragraph 6.2.2 below.

                  6.2.2  GENERAL PROVISIONS REGARDING EXERCISE. To exercise any
                         Warrant, in whole or in part, the Holder shall deliver
                         to the Company during the Exercise Period (a) the
                         Warrant Certificates for the Warrants being exercised,
                         (b) written notice, in substantially the form of the
                         Exercise Form appended hereto as Exhibit E, of such
                         Holder's election to exercise such Warrants, which
                         notice shall specify the number of Common Shares to be
                         purchased, the denominations of the share certificate
                         or certificates desired and the name or names in which
                         such certificates are to be registered and (c) payment
                         of the Exercise Price with respect to such Common
                         Shares. Such payment may be made, at the option of the
                         Holder, by cash, certified or bank cashier's check or
                         wire transfer or as otherwise provided in Section
                         6.2.3. Each exercise of a Warrant shall, upon delivery
                         of all of the foregoing to the Company before 5:00 p.m.
                         on the date representing the last date the Exercise
                         Period is applicable, be irrevocable.

                         Upon such surrender of Warrant Certificates,
                         delivery of the Exercise Form and payment of the
                         Exercise Price, the Company shall issue and cause to
                         be delivered with all reasonable dispatch to or upon
                         the written order of the Warrant holder and in such
                         name or names as the holder may designate, a
                         certificate or certificates for the number of full
                         Warrant Shares issuable upon the exercise of such
                         Warrants, provided, however, that if any issuance,
                         consolidation, merger or lease or sale of assets is
                         proposed to be effected by the Company as described
                         in Section 9 hereof, or a tender offer or an
                         exchange offer for Common Shares of the Company
                         shall be made, upon such surrender of Warrants and
                         payment of the Exercise Price as aforesaid, the
                         Company shall, as soon as possible, but in any event
                         not later than two (2) business

<PAGE>

                                                                         Page 5

                         days thereafter, issue and cause to be delivered the
                         full number of Warrant Shares issuable upon the
                         exercise of such Warrants in the manner described in
                         this sentence. Such certificate or certificates shall
                         be deemed to have been issued and any person so
                         designated to be named therein shall be deemed to
                         have become a holder of record of such Warrant
                         Shares as of the date of the surrender of such
                         Warrants and payment of the Exercise Price.

                         The Warrants shall be exercisable, at the election
                         of the holders thereof, either in full or from time
                         to time in part and, in the event that a Warrant
                         Certificate evidencing Warrants is exercised in
                         respect of fewer than all of the Warrant Shares
                         issuable on such exercise at any time prior to the
                         date of expiration of the Warrants, a new
                         certificate evidencing the remaining Warrant or
                         Warrants will be issued pursuant to the provisions
                         of this Section.

                         All Warrant Certificates surrendered upon exercise of
                         Warrants shall be cancelled by the Company.

                  6.2.3  PAYMENT OF EXERCISE PRICE. Payment shall be made or,
                         with respect to clause (ii) below, deemed to be made,
                         at any time with respect to Warrants being exercised
                         hereunder (i) by the payment to the Company by cash,
                         check and/or wire transfer, of an amount equal to the
                         Exercise Price multiplied by the number of Warrants
                         then being exercised or (ii) if, and so long as the
                         Common Stock is registered under Section 12(b) or 12(g)
                         of the Securities Exchange Act of 1934, as amended, at
                         the option of the Holder, by surrendering to the
                         Company for cancellation a number of Warrants equal to
                         (a) the aggregate Exercise Price divided by (b) the
                         fair market value (as determined below) of one Warrant
                         Share, in which case the number of Warrant Shares to be
                         issued to the Holder upon such exercise shall be
                         computed using the following formula:

                           X =    Y(A-B)
                                  ------
                                     A

                           X = the number of Warrant Shares to be issued to
                               the Holder.

                           Y = the number of Warrant Shares with respect to
                           which the Warrant is being exercised and with respect
                           to which the right to receive Warrant Shares is being
                           cancelled.

                           A = the fair market value of one Warrant Share

                           B = the Exercise Price

<PAGE>

                                                                         Page 6

                           provided, that in the case of a cashless exercise
                           pursuant to clause (ii) of this subsection, the
                           Holder shall only be entitled to surrender for
                           cancellation the right to receive shares that may
                           then be issued upon exercise of the Warrants.

                           As used herein, the "fair market value of one Warrant
                           Share" shall mean the average, for the 30 trading
                           days ending with the trading day which is two trading
                           days prior to the date of such surrender, of:

                           (a)  the closing price as of 4:00 p.m., New York City
                                time, on such day, of the Warrant Shares sold on
                                the primary national securities exchange(s) on
                                which the Warrant Shares may at the time be
                                listed, or

                           (b)  if there have been no sales on such exchange(s)
                                on any such trading day, the average of the
                                highest bid and lowest asked prices on such
                                exchange(s) as of 4:00 p.m., New York City time,
                                on such day, or

                           (c)  if the Warrant Shares are not so listed, the
                                closing price as of 4:00 p.m., New York City
                                time, on such day, of the Warrant Shares sold on
                                the Nasdaq National Market ("Nasdaq"), or

                           (d)  if there have been no sales on Nasdaq on any
                                such trading day, the average of the highest bid
                                and lowest asked prices quoted on Nasdaq as of
                                4:00 p.m., New York City time, on such day, or

                           (e)  if on any such trading day the Warrant Shares
                                are not quoted on Nasdaq, the average of the
                                highest bid and lowest asked price on such day
                                in the domestic over-the-counter market as
                                reported by the National Quotation Bureau,
                                Incorporated, or any similar successor
                                organization; or

                           (f)  if in the good faith determination of the Board
                                of Directors of the Company the price calculated
                                pursuant to clause (e) above is not an accurate
                                fair market value price, then the price as
                                determined in good faith by the Board of
                                Directors of the Company.

7.       MUTILATED OR MISSING WARRANT CERTIFICATES

         In case any of the Warrant Certificates shall be mutilated, lost,
         stolen or destroyed, the Company shall, upon request of the holder,
         issue in exchange and substitution for and upon cancellation of the
         mutilated Warrant Certificate, or in lieu of and substitution for the
         Warrant Certificate lost, stolen or destroyed, a new Warrant
         Certificate of like tenor and representing an equivalent number of

<PAGE>

                                                                          Page 7

         Warrants, but only upon receipt of evidence satisfactory to the Company
         of such loss, theft or destruction of such Warrant Certificate.

8.       RESERVATION OF WARRANT SHARES

         The Company will at all times reserve and keep available, free from
         preemptive rights, out of the aggregate of its authorized but unissued
         Common Shares, for the purpose of enabling it to satisfy any obligation
         to issue Warrant Shares upon exercise of the Warrants, the maximum
         number of Common Shares which may then be deliverable upon the exercise
         of all outstanding Warrants.

         The Company or, if appointed, the transfer agent for the Common Shares
         and every subsequent transfer agent for any shares of the Company's
         capital stock issuable upon the exercise of any of the rights of
         purchase represented by the Warrants or other successor thereto
         (collectively, the "Transfer Agent"), will be irrevocably authorized
         and directed at all times to reserve such number of authorized shares
         as shall be required for such purpose. The Company will keep a copy of
         this Agreement on file with the Transfer Agent. The Company will supply
         such Transfer Agent with duly executed certificates for such purposes
         and will provide or otherwise make available any cash which may be
         payable as provided in Section 10 hereof. The Company will furnish such
         Transfer Agent a copy of all notices of adjustments and certificates
         related thereto, transmitted to each holder pursuant to Section 11
         hereof.

         Before taking any action which would cause an adjustment pursuant to
         Section 9 hereof to reduce the Exercise Price below the then par value
         (if any) of the Warrant Shares, the Company will take any corporate
         action which may, in the opinion of its legal counsel (which may be
         counsel employed by the Company), be reasonably necessary in order that
         the Company may validly and legally issue fully paid and non-assessable
         Warrant Shares at the Exercise Price as so adjusted.

         The Company represents, warrants and covenants that all Warrant Shares
         which may be issued upon exercise of Warrants have been duly authorized
         and will, upon issue, be validly issued, fully paid, nonassessable,
         free of preemptive rights, and free from all taxes, liens, charges,
         security interest and adverse claims with respect to the issue thereof
         and will have issued in compliance with all requirements of applicable
         securities laws.

9.       ADJUSTMENT OF NUMBER OF WARRANT SHARES ISSUABLE

         The Common Shares issuable upon the exercise of the Warrants shall be
         subject to adjustment from time to time upon the occurrence of certain
         events as follows:

          9.1. Reclassification or Merger. In the event of any reclassification,
               change or conversion of Common Shares issuable upon exercise of
               the Warrants (other than a change as a result of a subdivision or
               combination), or in case of any merger of the Company with or
               into another corporation (other than a merger with another
               corporation in which the Company is a

<PAGE>

                                                                         Page 8

               continuing corporation and which does not result in any
               reclassification or change of outstanding securities issuable
               upon exercise of the Warrants), or in case of any sale of all or
               substantially all of the assets of the Company, the Company, or
               such successor or purchasing corporation, as the case may be,
               shall execute new Warrants (in form and substance satisfactory to
               the Holder) providing that the Holder shall have the right to
               exercise such new Warrants and upon such exercise to receive, in
               lieu of each Common Shares theretofore issuable upon exercise of
               the Warrants, the kind and amount of Common Shares, other
               securities, money and property receivable upon such
               reclassification, change, merger or sale by a holder of Common
               Shares. Such new Warrants shall provide for adjustments that
               shall be as nearly equivalent as may be practicable to the
               adjustments provided for in this Section 9. The provisions of
               this Subsection 9.1 shall similarly apply to successive
               reclassifications, changes, mergers and sales.

          9.2. Subdivision or consolidation of Shares. If the Company, at any
               time while any of the Warrants remain outstanding and unexpired,
               subdivides or consolidates its Common Shares, the number of
               Common Shares issuable upon exercise of any of the Warrants shall
               be proportionately adjusted such that the aggregate Exercise
               Price of the Warrants shall at all times remain equal.

          9.3. Stock Dividends. If the Company, at any time while any of the
               Warrants remain outstanding and unexpired, pays any dividends
               payable in Common Shares (except any distribution specifically
               provided for in the foregoing Subsections 9.1 and 9.2), the
               number of Common Shares issuable upon exercise of any of the
               Warrants shall be proportionately adjusted such that the
               aggregate Exercise Price of the Warrants shall at all time remain
               equal.

          9.4. No Impairment. The Company will not, by way of amendment to its
               constituting documents or through any reorganization,
               recapitalization, transfer of assets, consolidation, merger,
               dissolution, issue or sale of securities or any other voluntary
               action, avoid or seek to avoid the observance or performance of
               any of the terms to be observed or performed hereunder by itself,
               but will at all times in good faith assist in the fulfilment of
               all of the provisions of this Section 9 and in the taking of all
               such action as may be necessary or appropriate in order to
               protect the rights of the Holder against impairment.

          9.5. Issuance of Shares upon the exercise of options and warrants. In
               the event that the Company issues additional Common Shares after
               the date hereof and prior to the end of the Exercise Period as a
               result of the exercise by a holder of the management options or
               the warrants with a strike price of $16.92 set forth in Schedule
               A hereto (an "Adjustment Event"), the number of Common Shares
               represented by the Warrants shall be increased

<PAGE>

                                                                        Page 9

               so as to reflect the increased number of Common Shares necessary
               to grant the Holder the same percentage of Common Shares which it
               would have received immediately prior to the Adjustment Event in
               accordance with the calculation referred to in Section 6.1.1. For
               further clarity, it is agreed between the parties that the
               calculation of the Common Shares issued and outstanding on the
               date of determination shall not include any new issuance of
               Common Shares not attributable to an Adjustment Event.

          9.6. If a dispute shall at any time arise with respect to adjustments
               provided for above, such dispute shall be conclusively determined
               by such firm of nationally recognized independent chartered or
               public accountants as may be selected by a majority of the
               directors of the Company and any further determination shall be
               binding upon the Company and the Holder hereof.

10.      FRACTIONAL INTEREST

         The Company shall not be required to issue fractional Warrant Shares on
         the exercise of Warrants. If more than one Warrant shall be presented
         for exercise in full at the same time by the same holder, the number of
         full Warrant Shares which shall be issuable upon the exercise thereof
         shall be computed on the basis of the aggregate number of Warrant
         Shares purchasable on exercise of the Warrants so presented. If any
         fraction of a Warrant Share would, except for the provisions of this
         Section, be issuable on the exercise of any Warrants (or specified
         portion thereof), the Company shall pay to the holder in lieu of such
         fractional interest an amount in cash determined by multiplying such
         fractional interest by the fair market value of one Warrant Share (as
         determined in Subsection 6.2.3 herein).

11.      NOTICES TO WARRANT HOLDERS

         The Company shall notify the Holder forthwith of any event which would
         give rise to an adjustment as set forth in Section 9 above.

12.      RIGHTS AS SHAREHOLDERS

         Nothing contained in this Agreement or in any of the Warrant
         Certificates shall be construed as conferring upon the Holders thereof
         the right to vote or to consent or to receive notice as shareholders in
         respect of the meetings of shareholders or the election of Directors of
         the Company or any other matter. The Warrants, however, grant certain
         other rights which are set forth in that certain agreement dated March
         14 among the Holder, the Company and WS Acquisition LLC.

13.      NOTICES TO COMPANY

         Any notice or demand authorized by this Agreement to be given or made
         by the Company or by the registered holder of any Warrant Certificate
         to or on the Company shall be sufficiently given or made when and if
         deposited in the mail, first class or registered, postage prepaid,
         addressed (until another address is filed in writing by the Company),
         as follows:

<PAGE>

                                                                       Page 10

         13.1.    the Company:
                  The Hockey Company
                  139 Harvest Lane
                  P.O. Box 1200
                  Willisten, Vermont
                  05495,  U.S.A.

                  Attention: President
                  Telecopier: (802) 872-4226

         13.2.    the Holder:

                  Caisse de depot et placement du Quebec
                  c/o CDP Capital d'Amerique
                  2001 McGill College
                  Montreal, Quebec
                  H3A 1G1

                  Attention: Diane Favreau
                  Telecopier: (514) 847-2493

14.      MODIFICATION AND WAIVER

         This Warrant and any provision hereof may be changed, waived,
         discharged or terminated only by an instrument in writing signed by the
         party against which enforcement of the same is sought.

15.      SUCCESSORS

         All the covenants and provisions of this Agreement by or for the
         benefit of the Company or the Holder shall bind and inure to the
         benefit of their respective successors and assigns hereunder.

16.      TERMINATION

         This Agreement will terminate (other than the last paragraph of Section
         8, and Sections 24 and 25 which shall survive) on the date all Warrants
         have been exercised or have expired.

17.      GOVERNING LAW; JURISDICTION AND VENUE

          17.1. This Agreement and each Warrant Certificate issued hereunder
               shall be construed and enforced in accordance with and governed
               by the internal laws of the State of New York without giving
               effect to the conflicts of law principles thereof (other than
               NYGOL Sections 5-1401 and 5-1402).

<PAGE>

                                                                        Page 11

         17.2. (A) The Company hereby irrevocably and unconditionally submits,
               for itself and its property, to the nonexclusive jurisdiction of
               any Federal or State court located in the Borough of Manhattan,
               the City of New York, in any action or proceeding arising out of
               or relating to this Agreement, each Warrant Certificate issued
               hereunder or any other related document to which it is a party,
               or for recognition or enforcement of any judgment, and each of
               the parties hereto hereby irrevocably and unconditionally agrees
               that all claims in respect of any such action or proceeding may
               be heard and determined in such courts. 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. (B) Nothing in this Agreement or any of the
               Warrant Certificates issued hereunder shall affect any right that
               the Holder may otherwise have to bring any action or proceeding
               relating to this Agreement or any of the Warrant Certificates
               issued hereunder against the Company or its properties in the
               courts of any other jurisdiction.

         17.3. The Company irrevocably consents to the service of any and all
               process in any suit, action or proceeding referred to in Section
               17.2(A) by mailing of copies of such process to it at its address
               as provided in Section 13. All mailings under this Section shall
               be by certified mail, return receipt requested. Nothing in this
               Agreement or any of the Warrant Certificates issued hereunder
               will affect the right of any party to this Agreement, or any of
               the Warrant Certificates issued hereunder, to serve process in
               any other manner permitted by law.

         17.4. The Company hereby irrevocably and unconditionally waives, to
               the fullest extent it may legally and effectively do so, any
               objection which it may now or hereafter have to the laying of
               venue of any suit, action or proceeding arising out of or
               relating to this Agreement or any of the Warrant Certificates
               issued hereunder in any court referred to in Section 17.2(A).
               Each of the parties hereto hereby irrevocably waives, to the
               fullest extent permitted by law, the defense of an inconvenient
               forum to the maintenance of such action or proceeding referred to
               in Section 17.2(A) in any such court.

18.      TRANSFERABILITY AND NON-NEGOTIABILITY OF WARRANTS

         The Warrants may be transferred or assigned in whole or in part by the
         Holder to any Lender under the Credit Agreement and in compliance with
         all applicable securities laws. Subject to compliance with such laws,
         title to the Warrants may be transferred by endorsement of the Warrant
         Certificate and delivery in the same manner as a negotiable instrument
         transferable by endorsement and delivery.

19.      EXCHANGE OF WARRANT UPON A TRANSFER

<PAGE>

                                                                        Page 12

         On surrender of the Warrant Certificate for exchange, properly endorsed
         on the Assignment Form and subject to the provisions of this Agreement
         with respect to compliance with applicable securities laws and with the
         limitations on assignments and transfers contained in Section 18, the
         Company at its expense shall issue to or on the Holder a new Warrant
         Certificate of like tenor, in the name of the Holder or as the Holder
         may direct, for the number of shares issuable upon exercise hereof.

20.      COMPLIANCE WITH SECURITIES LAWS

         The Holder agrees that the Holder will not offer, sell or otherwise
         dispose of this Warrant or Warrant Shares to be issued upon exercise
         hereof except under circumstances that will not result in a violation
         of applicable securities laws. Prior to any proposed transfer of this
         Warrant, the Holder thereof shall give written notice to the Company of
         its intention to effect such transfer. Each such notice shall describe
         the manner of the proposed transfer and, if requested by the Company,
         shall be accompanied by an opinion of counsel reasonably satisfactory
         to the Company to the effect that the proposed transfer may be effected
         without registration under applicable laws, whereupon the Holder shall
         be entitled to transfer this Warrant in accordance with the terms of
         its notice. Any such transfer by the Holder shall be subject to
         compliance with Section 18 herein.

21.      BENEFITS OF THIS AGREEMENT

         Nothing in this Agreement shall be construed to give to any person or
         corporation other than the Company, the Holder and the registered
         holders of the Warrant Certificates any legal or equitable right,
         remedy or claim under this Agreement. This Agreement shall be for the
         sole and exclusive benefit of the Company, the Holder and the
         registered holders of the Warrant Certificates.

22.      COUNTERPARTS

         This Agreement may be executed in any number of counterparts and each
         of such counterparts shall for all purposed be deemed to be an
         original, and all such counterparts shall together constitute but one
         and the same instrument.

23.      LEGENDED CERTIFICATES

         23.1. Each Warrant Certificate originally issued to a person within
               the United States, as well as all certificates issued in exchange
               for or in substitution of the foregoing securities, will bear a
               legend to the following effect:

               "The securities represented hereby have not been registered under
               the United States Securities Act of 1933, as amended (the "U.S.
               Securities Act") and may be offered, sold or otherwise
               transferred only (a) to the Company, (b) outside the United
               States in accordance with Rule 904 of Regulation S under the U.S.
               Securities Act and in compliance with any applicable state
               securities laws, (c) pursuant to an exemption from

<PAGE>

                                                                       Page 13

               registration under the U.S. Securities Act provided by Rule 144
               thereunder and in compliance with any applicable state securities
               laws or (d) with the prior written consent of the Company,
               pursuant to another exemption from registration under the U.S.
               Securities Act and any applicable state securities laws."

         23.2. Certificates representing Warrant Shares issued upon the
               exercise of Warrants which bear the legend set forth in 23.1
               above will bear the following legend:

               "The securities represented hereby have not been registered under
               the United States Securities Act of 1933, as amended (the "U.S.
               Securities Act") and may be offered, sold or otherwise
               transferred only (a) to the Company, (b) outside the United
               States in accordance with Rule 904 of Regulation S under the U.S.
               Securities Act and in compliance with any applicable state
               securities laws, (c) pursuant to an exemption for registration
               under the U.S. Securities Act provided by Rule 144 thereunder and
               in compliance with any applicable state securities laws or (d)
               with the prior written consent of the Company, pursuant to
               another exemption from registration under the U.S. Securities Act
               and any applicable state securities laws. Delivery of this
               certificate may not constitute good delivery in settlement of
               transactions on stock exchanges in Canada. A new certificate
               bearing no legend may be obtained from the Company upon delivery
               of this certificate and a duly executed declaration, in a form
               satisfactory to the Company, to the effect that such sale is
               being made in accordance with Rule 904 of Regulations S under the
               U.S. Securities Act."

               The legend referred to above may be removed in connection with a
               resale of Warrant Shares made by a holder pursuant to Rule 904 of
               Regulation S under the U.S. Securities Act upon the delivery to
               the Company of a declaration in the form of Exhibit D hereto duly
               executed by such holder.

         23.3. If a Warrant Certificate tendered for transfer bears the legend
               set forth in Subsection 23.1:

               23.3.1 the transfer may be made to a U.S. Person (as defined in
                      Regulation S of the U.S. Securities Act), or person in the
                      United States, provided that the transfer is made in
                      accordance with the terms of such legend and provided
                      further that the Warrant Certificate issued to such
                      transferee shall also bear such legend; or

               23.3.2 if the Warrants are being sold outside the United States
                      under Rule 904 of Regulation S, the legend may be removed
                      by providing a declaration to the Company to the effect
                      set forth in Exhibit D to this Agreement, or in such other
                      form as the Company from time to time prescribes.

<PAGE>

                                                                        Page 14

24.      PAYMENT OF TAXES

         The Company shall pay any and all issue, documentary, stamp or other
         taxes (other than income taxes applicable to the Holder) that may be
         payable in respect of any issuance or delivery of Warrant Shares. The
         Company shall not, however, be required to pay any tax that may be
         payable in respect of any transfer involved in the issuance and
         delivery of Warrant Shares in a name other than that of the Holder, and
         no such issuance or delivery shall be made unless and until the Person
         to which issuance and delivery is to be made has paid to the Company
         the amount of any such tax, or has established (including through the
         provision of written documentation), to the reasonable satisfaction of
         the Company, that such tax has been or will be paid or is not an
         obligation of the Company.

25.      REPRESENTATIONS AND WARRANTIES OF THE COMPANY

         The Company represents and warrants to the Holder that:

         25.1. Organization, Standing and Qualification. The Company is a
               corporation duly organized, validly existing and in good standing
               under the laws of the State of Delaware; has all corporate
               requisite power and authority to own or lease and operate its
               properties and to carry on its business as now conducted; and is
               duly qualified or licensed to do business as a foreign
               corporation in good standing in all jurisdictions in which it
               owns or leases property or in which the conduct of its business
               requires it to so qualify or be licensed.

         25.2. Authority. The Company has all requisite power and authority to
               enter into and perform all of its obligations under this
               Agreement, to issue the Warrants and the Warrant Shares and to
               carry out the transactions contemplated hereby. The Company has
               taken all corporate or stockholder actions necessary to authorize
               it to enter into and perform all of its obligations under this
               Agreement and to consummate the transactions contemplated hereby.

         25.3. Validity. This Agreement is the legal, valid and binding
               obligation of the Company, enforceable in accordance with its
               terms, except as enforceability may be limited by bankruptcy,
               insolvency, reorganization, moratorium and other similar laws
               affecting the rights and remedies of creditors generally.

         25.4. Capitalization. A true and complete list of the authorized
               and/or outstanding shares of capital stock and outstanding
               options and warrants of the Company as of the date hereof is set
               forth on Schedule A hereto. Except as described on Schedule A
               attached hereto, there are no options, rights, agreements,
               arrangements or commitments to which the Company or any of its
               subsidiaries is a party or by which any of them is bound
               obligating any of them: (a) to issue, deliver or sell, or refrain
               from issuing,

<PAGE>

                                                                        Page 15

               delivering or selling, any shares of capital stock of, or any
               other interest in, the Company or any subsidiary of the Company,
               or to grant, extend or enter into any such option, right,
               agreement, arrangement or commitment, (b) to repurchase, redeem,
               otherwise acquire, or to refrain from repurchasing, redeeming or
               otherwise acquiring, any shares of capital stock of, or any other
               interest in, the Company or any subsidiary of the Company, or to
               grant, extend or enter into any such option, right, agreement,
               arrangement or commitment or (c) to vote, or to refrain from
               voting, any shares of capital stock of, or any other interest in,
               the Company or any subsidiary of the Company.

         25.5. Indemnity. The Company agrees to indemnify and hold harmless
               Holder and any affiliates, directors, employees and agents of
               Holder against any and all loss, liability, claim, damage, and
               expense whatsoever (including, but not limited to, any and all
               expenses whatsoever, including the reasonable fees and
               disbursements of counsel, reasonably incurred in investigating,
               preparing, or defending against any litigation commenced or
               threatened or any claim whatsoever), arising out of or based upon
               any breach or failure by the Company to comply with any
               representation, warranty, covenant, or agreement made by the
               Company herein.

In Witness Whereof, the parties hereto have caused this Agreement to be duly
executed, as of the day and year first above written.

                            THE HOCKEY COMPANY

                            Per:           /s/ Russell David
                                           ----------------------------------
                                           Russell David
                                           Chief Operating Officer

                            CAISSE DE DEPOT ET PLACEMENT DU QUEBEC

                            Per:           /s/ Diane Favreau
                                           ----------------------------------
                                           Diane Favreau

                            Per:           /s/ James McMullan
                                           ----------------------------------
                                           James McMullan

<PAGE>

                                    EXHIBIT A

                           Form of Warrant Certificate

                                                                           No. A

                                                           539,974 Common Shares

                               Warrant Certificate

                               The Hockey Company
             (Incorporated under the laws of the State of Delaware)

This Warrant Certificate certifies that Caisse de depot et placement du Quebec,
or registered assigns, is the registered holder of 539,974 Warrants expiring on
the date ("Exercise Period") set forth in the Warrant Agreement (as defined
below) (the "Warrants") to purchase voting shares of common stock with a par
value of US $0.01 (the "Common Shares"), of The Hockey Company, a Delaware
corporation (the "Company"). Each Warrant entitles the holder upon exercise to
receive from the Company on or before the expiry of the Exercise Period one
fully paid and non-assessable Common Share as presently constituted (a "Warrant
Share") at the aggregate exercise price (the "Exercise Price") of US $0.01 per
Common Share payable upon surrender of this Warrant Certificate and payment of
the Exercise Price as provided in the Warrant Agreement, but only subject to the
conditions set forth herein and in the Warrant Agreement referred to herein. The
number of Warrant Shares issuable upon exercise of the Warrants is subject to
adjustment upon the occurrence of certain events set forth in the Warrant
Agreement.

No Warrant may be exercised after the expiry of the Exercise Period and to the
extent not exercised by such time such Warrants shall become void.

This Warrant Certificate shall be construed and enforced in accordance with
and governed by the internal laws of the State of New York without giving
effect to the conflicts of law principles thereof (other than NYGOL
Sections 5-1401 and 5-1402).

The Warrants evidenced by this Warrant Certificate are part of a duly
authorized issue of Warrants expiring on the date set forth in the Warrant
Agreement (as hereafter defined) entitling the holder on exercise to receive
Common Shares, and are issued or to be issued pursuant to a Warrant Agreement
dated as of March 14, 2001 (the "Warrant Agreement"), duly executed and
delivered by the Company to Caisse de depot et placement du Quebec (the
"Holder"), which Warrant Agreement is hereby incorporated by reference in and
made a part of this instrument and is hereby referred to for a description of
the rights, limitation of rights, obligations, duties and immunities
thereunder of the Company, the Holder and the holders (the words "holders" or
"holder" meaning the registered holders or registered holder and any
transferee of the registered Holder) of the Warrants. A copy of the Warrant
Agreement may be obtained by the holder hereof upon written request to the
Company.
<PAGE>

                                                                        Page 2

Warrants may be exercised in accordance with the provisions of the Warrant
Agreement. The holder of Warrants evidenced by this Warrant Certificate may
exercise them by surrendering this Warrant Certificate and an Exercise Form
(in the form attached to the Warrant Agreement) properly completed and
executed, together with payment of the Exercise Price as provided in the
Warrant Agreement. In the event that upon any exercise of Warrants evidenced
the number of Warrants exercised shall be less than the total number of
Warrants evidenced hereby, the Company shall issue to the holder hereof or
his assignee a new Warrant Certificate evidencing the number of Warrants not
exercised. No adjustment shall be made for any dividends on any Common Shares
issuable upon exercise of this Warrant.

The Warrant Agreement provides that upon the occurrence of certain events the
number of Common Shares issuable upon the exercise of each Warrant shall be
adjusted. No fractions of a Common Share will be issued upon the exercise of
any Warrant, but the Company will pay the cash value thereof determined as
provided in the Warrant Agreement.

Warrant Certificates, when surrendered at the office of the Company by the
registered holder thereof, may be exchanged, in the manner and subject to the
limitations provided in the Warrant Agreement, but without payment of any
service charge, for another Warrant Certificate or Warrant Certificates of
like tenor evidencing in the aggregate a like number of Warrants.

If this Warrant Certificate shall be surrendered for exercise within any
period during which the transfer books for the Company's common stock or
other securities purchasable upon the exercise of the Warrants are closed for
any purposes, the Company shall not be required to make delivery of
certificates for the securities purchasable upon exercise until the date of
the reopening of said transfer books.

Upon due presentation for registration of transfer of this Warrant
Certificate at the office of the Company a new Warrant Certificate or Warrant
Certificates of like tenor and evidencing in the aggregate a like number of
Warrants shall be issued to the transferee(s) in exchange for this Warrant
Certificate, subject to the limitations provided in the Warrant Agreement,
without charge except for any tax or other governmental charge imposed in
connection therewith.

The Company may deem and treat the registered holder(s) hereof as the
absolute owner(s) of this Warrant Certificate (notwithstanding any notation
of ownership or other writing hereon made by anyone), for the purpose of any
exercise hereof, of any distribution to the holder(s) hereof, and for all
other purposes, and the Company shall not be affected by any notice to the
contrary.

In witness whereof, The Hockey Company has caused this Warrant Certificate to
be signed by its President and by its Secretary.

Dated March 14, 2001

                             The Hockey Company

<PAGE>

                                                                        Page 3

                             Per:   _________________________
                                    Russell David
                                    Chief Operating Officer

<PAGE>

                                    EXHIBIT B

                           Form of Warrant Certificate

                                                                           No. B

                                                           583,755 Common Shares

                               Warrant Certificate

                               The Hockey Company
             (Incorporated under the laws of the State of Delaware)

This Warrant Certificate certifies that Caisse de depot et placement du
Quebec, or registered assigns, is the registered holder of 583,755 Warrants
expiring on the date ("Exercise Period") set forth in the Warrant Agreement
(as defined below) (the "Warrants") to purchase voting shares of common stock
with a par value of US $0.01 (the "Common Shares"), of The Hockey Company, a
Delaware corporation (the "Company"). Subject to the next paragraph of this
Warrant Certificate, each Warrant entitles the holder upon exercise to
receive from the Company on or before the expiry of the Exercise Period one
fully paid and non-assessable Common Share as presently constituted (a
"Warrant Share") at the aggregate exercise price (the "Exercise Price") of US
$0.01 per Common Share payable upon surrender of this Warrant Certificate and
payment of the Exercise Price as provided in the Warrant Agreement, but only
subject to the conditions set forth herein and in the Warrant Agreement
referred to herein. The number of Warrant Shares issuable upon exercise of
the Warrants is subject to adjustment upon the occurrence of certain events
set forth in the Warrant Agreement.

THIS WARRANT CERTIFICATE IS EXERCISABLE BY THE HOLDER ONLY ON OR AFTER
FEBRUARY 28, 2002 IF (x) THE CONSOLIDATED EBITDA OF THE COMPANY FOR THE
FISCAL YEAR ENDED DECEMBER 31, 2001 IS LESS THAN US $23 MILLION (WHICH AMOUNT
SHALL EXCLUDE THE AMOUNT OF THE RESTRUCTURING FEES) (AN "EBITDA SHORTFALL")
AND (y) FACILITY 2 HAS NOT BEEN COMPLETELY REPAID IN CASH PRIOR TO OR ON
FEBRUARY 28, 2002 ("FACILITY 2 NON-REPAYMENT"). IN THE EVENT THAT THERE HAS
NOT BEEN AN EBITDA SHORTFALL AND A FACILITY 2 NON-REPAYMENT, THEN THIS
WARRANT SHALL BE PROMPTLY RETURNED BY THE HOLDER TO THE COMPANY AND SHALL BE
OF NO FURTHER FORCE OR EFFECT.

No Warrant may be exercised before the Exercise Period or after the expiry of
the Exercise Period and to the extent not exercised by such time such
Warrants shall become void.

This Warrant Certificate shall be construed and enforced in accordance with
and governed by the internal laws of the State of New York without giving
effect to the conflicts of law principles thereof (other than NYGOL
Sections 5-1401 and 5-1402).

The Warrants evidenced by this Warrant Certificate are part of a duly
authorized issue of Warrants expiring on the date set forth in the Warrant
Agreement (as hereafter defined)

<PAGE>

                                                                        Page 2

entitling the holder on exercise to receive Common Shares, and are issued or
to be issued pursuant to a Warrant Agreement dated as of March 14, 2001 (the
"Warrant Agreement"), duly executed and delivered by the Company to Caisse de
depot et placement du Quebec (the "Holder"), which Warrant Agreement is
hereby incorporated by reference in and made a part of this instrument and is
hereby referred to for a description of the rights, limitation of rights,
obligations, duties and immunities thereunder of the Company, the Holder and
the holders (the words "holders" or "holder" meaning the registered holders
or registered holder and any transferee of the registered Holder) of the
Warrants. A copy of the Warrant Agreement may be obtained by the holder
hereof upon written request to the Company.

Warrants may be exercised in accordance with the provisions of the Warrant
Agreement. The holder of Warrants evidenced by this Warrant Certificate may
exercise them by surrendering this Warrant Certificate and an Exercise Form
(in the form attached to the Warrant Agreement) properly completed and
executed, together with payment of the Exercise Price as provided in the
Warrant Agreement. In the event that upon any exercise of Warrants evidenced
the number of Warrants exercised shall be less than the total number of
Warrants evidenced hereby, the Company shall issue to the holder hereof or
his assignee a new Warrant Certificate evidencing the number of Warrants not
exercised. No adjustment shall be made for any dividends on any Common Shares
issuable upon exercise of this Warrant.

The Warrant Agreement provides that upon the occurrence of certain events the
number of Common Shares issuable upon the exercise of each Warrant shall be
adjusted. No fractions of a Common Share will be issued upon the exercise of
any Warrant, but the Company will pay the cash value thereof determined as
provided in the Warrant Agreement.

Warrant Certificates, when surrendered at the office of the Company by the
registered holder thereof, may be exchanged, in the manner and subject to the
limitations provided in the Warrant Agreement, but without payment of any
service charge, for another Warrant Certificate or Warrant Certificates of
like tenor evidencing in the aggregate a like number of Warrants.

If this Warrant Certificate shall be surrendered for exercise within any
period during which the transfer books for the Company's common stock or
other securities purchasable upon the exercise of the Warrants are closed for
any purposes, the Company shall not be required to make delivery of
certificates for the securities purchasable upon exercise until the date of
the reopening of said transfer books.

Upon due presentation for registration of transfer of this Warrant
Certificate at the office of the Company a new Warrant Certificate or Warrant
Certificates of like tenor and evidencing in the aggregate a like number of
Warrants shall be issued to the transferee(s) in exchange for this Warrant
Certificate, subject to the limitations provided in the Warrant Agreement,
without charge except for any tax or other governmental charge imposed in
connection therewith.

<PAGE>

                                                                        Page 3

The Company may deem and treat the registered holder(s) hereof as the absolute
owner(s) of this Warrant Certificate (notwithstanding any notation of ownership
or other writing hereon made by anyone), for the purpose of any exercise hereof,
of any distribution to the holder(s) hereof, and for all other purposes, and the
Company shall not be affected by any notice to the contrary.

In witness whereof, The Hockey Company has caused this Warrant Certificate to be
signed by its President and by its Secretary.

Dated March 14, 2001

                             The Hockey Company

                             Per:   _________________________
                                    Russell David
                                    Chief Operating Officer

<PAGE>

                                    EXHIBIT C

                           Form of Warrant Certificate

                                                                           No. C

                                                           409,653 Common Shares

                               Warrant Certificate

                               The Hockey Company
             (Incorporated under the laws of the State of Delaware)

This Warrant Certificate certifies that Caisse de depot et placement du
Quebec, or registered assigns, is the registered holder of 409,653 Warrants
expiring on the date ("Exercise Period") set forth in the Warrant Agreement
(as defined below) (the "Warrants") to purchase voting shares of common stock
with a par value of US $0.01 (the "Common Shares"), of The Hockey Company, a
Delaware corporation (the "Company"). Subject to the next paragraph of this
Warrant Certificate, each Warrant entitles the holder upon exercise to
receive from the Company on or before the expiry of the Exercise Period one
fully paid and non-assessable Common Share as presently constituted (a
"Warrant Share") at the aggregate exercise price (the "Exercise Price") of US
$0.01 per Common Share payable upon surrender of this Warrant Certificate and
payment of the Exercise Price as provided in the Warrant Agreement, but only
subject to the conditions set forth herein and in the Warrant Agreement
referred to herein. The number of Warrant Shares issuable upon exercise of
the Warrants is subject to adjustment upon the occurrence of certain events
set forth in the Warrant Agreement.

THIS WARRANT IS EXERCISABLE ON OR AFTER OCTOBER 31, 2002 ONLY IF FACILITY 2
HAS NOT BEEN COMPLETELY REPAID IN CASH PRIOR TO OR ON SUCH DATE. IF FACILITY
2 HAS BEEN COMPLETELY REPAID IN CASH PRIOR TO SUCH DATE, THIS WARRANT SHALL
BE PROMPTLY RETURNED BY THE HOLDER TO THE COMPANY AND SHALL BE OF NO FURTHER
FORCE OR EFFECT.

No Warrant may be exercised after the expiry of the Exercise Period and to
the extent not exercised by such time such Warrants shall become void.

This Warrant Certificate shall be construed and enforced in accordance with
and governed by the internal laws of the State of New York without giving
effect to the conflicts of law principles thereof (other than NYGOL
Sections 5-1401 and 5-1402).

The Warrants evidenced by this Warrant Certificate are part of a duly
authorized issue of Warrants expiring on the date set forth in the Warrant
Agreement (as hereafter defined) entitling the holder on exercise to receive
Common Shares, and are issued or to be issued pursuant to a Warrant Agreement
dated as of March 14, 2001 (the "Warrant Agreement"), duly executed and
delivered by the Company to Caisse de depot et placement du Quebec (the
"Holder"), which Warrant Agreement is hereby incorporated by reference in and
made a part of this instrument and is hereby referred to for a

<PAGE>

                                                                        Page 2

description of the rights, limitation of rights, obligations, duties and
immunities thereunder of the Company, the Holder and the holders (the words
"holders" or "holder" meaning the registered holders or registered holder and
any transferee of the registered Holder) of the Warrants. A copy of the
Warrant Agreement may be obtained by the holder hereof upon written request
to the Company.

Warrants may be exercised in accordance with the provisions of the Warrant
Agreement. The holder of Warrants evidenced by this Warrant Certificate may
exercise them by surrendering this Warrant Certificate and an Exercise Form
(in the form attached to the Warrant Agreement) properly completed and
executed, together with payment of the Exercise Price as provided in the
Warrant Agreement. In the event that upon any exercise of Warrants evidenced
the number of Warrants exercised shall be less than the total number of
Warrants evidenced hereby, the Company shall issue to the holder hereof or
his assignee a new Warrant Certificate evidencing the number of Warrants not
exercised. No adjustment shall be made for any dividends on any Common Shares
issuable upon exercise of this Warrant.

The Warrant Agreement provides that upon the occurrence of certain events the
number of Common Shares issuable upon the exercise of each Warrant shall be
adjusted. No fractions of a Common Share will be issued upon the exercise of
any Warrant, but the Company will pay the cash value thereof determined as
provided in the Warrant Agreement.

Warrant Certificates, when surrendered at the office of the Company by the
registered holder thereof, may be exchanged, in the manner and subject to the
limitations provided in the Warrant Agreement, but without payment of any
service charge, for another Warrant Certificate or Warrant Certificates of
like tenor evidencing in the aggregate a like number of Warrants.

If this Warrant Certificate shall be surrendered for exercise within any
period during which the transfer books for the Company's common stock or
other securities purchasable upon the exercise of the Warrants are closed for
any purposes, the Company shall not be required to make delivery of
certificates for the securities purchasable upon exercise until the date of
the reopening of said transfer books.

Upon due presentation for registration of transfer of this Warrant
Certificate at the office of the Company a new Warrant Certificate or Warrant
Certificates of like tenor and evidencing in the aggregate a like number of
Warrants shall be issued to the transferee(s) in exchange for this Warrant
Certificate, subject to the limitations provided in the Warrant Agreement,
without charge except for any tax or other governmental charge imposed in
connection therewith.

The Company may deem and treat the registered holder(s) hereof as the
absolute owner(s) of this Warrant Certificate (notwithstanding any notation
of ownership or other writing hereon made by anyone), for the purpose of any
exercise hereof, of any distribution to the holder(s) hereof, and for all
other purposes, and the Company shall not be affected by any notice to the
contrary.

<PAGE>

                                                                        Page 3

In witness whereof, The Hockey Company has caused this Warrant Certificate to
be signed by its President and by its Secretary.

Dated March 14, 2001

                                  The Hockey Company

                                  Per:   _________________________
                                         Russell David
                                         Chief Operating Officer

<PAGE>

                                    EXHIBIT D

                                  TRANSFER FORM

  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

                                     (name)

                                    (address)

the Warrants represented by this Warrant Certificate and hereby appoints The
Hockey Company, as its attorney with full power of substitution to transfer
the Warrants on the appropriate Warrant register.

FURTHERMORE, the undersigned certifies that (one (only) of the following must
be checked):

   / /   at the time of transfer it is within the United States, and such sale,
         assignment and transfer is being made to a person in the United States
         in accordance with Rule 144 under the U.S. Securities Act (and the
         transferee understands that it will receive legended securities); or

  / /    such sale, assignment and transfer is being made, and the offer of the
         securities being sold, assigned and transferred was made, to a person
         not in the United States.

DATED the day of ___, ________

                                                   ---------------------------
                                                   Signature of Warrantholder

Guaranteed by:

------------------------
Authorized Signature Number

NOTE: The signature to this transfer must correspond with the name as
recorded on the Warrant Certificate in every particular without alteration or
enlargement or any change whatever. The signature of the person executing
this transfer must be guaranteed by a Member of the Securities Transfer
Agents Medallion Program (STAMP).

<PAGE>

                                    EXHIBIT E

                                  EXERCISE FORM

TO:      THE HOCKEY COMPANY

THE HOLDER HEREBY SUBSCRIBES FOR _________________ Common Shares of The
Hockey Company (or such number of shares or other security or property to
which such subscription entitles the undersigned in lieu thereof under the
provision of the Warrant Agreement) at the price of US $0.01 per common share
and on the other terms set out in the applicable Warrant Certificate and
Warrant Agreement and check one: / / encloses herewith a certified cheque,
bank draft or money order in U.S. dollars payable to The Hockey Company in
payment of the aggregate subscription price therefor, or / / elects the
cashless exercise specified in clause (ii) of Section 6.2.3 of the Warrant
Agreement.

The undersigned hereby irrevocably directs that the Common Shares be
delivered, subject to the conditions set out in this certificate and the
provisions of the Warrant Agreement, and that the said Common Shares be
registered as follows:

<TABLE>
<CAPTION>
     NAME(S) IN FULL          ADDRESS(ES)          NUMBER OF COMMON
                         (INCLUDE POSTAL CODE)           SHARES
     ---------------     ---------------------     ----------------
     <S>                 <C>                       <C>

                                      TOTAL:
</TABLE>

(Please print full name in which certificate(s) are to be issued. If any of
the Common Shares are to be issued to a person or persons other than the
Warrantholder, the Transfer Form must also be completed and the Warrantholder
must pay to the Company all requisite taxes or other government charges, if
any.)

In order to exercise any Warrants, the person exercising must check one of
the following:

                               [PLEASE CHECK ONE]

/ / The undersigned certifies that the undersigned is not a U.S. Person and is
    not exercising this warrant on behalf of or for the account of a U.S.
    Person; OR

/ / Attached hereto is an opinion of United States counsel or other evidence to
    the effect that the issuance of securities upon exercise of Warrants
    evidenced by this Warrant Certificates is exempt from registration under
    the U.S. Securities Act.

<PAGE>

                                                                        Page 2

DATED this ___ day of _________, _______

                                        -------------------------------
                                        Signature of Subscriber*

                                        Name of Subscriber:_________________

                                        Address of Subscriber:________________

                                        (Include Postal Code) ________________

                                                              ________________

                                                              ________________

*This signature must correspond exactly with the name appearing on the
registration panel.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00021-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00021-of-00352.parquet"}]]