Document:

EX-4.4

 Exhibit 4.4 
 THIRD AMENDING AGREEMENT to the Amended and Restated Credit Agreement dated as of July 20, 2011, as amended by the First Amending Agreement dated as of June 14, 2013 and the Second
Amending Agreement dated as of January 28, 2015, entered into in the City of Montreal, Province of Quebec, as of June 16, 2015, 
  

			
	AMONG:	  	VIDÉOTRON LTÉE, a company constituted in accordance with the laws of Quebec, having its registered office at 612 St. Jacques Street, 18th floor, in the City of Montreal, Province of Quebec (hereinafter
called the “Borrower”)
		
	AND:	  	THE LENDERS, AS DEFINED IN THE CREDIT AGREEMENT (the “Lenders”)
		
	AND:	  	ROYAL BANK OF CANADA, AS ADMINISTRATIVE AGENT FOR THE LENDERS, a Canadian bank, having a place of business at 200 Bay Street, 12th floor, South Tower, Royal Bank Plaza, in
the City of Toronto, Province of Ontario (hereinafter called the “Agent”)
		
	AND:	  	HSBC BANK PLC, AS FINNVERA FACILITY AGENT, a bank governed by the laws of England and Wales, having a place of business at 8 Canada Square, Canary Wharf, London,
UK, E14 5HQ (hereinafter called the “Finnvera Facility Agent”)

 WHEREAS the parties hereto are parties to an Amended and Restated Credit Agreement dated as of
July 20, 2011, as amended by the First Amending Agreement dated as of June 14, 2013 and the Second Amending Agreement dated as of January 28, 2015 (as so amended and restated and amended, the “Original Credit
Agreement”, and as further amended pursuant to this Agreement, the “Credit Agreement”); 

WHEREAS the Borrower has requested certain amendments to the Original Credit Agreement in connection with the addition of a new
unsecured revolving facility, an extension of the Term, an increase in the amount of the Revolving Facility, and other modifications; and 
 WHEREAS the parties hereto wish to amend and restate the Original Credit Agreement, as amended pursuant to this Third Amending Agreement, in its entirety, the whole without novation; 

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

 NOW THEREFORE, THE PARTIES HERETO AGREE AS FOLLOWS: 

 

	1.	INTERPRETATION 

 1. All of the words and
expressions which are capitalized herein shall have the meanings ascribed to them in the Original Credit Agreement unless otherwise indicated herein. 
 2. The parties have agreed to indicate the amendments to the Original Credit Agreement by showing all (a) additions, by using double-underlined text, and (b) deletions, by striking out the
deleted text. 
  

	II.	AMENDMENTS 

 The Original
Credit Agreement is amended to delete the stricken text and add the double-underlined text as set forth in the Amended and Restated Credit Agreement attached as Schedule 1. A clean, unmarked version of the Amended and Restated Credit Agreement
is also attached, as Schedule 2, which clean version will become the Credit Agreement once all conditions precedent hereunder have been met. 
  

	III.	REPRESENTATIONS AND WARRANTIES 

 1. The
Borrowers and Guarantors hereby represent and warrant to the Lenders, the Agent, the Finnvera Lenders and the Finnvera Facility Agent as follows: 
 (a) the execution, delivery and performance by the Borrowers and the Guarantors of this Amendment have been duly authorized by all necessary corporate and other action and do not and will not require any
registration with, consent or approval of, or notice to or action by, any Person (including any Governmental Authority) in order to be effective and enforceable; and 
 (b) this Amendment constitutes a legal, valid and binding obligation of the Borrower and each Guarantor, enforceable against each such Person in accordance with its terms, subject to applicable
bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity. 
  

	IV.	EFFECTIVE DATE 

 1. This Agreement shall
become effective as of June 16, 2015 (the “Third Amendment Effective Date”), subject to the fulfilment of all conditions precedent set out herein. 
 2. On the Third Amendment Effective Date, the new Credit Agreement shall supersede the Original Credit Agreement in its entirety, except as provided in this section. The parties hereto agree
that the changes to the terms and conditions of the Original Credit Agreement set out herein and the execution hereof shall not constitute novation and all the Security shall continue to apply to the Credit Agreement, and all other obligations
secured thereby. Without limiting the generality of the foregoing and to the extent necessary, (i) the Lenders, the Agent, the Finnvera Lenders and the Finnvera Facility Agent reserve all of their rights under each of the Security Documents,
and (ii) each of the Borrower and the Guarantors obligates itself again in respect of all present and future obligations under, inter alia, the Credit Agreement. 

  
 2. 

	V.	CONDITIONS PRECEDENT 

 1. The Borrower
shall pay all fees and costs, including (a) the fees referred to in the Borrower’s request letter dated May 8, 2015, and (b) legal fees associated with this Agreement incurred by the Agent and the Finnvera Facility Agent as
contemplated and restricted by the provisions of Section 12.14 of the Credit Agreement. 
 2. This Third Amending Agreement shall have been
signed by all of the parties hereto and fully executed counterparts shall have been received by the Agent. 
 3. The Borrower shall provide to
the Agent and the Finnvera Facility Agent the opinion of its counsel, in form and substance acceptable to the Agent, the Finnvera Facility Agent and the Lenders’ counsel, with respect to (i) the power, capacity, and authority of the
Borrower and each of the Guarantors to enter into or intervene in this Agreement and to perform its obligations hereunder, (ii) the enforceability of this Agreement in accordance with its terms, (iii) the continued enforceability
(unaffected hereby) of all of the Security, and (iv) such other matters as may reasonably be requested by the Agent , the Finnvera Facility Agent, or counsel to them. 
 4. The representations and warranties of the Borrower and each Guarantor set forth in the Credit Agreement shall be true and correct in all respects on and as of the Third Amendment Effective Date (except
that where such representations and warranties are qualified by reference to a date, they shall be true and correct as at such date). 
 5. The
representations and warranties in Article III of this Amendment shall be true and correct in all material respects as of the date hereof. 
 6.
At the time of and immediately after giving effect to this Third Amending Agreement, no Default or Event of Default has occurred or is continuing. 
  

	VI.	MISCELLANEOUS 

 1. All of the provisions
of the Original Credit Agreement that are not amended hereby shall remain in full force and effect. 
 2. This Agreement shall be governed by
and construed in accordance with the Laws of the Province of Quebec. 
 3. The parties acknowledge that they have required that the present
agreement, as well as all documents, notices and legal proceedings entered into, given or instituted pursuant hereto or relating directly or indirectly hereto be drawn up in English. Les parties reconnaissent avoir exigé la rédaction
en anglais de la présente convention ainsi que de tous documents exécutés, avis donnés et procédures judicaires intentées, directement ou indirectement, relativement ou à la suite de la
présente convention. 

  
 3. 

 IN WITNESS WHEREOF THE PARTIES HERETO HAVE SIGNED THIS AGREEMENT ON THE DATE AND AT THE PLACE FIRST
HEREINABOVE MENTIONED. 
 (SIGNATURE PAGES FOLLOW) 

  
 4. 

			
	VIDÉOTRON LTÉE
		
	Per:	 	 /s/ Chloé Poirier

		
	Per:	 	 /s/ Marc Tremblay

									
	ROYAL BANK OF CANADA, as Agent	 		 		 	
					
	Per:	 	 /s/ Rodica Dutka
	 		 		 	
		 	Rodica Dutka	 		 		 	
		 	Manager, Agency	 		 		 	
					
	Per:	 	  
	 		 		 	

 THE REVOLVING FACILITY LENDERS AND UNSECURED FACILITY LENDERS: 

 

									
	ROYAL BANK OF CANADA	 		 	NATIONAL BANK OF CANADA
					
	Per:	 	 /s/ Pierre Bouffard
	 		 	Per:	 	 /s/ Luc Bernier

		 	Pierre Bouffard	 		 		 	Luc Bernier
		 	Authorized Signatory	 		 		 	Directeur – Director
					
	Per:	 	  
	 		 	Per:	 	 /s/ François Montigny

		 		 		 		 	François Montigny
		 		 		 		 	Managing Diector
			
	BANK OF AMERICA, N.A., Canada Branch	 		 	THE BANK OF NOVA SCOTIA
					
	Per:	 	 /s/ Medina Sales de Andrade
	 		 	Per:	 	 /s/ Rob King

		 	Medina Sales de Andrade	 		 		 	Rob King
		 	Vice President	 		 		 	Managing Director
					
	Per:	 	  
	 		 	Per:	 	 /s/ Sean Flinn

		 		 		 		 	Sean Flinn
		 		 		 		 	Associate
			
	THE TORONTO-DOMINION BANK	 		 	BANK OF MONTREAL
					
	Per:	 	 /s/ (signature)
	 		 	Per:	 	 /s/ Jeff Currie

		 		 		 		 	Jeff Currie
		 		 		 		 	Director
					
	Per:	 	 /s/ (signature)
	 		 	Per:	 	  

									
	CAISSE CENTRALE DESJARDINS	 		 	CANADIAN IMPERIAL BANK OF COMMERCE
					
	Per:	 	 /s/ (signature)
	 		 	Per:	 	 /s/ Philippe Boivin

		 		 		 		 	Philippe Boivin
		 		 		 		 	Director
					
	Per:	 	 /s/ (signature)
	 		 	Per:	 	 /s/ Anissa Rabia-Zeribi

		 		 		 		 	Anissa Rabia-Zeribi
		 		 		 		 	Executive Director
			
	HSBC BANK CANADA	 		 	JPMORGAN CHASE BANK, N.A.
					
	Per:	 	 /s/ (signature)
	 		 	Per:	 	 /s/ Jeffrey Coleman

		 		 		 		 	Jeffrey Coleman
		 		 		 		 	Executive Director
					
	Per:	 	 /s/ (signature)
	 		 	Per:	 	  

			
	 BANK OF TOKYO – MITSUBISHI UFJ
 (CANADA)
	 		 	CITIBANK, N.A., Canadian Branch
					
	Per:	 	 /s/ (signature)
	 		 	Per:	 	 /s/ Jawdat Sha’sha’a

		 		 		 		 	Jawdat Sha’sha’a
		 		 		 		 	Authorised Signer
					
	Per:	 	  
	 		 	Per:	 	  

			
	MIZUHO BANK, LTD.	 		 	ICICI BANK CANADA
					
	Per:	 	 /s/ W.M. McFarland
	 		 	Per:	 	 /s/ Sandeep Goel

		 	W.M. McFarland	 		 		 	Sandeep Goel
		 	Senior Vice President	 		 		 	Senior Vice President &
		 	Canada Branch	 		 		 	Chief Risk Officer
		 		 		 		 	ICICI Bank Canada
					
	Per:	 	  
	 		 	Per:	 	 /s/ Lester Fernandes

		 		 		 		 	Lester Fernandes
		 		 		 		 	Assistant Vice President
		 		 		 		 	Corporate Banking
		 		 		 		 	ICICI Bank Canada

			
	LAURENTIAN BANK OF CANADA
		
	Per:	 	 /s/ Guylaine Couture

		 	Guylaine Couture
		 	Assistant Vice President
		
	Per:	 	 /s/ Maude St-Pierre

		 	Maude St-Pierre
		 	Account Manager

									
	HSBC BANK PLC, as Finnvera Facility Agent	 		 	
				
	Per:	 	 /s/ (signature)
	 		 	
				
	Per:	 	  
	 		 	
			
	THE FINNVERA TERM FACILITY LENDERS:	 		 	
			
	HSBC BANK PLC	 		 	THE TORONTO-DOMINION BANK
					
	Per:	 	 /s/ (signature)
	 		 	Per:	 	 /s/ Vince Chang

		 		 		 		 	Vince Chang
		 		 		 		 	Managing Director
					
	Per:	 	  
	 		 	Per:	 	 /s/ Akhil Lamba

		 		 		 		 	Akhil Lamba
		 		 		 		 	Managing Director
			
	SUMITOMO MITSUI BANKING CORPORATION OF CANADA	 		 	
					
	Per:	 	 /s/ E.R. Langley
	 		 		 	
		 	E.R. Langley	 		 		 	
		 	Senior Vice President	 		 		 	
					
	Per:	 	  
	 		 		 	

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

									
	9293-6707 QUÉBEC INC.	 		 	9227-2590 QUÉBEC INC.
					
	Per:	 	 /s/ Chloé Poirier
	 		 	Per:	 	 /s/ Chloé Poirier

					
	Per:	 	 /s/ Marc Tremblay
	 		 	Per:	 	 /s/ Marc Tremblay

			
	9230-7677 QUÉBEC INC.	 		 	8487782 CANADA INC.
					
	Per:	 	 /s/ Chloé Poirier
	 		 	Per:	 	 /s/ Chloé Poirier

					
	Per:	 	 /s/ Marc Tremblay
	 		 	Per:	 	 /s/ Marc Tremblay

			
	 VIDEOTRON L.P., represented by
 its general partner 9230-7677 QUÉBEC INC.
	 		 	VIDEOTRON G.P.
					
	Per:	 	 /s/ Chloé Poirier
	 		 	Per:	 	 /s/ Chloé Poirier

					
	Per:	 	 /s/ Marc Tremblay
	 		 	Per:	 	 /s/ Marc Tremblay

			
	VIDÉOTRON INFRASTRUCTURES INC.	 		 	 4DEGRÉS COLOCATION INC. /
 4DEGREES COLOCATION INC.

					
	Per:	 	 /s/ Chloé Poirier
	 		 	Per:	 	 /s/ Chloé Poirier

					
	Per:	 	 /s/ Marc Tremblay
	 		 	Per:	 	 /s/ Marc Tremblay

 SCHEDULE 1 
 [Redacted.] 

 SCHEDULE 2 

 VIDÉOTRON LTÉE, as Borrower 

-and- 
 RBC
DOMINION SECURITIES INC., as Co-Lead Arranger and Joint Bookrunner 
 NATIONAL BANK OF CANADA, as Co-Lead Arranger and
Joint Bookrunner 
 -and- 
 BANK OF AMERICA, N.A., CANADA BRANCH 
 THE TORONTO-DOMINION BANK

 THE BANK OF NOVA SCOTIA 
 CAISSE CENTRALE DESJARDINS 
 BMO CAPITAL MARKETS 

as Co-Arrangers 

-and- 

NATIONAL BANK OF CANADA 
 as Syndication Agent 
 -and- 

THE BANK OF NOVA SCOTIA 
 as Documentation Agent 
 -and- 

THE FINANCIAL INSTITUTIONS NAMED 
 ON THE SIGNATURE PAGES HERETO 
 as Lenders 

ROYAL BANK OF CANADA, as Administrative Agent 
 -and- 
 HSBC BANK PLC, as Finnvera Facility Agent 

 
  
 CREDIT AGREEMENT originally dated as of November 28, 2000, as Amended and Restated as of July 20, 2011, as amended by a First Amending Agreement dated as of June 14, 2013, a Second
Amending Agreement dated as of January 28, 2015, and as Amended and Restated by a Third Amending Agreement dated as of June 16, 2015 
  

 
  

					
	1000 De La Gauchetière Blvd. West	  		  	Scotia Plaza
	Suite 900	  		  	40 King Street West, Suite 4400
	Montreal (Quebec) H3B 5H4	  		  	Toronto, Ontario, Canada M5H 3Y4
	Telephone: 514- 954-2522	  	Fax: 514-954-1905	  	Telephone: 416-367-6332

 TABLE OF CONTENTS 

 

											
	 1.
	  	 	INTERPRETATION	  	 	1	 
				
		  	 	1.1	 	  	Definitions	  	 	1	 
				
		  	 	1.2	 	  	Interpretation	  	 	32	 
				
		  	 	1.3	 	  	Currency	  	 	32	 
				
		  	 	1.4	 	  	Generally Accepted Accounting Principles	  	 	33	 
				
		  	 	1.5	 	  	Division and Titles	  	 	33	 
			
	 2.
	  	 	THE CREDIT	  	 	33	 
				
		  	 	2.1	 	  	Credit Facilities	  	 	33	 
				
		  	 	2.2	 	  	The Revolving Facility and the Unsecured Facility	  	 	34	 
				
		  	 	2.3	 	  	The Unsecured Facility Generally, and Transfers of Credit and Commitments in Certain Circumstances	  	 	34	 
				
		  	 	2.4	 	  	Incremental Commitments and Facilities	  	 	35	 
				
		  	 	2.5	 	  	Finnvera Term Facility	  	 	37	 
			
	 3.
	  	 	PURPOSE	  	 	37	 
				
		  	 	3.1	 	  	Purpose of the Advances	  	 	37	 
			
	 4.
	  	 	ADVANCES, CONVERSIONS AND OPERATION OF ACCOUNTS	  	 	38	 
				
		  	 	4.1	 	  	Notice of Borrowing - Direct Advances	  	 	38	 
				
		  	 	4.2	 	  	Letters of Credit	  	 	38	 
				
		  	 	4.3	 	  	Swing Line Advances	  	 	42	 
				
		  	 	4.4	 	  	Operation of Accounts	  	 	44	 
				
		  	 	4.5	 	  	Apportionment of Advances	  	 	44	 
				
		  	 	4.6	 	  	Limitations on Advances	  	 	45	 
				
		  	 	4.7	 	  	Notices Irrevocable	  	 	45	 
				
		  	 	4.8	 	  	Limits on BA Advances and Letters of Credit	  	 	45	 
				
		  	 	4.9	 	  	Excess Resulting From Exchange Rate Change	  	 	45	 
				
		  	 	4.10	 	  	Advances and Repayments – Revolving Facility and Unsecured Facility	  	 	45	 
			
	 5.
	  	 	INTEREST AND FEES	  	 	46	 
				
		  	 	5.1	 	  	Interest on the Prime Rate Basis	  	 	46	 
				
		  	 	5.2	 	  	Payment of Interest on the Prime Rate Basis	  	 	46	 
				
		  	 	5.3	 	  	Derivative Obligations	  	 	46	 
				
		  	 	5.4	 	  	Interest on the Loan Obligations	  	 	47	 
				
		  	 	5.5	 	  	Arrears of Interest	  	 	47	 
				
		  	 	5.6	 	  	Maximum Interest Rate	  	 	47	 
				
		  	 	5.7	 	  	Fees	  	 	47	 
				
		  	 	5.8	 	  	Interest Act	  	 	48	 

									
	 6.
	  	BANKERS’ ACCEPTANCES	  	 	48	 
				
		  	6.1	  	Advances by Bankers’ Acceptances and Conversions into Bankers’ Acceptances	  	 	48	 
				
		  	6.2	  	Acceptance Procedure	  	 	50	 
				
		  	6.3	  	Purchase of Bankers’ Acceptances and Discount Notes	  	 	51	 
				
		  	6.4	  	Maturity Date of Bankers’ Acceptances	  	 	51	 
				
		  	6.5	  	Deemed Conversions on the Maturity Date	  	 	52	 
				
		  	6.6	  	Conversion and Extension Mechanism	  	 	52	 
				
		  	6.7	  	Prepayment of Bankers’ Acceptances	  	 	52	 
				
		  	6.8	  	Apportionment Amongst the Lenders	  	 	52	 
				
		  	6.9	  	Cash Deposits	  	 	53	 
				
		  	6.10	  	Days of Grace	  	 	53	 
				
		  	6.11	  	Obligations Absolute	  	 	53	 
				
		  	6.12	  	Depository Bills and Notes Act	  	 	53	 
				
		  	6.13	  	Advances and Repayments – Revolving Facility and Unsecured Facility	  	 	54	 
			
	 7.
	  	ILLEGALITY, INCREASED COSTS, INDEMNIFICATION AND MARKET DISRUPTIONS	  	 	54	  
				
		  	7.1	  	Illegality	  	 	54	 
				
		  	7.2	  	Increased Costs	  	 	54	 
				
		  	7.3	  	Taxes	  	 	56	 
				
		  	7.4	  	Breakage Costs, Failure to Borrow or Repay After Notice	  	 	58	 
				
		  	7.5	  	Mitigation Obligations: Replacement of Lenders	  	 	59	 
				
		  	7.6	  	Market Disruption	  	 	60	 
			
	 8.
	  	PAYMENT, REPAYMENT AND PREPAYMENT	  	 	61	 
				
		  	8.1	  	Repayment of the Loan Obligations	  	 	61	 
				
		  	8.2	  	Voluntary Repayment and Prepayment of the Loan Obligations or Cancellation of the Credit	  	 	61	 
				
		  	8.3	  	Cash Collateralization of BA Advances	  	 	62	 
				
		  	8.4	  	Currency of Payments	  	 	62	 
				
		  	8.5	  	Payments by the Borrower to the Agent	  	 	62	 
				
		  	8.6	  	Payment on a Business Day	  	 	62	 
				
		  	8.7	  	Payments by the Lenders to the Agent	  	 	63	 
				
		  	8.8	  	Payments by the Agent to the Borrower	  	 	63	 
				
		  	8.9	  	Netting	  	 	63	 
				
		  	8.10	  	Application of Payments	  	 	63	 
				
		  	8.11	  	No Set-Off or Counterclaim by Borrower	  	 	64	 
				
		  	8.12	  	Debit Authorization	  	 	64	 

  
 2. 

									
	 9.      
	  	 SECURITY
	  	 	64	 
				
		  	9.1    	  	Security for Advances	  	 	64	 
				
		  	9.2    	  	ECA Guarantee	  	 	65	 
				
		  	9.3    	  	Guarantors – Exception	  	 	66	 
				
		  	9.4    	  	Release of Security in Certain Circumstances	  	 	66	 
				
		  	9.5    	  	Limitation on Aggregate Principal Amount of Loan Obligations Secured by the Security Documents	  	 	66	 
			
	 10.
	  	CONDITIONS PRECEDENT	  	 	67	 
				
		  	10.1  	  	Initial Advance Under the Revolving Facility After the Closing Date	  	 	67	 
				
		  	10.2  	  	Conditions Precedent to any Advance	  	 	68	 
				
		  	10.3  	  	Waiver of Conditions Precedent	  	 	69	 
			
	 11.
	  	REPRESENTATIONS AND WARRANTIES	  	 	69	 
				
		  	11.1  	  	Incorporation	  	 	69	 
				
		  	11.2  	  	Authorization	  	 	69	 
				
		  	11.3  	  	Compliance with Applicable Law and Contracts	  	 	69	 
				
		  	11.4  	  	Core Business	  	 	70	 
				
		  	11.5  	  	Financial Statements	  	 	70	 
				
		  	11.6  	  	Contingent Liabilities and Indebtedness	  	 	70	 
				
		  	11.7  	  	Title to Assets	  	 	70	 
				
		  	11.8  	  	Litigation	  	 	71	 
				
		  	11.9  	  	Taxes	  	 	71	 
				
		  	11.10	  	Insurance	  	 	71	 
				
		  	11.11	  	No Adverse Change	  	 	71	 
				
		  	11.12	  	Regulatory Approvals	  	 	71	 
				
		  	11.13	  	Compliance with Applicable Law and Licences	  	 	71	 
				
		  	11.14	  	Pension and Employment Liabilities	  	 	72	 
				
		  	11.15	  	Priority	  	 	72	 
				
		  	11.16	  	Complete and Accurate Information	  	 	72	 
				
		  	11.17	  	Share Capital	  	 	72	 
				
		  	11.18	  	Absence of Default	  	 	72	 
				
		  	11.19	  	Agreements with Third Parties	  	 	72	 
				
		  	11.20	  	Anti-Terrorism and Money Laundering Laws	  	 	72	 
				
		  	11.21	  	Environment	  	 	73	 
				
		  	11.22	  	Survival of Representations and Warranties	  	 	74	 

  
 3. 

									
	 12.
	  	COVENANTS	  	 	74	 
				
		  	12.1  	  	Preservation of Juridical Personality	  	 	74	 
				
		  	12.2  	  	Preservation of Licences	  	 	74	 
				
		  	12.3  	  	Compliance with Applicable Laws	  	 	74	 
				
		  	12.4  	  	Maintenance of Assets	  	 	75	 
				
		  	12.5  	  	Business	  	 	75	 
				
		  	12.6  	  	Insurance	  	 	75	 
				
		  	12.7  	  	Payment of Taxes and Duties	  	 	75	 
				
		  	12.8  	  	Access and Inspection	  	 	75	 
				
		  	12.9  	  	Maintenance of Account	  	 	76	 
				
		  	12.10  	  	Performance of Obligations	  	 	76	 
				
		  	12.11  	  	Maintenance of Ratios	  	 	76	 
				
		  	12.12  	  	Ownership by the Borrower and Guarantors	  	 	76	 
				
		  	12.13  	  	Maintenance of Security	  	 	76	 
				
		  	12.14  	  	Payment of Legal Fees and Other Expenses	  	 	77	 
				
		  	12.15  	  	Financial Reporting	  	 	77	 
				
		  	12.16  	  	Notice of Certain Events	  	 	80	 
				
		  	12.17  	  	Accuracy of Reports	  	 	80	 
			
	 13.
	  	NEGATIVE COVENANTS	  	 	80	 
				
		  	13.1  	  	Liquidation and Amalgamation	  	 	80	 
				
		  	13.2  	  	Charges	  	 	81	 
				
		  	13.3  	  	Asset Dispositions	  	 	81	 
				
		  	13.4  	  	Preservation of Capital	  	 	82	 
				
		  	13.5  	  	Restrictions on Subsidiaries	  	 	82	 
				
		  	13.6  	  	Acquisitions	  	 	82	 
				
		  	13.7  	  	Debt and Guarantees	  	 	83	 
				
		  	13.8  	  	Financial Assistance by the VL Group	  	 	84	 
				
		  	13.9  	  	Subordinated Debt	  	 	84	 
				
		  	13.10	  	Members of the VL Group, Related Party Transactions	  	 	85	 
				
		  	13.11	  	Derivative Instruments	  	 	85	 
				
		  	13.12	  	Anti-Terrorism Laws	  	 	85	 
			
	 14.
	  	EVENTS OF DEFAULT AND REALIZATION	  	 	85	 
				
		  	14.1  	  	Event of Default	  	 	85	 
				
		  	14.2  	  	Remedies	  	 	88	 
				
		  	14.3  	  	Bankruptcy and Insolvency	  	 	88	 

  
 4. 

											
		  	 	14.4	 	  	Notice	  	 	89	 
				
		  	 	14.5	 	  	Costs	  	 	89	 
				
		  	 	14.6	 	  	Relations with the Borrower	  	 	89	 
				
		  	 	14.7	 	  	Application of Proceeds	  	 	89	 
			
	 15.
	  	 	JUDGMENT CURRENCY	  	 	90	 
				
		  	 	15.1	 	  	Rules of Conversion	  	 	90	 
				
		  	 	15.2	 	  	Determination of an Equivalent Currency	  	 	90	 
			
	 16.
	  	 	ASSIGNMENT	  	 	91	 
				
		  	 	16.1  	 	  	Assignment by the Borrower	  	 	91	 
				
		  	 	16.2  	 	  	Assignments and Transfers by the Lenders	  	 	91	 
				
		  	 	16.3  	 	  	Register	  	 	93	 
				
		  	 	16.4  	 	  	Electronic Execution of Assignments	  	 	93	 
				
		  	 	16.5  	 	  	Participations	  	 	94	 
				
		  	 	16.6  	 	  	Limitations Upon Participant Rights	  	 	94	 
				
		  	 	16.7  	 	  	Certain Pledges and Special Provisions	  	 	94	 
			
	 17.
	  	 	MISCELLANEOUS	  	 	95	 
				
		  	 	17.1  	 	  	Notices	  	 	95	 
				
		  	 	17.2  	 	  	Amendment and Waiver	  	 	95	 
				
		  	 	17.3  	 	  	Determinations Final	  	 	95	 
				
		  	 	17.4  	 	  	Entire Agreement	  	 	95	 
				
		  	 	17.5  	 	  	Indemnification and Compensation	  	 	96	 
				
		  	 	17.6  	 	  	Benefit of Agreement	  	 	96	 
				
		  	 	17.7  	 	  	Counterparts	  	 	96	 
				
		  	 	17.8  	 	  	Applicable Law	  	 	96	 
				
		  	 	17.9  	 	  	Severability	  	 	96	 
				
		  	 	17.10	 	  	Further Assurances	  	 	97	 
				
		  	 	17.11	 	  	Good Faith and Fair Consideration	  	 	97	 
				
		  	 	17.12	 	  	Responsibility of the Lenders	  	 	97	 
				
		  	 	17.13	 	  	Indemnity	  	 	97	 
				
		  	 	17.14	 	  	Language	  	 	98	 
				
		  	 	17.15	 	  	Anti-Terrorism Legislation	  	 	98	 
			
	 18.
	  	 	THE AGENT AND THE LENDERS	  	 	98	 
				
		  	 	18.1  	 	  	Authorization of Agent	  	 	98	 
				
		  	 	18.2  	 	  	Agent’s Responsibility	  	 	100	 
				
		  	 	18.3  	 	  	Rights of Agent as Lender	  	 	101	 

  
 5. 

									
		  	18.4  	  	Indemnity	  	 	101	 
				
		  	18.5  	  	Notice by Agent to Lenders	  	 	101	 
				
		  	18.6  	  	Protection of Agent	  	 	101	 
				
		  	18.7  	  	Notice by Lenders to Agent	  	 	102	 
				
		  	18.8  	  	Sharing Among the Lenders	  	 	102	 
				
		  	18.9  	  	Derivative Obligations	  	 	104	 
				
		  	18.10	  	Procedure with respect to Advances	  	 	105	 
				
		  	18.11	  	Accounts kept by each Lender	  	 	106	 
				
		  	18.12	  	Binding Determinations	  	 	106	 
				
		  	18.13	  	Amendment of Article 18	  	 	106	 
				
		  	18.14	  	Decisions, Amendments and Waivers of the Lenders	  	 	107	 
				
		  	18.15	  	Authorized Waivers, Variations and Omissions	  	 	107	 
				
		  	18.16	  	Provisions for the Benefit of Lenders Only - Power of Attorney for Quebec Purposes	  	 	108	 
				
		  	18.17	  	Defaulting Lenders	  	 	108	 
				
		  	18.18	  	Provisions for the Benefit of Lenders Only	  	 	109	 
				
		  	18.19	  	Resignation of Agent	  	 	109	 
				
		  	18.20	  	No Novation	  	 	110	 
			
	 19.
	  	CERTAIN PROVISIONS RELATING TO THE FINNVERA TERM FACILITY	  	 	110	 
				
		  	19.1  	  	Application of Article 18	  	 	110	 
				
		  	19.2  	  	Notice by Agent to the Finnvera Facility Agent	  	 	110	 
				
		  	19.3  	  	Confirmation of Sharing	  	 	110	 
			
	 20.
	  	FORMAL DATE	  	 	110	 
				
		  	20.1  	  	Formal Date	  	 	110	 

  

	
	 SCHEDULE “A” - LIST OF LENDERS AND COMMITMENTS

	
	 SCHEDULE “B” - NOTICE OF BORROWING AND CERTIFICATE

	
	 SCHEDULE “B-1” - NOTICE OF REPAYMENT

	
	 SCHEDULE “B-2” - NOTICE OF CONVERSION OF COMMITMENTS

	
	 SCHEDULE “C” – ASSIGNMENT AND ASSUMPTION

	
	 SCHEDULE “C-1” - LOAN MARKET DATA TEMPLATE

	
	 SCHEDULE “D” – FORM OF GUARANTEE

	
	 SCHEDULE “E” – FORM OF SHARE PLEDGE

	
	 SCHEDULE “F” - OFFICER’S CERTIFICATE

	
	 SCHEDULE “G” - INTENTIONALLY DELETED

  
 6. 

	
	 SCHEDULE “H” – EXISTING DEBT FROM ADDITIONAL OFFERINGS, AT THE CLOSING DATE

	
	 SCHEDULE “I” – PROPERTY OF THE VL GROUP

	
	 SCHEDULE “J” - OFFICER’S COMPLIANCE CERTIFICATE

	
	 SCHEDULE “K” - INTENTIONALLY DELETED

	
	 SCHEDULE “L” - GUARANTORS AND MEMBERS OF THE VL GROUP AS AT THE THIRD AMENDMENT CLOSING DATE

	
	 SCHEDULE “M” – INTENTIONALLY DELETED

	
	 SCHEDULE “N” – FORM OF SUBORDINATION AGREEMENT FOR BACK-TO-BACK SECURITIES

	
	 SCHEDULE “O” – JOINDER AGREEMENT

	
	 SCHEDULE “P” – FINNVERA TERM FACILITY

  
 7. 

 AMENDED AND RESTATED CREDIT AGREEMENT originally dated as of November 28, 2000, as amended and
restated as of July 20, 2011, entered into in the City of Montreal, Province of Quebec, as amended by a First Amending Agreement dated as of June 14, 2013, a Second Amending Agreement dated as of January 28, 2015, and as amended and
restated by a Third Amending Agreement dated as of June 16, 2015 
  

			
		
	AMONG:	  	VIDÉOTRON LTÉE, a company constituted in accordance with the laws of Quebec, having its registered office at 612 St-Jacques Street, 18th floor, in the City of Montreal, Province of Quebec (hereinafter
called the “Borrower”)
		
	AND:	  	THE FINANCIAL INSTITUTIONS NAMED ON THE SIGNATURE PAGE HEREOF OR FROM TIME TO TIME PARTIES HERETO (hereinafter called the “Lenders”)
		
	AND:	  	ROYAL BANK OF CANADA, AS ADMINISTRATIVE AGENT FOR THE LENDERS, a Canadian bank, having a place of business at 20 King Street West, 4th Floor, Toronto, Province of Ontario,
M5H 1C4 (hereinafter called the “Agent”)
		
	AND:	  	HSBC BANK PLC, AS FINNVERA FACILITY AGENT, a bank governed by the laws of England and Wales, having a place of business at 8 Canada Square, Canary Wharf,
London, UK, E14 5HQ (hereinafter called the “Finnvera Facility Agent”)

 WHEREAS the Borrower wishes to borrow certain amounts from the Lenders and the Lenders have agreed to
lend such amounts to the Borrower, subject to and in accordance with the provisions hereof; 
 NOW THEREFORE, THE PARTIES HERETO
HAVE AGREED AS FOLLOWS: 
  

	1.	INTERPRETATION 

  

	 	1.1	Definitions 

 The
following words and expressions, when used in this Agreement or in any agreement supplementary hereto, unless the contrary is stipulated, have the following meaning: 
 1.1.1 “Acquisition” means, with respect to any Person, any transaction or series of related transactions whereby such Person acquires, directly or indirectly, (a) a business,
division, or all or a substantial portion of the assets of any other Person; (b) any Investment; or (c) by way of reorganization, consolidation, amalgamation, winding-up, merger, transfer, sale, lease or other combination, the assets or
shares of any other Person; and “Acquire” and “Acquired” have meanings correlative thereto. 

 1.1.2 “Additional Offering” means an Offering of unsecured Debt incurred
or issued by the Borrower having, at the time of incurrence of any such Debt, a maturity date (meaning the ultimate maturity date on which repayment can be required by the lender, not the date of any initial maturity leading to an automatic
conversion or replacement into different Debt, or Equity Interests) expiring after the expiry of the Term of the Revolving Facility, the terms and conditions of which Offering (including any automatic conversion or replacement as aforesaid and
excluding, for greater certainty, (a) pricing, and (b) the right to require a replacement via an unsecured term loan or an offering of unsecured high yield Debt in an amount equal to the Additional Offering being replaced (“AO
Replacement Debt”)) are no more favourable to the Persons providing such Debt, in all material respects, than the provisions hereof applicable to the Revolving Facility; for greater certainty, for the purposes of paragraph (f) of
Section 13.7, any such AO Replacement Debt will not be considered a new incurrence of Debt. 
 1.1.3 “Adjusted
Consolidated” means produced by commencing with the consolidated financial statements or accounts of the Borrower and subtracting the assets, Debt, EBITDA and other results of any Subsidiary of the Borrower that is not a member of the VL
Group, all as otherwise determined in accordance with GAAP. 
 1.1.4 “Administrative Questionnaire” means an
administrative questionnaire in the form provided by the Agent from time to time. 
 1.1.5 “Advance” means any
advance by a Lender under this Agreement, including, with respect to (a) the Revolving Facility, direct Advances by way of Prime Rate Advances and Swing Line Advances, and indirect Advances by way of BA Advances and the issuance of Letters of
Credit, (b) the Unsecured Facility, direct Advances by way of Prime Rate Advances, and indirect Advances by way of BA Advances and the issuance of Letters of Credit, and (c) the Finnvera Term Facility, the “Tranche A CDOR
Advances” as defined in Schedule “P”. 
 1.1.6 “Affected Lender” has the meaning ascribed
to it in Section 18.15. 
 1.1.7 “Affiliate” has the meaning ascribed thereto in the Canada Business
Corporations Act. 
 1.1.8 “Agency Branch” means the branch of the Agent located at Royal Bank Plaza, South
Tower, 12th Floor, in the City of Toronto, Province of Ontario, M5J 2W7, or such other address in Canada of which the Agent may notify the Borrower from time to time. 

  
 2. 

 1.1.9 “Agent” means Royal Bank of Canada in its capacity as agent for all
of the Lenders under the Revolving Facility and the Unsecured Facility, and as collateral agent for all of the Lenders (provided that the Agent will act as collateral agent on behalf of the Unsecured Facility Lenders solely in connection with all
Guarantees, since the Unsecured Facility Lenders do not benefit from the Security other than the Guarantees), and “Agents” means the Agent together with the Finnvera Facility Agent. 

1.1.10 “Agreement”, “Credit Agreement”, “these presents”, “herein”,
“hereby”, “hereunder” and other similar expressions refer collectively to this Amended and Restated Credit Agreement and the Schedules and appendices hereto as same may be amended or amended and restated from time
to time, and include any deed or document which is supplementary or accessory or which is made in order to complete this Agreement, as all of same may subsequently be amended, amended and restated, modified, supplemented or replaced from time to
time. 
 1.1.11 “Annual Business Plan” means, for any financial year, (a) detailed projected balance
sheets, income statements, statements of cash flows and Capital Expenditures budgets of the Borrower, prepared on a consolidated basis, in respect of such financial year and each financial quarter therein and in respect of, and as at the last day
of, each of the next two following financial years, in each case supported by appropriate explanations, notes and information and commentary, and (b) a detailed narrative of the businesses of the Borrower for the financial year then ended and
for the following financial year which shall include a management discussion and analysis, in sufficient detail, all as approved by the board of directors of the Borrower. 
 1.1.12 “Applicable Law” or “Applicable Laws” means (a) any domestic or foreign statute, law (including common and civil law), treaty, code, ordinance, rule,
regulation, restriction or by-law (zoning or otherwise); (b) any judgment, order, writ, injunction, decision, ruling, decree or award; (c) any regulatory policy, practice, guideline or directive; or (d) any franchise, licence,
qualification, authorization, consent, exemption, waiver, right, permit or other approval of any Governmental Authority, binding on or affecting the Person referred to in the context in which the term is used or binding on or affecting the property
of such Person. 
 1.1.13 “Applicable Percentage” means, with respect to any Lender, the Secured Applicable
Percentage or the Unsecured Applicable Percentage, as the case may be. 
 1.1.14 “Approved Fund” means any
Person (other than a natural Person) that (a) is or will be engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business, and (b) is administered
or managed by a Lender, an Affiliate of a Lender or an entity or an Affiliate of an entity that administers or manages a Lender. 

  
 3. 

 1.1.15 “Asset Disposition” means the sale, lease, transfer, assignment or
other disposition or alienation of any of the property (including Equity Interests) of any member of the Relevant Group. 

1.1.16 “Assignment” means an assignment of all or a portion of a Revolving Facility Lender’s or an Unsecured
Facility Lender’s rights and obligations under this Agreement in accordance with Section 16.2, and “Assignee” means an Eligible Assignee who has entered into an Assignment and Assumption Agreement. 

1.1.17 “Assignment and Assumption Agreement” means an agreement substantially in the form annexed hereto as
Schedule “C”. 
 1.1.18 “Associate” has the meaning ascribed thereto in the Canada Business
Corporations Act. 
 1.1.19 “BA Advance” means at any time the part of the Advances under the Revolving
Facility or the Unsecured Facility which the Borrower has chosen to borrow by Bankers’ Acceptances, calculated based on the face amount of such Bankers’ Acceptances. 
 1.1.20 “BA Proceeds” means, (a) for any Bankers’ Acceptance issued hereunder, an amount calculated on the applicable Acceptance Date (as defined in subsection 6.1.1) by
multiplying: i) the face amount of the Bankers’ Acceptance by ii) the following fraction: 
  

	
	 1

	 (1+ (Bankers’ Acceptance Discount Rate × Designated Period (in days)÷365)),

 with such fraction being rounded up or down to the fifth decimal place and .00005 being rounded up; and
(b) with respect to Assignees that are not banks or that do not accept Bankers’ Acceptances, the face amount of Discount Notes issued to them, less a discount established in the same manner as provided in (a) above (with references to
“Bankers’ Acceptances” being replaced by references to “Discount Notes”). 
 1.1.21 “BA
Schedule I Reference Lender” means Royal Bank of Canada or such other Lender which is a Schedule I bank under the Bank Act (Canada) appointed by the Agent with the consent of the Borrower in replacement of the said Lender.

 1.1.22 “BA Schedule II Reference Lenders” means Bank of America, N.A. Canada Branch and Caisse centrale
Desjardins, or such other Lenders which are Schedule II or Schedule III banks under the Bank Act (Canada) appointed by the Agent with the consent of the Borrower in replacement of such Lenders. 

  
 4. 

 1.1.23 “Back-to-Back Debt” means any loans made or debt instruments issued
as part of a Back-to-Back Transaction and in which each party to such Back-to-Back Transaction, other than the Borrower or a Guarantor, executes a subordination agreement in favour of the Agent in substantially the form attached hereto as
Schedule “N” 
 1.1.24 “Back-to-Back Preferred Shares” means preferred shares issued:

 (a) to a member of the Relevant Group by an Affiliate of the Borrower in circumstances where, immediately prior to the
issuance of such preferred shares, an Affiliate of such member of the Relevant Group has loaned on an unsecured basis to such member of the Relevant Group, or an Affiliate of such member of the Relevant Group has subscribed for preferred shares of
such member of the Relevant Group in an amount equal to, the requisite subscription price for such preferred shares; 
 (b) by a
member of the Relevant Group to one of its Affiliates in circumstances where, immediately prior to or immediately after, as the case may be, the issuance of such preferred shares, such member of the Relevant Group has loaned an amount equal to the
proceeds of such issuance to an Affiliate on an unsecured basis; or 
 (c) by a member of the Relevant Group to one of its
Affiliates in circumstances where, immediately after the issuance of such preferred shares, such member of the Relevant Group has used all of the proceeds of such issuance to subscribe for preferred shares issued by an Affiliate; 

in each case on terms whereby: 
 (i) the aggregate redemption amount applicable to the preferred shares issued to or by such member of the Relevant Group is identical: 

(A) in the case of (a) above, to the principal amount of the loan made or the aggregate redemption amount of the preferred shares
subscribed for by such Affiliate prior to the issuance thereof; 
 (B) in the case of (b) above, to the principal amount of
the loan made to such Affiliate with the proceeds of the issuance thereof; or 
 (C) in the case of (c) above, to the
aggregate redemption amount of the preferred shares issued by such Affiliate with the proceeds of the issuance thereof; 
 (ii)
the dividend payment date applicable to the preferred shares issued to or by such member of the Relevant Group will: 
 (A) in
the case of (a) above, be immediately prior to the interest payment date relevant to the loan made or the dividend payment date on the preferred shares subscribed for by such Affiliate immediately prior to the issuance thereof; 

  
 5. 

 (B) in the case of (b) above, be immediately after the interest payment date relevant
to the loan made to such Affiliate with the proceeds of the issuance thereof; or 
 (C) in the case of (c) above, be
immediately after the dividend payment date on the preferred shares issued by such Affiliate with the proceeds of the issuance thereof; 
 (iii) the amount of dividends provided for on any payment date in the share conditions attaching to the preferred shares issued: 
 (A) to a member of the Relevant Group in the case of (a) above, will be equal to or in excess of the amount of interest payable in respect of the loan made or the amount of dividends provided for in
respect of the preferred shares subscribed for by such Affiliate prior to the issuance thereof; 
 (B) by a member of the
Relevant Group in the case of (b) above, will be equal to or less than the amount of interest payable in respect of the loan made to such Affiliate with the proceeds of the issuance thereof; or 

(C) by a member of the Relevant Group in the case of (c) above, will be equal to the amount of dividends in respect of the preferred
shares issued by such Affiliate with the proceeds of the issuance thereof. 
 Provided, for greater certainty, that in all
cases, (I) the redemption of any preferred shares by a member of the Relevant Group, (II) the repayment of any Back-to-Back Debt by a member of the Relevant Group, (III) the payment of any dividends by a member of the Relevant Group
in respect of its preferred shares, and (IV) the payment of any interest on Back-to-Back Debt of a member of the Relevant Group, may, in each case, be made by a member of the Relevant Group solely by delivering the relevant Back-to-Back
Securities to the Affiliate in question, or by paying to the Affiliate an amount in cash not in excess of the amount already received in cash from such Affiliate. Notwithstanding the foregoing, the requirement set out above with respect to the
timing and order of events or to the effect that certain amounts stipulated in (ii) and (iii) above must be equal to or not in excess of or not less than certain other amounts stipulated thereunder shall not apply to Back-to-Back
Transactions between members of the Relevant Group provided the exchange of payments relating to such transactions are completed on the same day absent administrative, technical or technological constraints. 

1.1.25 “Back-to-Back Securities” means the Back-to-Back Preferred Shares or the Back-to-Back Debt or both, as the
context requires. 
 1.1.26 “Back-to-Back Transactions” means any of the transactions described under the
definition of Back-to-Back Preferred Shares. 

  
 6. 

 1.1.27 “Bankers’ Acceptance” means a non-interest bearing draft or
bill of exchange in Canadian Dollars drawn and endorsed by the Borrower and accepted by a Lender in accordance with the provisions of Article 6, and includes a Discount Note where the context permits. In cases where the Lenders elect to use a
clearing house as contemplated by the Depository Bills and Notes Act (S.C. 1998 c. 13) (the “Act”), “Bankers’ Acceptance” shall mean a depository bill (as defined in the Act) in Canadian Dollars signed by
the Borrower and accepted by a Lender. Drafts or bills of exchange that become depository bills may nevertheless be referred to herein as “drafts”. 
 1.1.28 “Bankers’ Acceptance Discount Rate” means (a) in respect of Bankers’ Acceptances to be purchased by the Lenders which are Schedule I banks under the Bank
Act (Canada), the average rate for Canadian Dollar bankers’ acceptances having Designated Periods of 1, 2, 3, or 6 months quoted on Reuters Service, page CDOR “Canadian Interbank Bid BA Rates” (the “CDOR
Rate”), having an identical Designated Period to that of the Bankers’ Acceptance to be issued on such day, and (b) in respect of Bankers’ Acceptances to be purchased by the Lenders which are Schedule II or
Schedule III banks under the Bank Act (Canada) and in respect of Discount Notes, the lesser of (i) the arithmetic average (rounded upward to the nearest one hundredth of one percent (.01%)) of the discount rates for Canadian Dollar
bankers’ acceptances quoted by the BA Schedule II Reference Lenders, and (ii) the rate specified in (a) above plus 10 basis points (.10%) (in each of cases (a) and (b), the “Discount Rates”). In all
cases, the Discount Rates shall be quoted at approximately 10:00 a.m. (Montreal time) on the Acceptance Date calculated on the basis of a year of 365 days. 
 In the absence of any such quote, the Bankers’ Acceptance Discount Rate which would have been determined in accordance with paragraph (a) or paragraph (b) above, respectively, shall be
equal to the rate determined from time to time by the Agent as the discount rates for bankers’ acceptances of: 
 (A) in
the case of paragraph (a), the BA Schedule I Reference Lender; and 
 (B) in the case of paragraph (b), the BA
Schedule I Reference Lender plus 10 basis points (.10%); 
 established in accordance with its normal practices in
amounts equal to the Selected Amount, having an identical Designated Period to that of the proposed Bankers’ Acceptances to be issued on such day. 
 1.1.29 “Banking Day” means any day which is at the same time a Business Day and a day on which banking institutions are not authorized by law or by local proclamation to close for
business in New York (USA) and in London (England). 

  
 7. 

 1.1.30 “Branch” means the branch of Royal Bank of Canada located at
1 Place Ville Marie, or any other branch designated by the Agent from time to time by notice to the Borrower. 
 1.1.31
“Business Day” means any day, except Saturdays, Sundays and other days which in Montreal or Toronto (Canada) are holidays or a day upon which banking institutions are not authorized or required by law or by local proclamation to
close. 
 1.1.32 “Canadian Dollars”, “Cdn. $” or “$” means the lawful
currency of Canada. 
 1.1.33 “Capital Expenditures” means the aggregate amount actually paid in cash in any
period by the Relevant Group for or in connection with the acquisition or maintenance of assets required to be capitalized, including expenditures of the type described in the last sentence of Section 13.8, determined in accordance with GAAP,
other than, for greater certainty, expenditures for Acquisitions permitted by Section 13.6. 
 1.1.34 “Capital
Lease” means any lease which is required to be capitalized on a balance sheet of the lessee in accordance with GAAP. 

1.1.35 “Cash Equivalents” means, as of the date of any determination thereof, instruments of the following types:

  

	 	1.1.35.1	obligations of or unconditionally guaranteed by the governments of Canada or the United States of America (“USA”), or any agency of any of them backed
by the full faith and credit of the governments of Canada or the USA, respectively, maturing within 364 days of acquisition; 

  

	 	1.1.35.2	marketable direct obligations of the governments of one of the provinces of Canada, one of the states of the USA, or any agency thereof, or of any county, department,
municipality or other political subdivision of Canada or the USA, the payment or guarantee of which constitutes a full faith and credit obligation of such province, state, municipality or other political subdivision, which matures within
364 days of acquisition and which is currently accorded a short-term credit rating of at least A-1 by Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc.
(“S & P”) or at least Prime-1 by Moody’s Investors Service, Inc. (“Moody’s”) or the equivalent thereof from Dominion Bond Rating Service Inc.
(“DBRS”); 

  
 8. 

	 	1.1.35.3	commercial paper, bonds, notes, debentures and bankers’ acceptances issued by a Person residing in Canada or the USA and not referred to in
subsections 1.1.35.1, 1.1.35.2 or 1.1.35.4, and maturing within 364 days from the date of issuance which, at the time of acquisition, is accorded a short-term credit rating of at least A-1 by
S & P or at least Prime-1 by Moody’s or the equivalent thereof from DBRS; 

  

	 	1.1.35.4	(a) certificates of deposit maturing within 364 days from the date of issuance thereof, issued by a bank or trust company organized under the laws of the USA, any
state thereof, or Canada or any province thereof, or (b) US Dollar certificates of deposit maturing within 364 days of acquisition and issued by a bank in western Europe or the United Kingdom, in all cases having capital, surplus and
undivided profits aggregating at least US $500,000,000 (or its equivalent in Canadian Dollars) and whose short-term credit rating is, at the time of acquisition thereof, rated A-1 or better by
S & P or Prime-1 or better by Moody’s (or the equivalent thereof from DBRS). 

 1.1.36 “Change in Control” means (a) the acquisition by any Person or group of Persons acting in concert (other than Quebecor Inc. or any of its subsidiaries or the Péladeau
Group) of a majority of the votes attached to the outstanding Equity Interests of the Borrower or any other member of the VL Group (unless, in the case of a member of the VL Group, resulting from a permitted Asset Disposition), or
(b) any event which results in more than a majority of the votes attached to the outstanding Equity Interests of Quebecor Media Inc. being held by a Person other than Quebecor Inc. or any of its subsidiaries or the Péladeau Group.

 1.1.37 “Change in Law” means the occurrence, after the Closing Date, of any of the following: (a) the
adoption or taking effect of any Applicable Law, including without limitation the Dodd-Frank Wall Street Reform and Consumer Protection Act, (b) any change in any Applicable Law or in the administration, interpretation or application
thereof by any Governmental Authority, including any such change resulting from any quashing by a Governmental Authority of an interpretation of any Applicable Law, (c) the making or issuance of any Applicable Law by any Governmental Authority,
or (d) the implementation of the recommendations of the Bank for International Settlements or the Basel Committee on Banking Regulations and Supervisory Practices (or any successor or similar entity). 

1.1.38 “Charge” means, in respect of any Person, any mortgage, debenture, pledge, hypothec, lien, prior claim, charge,
assignment by way of security, hypothecation, or security interest granted or permitted by such Person or arising by operation of law, in respect of any of such Person’s property (including any servitude, usufruct or other real right
encumbering such property), or any 

  
 9. 

 
consignment of property by such Person as consignee or lessee or any other security agreement, trust or arrangement having the effect of security for the payment of any debt, liability or
obligation. Solely for the purposes of determining whether a Charge exists for the purposes of this Agreement, a Person shall be deemed to be the owner of any property which it has acquired or holds subject to a conditional sale agreement, Capital
Lease, Synthetic Lease or other arrangement pursuant to which title to the property has been retained by or vested in some other Person for security purposes and such retention or vesting shall constitute a Charge. 

1.1.39 “Closing Date” means July 20, 2011. 

1.1.40 “Commitment” means the portion of the Credit for which a Lender is responsible, as set out in
Schedule “A” hereof (as same may be increased or cancelled from time to time pursuant to terms of this Agreement, including under Sections 2.3, 2.4 or 8.2). 
 1.1.41 “Compliance Certificate” has the meaning ascribed to it in subsection 12.15.1. 
 1.1.42 “Contingent Obligation” of any Person means all contingent liabilities required to be included in the financial statements of such Person in accordance with GAAP, excluding any
notes thereto. 
 1.1.43 “Conversion Date-Partial” has the meaning ascribed to it in Section 2.3.

 1.1.44 “Conversion Date-Total” has the meaning ascribed to it in Section 2.3. 

1.1.45 “Conversion Notice-Partial” has the meaning ascribed to it in Section 2.3. 

1.1.46 “Conversion Notice-Total” has the meaning ascribed to it in Section 2.3. 

1.1.47 “Core Business” means the business described in Section 11.4. 

1.1.48 “Credit” means the aggregate amount available to the Borrower under all of the Facilities, or under any
particular Facility, depending on the context. 
 1.1.49 “CRTC” means the Canadian Radio-television and
Telecommunications Commission, or a successor regulatory body, commission or agency. 
 1.1.50 “Debentures”
means the Debentures issued by the Borrower and the Guarantors in favour of a collateral agent designated by the Agent in accordance with the provisions of subsection 9.1.3. 

  
 10.

 1.1.51 “Debenture Pledge” means the pledge of the Debenture in favour of
the Agent or any designated collateral agent by the Borrower and the Guarantors. 
 1.1.52 “Debt” includes, for
any Person or with respect to the Relevant Group, 
  

	 	1.1.52.1	obligations in respect of borrowed money, whether or not evidenced by notes, bonds, debentures or similar evidences of indebtedness of such Person;

  

	 	1.1.52.2	obligations in respect of borrowed money and the Hedging Exposure, but without duplication of any underlying Debt that may be hedged by same, and, in particular,
without taking into account the currency hedging in respect of the US$ denominated Debt referred to in the final paragraph of this definition; 

  

	 	1.1.52.3	obligations representing the deferred purchase price of goods and services, other than such obligations incurred in the ordinary course of business of the Relevant
Group and payable within a period not exceeding 150 days from the date of their incurrence; 

  

	 	1.1.52.4	the obligations, whether or not assumed, which are secured by Charges on the property belonging to such Person or payable out of the proceeds flowing therefrom;

  

	 	1.1.52.5	Contingent Obligations; 

  

	 	1.1.52.6	obligations under Capital Leases and Synthetic Leases; and 

  

	 	1.1.52.7	obligations under letters of credit, letters of guarantee, bankers’ acceptances or Guarantees; 

but shall not include Debt under the Back-to-Back Securities. In addition, any Debt denominated in US$ which is validly and effectively
hedged through the use of one or more Derivative Instruments will be calculated at the exchange rate applicable to such US$ Debt under the applicable Derivative Instrument. Finally, for the purpose of calculating the Leverage Ratio only, the amount
of cash and Cash Equivalents of the Relevant Group on the date of determination shall be deducted from the amount of any Debt (for greater certainty, other than Debt under the Revolving Facility, the Unsecured Facility, or any other revolving
facility not resulting in a permanent reduction of such Debt) required to be repaid following the issuance of an irrevocable repayment notice, if and only to the extent that such Debt would have been included in the computation of the Leverage
Ratio. 

  
 11.

 1.1.53 “Default” means an event or circumstances, the occurrence or
non-occurrence of which would, with the giving of a notice, lapse of time or combination thereof, constitute an Event of Default unless remedied within the prescribed delays or renounced to in writing by the Agent, as authorized by the Lenders.

 1.1.54 “Defaulting Lender” means any Lender, as determined by the Agent (with respect to the Revolving
Facility or the Unsecured Facility) or the Finnvera Facility Agent (with respect to the Finnvera Term Facility), that: 
  

	 	1.1.54.1	has failed to fully fund its share of any Advance or fulfill its obligations under Section 4.2 or 4.3 within 2 Banking Days of the date it is required to do
so under this Agreement; 

  

	 	1.1.54.2	has notified the Borrower, the Agent (or in the case of a Defaulting Lender under the Finnvera Term Facility, the Finnvera Facility Agent) or any other Lender in
writing that it does not intend to comply with any of its funding obligations under this Agreement (including Sections 4.2 and 4.3), has issued financial statements containing a “going concern” or similar qualification or indicating a
potential inability to comply with funding obligations generally, or has made a public statement to the effect that it does not intend or is unable to comply with its funding obligations under this Agreement or generally under other agreements in
which it commits to extend credit; 

  

	 	1.1.54.3	has failed, within 2 Banking Days after request by the Agent (or in the case of a Defaulting Lender under the Finnvera Term Facility, the Finnvera Facility Agent),
to confirm that it will comply with its funding obligations under this Agreement (including Sections 4.2 and 4.3); 

  

	 	1.1.54.4	has otherwise failed to pay over to the Agent (or in the case of a Defaulting Lender under the Finnvera Term Facility, the Finnvera Facility Agent) or any other Lender
any other amount required to be paid by it under this Agreement within 3 Banking Days of the date when due, unless payment is the subject of a good faith dispute; 

 

	 	1.1.54.5	has become or is insolvent, is deemed to be insolvent, or is controlled by a Person that has become or is insolvent or deemed to be insolvent; or

  

	 	1.1.54.6	 has itself or is controlled by a Person that has (i) become the subject of a bankruptcy or insolvency proceeding, (ii) had a receiver,
conservator, trustee, administrator, assignee for the 

  
 12.

	 	
benefit of creditors or similar Person charged with reorganization or liquidation of its business or custodian, appointed for it, or (iii) taken any action in furtherance of, or indicating
its consent to, approval of or acquiescence in any such proceeding or appointment; 

 provided that, for the
avoidance of doubt, a Lender shall not be a Defaulting Lender solely by virtue of the ownership, control or acquisition of any Equity Interest in or control of such Lender by a Governmental Authority. 

1.1.55 “Derivative Instrument” means an agreement entered into from time to time by a Person in order to control, fix or
regulate currency exchange fluctuations, or the rate of interest payable on borrowings, including a rate swap transaction, basis swap, forward rate transaction, commodity swap, commodity option, equity or index equity swap, equity or index equity
option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option or any other similar transaction
(including any option with respect to any of these transactions and any combination of these transactions). 
 1.1.56
“Derivative Obligations” means the Hedging Exposure and all other obligations of the Borrower to one or more Revolving Facility Lenders under Derivative Instruments. 

1.1.57 “Designated Period” means, with respect to a BA Advance, a period designated by the Borrower in accordance with
Sections 6.1 and 6.4. 
 1.1.58 “Disbursement Period” means, with respect to (a) the Revolving
Facility, the period from the Original Closing Date until the expiry of the Term, subject to satisfying the applicable conditions precedent set out in Article 10, (b) the Unsecured Facility, the period from the Third Amendment Closing Date
until the expiry of the Term, subject to satisfying the applicable conditions precedent set out in Article 10, and (c) the Finnvera Term Facility, the “Availability Period” as defined in Schedule “P” hereof.

 1.1.59 “Discount Note” means a non-interest bearing promissory note denominated in Canadian Dollars issued
by the Borrower to a Revolving Facility Lender, an Unsecured Facility Lender or a sub-participant which is a Non-BA Lender (as defined in subsection 6.1.2(b)), such note to be in the form normally used by such Lender or sub-participant.

 1.1.60 “EBITDA” means, with respect to any Person or the Relevant Group during a financial period, earnings
before non-controlling interests, earnings from equity-accounted investments, extraordinary items, non-recurring gains or losses on debt extinguishment and asset sales and restructuring, Interest Expense, Taxes (to the extent taken into account for
the purposes of determining net income), 

  
 13.

 
depreciation and amortization, foreign exchange translation gains or losses not involving the payment of cash, other non-cash financial charges, reconnection costs, subscribers’ subsidies
revenues net of related costs, and deferred installation revenues net of related costs without taking into account any goodwill adjustments, calculated in accordance with GAAP; for greater certainty, there shall be excluded from the calculation of
EBITDA, to the extent included in such calculation, (a) the amount of any income or expense relating to Back-to-Back Securities, and (b) the EBITDA from any Subsidiary that is not a member of the Relevant Group except to the extent of the
cash dividends or other distributions received from such Subsidiary that is not a member of the Relevant Group, net of any reinvestments by the Relevant Group in such Subsidiary. 

EBITDA shall (A) exclude the EBITDA of (a) any Person and (b) every division, line of business or group of operating
assets used in carrying on a distinct business (collectively called an “Operating Business”) that (in the case of either (a) or (b) above) no longer belong to a member of the Relevant Group (a “Former
Contributor”) on the last day of such period which would otherwise be included in such results of operations of the Borrower because such Former Contributor or Operating Business, as the case may be, has been disposed of during such period;
and (B) include the EBITDA for such period of each Person and of every Operating Business that, during such period, became (or, in the case of an Operating Business, became part of) a member of the Relevant Group and which is (or is comprised
within) a member of the Relevant Group on the last day of such period on a pro forma basis for such period, based on audited historical results of operations, or, if unavailable, reasonable projections satisfactory to the Agent. 

1.1.61 “Eligible Assignee” means (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved Fund, and
(d) any other Person (other than a natural person), in respect of each of which the consent of any party whose consent is required by Section 16.2.1 has been obtained; provided that notwithstanding the foregoing, “Eligible
Assignee” shall not include any member of the VL Group or any Affiliate thereof. 
 1.1.62 “Environmental
Laws” means all applicable Canadian and other applicable jurisdictions’ federal, state, provincial, local and other foreign statutes and codes or regulations, rules or ordinances issued, promulgated or approved thereunder, as well as
all other Applicable Laws, and all common laws under which environmental liabilities can arise, now or hereafter in effect (including those with respect to asbestos or asbestos-containing material or exposure to asbestos or asbestos-containing
material, urea formaldehyde foam insulation, transformers or other equipment that contain dielectric fluid containing regulated levels of polychlorinated biphenyls, and radon gas), to the extent relating to pollution or protection of the environment
and public health and relating to (a) emissions, discharges, releases or threatened releases of pollutants, contaminants, chemicals or industrial toxic or hazardous constituents, substances or wastes (including any Hazardous Substance,
petroleum including crude oil or any fraction thereof, any 

  
 14.

 
petroleum product or other waste, chemicals or substances regulated by any such statute, codes, regulations, rules or ordinances) into the environment (including ambient air, surface water,
ground water, land surface or subsurface strata), and (b) the manufacture, processing, distribution, use, generation, treatment, storage, disposal, transport or handling of any Hazardous Substance, petroleum including crude oil or any fraction
thereof, any petroleum product or other waste, chemicals or substances regulated by any such statute, codes, regulations, rules or ordinances, and (c) underground storage tanks and related piping, and emissions, discharges and releases or
threatened releases therefrom. 
 1.1.63 “Equity Interests” means, with respect to any Person, all shares,
interests, units, participations or other equivalent equity interests (however designated, whether voting or non-voting) of such Person’s capital, whether now outstanding or issued after the Closing Date, including common shares, preferred
shares, membership interests in a limited liability company, limited or general partnership interests in a partnership, trust units, or any other equivalent of such ownership interests. 

1.1.64 “Equivalent Amount” has the meaning ascribed to it in Section 15.2. 

1.1.65 “Event of Default” means one or more of the events described in Section 14.1, as well as one or more of the
Events of Default as described in Section 9 of Schedule “P”. 
 1.1.66 “Excess Cash Flow”
means, with respect to the Relevant Group, the EBITDA calculated as at the end of each financial quarter, plus an amount equal to any spread paid to a member of the Relevant Group resulting from Back-to-Back Securities, to the extent not previously
included in EBITDA, and less: 
  

	 	1.1.66.1	the amount of Taxes paid or otherwise due during the period in question; 

  

	 	1.1.66.2	the amount of any Interest Expense paid in cash (and not accrued); however, for the purposes of this definition alone, “Interest Expense” shall include all
fees and expenses relating to any Offering and premiums paid to retire Debt, except to the extent that the fees and expenses in question are paid for out of the proceeds of such Offering and not out of the Relevant Group’s cash flow;

  

	 	1.1.66.3	the amount of all voluntary prepayments of Debt, other than (a) payments under the Revolving Facility and under the Unsecured Facility, (b) voluntary
prepayments using the proceeds of Asset Dispositions and Offerings, and (c) voluntary prepayments of the QMI Subordinated Debt made in accordance with Section 13.9 hereof; 

  
 15.

	 	1.1.66.4	the amount of extraordinary items not included in earnings but which required the payment of cash; 

 

	 	1.1.66.5	the amount of any mandatory principal repayment of Debt that is permitted hereunder; and 

 

	 	1.1.66.6	the amount of Capital Expenditures (adjusted for the inclusion of reconnection costs, video rental inventories, deferred charges in connection with subscriber
subsidies, reclassification of telephony modems and the proceeds from disposal of subscriber equipment) made during such period that has not been financed separately out of (i) the proceeds of Debt permitted hereunder; (ii) equity obtained
after the date hereof; or (iii) the Net Proceeds arising out of Asset Dispositions made during the period; 

provided, however, that no amount will be so deducted if such amount has already been deducted from EBITDA. 

1.1.67 “Excluded Taxes” means, with respect to the Agent, any Lender (which term, for the avoidance of doubt, shall
include the Issuing Lender and the Swing Line Lender when used in this definition of “Excluded Taxes”) or any other recipient of any payment to be made by or on account of any obligation of the Borrower hereunder, (a) Taxes imposed on
or measured by its overall net income (however denominated), and franchise taxes imposed on it (in lieu of net income taxes), by the jurisdiction (or any political subdivision thereof) under the laws of which such recipient is organized or in which
its principal office is located or, in the case of any Lender, in which its applicable lending office is located, (b) any branch profits taxes or any similar Tax imposed by any jurisdiction in which the Agent or such Lender is located and
(c) in the case of a Foreign Lender (other than (i) a Foreign Lender that is a party hereto on the Closing Date, (ii) an Assignee pursuant to a request by the Borrower under Section 7.5.2, (iii) an Assignee pursuant to an
Assignment made when an Event of Default has occurred and has not been waived or (iv) any other Assignee to the extent that the Borrower has expressly agreed that any withholding tax shall be an Indemnified Tax), any withholding tax that is
imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party hereto (or designates a new lending office) or is attributable to such Foreign Lender’s failure or inability (other than as a result of a Change
in Law) to comply with Section 7.3.5, except to the extent that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from the Borrower with
respect to such withholding tax pursuant to Section 7.3. For greater certainty, for purposes of item (c) above, a withholding tax includes any Tax that a Foreign Lender is required to pay pursuant to Part XIII of the Income Tax Act
(Canada) or any successor provision thereto. 

  
 16.

 1.1.68 “Facility” means the Revolving Facility, the Unsecured Facility,
the Finnvera Term Facility or a New Facility, and “Facilities” means all of them. 
 1.1.69 “Federal
Funds Effective Rate” means, for any period, a fluctuating interest rate per annum equal, for each day during such period, to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve
System arranged by Federal Funds brokers as published for such day (or, if such day is not a Banking Day, for the immediately preceding Banking Day) by the Federal Reserve Bank of New York or, for any day on which such rate is not so published for
such day by the Federal Reserve Bank of New York, the average of the quotations for such day for such transactions received by the Agent from three Federal Funds brokers of recognized standing selected by the Agent. If for any reason the Agent shall
have determined (which determination shall be conclusive, absent manifest error) that it is unable to ascertain the Federal Funds Effective Rate for any reason, including without limitation, the inability or failure of the Agent to obtain sufficient
bids or publications in accordance with the terms hereof, Royal Bank of Canada’s announced US Base Rate will apply. 

1.1.70 “Fees” means the Revolving Facility Fees, the Unsecured Facility Fees and the Finnvera Fees. 

1.1.71 “Finnvera Facility Agent” has the meaning ascribed to it in Schedule “P”. 

1.1.72 “Finnvera Facility Lender” means a “Tranche A Lender”, as such term is defined in
Schedule “P”. 
 1.1.73 “Finnvera Fees” means the “Tranche A Fees”, the Commitment
Fees and the Finnvera Handling Fee, as such terms are defined in Schedule “P”. 
 1.1.74 “Finnvera Term
Facility” means the Facility under which the portion of the Credit described in subsection 2.1.3 is available, which Facility is more fully described in Schedule “P”. 

1.1.75 “First Currency” has the meaning ascribed to it pursuant to Section 15.1. 

1.1.76 “Foreign Lender” means any Lender that is not organized under the laws of the jurisdiction in which the Borrower
is resident for tax purposes and that is not otherwise considered or deemed to be resident for income tax or withholding tax purposes in the jurisdiction in which the Borrower is resident for tax purposes by application of the laws of that
jurisdiction. For purposes of this definition, Canada and each Province and Territory thereof shall be deemed to constitute a single jurisdiction and the United States of America, each State thereof and the District of Columbia shall be deemed to
constitute a single jurisdiction. 

  
 17.

 1.1.77 “Generally Accepted Accounting Principles” or
“GAAP” means the generally accepted accounting principles in effect in Canada from time to time, consistently applied, and including for greater certainty IFRS as and from its implementation in Canada effective January 1, 2011.

 1.1.78 “Governmental Authority” means the government of Canada or any other nation, or of any political
subdivision thereof, whether provincial, state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or
functions of or pertaining to government, including any supra-national bodies such as the European Union, the Bank for International Settlements or the European Central Bank and including a Minister of the Crown, Superintendent of Financial
Institutions or other comparable authority or agency. 
 1.1.79 “Guarantees” by any Person means all
obligations (other than endorsements in the ordinary course of business of negotiable instruments for deposit or collection) of such Person guaranteeing, or in effect guaranteeing, any Indebtedness, dividend or other obligation of any other Person
(the “Primary Obligor”) in any manner, whether directly or indirectly, including all obligations incurred through an agreement, contingent or otherwise, by such Person: (a) to purchase such Indebtedness or obligation or any
property or assets constituting security therefor, (b) to advance or supply funds (i) for the purchase or payment of such Indebtedness or obligation, or (ii) to maintain working capital or other balance sheet condition or otherwise to
advance or make available funds for the purchase or payment of such Indebtedness or obligation against loss, (c) to lease property or to purchase securities or other property or services primarily for the purpose of assuring the owner of such
Indebtedness or obligation, or (d) otherwise to assure the owner of the Indebtedness or obligation of the Primary Obligor against loss in respect thereof. For the purposes of all computations made under this Agreement, a Guarantee in respect of
any Indebtedness for borrowed money, and a Guarantee in respect of any other obligation or liability or any dividend, shall be deemed to be Indebtedness equal to the maximum aggregate amount of such obligation, liability or dividend, unless the
Guarantee is limited in amount, in which case such limit shall be used for such computation. 
 1.1.80
“Guarantors” means subject to the provisions of Section 9.3, 9293-6707 Quebec Inc., 9227-2590 Quebec Inc., 9230-7677 Quebec Inc., 8487782 Canada Inc. (formerly known as Jobboom Inc.), Videotron G.P., Videotron L.P.,
Vidéotron Infrastructures Inc., 4Degrés Colocation Inc. / 4Degrees Colocation Inc. and all of the wholly-owned Subsidiaries of the Borrower and the Guarantors created or acquired after the Closing Date. A list of the Guarantors
and of all of the members of the VL Group as of the Third Amendment Closing Date is provided in Schedule “L” hereto. 
 1.1.81 “Hazardous Substances” shall mean any (a) substance, waste, liquid, gaseous or solid matter, fuel, micro-organism, sound, vibration, ray, heat, odour,

  
 18.

 
radiation, energy vector, plasma and organic or inorganic matter which may alter and diminish or deteriorate the quality of the environment, or which by reason of its qualities is a hazard to
health or to the environment, or is or is deemed to be, alone or in any combination, hazardous, hazardous waste, hazardous material, toxic, a pollutant, a deleterious substance, a contaminant or a source of pollution or contamination under any
applicable Environmental Laws; and (b) any other chemical, material or substance, exposure to which is prohibited, limited or regulated by any Governmental Authority. 
 1.1.82 “Hedging Exposure” means the aggregate amount that would be payable to all Persons by the Relevant Group on the date of determination pursuant to (a) Section 6(e)(i)(3)
of each ISDA Master Agreement entered into using the 1992 ISDA Master Agreement and (b) Section 6(e)(i) of each ISDA Master Agreement entered into using the 2002 ISDA Master Agreement, between the Borrower and such Persons as if all
Derivative Instruments under such ISDA Master Agreements were being terminated on that day; provided that, for the purpose of such determination, with respect to the Derivative Instruments between each Lender and the Borrower entered into using
(w) the 1992 ISDA Master Agreement, each Lender will be deemed to be the Non-defaulting Party (as such term is defined in the ISDA Master Agreement) and will determine Market Quotation (as such term is defined in the ISDA Master Agreement)
using its estimates at mid-market of the amounts that would be paid for Replacement Transactions (as such term is defined in the 1992 ISDA Master Agreement), and (x) the 2002 ISDA Master Agreement, each Lender will be deemed to be the
Non-defaulting Party (as such term is defined in the ISDA Master Agreement) and will determine the Close-Out Amount (as such term is defined in the ISDA Master Agreement). 
 1.1.83 “IFRS” means the International Financial Reporting Standards (formerly known as the International Accounting Standards), as set and promoted by the International Accounting
Standards Board (formerly known as the International Accounting Standards Committee) and implemented in Canada through the Accounting Recommendations in the Handbook of the Canadian Institute of Chartered Accountants. 

1.1.84 “Immaterial Subsidiary” means any wholly-owned Subsidiary of the Borrower that holds less than 1.5% of
(a) the Adjusted Consolidated EBITDA on a rolling four-quarter basis, and (b) the Adjusted Consolidated assets, of the VL Group, provided that the aggregate EBITDA, on a rolling four-quarter basis, and assets held by all of the Immaterial
Subsidiaries cannot at any time exceed 3% of the (i) Adjusted Consolidated EBITDA on a rolling four-quarter basis, or (ii) Adjusted Consolidated assets of, in each case, the VL Group. 

1.1.85 “Indebtedness” of any Person means (without duplication) all obligations of such Person which in accordance with
GAAP should be classified upon a balance sheet of such Person as liabilities of such Person, and in any event includes all Debt of such Person. 

  
 19.

 1.1.86 “Indemnified Taxes” means all Taxes other than Excluded Taxes.

 1.1.87 “Interest Coverage Ratio” means, for any period, the ratio of EBITDA to Interest Expense for such
period. 
 1.1.88 “Interest Expense” for any period means all interest and all amortization of debt discount
and expense on any particular Indebtedness for which such calculations are being made in respect of the Relevant Group, excluding (a) fees and expenses relating to any Offering of Debt and premiums paid to retire Debt, (b) interest on the
Back-to-Back Debt to the extent offset by an equal amount of dividends on the Back-to-Back Preferred Shares, (c) interest not paid in cash or other assets of the Relevant Group on the QMI Subordinated Debt, including the interest component of
Capital Leases, and discounts and fees payable in respect of bankers’ acceptances or accounts receivable sold in connection with any asset securitization program approved by the Lenders. 

In circumstances where the proceeds of disposition of a Former Contributor (as defined in the definition of “EBITDA”) or
its property, or of an Operating Business, (as defined in the definition of “EBITDA”) have been used to permanently repay Debt during such period, for the purpose of calculating Interest Expense, the amounts so repaid shall be
deducted from the Debt of the Relevant Group on which the calculation of Interest Expense for such period would otherwise have been made, and Interest Expense shall be reduced accordingly on a pro forma basis. Similarly, in circumstances
where Debt of the Relevant Group was incurred or assumed in connection with the acquisition of a Person or Operating Business (as defined in the definition of “EBITDA”), the amounts so incurred or assumed shall be added to the Debt
of the Relevant Group on which the calculation of Interest Expense for such period would otherwise have been made, and Interest Expense shall be increased accordingly on a pro forma basis. 

1.1.89 “Investments” means all investments, in cash or by delivery of property, made directly or indirectly in any
Person, whether by acquisition of shares of capital stock, Indebtedness or other obligations or securities or by loan, advance, capital contribution or otherwise; provided, however, that “Investments” shall not mean or include
investments in cash or Cash Equivalents or routine investments in inventory, equipment and supplies to be used or consumed, or trade credit granted, in the ordinary course of business. 

1.1.90 “ISDA Master Agreement” means either the ISDA Master Agreement (Multi-Currency - Cross Border - 1992) (the
“1992 ISDA Master Agreement”) or the ISDA 2002 Master Agreement (the “2002 ISDA Master Agreement”), each as published by the International Swaps and Derivatives Association, Inc. and, where the context permits or
requires, includes all schedules, supplements, annexes and confirmations attached thereto or incorporated therein, as such agreement may be amended, supplemented or replaced from time to time. 

  
 20.

 1.1.91 “Issuing Lender” means each or all of (a) the Lender(s)
selected by the Borrower and accepted by such Lender(s), for which the Agent has been advised that such Lender(s) will be the issuer of Letters of Credit (in that capacity) under the Revolving Facility or under the Unsecured Facility, as applicable,
and (b) the Swing Line Lender as the issuer of Letters of Credit under the Swing Line Commitment (in that capacity), or any successor issuers of Letters of Credit. For greater certainty, where the context permits, references to
“Lenders” herein include the Issuing Lender. 
 1.1.92 “Joinder Agreement” means an agreement
substantially in the form of Schedule “O”. 
 1.1.93 “LC Fees” has the meaning ascribed to such
term in subsection 4.2.2. 
 1.1.94 “Lender” or “Lenders” means the Revolving Facility
Lenders, the Unsecured Facility Lenders, and the Lenders under the Finnvera Term Facility, all of which are listed in Schedule “A”, together with any Assignee(s) and Tranche A Assignee(s) (as such term is defined in
Schedule “P”), or, as the context permits, any of them alone. When used in connection with “Derivative Instruments”, the term “Lender” shall include any Affiliate of a Revolving Facility Lender. When used in
connection with the Security, the term “Lender” shall include any counterparty to a Derivative Instrument, provided that the counterparty was a Revolving Facility Lender or an Affiliate of a Revolving Facility Lender at the time any such
Derivative Instrument was entered into. 
 1.1.95 “Letter of Credit” means any stand-by letter of credit or
letter of guarantee issued by the Issuing Lender in accordance with the provisions hereof, and includes any stand-by letter of credit or letter of guarantee issued by the Issuing Lender in connection with the Spectrum Auction and Purchase in
accordance with the provisions hereof. 
 1.1.96 “Leverage Ratio” means, as of any date of determination, the
ratio of Debt (excluding the QMI Subordinated Debt) of the Relevant Group as of such date to EBITDA for the preceding four quarters ending on such date. 
 1.1.97 “Licences” means all licences, permits and authorizations issued to the VL Group by the CRTC pursuant to the Broadcasting Act (Canada) and the orders, rules, regulations and
directions promulgated pursuant to such Act. 
 1.1.98 “Loan Documents” means this Agreement, the Security
Documents, any Derivative Instruments entered into with one or more Revolving Facility Lenders or any of their respective Affiliates, and any undertaking or other agreement executed in connection with this Agreement. 

1.1.99 “Loan Obligations” means all obligations of the VL Group to the Agents and Lenders under or in connection with
the Loan Documents (provided that 

  
 21.

 
“Loan Obligations” shall not include “Derivative Obligations”), including the aggregate of Advances outstanding under this Agreement (and further including the face amount of
any Bankers’ Acceptances and all reimbursement obligations under subsection 4.2.3 in respect of Letters of Credit issued in accordance with the provisions hereof), together with interest thereon (including, without limitation, interest
accruing after the maturity of the Advances due under any Facility hereunder and interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to a member of the
VL Group, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) and all other debts and liabilities, present or future, direct or indirect, absolute or contingent, matured or not, at any time owing by the VL
Group to the Agents and Lenders in any currency under or in connection with the Loan Documents, and all interest, Fees, fees, commissions, legal and other costs, charges and expenses incurred under or in connection with the Loan Documents. In this
definition, “the Agents and Lenders” means “the Agents and Lenders, or any of them”. 
 1.1.100
“Majority Lenders” means Lenders holding at least 51% of the combined Commitments; if the Commitments under the Revolving Facility and the Unsecured Facility have expired, “Majority Lenders” shall mean Revolving Facility
Lenders, Unsecured Facility Lenders and Finnvera Facility Lenders to whom are owed at least 51% of the Loan Obligations under the Revolving Facility, the Unsecured Facility and the Finnvera Term Facility. 

1.1.101 “Margin” means [Redacted]. 
 1.1.102 “Market Disruption Event” has the meaning ascribed to it in Section 7.6. 
 1.1.103 “Market Disruption Prime Rate” means the average of the Prime Rates of the Market Disruption Reference Lenders, calculated as set out in the definition of “Prime Rate”
as if each such Market Disruption Reference Lender was the bank referred to in such definition; provided that such Market Disruption Prime Rate shall not exceed the Prime Rate (as defined herein) at such time by more than 0.50%. 

1.1.104 “Market Disruption Reference Lenders” means, for the purposes of Section 7.6, Royal Bank of Canada, The
Toronto-Dominion Bank and Bank of America, N.A., Canada Branch. 
 1.1.105 “Market Disruption US Base Rate”
means the average of the US Base Rates of the Market Disruption Reference Lenders, calculated as set out in the definition of “US Base Rate” as if each such Market Disruption Reference Lender was the bank referred to in such definition;
provided that such Market Disruption US Base Rate shall not exceed the US Base Rate (as defined herein) at such time by more than 0.50%. 

  
 22.

 1.1.106 “Material Adverse Change” means (i) a material adverse change
in the business, assets, liabilities, financial position, operating results or business prospects of the VL Group, taken as a whole, or (ii) a material adverse change in the ability of the Borrower and the Guarantors to perform any of their
material obligations hereunder or under the Security Documents, or (iii) the impairment, in any material respect, of the validity or enforceability of this Agreement or the Security Documents or of the rights and remedies of the Agents or the
Lenders hereunder or under the Security Documents. 
 1.1.107 “Net Proceeds” means the gross amount of
proceeds payable in cash or Cash Equivalents arising from any Asset Disposition, less (a) amounts payable to discharge or radiate Permitted Charges on the assets being disposed of, (b) the amount of Taxes arising from each such Asset
Disposition and which cannot be offset against losses, depreciation or otherwise such that same must actually be paid in cash, and (c) reasonable out-of-pocket costs, fees and expenses incurred in connection with such Asset Disposition,
including commissions but excluding any amounts paid to Affiliates. 
 1.1.108 “New Facility”
means one or more credit facilities created from time to time as permitted under Section 2.4 and benefitting from the Security, such credit facility being similar in nature and purpose to the Finnvera Term Facility. 

1.1.109 “Notice of Borrowing” means, (i) with respect to the Revolving Facility or the Unsecured Facility, a
notice substantially in the form of Schedule “B” transmitted to the Agent by the Borrower in accordance with the provisions of Section 4.1, or of subsection 6.1.1, and (ii) with respect to the Finnvera Term Facility, a
Tranche A Notice of Borrowing, as defined in Schedule “P”. 
 1.1.110 “Offering” means
any public or private offering of Equity Interests or Debt permitted hereunder. 
 1.1.111 “Original Closing
Date” means November 28, 2000. 
 1.1.112 “Other Taxes” means all present or future stamp
or documentary taxes or any other excise or property taxes, charges or similar levies arising from any payment made hereunder or under any other Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, this
Agreement or any other Loan Document. 
 1.1.113 “Péladeau Group” means any
(i) individual who is related by blood, adoption or marriage to the late Pierre Péladeau; (ii) any trust (whether testamentary or otherwise) the beneficiaries of which are all individuals described in (i); or (iii) any
corporation or partnership which is controlled, directly or indirectly, by one or more individuals referred to in (i) or a trust referred to in (ii), or any combination thereof. 

  
 23.

 1.1.114 “Permitted Charges” means the Charges created by the Security
Documents and, with respect to any Person: 
  

	 	1.1.114.1	any Charge created by law that is assumed in the ordinary course of business and in order to exercise same, which, in the case of construction Charges in favour of
contractors, sub-contractors, workmen, suppliers of materials, engineers and architects, has not at such date been registered in accordance with Applicable Law against such Person, which relates to obligations which are not yet due or delinquent,
which is not related to any loan of money or obtaining of credit and which, in the aggregate, do not affect in a material way the use, the income or the benefits flowing from the property so charged in the conduct of the business of such Person; any
Charge resulting from judgments or decisions which such Person has, at such date, appealed or in respect of which it has sought revision and obtained a suspension of execution pending the appeal or the revision; any Charge for Taxes, assessments or
governmental claims or other impositions not yet due or matured or in respect of which the validity at such date has been contested in good faith by such Person before a Governmental Authority in accordance with the provisions of Section 12.7;
or which relates to a deposit of monies or securities in the ordinary course of business with respect to any Charge referred to in this paragraph, or to secure workmen’s compensation, surety or appeal bonds or security for costs of litigation;
or any Charge in favour of a landlord on movable or personal property to secure the payment of rent and other amounts owing under leases for immovable or real property, provided the Charge is limited to property situated on the leased premises;

  

	 	1.1.114.2	any right of a municipality or other Governmental Authority pursuant to any lease, license, franchise, grant or permit obtained by such Person, or any right resulting
from a legislative provision, to terminate such lease, license, franchise, grant or permit, or requiring an annual or periodic payment as a condition of its extension; 

 

	 	1.1.114.3	Charges in favour of a municipality, public utility or other Governmental Authority, or which may be imposed by one or the other, when required by such body or
authority with respect to the operations of such Person or in the ordinary course of its business; 

  
 24.

	 	1.1.114.4	Charges granted in favour of municipal authorities or public utilities on immovables acquired from time to time by such Person which do not adversely affect the value
or marketability of such Person’s immovable property in any material respect; 

  

	 	1.1.114.5	title defects, homologated lines, zoning and building by-laws, ordinances, regulations and other governmental restrictions on the use of property, or servitudes,
easements or other similar encumbrances, provided that none of the foregoing adversely affect the value or marketability of such Person’s immovable property in any material respect; 

 

	 	1.1.114.6	Charges (i) under any Capital Lease or Synthetic Lease, and (ii) to secure the payment of the purchase price incurred in connection with the acquisition of
assets, in each case to be used in carrying on the Core Business, including Charges existing on such assets at the time of the acquisition thereof or at the time of the acquisition by a member of the VL Group of any business entity then owning such
assets, whether or not such existing Charges were given to secure the payment of the purchase price of the assets to which they attach, provided that such Charges are limited to the assets purchased and that the amount guaranteed by such Charges
does not exceed 100% of the acquisition price of the assets so acquired, and, in the aggregate for (i) and (ii) above, shall not exceed, at the time of incurrence, the greater of (a) 5% of Shareholders Equity and (b) $50,000,000,
outstanding at any time; 

  

	 	1.1.114.7	bankers’ liens, rights of set-off or similar rights to deposit accounts or the funds maintained with a credit or deposit-taking institution; and

  

	 	1.1.114.8	other Charges, not ranking in priority to the Security, incurred in the ordinary course of the Core Business, in an aggregate amount not at any time exceeding
$50,000,000. 

 1.1.115 “Person” means a legal person, a natural person, a joint venture, a
partnership, a trust, an entity without juridical personality, a Governmental Authority or any ministry, organization or intermediary of such Governmental Authority. 
 1.1.116 “Prime Rate” means, on any day, the reference rate of interest, expressed as an annual rate, publicly announced or posted from time to time by the Lender then acting as Agent (or,
in the case of Swing Line Advances, the Swing Line Lender) as being its reference rate then in effect for determining interest rates 

  
 25.

 
on demand commercial loans granted in Canada in Canadian Dollars to its clients (whether or not any such loans are actually made); provided that in the event that the Prime Rate is, at any time,
less than the average one month Bankers’ Acceptance rate quoted on Reuters Service, page CDOR, as at approximately 10:00 a.m. on such day plus 1% (the “BA Rate”), “Prime Rate” shall be equal to the BA Rate.

 1.1.117 “Prime Rate Advance” means, at any time, the portion of the Advances in Canadian Dollars with
respect to which the Borrower has chosen, or, in accordance with the provisions hereof, is obliged, to pay interest on the Prime Rate Basis. 
 1.1.118 “Prime Rate Basis” means the basis of calculation of interest on the Prime Rate Advances, or any part thereof, made in accordance with the provisions of Sections 5.1 and 5.2.

 1.1.119 “Proceeds of Crime Act” means the Proceeds of Crime (Money Laundering) and Terrorist Financing
Act (Canada) and the regulations promulgated thereunder. 
 1.1.120 “QMI Subordinated Debt” has the meaning
ascribed to it in Section 13.7. 
 1.1.121 “Relevant Group” means: 

(a) when used for the purposes of Article 12 (other than Section 12.11 and subsection 12.15.3(b)), Article 13 (other
than Section 13.4) and Article 14, including to the extent used in any defined term used therein (or any defined term used within such definitions or any component thereof), the VL Group, and 

(b) when used for the purposes of Section 12.11, subsection 12.15.3(b) or Section 13.4, including to the extent used in
any defined term used therein (or any defined term used within such definitions or any component thereof), 
 i) the VL Group on
an Adjusted Consolidated basis if, at the relevant time, (x) the Adjusted Consolidated (A) EBITDA on a rolling four-quarter basis, or (B) assets (excluding Back-to-Back Securities), or (C) Debt, in each case, of the VL Group, is
less than 95% of, as applicable, (y) the EBITDA on a rolling four-quarter basis, or the assets (excluding Back-to-Back Securities), or the Debt, in each case of the Borrower on a consolidated basis, or 

ii) otherwise, the Borrower on a consolidated basis. 
 Accordingly, assets, EBITDA, Debt, and Excess Cash Flow shall be calculated on an Adjusted Consolidated basis when such terms apply to the VL Group and on a consolidated basis when such terms apply to the
Borrower. 

  
 26.

 1.1.122 “Required Lenders-Acceleration” means Lenders holding at least 51%
of the Loan Obligations. 
 1.1.123 “Requisite Disruption Lenders” means, at any time, Lenders representing at
such time more than 35% of the total Commitments under the Revolving Facility and the Unsecured Facility at such time. 

1.1.124 “Revolving Facility” means the Facility under which the portion of the Credit described in subsection 2.1.1
is available. 
 1.1.125 “Revolving Facility Fees” means the fees payable to the Agent and to the Revolving
Facility Lenders, as set out in Section 5.7. 
 1.1.126 “Revolving Facility Lender” means a Lender having
a Commitment under the Revolving Facility. 
 1.1.127 “Rollover Date” means, with respect to a BA Advance, the
date of any such Advance, or the first day of any Designated Period. 
 1.1.128 “Second Currency” has the
meaning ascribed to it pursuant to Section 15.1. 
 1.1.129 “Secured Applicable Percentage” means, with
respect to (a) any Revolving Facility Lender, the percentage of the total Commitments under the Revolving Facility represented by such Lender’s Revolving Facility Commitment, or (b) any Finnvera Facility Lender, the percentage of the
total Commitments under the Finnvera Term Facility represented by such Lender’s Commitment under the Finnvera Term Facility. If the Revolving Facility Commitments have been cancelled, terminated or expired, or if the calculation is required
under the provisions of Section 18.8, the Secured Applicable Percentage of a Revolving Facility Lender or a Finnvera Facility Lender shall be calculated by dividing (a) (i) the portion of the Loan Obligations under the Revolving
Facility owed to such Revolving Facility Lender plus the amount owed to such Revolving Facility Lender on account of Derivative Obligations, or (ii) the portion of the Loan Obligations under the Finnvera Term Facility owed to such Finnvera
Facility Lender, by (b) the aggregate amount of the Secured Obligations, giving effect to any Assignments pursuant to the provisions of Article 16 or Section 10 of Schedule “P”. If there is a Defaulting Lender, the
“Secured Applicable Percentage” shall be adjusted in accordance with the provisions of Section 18.17 without increasing the Commitment of any Lender. 
 1.1.130 “Secured Obligations” means, collectively, all of the Loan Obligations under the Revolving Facility and the Finnvera Term Facility, and all of the Derivative Obligations.

  
 27.

 1.1.131 “Security Documents” means all of the guarantees and security
documents described in Article 9, and “Security” means the security created thereby. 
 1.1.132
“Selected Amount” means, with respect to a BA Advance, the amount of the Advances in Canadian Dollars which the Borrower has asked to obtain by the issuance of Bankers’ Acceptances in accordance with Section 6.1.

 1.1.133 “Senior Note Indentures” means the indentures governing the Senior Notes issued by the Borrower.

 1.1.134 “Senior Notes” means the 91/8% Senior Notes due 2018, the 71/8% Senior Notes due 2020, and the 67/8% Senior Notes due 2021. 
 1.1.135 “Shareholders Equity” means, with respect to the VL Group at any time and calculated on an Adjusted Consolidated basis, the amount of paid-up capital in respect of all issued and
fully-paid and non-assessable shares of share capital, together with the contributed surplus, retained earnings and translation adjustment (if applicable), all as otherwise calculated in accordance with GAAP. 

1.1.136 “Share Pledge” has the meaning ascribed to it in subsection 9.1.2. 

1.1.137 “Solvency Certificate” means a certificate attesting that a Person is Solvent, delivered in accordance with the
provisions of Section 13.6. 
 1.1.138 “Solvent” means, with respect to any Person, as of any date of
determination, that such Person is not an “insolvent person”, as defined in the Bankruptcy and Insolvency Act (Canada), a “debtor company”, as defined in the Companies’ Creditors Arrangement Act (Canada), and
is not insolvent under any analogous defined term as used in any other Applicable Laws. 
 1.1.139 “Spectrum Auction and
Purchase” means any process by Industry Canada, the CRTC or another Governmental Authority in connection with the auction of spectrum licences for advanced wireless services and other spectrum to be used in the Core Business. 

1.1.140 “Stamping Fees” means, with respect to BA Advances, including BA Advances made by way of Discount Notes, the fee
calculated by (a) multiplying the percentage referred to in the definition of “Margin” by the face amount of the Bankers’ Acceptances being issued and stamped in connection with the BA Advance being made, (b) dividing the
product so obtained by 365 or, in a leap year, 366, and (c) multiplying the result so obtained by the number of days in the relevant Designated Period. 
 1.1.141 “Standby Fee” has the meaning ascribed to it in subsection 5.7.1. 

  
 28.

 1.1.142 “Subordinated Debt” means, in respect of any Person,
unsecured Debt of such Person that has no required redemption provisions and matures at least 6 months after the expiry of the Term hereof and that has been subordinated in right of payment to the obligations of the VL Group hereunder and under the
Security Documents in form and substance acceptable to the Lenders and their counsel. 
 1.1.143
“Subsidiary” means any Person in respect of which the majority of the issued and outstanding capital stock (including securities convertible into voting shares and options to purchase voting shares) granting a right to vote in all
circumstances is at the relevant time owned by the Borrower or one or more of its Subsidiaries, and includes any partnership and limited partnership that would be an Affiliate if it was a corporation. 

1.1.144 “Swing Line Advances” means a Prime Rate Advance, a US Base Rate Advance or the issuance of a Letter of
Credit (in the latter case, subject to prior notice as required by the Swing Line Lender in accordance with its normal practice) under the Revolving Facility by the Swing Line Lender to the Borrower in an aggregate principal amount outstanding at
any time not exceeding the Swing Line Commitment. All Swing Line Advances are available only by way of Prime Rate Advances, US Base Rate Advances or the issuance of Letters of Credit, and may not be converted into any other form of borrowing.

 1.1.145 “Swing Line Commitment” means $25,000,000. 

1.1.146 “Swing Line Lender” means The Toronto-Dominion Bank and any successor thereof appointed pursuant to
Section 4.3. For greater certainty, where the context permits, references to “Lenders” herein include the Swing Line Lender. 
 1.1.147 “Swing Line Loan” means, at any time, the aggregate of the Swing Line Advances outstanding at any time in accordance with the provisions hereof, together with any other
amount in interest and accessory costs payable to the Swing Line Lender by the Borrower pursuant hereto. 

1.1.148 “Synthetic Lease” means any synthetic lease or similar off-balance sheet financing product where such
transaction is considered borrowed money for tax purposes but is classified as an operating lease in accordance with GAAP. 
 1.1.149 “Tax Benefit Transaction” means, for so long as the Borrower is a direct or indirect subsidiary of Quebecor Inc. (“Quebecor”), any transaction between a
member of the VL Group and Quebecor or any of its Affiliates, the primary purpose of which is to create tax benefits for any member of the VL Group or for Quebecor or any of its Affiliates; provided, however, that (1) the
member of the VL Group involved in the transaction obtains a favourable tax ruling from a competent tax authority or a favourable tax opinion from a nationally recognized Canadian law or accounting firm having a tax practice of national standing as
to the tax efficiency of the transaction for such member of the VL Group; (2) the Borrower  

  
 29.

 
delivers to the Agent (a) a resolution of the board of directors of the Borrower to the effect the transaction will not prejudice the Lenders and certifying that such transaction has been
approved by a majority of the disinterested members of such board of directors and (b) an opinion as to the fairness to such member of the VL Group of such transaction from a financial point of view issued by an accounting, appraisal or
investment banking firm of national standing in the United States or Canada, except in respect of any Tax Benefit Transaction in an amount of less than $1,000,000 each, provided that the aggregate of all Tax Benefit Transactions for amounts of less
than $1,000,000 does not exceed $10,000,000 in the aggregate in any 12 month period; (3) such transaction is set forth in writing; (4) such transaction either (a) causes all of the Security creating a Charge on any transferred assets
to remain in full force and effect, or (b) provides for the replacement of such assets by different assets of a value, nature and kind acceptable to each of the Lenders, and which shall in any event be subject to the Security (and the assets so
transferred that were previously Charged shall be released); and (5) the EBITDA is not reduced after giving pro forma effect to the transaction as if the same had occurred at the beginning of the most recently ended four fiscal quarter
period of the Borrower for which internal financial statements are available; provided, however, that if such transaction shall thereafter cease to satisfy the preceding requirements as a Tax Benefit Transaction, it shall thereafter cease to
be a Tax Benefit Transaction for purposes of this Agreement and shall be deemed to have been effected as of such date and, if the transaction is not otherwise permitted by this Agreement as of such date, the Borrower will be in Default hereunder if
such transaction does not comply with the preceding requirements or is not otherwise unwound within 30 days of that date. 

1.1.150 “Tax Consolidation Transaction” means a transaction in which (i) a member of the VL Group (the
“Initiator”) borrows an amount by way of a daylight loan, (ii) the same amount is then used to lend to another member of the VL Group (“Lossco”) by way of an interest bearing loan (the “Lossco
Loan”), (iii) Lossco subscribes to an equivalent amount of preferred shares of another VL Group member (“Newco”), (iv) Newco lends the same amount by way of an interest free loan to the Initiator (the
“Newco Loan”), and (v) the Initiator reimburses the daylight loan. Subject to the last sentence of this paragraph, interest on the Lossco Loan would accrue on a daily basis and be payable periodically and at the maturity of the
Lossco Loan along with the principal of such loan. Such interest payments and principal repayments would be funded from periodic preferred dividend payments, the redemption of preferred shares and a preferred dividend payment at the maturity of the
Lossco Loan, in each case received from Newco. To fund Newco’s aforesaid dividend payments and share redemptions, the Initiator would make periodic cash contributions to Newco’s contributed surplus and, at maturity of the Lossco Loan,
would make a cash contribution to Newco’s contributed surplus and reimburse the Newco Loan. For the purposes of the foregoing, the Initiator would borrow by way of daylight loans the required amounts to pay each contribution and to reimburse
the Newco Loan and would reimburse each daylight 

  
 30.

 
loan using the proceeds of the interest and principal paid to it under the Lossco Loan. Any lender who is not the Borrower or a Guarantor shall execute a subordination agreement in favour
of the Agent in substantially the form attached hereto as Schedule “N” if at all times during the Tax Consolidation Transaction such lender is an operating entity or has Debt other than Debt contemplated by the Tax Consolidation
Transaction. 
 1.1.151 “Taxes” means all present or future taxes, levies, imposts, duties, deductions,
withholdings, assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 
 1.1.152 “Term” means, with respect to the Revolving Facility, the period commencing on the Closing Date and terminating on July 20, 2020, with respect to the Unsecured Facility, the
period commencing on the Third Amendment Closing Date and terminating on the earlier of the Conversion Date-Total and July 20, 2020, and with respect to the Finnvera Term Facility, the period commencing on November 13, 2009 and terminating
on the “Maturity Date” as defined in Schedule “P”. 
 1.1.153 “Third Amendment Closing
Date” means June 16, 2015. 
 1.1.154 “Threshold Amount” means, at any time prior to the
Conversion Date-Total, an amount equal to (a) the amount of the total Commitments under the Revolving Facility (as increased or cancelled pursuant to the terms of this Agreement, including pursuant to Sections 2.3, 2.4 and 8.2) at such
time, less (b) the amount of the Swing Line Commitment at such time, less (c) the minimum Selected Amount of $5,000,000 set forth in subsection 6.1.1. 
 1.1.155 “Tranche A Advance” has the meaning ascribed to it in Schedule “P”. 
 1.1.156 “Tranche A CDOR Advance” has the meaning ascribed to it in Schedule “P”. 
 1.1.157 “Tranche A Designated Period” has the meaning ascribed to it in Schedule “P”. 
 1.1.158 “Unsecured Applicable Percentage” means, with respect to any Unsecured Facility Lender, the percentage of the total Commitments under the Unsecured Facility represented by such
Lender’s Commitment under the Unsecured Facility. If there is a Defaulting Lender, the “Unsecured Applicable Percentage” shall be adjusted in accordance with the provisions of Section 18.17 without increasing the Commitment of
any Lender. 
 1.1.159 “Unsecured Facility” means the Facility under which the portion of the Credit described
in subsection 2.1.2 is available. 

  
 31.

 1.1.160 “Unsecured Facility Fees” means the fees payable to the Agent and
to the Unsecured Facility Lenders, as set out in Section 5.7. 
 1.1.161 “Unsecured Facility Lender” means
a Lender having a Commitment under the Unsecured Facility. 
 1.1.162 “US Base Rate” means, on any day, the
greater of (a) the rate of interest, expressed as an annual rate, publicly announced or posted from time to time by the Swing Line Lender as being its reference rate then in effect for determining interest rates on demand commercial loans
granted in Canada in US Dollars to its clients (whether or not such loans are actually made); and (b) the Federal Funds Effective Rate plus .50% per annum. 
 1.1.163 “US Base Rate Advance” means, at any time, the part of the Advances in US Dollars forming part of the Swing Line Loans with respect to which the Borrower has chosen, or, in
accordance with the provisions thereof, is obliged, to pay interest on the US Base Rate Basis. 
 1.1.164 “US Base Rate
Basis” means the basis of calculation of interest on the US Base Rate Advances, or any part thereof, made using the US Base Rate, plus the Margin applicable to Prime Rate Advances. 

1.1.165 “US Dollars” or “US $” means the lawful currency of the United States of America in same day
immediately available funds or, if such funds are not available, the currency of the United States of America which is ordinarily used in the settlement of international banking operations on the day on which any payment or any calculation must be
made pursuant to this Agreement. 
 1.1.166 “VL Group” means, collectively, the Borrower and all of its
wholly-owned Subsidiaries, and a reference to a “member of the VL Group” means any of them; a list of the members of the VL Group as of the Third Amendment Closing Date is provided in Schedule “L” hereto. 

 

	 	1.2	Interpretation 

Unless stipulated to the contrary, the words used herein which indicate the singular include the plural and vice versa and the
words indicating masculine include the feminine and vice versa. In addition, the word “includes” (or “including”) shall be interpreted to mean “includes (or including) without limitation”. Finally, any
reference to a time shall mean local time in the City of Montreal, Province of Quebec. 
  

	 	1.3	Currency 

 Unless
the contrary is indicated, all amounts referred to herein are expressed in Canadian Dollars. 

  
 32.

	 	1.4	Generally Accepted Accounting Principles 

 Unless the Lenders and the Borrower shall otherwise expressly agree or unless otherwise expressly provided herein (for example, in connection with the definition of “Adjusted Consolidated”), all
of the terms of this Agreement which are defined under the rules constituting Generally Accepted Accounting Principles shall be interpreted, and all financial statements and reports to be prepared hereunder shall be prepared, in accordance with
Generally Accepted Accounting Principles in effect from time to time. 
 If at any time any change in GAAP would affect any
requirement set forth in any Loan Document, and either the Borrower or the Majority Lenders shall so request, the Agent, the Lenders and the Borrower shall negotiate in good faith to amend such requirement with the intent of having the respective
positions of the Borrower and the Lenders after the coming into force of such change in GAAP conform as nearly as possible to their respective positions under the Credit Agreement immediately prior to January 1, 2011; provided that
(A) until so amended, (i) such requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Borrower shall provide to the Agent and the Lenders a reconciliation between calculations of
such requirement made before and after giving effect to such change in GAAP, and (B) no fees (other than reasonable legal fees incurred by the Lenders to amend any such Loan Document to evidence any such amendment), premiums, increases in
pricing or other costs shall be charged to, or borne by, the Borrower in connection with any such amendment. For greater certainty, it is hereby understood and agreed that any reconciliation between calculations of such requirement before and after
giving effect to such change in GAAP made by or on behalf of the Borrower for purposes of determining compliance with any such requirement set forth in any Loan Document shall be unaudited. However, if it so requires, the Agent shall be entitled to
obtain, at the expense of the Borrower, a confirmation in form and substance acceptable to the Agent, acting reasonably, from the Borrower’s auditors or another expert confirming the substance of the reconciliation so provided. 

 

	 	1.5	Division and Titles 

The division of this Agreement into Articles, Sections and subsections and the insertion of titles are for convenience of reference only
and shall not affect the meaning or interpretation of this Agreement. 
  

	2.	THE CREDIT 

  

	 	2.1	Credit Facilities 

Subject to the provisions hereof, and in particular, to the provisions of Article 3, each Lender agrees to make available to the
Borrower, individually and not jointly and severally or solidarily, its Commitment in the Credit, which Credit consists of: 
  

	 	2.1.1	the Revolving Facility, in a maximum amount equal to $615,000,000 (subject to increases in accordance with Sections 2.3 and 2.4), including the Swing Line Commitment
which forms part of the Revolving Facility; 

  
 33.

	 	2.1.2	the Unsecured Facility, in a maximum amount equal to $350,000,000; and 

  

	 	2.1.3	the Finnvera Term Facility, in a maximum amount as at the Third Amendment Closing Date equal to $32,142,857.16. 

Irrespective of whether or not any Swing Line Advances have been made or remain outstanding, the amount available under the Revolving
Facility (other than for the purposes of the calculation under subsection 5.7.1) shall be deemed to be reduced by an amount equal to the Swing Line Commitment. 
  

	 	2.2	The Revolving Facility and the Unsecured Facility 

 All Advances under the Revolving Facility (other than US Base Rate Advances under the Swing Line, which may be in US$) shall be in Canadian Dollars alone and may be repaid and re-borrowed by the Borrower
at all times during the Term. All Advances under the Unsecured Facility shall be in Canadian Dollars alone and, subject to the provisions of Sections 4.1, 4.2, 4.10, 6.1, and 6.13, may be repaid and re-borrowed by the Borrower at all times during
the Term. 
  

	 	2.3	The Unsecured Facility Generally, and Transfers of Credit and Commitments in Certain Circumstances 

2.3.1 Intention of the Parties. The Unsecured Facility is intended to be used to supplement the Credit available under the
Revolving Facility, which is limited due to the restrictions described in the first sentence of subsection 2.3.2. Accordingly, as noted in Sections 4.1, 4.2, 4.10, 6.1, and 6.13, the Revolving Facility is intended to be drawn up to the Threshold
Amount at all times prior to any utilization of the Unsecured Facility, provided, however, that notwithstanding said intention and the aforementioned Sections, the Lenders and the Agents hereby acknowledge and agree that if at any time prior to the
occurrence of a Default that is continuing or an Event of Default that has not been waived, the aggregate principal amount of the Advances outstanding under the Revolving Facility is less than the Threshold Amount, the Borrower shall not be required
to repay, cash collateralize or cancel, as the case may be, any Bankers Acceptances or Letters of Credit outstanding under the Unsecured Facility prior to their respective maturity or expiry dates. 

2.3.2 Total Conversion of Credit Under Unsecured Facility. The Borrower has advised that the amount of Debt of the VL Group that
can be subject to Charges (subject to permitted liens) is limited by the provisions of the Senior Note Indentures. Within fifteen (15) days following the date on which the Senior Notes have been repaid in full and the Senior Note Indentures
cancelled, the Borrower shall provide 3 Business Days’ prior notice to the Agent for the Lenders in the form set out in Schedule “B-2” (a “Conversion Notice-

  
 34.

 
Total”) pursuant to which the entire amount of the Credit under the Unsecured Facility shall be added to the amount of the Credit under the Revolving Facility on the third Business
Day following such notice (such date being the “Conversion Date-Total”), and the Commitments of the Unsecured Facility Lenders shall be transferred into the Revolving Facility and shall be converted into Commitments under the
Revolving Facility, such that the Unsecured Facility Lenders will become Revolving Facility Lenders, and all of the Loan Obligations under the Unsecured Facility shall become Loan Obligations under the Revolving Facility. If the Borrower fails to
provide such Conversion Notice-Total within the aforesaid fifteen (15) day period, the Borrower will be deemed to have provided such Conversion Notice-Total on the Business Day immediately following the expiry of the fifteen (15) day
period, and the Conversion Date-Total shall occur 3 Business Days from the date on which such Conversion Notice-Total was deemed to have been sent. 
 2.3.3 Partial Conversion of Credit Under Unsecured Facility. In addition, if the Borrower is permitted to do so under the Senior Note Indentures prior to repayment and cancellation thereof (which
fact shall be certified by the Borrower to the Agent with any requested explanations provided), the Borrower may voluntarily convert a portion of the Commitments under the Unsecured Facility to Commitments under the Revolving Facility upon 3
Business Days’ prior written notice to the Agent in the form set out in Schedule “B-2” (a “Conversion Notice-Partial”), and the amount of such portion of the Credit under the Unsecured Facility shall be added to
the amount of the Credit under the Revolving Facility on the third Business Day following such notice (such date being the “Conversion Date-Partial”). 
  

	 	2.4	Incremental Commitments and Facilities 

 The Borrower may, on up to three occasions (with a minimum of $25,000,000 of New Commitments each time, but without any minimum for a New Facility) during the Term of the Revolving Facility, by
written notice to the Agent, elect to request an increase to the existing Commitments under the Revolving Facility (any such increase, the “New Commitments”) or elect to create a New Facility, in accordance with the provisions of
this Section. 
 2.4.1 The aggregate amount of any such New Commitments and available commitments under any New Facility
shall not exceed an amount equal to $75,000,000 minus (a) the aggregate undrawn Tranche A Credit, (b) the principal amount under the Term Loan (as each such term in clause (a) above and in this clause (b) is defined in
Schedule “P”), (c) the amount of any previous New Commitments and New Facility (in each case, drawn and undrawn) that remain in effect, and (d) without duplication, the amount specified in any Conversion Notice-Partial sent
by the Borrower prior to the date on which any New Commitment is requested (provided that from and after the Conversion Date-Total, any deduction from the aggregate $75,000,000 limit made under this paragraph (d) alone shall be reinstated and
as such shall no longer reduce such limit). The notice shall specify the date (the “Increased Amount Date”) on which the Borrower proposes that the New Commitments or New Facility shall be effective, which shall be a date not less
than 15 Business Days after the date on which such notice is delivered to the Agent. The notice in 

  
 35.

 
respect of New Commitments shall provide that the Borrower is first offering the opportunity to provide each New Commitment to the then-existing Revolving Facility Lenders, who may accept same on
a pro rata basis or as they may otherwise agree. Any Revolving Facility Lender approached to provide all or a portion of the New Commitments may elect or decline, in its sole discretion, to provide a New Commitment. 

2.4.2 The existing Revolving Facility Lenders shall advise the Agent within 10 Business Days following receipt of the Borrowers’
request for New Commitments as to the extent, if any, to which they wish to provide the New Commitments, and the Agent shall so advise the Borrower. The Borrower shall then identify each Person that is an Eligible Assignee (each, a “New
Lender”) to whom the Borrower proposes any portion of such New Commitments not accepted by an existing Revolving Facility Lender be allocated and the amounts of such allocations, within 2 Business Days from receipt of the Agent’s
notice referred to in the preceding sentence. 
 2.4.3 The New Commitments and any New Facility shall become effective as of the
Increased Amount Date, provided that (a) no Default or Event of Default shall exist on the Increased Amount Date before or after giving effect to such New Commitments or New Facility; (b) the Borrower shall be in pro forma
compliance with each of the covenants set forth in Section 12.11 as of the last day of the most recently ended fiscal quarter after giving effect to such New Commitments or New Facility; (c) the New Commitments shall be effected pursuant
to one or more Joinder Agreements executed and delivered by the Borrower, the Guarantors, the New Lenders and the Agent, each of which shall be recorded in the Register (as defined in Section 16.3), and each New Lender shall be subject to the
requirements set forth in Section 7.3; (d) the New Facility shall be effected pursuant to one or more amendments referred to in subsection 2.4.7; (e) the Borrower shall make any payments required pursuant to Section 7.4 in
connection with the New Commitments; and (f) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by the Agent in connection with any such transaction. 

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

  
 36.

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

2.4.6 The terms and provisions of the New Commitments under the Revolving Facility and New Advances thereunder shall be identical to the
terms and provisions of the Loan Obligations, except in respect of any upfront fees or other similar fees to be paid in respect of New Commitments under the Revolving Facility. The terms and provisions of the New Commitments and New Advances not
intended to simply be increases in the amount of the Revolving Facility shall be identical to the terms and provisions of the Loan Obligations, except as they relate to pricing, term, and amortization and repayment. For greater certainty, in respect
of any increase contemplated in the first two sentences above, no additional Fees shall be payable in respect of any then-existing Commitments. Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this
Agreement and the other Loan Documents as may be necessary or appropriate, in the opinion of the Agent, to give effect to the provisions of this Section 2.4. 
 2.4.7 With respect to any New Facility and notwithstanding any other provision of this Agreement to the contrary, only the Borrower, the applicable lenders and agents under such New Facility and the Agent
shall enter into an amendment to this Agreement to reflect all changes necessary or appropriate, in the opinion of the Agent, as a result of such New Facility, without the need to obtain the signatures of each of the existing Lenders to such
amendment. 
  

	 	2.5	Finnvera Term Facility 

 All Advances under the Finnvera Term Facility shall be in the currencies and shall be made and repaid in the manner described in Schedule “P”. 

 

	3.	PURPOSE 

  

	 	3.1	Purpose of the Advances 

 All Advances made by the Revolving Facility Lenders to the Borrower under the Revolving Facility in accordance with the provisions hereof from and after the Closing Date, and all Advances made by the
Unsecured Facility Lenders to the Borrower under the Unsecured Facility in accordance with the provisions hereof from and after the Third Amendment Closing Date, shall be used by the Borrower for general corporate purposes, including, without
limitation, to issue Letters of Credit and to pay dividends to QMI from time to time, subject to and in accordance with the terms and conditions of this Agreement. All Advances made under the Finnvera Term Facility shall be for the purposes
described in Section 2 of Schedule “P”. 

  
 37.

	4.	ADVANCES, CONVERSIONS AND OPERATION OF ACCOUNTS 

 None of the provisions of Article 4 shall apply to the Finnvera Facility Lenders or the Finnvera Term Facility, in respect of which the relevant provisions are set out in Section 3 of
Schedule “P”. 
  

	 	4.1	Notice of Borrowing - Direct Advances 

 Subject to the applicable provisions of this Agreement, including Section 4.10, on any Business Day during the Disbursement Period, the Borrower shall be entitled to request Advances under the
Revolving Facility, and/or, if the aggregate principal amount of the Advances outstanding under the Revolving Facility will not be less than the Threshold Amount (on the date said requested Advances under the Unsecured Facility are made), under the
Unsecured Facility, on one or more occasions, up to the maximum amount of the Credit under the Revolving Facility and/or under the Unsecured Facility, as applicable, by way of Prime Rate Advances in minimum amounts of $1,000,000 and whole multiples
thereof, provided that at least one (1) Business Day prior to the day on which any Prime Rate Advance is required (other than a Swing Line Advance, which shall be made in accordance with the provisions of Section 4.3), the Borrower shall
have provided to the Agent an irrevocable telephone notice at or before 10:00 A.M. on any Business Day, followed by the immediate delivery of a written Notice of Borrowing. Notices of Borrowing in respect of BA Advances shall be given in accordance
with the provisions of Section 6.1. 
  

	 	4.2	Letters of Credit 

4.2.1 Issuance. Subject to the applicable provisions of this Agreement, including Section 4.10, on any Business Day during the
Disbursement Period, as part of the Credit available under the Revolving Facility, and/or, if the aggregate principal amount of the Advances outstanding under the Revolving Facility will not be less than the Threshold Amount (on the date said
requested Advances under the Unsecured Facility are made), as part of the Credit available under the Unsecured Facility, upon three (3) Business Days’ prior written Notice of Borrowing to the Agent, the Borrower may cause to be issued by
the Issuing Lender on behalf of the Lenders under the relevant Facility one or more Letters of Credit in a maximum aggregate amount outstanding at any time not exceeding the available Credit under the Revolving Facility (minus the Swing Line
Commitment) and the Unsecured Facility to support a bid in the Spectrum Auction and Purchase, provided that the Security will extend to the property of the entity that will own the auctioned spectrum if it is a member of the VL Group (subject to the
provisions of Section 9.3) and to its Equity Interests if held by a member of the VL Group (subject to the provisions of Section 9.3 and if not so held, the provisions of Section 13.10 shall apply), unless, with respect to such Equity
Interests, such owner is the Borrower. Letters of Credit issued for other purposes hereunder shall not exceed a maximum amount outstanding at any time of $50,000,000. Each Letter of Credit shall be issued in Canadian Dollars (although Letters of
Credit issued under the Swing Line may also be in US Dollars). Concurrently with the delivery of a Notice of Borrowing requesting a Letter of Credit under the Revolving Facility or the Unsecured Facility, as the case may be, the Borrower shall
execute and deliver to the 

  
 38.

 
Issuing Lender the documents required by the Issuing Lender in respect of the requested type of Letter of Credit, including a Letter of Credit application and indemnity on the Issuing
Lender’s standard forms. In the event of any conflict between the provisions of this Agreement and the provisions of any document relating to a Letter of Credit, the provisions of this Agreement shall govern and prevail. The term of each Letter
of Credit shall expire prior to the end of the Term and shall not be more than 364 days and shall otherwise be in form and substance satisfactory to the Issuing Lender. If the Borrower wishes to cause the issuance of a Letter of Credit that has
a maturity date expiring after the expiry of the Term, the Borrower undertakes to provide the Agent with LC Escrowed Funds (as defined in Section 4.2.5) no later than one (1) Business Day prior to the expiry of the Term. 

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

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

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

 

	 	4.2.3.2	the existence of any claim, set-off, compensation, defence or other right that the Borrower, any member of the VL Group or any other Person may at any time have against
the beneficiary under any Letter of Credit, the Issuing Lender, the Agents, any Lender or any other Person, whether in connection with this Agreement or any other related or unrelated agreement or transaction; 

  
 39.

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

  

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

  

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

The Issuing Lender shall not be liable for any error, omission, interruption or delay in transmission, dispatch or delivery of any
message or advice, however transmitted, in connection with any Letter of Credit, except for errors or omissions that result directly from the intentional or gross fault of the Issuing Lender, as determined by a final judgment of a court of competent
jurisdiction. 
 In furtherance and extension and not in limitation of the specific provisions of this Section 4.2,
(A) any action taken or omitted by the Issuing Lender or any of its respective correspondents under or in connection with any of the Letters of Credit, if taken or omitted in good faith and without gross or intentional fault, as determined by a
final judgment of a court of competent jurisdiction, shall be binding upon the Borrower and shall not put the Issuing Lender or its respective correspondents under any resulting liability to the Borrower and (B) the Issuing Lender may, without
gross or intentional fault as determined by a final judgment of a court of competent jurisdiction, accept documents that appear on their face to be in substantial compliance with the terms of a Letter of Credit, without responsibility for further
investigation, regardless of any notice or information to the contrary (other than an injunction granted by a court of competent jurisdiction during the period for which such injunction is enforced), and may make payment upon presentation of
documents that appear on their face to be in substantial compliance with the terms of such Letter of Credit, provided that the Issuing Lender shall have the right, in its sole discretion, to decline to accept such documents and to make such payment
if such documents are not in strict compliance with the terms of such Letter of Credit. 

  
 40.

	 	4.2.4	Indemnification. 

  

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

  

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

  

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

  

	 	4.2.4.4	The obligations of the Borrower under this Section 4.2 shall survive the termination of this Agreement. No acts or omissions of any current or prior beneficiary of
a Letter of Credit shall in any way affect or impair the rights of the Issuing Lender to enforce any right, power or benefit under this Agreement. 

 4.2.5 LC Escrowed Funds. Upon the occurrence of an Event of Default, the Borrower will forthwith, upon request from the Issuing Lender under either the Revolving Facility or the Unsecured
Facility or the Agent, pay to the Agent for deposit into an escrow account maintained by and in the name of the Agent, an amount equal to the Issuing Lender’s maximum potential exposure under the then outstanding Letters of Credit (the
“LC Escrowed Funds”). The LC Escrowed Funds will be held by the Agent for compensation or set-off against future Indebtedness owing by the Borrower to the Issuing Lender in respect of such Letters of Credit and pending such
application will bear interest at the rate declared by the Agent from time to time as that payable by it in respect of deposits for such amount and for the period from the date of deposit to the maturity date of the Letters of Credit. If such Event
of Default is waived in compliance with the terms of this Agreement, then the remaining LC Escrowed Funds, if any, together with any accrued interest to the date of release, will be released to the Borrower. The deposit of the LC Escrowed Funds by
the Borrower with the Agent as herein provided will not operate as a repayment on account of the Loan Obligations until such time as the LC Escrowed Funds are actually paid to the Issuing Lender as a repayment of principal hereunder. The Borrower
shall sign and remit as Security with regard thereto all appropriate documents that the Agent or the Issuing Lender might judge necessary or desirable. 

  
 41.

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

	 	4.3	Swing Line Advances 

4.3.1 Subject to the terms and conditions of this Agreement, the Swing Line Lender agrees to make Swing Line Advances to the Borrower on
any Business Day from time to time prior to the expiry of the Term. Swing Line Advances (other than by Letters of Credit) may be made or drawn by way of overdrafts on the Borrower’s account with the Swing Line Lender or by way of irrevocable
same Business Day telephone notice at or before 11:00 a.m. followed by the delivery on the same day of a written notice of confirmation. Swing Line Advances by Letter of Credit shall be subject to the prior notice as required by the Swing Line
Lender in accordance with its normal practices and shall not exceed $1,000,000 in the aggregate outstanding at any time. 
 4.3.2
The proceeds of Swing Line Advances may be used by the Borrower for any purpose for which other Advances under the Revolving Facility may be used. 
 4.3.3 The Swing Line Loan shall be immediately repaid by the Borrower if at any time (and to the extent) it exceeds the maximum of the Swing Line Advances permitted hereunder, either by the Borrower
submitting a Notice of Borrowing to request a new Advance or by the Agent advising the Lenders of a deemed Notice of Borrowing for the same purpose, which Notice of Borrowing the Agent is hereby expressly authorized (but in no way obliged unless
requested to do so by the Swing Line Lender) to issue. 

  
 42.

 4.3.4 If the Swing Line Lender no longer wishes to act as such, it shall notify the
Borrower, the other Revolving Facility Lenders and the Agent not less than 15 days prior to the date on which it proposes to cease acting as a Swing Line Lender. In such event, the Borrower may designate a different Swing Line Lender by sending
a notice to (a) the Swing Line Lender who will no longer act as such (the “Retiring Swing Line Lender”), (b) the new Swing Line Lender who has agreed to act as such and (c) the Agent, not less than five (5) days
prior to the date on which the replacement is to occur. The new Swing Line Lender shall make a Prime Rate Advance or US Base Rate Advance, as applicable, available to the Agent for the purpose of repaying the Swing Line Loan owed to the Retiring
Swing Line Lender on the date such replacement is to occur. 
 4.3.5 If an Event of Default shall have occurred, other than an
Event of Default under subsection 14.1.4, or if no Revolving Facility Lender wishes to act as a replacement for the Retiring Swing Line Lender (in such case, the Swing Line Lender is herein referred to as the “Former Swing Line
Lender”), the Borrower shall be deemed to have made a request for, and each Revolving Facility Lender shall make, a Prime Rate Advance or US Base Rate Advance, as applicable, available to the Agent for the purpose of repaying the principal
amount of the Swing Line Loan owed to the Former Swing Line Lender, in the amount of such Revolving Facility Lender’s Secured Applicable Percentage multiplied by the amount of the outstanding Swing Line Loan owing to the Former Swing Line
Lender (the “Lender Swing Line Repayments”). In such event, the Borrower’s right to obtain Swing Line Advances will cease, the amount of the Swing Line Commitment shall be nil, and the amounts outstanding thereunder will
continue to form part of the Secured Obligations. However, if an Event of Default under subsection 14.1.4 shall have occurred, the Revolving Facility Lenders shall not make such Lender Swing Line Repayments and the provisions of
subsection 4.3.6 shall apply. 
 4.3.6 If, before the making of a Lender Swing Line Repayment under subsection 4.3.5, a
Default under subsection 14.1.4 shall have occurred and be continuing or an Event of Default under subsection 14.1.4 shall have occurred, each Revolving Facility Lender will, on the date such Lender Swing Line Repayment was to have been
made, purchase from the Former Swing Line Lender an undivided participating interest in the Swing Line Loans to be repaid, in an amount equal to its Secured Applicable Percentage multiplied by the amount of the outstanding Swing Line Loans, and
immediately transfer such amount to the Agent for the benefit of the Former Swing Line Lender, in immediately available funds. In such event, the Borrower’s right to obtain Swing Line Advances will cease and the amounts outstanding thereunder
will continue to form part of the Secured Obligations. If at any time after any Lender Swing Line Repayment has been made, the Former Swing Line Lender receives any payment on account of the Swing Line Loans in respect of which such Lender Swing
Line Repayment has been made, the Former Swing Line Lender will distribute to the Agent for the benefit of each Revolving Facility Lender an amount equal to such Revolving Facility Lender’s Secured Applicable Percentage multiplied by such
amount (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Revolving Facility Lender’s portion was outstanding and funded) in like funds as received; provided, however, that if such payment
received by the Former Swing Line Lender is 

  
 43.

 
required to be returned, such Revolving Facility Lender will return to the Agent for the benefit of the Former Swing Line Lender any portion thereof previously distributed by the Former Swing
Line Lender to the Agent for the benefit of such Revolving Facility Lender in like funds as such payment is required to be returned by such Former Swing Line Lender. 
 4.3.7 Each Revolving Facility Lender’s obligation to make Lender Swing Line Repayments or to purchase a participating interest in accordance with subsections 4.3.5 and 4.3.6 shall be absolute
and unconditional and shall not be affected by any circumstance, including, without limitation, (1) any set-off, compensation, counterclaim, recoupment, defense or other right which such Revolving Facility Lender may have against the Swing Line
Lender, the Borrower or any other Person for any reason whatsoever; (2) the occurrence or continuance of any Default or Event of Default; (3) any adverse change in the condition (financial or otherwise) of the Borrower or any other Person;
(4) any breach of this Agreement by the Borrower or any other Person; (5) any inability of the Borrower to satisfy the conditions precedent to borrowing set forth in this Agreement on the date upon which such Prime Rate Advance is to be
made or participating interest is to be purchased or (6) any other circumstances, happening or event whatsoever, whether or not similar to any of the foregoing. If any Revolving Facility Lender does not make available the amount required under
subsection 4.3.5 or 4.3.6, as the case may be, the Former Swing Line Lender shall be entitled to recover such amount on demand from such Revolving Facility Lender, together with interest thereon at the Prime Rate Basis or the US Base Rate
Basis, as the case may be, from the date of non-payment until such amount is paid in full. 
  

	 	4.4	Operation of Accounts 

 The Agent shall maintain in its books at the Agency Branch a record of the Loan Obligations, including the Bankers’ Acceptances issued by the Borrower, attesting as to the total of the
Borrower’s indebtedness to the Lenders in accordance with the provisions hereof and with the provisions of the Security Documents. These accounts or registers shall constitute, in the absence of manifest error, prima facie proof of the
total amount of the indebtedness of the Borrower to the Lenders in accordance with the provisions hereof and of the Security Documents, of the date of any Advance made to the Borrower and of the total of all amounts paid by the Borrower from time to
time with respect to principal and interest owing on the Loan Obligations and the fees and other sums payable in accordance with the provisions hereof or of the Security Documents. 

 

	 	4.5	Apportionment of Advances 

 The amount of each Advance will be apportioned among the relevant Lenders by the Agent by reference to the relevant Applicable Percentage of each such Lender, as such Applicable Percentage shall be
immediately prior to the making of any Advance, subject to the provisions of subsections 4.3.5 and 4.3.6 hereof with respect to Swing Line Advances, and of Section 6.8 hereof with respect to BA Advances. If any amount is not in fact made
available to the Agent by a Lender, the Agent shall be entitled to recover such amount (together with interest thereon at the rate determined by the Agent as being its cost of funds in the circumstances) on demand from such Lender or, if such Lender
fails to reimburse the Agent for such amount on demand, from the Borrower. 

  
 44.

	 	4.6	Limitations on Advances 

 The undrawn Credit available under the Revolving Facility and under the Unsecured Facility shall cease to be available at the expiry of the Disbursement Period. 

 

	 	4.7	Notices Irrevocable 

Any notice given to the Agent in accordance with Articles 4 or 6 may not be revoked or withdrawn. 

 

	 	4.8	Limits on BA Advances and Letters of Credit 

 Nothing in this Agreement shall be interpreted as authorizing the Borrower to issue Bankers’ Acceptances for a Designated Period expiring or, subject to Section 4.2.1, to cause to be issued
Letters of Credit maturing, on a date which is after the expiry of the Term. 
  

	 	4.9	Excess Resulting From Exchange Rate Change 

 Any time that, following one or more fluctuations in the exchange rate of the US Dollar against the Canadian Dollar, the sum of: 

 

	 	4.9.1	the Equivalent Amount in Canadian Dollars of Loan Obligations under the Revolving Facility in US Dollars; and 

 

	 	4.9.2	the Loan Obligations under the Revolving Facility in Canadian Dollars; 

 exceeds the amount of the Credit under the Revolving Facility then available, the Borrower shall promptly either (i) make the necessary payments or repayments to the Agent to reduce the Loan
Obligations under the Revolving Facility to an amount equal to or less than the available amount of the Credit under the Revolving Facility or (ii) maintain or cause to be maintained with the Agent, deposits of Canadian Dollars in an amount
equal to or greater than the amount by which the Loan Obligations under the Revolving Facility exceed the available amount of the Credit under the Revolving Facility, such deposits to be maintained in such form and upon such terms as are acceptable
to the relevant Agent. Without in any way limiting the foregoing provisions, the Agent shall, on the date of each request for an Advance or on the date of any interest payment or on each Acceptance Date or Rollover Date, make the necessary exchange
rate calculations to determine whether any such excess exists on such date and, if there is an excess, it shall so notify the Borrower. 
  

	 	4.10	Advances and Repayments – Revolving Facility and Unsecured Facility 

The Borrower agrees that if, at any time when the aggregate principal amount of the Advances outstanding under the Revolving Facility is
less than the Threshold Amount: 
  

	 	4.10.1	a Letter of Credit under the Unsecured Facility remains outstanding on the last Business Day of a calendar quarter; or 

  
 45.

	 	4.10.2	there are Prime Rate Advances outstanding under the Unsecured Facility; 

 the Borrower shall cause the portion of the Advances under the Unsecured Facility equal to the amount by which the Threshold Amount exceeds the aggregate principal amount of Advances under the Revolving
Facility, to become Advances under the Revolving Facility. If the Borrower does not do so, the Agent, may, in its discretion, upon notice to the Borrower, transfer any portion of the principal amount of the Advances under the Unsecured Facility to
the Revolving Facility, provided that in any such case the principal amount of the Advances then outstanding under the Revolving Facility does not exceed the Threshold Amount. 

 

	5.	INTEREST AND FEES 

 None of the provisions
of Article 5 shall apply to the Finnvera Facility Lenders or the Finnvera Term Facility, in respect of which the relevant provisions are set out in Section 4 of Schedule “P”. 

 

	 	5.1	Interest on the Prime Rate Basis 

 The principal amount of the Loan Obligations which at any time and from time to time remains outstanding and in respect of which the Borrower has chosen or, in accordance with the provisions hereof, is
obliged to pay interest on the Prime Rate Basis or the US Base Rate Basis, shall bear interest, calculated daily, on the daily balance of such Loan Obligations, from the date of each Advance up to and including the day preceding the date of
repayment thereof in full at the annual rate (calculated based on a 365 or 366 day year, as the case may be) applicable to each of such days which corresponds to the Prime Rate or the US Base Rate, respectively, at the close of business on each of
such days, plus the Margin. 
  

	 	5.2	Payment of Interest on the Prime Rate Basis 

 The interest payable in accordance with Section 5.1 and calculated in the manner described therein shall be payable to the Agent monthly, in arrears, on the last day of each month or on such other
date (limited to once per month) as the Agent may determine and advise the Borrower from time to time, the first payment of which shall be payable on the last day of the month in which the first Prime Rate Advance or US Base Rate Advance,
respectively, was made. 
  

	 	5.3	Derivative Obligations 

 The Borrower agrees that any amounts due to the Agent or the Lenders on account of Derivative Obligations shall be secured by the Security. 

  
 46.

	 	5.4	Interest on the Loan Obligations 

 Where no specific provision with respect to interest on an outstanding portion of the Loan Obligations is contained in this Agreement, the interest on such portion of the Loan Obligations shall be
calculated and payable on the Prime Rate Basis. 
  

	 	5.5	Arrears of Interest 

Any arrears of interest or principal shall bear interest at a rate that is two percent (2%) per annum higher than the rate of
interest payable in respect of the relevant principal amount of the Loan Obligations and shall be calculated and payable on the same basis. 
  

	 	5.6	Maximum Interest Rate 

 The amount of the interest or fees payable in applying this Agreement shall not exceed the maximum rate permitted by Applicable Law. Where the amount of such interest or such fees is greater than the
maximum rate, the amount shall be reduced to the highest rate that may be recovered in accordance with the applicable provisions of Applicable Law. 
 In determining whether the interest contracted for, charged or received by an Agent or a Lender exceeds the maximum rate, such Person may, to the extent permitted by Applicable Law, (a) characterize
any payment that is not principal as an expense, fee or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate and spread in equal or unequal parts the total amount of
interest throughout the contemplated Term of the Loan Obligations hereunder. 
  

	 	5.7	Fees 

 The Borrower
shall pay the following fees (the “Revolving Facility Fees” and the “Unsecured Facility Fees”) to the Agent (for the benefit of the Revolving Facility Lenders and the Unsecured Facility Lenders, as applicable) and
the Swing Line Lender, as applicable: 
  

	 	5.7.1	for the Revolving Facility Lenders and the Unsecured Facility Lenders, a standby fee (the “Standby Fee”) calculated daily by multiplying the amount of
the unused Credit (calculated based on the maximum amount that could be available under the Revolving Facility or the Unsecured Facility, respectively, irrespective of compliance with any conditions precedent or other restrictions) under the
Revolving Facility (including the Swing Line Commitment) or the Unsecured Facility each day by the applicable rate set out in the definition of “Margin”, and dividing the result by 365 (or 366 in a leap year), and then multiplying that
result by the number of days in the relevant quarter, payable quarterly in arrears two Business Days following the last day of each calendar quarter, or on such other date as the Agent or the Swing Line Lender, as applicable, may determine, acting
reasonably; and 

  
 47.

	 	5.7.2	for each of the Revolving Facility Lenders and the Unsecured Facility Lenders, the upfront fees referred to in the Third Amending Agreement dated as of June 16,
2015; and 

  

	 	5.7.3	for the Agent, an annual agency fee in the amount and payable in accordance with the provisions of a letter agreement dated as of June 16, 2015, entered into
between the Borrower and the Agent. 

  

	 	5.8	Interest Act 

  

	 	5.8.1	For the purposes of the Interest Act (Canada), any amount of interest or fees calculated herein using 360, 365 or 366 days per year and expressed as an
annual rate is equal to the said rate of interest or fees multiplied by the actual number of days comprised within the calendar year, divided by 360, 365 or 366, as the case may be. 

 

	 	5.8.2	The parties agree that all interest in this Agreement will be calculated using the nominal rate method and not the effective rate method, and that the deemed
re-investment principle shall not apply to such calculations. In addition, the parties acknowledge that there is a material distinction between the nominal and effective rates of interest and that they are capable of making the calculations
necessary to compare such rates. 

  

	6.	BANKERS’ ACCEPTANCES 

 None of the
provisions of Article 6 shall apply to the Finnvera Facility Lenders or the Finnvera Term Facility, in respect of which the relevant provisions are set out in Schedule “P”. 

 

	 	6.1	Advances by Bankers’ Acceptances and Conversions into Bankers’ Acceptances 

 

	 	6.1.1	 Subject to the applicable provisions of this Agreement, including Section 6.13, on any Business Day during the Disbursement Period, as part of the
Credit available under the Revolving Facility, and/or, if the aggregate principal amount of the Advances outstanding under the Revolving Facility will not be less than the Threshold Amount (on the date said requested Advances under the Unsecured
Facility are made), as part of the Credit available under the Unsecured Facility, by written Notice of Borrowing to the Agent given at least two (2) Business Days prior to the date of the Advance or the Rollover Date (for the purposes of this
Article 6 called the “Acceptance Date”) and before 10:00 A.M., the Borrower may request that a BA Advance be made, that one or more Advances not borrowed as BA Advances be converted into one or more BA Advances or that a
BA Advance or any part thereof be extended, as the case may be (the “BA Request”). Bankers’ Acceptances shall be issued on each Acceptance Date or Rollover Date, in a minimum Selected Amount, with respect to each
Designated Period, of $5,000,000 

  
 48.

	 	
or such greater amount which is an integral multiple of $1,000,000, shall have a Designated Period of 10 to 180 days (or such other period as may be available and acceptable to the Agent),
subject to availability, and shall, in no event, mature on a date after the expiry of the applicable Term. 

  

	 	6.1.2	Prior to making any BA Request, the Borrower shall deliver: 

  

	 	(a)	to the Lenders, in the name of each Lender which is a bank that accepts bankers’ acceptances (a “BA Lender”), drafts in form and substance
acceptable to the Agent and the Lenders; and 

  

	 	(b)	to the Lenders in the name of each Lender which is not a bank or does not accept bankers’ acceptances (a “Non-BA Lender”), Discount Notes;

 completed and executed by its authorized signatories in sufficient quantity for the Advance requested and in
appropriate denominations to facilitate the sale of the Bankers’ Acceptances in the financial markets. No Lender shall be responsible or liable for its failure to accept a Bankers’ Acceptance hereunder if such failure is due, in whole or
in part, to the failure of the Borrower to give appropriate instructions to the Agent on a timely basis, nor shall the Agent or any Lender be liable for any damage, loss or other claim arising by reason of any loss or improper use of any such
instrument except a loss or improper use arising by reason of the gross negligence or wilful misconduct of the Agent, such Lender, or their respective employees. In order to facilitate issuances of Bankers’ Acceptances pursuant hereto, in
accordance with the instructions given from time to time by the Borrower, the Borrower hereby authorizes each Lender, and for this purpose appoints each Lender its lawful attorney, to complete and sign Bankers’ Acceptances on behalf of the
Borrower, in handwritten or facsimile or mechanical signature or otherwise, and once so completed, signed and endorsed, and following acceptance of them as Bankers’ Acceptances, to purchase, discount or negotiate such Bankers’ Acceptances
in accordance with the provisions of this Article 6, and to provide the Available Proceeds (as defined in subsection 6.2.4(d)) to the Agent in accordance with the provisions hereof. Drafts so completed, signed, endorsed and negotiated on
behalf of the Borrower by any Lender shall bind the Borrower as fully and effectively as if so performed by an authorized officer of the Borrower. Each Lender shall maintain a record with respect to such instruments (i) received by it
hereunder, (ii) voided by it for any reason, (iii) accepted by it hereunder and (iv) cancelled at their respective maturities. Each Lender agrees to provide such records to the Borrower promptly upon request and, at the request of the
Borrower, to cancel such instruments which have been so completed and executed and which are held by such Lender and have not yet been issued hereunder. 

  
 49.

	 	6.2	Acceptance Procedure 

 With respect to any BA Advance: 
  

	 	6.2.1	The Agent shall promptly notify in writing each Lender of the details of the proposed issue, specifying: 

 

					
	6.2.2	    	(a)	 	For each BA Lender, (i) the principal amount of the Bankers’ Acceptances to be accepted by such Lender, and (ii) the Designated Period of such Bankers’
Acceptances; and
			
		    	(b)	 	For each Non-BA Lender, (i) the principal amount of the Discount Notes to be issued to such Lender, and (ii) the Designated Period of such Discount
Notes.

  

	 	6.2.3	The Agent shall establish the Bankers’ Acceptance Discount Rate at or about 10:00 a.m. on the Acceptance Date, and the Agent shall promptly determine the amount of
the BA Proceeds. 

  

	 	6.2.4	Forthwith, and in any event not later than 11:30 A.M. on the Acceptance Date, the Agent shall indicate to each Lender, in the manner set out in Section 18.5:

  

	 	(a)	the Bankers’ Acceptance Discount Rate; 

  

	 	(b)	the amount of the Stamping Fee applicable to those Bankers’ Acceptances to be accepted by such Lender on the Acceptance Date, calculated by multiplying the
appropriate percentage set out in the definition of “Stamping Fee” by the face amount of each Bankers’ Acceptance (taking into account the number of days in the Designated Period), any such Lender being authorized by the Borrower to
collect the Stamping Fee out of the BA Proceeds of those Bankers’ Acceptances; 

  

	 	(c)	the BA Proceeds of the Bankers’ Acceptances to be purchased by such Lender on such Acceptance Date; and 

 

	 	(d)	the amount obtained (the “Available Proceeds”) by subtracting the Stamping Fee mentioned in subsection 6.2.4(b) from the BA Proceeds mentioned in
subsection 6.2.4(c). 

  

	 	6.2.5	Not later than 1:00 P.M. on the Acceptance Date, each Lender shall make available to the Agent its Available Proceeds. 

 

	 	6.2.6	Not later than 4:00 P.M. on the Acceptance Date, the Agent shall transfer the Available Proceeds to the Borrower in accordance with Section 8.8 and shall notify
the Borrower on such day either by telex, fax or telephone (if by telephone, to be confirmed subsequently in writing) of the details of the issue. 

  
 50.

	 	6.3	Purchase of Bankers’ Acceptances and Discount Notes 

 Before giving value to the Borrower, the Lenders or the sub-participants which: 
  

	 	6.3.1	are BA Lenders shall, on the Acceptance Date, accept the Bankers’ Acceptances by inserting the appropriate principal amount, Acceptance Date and maturity date in
accordance with the BA Request relating thereto and affixing their acceptance stamps thereto, and shall purchase or sell same; and 

  

	 	6.3.2	are Non-BA Lenders shall, on the Acceptance Date, complete the Discount Notes by inserting the appropriate principal amount, Acceptance Date and maturity date in
accordance with the BA Request relating thereto. 

  

	 	6.4	Maturity Date of Bankers’ Acceptances 

 Subject to the applicable notice provisions, at or prior to the maturity date of each Bankers’ Acceptance, the Borrower shall: 

 

	 	6.4.1	give to the Agent a notice in the form of Schedule “B” requesting that the Lenders convert all or any part of the BA Advance then outstanding by way of
Bankers’ Acceptances which are maturing into a Prime Rate Advance; or 

  

	 	6.4.2	give to the Agent a notice in the form of Schedule “B” requesting that the Lenders extend all or any part of the BA Advance outstanding by way of
Bankers’ Acceptances which are maturing into another BA Advance by issuing new Bankers’ Acceptances, subject to compliance with the provisions of subsection 6.1.1 with respect to the minimum Selected Amount and Designated Period; or

  

	 	6.4.3	at latest at 10:00 A.M., two (2) Business Days prior to the Rollover Date of each Bankers’ Acceptance then outstanding and reaching maturity, notify the Agent
by way of a notice substantially in the form of Schedule “B-1” (but omitting paragraphs 3) thereof) that it intends to deposit in its account for the account of the Lenders on the Rollover Date an amount equal to the principal
amount of each such Bankers’ Acceptance. 

  
 51.

	 	6.5	Deemed Conversions on the Maturity Date 

 If the Borrower does not deliver to the Agent one or more of the notices contemplated by subsections 6.4.1 or 6.4.2 or does not give the notice and make the deposit contemplated by
subsection 6.4.3, the Borrower shall be deemed to have requested that the part of the BA Advance then outstanding which is reaching maturity be converted into a Prime Rate Advance. 

 

	 	6.6	Conversion and Extension Mechanism 

 If under the conditions 
  

	 	6.6.1	of subsection 6.4.1 and of Section 6.5, the Borrower requests or is deemed to have requested, as the case may be, that the Agent convert the portion of the BA
Advance which is maturing into a Prime Rate Advance, the Lenders shall pay the Bankers’ Acceptances which are outstanding and maturing. Such payments by the Lenders will constitute an Advance within the meaning of this Agreement and the
interest thereon shall be calculated and payable as the Borrower may request or may be deemed to have requested; 

  

	 	6.6.2	of subsection 6.4.3, the Borrower makes a deposit in its account, without limiting in any way the generality of Section 17.5, the Borrower hereby expressly
and irrevocably authorizes the Agent to make any debits necessary in its account in order to pay the Bankers’ Acceptances which are outstanding and maturing. 

 

	 	6.7	Prepayment of Bankers’ Acceptances 

 Notwithstanding any provision hereof, the Borrower may not prepay any Bankers’ Acceptance other than on its maturity date; however, this provision shall not prevent the Borrower from acquiring, in
its discretion but subject to the other provisions of this Agreement, any Bankers’ Acceptance in circulation from time to time. 
  

	 	6.8	Apportionment Amongst the Lenders 

 The Agent is authorized by the Borrower and each Lender to allocate amongst the Lenders the Bankers’ Acceptances to be issued and purchased in such manner and amounts as the Agent may, in its sole
discretion, but acting reasonably, consider necessary, so as to ensure that no Lender is required to accept and purchase a Bankers’ Acceptance for a fraction of $100,000, and in such event, the Lenders’ respective Commitments in any such
Bankers’ Acceptances and repayments thereof shall be altered accordingly. Further, the Agent is authorized by the Borrower and each Lender to cause the proportionate share of one or more Lender’s Advances (calculated based on its
Commitment) to be exceeded by no more than $100,000 each as a result of such allocations provided that the principal amount of outstanding Advances, including Bankers’ Acceptances, shall not thereby exceed the maximum amount of the respective
Commitment of each Lender. Any resulting amount by which the requested face amount of any such Bankers’ Acceptance shall have been so reduced shall be advanced, converted or continued, as the case may be, as a Prime Rate Advance, to be made
contemporaneously with the BA Advance. 

  
 52.

	 	6.9	Cash Deposits 

Each Lender may, in its discretion, at any time, in the absence of any demand by the Borrower to such effect, grant an Advance to the
Borrower, the amount of which shall be equivalent to the face value of all Bankers’ Acceptances then in circulation which have been accepted, which Advance shall not bear interest. The amount of the Advance shall not be taken into account in
order to calculate the amount of the Credit used pursuant hereto. The Agent shall retain the amount of the Advance in a non-interest bearing cash collateral account as security, for the benefit of the Borrower, which amount may be entirely set-off
against the amount of the Advance and the amount of the Bankers’ Acceptances in circulation which such Lender has accepted and may be imputed, in the Lender’s discretion, to the payment of the Bankers’ Acceptances at their maturity.
The Borrower shall sign and remit as security with regard thereto all appropriate documents which the Lenders might judge necessary or desirable, specifically including an assignment of the credit balance of the deposit account held as security.

  

	 	6.10	Days of Grace 

 The
Borrower shall not claim from the Lenders any days of grace for the payment at maturity of any Bankers’ Acceptances presented and accepted by the Lenders pursuant to the provisions of this Agreement. Further, the Borrower waives any defence to
payment which might otherwise exist if for any reason a Bankers’ Acceptance shall be held by any Lender in its own right at the maturity thereof. 
  

	 	6.11	Obligations Absolute 

 The obligations of the Borrower with respect to Bankers’ Acceptances shall be unconditional and irrevocable and shall be paid strictly in accordance with the provisions of this Agreement under all
circumstances, including the following circumstances: 
  

	 	6.11.1	any lack of validity or enforceability of any draft accepted by any Lender as a Bankers’ Acceptance; or 

 

	 	6.11.2	the existence of any claim, set-off, defence or other right which the Borrower may have at any time against the holder of a Bankers’ Acceptance, the Lenders, or
any other person or entity, whether in connection with this Agreement or otherwise. 

  

	 	6.12	Depository Bills and Notes Act 

 Bankers’ Acceptances may be issued in the form of a depository bill and deposited with a clearing house, both terms as defined in the Depository Bills and Notes Act. The Agent and the
Borrower shall agree on the procedures to be followed, acting reasonably. The Lenders are also authorized to issue depository bills as replacements for previously issued Bankers’ Acceptances, on the same terms as those replaced, and deposit
them with a clearing house against cancellation of the previously issued Bankers’ Acceptances. 

  
 53.

	 	6.13	Advances and Repayments – Revolving Facility and Unsecured Facility 

The Borrower agrees that if, at any time when the aggregate principal amount of the Advances outstanding under the Revolving Facility is
less than the Threshold Amount, a Rollover Date in respect of Bankers Acceptances under the Unsecured Facility occurs, the Borrower shall cause the portion of the BA Advances (or, at the option of the Borrower, other Advances if any) under the
Unsecured Facility equal to the amount by which the Threshold Amount exceeds the aggregate principal amount of Advances under the Revolving Facility to become Advances under the Revolving Facility. If the Borrower does not do so, the Agent, may, in
its discretion, upon notice to the Borrower, transfer any such portion of the principal amount of the BA Advances under the Unsecured Facility to the Revolving Facility, provided that in any such case the principal amount of the Advances then
outstanding under the Revolving Facility does not exceed the Threshold Amount. 
  

	7.	ILLEGALITY, INCREASED COSTS, INDEMNIFICATION AND MARKET DISRUPTIONS 

 

	 	7.1	Illegality 

 If any
Lender determines that any law (whether or not as a result of a Change in Law) has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable lending office to (a) make any Advance or
maintain any Loan Obligations (or to maintain its obligation to make any Advance, including any BA Advance, Letter of Credit or participation in a Letter of Credit), or (b) determine or charge interest rates based upon any particular rate,
then, on notice thereof by such Lender to the Borrower through the Agent (in the case of a Revolving Facility Lender or an Unsecured Facility Lender) or the Finnvera Facility Agent (in the case of a Finnvera Facility Lender), any obligation of such
Lender with respect to the activity that is unlawful shall be suspended until such Lender notifies the Agent or the Finnvera Facility Agent, as the case may be, and the Borrower that the circumstances giving rise to such determination no longer
exist. Upon receipt of such notice, the Borrower shall, upon demand from such Lender (with a copy to the Agent), prepay or, if conversion would avoid the unlawful activity, convert any affected Loan Obligations, or take any necessary steps with
respect to any Letter of Credit, in order to avoid the activity that is unlawful. Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted. Each Lender agrees to designate a different
lending office if such designation will avoid the need for such notice and will not, in the good faith judgment of such Lender, otherwise be materially disadvantageous to such Lender. 

 

	 	7.2	Increased Costs 

  

	 	7.2.1	General. If any Change in Law shall: 

  

	 	(a)	impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the
account of, or credit extended or participated in by, any Lender; 

  
 54.

	 	(b)	subject any Lender to any Tax of any kind whatsoever with respect to this Agreement, any Letter of Credit, any participation in a Letter of Credit or any Advance made
by it, or change the basis of taxation of payments to such Lender in respect thereof, except for Indemnified Taxes or Other Taxes covered by Section 7.3 and the imposition, or any change in the rate, of any Excluded Tax payable by such Lender;
or 

  

	 	(c)	impose on any Lender or the applicable interbank market any other condition, cost or expense affecting this Agreement or Advances by or Loan Obligations owed to such
Lender or any Letter of Credit or participation therein; 

  

	 	 	and the result of any of the foregoing shall be to increase the cost to such Lender of making any Advance or maintaining any Loan Obligations (or of maintaining its
obligation to make any such Advance), or to increase the cost to such Lender or the Issuing Lender of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of
Credit), or to reduce the amount of any sum received or receivable by such Lender or the Issuing Lender hereunder (whether of principal, interest or any other amount), then upon request of such Lender the Borrower will pay to such Lender such
additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered. 

  

	 	7.2.2	Capital Requirements. If any Lender determines that any Change in Law affecting such Lender or any lending office of such Lender or such Lender’s holding
company, if any, regarding capital requirements has or would have the effect of increasing the cost to such Lender of making or maintaining its Commitment or any Advance or Loan Obligation, or reducing any amount otherwise receivable by such Lender
hereunder with respect thereto, then from time to time the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender or its holding company for any such reduction suffered. 

 

	 	7.2.3	Certificates for Reimbursement. A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company, as the
case may be, as specified in subsections 7.2.1 or 7.2.2 hereof, including reasonable detail of the basis of calculation thereof, and delivered to the Borrower shall be conclusive absent manifest error. The Borrower shall pay such Lender the
amount shown as due on any such certificate within 15 Business Days after receipt thereof. 

  
 55.

	 	7.2.4	Delay in Requests. Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s
right to demand such compensation, except that the Borrower shall not be required to compensate a Lender pursuant to this Section for any increased costs incurred or reductions suffered more than six months prior to the date that such Lender
notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor, unless the Change in Law giving rise to such increased costs or reductions is
retroactive, in which case the six-month period referred to above shall be extended to include the period of retroactive effect thereof. 

  

	 	7.3	Taxes 

  

	 	7.3.1	Payments Free of Taxes. Any and all payments by or on account of any obligation of the Borrower hereunder or under any other Loan Document shall be made free and
clear of and without reduction or withholding for any Indemnified Taxes or Other Taxes. If any member of the VL Group, the Agent, the Finnvera Facility Agent or any Lender is required by Applicable Law to deduct or pay any Indemnified Taxes
(including any Other Taxes) in respect of such payments by or on account of any obligation of a member of the VL Group hereunder or under any other Loan Document, then (i) the sum payable shall be increased by that member of the VL Group when
payable as necessary so that after making or allowing for all required deductions and payments (including deductions and payments applicable to additional sums payable under this Section) the Agent, the Finnvera Facility Agent or the Lender, as the
case may be, receives an amount equal to the sum it would have received had no such deductions or payments been required, (ii) the member of the VL Group shall make any such deductions required to be made by it under Applicable Law and
(iii) the member of the VL Group shall timely pay the full amount required to be deducted to the relevant Governmental Authority in accordance with Applicable Law. 

 

	 	7.3.2	Payment of Other Taxes by the Borrower. Without limiting the provisions of paragraph (a) above, the Borrower shall timely pay any Other Taxes to the
relevant Governmental Authority in accordance with Applicable Law. 

  

	 	7.3.3	 Indemnification by the Borrower. The Borrower shall indemnify the Agent, the Finnvera Facility Agent and each Lender, within 10 days after
demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) paid by the Agent, the Finnvera Facility Agent or
such Lender and any penalties, interest and reasonable expenses arising therefrom or with respect 

  
 56.

	 	
thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment
or liability delivered to the Borrower by a Lender (with a copy to the Agent or the Finnvera Facility Agent, as applicable), or by the Agent or the Finnvera Facility Agent, as applicable, on its own behalf or on behalf of a Lender, shall be
conclusive absent manifest error. 

  

	 	7.3.4	Evidence of Payments. As soon as practicable after any payment of Indemnified Taxes or Other Taxes by a member of the VL Group to a Governmental Authority, such
member of the VL Group shall deliver to the Agent or the Finnvera Facility Agent, as applicable, the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment
or other evidence of such payment reasonably satisfactory to the Agent or the Finnvera Facility Agent, as applicable. 

  

	 	7.3.5	Status of Lenders. Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction in which the
Borrower is resident for tax purposes, or under any treaty to which such jurisdiction is a party, with respect to payments hereunder or under any other Loan Document shall, at the request of the Borrower, deliver to the Borrower (with a copy to the
Agent or the Finnvera Facility Agent, as applicable), at the time or times prescribed by Applicable Law or reasonably requested by the Borrower, the Agent or the Finnvera Facility Agent, as applicable, such properly completed and executed
documentation prescribed by Applicable Law as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, (a) any Lender, if requested by the Borrower, the Agent or the Finnvera Facility Agent, as
applicable, shall deliver such other documentation prescribed by Applicable Law or reasonably requested by the Borrower, the Agent or the Finnvera Facility Agent, as applicable, as will enable the Borrower, the Agent or the Finnvera Facility Agent,
as applicable, to determine whether or not such Lender is subject to withholding or information reporting requirements, and (b) any Lender that ceases to be, or to be deemed to be, resident in Canada for the purposes of Part XIII of the Income
Tax Act (Canada) or any successor provision thereto shall, within five days thereof, notify the Borrower and the Agent or the Finnvera Facility Agent, as applicable, in writing. 

 

	 	7.3.6	 Treatment of Certain Refunds. If the Agent, the Finnvera Facility Agent (as applicable) or a Lender determines, acting reasonably, that it has
received a refund of any Taxes or Other Taxes as to which it has been indemnified by the Borrower or with respect to which a member of the VL Group has paid additional amounts pursuant to this Section or that,

  
 57.

	 	
because of the payment of such Taxes or Other Taxes, it has benefited from a reduction in Excluded Taxes otherwise payable by it, it shall pay to the Borrower or other member of the VL Group, as
applicable, an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower or other member of the VL Group under this Section with respect to the Taxes or Other Taxes giving rise to
such refund or reduction), net of all out-of-pocket expenses of the Agent, the Finnvera Facility Agent or such Lender, as the case may be (without duplication of any such expenses if previously reimbursed), and without interest (other than an amount
equal to the net after-Tax amount of any interest paid by the relevant Governmental Authority, if any, with respect to such refund). The Borrower or the other member of the VL Group, as applicable, upon the request of the Agent or such Lender,
agrees to repay the amount paid over to the Borrower or other member of the VL Group (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Agent, the Finnvera Facility Agent or such Lender if the
Agent, the Finnvera Facility Agent or such Lender is required to repay such refund or reduction to such Governmental Authority. This subsection shall not be construed to require the Agent, the Finnvera Facility Agent or any Lender to make available
its tax returns (or any other information relating to its Taxes that it deems confidential) to the Borrower or any other Person, to arrange its affairs in any particular manner or to claim any available refund or reduction. 

 

	 	7.4	Breakage Costs, Failure to Borrow or Repay After Notice 

 The Borrower shall indemnify each Lender against any loss or expense (including any loss or expense arising from interest or fees payable by such Lender to lenders of funds obtained by it in order to make
or maintain any Advance and any loss or expense incurred in liquidating or re-employing deposits from which such funds were obtained) which such Lender may sustain or incur as a consequence of any: (a) default by the Borrower in the payment
when due of the amount of or interest on any Loan Obligations or in the payment when due of any other amount hereunder, (b) default by the Borrower in obtaining an Advance after the Borrower has given notice hereunder that it desires to obtain
such Advance, (c) default by the Borrower in making any voluntary reduction of the outstanding amount of any Loan Obligations after the Borrower has given notice hereunder that it desires to make such reduction, and (d) payment of any
Bankers’ Acceptance or Tranche A CDOR Advance otherwise than on the maturity date thereof (including without limitation any such payment required pursuant to Section 8.1 or upon acceleration pursuant to Section 14.2). A certificate of
the Agent or the Finnvera Facility Agent, as applicable providing reasonable particulars of the calculation of any such loss or expense shall be conclusive and binding in the absence of manifest error. If any Lender becomes entitled to claim any
amount pursuant to this Section 7.4, it shall promptly notify the Borrower, through the Agent or the Finnvera Facility Agent, as applicable, of the event by reason of 

  
 58.

 
which it has become so entitled and reasonable particulars of the related loss or expense, provided that the failure to do so promptly shall not prejudice the Lenders’ right to claim
hereunder. 
 Without prejudice to the survival or termination of any other agreement of the Borrower under this Agreement, the
obligations of the Borrower under this Section 7.4 shall survive the payment of principal and interest on all Loan Obligations and the termination of the Credit. 
  

	 	7.5	Mitigation Obligations: Replacement of Lenders. 

  

	 	7.5.1	Designation of a Different Lending Office. If any Lender requests compensation under Section 7.2, or requires the Borrower to pay any additional amount to
it or to any Governmental Authority for its account pursuant to Section 7.3, then such Lender shall (in the case of a Finnvera Facility Lender, subject to the consent of Finnvera, as applicable) use reasonable efforts to designate a different
lending office for funding or booking its Loan Obligations hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment
(a) would eliminate or reduce amounts payable pursuant to Section 7.2 or 7.3, as the case may be, in the future and (b) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to
such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 

 

	 	7.5.2	Replacement of Lenders. If (a) any Lender requests compensation under Section 7.2, or (b) the Borrower is required to pay any additional amount to
any Lender or any Governmental Authority for the account of any Lender pursuant to Section 7.3, or (c) any Lender is a Defaulting Lender and has not remedied such default within 2 Business Days, or (d) if any Lender’s obligations
are suspended under Section 7.1, then the Borrower may, at its sole expense and effort, upon 10 days’ notice to such Lender and the Agent or the Finnvera Facility Agent, as applicable, require such Lender to assign and delegate,
without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Article 16 and Article 10 of Schedule “P”, as applicable), all of its interests, rights and obligations under this
Agreement and the related Loan Documents to an Eligible Assignee, a Tranche A Assignee or other assignee permitted under Schedule “P”, as applicable that shall assume such obligations (which Eligible Assignee may be another Lender, if
a Lender accepts such Assignment), provided that: 

  

	 	(a)	the Borrower pays the Agent the assignment fee specified in subsection 16.2.2(f), in the case of an Assignment; 

  
 59.

	 	(b)	the Borrower pays the Finnvera Facility Agent the transfer fee specified in Section 10.3 of Schedule “P”, in the case of an assignment under the
Finnvera Term Facility; 

  

	 	(c)	the assigning Lender receives payment of an amount equal to the outstanding principal of its Loan Obligations and participations in disbursements under Letters of
Credit, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any breakage costs and amounts required to be paid under this Agreement as a result of prepayment to a Lender)
from the Assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts); 

  

	 	(d)	in the case of any such Assignment resulting from a claim for compensation under Section 7.2 or payments required to be made pursuant to Section 7.3, such
assignment will result in a reduction in such compensation or payments thereafter; and 

  

	 	(e)	such Assignment does not conflict with Applicable Law. 

 A Lender shall not be required to make any such Assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such
Assignment and delegation cease to apply. 
  

	 	7.6	Market Disruption 

If, at any time or from time to time, the Requisite Disruption Lenders provide notice to the Agent that: 

 

	 	7.6.1	(a) with respect to BA Advances, there no longer exists a market for Bankers’ Acceptances, or (b) with respect to BA Advances or Prime Rate Advances,
(i) the Bankers Acceptance Discount Rate is unavailable and the Agent is unable to provide the alternative rate described in the definition of “Bankers’ Acceptance Discount Rate”, or (ii) the Bankers Acceptance Discount Rate
does not adequately and fairly reflect the cost to each such Requisite Disruption Lender of funding such Advance as determined by each such Requisite Disruption Lender in good faith, or (iii) the Prime Rate or the US Base Rate at such time does
not adequately and fairly reflect the cost to each such Requisite Disruption Lender of funding such Advance as determined by each such Requisite Disruption Lender in good faith; 

any of the foregoing, a “Market Disruption Event”, then in any such case: 

  
 60.

	 	7.6.2	the Borrower and the Agent shall enter into negotiations (for a period of not more than 30 days) with a view to agreeing to a substitute basis for determining the
applicable Bankers’ Acceptance Discount Rate. Any alternate basis (which may include having recourse to the Market Disruption Prime Rate and/or the Market Disruption US Base Rate) agreed upon pursuant to the foregoing sentence shall, with the
prior consent of each of the Lenders affected by the Market Disruption Event and the Borrower, be binding on all of them; 

  

	 	7.6.3	failing such agreement, the substitute basis for determining the applicable Bankers’ Acceptance Discount Rate shall be as notified to the Borrower by each affected
Lender, accompanied by a certificate of such affected Lender setting out the appropriate substitute rate for the particular form of Advance in question, and accompanied by reasonable explanations and calculations, provided that such substitute rate
shall not exceed the relevant rate of non-affected Lenders by more than 1.50%; and 

  

	 	7.6.4	to the extent that the Advances affected by the Market Disruption Event are (a) US Base Rate Advances, the applicable US Base Rate for all affected Lenders shall
be the Market Disruption US Base Rate, and (b) Prime Rate Advances, the applicable Prime Rate for all affected Lenders shall be the Market Disruption Prime Rate. 

 

	8.	PAYMENT, REPAYMENT AND PREPAYMENT 

 None
of the provisions of Article 8 shall apply to the Finnvera Facility Lenders or the Finnvera Term Facility, in respect of which the relevant provisions are set out in Section 5 of Schedule “P”. However, Section 18.8
hereof shall apply to all payments made in respect of the Finnvera Term Facility. 
  

	 	8.1	Repayment of the Loan Obligations 

 The Borrower hereby agrees to repay the amount of the Loan Obligations outstanding under the Revolving Facility and under the Unsecured Facility on the last day of the Term. 

 

	 	8.2	Voluntary Repayment and Prepayment of the Loan Obligations or Cancellation of the Credit 

On any Business Day during the Term, after having given notice to the Agent substantially in the form of Schedule “B-1” of
one (1) Business Day with respect to the repayment of Prime Rate Advances and two (2) Business Days with respect to BA Advances, and subject to Sections 4.10 and 6.13, the Borrower may repay in minimum amounts of $1,000,000, or in whole
multiples of such amount, all or part of the principal amount of the Loan Obligations under the Revolving Facility or under the Unsecured Facility, for the account of the Revolving Facility Lenders or the Unsecured Facility Lenders, respectively,
provided 

  
 61.

 
that in respect of a BA Advance, subject to Section 8.3, no repayment shall be made on a date other than a maturity date of the Bankers’ Acceptances outstanding at that time, with, in
each case, all interest accrued and unpaid on the amounts so prepaid. 
 In addition, the Borrower may, upon the same notice,
cancel any portion of the Credit that has not been drawn by the Borrower, provided that the Credit under the Unsecured Facility must be cancelled in full before any cancellation of the Credit under the Revolving Facility may occur. No Standby Fee
shall be payable in respect of any portion of the Credit so cancelled as and from the effective date of its cancellation. The Borrower shall not be permitted to draw Advances in respect of any portion of the Credit so cancelled. 

 

	 	8.3	Cash Collateralization of BA Advances 

 If a prepayment to be made would require the repayment of outstanding Bankers’ Acceptances prior to their maturity, the Borrower shall provide to the Agent cash collateral in an amount equal to the
face amount of such Bankers’ Acceptances which cash collateral shall be held by the Agent in an interest bearing account and used to repay same at maturity. 
  

	 	8.4	Currency of Payments 

 All payments, repayments and prepayments, as the case may be: 
  

	 	8.4.1	of principal of the Loan Obligations, or any part thereof, shall be made in the same currency as that in which they are outstanding; 

 

	 	8.4.2	of interest, shall be made in the same currency as the principal amount outstanding to which they relate; 

 

	 	8.4.3	of Fees, shall be made in Canadian Dollars alone; and 

  

	 	8.4.4	of the amounts referred to in Section 7.4, shall be made in the same currency as the losses, costs and expenses suffered or incurred by the Lenders.

  

	 	8.5	Payments by the Borrower to the Agent 

 All payments to be made by the Borrower in connection with this Agreement shall be made in funds having same day value to the Agent, at the Agency Branch, or at any other office or account in Toronto or
Montreal designated by the Agent. Any such payment shall be made on the date upon which such payment is due, in accordance with the terms hereof, no later than 11:00 A.M. 

 

	 	8.6	Payment on a Business Day 

 Each time a payment, repayment or prepayment is due on a day that is not a Business Day, it shall be made on the following Business Day. 

  
 62.

	 	8.7	Payments by the Lenders to the Agent 

 Any amounts payable to the Agent by a Lender shall be paid in funds having same day value to the Agent by the Lenders on a Business Day at the Agency Branch. 

 

	 	8.8	Payments by the Agent to the Borrower 

 Any payment received by the Agent for the account of the Borrower shall be paid in funds having same day value to the Borrower on the date of receipt, or if such date is not a Business Day, on the next
Business Day, at the Branch. 
  

	 	8.9	Netting 

 On the
date of any Advance or on a Rollover Date (a “Transaction Date”), the Agent shall be entitled to net amounts payable on such date by the Agent to a Lender against amounts payable in the same currency on such date by such Lender to
the Agent, for the account of the Borrower. Similarly, on any Transaction Date, the Borrower hereby authorizes each Lender to net amounts payable in one currency on such date by such Lender to the Agent, for the account of the Borrower, against
amounts payable in the same currency on such date by the Borrower to such Lender in accordance with the Agent’s calculations made in accordance with the provisions of this Agreement. 

 

	 	8.10	Application of Payments 

  

	 	8.10.1	Except as otherwise indicated herein, all payments made to the Agent by the Borrower for the account of the Revolving Facility Lenders or the Unsecured Facility Lenders
shall be distributed the same day by the Agent, in accordance with its normal practice, in funds having same day value, among the Revolving Facility Lenders or the Unsecured Facility Lenders, as the case may be, to the accounts last designated in
writing by each Revolving Facility Lender or Unsecured Facility Lender to the Agent, pro rata in accordance with their respective Applicable Percentage, and notice thereof shall be given to the Borrower by the Agent within a reasonable delay.

  

	 	8.10.2	Except as otherwise indicated herein or as otherwise determined by the Revolving Facility Lenders or the Unsecured Facility Lenders, as applicable, all payments made by
the Borrower to the Agent on behalf of the Revolving Facility Lenders or the Unsecured Facility Lenders shall be applied by the Revolving Facility Lenders or the Unsecured Facility Lenders, as the case may be, as follows: 

 

	 	(a)	to the fees, costs, expenses and accessories contemplated by Article 7, Section 14.5 and Section 17.5 or by the Security Documents;

  
 63.

	 	(b)	to all amounts due under Article 5 hereunder; 

  

	 	(c)	to the repayment of the principal amount of the Loan Obligations; 

  

	 	(d)	to any other amounts due pursuant to this Agreement. 

  

	 	8.11	No Set-Off or Counterclaim by Borrower 

 All payments by the Borrower shall be made free and clear of and without any deduction for or on account of any set-off or counterclaim. 

 

	 	8.12	Debit Authorization 

The Agent is hereby authorized to debit the Borrower’s and the Guarantors’ account or accounts maintained from time to time at
the Branch or elsewhere, and to set off and compensate against any and all accounts, credits and balances maintained at any time by the Borrower or the Guarantors for the amount of any interest or any other amounts due and owing hereunder from time
to time payable by the Borrower, in order to obtain payment thereof. 
  

	9.	SECURITY 

  

	 	9.1	Security for Advances 

 As general and continuing security for the performance by the Borrower of its obligations to the Agents and the Lenders hereunder, including its obligations under the Swing Line and the other Loan
Documents, its obligation to perform and pay the Loan Obligations and all Derivative Obligations (provided that the Loan Obligations under the Unsecured Facility shall not benefit from any Security Documents other than the Guarantees described in
subsection 9.1.1), as such agreements are, from time to time, amended, restated, amended and restated, extended or renewed, the Borrower shall: 
  

	 	9.1.1	cause to be executed by each of the Guarantors an unconditional solidary (joint and several) Guarantee in favour of the Agent on behalf of the Lenders, of the
obligations of the Borrower under this Agreement, all Derivative Obligations and the Loan Documents, substantially in the form annexed as Schedule “D”; 

 

	 	9.1.2	execute and cause to be executed by each of the Guarantors an agreement pledging the Equity Interests of each of their respective Subsidiaries to the Agent on behalf of
the Lenders, which agreement shall be substantially in form of Schedule “E” (the “Share Pledge”); 

  

	 	9.1.3	 execute and cause to be executed by each of the Guarantors first-ranking security (subject only to Permitted Charges) in favour of the Agent on behalf
of the Lenders, by way of a hypothec on the universality of all of its movable and immovable property located in the Province of Quebec 

  
 64.

	 	(and/or, at the option of the Agent, by way of a hypothec securing Debentures granted in favour of the Agent or a collateral agent designated by the Agent as the power
of attorney (“fondé de pouvoir”) of the Lenders within the meaning of Article 2692 of the Civil Code of Quebec, as contemplated by Section 18.16), the whole subject to the waivers contained in the letters referred
to in Section 17.4. Notwithstanding the foregoing, the Borrower and the Guarantors shall only be obliged to make additional registrations of the foregoing security after the date of this Agreement against any network in the land registry of
Quebec on every second anniversary of the date of this Agreement; 

  

	 	9.1.4	execute and cause to be executed by each of the Guarantors a Debenture Pledge of the Debentures referred to in subsection 9.1.3; 

 

	 	9.1.5	execute first-ranking security (subject only to Permitted Charges) in favour of each Revolving Facility Lender that is a bank, within the meaning of the Bank Act
(Canada), under Sections 427 and following of the Bank Act (Canada); 

  

	 	9.1.6	execute and cause to be executed by each of the Guarantors in favour of the Agent on behalf of the Lenders, a first-ranking (subject only to Permitted Charges) General
Security Agreement and mortgage charging all of its property and assets, personal (movable) and real (immovable), if any, located elsewhere in Canada or in the USA (and/or, at the option of the Agent, by way of a debenture or other instrument
containing the same Charges); 

  

	 	9.1.7	execute and cause to be executed by each of the Guarantors a first-ranking assignment, by way of collateral security, of the contracts governing or evidencing
intellectual property rights (subject to Permitted Charges, and to the extent not prohibited by the terms of the agreements governing such rights) in favour of the Agent on behalf of the Lenders; and 

 

	 	9.1.8	cause the Agent on behalf of the Lenders to be named in all insurance policies protecting the members of the VL Group and their movable property, activities, business
interruption and third party liability against any form of loss as a named insured as its interest may appear, and deliver to the Agent certificates of insurance in form and substance satisfactory to the Agent. 

 

	 	9.2	ECA Guarantee 

Notwithstanding any provision in this Agreement to the contrary, the ECA Guarantee (as defined in Schedule “P”), any
replacement guarantee or instrument delivered pursuant to the provisions of Section 8.3 of Schedule “P”, and all proceeds derived therefrom shall be for the sole benefit of the Finnvera Facility Lenders. 

  
 65.

	 	9.3	Guarantors – Exception 

 After the Closing Date, any member of the VL Group may create or acquire one or more Subsidiaries that are or are not wholly-owned by a member of the VL Group, including as a result of its participation
in a joint venture with another Person. Such Subsidiary shall not be required to provide a Guarantee pursuant to subsection 9.1.1 or to provide the Security, provided that the absence of such Guarantee does not cause the Borrower to breach the
provisions of Section 12.12 at the time of the creation or Acquisition or at any time thereafter, and shall not be considered a Guarantor. If such Subsidiary is wholly-owned, it will be a member of the VL Group. In addition, the Borrower may at
any time request to the Agent that one or more of its Subsidiaries (each, a “Released Guarantor”) shall cease to be considered a Guarantor and that its Guarantee provided pursuant to subsection 9.1.1 and its Security be
discharged and terminated if the following conditions are satisfied on the effective date on which such Released Guarantor shall so cease to be considered a Guarantor (the “Release Date”): (i) the release of the Released
Guarantor as a Guarantor on the Release Date shall not cause the Borrower to breach the provisions of Section 12.12, (ii) no Default or Event of Default exists on the Release Date, and (iii) contemporaneously with the Release Date,
all existing Guarantees granted by the Released Guarantor in respect of obligations of the Borrower under Additional Offerings permitted by paragraphs (f) and (g) of Section 13.7, and unsecured Debt permitted by paragraph (i) of
Section 13.7, shall also be terminated substantially contemporaneously. In the event that a Released Guarantor ceases to be considered a Guarantor by satisfying all of the conditions of the previous sentence of this Section 9.3, the
Security on the property of such Released Guarantor and the Guarantee given by it pursuant to subsection 9.1.1 shall be discharged and terminated by the Agent without any requirement to obtain the consent of the Lenders (and such Person shall
thereafter cease to be considered a Guarantor). 
  

	 	9.4	Release of Security in Certain Circumstances 

 The Lenders agree to instruct the Agent to release all of the Security at the request of the Borrower if the Borrower’s senior unsecured debt rating obtained from any 2 of DBRS, S&P or
Moody’s has been and remains not less than BBB(low)/BBB-/Baa3 for a period of not less than 6 months. 
  

	 	9.5	Limitation on Aggregate Principal Amount of Loan Obligations Secured by the Security Documents 

Notwithstanding any terms of any Loan Documents (including all Security Documents) to the contrary, the Agents and all Lenders confirm and
agree that: 
  

	 	9.5.1	The Debt of the VL Group to the Agents and the Lenders pursuant to and arising under the Unsecured Facility shall not form part of the Loan Obligations secured by
the Security Documents and the Security (other than the Guarantees described in subsection 9.1.1); 

  
 66.

	 	9.5.2	from and after any Conversion Date-Partial, all Loan Obligations described in the relevant Conversion Notice-Partial shall be secured by the Security Documents; and

  

	 	9.5.3	from and after the Conversion Date-Total, all Loan Obligations shall be secured by the Security Documents. 

 

	10.	CONDITIONS PRECEDENT 

 None of the
provisions of Section 10.1 or 10.2 shall apply to the Finnvera Facility Lenders or the Finnvera Term Facility, in respect of which the relevant provisions are set out in Section 6 of Schedule “P”. 

 

	 	10.1	Initial Advance Under the Revolving Facility After the Closing Date 

 The obligation of the Lenders to make the initial Advance under the Revolving Facility after the Closing Date is conditional upon the fulfilment of each of the conditions set out in this Section 10.1
and in Section 10.2 to the entire satisfaction of the Agent and the Lenders: 
  

	 	10.1.1	certified copies of all of the constating documents, borrowing by-laws and resolutions of the Borrower and of each other member of the VL Group not previously provided
to the Agent shall have been provided to the Agent; 

  

	 	10.1.2	all Charges on the property of each member of the VL Group, other than Permitted Charges, shall have been discharged; 

 

	 	10.1.3	this Agreement shall have been executed and delivered, and each of the Security Documents shall have been amended, executed, delivered, issued or assigned and
registered or published, as the case may be, wherever required; 

  

	 	10.1.4	all of the issued and outstanding Equity Interests of the Subsidiaries referred to in subsection 9.1.2 owned, directly or indirectly by the Borrower and any of its
Subsidiaries at the relevant time, shall have been pledged in accordance with the Share Pledge executed by the Borrower and the relevant Subsidiaries and all of the pledged Equity Interests shall have been remitted to the Agent;

  

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

  

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

  
 67.

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

  

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

 

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

  

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

 

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

 

	 	10.1.7	the Borrower shall have paid to each of the Revolving Facility Lenders an upfront fee in the amount and payable as set forth in the invitation letter sent to it by the
Borrower dated May 30, 2011. 

  

	 	10.2	Conditions Precedent to any Advance 

 The obligation of the Lenders to make any Advance under the Credit is conditional upon each of the following conditions having been satisfied: 

 

	 	10.2.1	the representations and warranties contained in this Agreement shall continue to be true and correct (except where stated to be made as at a particular date);

  

	 	10.2.2	except in the case of Swing Line Advances, the Borrower shall have delivered to the Agent or the Finnvera Facility Agent, as applicable, a completed Notice of
Borrowing; 

  

	 	10.2.3	nothing shall have occurred since March 31, 2011 which would constitute a Material Adverse Change; and 

 

	 	10.2.4	no Default shall have occurred and be continuing and no Event of Default shall have occurred. 

  
 68.

	 	10.3	Waiver of Conditions Precedent 

 The conditions set out in Sections 10.1 and 10.2 are solely for the benefit of the Lenders, and may be waived by the Agent with the unanimous consent of the Lenders, without prejudice to the right of
the Agent to assert any such condition in connection with any subsequently requested Advance. 
  

	11.	REPRESENTATIONS AND WARRANTIES 

 For so
long as the Loan Obligations remain outstanding and unpaid, or the Borrower is entitled to borrow hereunder (whether or not the conditions precedent to such borrowing have been or may be satisfied), the Borrower hereby represents and warrants to the
Lenders that: 
  

	 	11.1	Incorporation 

Each member of the VL Group is duly incorporated or organized, validly existing and in good standing under the Applicable Laws of its
jurisdiction of incorporation or organization and of all jurisdictions in which it carries on business or is otherwise required to be so qualified. Each member of the VL Group has the capacity and power, whether corporate or otherwise, to hold its
assets and carry on the business presently carried on by it or which it proposes to carry on hereafter in each jurisdiction where such business is carried on. 
  

	 	11.2	Authorization 

 The
Borrower and each Guarantor has the power and has taken all necessary steps under the Applicable Laws in order to be authorized to borrow hereunder, to provide the Security, as the case may be, and to execute and deliver and perform its obligations
under this Agreement and each of the Security Documents to which it is a party, as the case may be, in accordance with the terms and conditions thereof and to complete the transactions contemplated in the Security Documents and herein, as the case
may be. This Agreement has been duly executed and delivered by duly authorized officers of the Borrower and is, and each of the Security Documents to which the Borrower and each Guarantor is a party is, and when executed and delivered in accordance
with the terms hereof, shall be, a legal, valid and binding obligation of the Borrower and each Guarantor, respectively, enforceable in accordance with its terms. 
  

	 	11.3	Compliance with Applicable Law and Contracts 

 The execution and delivery of and performance of the obligations under this Agreement and each of the Security Documents by the Borrower and each Guarantor, as the case may be, in accordance with their
respective terms and the completion of the transactions contemplated therein and herein by the Borrower and each other member of the VL Group, as the case may be, do not require any consents or approvals, do not violate any Applicable Laws, do not
conflict with, violate or constitute a breach under the documents of incorporation or organization or by-laws of any member of the VL Group or under any agreements, contracts or deeds to which any member of the VL Group is a party or binding upon it
or its assets and 

  
 69.

 
do not result in or require the creation or imposition of any Charge whatsoever on the assets of any member of the VL Group, whether presently owned or hereafter acquired, save for the Permitted
Charges. 
  

	 	11.4	Core Business 

 The
VL Group operates businesses in the cable, telecommunications, media and entertainment industries, including on-line internet services, telephony, wireless communications, interactive technologies, the distribution of media content, and anything
related or ancillary thereto including activities that are a reasonable evolution of, and consistent with, the foregoing. 
  

	 	11.5	Financial Statements 

 The financial statements provided from time to time hereunder are prepared in accordance with GAAP applied on a consistent basis throughout the periods specified (except as noted thereon) and are an
accurate representation of the financial position of the Borrower on a consolidated basis as of the respective dates specified and the results of their operations and cash flows for the respective periods specified. 

 

	 	11.6	Contingent Liabilities and Indebtedness 

 Neither the Borrower nor any other member of the VL Group has (a) any material Contingent Obligations or contingent liabilities known to it which are not disclosed or referred to in the most recent
financial statements delivered to the Agent and the Finnvera Facility Agent in accordance with the provisions of Section 12.15 or otherwise disclosed to the Agent and the Finnvera Facility Agent in writing, or (b) incurred any Indebtedness
which is not disclosed in or reflected in such financial statements, or otherwise disclosed to the Agent and the Finnvera Facility Agent in writing, other than Contingent Obligations, contingent liabilities or Indebtedness incurred in the ordinary
course of business, and Debt permitted hereunder. 
  

	 	11.7	Title to Assets 

Each member of the VL Group has good, valid and marketable title to all of its properties and assets, free and clear of any Charges other
than Permitted Charges. All of the immovable property (including any cable or telecommunications network) owned by the VL Group as of the Closing Date is listed in Schedule “I”. All premises occupied by any member of the VL Group as
of the Closing Date containing material assets belonging to such members of the VL Group are also listed in Schedule “I”. All of the material tangible movable property of the VL Group as of the Closing Date is located in the provinces
of Quebec and Ontario. Each member of the VL Group has rights sufficient for it to use all the Licences, licences, intellectual property and patents, patent applications, trademarks, trademark applications, trade names, service marks, copyrights,
industrial designs, technology and other similar intellectual property rights reasonably necessary for the conduct of its business. To the knowledge of the Borrower, neither it nor any member of the

  
 70.

 
VL Group is infringing or is alleged to be infringing the intellectual property rights of any other Person, except where such infringement could not reasonably be expected to cause a Material
Adverse Change. 
  

	 	11.8	Litigation 

 There
are no actions, suits or legal proceedings instituted or pending or, to the knowledge of each member of the VL Group, threatened, against any of them or their property before any court or arbitrator or any governmental body or instituted by any
governmental body which could reasonably be expected to result in a Material Adverse Change. 
  

	 	11.9	Taxes 

 Each member
of the VL Group has filed within the prescribed delays all federal, provincial or other tax returns which it is required by Applicable Law to file and all Taxes levied with respect to each member of the VL Group have been paid when due, except to
the extent that (a) payment thereof is being contested in good faith by such member of the VL Group in accordance with the appropriate procedures, for which adequate reserves have been established in the books of the relevant member of the VL
Group, and (b) the outcome of such contestation would not reasonably be expected to result in a Material Adverse Change. 
  

	 	11.10	Insurance 

 Each
member of the VL Group has contracted for the insurance coverage described in Section 12.6. 
  

	 	11.11	No Adverse Change 

No Material Adverse Change has occurred since December 31, 2010. 

 

	 	11.12	Regulatory Approvals 

 No member of the VL Group is required to obtain any consent, approval, authorization, permit, Licence or licence from, nor to effect any filing or registration with, any federal, provincial or other
regulatory authority in connection with the execution, delivery or performance, in accordance with their respective terms, of this Agreement or the Security Documents, any borrowings hereunder and the granting of the Security. 

 

	 	11.13	Compliance with Applicable Law and Licences 

 Each member of the VL Group is in full compliance in all material respects with all requirements of Applicable Law and with all of the conditions attaching to its permits, authorizations, Licences,
licences, certificates and approvals, including without limitation its articles of incorporation and by-laws. 

  
 71.

	 	11.14	Pension and Employment Liabilities 

 Except for a deficit not exceeding $5,000,000 in respect of the pension plan for executives of the Borrower, no member of the VL Group has any unfunded pension liabilities (except for amounts that are not
material to the Borrower on a consolidated basis and except for any such plan that does not need to be fully funded in accordance with Applicable Law), whether valued on a going concern or a wind-up basis, and all material obligations (including
wages, salaries, commissions and vacation pay) to current employees and to former employees have been paid in full or duly provided for. 
  

	 	11.15	Priority 

 The
Security and Charges created, evidenced or constituted by or under the Security Documents bind each member of the VL Group which is a party thereto, are valid and subject to no Charge, other than the Permitted Charges, and are enforceable, as
security for the performance of the obligations secured thereunder, in accordance with their respective terms, against the members of the VL Group which are parties thereto. 

 

	 	11.16	Complete and Accurate Information 

 All of the information, reports and other documents and all data (other than forecasts), as well as the amendments thereto, provided to the Agent, the Finnvera Facility Agent and/or Finnvera plc by or on
behalf of the VL Group were, at the time same were provided, and are at the date hereof, complete, true and accurate in all material respects. All forecasts provided to the Agent and/or the Finnvera Facility Agent were prepared in good faith and all
assumptions used therein were reasonable. 
  

	 	11.17	Share Capital 

 On
the Closing Date, all of the shares of: (a) the Borrower are owned, directly or indirectly, by Quebecor Media Inc.; and (b) each of the Guarantors are owned, directly or indirectly, by the Borrower, free and clear of any Charges other than
Permitted Charges. 
  

	 	11.18	Absence of Default 

There exists no Default or Event of Default hereunder. 
  

	 	11.19	Agreements with Third Parties 

 Each member of the VL Group is in compliance in all material respects with each and every one of its obligations under agreements with third parties to which it is a party or by which it is bound, the
breach of which could reasonably be expected to result in a Material Adverse Change. 
  

	 	11.20	Anti-Terrorism and Money Laundering Laws 

 No member of the VL Group or any of its Subsidiaries is a Person or entity that is: 
  

	 	11.20.1	referred to in section 5 of the Proceeds of Crime Act, that is subject to the obligations applicable to such persons or entities under the Proceeds of Crime Act;

  
 72.

	 	11.20.2	on the list of names subject to the Regulations Establishing a List of Entities made under subsection 83.05(1) of the Criminal Code (Canada), the Regulations
Implementing the United Nations Resolutions on the Suppression of Terrorism (RIUNRST) and the United Nations Al-Qaida and Taliban Regulations (UNAQTR) published by the Office of the Superintendent of Financial Institutions Canada; or

  

	 	11.20.3	affiliated with a Person or entity listed above. 

  

	 	11.21	Environment 

  

	 	11.21.1	There are no existing claims, demands, suits, proceedings or actions of any nature whatsoever, whether threatened or pending, arising out of the presence on any
property owned or controlled by any member of the VL Group, either past or present, of any Hazardous Substances, or out of any past or present activity conducted on any property now owned by any member of the VL Group, whether or not conducted by
any member of the VL Group, involving Hazardous Substances, which would reasonably be expected to result in a Material Adverse Change; 

  

	 	11.21.2	To the best of the knowledge of the Borrower, after due enquiry: 

  

	 	(a)	there is no Hazardous Substance existing on or under any property of any member of the VL Group which constitutes a material violation of any Environmental Law for
which an owner, operator or person in control of a property may be held liable; 

  

	 	(b)	the business of each member of the VL Group is being carried on so as to comply in all material respects with all Environmental Laws and all Applicable Laws concerning
health and safety matters; 

  

	 	(c)	no Hazardous Substance has been spilled or emitted into the environment contrary to Environmental Laws from any property owned, operated or controlled by any member of
the VL Group for which such member of the VL Group could have any material liability; 

  

	 	(d)	compliance by the members of the VL Group with all current Environmental Laws would not reasonably be expected to cause a Material Adverse Change;

  
 73.

	 	(e)	no member of the VL Group is in default in filing any report or information material to its business with any Governmental Authority as required pursuant to
Environmental Laws; and 

  

	 	(f)	each member of the VL Group has maintained, in all material respects, all material environmental and operating documents and records material to its business
substantially in the manner required by all Environmental Laws. 

  

	 	11.22	Survival of Representations and Warranties 

 All of the representations and warranties made hereunder are true and correct at the Closing Date, shall be true and correct at the date of any Advance hereunder and on each Tranche A Rollover Date (as
defined in Schedule “P”) (except where qualified in this Article 11 as being made as at a particular date), shall survive the execution and delivery of this Agreement, any investigation by or on behalf of the Lenders or the
making of any Advance hereunder, and none of same are nor shall be waived, except in writing. 
  

	12.	COVENANTS 

 For so long as the Loan
Obligations remain outstanding and unpaid, or the Borrower is entitled to borrow hereunder (whether or not the conditions precedent to such borrowing have been or may be satisfied) and unless the Agent shall otherwise agree in writing upon obtaining
the approval of the requisite majority of Lenders, the Borrower, for itself and each member of the VL Group and with respect to itself and each member of the VL Group, agrees as follows: 

 

	 	12.1	Preservation of Juridical Personality 

 It shall do or cause to be done all things necessary to preserve and maintain its corporate existence in full force and effect, except as permitted under Sections 13.1 and 13.3. 

 

	 	12.2	Preservation of Licences 

 It shall maintain in effect and obtain, where necessary, all such authorizations, approvals, Licences, licences or consents of such governmental agencies, whether federal, provincial or local, which may
be or become necessary or required for each member of the VL Group to carry on its businesses and to satisfy its obligations hereunder and under the Security Documents. 

 

	 	12.3	Compliance with Applicable Laws 

 It shall conduct its business in a proper and efficient manner and shall keep or cause to be kept appropriate books and records of account, in compliance with the Applicable Law, and shall record or cause
to be recorded faithfully and accurately all transactions with respect to its business in accordance with GAAP applied on a consistent basis, and shall comply with all requirements of Applicable Law and with all the conditions attaching to its
permits, authorizations, Licences, licences, certificates and approvals in all material respects. 

  
 74.

	 	12.4	Maintenance of Assets 

 It shall maintain or cause to be maintained in good operating condition all of its assets used or useful in the conduct of its business, as would a prudent owner of similar property, whether same are held
under lease or under any agreement providing for the retention of ownership, and shall from time to time make or cause to be made thereto all necessary and appropriate repairs, renewals, replacements, additions, improvements and other works except
as permitted under Section 13.3. 
  

	 	12.5	Business 

 It shall
not substantially change the nature of its business activities from its Core Business. 
  

	 	12.6	Insurance 

 It
shall maintain insurance coverage with responsible insurers, in amounts and against risks normally insured by owners of similar businesses or assets in areas which are generally similar to those in which the members of the VL Group are engaged. All
such policies of insurance will contain a standard “mortgage clause” acceptable to the Agent providing that no such policy may be cancelled without the insurer providing not less than 30 days’ prior written notice to the Agent.
The insurance policies confirming the insurance required hereunder shall not contain any co-insurance provisions except to the extent such co-insurance provisions would normally appear in policies covering other Persons engaged in similar businesses
and owning similar properties as the VL Group, and consistent with prudent business practices. 
  

	 	12.7	Payment of Taxes and Duties 

 It shall pay all Taxes which are imposed on it when due and payable, provided that no such Tax need be paid if (a) it is being contested in good faith by appropriate proceedings promptly initiated
and diligently conducted, and (b) such reserves or other appropriate provision, if any, as shall be required by GAAP shall have been made therefor, and (c) the outcome of such contestation would not reasonably be expected to result in a
Material Adverse Change. 
  

	 	12.8	Access and Inspection 

 It shall allow the employees and representatives of the Agent, during normal business hours, to have access to and inspect the assets of the members of the VL Group, to inspect and take extracts from or
copies of the books and records of the members of the VL Group and to discuss the business, assets, liabilities, financial position, operating results or business prospects of the members of the VL Group with the principal officers of the members of
the VL Group and, after obtaining the approval of the Borrower which shall not be unreasonably withheld, with the auditors of the Borrower. 

  
 75.

	 	12.9	Maintenance of Account 

 It shall maintain operating accounts at the Branch or other branches of the Agent, as well as an account with the Swing Line Lender, at all times during the Term, if the Agent or the Swing Line Lender, as
applicable, so requests. In addition, the Lenders shall have the right to provide all of the auxiliary non-credit banking services to the Borrower, at fees acceptable to the relevant Lender and the Borrower, acting reasonably. 

 

	 	12.10	Performance of Obligations 

 It shall perform all obligations in the ordinary course of business, except to the extent that the non-fulfilment of same would not reasonably be expected to result in a Material Adverse Change, and
except where the same are being contested in good faith, if the outcome of such contestation would not reasonably be expected to result in a Material Adverse Change. Notwithstanding the foregoing contained in this Section 12.10, it shall
punctually pay all amounts due or to become due under this Agreement. 
  

	 	12.11	Maintenance of Ratios 

 At the end of each quarter during the Term, on a rolling four-quarter basis, the Relevant Group shall maintain the following ratios: 

 

	 	12.11.1	Leverage Ratio. A Leverage Ratio not exceeding 4.5:1; provided that for a period not exceeding 12 consecutive months immediately following an Acquisition
permitted hereunder in an amount of not less than $100,000,000, such maximum Leverage Ratio shall be increased to, but shall not exceed, 5.0:1 (and further provided that in the event of a series of Acquisitions, the Leverage Ratio shall have
reverted to 4.5:1 for at least one full quarter); and 

  

	 	12.11.2	Interest Coverage Ratio. An Interest Coverage Ratio of at least 2.5:1. 

 

	 	12.12	Ownership by the Borrower and Guarantors 

 At all times during the Term, the Borrower and the Guarantors shall collectively (a) own at least 80% of the consolidated assets of the Borrower (excluding Back-to-Back Securities), and
(b) generate at least 80% of the consolidated EBITDA of the Borrower on a rolling four-quarter basis. All calculations made under this Section shall be consistent with those contained in the Borrower’s consolidated financial statements.

  

	 	12.13	Maintenance of Security 

 Subject to Section 9.3, it shall take all necessary steps to preserve and maintain in effect the rights of the Agent and the Lenders, as well as any collateral agent designated by the Agent, pursuant
to the Security Documents, together with any renewals thereof or additional documents creating Charges that may be required from time to time. In addition, if any new Subsidiary of any member of the VL Group is created or Acquired, or if a Person
otherwise 

  
 76.

 
becomes a member of the VL Group, then subject to Section 9.3, such Subsidiary will provide Security of the nature described in Article 9, together with such legal opinions as may be
reasonably requested by the Agent. 
  

	 	12.14	Payment of Legal Fees and Other Expenses 

 Whether the transactions contemplated by this Agreement are concluded or not and whether or not any part of the Credit is actually advanced, in whole or in part, the Borrower shall pay all reasonable
costs relating to the Credit, including in particular: 
  

	 	12.14.1	the reasonable legal fees and costs incurred by the Agent and the Lenders for the negotiation, drafting, signing, registration, publication and/or service of the
commitment letter, this Agreement and the Security Documents, as well as any amendments, renunciations, consents or examinations pertaining to this Agreement and the Security Documents; and 

 

	 	12.14.2	the reasonable costs of syndicating and advertising, as well as all reasonable fees, including reasonable legal fees and costs, incurred by the Agent, any collateral
agent designated by the Agent, and the Lenders to preserve, enforce or exercise their respective rights hereunder or under the Security Documents following an action, a Default or an omission of the Borrower or of any other member of the VL Group.

 All amounts due to the Agent and the Lenders pursuant hereto shall bear interest on the Prime Rate Basis from
the date of their disbursement by the Lenders or from the date of their undertaking until the Borrower has repaid same in full, with interest on unpaid interest, as in the case of the Prime Rate Advances, taking into account such modifications as
may be necessary. The obligations of the Borrower under this Section 12.14 shall subsist notwithstanding the full repayment of the Loan Obligations under the provisions hereof. 

 

	 	12.15	Financial Reporting 

For so long as the Loan Obligations remain outstanding and unpaid, or the Borrower is entitled to borrow hereunder (whether or not the
conditions precedent to such borrowing have been or may be satisfied) and unless the Lenders shall otherwise agree in writing, the Borrower agrees to provide or cause to be provided to the Agent, with sufficient copies for the Agent, the Finnvera
Facility Agent and each Lender, and so undertakes: 
  

	 	12.15.1	Quarterly Statements 

Within 60 days after the end of each financial quarter of each financial year of the Borrower (other than the last quarter):

  

	 	(a)	 the unaudited consolidated balance sheet of the Borrower as at the end of such quarter and the related consolidated statements of

  
 77.

	 	
earnings and cash flows, for the period then ended, in each case with comparative figures for the same period for the immediately preceding financial year and in respect of the preceding
financial year end; and 

  

	 	(b)	a Compliance Certificate of the Borrower signed by its chief financial officer, treasurer or another officer of the Borrower acceptable to the Agent, substantially in
the form of Schedule “J” (a “Compliance Certificate”) and: 

 (i) setting forth
the information necessary to determine whether the Borrower has complied with the covenants contained in Section 12.11; 

(ii) (A) confirming that the percentage of the EBITDA on a rolling 4 quarter basis, assets (excluding Back-to-Back Securities) and
Debt generated, held or owed by the VL Group, on an Adjusted Consolidated Basis, is not less than 95% of the consolidated EBITDA on a rolling 4 quarter basis, assets (excluding Back-to-Back Securities) and Debt of the Borrower, otherwise
(B) providing the accurate percentage; 
 (iii) (A) confirming that the percentage of the EBITDA on a rolling 4
quarter basis and assets (excluding Back-to-Back Securities) generated or held by the Borrower and the Guarantors is not less than 95% of consolidated EBITDA on a rolling 4 quarter basis and assets (excluding Back-to-Back Securities) of the
Borrower, otherwise (B) providing the percentage so as to confirm compliance with Section 12.12; and 
 (iv)
certifying that the Borrower is in compliance with all terms and conditions of this Agreement and that no Default has occurred and is continuing or Event of Default has occurred or exists, or if a Default or an Event of Default has occurred, setting
out the relevant particulars thereof, the period of existence thereof and what action the Borrower has taken or proposes to take with respect thereto. 
  

	 	12.15.2	Annual Statements 

  

	 	(a)	 Within 120 days following the end of each financial year of the Borrower, the audited consolidated balance sheet of the Borrower as at the end of
such year and the related consolidated statements of earnings and cash flows for such financial year, together with comparative figures for the immediately preceding year, the whole as certified without qualification by the current auditors of

  
 78.

	 	
the Borrower or otherwise by another reputable firm of independent chartered accountants acceptable to the Agent, and any audited statements of any Subsidiary of the Borrower that is not a member
of the VL Group, if available; and 

  

	 	(b)	Within 75 days following the end of each financial year of the Borrower, 

 (i) a Compliance Certificate as described in Section 12.15.1(b); and 
 (ii)
any information necessary to determine whether the Borrower has complied with Sections 12.11 and 12.12; provided that, to the extent that the percentage of the EBITDA on a rolling 4 quarter basis and assets (excluding Back-to-Back Securities)
generated or held by the Borrower and the Guarantors is not less than 95% of the consolidated EBITDA on a rolling 4 quarter basis and assets (excluding Back-to-Back Securities) of the Borrower, such information shall only be provided at the
reasonable request of the Agent. 
 Such Compliance Certificate and information shall be based on unaudited financial
information, to be updated and replaced by a second Compliance Certificate to be provided along with the audited financial statements referred to in Section 12.15.2(a). 

 

	 	12.15.3	Other Information 

  

	 	(a)	Within 75 days following the end of each financial year of the Borrower, the Annual Business Plan, which shall promptly be submitted to the Agent for the Lenders;
and 

  

	 	(b)	Within 75 days following the end of each financial quarter of the Borrower in which the Leverage Ratio exceeded 4.0:1, a certificate of the Borrower signed by its
chief financial officer or treasurer or another officer of the Borrower acceptable to the Agent, certifying a detailed calculation of Excess Cash Flow (in such form and providing such detail as the Agent may reasonably require) during such quarter
(the “Excess Cash Flow Certificate”); and 

  

	 	(c)	 from time to time and forthwith upon demand by the Agent, such data, reports, statements, documents or other additional information pertaining to the
business, assets, liabilities, financial position, operating results or business prospects of the VL Group and the Borrower’s non-wholly-owned Subsidiaries (to the extent

  
 79.

	 	
available and not subject to a confidentiality agreement, but excluding any such information which has not been provided to any partner of any such non-wholly-owned Subsidiary) as the Agent may
request, acting reasonably. 

  

	 	12.16	Notice of Certain Events 

 The Borrower shall advise the Agent and the Finnvera Facility Agent forthwith upon the occurrence of any of the following events: 

 

	 	12.16.1	The commencement of any proceeding or investigation by or before any governmental body and any action or proceeding before any court or arbitrator against any member of
the VL Group, or any of its property, assets or activities which could reasonably be expected to result in a Material Adverse Change; 

  

	 	12.16.2	The occurrence of any Material Adverse Change which is known to the Borrower or any other member of the VL Group, acting reasonably; 

 

	 	12.16.3	Any Default or Event of Default, specifying in each case the relevant details and the action contemplated in this respect. 

 

	 	12.17	Accuracy of Reports 

All information, reports, statements and other documents and data provided to the Agent, the Finnvera Facility Agent or the Lenders,
whether pursuant to this Article or any other provisions of this Agreement shall, at the time same shall be provided, be true, complete and accurate in all material respects to the extent necessary to provide the Lenders with a true and accurate
understanding of their effect. 
  

	13.	NEGATIVE COVENANTS 

 For so long as the
Loan Obligations or any other amounts payable hereunder to the Lender remain outstanding and unpaid, or the Borrower is entitled to borrow hereunder (whether or not the conditions precedent to such borrowing have been or may be satisfied), the
Borrower, for itself and each member of the VL Group and with respect to itself and each member of the VL Group, agrees that it shall not do any of the following: 
  

	 	13.1	Liquidation and Amalgamation 

 Liquidate or dissolve or take any steps to amalgamate, consolidate or effect any restructuring or corporate or capital reorganization, or change its head or registered office, except where
(i) (a) the surviving entity of any such amalgamation or merger assumes all of the obligations hereunder and (b) the transaction in question is between a member of the VL Group and its wholly-owned Subsidiaries or is among
wholly-owned Subsidiaries of the same member of the VL Group; or (ii) in all other cases, the transaction in question, in the sole opinion of the Lenders, acting reasonably, does not have a detrimental effect on the

  
 80.

 
financial condition of the VL Group, taken as a whole, or on the position of the Lenders and their Security under the Security Documents or otherwise. Notwithstanding the foregoing, no member
of the VL Group may become a Subsidiary of a Person who is a non-resident of Canada within the meaning of the Income Tax Act (Canada), without the prior written consent of the Lenders. 

 

	 	13.2	Charges 

 Create,
assume, enter into or permit to subsist, directly or indirectly, any Charge on the property of any member of the VL Group, other than Permitted Charges. 
  

	 	13.3	Asset Dispositions 

The VL Group shall not permit an Asset Disposition of all or any part of their property or assets (whether presently held or subsequently
acquired), other than sales at fair market value (provided that any single transaction or series of transactions during the period from June 14, 2013 until the end of the Term of the Revolving Facility that involve property having an aggregate
fair market value of less than $25,000,000 and a value per transaction of less than $5,000,000 shall not have to be disposed of at fair market value), and, in such case, only if at the time of the proposed Asset Disposition, (a) there is no
Default or Event of Default hereunder and the proposed Asset Disposition will not cause such a Default or Event of Default, and (b) the amount of (A) EBITDA of the VL Group generated during the preceding 12 months by the assets comprised
in any such Asset Disposition, plus (B) the aggregate 12-month trailing EBITDA of the VL Group generated by all other assets comprised in all previous Asset Dispositions made since the Third Amendment Closing Date (calculated as of the date of
the applicable Asset Disposition), does not exceed 15% of the EBITDA of the VL Group for the 12 months ending on the last day of the month immediately preceding the date of the proposed Asset Disposition; provided that the VL Group shall be
permitted to make (i) dispositions of inventory in the ordinary course of business, (ii) dispositions of machinery, equipment, spare parts and materials, appliances or vehicles, if same are no longer necessary or useful to the operation of
the business or have become obsolete, worn out, surplus, damaged or unusable, as well as the non-material assets listed in Schedule “I” consisting of surplus real estate of the VL Group, which are excluded from the Security and not
subject to any Charge thereunder, and (iii) Asset Dispositions between members of the VL Group to the extent that the Borrower complies with the provisions of Section 12.12. In the event of any Asset Disposition permitted under this
Section 13.3 to a Person other than a member of the VL Group, (i) the Security on the assets so disposed of shall be discharged by the Agent without any requirement to obtain the consent of the Lenders, and (ii) in the case of any
such Asset Disposition made in respect of 100% of the Equity Interests of a Guarantor, the Security on the property of such Guarantor and the Guarantee given by it pursuant to subsection 9.1.1 shall also be discharged and terminated by the
Agent without any requirement to obtain the consent of the Lenders (and such Person shall thereafter cease to be considered a Guarantor). In addition, any member of the VL Group shall be permitted to dispose of Back-to-Back Preferred Shares in order
to repay Back-to-Back Debt, and shall also be permitted to dispose of property as part of a Tax Benefit Transaction, provided that (A) no Default or Event of Default exists at the time and (B) disposing of such Back-to-Back Preferred
Shares or property as part of a Tax Benefit Transaction will not cause a Default or an Event of Default. 

  
 81.

	 	13.4	Preservation of Capital 

 Neither the Borrower nor any of the Guarantors shall: (a) return any capital to its shareholders or purchase, redeem, repurchase or otherwise acquire, directly or indirectly, for consideration, any
shares of any class of its capital stock now or subsequently issued, or any other equity security issued by it of any nature (including warrants and options), (b) declare, pay or set aside for payment any dividend or distribution whatsoever in
respect of any share of the capital stock of the Borrower or any Guarantor, or (c) set aside any funds for any of the purposes described in paragraphs (a) or (b); provided that distributions by way of loans, dividends, return of capital,
management fees (in excess of the 2.5% limit set out in Section 13.10), share repurchases or other transactions of the nature described in paragraphs (a) or (b) above: 

 

	 	13.4.1	made under Back-to-Back Transactions, Tax Benefit Transactions and, where Newco is a Guarantor, Tax Consolidation Transactions, 

 

	 	13.4.2	made to the Borrower or to a Guarantor that has provided an unlimited Guarantee and the Security to the Agent on behalf of the Lenders, 

 

	 	13.4.3	made at a time that the Leverage Ratio, calculated on a pro forma basis after taking into account the payment proposed, is less than or equal to 4.0:1, and

  

	 	13.4.4	consisting of a quarterly payment not in excess of 100% of Excess Cash Flow if the Leverage Ratio, calculated on a pro forma basis after taking into account the
payment proposed, is greater than 4.0:1; 

 will be permitted, provided that (i) no Default or Event of
Default exists at the time of the proposed distribution and (ii) making the payment of such amount will not cause a Default or Event of Default. 
  

	 	13.5	Restrictions on Subsidiaries 

 Without the consent of the Majority Lenders, no member of the VL Group shall assume, enter into or otherwise become bound by any agreement or undertaking (including any undertaking in any Additional
Offering) that would reasonably be expected to prevent such Person from declaring or paying dividends or inter-company payments or distributions of any kind to the Borrower, except as contained herein. 

 

	 	13.6	Acquisitions 

 Make
any Acquisition, in any manner whatsoever, directly or indirectly, other than an Acquisition required for the purpose of carrying on its business in the ordinary course, or permit any Subsidiary or Subsidiaries to be constituted otherwise than in
accordance with 

  
 82.

 
the provisions of Section 13.10, except that (a) the members of the VL Group shall be permitted to make Acquisitions in the Core Business and permitted to create Subsidiaries (to the
extent any such Subsidiaries are Acquired as part of any such Acquisition) if: (i) no Default or Event of Default exists at the time, (ii) paying the purchase price in respect of such Acquisition will not cause a Default or Event of
Default, and (iii) any Person which is Acquired or created as a Subsidiary, if any, as a result of such Acquisition, becomes a member of the VL Group (other than in relation to a Spectrum Auction and Purchase, in which case Section 4.2.1
shall apply) and provides the Security contemplated by Section 4.2.1 or Article 9, subject to the exception contemplated by Section 9.3, as the case may be, (b) Acquisitions may be made of and between members of the VL Group to
the extent that the Borrower complies with the provisions of Section 12.12, (c) any member of the VL Group shall be permitted to acquire Back-to-Back Securities in an amount not exceeding the amount of the corresponding Back-to-Back
Securities, and shall also be permitted to acquire property as part of a Tax Benefit Transaction, provided that (A) no Default or Event of Default exists at the time and (B) acquiring such Back-to-Back Securities or property as part of a
Tax Benefit Transaction will not cause a Default or an Event of Default, and (d) any member of the VL Group shall be permitted to acquire Equity Interests of any of its Affiliates to the extent such Equity Interests are converted in full into
cash (pursuant to a redemption or other transaction by such Affiliate) either(i) substantially contemporaneously with the Acquisition, provided that (A) prior to the Acquisition, such Affiliate shall provide a Solvency Certificate from one
of its senior financial officers, (B) no Default or Event of Default exists at the time and (C) acquiring such Equity Interests and the redemption or other transaction that follows will not cause a Default or an Event of Default, or
(ii) within 3 Business Days after the date of the Acquisition, provided that in such case (A) prior to the Acquisition, at the request of the Agent, acting reasonably, such Affiliate shall provide a Solvency Certificate from a reputable
third party acceptable to the Agent, (B) no Default or Event of Default exists at the time, and (C) acquiring such Equity Interests and the redemption or other transaction that follows will not cause a Default or an Event of Default.

  

	 	13.7	Debt and Guarantees 

Incur or assume Debt, provide Guarantees or render itself liable in any manner whatsoever, directly or indirectly, for any Indebtedness or
obligation whatsoever of another Person, except (a) hereunder for the purposes set forth in Section 3.1; (b) that a member of the VL Group may provide financial assistance to another member of the VL Group to the extent that the
Borrower complies with the provisions of Section 12.12; (c) unsecured Debt not exceeding $75,000,000 under the Tranche B Finnvera credit agreement entered into among the Borrower, HSBC Bank plc, The Toronto-Dominion Bank and Sumitomo
Banking Corporation of Canada dated as of November 13, 2009; (d) in connection with Debt incurred or assumed that is secured by Permitted Charges, and within the limits applicable thereto; (e) in connection with Back-to-Back
Transactions and Tax Benefit Transactions including by way of unsecured daylight loans; (f) that the Borrower may incur or assume unsecured Debt by way of Additional Offerings, and that a member of the VL Group may provide unsecured Guarantees
in respect of obligations of the Borrower under any such Debt 

  
 83.

 
outstanding at any time, to the extent that the Borrower complies with the applicable Leverage Ratio calculated on a pro forma basis and, subject to the provisions of Section 9.3,
such member has provided a Guarantee under subsection 9.1.1 or provides such a Guarantee contemporaneously with its Guarantee in relation to the Additional Offering; (g) unsecured Debt by way of Additional Offerings incurred by the
Borrower before the Closing Date and listed in Schedule “H” and including, subject to Section 9.3, unsecured Guarantees by members of the VL Group in respect of obligations of the Borrower under such Debt outstanding at any time;
(h) the Borrower may borrow Subordinated Debt from Quebecor Media Inc. in a principal amount outstanding from time to time of up to $500,000,000, with interest at a rate not exceeding the greater of (y) the three month bankers’
acceptance rate quoted on Reuter’s Services, page CDOR, as at approximately 10:00 a.m. on such day plus 3.0% per annum, or (z) 7% per annum (together with interest accrued thereon or paid in kind, the “QMI
Subordinated Debt”); (i) additional unsecured Debt of up to $250,000,000; (j) in connection with other Subordinated Debt; (k) unsecured daylight loans incurred in connection with Tax Consolidation Transactions,
provided that prior to incurring the daylight loan made at the initiation of any Tax Consolidation Transaction in a minimum amount of $75,000,000, the Agent shall have been informed by the Borrower of the incurrence of such daylight loan; and
(l) unsecured Debt in respect of daylight loans in the ordinary course of business for cash management purposes; provided that, with respect to any of the matters described in paragraphs (c) to (i) above inclusive, (A) no Default
or Event of Default exists at the time, (B) incurring or assuming such Debt (including by way of providing such Guarantee) will not cause a Default or Event of Default, and (C) on a pro forma basis, the incurrence or assumption of
such Debt would not reasonably be expected to cause the Borrower to breach any of its covenants under Section 12.11 hereof. 
  

	 	13.8	Financial Assistance by the VL Group 

 Make any loan or advance to any party other than (a) as contemplated by Sections 13.4 and 13.6, or (b) to another member of the VL Group to the extent that the Borrower complies with the
provisions of Section 12.12, or (c) by way of Back-to-Back Transactions or Tax Benefit Transactions. Notwithstanding the foregoing, the VL Group shall be entitled to provide financial assistance to their customers in the ordinary course of
the Core Business by way of subsidizing consumer equipment purchases and leases and similar transactions. 
  

	 	13.9	Subordinated Debt 

Repay any Debt the repayment of which is subordinated to the rights of the Lenders, or pay any interest due to the creditor of any such
Debt, other than (a) interest due in respect of Subordinated Debt (including the QMI Subordinated Debt), provided (for greater certainty) that no Default has occurred or will occur as a result of such payment, and (b) any amount under or
in connection with the QMI Subordinated Debt, provided that the amount so repaid, together with the amounts distributed by the Borrower in accordance with Section 13.4, do not in the aggregate exceed the amounts permitted to be distributed by
the Borrower under Section 13.4, and (c) in respect of Back-to-Back Securities or Back-to-Back Transactions. In addition, the Borrower may agree to the conversion of the QMI Subordinated Debt into additional Equity Interests of the
Borrower. 

  
 84.

	 	13.10	Members of the VL Group, Related Party Transactions 

 Permit any Change in Control. In addition, no transaction shall be entered into by any member of the VL Group with any Associate of any member of the VL Group except on fair market terms and conditions as
would be contracted by Persons dealing at arms’ length, provided that this last sentence shall not apply to the transactions expressly permitted by paragraph (e) of Section 13.7; provided, however, for greater certainty, that to the
extent payments made in connection with or in respect of the Back-to-Back Transactions are made to any Affiliates of the Borrower that are not members of the VL Group, all corresponding payments required to be paid by such Affiliates pursuant to the
related Back-to-Back Securities are received, immediately prior to, concurrently with or immediately subsequent to any such payments, by all applicable members of the VL Group, and each such payment by a member of the VL Group shall be conditional
upon receipt of an equal or greater amount from such non-member of the VL Group that is an Affiliate. Finally, payment of a management fee or other similar expense by the Borrower to its direct or indirect parent company shall be permitted for bona
fide services (including reimbursement for expenses incurred in connection with, or allocation of corporate expenses in relation to, providing such services) provided to, and directly related to the operations of, the VL Group, in an aggregate
annual amount not to exceed 2.5% of consolidated revenues (being gross revenues of the VL Group calculated in accordance with GAAP, less any amounts derived from Persons that are not members of the VL Group except to the extent of the actual amount
of dividends or distributions actually paid to a member of the VL Group by such Person) in any twelve-month period. 
  

	 	13.11	Derivative Instruments 

 Enter into any Derivative Instruments other than for the purposes of hedging interest rate, commodity or foreign exchange exposure, and not for the purpose of speculation. 

 

	 	13.12	Anti-Terrorism Laws 

No member of the VL Group or any of its Subsidiaries shall engage in or conspire to engage in any transaction that has the purpose of
evading or avoiding or any provision of the Proceeds of Crime Act that is applicable to its activities. The Borrower shall deliver to the Agent and Lenders any certification or other evidence requested from time to time by the Agent or any Lender,
in its discretion, confirming compliance with this Section by the VL Group and each of its Subsidiaries. 
  

	14.	EVENTS OF DEFAULT AND REALIZATION 

  

	 	14.1	Event of Default 

The occurrence of any of the following events shall constitute an Event of Default unless remedied within the prescribed delays or
renounced to in writing: 
  

	 	14.1.1	If the Borrower fails to make any payment of principal or Fees with respect to the Loan Obligations when due, or fails to pay any interest due hereunder within 3
Business Days from its due date; or 

  
 85.

	 	14.1.2	If the Borrower fails to respect any of the financial tests set out in Section 12.11 or 12.12 hereof at any time; provided that in the case of a breach of
Section 12.12, the Borrower shall have 15 days to cure the Default as long as the Borrower and the Guarantors shall collectively (a) own at least 75% of the consolidated assets of the Borrower, and (b) generate at least 75% of
the consolidated EBITDA of the Borrower on a rolling four-quarter basis. If the ownership or EBITDA generation level of the Borrower and the Guarantors is below 75%, no cure period shall apply; 

 

	 	14.1.3	If the Borrower or any Guarantor (other than an Immaterial Subsidiary) fails to respect any of its other obligations and undertakings hereunder or under the Security
Documents or another undertaking of the Borrower or any other Guarantor (other than an Immaterial Subsidiary) with respect to the Loan Obligations not otherwise contemplated by this Section 14.1 and has not remedied the Default within fifteen
(15) days following the date on which the Agent has given written notice to the Borrower; or 

  

	 	14.1.4	If (a) the Borrower or any other member of the VL Group (other than an Immaterial Subsidiary) commits an act of bankruptcy within the meaning of the Bankruptcy and
Insolvency Act, makes an assignment in favour of its creditors, consents to the filing of a petition for a receiving order against it, files a proposal within the meaning of the Bankruptcy and Insolvency Act, or makes a motion to a tribunal to name,
or consents to, approves or accepts the appointment of a trustee, receiver, liquidator or sequestrator with respect to itself or its property, commences any other proceeding with respect to itself or its property under the provisions of any law
contemplating reorganizations, proposals, rectifications, compromises or liquidations in connection with insolvent Persons, in any jurisdiction whatsoever; or (b) a trustee, receiver, liquidator or sequestrator is named with respect to any
member of the VL Group (other than an Immaterial Subsidiary) or its property, or any member of the VL Group (other than an Immaterial Subsidiary) is judged insolvent or bankrupt; or (c) a proceeding seeking to name a trustee, receiver,
liquidator or sequestrator, or to force any member of the VL Group (other than an Immaterial Subsidiary) into bankruptcy, is commenced against any member of the VL Group (other than an Immaterial Subsidiary) or a proceeding is commenced by any other
Person against any member of the VL Group (other than an Immaterial Subsidiary) under the provisions of any law contemplating reorganisations, proposals, rectifications, arrangements, compromises or liquidations in connection with insolvent Persons
and is not settled or withdrawn within a delay of 30 days; or 

  
 86.

	 	14.1.5	If any member of the VL Group is in default with respect to any Indebtedness (other than amounts due to the Lenders hereunder) which has resulted in Indebtedness in
excess of an amount of $25,000,000 becoming payable prior to its stated maturity or scheduled repayment date; or 

  

	 	14.1.6	If one or more judgments is rendered by a competent tribunal against any member of the VL Group in an aggregate amount in excess of $25,000,000 (net of applicable
insurance coverage pursuant to which liability is acknowledged in writing by the insurer, with a copy promptly provided to the Agent on behalf of the Lenders) and remains undischarged or unsatisfied for a period ending on the earlier of
(a) 25 days from such judgment, or (b) the 5th day prior to the date on which such judgment becomes executory; or 

  

	 	14.1.7	If property of any member of the VL Group having a total value in excess of $25,000,000 is the object of one or more seizures or takings of possession or other legal
proceedings by creditors, and is not released within 15 days in respect of movable property or 45 days in respect of immovable property, and in any event, not less than 10 days prior to the date fixed for any sale of such property; or

  

	 	14.1.8	If any statement, attestation, financial statement, report, data, representation or warranty which was given by, for the account of or in the name of the Borrower or
any other member of the VL Group (other than an Immaterial Subsidiary) to the Lenders, with respect to this Agreement or any Security Documents, is revealed at any time to be misleading or incorrect in any material respect when it was made, and if
any event or circumstance which makes such statement, attestation, financial statement, report, data, representation or warranty misleading in any material respect is capable of being remedied, such action as may be required to remedy same shall not
have been completed within 15 days of the earlier of (a) the Agent notifying the Borrower or, as the case may be, a Guarantor of such breach, or (b) the Borrower notifying the Agent of the Default in accordance with
subsection 12.16.3; or 

  

	 	14.1.9	If in the opinion of the Lenders, acting in good faith, there occurs a Material Adverse Change and the situation has not been remedied within 15 days following the
earlier of the date on which (a) the Agent gave notice thereof to the Borrower, or (b) the Borrower gave notice to the Agent in accordance with subsection 12.16.3; or 

 

	 	14.1.10	If a Change in Control occurs; or 

  
 87.

	 	14.1.11	If any Guarantee to be provided by any Guarantor (other than an Immaterial Subsidiary) hereunder is or purports to be terminated by notice given under article 2362
of the Quebec Civil Code. 

  

	 	14.2	Remedies 

 If an
Event of Default occurs under subsection 14.1.4, the Loan Obligations shall immediately become due and payable, without presentation, demand, protest or other notice of any nature, to which the Borrower hereby expressly renounces. If any other
Event of Default occurs, the Agent may, at its option, and shall if required to do so by the Required Lenders-Acceleration, declare immediately due and payable, without presentation, demand, protest or other notice of any nature, to which the
Borrower hereby expressly renounces, notwithstanding any provision to the contrary effect in this Agreement or in the Security Documents: 
  

	 	14.2.1	the entire amount of the Loan Obligations, including the amount corresponding to the principal amount of the BA Advances then outstanding, in principal and interest,
notwithstanding the fact that one or more of the holders of the Bankers’ Acceptances issued pursuant to the provisions hereof have not demanded payment in whole or in part or have demanded only partial payment from the Lenders, and the amount
of the Derivative Obligations. The Borrower shall not have the right to invoke against the Lenders any defence or right of action, indemnification or compensation of any nature or kind whatsoever that the Borrower may at any time have or have had
with respect to any holder of one or more of the Derivative Instruments or Bankers’ Acceptances issued in accordance with the provisions hereof; and 

  

	 	14.2.2	an amount equal to the amount of losses, costs and expenses assumed by the Lenders and referred to in Sections 7.2, 7.4 and 17.13; and 

the Credit shall cease and as and from such time shall be cancelled, and the Lenders may exercise all of their rights and recourses under
the provisions of this Agreement and of the Security Documents. For greater certainty, from and after the occurrence of any Default or Event of Default, the Lenders shall not be obliged to make any further Advances under the Credit. 

 

	 	14.3	Bankruptcy and Insolvency 

 If the Borrower files a notice of intention to file a proposal, or files a proposal under the Bankruptcy and Insolvency Act, or if the Borrower obtains the permission of the court to file a Plan of
Arrangement under the Companies’ Creditors Arrangements Act, and if a stay of proceedings is obtained or ordered under the provisions of either of those statutes, without prejudice to the Lenders’ rights to contest such stay of
proceedings, subject to Applicable Law, the Borrower covenants and agrees to continue to pay interest on all amounts due to the Lenders in accordance with the provisions hereof. In this regard, the Borrower

  
 88.

 
acknowledges that permitting the Borrower to continue to use the proceeds of the Loan Obligations constitutes valuable consideration provided after the filing of any such proceeding in the same
way that permitting the Borrower to use leased premises constitutes such valuable consideration. 
  

	 	14.4	Notice 

 Except
where otherwise expressly provided herein, no notice or demand of any nature is required to be given to the Borrower by the Agent in order to put the Borrower in default, the latter being in default by the simple lapse of time granted to execute an
obligation or by the simple occurrence of a Default. 
  

	 	14.5	Costs 

 If an Event
of Default occurs, and within the limits contemplated by Section 12.14, the Agent may impute to the account of the Lenders and pay to other persons reasonable sums for services rendered with respect to the realization, recovery, sale, transfer,
delivery and obtaining of payment with respect to the Security and may deduct the amount of such costs and payments from the proceeds which it receives therefrom. The balance of such proceeds may be held by the Agent in the place of such Security
and, when the Agent decides it is opportune, may be applied to the account of the part of the indebtedness of the Borrower to the Lenders which the Agent deems preferable, without prejudice to the rights of the Lenders against the Borrower for any
loss of profit. 
  

	 	14.6	Relations with the Borrower 

 The Agent may grant delays, take security or renounce thereto, accept compromises, grant acquittances and releases and otherwise negotiate with the Borrower as it deems advisable without in any way
diminishing the liability of the Borrower or prejudicing the rights of the Lenders with respect to the Security. 
  

	 	14.7	Application of Proceeds 

 Subject to the provisions hereof (including those requiring the payment of the Secured Obligations prior to repayment of Loan Obligations under the Unsecured Facility once any Loan Obligations
under the Unsecured Facility have been transferred into the Revolving Facility up to the Threshold Amount in accordance with the provisions of Sections 4.10 and 6.13), and as among the Lenders, subject in particular to the provisions of
Section 18.8, the Agent may apply the proceeds of realization of the property contemplated by the Security Documents and of any credit or compensating balance in reduction of the part of the Loan Obligations (principal, interest or accessories)
which the Agent judges appropriate. If any Revolving Facility Lender is owed money by the Borrower on account of Derivative Obligations, the claim of such Lender shall rank pari passu with the other amounts comprising the Secured
Obligations. 

  
 89.

	15.	JUDGMENT CURRENCY 

  

	 	15.1	Rules of Conversion 

If for the purpose of obtaining judgment in any court or for any other purpose hereunder, it is necessary to convert an amount due,
advanced or to be advanced hereunder from the currency in which it is due (the “First Currency”) into another currency (the “Second Currency”) the rate of exchange used shall be that at which, in accordance with
normal banking procedures, the Agent could purchase, in the Canadian money market or the Canadian exchange market, as the case may be, the First Currency with the Second Currency on the date on which the judgment is rendered, the sum is payable or
advanced or to be advanced, as the case may be. The Borrower agrees that its obligations in respect of any First Currency due from it to the Lenders in accordance with the provisions hereof shall, notwithstanding any judgment rendered or payment
made in the Second Currency, be discharged by a payment made to the Agent on account thereof in the Second Currency only to the extent that, on the Business Day following receipt of such payment in the Second Currency, the Agent or the Finnvera
Facility Agent, as applicable, may, in accordance with normal banking procedures, purchase on the Canadian money market or the Canadian foreign exchange market, as the case may be, the First Currency with the amount of the Second Currency so paid or
which a judgment rendered payable (the rate applicable to such purchase being in this Section called the “FX Rate”); and if the amount of the First Currency which may be so purchased is less than the amount originally due in the
First Currency, the Borrower agrees as a separate and independent obligation and notwithstanding any such payment or judgment to indemnify the Lenders against such deficiency. 

 

	 	15.2	Determination of an Equivalent Currency 

 If, in their discretion, the Lenders, the Agent or the Finnvera Facility Agent choose or, pursuant to the terms of this Agreement, are obliged to choose the equivalent in Canadian Dollars of any
securities or amounts expressed in US Dollars or the equivalent in US Dollars of any securities or amounts expressed in Canadian Dollars, the Agent or the Finnvera Facility Agent, as the case may be, in accordance with the conversion rules as
stipulated in Section 15.1 
  

	 	15.2.1	on the date indicated in the Notice of Borrowing as the date of a request for an Advance; and 

 

	 	15.2.2	at any other time which in the opinion of the Lenders is desirable; 

 may, using the FX Rate, at such time on such date, determine the equivalent in Canadian Dollars or in US Dollars, as the case may be (the “Equivalent Amount”), of any security or
amount expressed in the other currency pursuant to the terms hereof. Immediately following such determination, the Agent or the Finnvera Facility Agent, as applicable, shall inform the Borrower of the conclusion which the Lenders have reached.

  
 90.

	16.	ASSIGNMENT 

 None of the provisions of
Article 16 shall apply to the Finnvera Facility Lenders or the Finnvera Term Facility, in respect of which the relevant provisions are set out in Section 10 of Schedule “P”. However, the Finnvera Facility Agent shall advise
the Agent of any Assignments under the Finnvera Term Facility and shall also provide a list of up-to-date Commitments of each Finnvera Facility Lender whenever any changes to such Commitments occur. 

 

	 	16.1	Assignment by the Borrower 

 The rights of the Borrower under the provisions hereof are purely personal and may not be transferred or assigned, and the Borrower may not transfer or assign any of its obligations, such assignment being
null and of no effect opposite the Lenders and rendering any balance outstanding of the amounts referred to in Section 14.2 immediately due and payable at the option of the Lenders and further releasing the Lenders from any obligation to make
any further Advances under the provisions hereof. 
  

	 	16.2	Assignments and Transfers by the Lenders 

  

	 	16.2.1	No Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Eligible Assignee in accordance with the provisions of
subsection 16.2.2, or (ii) by way of a sale of a participation in accordance with the provisions of Section 16.5 (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement,
expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in Section 16.5 and, to the extent expressly
contemplated hereby, the Related Parties of each of the Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

 

	 	16.2.2	Each Lender may assign or transfer to an Eligible Assignee in accordance with this Article 16 up to 100% of its rights, benefits and obligations hereunder;
provided that: 

  

	 	(a)	 except (i) if an Event of Default has occurred and has not been waived, or (ii) in the case of an assignment of the entire remaining amount
of the assigning Lender’s Commitment and the Loan Obligations at the time owing to it, or (iii) in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund with respect to a Lender, the aggregate amount of the
Commitment being assigned (which for this purpose includes Loan Obligations outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the Loan Obligations of the assigning Lender subject

  
 91.

	 	
to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Agent or, if “Trade Date” is specified in the
Assignment and Assumption, as of the Trade Date) shall not be less than $5,000,000, in the case of any assignment in respect of the Revolving Facility or the Unsecured Facility, unless each of the Agent and, so long as no Event of Default has
occurred and has not been waived, the Borrower, otherwise consent to a lower amount (each such consent not to be unreasonably withheld or delayed); 

  

	 	(b)	each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with
respect to the Loan Obligations or the Commitment assigned. Prior to the occurrence of an Event of Default which has not been waived, no Lender may assign all or any portion of its rights and obligations under the Revolving Facility or the Unsecured
Facility on a non-pro rata basis, and no Assignee may acquire any rights and obligations under the Revolving Facility or the Unsecured Facility on a non-pro rata basis as between the two Facilities; 

 

	 	(c)	any assignment of a Commitment under (i) the Revolving Facility, must be approved by the Issuing Lender and the Swing Line Lender, and (ii) the Unsecured
Facility, must be approved by the Issuing Lender. Any such approvals are not to be unreasonably withheld or delayed; 

  

	 	(d)	any assignment must be approved by the Agent (such approval not to be unreasonably withheld or delayed). 

 

	 	(e)	any assignment must be approved by the Borrower (such approval not to be unreasonably withheld or delayed if the Eligible Assignee is funding its Commitment out of the
United States of America or Canada, but may be withheld in the Borrower’s discretion if the Commitments are being funded from elsewhere) unless (i) the proposed Assignee is itself already a Lender with the same type of Commitment or
(ii) a Default has occurred and is continuing or (iii) an Event of Default has occurred and not been waived; and 

  

	 	(f)	the parties to each Assignment shall execute and deliver to the Agent an Assignment and Assumption Agreement, together with a processing and recordation fee in an
amount of $3,500, and the Eligible Assignee, if it is not a Lender, shall deliver to the Agent an Administrative Questionnaire. 

  
 92.

 Subject to acceptance and recording thereof by the Agent pursuant to Section 16.3, from
and after the effective date specified in each Assignment and Assumption, the Eligible Assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and
obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an
Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Article 7 and
Section 17.13 with respect to facts and circumstances occurring prior to the effective date of such Assignment. Any Assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this paragraph shall
be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with Section 16.5. Any payment by an Assignee to an assigning Lender in connection with an Assignment shall not
be or be deemed to be a repayment by the Borrower or a new Advance to the Borrower. 
  

	 	16.3	Register 

The Agent shall maintain at one of its offices in Toronto, Ontario or Montreal, Quebec, a copy of each Assignment and Assumption
delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts of the Loan Obligations owing to, each Lender pursuant to the terms hereof from time to time (the
“Register”). The entries in the Register shall be conclusive, absent manifest error, and the Borrower, the Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender
hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

  

	 	16.4	Electronic Execution of Assignments 

 The words “execution,” “signed,” “signature,” and words of like import in any Assignment and Assumption Agreement shall be deemed to include electronic signatures or
the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as
provided for in any Applicable Law, including the Electronic Documents (Banks and Bank Holding Companies) Regulations under the Bank Act (Canada), Parts 2 and 3 of the Personal Information Protection and Electronic Documents Act
(Canada), An Act to Establish a Legal Framework for Information Technology (Quebec), the Electronic Commerce Act, 2000 (Ontario) and other similar federal or provincial laws based on the Uniform Electronic Commerce Act of the Uniform
Law Conference of Canada or its Uniform Electronic Evidence Act, as the case may be. 

  
 93.

	 	16.5	Participations 

Any Lender may at any time, without the consent of, or notice to, the Borrower or the Agent, sell participations to any Person
(other than a natural person, a member of the VL Group or any Affiliate of a member of the VL Group) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or
a portion of its Commitment and/or the Loan Obligations owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other
parties hereto for the performance of such obligations and (iii) the Borrower, the Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this
Agreement. Any payment by a Participant to a Lender in connection with a sale of a participation shall not be or be deemed to be a repayment by the Borrower or a new Advance to the Borrower. 

Subject to Section 16.6, the Borrower agrees that each Participant shall be entitled to the benefits of Article 7 to the same
extent as if it were a Lender and had acquired its interest by Assignment pursuant to subsection 16.2.2. To the extent permitted by Applicable Law, each Participant also shall be entitled to the benefits of Section 8.11 as though it were a
Lender, provided such Participant agrees to be subject to Section 18.8 as though it were a Lender. 
  

	 	16.6	Limitations Upon Participant Rights 

 A Participant shall not be entitled to receive any greater payment under Sections 7.2 and 7.3 than the applicable Lender would have been entitled to receive with respect to the participation sold to
such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of
Section 7.3 unless the Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with subsection 7.3.5 as though it were a Lender. 

 

	 	16.7	Certain Pledges and Special Provisions 

 16.7.1 General. Any Lender may, at any time, pledge, hypothecate or grant a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, but no
such pledge, hypothec or security interest shall release such Lender from any of its obligations hereunder or substitute any such pledgee or security holder for such Lender as a party hereto. 

16.7.2 Federal Reserve Bank. Notwithstanding any provision of this Agreement to the contrary, any Lender governed by the Applicable
Law of the United States of America may at any time assign all or a portion of its rights under this Agreement and all other documents ancillary hereto (including the other Loan Documents) to a Federal Reserve Bank in order to secure its obligations
to such Federal Reserve Bank. No such assignment shall relieve the assigning Lender from its obligations under this Agreement or such other documents. 

  
 94.

 16.7.3 Promissory Notes. Upon the request of any Lender, the Borrower will execute
and deliver one or more promissory notes in form and substance acceptable to such Lender, acting reasonably, evidencing the Commitment under this Agreement and any Loan Obligations hereunder. 

 

	17.	MISCELLANEOUS 

  

	 	17.1	Notices 

 Except
where otherwise specified herein, all notices, requests, demands or other communications between the parties hereto shall be in writing and shall be deemed to have been duly given or made to the party to whom such notice, request, demand or other
communication is given or permitted to be given or made hereunder, when delivered to the party (by certified mail, postage prepaid, or by facsimile or by physical delivery) to the address of such party and to the attention indicated under the
signature of such party or to any other address which the parties hereto may subsequently communicate to each other in writing. Notwithstanding the foregoing, any notice shall be deemed to have been received by the party to whom it is addressed
(a) upon receipt if sent by mail and (b) if telecopied before 3:00 p.m. on a Business Day, on that day and if telecopied after 3:00 p.m. on a Business Day, on the Business Day next following the date of transmission. If normal postal or
telecopier service is interrupted by strike, work slow-down, fortuitous event or other cause, the party sending the notice shall use such services which have not been interrupted or shall deliver such notice by messenger in order to ensure its
prompt receipt by the other party. 
  

	 	17.2	Amendment and Waiver 

 The rights and recourses of the Lenders under this Agreement and the Security Documents are cumulative and do not exclude any other rights and recourses which the Lenders might have, and no omission or
delay on the part of the Lenders in the exercise of any right shall have the effect of operating as a waiver of such right, and the partial or sole exercise of a right or power will not prevent the Lenders from exercising thereafter any other right
or power. The provisions of this Agreement may only be amended or waived by an instrument in writing (and not orally) in each case signed by the Agent with the approval of the requisite majority of Lenders. 

 

	 	17.3	Determinations Final 

 In the absence of any manifest error, any determinations to be made by the Lenders in accordance with the provisions hereof, when made, are final and irrevocable for all parties. 

 

	 	17.4	Entire Agreement 

The entire agreement between the parties is expressed herein, and no variation or modification of its terms shall be valid unless
expressed in writing and signed by the parties. All previous agreements, promises, proposals, representations, understandings and 

  
 95.

 
negotiations between the parties hereto which relate in any way to the subject matter of this Agreement are hereby deemed to be null other than those contained in a letter by the Borrower to the
Agent dated December 21, 2005 and confirmed by the Agent on March 1, 2006, and a letter by the Borrower to the Agent dated February 28, 2006 and confirmed by the Agent on the same date. 

 

	 	17.5	Indemnification and Compensation 

 In addition to the other rights now or hereafter conferred by law and those described in subsection 6.6.2 and Section 8.12, and without limiting such rights, if a Default or Event of Default
should occur, each Lender, the Finnvera Facility Agent and the Agent is hereby authorized by the Borrower, at any time and from time to time, subject to the obligation to give notice to the Borrower subsequently and within a reasonable delay, to
indemnify, compensate, use and allocate any deposit (general or special, term or demand, including, without limitation, any debt evidenced by certificates of deposit, whether or not matured) and any other debt at any time held or due by the Lenders
to the Borrower or to its credit or its account, with respect to and on account of any obligation and indebtedness of the Borrower to the Lenders in accordance with the provisions hereof or the Security Documents, including, without limitation, the
accounts of any nature or kind which flow from or relate to this Agreement or the Security Documents, whether or not the Agent has made demand under the terms hereof or has declared the amounts referred to in Section 14.2 as payable in
accordance with the provisions of that Section and even if such obligation and Debt or either of them is a future or unmatured Debt. 
  

	 	17.6	Benefit of Agreement 

 This Agreement shall be binding upon and enure to the benefit of each party hereto and its successors and permitted assigns. 

 

	 	17.7	Counterparts 

 This
Agreement may be signed in any number of counterparts, each of which shall be deemed to constitute an original, but all of the separate counterparts shall constitute one single document. 

 

	 	17.8	Applicable Law 

This Agreement, its interpretation and its application shall be governed by the Applicable Law of the Province of Quebec and the
Applicable Law of Canada applicable therein. 
  

	 	17.9	Severability 

 Each
provision of this Agreement is separate and distinct from the others, such that any decision of a court or tribunal to the effect that any provision of this Agreement is null or unenforceable shall in no way affect the validity of the other
provisions of this Agreement or the enforceability thereof. Any provision of this agreement which is prohibited or 

  
 96.

 
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and
any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted by Applicable Law, the Borrower hereby waives any provision of any Applicable
Laws which renders any provision hereof prohibited or unenforceable in any respect. 
  

	 	17.10	Further Assurances 

The Borrower covenants and agrees on its own behalf and on behalf of each member of the VL Group that, at the request of the Agent or the
Finnvera Facility Agent, the Borrower and each other member of the VL Group will at any time and from time to time execute and deliver such further and other documents and instruments and do all acts and things as the Agent or the Finnvera Facility
Agent in its absolute discretion requires in order to evidence the indebtedness of the Borrower under this Agreement or otherwise, including under any Derivative Instruments, and to confirm and perfect, and maintain perfection of, the Security.

  

	 	17.11	Good Faith and Fair Consideration 

 Each party hereto acknowledges and declares that it has entered into this Agreement freely and of its own will. In particular, each party hereto acknowledges that this Agreement was freely negotiated by
the Borrower and the Lenders in good faith, that this Agreement does not constitute a contract of adhesion, that there was no exploitation of the Borrower by the Lenders, and that there is no serious disproportion between the consideration provided
by the Lenders and that provided by the Borrower. 
  

	 	17.12	Responsibility of the Lenders 

 Each Lender shall be solely responsible for the performance of its own obligations hereunder. Accordingly, no Lender is in any way jointly and severally or solidarily responsible for the performance of
the obligations of any other Lender. 
  

	 	17.13	Indemnity 

 The
Borrower agrees to indemnify and defend each of the Agent, the Finnvera Facility Agent, each Lender, and their respective directors, officers, agents and employees from, and hold each of them harmless against, any and all losses, liabilities,
claims, damages or expenses of any kind which at any time or from time to time may be asserted against or incurred or paid by any of them for or in connection with, arising directly or indirectly from or relating to: (i) the participation of
the Agent, the Finnvera Facility Agent or of any of the Lenders in the transactions contemplated by this Agreement, (ii) any Advance or the use or proposed use of the proceeds therefrom (including any refusal by the Issuing Lender to honour a
demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) the role of the Agent, the Finnvera Facility Agent or the Lenders in
any investigation, litigation or other proceeding brought or threatened relating to the Credit, (iv) the presence 

  
 97.

 
on or under or the release or migration from any property or into the environment of any hazardous material, and/or (v) the compliance with or enforcement of any of their rights or
obligations hereunder, including without limitation: 
  

	 	17.13.1	the fees and disbursements of counsel; 

  

	 	17.13.2	the costs of defending, counterclaiming or claiming over against third parties in respect of any action or matter and any cost, liability or damage arising out of any
settlement; and 

  

	 	17.13.3	other than losses, liabilities, claims, damages or expenses incurred by reason of the gross negligence or wilful misconduct of the indemnified party, as determined by a
final judgment of a court of competent jurisdiction. 

  

	 	17.14	Language 

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

	 	17.15	Anti-Terrorism Legislation 

 Each Lender hereby notifies the Borrower and each member of the VL Group that pursuant to the requirements of the USA Patriot Act, Title III of Pub. L. 107-56 (signed into law October 26, 2001, with
respect to the USA) and the Proceeds of Crime Act (with respect to Canada) (in this Section, the “Acts”), it is required to obtain, verify and record information that identifies the Borrower and the other members of the VL Group, which
information includes the names and addresses of the Borrower and the other members of the VL Group and other information that will allow such Lender to identify the Borrower and the other members of the VL Group in accordance with the Acts.

  

	18.	THE AGENT AND THE LENDERS 

  

	 	18.1	Authorization of Agent 

  

	 	18.1.1	 Each Lender hereby irrevocably appoints and authorizes the Agent to act for all purposes as its agent hereunder and under the Security Documents with
such powers as are expressly delegated to the Agent by the terms of this Agreement, together with such other powers as are reasonably incidental thereto and undertakes not to take any action on its own. Notwithstanding the provisions of the Civil
Code of Quebec relating to contracts generally and to mandate, the Agent shall have no duties or 

  
 98.

	 	
responsibilities except those expressly set forth in this Agreement. As to any matters not expressly provided for by this Agreement, the Agent shall act hereunder or in connection herewith in
accordance with the instructions of the Lenders in accordance with the provisions of this Article 18, but, in the absence of any such instructions, the Agent may (but shall not be obliged to) act as it shall deem fit in the best interests of
the Lenders, and any such instructions and any action taken by the Agent in accordance herewith shall be binding upon each Lender. The Agent shall not, by reason of this Agreement, be deemed to be a trustee for the benefit of any Lender, the
Borrower or any other Person. Neither the Agent nor any of its directors, officers, employees or agents shall be responsible to the Lenders for any recitals, statements, representations or warranties contained in this Agreement or in any certificate
or other document referred to, or provided for in, or received by any of them under, this Agreement, for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement, or any other document referred to or provided
for herein or any collateral provided for hereby or for any failure by the Borrower to perform its obligations hereunder. The Agent may employ agents and attorneys-in-fact and shall not be responsible for the negligence or misconduct of any such
agents or attorneys-in-fact selected by it with reasonable care. Neither the Agent nor any of its directors, officers, employees or agents shall be responsible for any action taken or omitted to be taken by it or them under or in connection
herewith, except for its or their own gross negligence or wilful misconduct. 

  

	 	18.1.2	 For the purposes of creating a solidarité active between each Lender, taken individually, and the Agent in accordance with
Article 1541 of the Civil Code of Québec, the Borrower and each Lender (on its own behalf) acknowledge and agree with the Agent that such Lender and the Agent are hereby conferred the legal status of solidary creditors of the
Borrower and the Guarantors in respect of all amounts, liabilities and other obligations, present and future, owed by the Borrower to the Agent and such Lender hereunder and under Derivative Instruments (collectively, the “Lender Solidary
Claim”). Accordingly, but subject (for the avoidance of doubt) to Article 1542 of the Civil Code of Québec, the Borrower and each of the Guarantors is irrevocably bound towards the Agent and each Lender in respect of the
entire Lender Solidary Claim of the Agent and such Lender, such that the Agent and each Lender shall at all times have a valid and effective right of action for the entire Lender Solidary Claim of the Agent and such Lender and the right to give a
full acquittance for it. Thus, without limiting the generality of the foregoing, the Agent, as solidary creditor for itself and each Lender, shall at all times have a valid and effective right of action in respect of all amounts, liabilities and
other obligations owed by the Borrower and the 

  
 99.

	 	
Guarantors to the Agent and the Lenders or any of them hereunder and under Derivative Instruments and the right to give full acquittance for same. The parties further agree and acknowledge that
the Security Documents described in Section 9.1 shall be granted to the Agent, for its own benefit and for the benefit of the Lenders, as solidary creditor as hereinabove set forth. 

 

	 	18.2	Agent’s Responsibility 

  

	 	18.2.1	The Agent shall be entitled to rely upon any certificate, notice or other document (including any cable, telegram or telecopy) believed by it to be genuine and correct
and to have been signed or sent by or on behalf of the proper person or persons, and upon advice and statements of legal advisers, independent accountants and other experts selected by the Agent. The Agent may deem and treat each Lender as the
holder of the Commitment in the Loan Obligations made by such Lender for all purposes hereof unless and until an Assignment has been completed in accordance with Section 16.2. 

 

	 	18.2.2	The Agent shall not be deemed to have knowledge of the occurrence of a Default or Event of Default unless the Agent has received notice from a Lender or the Borrower
describing such a Default or Event of Default and stating that such notice is a “Notice of Default”. In the event that the Agent receives such a notice of the occurrence of a Default or Event of Default or otherwise becomes aware that a
Default or Event of Default has occurred, the Agent shall promptly give notice thereof to the Lenders. The Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the Lenders in accordance
with the provisions of this Article 18 provided that, unless and until the Agent shall have received such directions, the Agent may (but shall not be obliged to) take such action, or refrain from taking such action, with respect to such a
Default or Event of Default as it shall deem advisable in the best interest of the Lenders. 

  

	 	18.2.3	The Agent shall have no responsibility, (a) to the Borrower on account of the failure of any Lender to perform its obligations hereunder, or (b) to any Lender
on account of the failure of the Borrower to perform its obligations hereunder. 

  

	 	18.2.4	Each Lender severally represents and warrants to the Agent that it has made its own independent investigation of the financial condition and affairs of the Borrower in
connection with the making and continuation of its Commitment in the Loan Obligations hereunder and has not relied on any information provided to such Lender by the Agent in connection herewith, and each Lender represents and warrants to the Agent
that it shall continue to make its own independent appraisal of the creditworthiness of the Borrower while the Loan Obligations are outstanding or the Lenders have any obligations hereunder. 

  
 100.

	 	18.3	Rights of Agent as Lender 

 With respect to its Commitment in the Loan Obligations, the Agent in its capacity as a Lender shall have the same rights and powers hereunder as any other Lender and may exercise the same as though it
were not acting as the Agent and the term “Lender” shall, unless the context otherwise indicates, include the Agent in its capacity as a Lender. The Agent may (without having to account therefor to any Lender) accept deposits from, lend
money to and generally engage in any kind of banking or other business with the Borrower as if it were not acting as the Agent and may accept fees and other consideration from the Borrower for customary services in connection with this Agreement and
the Loan Obligations and otherwise without having to account for the same to the Lenders. 
  

	 	18.4	Indemnity 

 Each
Lender agrees to indemnify the Agent, to the extent not otherwise reimbursed by the Borrower, rateably in accordance with its respective Commitments, for any and all liabilities, obligations, losses, damages, penalties, actions, judgements, suits,
costs, expenses or disbursements of any kind and nature whatsoever which may be imposed on, incurred by or asserted against, the Agent in any way relating to or arising out of this Agreement, the Security Documents or any other documents
contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby (excluding, unless a Default or Event of Default is apprehended or has occurred and is continuing, normal administrative costs and expenses
incidental to the performance of its agency duties hereunder) or the enforcement of any of the terms hereof or of any such other documents, provided that no Lender shall be liable for any of the foregoing to the extent they arise from the
Agent’s gross negligence or wilful misconduct. 
  

	 	18.5	Notice by Agent to Lenders 

 As soon as practicable after its receipt thereof, the Agent will forward to each Lender a copy of each report, notice or other document required by this Agreement to be delivered to the Agent for such
Lender. 
  

	 	18.6	Protection of Agent 

  

	 	18.6.1	 The Agent shall not be required to keep itself informed as to the performance or observance by the Borrower of this Agreement or any other document
referred to or provided for herein or therein or to inspect the properties or books of the Borrower. Except (in the case of the Agent) for notices, reports and other documents and information expressly required to be furnished to the Lenders by the
Agent hereunder, the Agent shall have no duty or responsibility to provide any Lender with any credit or other information concerning the affairs or 

  
 101.

	 	
financial condition of the Borrower which may come to the attention of the Agent, except where provided to the Agent for the Lenders, provided that such information does not confer any advantage
to the Agent as a Lender over the other Lenders. Nothing in this Agreement shall oblige the Agent to disclose any information relating to the Borrower if such disclosure would or might, in the opinion of the Agent, constitute a breach of any
Applicable Laws or duty of secrecy or confidence. 

  

	 	18.6.2	Unless the Agent shall have been notified in writing or by telegraph or telecopier by any Lender prior to the date of an Advance requested hereunder that such Lender
does not intend to make available to the Agent such Lender’s proportionate share of such Advance, based on its Commitment, the Agent may assume that such Lender has made such Lender’s Commitment in such Advance available to the Agent on
the date of such Advance and the Agent may, in reliance upon such assumption, make available to the Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Agent by such Lender, the Agent shall be entitled
to recover such amount (together with interest thereon at the rate determined by the Agent as being its cost of funds in the circumstances) on demand from such Lender or, if such Lender fails to reimburse the Agent for such amount on demand, from
the Borrower. 

  

	 	18.6.3	Unless the Agent shall have been notified in writing or by telegraph or telecopier by the Borrower prior to the date on which any payment is due hereunder that the
Borrower does not intend to make such payment, the Agent may assume that the Borrower has made such payment when due and the Agent may, in reliance upon such assumption, make available to each Lender on such payment date an amount equal to such
Lender’s pro rata share of such assumed payment. If it is established that the Borrower has not in fact made such payment to the Agent, each Lender shall forthwith on demand repay to the Agent the amount made available to such Lender
(together with interest at the rate determined by the Agent as being its cost of funds in the circumstances). 

  

	 	18.7	Notice by Lenders to Agent 

 Each Lender shall endeavour to use its best efforts to notify the Agent of the occurrence of any Default or Event of Default forthwith upon becoming aware of such event, but no Lender shall be liable if
it fails to give such notice to the Agent. 
  

	 	18.8	Sharing Among the Lenders 

 Following the occurrence of a Default or Event of Default prior to the Conversion Date-Total, once the Revolving Facility has been drawn up to the Threshold Amount (including as a result of the Swing Line
Commitment being reduced to nil, either by Advances or by 

  
 102.

 
transfers of Loan Obligations made in accordance with Sections 4.10 and 6.13), all of the Secured Obligations must be repaid before the repayment of any Loan Obligations under the Unsecured
Facility. Consequently, if there are Loan Obligations outstanding under the Unsecured Facility at the relevant time after completing any such transfers, any losses incurred shall be borne by the Unsecured Facility Lenders up to the full amount of
the Loan Obligations then outstanding under the Unsecured Facility before any such losses are shared by the Revolving Facility Lenders or the Finnvera Facility Lenders. 
 Accordingly, each Revolving Facility Lender and each Finnvera Facility Lender agrees as amongst themselves that except as otherwise provided for by the provisions of this Agreement (including the
transfers required by the first paragraph of this Section 18.8), all amounts received by the Agents, in their capacity as agents of the Revolving Facility Lenders or the Finnvera Facility Lenders pursuant to this Agreement or any other document
contemplated hereby (whether received by voluntary payment, by the exercise of the right of set-off or compensation or by counterclaim, cross-claim, separate action or as proceeds of realization of any security, other than agency fees), and all
amounts received by any such Lender in relation to this Agreement, in each case following a Default (which is not remedied subsequent to such receipt) or an Event of Default (which is not waived subsequent to such receipt), shall be shared by each
such Lender pro rata, in accordance with its respective Secured Applicable Percentage, and each such Lender undertakes to do all such things as may be reasonably required to give full effect to this Section 18.8. If any amount which is
so shared is later recovered from the Lender who originally received it, each other Revolving Facility Lender and each Finnvera Facility Lender shall restore its proportionate share of such amount to such Lender, without interest. 

Each Unsecured Facility Lender agrees as amongst themselves that except as otherwise provided for by the provisions of this Agreement
(including the principle that all of the Secured Obligations must be repaid before the repayment of Loan Obligations under the Unsecured Facility after the transfers required by the first paragraph of this Section 18.8), all amounts received by
the Agent, in its capacity as agent of the Unsecured Facility Lenders pursuant to this Agreement or any other document contemplated hereby (whether received by voluntary payment, by the exercise of the right of set-off or compensation or by
counterclaim, cross-claim, separate action or as proceeds of realization of any security, other than agency fees), and all amounts received by any Unsecured Facility Lender in relation to this Agreement, in each case following a Default (which is
not remedied subsequent to such receipt) or an Event of Default (which is not waived subsequent to such receipt), shall be shared by each such Lender pro rata, in accordance with its respective Unsecured Applicable Percentage, and each such
Lender undertakes to do all such things as may be reasonably required to give full effect to this Section 18.8. If any amount which is so shared is later recovered from the Lender who originally received it, each other Unsecured Facility Lender
shall restore its proportionate share of such amount to such Lender, without interest. 
 As a necessary consequence of the
foregoing, if the amounts realized by the Agents are not sufficient to repay the aggregate amount of the Secured Obligations, each Revolving Facility Lender and Finnvera Facility Lender shall share, in a percentage equal to its Secured Applicable
Percentage, any losses incurred as a result of any Default or Event of Default by 

  
 103.

 
the Borrower, and shall pay to the Agent, within two (2) Business Days following a request by the Agent, any amount required to ensure that such Lender bears its pro rata share of such
losses, if any, including any amounts required to be paid to any Lender in respect of any Bankers’ Acceptances and, for greater certainty, amounts forming part of the Swing Line Loan (which forms part of the Revolving Facility). 

If the amounts realized by the Agents are sufficient to repay the aggregate amount of the Secured Obligations after the transfers required
by the first paragraph of this Section 18.8, but are not sufficient to repay the Loan Obligations under the Unsecured Facility, each Unsecured Facility Lender shall share, in a percentage equal to its Unsecured Applicable Percentage, any losses
incurred as a result of any Default or Event of Default by the Borrower, and shall pay to the Agent, within two (2) Business Days following a request by the Agent, any amount required to ensure that such Lender bears its pro rata share of such
losses, if any, including any amounts required to be paid to any Lender in respect of any Bankers’ Acceptances. 
 Such
obligations to share losses shall be absolute and unconditional and shall not be affected by any circumstance, including, without limitation, (1) any set-off, compensation, counterclaim, recoupment, defence or other right which such Lender may
have against the Agents, the Borrower or any other Person for any reason whatsoever; (2) the occurrence or continuance of any Default or Event of Default; (3) any adverse change in the condition (financial or otherwise) of the Borrower or
any other Person; (4) any breach of this Agreement by the Borrower or any other Person; or (5) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing. If any Lender does not make available the
amount required hereunder, the Agent shall be entitled to recover such amount on demand from such Lender, together with interest thereon at the Prime Rate from the date of non-payment until such amount is paid in full. 

 

	 	18.9	Derivative Obligations 

  

	 	18.9.1	The Derivative Obligations shall be secured by the Security provided that the related Derivative Instruments: 

 

	 	(a)	are governed by an ISDA Master Agreement or other form of agreement generally accepted in the relevant market; 

 

	 	(b)	provide that bankruptcy or insolvency constitutes an event of default thereunder; and 

 

	 	(c)	provide that for the purposes of Section 6(e) of the 1992 ISDA Master Agreement or the 2002 ISDA Master Agreement, the methods of calculation set out in the
definition of “Hedging Exposure” shall apply. 

  

	 	18.9.2	 Notwithstanding the rights of the Revolving Facility Lenders to benefit from the Security in respect of Derivative Obligations, all decisions

  
 104.

	 	
concerning the Security and the enforcement thereof shall be made by the Lenders, the Majority Lenders or the Required Lenders-Acceleration, as the case may be, in accordance with the provisions
of this Agreement, excluding the amount owed to any Lender in respect of Derivative Obligations. No Lender holding Derivative Obligations from time to time shall have any additional right to influence the Security or the enforcement thereof as a
result of holding Derivative Obligations as long as this Agreement remains in force. No such Lender shall be able to enforce the Security unless the Lenders are at the same time enforcing the Security for the Loan Obligations. However, the
Derivative Obligations shall continue to be supported by the Security notwithstanding the termination of this Agreement by reason of payment in full and termination of the Credit, or for any other reason, and all Derivative Obligations owed to any
Revolving Facility Lender (or to a Person that was a Revolving Facility Lender at the time the Derivative Obligation in question was contracted) shall continue to be supported by the Security after such Lender ceases to be an Agent or a Lender or to
have an Affiliate which is an Agent or a Lender. After the termination of this Agreement, each holder of Derivative Obligations shall be entitled, in its sole discretion, to make decisions concerning the Security. 

 

	 	18.9.3	Each Lender shall confirm to the Agent the details of each Derivative Instrument executed by it by or for the benefit of the Borrower, including the Hedging Exposure
thereunder, within a reasonable period following request by the Agent, if any such request is made. 

  

	 	18.9.4	Each Lender shall confirm to the Agent and to the Borrower, upon request, quarterly on or about the last day of each financial quarter of each financial year of the
Borrower, the Hedging Exposure under Derivative Instruments to which it is a party, calculated on a net as well as on a gross basis where several Derivative Instruments are governed by the same Master Agreement. The Agent shall then confirm to each
Lender the total amount of the Hedging Exposure under Derivative Obligations with each Lender. 

  

	 	18.10	Procedure with respect to Advances 

 Subject to the provisions of this Agreement, upon receipt of a Notice of Borrowing from the Borrower, the Agent shall, without delay, advise each Lender of the receipt of such notice, of the date of such
Advance, of its proportionate share of the amount of each Advance and of the relevant details of the Agent’s account(s). Each Lender shall disburse its proportionate share of each Advance, taking into account its Commitment, and shall make it
available to the Agent (no later than 10:00 A.M.) on the date of the Advance fixed by the Borrower, by depositing its proportionate share of the Advance in the Agent’s account in Canadian Dollars or US Dollars, as the case may be. Once the
Borrower has fulfilled the conditions stipulated in this Agreement, the Agent will make such amounts available to the 

  
 105.

 
Borrower on the date of the Advance, at the Branch, and, in the absence of other arrangements made in writing between the Agent and the Borrower, by transferring or causing to be transferred an
equivalent amount in the case of a direct Advance, and the Available Proceeds (as defined in subsection 6.2.4(d)) in the case of Banker’s Acceptances, in accordance with the instructions of the Borrower which appear in the Notice of
Borrowing with respect to each Advance; however, the obligation of the Agent with respect hereto is limited to taking the steps judged commercially reasonable in order to follow such instructions, and once undertaken, such steps shall constitute
conclusive evidence that the amounts have been disbursed in accordance with the applicable provisions. The Agent shall not be liable for damages, claims or costs imputed to the Borrower and resulting from the fact that the amount of an Advance did
not arrive at its agreed-upon destination. 
  

	 	18.11	Accounts kept by each Lender 

 Each Lender shall keep in its books, in respect of its Commitment, accounts for the Prime Rate Advances, US Base Rate Advances, Bankers’ Acceptances and other amounts payable by the Borrower under
this Agreement. Each Lender shall make appropriate entries showing, as debits, the amount of the Debt of the Borrower to it in respect of the Prime Rate Advances, US Base Rate Advances and BA Advances, as the case may be, the amount of all accrued
interest and any other amount due to such Lender pursuant hereto and, as credits, each payment or repayment of principal and interest made in respect of such indebtedness as well as any other amount paid to such Lender pursuant hereto. These
accounts shall constitute (in the absence of manifest error or of contradictory entries in the accounts of the Agent referred to in Section 4.4) prima facie evidence of their content against the Borrower. 

The accounts which are maintained by the Agent shall constitute, except in the case of manifest error, prima facie proof of the
amounts advanced and the Bankers’ Acceptances accepted by each Lender, the interest and other amounts due to them and the payments of principal, interest or others made to the Lenders. 

 

	 	18.12	Binding Determinations 

 The Agent shall proceed in good faith to make any determination which is required in order to apply this Agreement and, once made, such determination shall be final and binding upon all parties, except in
the case of manifest error. 
  

	 	18.13	Amendment of Article 18 

 The provisions of this Article 18 relating to the rights and obligations of the Lenders and the Agent inter se may be amended or added to, from time to time, by the execution by the Agent and
the Lenders of an instrument in writing and such instrument in writing shall validly and effectively amend or add to any or all of the provisions of this Article affecting the Lenders without requiring the execution of such instrument in
writing by the Borrower. 

  
 106.

	 	18.14	Decisions, Amendments and Waivers of the Lenders 

 When the Lenders may or must consent to an action or to anything or to accomplish another act in applying this Agreement, the Agent shall request that each Lender give its consent in this regard. Subject
to the provisions of Sections 18.15 and 14.2, all decisions taken by the Lenders shall be taken as follows: a) if there are two Lenders, by unanimous consent; b) if there are three or more Lenders, by the Majority Lenders. The Agent
shall confirm such consent to each Lender and to the Borrower. 
  
  

	 	18.15	Authorized Waivers, Variations and Omissions 

 If so authorized in writing by the Lenders in accordance with the provisions of Section 18.14, the Agent, on behalf of the Lenders, may grant waivers, consents, vary the terms of this Agreement and
the Security Documents and do or omit to do all acts and things in connection herewith or therewith. Notwithstanding the foregoing, except with the prior written agreement of (a) each of the Lenders with Commitments in the Facility or
Facilities being amended (or in respect of which a waiver is requested, each such Lender an “Affected Lender”), nothing in Section 18.14 or this Section 18.15 shall authorize (i) any extension of the date for, or
decrease in the amount of, any payment of principal, interest or other amounts, (ii) any extension of any maturity date not applicable to all Facilities, or (iii) the release, in whole or in part, of any of the Security Documents (other
than the Guarantees) or the Security constituted thereby, except as provided herein with respect to permitted Asset Dispositions (in Section 13.3) or as contemplated in Sections 9.3 and 13.1, and (b) each of the Lenders, nothing in
Section 18.14 or this Section 18.15 shall authorize (i) any change (other than an extension) of the date for, increase in the amount of, or change in the currency or mode of calculation or computation of any payment of principal,
interest or other amount (including the amount of the Revolving Facility, the Unsecured Facility, any New Facility or the Finnvera Term Facility, except as provided in Sections 2.3 and 2.4), (ii) any extension of any maturity date applicable to
all Facilities, (iii) any change in the terms of Article 18, (iv) any change in the manner of making decisions among the Lenders including the definition of Majority Lenders and Required Lenders-Acceleration, (v) the release of
the Borrower or any Guarantor, except as provided herein with respect to permitted Asset Dispositions or as contemplated in Sections 9.3 and 13.1, (vi) any change in or any waiver of the conditions precedent provided for in Article 10
or (viii) any amendment to this Section 18.15. Waivers of Events of Default not requiring the unanimous consent of the Lenders may be granted by the Majority Lenders or, for Events of Default requiring a waiver in the circumstances
described in (a) above, the Affected Lenders (and not by the Required Lenders-Acceleration). 
 In addition, no amendment to
or waiver of (A) Section 4.2 shall be made without the consent of the Issuing Lenders, (B) Section 4.3 shall be made without the consent of the Swing Line Lender, and (C) the definition of “Defaulting Lender”
without the consent of the Agent, the Finnvera Agent, the Issuing Lender and the Swing Line Lender. 

  
 107.

	 	18.16	Provisions for the Benefit of Lenders Only - Power of Attorney for Quebec Purposes 

Without limiting the powers of the Agent hereunder or under the Security Documents and to the extent applicable, each of the Lenders
hereby acknowledges that the Agent (or a collateral agent designated by the Agent) shall, for the purposes of holding any security granted under the hypothecs described in Section 9.1.3 hereof to secure payment of the Debentures, be the holder
of an irrevocable power of attorney (fondé de pouvoir) (within the meaning of Article 2692 of the Civil Code of Quebec) for all present and future Lenders and in particular for all present and future holders of the
Debentures. Each of the Lenders hereby constitutes, to the extent necessary, the Agent (or such designated collateral agent) as the holder of such irrevocable power of attorney in order to hold security granted under such hypothecs to secure the
Debentures. Each Assignee shall be deemed to have confirmed and ratified the constitution of the Agent as the holder of such irrevocable power of attorney by execution of the relevant Transfer Agreement. Notwithstanding the provisions of
Section 32 of the An Act respecting the Special Powers of Legal Persons (Quebec), the Borrower, the Guarantors and the Lenders irrevocably agree that the Agent may acquire and be the holder of a Debenture. By executing a Debenture, the
issuer of the Debenture shall be deemed to have acknowledged that the Debenture constitutes a title of indebtedness, as such term is used in Article 2692 of the Civil Code of Quebec. 

 

	 	18.17	Defaulting Lenders 

  

	 	18.17.1	Notwithstanding any other provision of this Agreement, if any Lender becomes a Defaulting Lender, then the provisions of this Section 18.17 shall apply until the
Agent (or in the case of a Defaulting Lender under the Finnvera Term Facility, the Finnvera Facility Agent), the Borrower, the Issuing Lender and the Swing Line Lender all agree that the Defaulting Lender has remedied all matters that caused it to
be a Defaulting Lender. 

  

	 	18.17.2	Any standby fee shall cease to accrue on the Defaulting Lender’s unadvanced portion of any Advance. 

 

	 	18.17.3	The Defaulting Lender shall not be entitled to exercise any right of consent under Sections 18.14 or 18.15 and its Commitment shall not be included in determining
whether the Lenders or the Majority Lenders have provided any consent under those Sections. However, the Defaulting Lender shall be entitled to exercise its right of consent in respect of (a) any matter that requires its consent hereunder
including, for the avoidance of doubt, any increase in the amount of the Revolving Facility, the Unsecured Facility, any New Facility or the Finnvera Term Facility except as provided in Sections 2.3 and 2.4 or the extension of the Commitment of
such Defaulting Lender, and (b) any matter that requires the consent of all Lenders, but only if it would be affected differently than the other Lenders. 

  
 108.

	 	18.17.4	The Borrower’s right to receive Advances of the Defaulting Lender’s unadvanced Commitment under the Facilities shall be suspended and the participation of the
other Lenders in the Facilities including the Swing Line shall be re-adjusted on a pro rata basis without regard to the unadvanced Commitment of the Defaulting Lender but without increasing the overall Commitments of the other Lenders. If
(a) the unadvanced Commitments of the other Lenders would not be sufficient to cover their obligations together with the obligations of the Defaulting Lender under Section 4.2 or 4.3, or (b) an Event of Default has occurred and not
been waived, then the Borrower shall repay the Swing Line Loan and shall provide LC Escrowed Funds to the Issuing Lender to secure Letters of Credit to the extent necessary to cover the deficiency. 

 

	 	18.17.5	If the Borrower provides LC Escrowed Funds to the Issuing Lenders to secure Letters of Credit, the Borrower shall not be required to pay LC Fees for the account of the
Defaulting Lender in respect of the amount for which it has provided LC Escrowed Funds. If the obligation of the Defaulting Lender regarding Letters of Credit under Section 4.2is borne by the other Lenders as a result of
subsection 18.17.4, then the other Lenders shall be entitled to receive any LC Fee that would otherwise have been payable to the Defaulting Lender. 

  

	 	18.17.6	The Agent (or in the case of a Defaulting Lender under the Finnvera Term Facility, the Finnvera Facility Agent) may, without prejudice to the other rights of the
Lenders, make adjustments to the payments to a Defaulting Lender under this Agreement as necessary to compensate the other Lenders and the Agent for the Defaulting Lender’s failure to make any payment or fulfill any other obligation under this
Agreement. 

  

	 	18.18	Provisions for the Benefit of Lenders Only 

 The provisions of this Article 18 relating to the rights and obligations of the Lenders and Agent inter se shall be operative as between the Lenders and Agent only, and the Borrower shall not
have any rights or obligations under or be entitled to rely for any purposes upon such provisions. However, the provisions of subsection 18.2.3 and 18.16 shall be applicable as between the Borrower, the Guarantors (if applicable) and the Agent.

  

	 	18.19	Resignation of Agent 

  

	 	18.19.1	Notwithstanding the irrevocable appointment of the Agent, a majority of Lenders holding not less than 66.67% of the Commitments may (with the consent of the Borrower),
upon giving the Agent thirty (30) days prior written notice to such effect, terminate the Agent’s appointment hereunder provided that a successor Agent has been appointed at or prior to the expiry of such notice. 

  
 109.

	 	18.19.2	The Agent may resign its appointment hereunder at any time without giving any reason therefor by giving written notice to such effect to each of the other parties
hereto. Such resignation shall not be effective until a successor Agent has been appointed. 

  

	 	18.19.3	In the event of any such termination or resignation, the Lenders shall appoint a successor Agent that is willing to accept such role and is acceptable to the Borrower
within thirty (30) days therefrom, deliver copies of all accounts to such successor and the retiring Agent shall be discharged from any further obligations hereunder but shall remain entitled to the benefit of the provisions of this
Article 18 and the Agent’s successor and each of the other parties hereto shall have the same rights and obligations among themselves as they would have had if such successor originally had been a party hereto as Agent.

  

	 	18.20	No Novation 

 The
parties hereto agree that the changes to the terms and conditions of the Credit Agreement and the amendments and restatement set out herein and the execution of these presents shall not constitute novation, and that all Security shall continue to
apply to this Credit Agreement, as amended and restated by these presents, and all other obligations secured thereby. 
  

	19.	CERTAIN PROVISIONS RELATING TO THE FINNVERA TERM FACILITY 

  

	 	19.1	Application of Article 18 

 The provisions of Article 18 shall apply to the Finnvera Facility Lenders and the Finnvera Term Facility except to the extent modified in Section 11 of Schedule “P”. 

 

	 	19.2	Notice by Agent to the Finnvera Facility Agent 

 The Agent shall have no obligation to forward a copy of any report, notice or other document to the Finnvera Facility Lenders. The Agent shall instead forward such items to the Finnvera Facility Agent for
distribution to the Finnvera Facility Lenders. 
  

	 	19.3	Confirmation of Sharing 

 For greater certainty, the sharing among the Lenders contemplated by Section 18.8 includes all of the Lenders including the Finnvera Facility Lenders. 

 

	20.	FORMAL DATE 

  

	 	20.1	Formal Date 

 For
the purposes of convenience, this Amended and Restated Agreement may be referred to as bearing the Formal Date of June 16, 2015 notwithstanding its actual date of signature. 

  
 110.

 Remainder of page intentionally left blank. Signature pages follow. 

  
 111.

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

			
	VIDÉOTRON LTÉE
		
	Per:	 	  

		
	Per:	 	  

 Address: 
 612
St-Jacques Street 
 18th floor 

Montreal, Quebec 
 H3C 4M8 

Attention: Vice President and Treasurer 

Telephone: (514) 380-7414 
 Fax:
(514) 380-1983 

 ROYAL BANK OF CANADA, as Agent 

 

			
	Per:	 	  

		
	Per:	 	  

 Address: 
 20
King Street West, 4th Floor 
 Toronto, Ontario, 
 M5H 1C4 
 Attention: Manager, Agency Services Group 

Fax: 416-842-4023 

 THE LENDERS, SIGNING AS BOTH REVOLVING FACILITY LENDERS AND UNSECURED FACILITY LENDERS: 

 

			
	ROYAL BANK OF CANADA
		
	Per:	 	  

		
	Per:	 	  

 Address: 
 1
Place Ville Marie 
 Suite 400 

Montreal, Quebec 
 H3B 4R8 

Attention: Rod Smith 
 Telephone: 514-878-2815

 Fax: 514-874-1349 
 Email:
Rod.Smith@rbccm.com 

			
	NATIONAL BANK OF CANADA
		
	Per:	 	  

		
	Per:	 	  

 Address: 
 1155
Metcalfe Street 
 5th Floor 

Montreal, Quebec 
 H3B 4S9 

Attention: Luc Bernier, Director 
 Telephone:
514-390-5639 
 Fax: 514-390-7860 

Email: Luc.Bernier@nbfinancial.com 

 BANK OF AMERICA, N.A., CANADA BRANCH 

			
		
	Per:	 	  

		
	Per:	 	  

 Address: 
 181
Bay Street 
 Toronto, Ontario 
 M5J 2V8

 Attention: Peter Vanderhorst, Director 
 Telephone: 617-434-0164 
 Fax: 980-233-7788 

Email: peter.vanderhorst@baml.com 

			
	THE BANK OF NOVA SCOTIA
		
	Per:	 	  

		
	Per:	 	  

 Address: 

Scotia Plaza 
 40 King St. West 

Toronto, Ontario 
 M5W 2X6 

Attention: Rob King 
 Telephone: 416-933-1873

 Fax: 416-866-2010 
 Email:
rob.king@scotiabank.com 

			
	THE TORONTO-DOMINION BANK
		
	Per:	 	  

		
	Per:	 	  

 Address: 
 500
St. Jacques 
 Montreal, Quebec 
 H2Y
1P1 
 Attention: Paul Archer / Yves Bergeron – C0000040 
 Telephone: 514-289-2558 / 514-289-0099 
 Fax: 514-289-0788 

Email: paul.archer@tdsecurities.com / yves.bergeron@tdsecurities.com 

			
	BANK OF MONTREAL
		
	Per:	 	  

		
	Per:	 	  

 Address: 
 234
Simcoe Street 
 3rd Floor 

Toronto, Ontario 
 M5T 1T4 

Attention: Frank Albernaz 
 Telephone:
416-598-6775 
 Fax: 416-598-6230 

Email: Frank.albernaz@bmo.com 

			
	CAISSE CENTRALE DESJARDINS
		
	Per:	 	  

		
	Per:	 	  

 Address: 
 1170
Peel Street 
 Suite 300 
 Montreal,
Quebec 
 H3B 0A9 
 Attention:
André Roy, Director 
 Telephone: 514-281-7791 
 Fax: 514-281-4317 
 Email: andre.roy@ccd.desjardins.com 

 CANADIAN IMPERIAL BANK OF COMMERCE 

			
		
	Per:	 	  

		
	Per:	 	  

 Address: 
 161
Bay Street 
 8th Floor 

Toronto, Ontario 
 M5J 2S8 

Attention: Kim Yeung 
 Telephone: 416-542-4541

 Fax: 416-542-4525 
 Email:
kim.yeung@cibc.ca 

			
	HSBC BANK CANADA
		
	Per:	 	  

		
	Per:	 	  

 Address: 

300-2001 McGill College 
 Montreal, Quebec

 H3A 1G1 
 Attention: Annie Houle,
Global Relationship Manager and Director 
 Telephone: 514-286-4567 
 Fax: 514-285-8637 
 Email: Annie_Houle@hsbc.ca 

			
	JPMORGAN CHASE BANK, N.A.
		
	Per:	 	  

		
	Per:	 	  

 Address: 
 66
Wellington Street West. 
 Suite 4500 

Toronto, Ontario 
 M5K 1E7 

Attention: Jeffrey S. Coleman, Executive Director 
 Telephone: (416) 981-9200 
 Fax: (416) 981-9278 

Email: jeffrey.s.coleman@jpmorgan.com 

 BANK OF TOKYO – MITSUBISHI UFJ (CANADA) 

			
		
	Per:	 	  

		
	Per:	 	  

 Address: 
 600
de Maisonneuve Blvd. W. 
 Suite 2520 

Montreal, Quebec 
 H3A 3J2 

Attention: Amos Simpson, Managing Director & General Manager 
 Telephone: 514-875-9261 
 Fax: 514-875-9392 

Email: asimpson@ca.mufg.jp 

			
	CITIBANK, N.A., CANADIAN BRANCH
		
	Per:	 	  

		
	Per:	 	  

 Address: 
 123
Front Street West 
 Toronto, Ontario 

M5J 2M3 
 Attention: Isabelle Côté,
Managing Director 
 Telephone: 514-393-7502 
 Fax: 866-550-2418 
 Email: isabelle.f.cote@citi.com 

			
	MIZUHO BANK, LTD.
		
	Per:	 	  

		
	Per:	 	  

 Address: 
 100
Yonge Street, Suite 1102 
 Toronto, Ontario 
 M5C 2W1 
 Attention: Bill McFarland 
 Telephone: 416-874-1145 
 Fax: 416-360-7502 

Email: bill.mcfarland@mizuhocbus.com 

			
	ICICI BANK CANADA
		
	Per:	 	  

		
	Per:	 	  

 Address: 
 150
Ferrand Drive, Suite 1200 
 Don Valley Business Park 
 Toronto, Ontario 
 M3C 3E5 
 Attention: Lester Fernandes, Sr. Account Manager 
 Telephone: 416-601-2775 

Fax: 416-422-2447 
 Email:
Lester.fernandes@icicibank.com 

			
	LAURENTIAN BANK OF CANADA
		
	Per:	 	  

		
	Per:	 	  

 Address: 
 1981
McGill College Avenue 
 19th Floor 

Montreal, Quebec 
 H3A 3K3 

Attention: Michel Gendron 
 Telephone:
514-284-4500 (4523) 
 Fax: 514-284-9723 

Email: michel.gendron@banquelaurentienne.ca 

 HSBC BANK PLC, as Finnvera Facility Agent 

 

	
	Per:
                                         
               

 Credit Matters 
 Address: 
 Level 2, 8 Canada Square 
 Canary Wharf 
 London, E14 5HQ 
 United Kingdom 
  

			
	Attention:	  	Mike Bonnici
		
	Telephone:	  	+44 (0) 20 7991 6256
	Fax:	  	+44 (0) 20 7992 4428
	E-mail:	  	mike.bonnici@hsbcib.com
	Reference:	  	FC 1311

 Operational Matters 
 Address: 
 Level 27, 8 Canada Square 
 Canary Wharf 
 London, E14 5HQ 
 United Kingdom 
  

			
	Attention:	  	Pete Fassam
		
	Telephone:	  	+44 (0) 20 7991 2447
	Fax:	  	+44 (0) 20 7992 4428
	E-mail:	  	peter.a.fassam@hsbc.com
	Reference:	  	FC 1311
		
	-and-	  	
		
	Attention:	  	David Wilson
		
	Telephone:	  	+44 (0) 7992 2569
	Fax:	  	+44 (0) 20 7992 4428
	E-mail:	  	David.a.wilson@hsbcib.com
	Reference:	  	FC 1311

 THE FINNVERA TERM FACILITY LENDERS: 
 HSBC BANK PLC 
  

	
	 Per:
                                         
               

 Credit Matters 
 Address: 
 Level 2, 8 Canada Square 
 Canary Wharf 
 London, E14 5HQ 
 United Kingdom 
  

			
	Attention:	  	Robert Hossack
		
	Telephone:	  	+44 (0) 20 7992 2571
	Fax:	  	+44 (0) 20 7991 4347
	E-mail:	  	robert.ihossack@hsbcib.com
	Reference:	  	FC 1311

 Operational Matters 
 Address: 
 Level 27, 8 Canada Square 
 Canary Wharf 
 London, E14 5HQ 
 United Kingdom 
  

			
	Attention:	  	Pete Fassam
		
	Telephone:	  	+44 (0) 20 7991 2447
	Fax:	  	+44 (0) 20 7992 4428
	E-mail:	  	peter.a.fassam@hsbc.com
	Reference:	  	FC 1311

 -and- 
  

			
	Attention:	  	David Wilson
	Telephone:	  	+44 (0) 7991 2447
	Fax:	  	+44 (0) 20 7992 4428
	E-mail:	  	david.a.wilson@hsbcib.com
	Reference:	  	FC 1311

 THE TORONTO-DOMINION BANK 

 

	
	 Per:
                                        
                

	
	 Per:
                                        
                

 Credit Matters 
 Address: 
 The Toronto-Dominion Bank 
 77 King Street West 
 Royal Trust Tower, 19th Floor 
 Toronto, Ontario M5K 1A2 
  

			
	Attention:	  	Sumit Paliwal
		
	Telephone:	  	(416) 983-2803
	Fax:	  	(416) 982-7838
	E-mail:	  	sumit.paliwal@tdsecurities.com

 Operational Matters 
 Address: 
 TD Securities 
 Global Trade Finance 
 500 St-Jacques Street, 8th Floor 
 Montreal, Quebec H2Y 1S1 
  

			
	Attention:	  	Caroline Danneau
		
	Telephone:	  	(514) 289-0251
	Fax:	  	(514) 289-1469
	E-mail:	  	caroline.danneau@tdsecurities.com

 SUMITOMO MITSUI BANKINGCORPORATION OF CANADA 

 

	
	Per:
                                         
               
	
	Per:
                                         
               

 Credit Matters 
 Address: 
 Ernst & Young Tower, TD Centre 

Suite 1400,Box 172 
 222 Bay St. 

Toronto, Ontario M5K 1H6 
  

			
	Attention:	  	Elwood Langley, Senior Vice President
		
	Telephone:	  	(416) 214-3606
	Fax:	  	(416) 367-3565
	E-mail:	  	elwood_langley@smbcgroup.com
	-or-	  	
	Attention:	  	Ming Chang, Vice President
	Telephone:	  	(416) 368-4178
	Fax:	  	(416) 367-3565
	E-mail:	  	Ming_Chang@smbcgroup.com

 Operational Matters 
 Address: 
 Ernst & Young Tower, TD Centre 

Suite 1400,Box 172 
 222 Bay St. 

Toronto, Ontario M5K 1H6 
  

			
	Attention:	  	Heather Nakamura, Manager
		
	Telephone:	  	(416) 214-3607
	Fax:	  	(416) 367-3565
	E-mail:	  	heather_nakamura@smbcgroup.com
	-or-	  	
	Attention:	  	Andrew Yiu, Vice President
	Telephone:	  	(416) 368-7570
	Fax:	  	(416) 367-3565
	E-mail:	  	andrew_yiu@smbcgroup.com

 Intervention by the Guarantors as at the Third Amendment Closing Date

 The undersigned acknowledge having taken cognizance of the provisions of the foregoing Amended and Restated Credit Agreement and
agree that the Guarantees and Security executed by them (A) remain enforceable against them in accordance with their terms, and (B) continue to guarantee or secure, as applicable, all of the obligations of the Persons specified in such
Guarantees and Security Documents in connection with the Credit Agreement as defined above, without any limitations: 
  

			
	9293-6707 QUÉBEC INC.	 	9227-2590 QUÉBEC INC.
		
	Per:                             
                                     	 	Per:                            
                                      
		
	9230-7677 QUÉBEC INC.	 	8487782 CANADA INC.
		
	Per:                             
                                     	 	Per:                            
                                      
		
	 VIDEOTRON L.P., represented
 by its general partner
 9230-7677 QUÉBEC INC.
	 	VIDEOTRON G.P.
		
	Per:                             
                                     	 	Per:                            
                                      
		
	VIDÉOTRON INFRASTRUCTURES INC.	 	 4DEGRÉS COLOCATION INC. /
 4DEGREES COLOCATION INC.

		
	Per:                             
                                     	 	Per:                            
                                      

 SCHEDULE “A” - LIST OF LENDERS AND COMMITMENTS

  

									
	 The Revolving Facility Lender
	  	 Commitment ($)
	 	  	 Commitment (%)
	 
	 Royal Bank of Canada
	  	$	70,250,000	  	  	 	11.423	% 
	 National Bank of Canada
	  	$	70,250,000	  	  	 	11.423	% 
	 Bank of America, N.A., Canada Branch
	  	$	61,500,000	  	  	 	10.000	% 
	 The Bank of Nova Scotia
	  	$	61,500,000	  	  	 	10.000	% 
	 The Toronto-Dominion Bank
	  	$	61,500,000	  	  	 	10.000	% 
	 Bank of Montreal
	  	$	45,000,000	  	  	 	7.317	% 
	 Caisse Centrale Desjardins
	  	$	45,000,000	  	  	 	7.317	% 
	 Canadian Imperial Bank of Commerce
	  	$	40,000,000	  	  	 	6.504	% 
	 HSBC Bank Canada
	  	$	30,000,000	  	  	 	4.878	% 
	 JPMorgan Chase Bank, N.A.
	  	$	30,000,000	  	  	 	4.878	% 
	 Bank of Tokyo-Mitsubishi UFJ (Canada)
	  	$	30,000,000	  	  	 	4.878	% 
	 Citibank, N.A., Canadian Branch
	  	$	25,000,000	  	  	 	4.065	% 
	 Mizuho Bank, Ltd.
	  	$	15,000,000	  	  	 	2.439	% 
	 ICICI Bank Canada
	  	$	15,000,000	  	  	 	2.439	% 
	 Laurentian Bank of Canada
	  	$	15,000,000	  	  	 	2.439	% 
		  	  
	  
	 	  	  
	  
	 
	 Total
	  	$	615,000,000	  	  	 	100	% 
			
	 The Unsecured Facility Lender
	  	 Commitment ($)
	 	  	 Commitment (%)
	 
	 Royal Bank of Canada
	  	$	40,000,000	  	  	 	11.429	% 
	 National Bank of Canada
	  	$	40,000,000	  	  	 	11.429	% 
	 Bank of America, N.A., Canada Branch
	  	$	35,000,000	  	  	 	10.000	% 
	 The Bank of Nova Scotia
	  	$	35,000,000	  	  	 	10.000	% 
	 The Toronto-Dominion Bank
	  	$	35,000,000	  	  	 	10.000	% 
	 Bank of Montreal
	  	$	25,750,000	  	  	 	7.357	% 
	 Caisse Centrale Desjardins
	  	$	25,750,000	  	  	 	7.357	% 
	 Canadian Imperial Bank of Commerce
	  	$	22,750,000	  	  	 	6.500	% 
	 HSBC Bank Canada
	  	$	17,000,000	  	  	 	4.857	% 
	 JPMorgan Chase Bank, N.A.
	  	$	17,000,000	  	  	 	4.857	% 
	 Bank of Tokyo-Mitsubishi UFJ (Canada)
	  	$	17,000,000	  	  	 	4.857	% 
	 Citibank, N.A., Canadian Branch
	  	$	14,250,000	  	  	 	4.071	% 
	 Mizuho Bank, Ltd.
	  	$	8,500,000	  	  	 	2.429	% 
	 ICICI Bank Canada
	  	$	8,500,000	  	  	 	2.429	% 
	 Laurentian Bank of Canada
	  	$	8,500,000	  	  	 	2.429	% 
		  	  
	  
	 	  	  
	  
	 
	 Total
	  	$	350,000,000	  	  	 	100	% 

 The Finnvera Term Facility 
 (Amounts as at the Third Amendment Closing Date per below, as such amounts were and may be further reduced pursuant to Schedule “P”. For clarity, for the purposes of determining the amount of
the Commitments of the Finnvera Facility Lenders under the Finnvera Term Facility to calculate the voting by Majority Lenders, reference will be made to the principal amount owed to the Finnvera Facility Lenders on the relevant date).

  

									
	 Lender
	  	 Commitment ($)
	 	  	 Commitment (%)
	 
	 HSBC Bank plc
	  	$	12,053,571.44	  	  	 	37.5	% 
	 The Toronto-Dominion Bank
	  	$	16,071,428.58	  	  	 	50.0	% 
	 Sumitomo Mitsui Banking Corporation of Canada
	  	$	4,017,857.14	  	  	 	12.5	% 
		  	  
	  
	 	  	  
	  
	 
	 Total
	  	$	32,142,857.16	  	  	 	100	% 

 SCHEDULE “B” - NOTICE OF BORROWING AND CERTIFICATE 

 

					
	TO:	    	ROYAL BANK OF CANADA, as Agent	  	
			
	FROM:	    	VIDÉOTRON LTÉE	  	DATE:

 1) This Notice of Borrowing and Certificate is delivered to you pursuant to the Amended and Restated Credit Agreement
dated as of June 16, 2015, and as same may have been further amended (the “Credit Agreement”). All defined terms set forth in this Notice of Borrowing and Certificate shall have the respective meanings set forth in the Credit
Agreement 
 2) We hereby request a Cdn. $ Advance under the Revolving Facility/Unsecured Facility {select one} of the Credit Agreement
as follows: 
  

									
		 	(a)	 	Date of Advance: 	 	  
	 	

									
		 	(b)	 	Amount of Advance:	 	  
	 	

									
		 	(c)	 	Type of Advance:	 	  
	 	

									
		 	(d)	 	Designated Period(s) (if any):	 	  
	 	

									
		 	(e)	 	Maturity Date(s) (if applicable):	 	  
	 	

									
		 	(f)	 	Payment Instruction (if any):	 	  
	 	

 3) We have understood the provisions of the Credit Agreement which are relevant to the furnishing of this Notice of
Borrowing and Certificate. To the extent that this Notice of Borrowing and Certificate evidences, attests or confirms compliance with any covenants or conditions precedent provided for in the Credit Agreement, we have made such examination or
investigation as was, in our opinion, necessary to enable us to express an informed opinion as to whether such covenants or conditions have been complied with. 
 4) WE HEREBY CERTIFY THAT, in our opinion, as of the date hereof: 
 (a) All of the
representations and warranties of the Borrower contained in Article 11 of the Credit Agreement (except where qualified in Article 11 as being made as at a particular date) are true and correct on and as of the date hereof as though made on
and as of the date hereof. 
 (b) All of the covenants of the Borrower contained in Articles 12 and 13 of the Credit
Agreement together with all of the conditions precedent to an Advance and all other terms and conditions contained in the Credit Agreement have been fully complied with. 
 (c) If the requested Advance is under the Unsecured Facility, we confirm that the principal amount of the Advances outstanding under the Revolving Facility will not be less than the Threshold Amount on
the date the requested Advance under the Unsecured Facility is made. 
 (d) No Event of Default has occurred and no Default has
occurred and is continuing. 
  

			
	Yours truly,
	
	VIDÉOTRON LTÉE
		
	Per:	 	  

		
		 	  

		
	Title:	 	  

 SCHEDULE “B-1”- NOTICE OF REPAYMENT 

 

			
	TO:	  	ROYAL BANK OF CANADA, as Agent
		
	FROM:	  	VIDÉOTRON LTÉE
		
	DATE:	  	

 1) This notice of repayment is delivered to you pursuant to the Amended and Restated Credit Agreement dated as of
June 16, 2015 entered into among VIDÉOTRON LTÉE and, inter alia, Royal Bank of Canada as Agent (as amended and restated and in effect on the date hereof, the “Credit Agreement”). All defined terms set forth
in this notice shall have the respective meanings set forth in the Credit Agreement. 
 2) We hereby advise you that we will be repaying the sum
of Cdn.$            on                 as follows [indicate amount payable in respect of the Revolving
Facility/Unsecured Facility {select one} as well as the type of Advance to be repaid]. 
 3) [We hereby advise you that in accordance
with the last paragraph of Section 8.2, we are cancelling the Credit under the Revolving Facility/Unsecured Facility {select one}, effective                
, by $             , to a maximum of $             .] 
 4) If the cancellation of Credit is being made under the Revolving Facility, we hereby certify that there is no Credit available, and there are no Loan Obligations currently outstanding under, the
Unsecured Facility. 
  

			
	Yours truly,
	
	VIDÉOTRON LTÉE
		
	Per:	 	  

		
	Title:	 	  

 SCHEDULE “B-2”- NOTICE OF CONVERSION OF COMMITMENTS 

 

			
	TO:	  	ROYAL BANK OF CANADA, as Agent
		
	FROM:	  	VIDÉOTRON LTÉE
		
	DATE:	  	

 1) This notice of conversion is delivered to you pursuant to the Amended and Restated Credit Agreement dated as of
June 16, 2015 entered into among VIDÉOTRON LTÉE and, inter alia, Royal Bank of Canada as Agent (as amended and restated and in effect on the date hereof, the “Credit Agreement”). All defined terms set forth
in this notice shall have the respective meanings set forth in the Credit Agreement. 
 2) We hereby advise you that we are permitted to incur
an additional amount of Debt secured by Charges as a result of {select one of (a) or (b)}: 
 (a) Conversion
Notice-Partial: one or more reductions in the amount of Loan Obligations under the Finnvera Term Facility that have not yet been converted into increased amount of Credit under the Revolving Facility, which available amounts permitted to be
so converted under the Senior Note Indentures currently total $             (the “Permitted Partial Conversion Amount”). Please increase the amount of the Credit under
the Revolving Facility and reduce the amount of the Credit under the Unsecured Facility by an amount equal to $            (said amount being equal to or less than the Permitted Partial
Conversion Amount) by converting a pro rata portion of the Commitment of each Unsecured Facility Lender into an additional Commitment of such Lender under the Revolving Facility as a Revolving Facility Lender, with effect three
(3) Business Days from the date hereof. 
 (b) Conversion Notice-Total: the repayment in full of all of the
Senior Notes and the termination of the Senior Note Indentures. Accordingly, please increase the amount of the Credit under the Revolving Facility by an amount equal to the entire amount of the Credit under the Unsecured Facility and reduce the
amount of the Credit under the Unsecured Facility to zero by converting the Commitment of each Unsecured Facility Lender into an additional Commitment of the same Lender under the Revolving Facility as a Revolving Facility Lender, with effect three
(3) Business Days days from the date hereof. Please terminate the Unsecured Facility once the conversion has become effective. 
  

			
	Yours truly,
	
	VIDÉOTRON LTÉE
		
	Per:	 	  

		
		 	  

		
	Title:	 	  

 SCHEDULE “C” – ASSIGNMENT AND ASSUMPTION 

This Assignment and Assumption (the “Assignment and Assumption”) is dated as of the Effective Date set forth below and
is entered into by and between [Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”). Capitalized terms used but not defined herein shall have the meanings given to
them in the Amended and Restated Credit Agreement identified below (as amended, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1
attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. 
 For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance
with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Agent as contemplated below, (i) all of the Assignor’s rights and obligations in its capacity as a Lender under the Credit Agreement
and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of the Assignor under the respective facilities
identified below (including without limitation any Letters of Credit, Guarantees and Swing Line Advances included in such facilities) and (ii) to the extent permitted to be assigned under Applicable Law, all claims, suits, causes of action and
any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other Loan Documents or instruments delivered pursuant thereto or the
loan-transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the
rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as, the “Assigned
Interest”). Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor. The Assignee acknowledges and accepts that the
Assignee and the Agent are solidary creditors of the Borrower and the Guarantors in respect of all amounts, liabilities and other obligations, present and future, of the Borrower and the Guarantors to each of them under the Credit Agreement and the
Derivative Instruments as contemplated by Section 18.1.2 of the Credit Agreement and in accordance with Article 1541 of the Civil Code of Quebec. 
  

	1.	Assignor: 

  

	2.	Assignee: 

 [and is an
Affiliate/Approved Fund of [identify
Lender]1] 

 

	3.	Borrower: VIDÉOTRON LTÉE 

 

	1 	Select as applicable. 

	4.	Agent: ROYAL BANK OF CANADA, as the administrative agent under the Credit Agreement 

 

	5.	Credit Agreement: [The Amended and Restated Credit Agreement dated as of June 16, 2015 among VIDÉOTRON LTÉE, the Lenders parties
thereto, ROYAL BANK OF CANADA, as Agent, and the other agents parties thereto (as amended and restated and in effect on the date hereof)] 

 

	6.	Assigned Interest: 

  

									
	 Facility Assigned
 - Revolving
 Facility/Unsecured

Facility
	 	 Aggregate Amount of
Commitment/Loan
Obligations for
all
 Lenders2
	 	 Amount of

Commitment/Loan

Obligations

Assigned3
	 	 Percentage Assigned of
Commitment/Loan

Obligations3
	 	 CUSIP Number

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

  

	7.	[Trade
Date:    ]4

  
  

	2 	Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the Effective Date.

	3 	Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder. 

	4 	To be completed if the Assignor and the Assignee intend that the minimum assignment amount is to be determined as of the Trade Date. 

 Effective Date:             ,
20    [TO BE INSERTED BY AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 

The terms set forth in this Assignment and Assumption are hereby agreed to: 

 

			
	 ASSIGNOR

[NAME OF ASSIGNOR]

		
	By:	 	  

	Title:	 	

  

			
	 ASSIGNEE

[NAME OF ASSIGNEE]

		
	By:	 	  

	Title:	 	

 Consented to and Accepted: 
  

			
	ROYAL BANK OF CANADA, as Agent
		
	By:	 	  

	Title:	 	

 [Consented to:] 5 
  

			
	ROYAL BANK OF CANADA, as Issuing Lender
		
	By:	 	  

	Title:	 	

  

			
	VIDÉOTRON LTÉE
		
	By:	 	  

	Title:	 	

  

	5 	To be added only if the consent of the Borrower and/or other parties (e.g. L/C Issuer) is required by the terms of the Credit Agreement. 

 ANNEX 1 to Assignment and Assumption 

[            ]6 
 STANDARD TERMS AND CONDITIONS FOR 
 ASSIGNMENT AND ASSUMPTION 

 

	1.	Representations and Warranties. 

 1.1
  Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any Lien and (iii) it has full power
and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements,
warranties or representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral
thereunder, (iii) the financial condition of the members of the VL Group, any of their Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the members of the VL
Group or any other Person of any of their respective obligations under any Loan Document. 
 1.2   Assignee. The Assignee
(a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender
under the Credit Agreement, (ii) it meets all requirements of an Eligible Assignee under the Credit Agreement (subject to receipt of such consents as may be required under the Credit Agreement), (iii) from and after the Effective Date, it
shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, together with
copies of the most recent financial statements delivered pursuant to Section 12.15 thereof, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this
Assignment and Assumption and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance on the Agent or any other Lender, and (v) if it is a Foreign Lender, attached to the
Assignment and Assumption is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance
on the Agent, the Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it
will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. 

 

	6 	Describe Credit Agreement at option of Agent. 

 2.   Payments. From and after the Effective Date, the Agent shall make all payments in
respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignee whether such amounts have accrued prior to, on or after the Effective Date. The Assignor and the Assignee shall make all appropriate
adjustments in payments by the Agent for periods prior to the Effective Date or with respect to the making of this assignment directly between themselves. 
 3.   General Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment
and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by telecopy or by sending a scanned copy by
electronic mail shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with, the law governing the Credit Agreement.

 SCHEDULE “C-1” - LOAN MARKET DATA TEMPLATE 

Recommended Data Fields – At Close 

The items highlighted in bold are those that Loan Pricing Corporation (LPC) deem essential. The remaining items are those that LPC has seen become more
prominent over time as transparency has increased in the U.S. Loan Market. 
  

					
	Company Level	 	Deal Specific	  	Facility Specific
	Issuer Name	 	Currency/Amount	  	Currency/Amount
	Location	 	Date	  	Type
	SIC (Cdn)	 	Purpose	  	Purpose
	Identification Number(s)	 	Sponsor	  	Tenor
	Revenue	 	Financial Covenants	  	Term Out Option
		 		  	Expiration Date
		 	Target Company	  	Facility Signing Date
	*Measurement of Risk	 	Assignment Language	  	Pricing
	 S&P Sr. Debt
	 	Law Firms	  	 Base

		 		  	 Rate(s)/Spread(s)/BA/LIBOR

	 S&P Issuer
	 	MAC Clause	  	 Initial Pricing Level

	 Moody’s Sr. Debt
	 	Springing lien	  	 Pricing Grid (tied to, levels)

	 Moody’s Issuer
	 	Cash Dominion	  	 Grid Effective Date

	 Fitch Sr. Debt
	 	Mandatory Prepays	  	Fees
	 Fitch Issuer
	 	Restrct’d Payments (Neg Covs)	  	 Participation Fee (tiered also)

	 S&P Implied
 (internal assessment)
	 	Other Restrictions	  	Commitment Fee
	DBRS	 		  	
	Other Ratings	 		  	Annual Fee
	*Industry Classification	 		  	 Utilization Fee

	 Moody’s Industry
	 		  	 LC Fee(s)

	 S&P Industry
	 		  	 BA Fee

	Parent	 		  	Prepayment Fee
	Financial Ratios	 		  	Other Fees to Market
		 		  	 Security

		 		  	 Secured/Unsecured

		 		  	 Collateral and Seniority of Claim

		 		  	 Collateral Value

		 		  	Guarantors
		 		  	Lenders Names/Titles
		 		  	Lender Commitment ($)
		 		  	Commited/Uncommited
		 		  	Distribution method
		 		  	Amortization Schedule
		 		  	Borrowing Base/Advance Rates
		 		  	New Money Amount
		 		  	Country of Syndication
		 		  	Facility Rating (Loss given default)
		 		  	 S&P Bank Loan

		 		  	 Moody’s Bank Loan

		 		  	 Fitch Bank Loan

		 		  	 DBRS

		 		  	 Other Ratings

  

	*	These items would be considered useful to capture from an analytical perspective 

 SCHEDULE “D” – FORM OF GUARANTEE 

GUARANTEE entered into in the City of Montreal, Quebec as of ●, 20●. 

 

			
	BY:	  	●, a corporation governed by the ●, having its head office at ● (the “Guarantor”);
		
	IN FAVOUR OF:	  	ROYAL BANK OF CANADA, a bank governed by the Bank Act (Canada), acting for itself and as Agent and solidary creditor for each present and future Lender under the Credit
Agreement hereinafter described (the “Agent”)

 WHEREAS pursuant to an Amended and Restated Credit Agreement dated as of June 16, 2015, among, inter
alia, Vidéotron Ltée, as borrower (the “Borrower”), the financial institutions that may become parties thereto from time to time, as lenders, Royal Bank of Canada, as administrative agent (as same may be amended,
supplemented, replaced, restated or otherwise modified from time to time, the “Credit Agreement”), the Guarantor is to provide the Agent with a guarantee of all of the obligations of the Borrower under the Credit Agreement, the
Derivative Instruments entered into with Lenders and the Security Documents (each as defined in the Credit Agreement); 
 WHEREAS
pursuant to subsection 18.1.2 of the Credit Agreement, the Agent and each Lender are conferred the legal status of solidary creditors of the Borrower and the Guarantors (as defined in the Credit Agreement) in respect of all amounts, liabilities
and other obligations owed by the Borrower and the Guarantors (as so defined) to each of them under the Credit Agreement, the Derivative Instruments entered into with Lenders and under the Security Documents, the whole in accordance with
Article 1541 of the Civil Code of Québec (the “CCQ”); 
 WHEREAS pursuant to subsection 18.1.1 of the
Credit Agreement, the Agent has been granted the authority to hold any and all Security under the Credit Agreement; 
 NOW THEREFORE, THE
PARTIES HERETO HAVE AGREED AS FOLLOWS: 
  

	1.	GUARANTEE 

  

	1.1	Guarantee 

 For valuable
consideration, the Guarantor hereby solidarily (jointly and severally) with the Borrower and each of the Other Guarantors, as defined in Section 2.1, guarantees to the Agent and each Lender, as solidary creditors of the Guarantor’s
obligations hereunder, forthwith after demand therefor made in accordance with the provisions of the Credit Agreement, due and punctual payment of all present and future debts and liabilities, and the performance of all obligations of every nature,
absolute or contingent, direct, indirect or otherwise, in any currency, now or at any time and from time to time hereafter due or owing by the Borrower to the Agent 

 
and each Lender arising under or in connection with the Credit Agreement (including under the Swing Line Facilities), the Derivative Instruments entered into with Lenders and the Security
Documents (such obligations as amended, amended and restated, modified, supplemented or renewed, collectively, the “Guaranteed Obligation”). The Guarantor expressly renounces to the benefits of division and discussion. The
obligation undertaken by the Guarantor pursuant to this Section 1.1 is hereinafter referred to as the “Guarantee”. 
  

	1.2	Guarantee Absolute 

 The liability
of the Guarantor hereunder shall be absolute and unconditional and shall not be affected by: 
  

	 	(a)	any lack of validity or enforceability of any of the Guaranteed Obligation; any change in the time, manner or place of payment of the Guaranteed Obligation; or the
failure on the part of the Borrower or any of the Other Guarantors to carry out any of the Guaranteed Obligation; 

  

	 	(b)	any impossibility, impracticability, frustration of purpose, illegality, force majeure or act of government; 

 

	 	(c)	the bankruptcy, winding-up, liquidation, dissolution or insolvency of the Borrower or any of the Other Guarantors, the Agent or the Lenders or any of them or any party
to any agreement to which the Agent, the Lenders, the Borrower or the Other Guarantors or any of them is a party; 

  

	 	(d)	any lack or limitation of power, incapacity or disability on the part of any of the Borrower or the Other Guarantors or of the directors, partners or agents thereof or
any other irregularity, defect or informality on the part of any of the Borrower or the Other Guarantors in its obligations to the Agent or the Lenders or any of them; 

 

	 	(e)	any change or changes in the name, corporate existence or structure of any of the Borrower or Guarantors; 

 

	 	(f)	any other law, regulation or other circumstance which might otherwise constitute a defence available to, or a discharge of, any of the Borrower or the Other Guarantors
in respect of any or all of the Guaranteed Obligation. 

  

	1.3	Recovery as Principal Debtor 

 Any
amount which may not be recoverable from the Guarantor by the Agent on the basis of a guarantee shall be recoverable by the Agent from the Guarantor as principal debtor in respect thereof and shall be paid to the Agent for the account of the Lenders
forthwith after demand therefor. 

	2.	DEALINGS WITH CREDIT PARTIES AND OTHERS 

  

	2.1	No Release 

 The liability of the
Guarantor hereunder shall not be released, discharged, limited or in any way affected by anything done, suffered or permitted by the Agent or the Lenders or any of them in connection with any duties or liabilities of the Borrower or the other
Guarantors within the meaning of the Credit Agreement (the “Other Guarantors”) or any of them to the Agent or the Lenders or any of them, or any security therefor including any loss of or in respect of any security received by the
Agent or the Lenders or any of them from the Borrower, the Other Guarantors or any other Person. Without limiting the generality of the foregoing and without releasing, discharging, limiting or otherwise affecting in whole or in part the
Guarantor’s liability hereunder, without obtaining the consent of or giving notice to the Guarantor, the Agent and the Lenders may: 
  

	 	(a)	grant time, renewals, extensions, indulgences, releases and discharges to the Borrower or the Other Guarantors; 

 

	 	(b)	take or abstain from taking or enforcing securities or collateral from the Borrower or the Other Guarantors or from perfecting securities or collateral of the Borrower
or the Other Guarantors; 

  

	 	(c)	accept compromises from the Borrower or the Other Guarantors; 

  

	 	(d)	subject to the applicable provisions of the Credit Agreement, apply all money at any time owing from the Borrower or the Other Guarantors or from any collateral
security to such part of the Guaranteed Obligation as the Agent may see fit or change any such application in whole or in part from time to time as the Agent may see fit; for greater certainty, the Agent or any of the Lenders may at any time and
from time to time, to the fullest extent permitted by law, set-off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by the Agent or any of the Lenders
to or for the credit of the Guarantor against any and all of the liabilities of the Borrower, whether or not the Agent shall have made any demand under the Guarantee. The Agent or the Lenders, as the case may be, shall promptly notify the Guarantor
after any such set-off and application, provided that the failure to give such notice shall not affect the validity of such set-off and application. The rights of the Agent and the Lenders under this paragraph are in addition to other rights and
remedies (including without limitation, other rights of set-off) that the Agent and the Lenders may have; and 

  

	 	(e)	otherwise deal with the all other Persons and securities as the Agent and the Lenders may see fit, acting reasonably. 

	2.2	No Exhaustion of Remedies 

 The
Agent and the Lenders shall not be bound or obligated to exhaust their recourse against the Borrower, the Other Guarantors, any other Person or any securities or collateral they may hold or take any other action before being entitled to demand
payment from the Guarantor hereunder. 
  

	2.3	Accounts Binding upon the Guarantor 

Any account settled or stated in writing by or between the Agent and the Borrower shall be accepted by the Guarantor as conclusive evidence, absent
manifest error, that the balance or amount thereby appearing due by the Borrower to the Agent or the Lenders is so due. 
  

	2.4	No Set-off 

 In any claim by the
Agent and the Lenders against the Guarantor, the Guarantor may not assert any set-off or counterclaim that the Guarantor or any of the Other Guarantors may have against the Agent and the Lenders or any of them. In particular, any loss of or in
respect of any securities received by the Agent and the Lenders or any of them from the Borrower or any other Person, and the failure to perfect any mortgage, hypothec, prior claim or security interest of any nature whatsoever, whether occasioned
through the fault or negligence of the Agent and the Lenders or any of them or otherwise, shall not discharge, limit or lessen the liability of the Guarantor under this agreement. 

 

	3.	CONTINUING GUARANTEE 

 The Guarantee shall
be a continuing guarantee of the Guaranteed Obligation and shall apply to and secure all Guaranteed Obligation and shall not be considered as wholly or partially satisfied by the payment or liquidation at any time of any sum of money for the time
being due or remaining unpaid to the Agent and the Lenders or any of them. The Guarantee shall continue to be effective even if at any time any payment of any of the Guaranteed Obligation is rendered unenforceable or is rescinded or must otherwise
be returned by the Agent and the Lenders or any of them upon the occurrence of any action or event including the insolvency, bankruptcy or reorganization of the Borrower or any Other Guarantor or otherwise, all as though such payment had not been
made. Any payments so rescinded or recovered from the Agent and the Lenders or any of them, whether as a preference, fraudulent transfer or otherwise, shall constitute Guaranteed Obligation for all purposes hereunder. The Guarantor hereby expressly
waives the provisions of Articles 2353, 2362 and 2366 of the CCQ. 
  

	4.	RIGHT TO PAYMENTS 

 Should the Agent and
the Lenders or any of them receive from the Guarantor one or more payments on account of its liability under the Guarantee, the Guarantor shall not be entitled to claim repayment against the Borrower or the Other Guarantors until the Agent’s
and the Lenders’ claims against the Borrower have been paid in full. In the event of the liquidation, winding-up or bankruptcy of the Borrower (whether voluntary or compulsory); or if the Borrower shall make a bulk sale of any of its assets
within the meaning of any applicable 

 
legislation of any other province of Canada, under the Uniform Commercial Code of any state of the United States of America or under any other applicable Laws; or should the Borrower make any
proposal, composition or scheme of arrangement with its creditors; then, in any of such events the Agent and the Lenders shall have the right to rank for their full claim and receive all dividends or other payments in respect thereof until their
claim has been paid in full, and the Guarantor shall remain liable up to the amount guaranteed for any balance which may be owing to the Agent and the Lenders by the Borrower; and in the event of the valuation by the Agent and the Lenders or any of
them of any security held in respect of the debts of the Borrower, or of the retention by the Agent and the Lenders or any of them of such security, such valuation and/or retention shall not, as between the Agent and the Lenders and the Guarantor,
be considered as a purchase of such security, or as payment or satisfaction or reduction of the liabilities of the Borrower to the Agent and the Lenders, or any part thereof. 

 

	5.	TAXES 

 All payments to be made hereunder
by the Guarantor shall be made free and clear of deduction for any present or future tax, levy, impost, duty, charge, assessment or fee of any nature (including interest, penalties and additions thereto) imposed by any government or other taxing
authority (“Taxes”). If any Taxes are imposed and required to be withheld from any payment hereunder, the Guarantor shall (a) increase the amount of such payment so that the Agent and the Lenders will receive a net amount
(after deduction of all Taxes, including any Taxes on the amount of any such increase) equal to the amount due hereunder, (b) pay such Taxes to the appropriate taxing authority for the account of the Agent and the Lenders, and (c) as
promptly as possible thereafter, send the Agent and the Lenders an original receipt showing payment thereof, together with such additional documentary evidence as the Agent and the Lenders may from time to time reasonably require. If the Guarantor
fails to perform its obligations under parts (b) or (c) of the preceding sentence, the Guarantor shall indemnify the Agent and the Lenders for any incremental taxes, interest or penalties that may become payable by the Agent and the
Lenders or any of them as a consequence of such failure. 
  

	6.	POSTPONEMENT OF SUBROGATION 

 To the
fullest extent permitted by law, the Guarantor hereby irrevocably postpones any claim or other rights that it may now or hereafter acquire against the Borrower or the Other Guarantors, or any of them, that arise from the existence, payment,
performance or enforcement of the Guarantor’s obligations under this agreement including, without limitation, any right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to participate in any claim or
remedy against the Borrower, the Other Guarantors, or any collateral securing any obligation of the Borrower or the Other Guarantors, or any of them, whether or not such claim, remedy or right arises under contract, including, without limitation,
the right to take or receive from the Borrower or the Other Guarantors or any of them, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security on account of such claim, remedy or right, until such
time as the Guaranteed Obligation and all amounts payable under this agreement have been indefeasibly paid to the Agent and the Lenders in cash. If any amount shall be paid to the Guarantor in violation of the preceding sentence at any time prior to
the indefeasible cash payment in full of the Guaranteed Obligation and all other amounts 

 
payable under this agreement, such amount shall be held by the Guarantor as mandatary for the benefit of the Agent and the Lenders and shall forthwith be paid to the Agent and the Lenders to be
credited and applied to the Guaranteed Obligation and all other amounts payable under this agreement. 
  

	7.	GENERAL 

  

	7.1	Representations and Warranties 

The Guarantor reiterates the representations and warranties made in the Credit Agreement to the Lenders on its behalf by the Borrower (which
representations and warranties are hereby deemed to have been made by the Guarantor and to be and remain in effect at all times). 
  

	7.2	Covenants 

 The Guarantor
reiterates the covenants made in the Credit Agreement on its behalf by the Borrower (which are hereby deemed to have been made by the Guarantor). 
  

	7.3	Payment of Guaranteed Obligation, Fees and Costs 

 The Guarantor agrees to pay, within two Business Days of demand therefor, any amounts payable hereunder, including without limitation all out-of-pocket expenses (including the reasonable fees and expenses
of the Agent’s counsel) in any way relating to the enforcement or protection of the rights of the Agent and the Lenders or any of them hereunder. 
  

	7.4	Currency 

  

	 	(a)	Each payment to be made under the Guarantee will be made in the currency in which the relevant Secured Obligation is payable (the “Specified
Currency”). To the fullest extent permitted by applicable law, any obligation of the Guarantor to make payments under the Guarantee in a Specified Currency will not be discharged or satisfied by any tender in any currency other than the
Specified Currency. 

  

	 	(b)	 To the fullest extent permitted by applicable law, if any judgment or order expressed in a currency other than the Specified Currency is rendered
(i) for any payment of any amount owing in respect of the Guarantee, or (ii) in respect of a judgment or order of another court for the payment of any amount described in (i) above, the Agent, after recovery in full of the aggregate
amount to which it is entitled pursuant to the judgment or order, shall be entitled to receive immediately from the Guarantor the amount of any shortfall of the Specified Currency received by the Agent as a consequence of sums paid in such other
currency, and will refund promptly to the Guarantor any excess of the Specified Currency received by the Agent as a consequence of sums paid in such other currency if such shortfall or such excess arises or results from any variation between
(i) the rate of exchange at which the Specified Currency is converted into the currency of the 

	 	
judgment or order for the purposes of such judgment or order and (ii) the rate of exchange at which the Agent is able, acting in a reasonable manner and in good faith, in converting the
currency received into the Specified Currency, to purchase the Specified Currency with the amount of the currency of the judgment or order actually received by the Agent. The term “rate of exchange” includes, without limitation, any
premiums and costs of exchange payable in connection with the purchase of or conversion into the Specified Currency. 

  

	 	(c)	To the fullest extent permitted by applicable law, the indemnities in this Section 7.4 constitute separate and independent obligations of the Guarantor from the
other obligations in this agreement, will be enforceable as separate and independent causes of action, will apply notwithstanding any indulgence granted by the Agent, the Lenders or any of them and will not be affected by judgment being obtained or
claim or proof being made for any other sums due in respect of this agreement. 

  

	 	(d)	For the purposes of this Section 7.4, it will be sufficient for a party to demonstrate that it would have suffered a loss had an actual exchange or purchase been
made. 

  

	7.5	Discharge 

 The Guarantor will not
be discharged from any of its obligations hereunder except by a release or discharge signed in writing by the Agent, duly authorized by the Lenders in accordance with the provisions of the Credit Agreement. 

 

	7.6	Notice 

 Any notice permitted or
required to be given hereunder shall be given, in the case of the Agent, in accordance with the relevant provisions of the Credit Agreement and, in the case of the Guarantor, to its address indicated above and otherwise in accordance with the
relevant provisions of the Credit Agreement. 
  

	7.7	Entire Agreement 

 Save as provided
in Section 7.11, this agreement constitutes the entire agreement between the Guarantor, the Agent and the Lenders with respect to the subject matter hereof and cancels and supersedes any prior understandings and agreements between such parties
with respect thereto. There are no representations, warranties, terms, conditions, undertakings or collateral agreements, express, implied or statutory, between the parties except as expressly set forth herein. The Agent and the Lenders shall not be
bound by any representations or promises made by the Borrower, the Other Guarantors or any of them to the Guarantor, and possession of this agreement by the Agent shall be conclusive evidence against the Guarantor that this agreement was not
delivered in escrow or pursuant to any agreement that it should not be effective until any condition precedent or subsequent has been complied with. This agreement shall be operative and binding notwithstanding the non-execution thereof by any
proposed signatory. 

	7.8	Amendments and Waivers 

 No
amendment to this agreement will be valid or binding unless set forth in writing and duly executed by the Guarantor and the Agent, duly authorized by the Lenders in accordance with the provisions of the Credit Agreement. No waiver of any breach of
any provision of this agreement will be effective or binding unless made in writing and signed by the Agent, duly authorized by the Lenders in accordance with the provisions of the Credit Agreement and, unless otherwise provided in the written
waiver, will be limited to the specific breach waived. 
  

	7.9	Severability 

 Each provision of
this agreement is separate and distinct from the others, such that any decision of a court or tribunal to the effect that any provision hereof is null or unenforceable shall in no way affect the validity of the other provisions hereof or the
enforceability thereof. Any provision of this agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted by applicable Laws, the Guarantor hereby waives any
provision of any Laws which renders any provision hereof prohibited or unenforceable in any respect. 
  

	7.10	Interpretation 

 Capitalized terms
not otherwise defined herein shall have the meaning ascribed to them in the Credit Agreement. The words “this agreement”, “hereof”, “hereto”, etc. mean the present instrument executed by the Guarantor. 

 

	7.11	Additional Rights 

 This agreement
is in addition and supplemental to all other guarantees and/or postponement agreements (whether or not in the same form as this instrument) held or which may hereafter be held by the Agent, the Lenders or any of them. 

 

	7.12	Governing Law 

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

	7.13	Benefit of Agreement 

 This
agreement shall extend to and enure to the benefit of the successors and assigns of the Agent and each of the Lenders and shall be binding upon the Guarantor and its successors. 

 

	7.14	Authority of Agent 

 The Guarantor
acknowledges and agrees that the Agent has full authority to act on behalf of the Lenders in all matters relating to this agreement, and that any Person dealing with the Agent or the Lenders or any of them in respect of any such matter need not
inquire further as to the authority of the Agent to act on behalf of the Lenders. 

	7.15	Language 

 The Guarantor
acknowledges that it has required that the present agreement, as well as all documents, notices and legal proceedings entered into, given or instituted pursuant hereto or relating directly or indirectly hereto be drawn up in English. Le
soussigné reconnaît avoir exigé la rédaction en anglais de la présente convention ainsi que de tous documents exécutés, avis donnés et poursuites judiciaires intentées relativement ou
à la suite de la présente convention, que ce soit directement ou indirectement. 
  

	7.16	Executed Copy 

 The Guarantor
acknowledges receipt of a fully executed copy of this agreement. 
 IN WITNESS WHEREOF the Guarantor has executed this Guarantee on the
date and at the place first hereinabove mentioned. 
  

			
		 	●
		
	Per:	 	  

	Name:	 	●
	Title:	 	●

 ACCEPTED AND AGREED as of this      day of
                    : 
  

	
	ROYAL BANK OF CANADA,
	in its aforementioned capacities

  

			
	Per:	 	  

 SCHEDULE “E” – FORM OF SHARE PLEDGE 

[NOTE: If Videotron Ltd. is the party granting the pledge of shares, the form needs to be amended accordingly to remove any references to a guarantee]

 DEED OF MOVABLE HYPOTHEC WITH DELIVERY granted in Montreal as of this ● day of ● 

 

			
	BY:	  	●, a company governed by the laws of ● (hereinafter called the “Grantor”)
		
	IN FAVOUR OF:	  	ROYAL BANK OF CANADA, a bank governed by the Bank Act (Canada), acting for itself and as Agent and solidary creditor for each present and future Lender under the Credit
Agreement hereafter described (the “Creditor”)

 WHEREAS pursuant to the Amended and Restated Credit Agreement dated as of June 16, 2015, among, inter
alia, Vidéotron Ltée, as borrower (the “Borrower”), the financial institutions that may become parties thereto from time to time, as lenders, Royal Bank of Canada, as administrative agent (as same may be amended,
supplemented, replaced, restated or otherwise modified from time to time, the “Credit Agreement”), the Grantor shall provide a pledge in favour of the Creditor of all shares and units it owns in its Subsidiaries, including ●
(“●”); 
 WHEREAS pursuant to the Credit Agreement, the Grantor executed in favour of the Creditor a
guarantee dated as of ● (as amended, restated, replaced, supplemented or otherwise modified from time to time, the “Guarantee”); 
 WHEREAS pursuant to subsection 18.1.2 of the Credit Agreement, the Creditor and each Lender are conferred the legal status of solidary creditors of the Grantor in respect of all rights,
liabilities and other obligations owed by the Grantor to each of them, the whole in accordance with article 1541 of the Civil Code of Quebec (the “Civil Code”); 
 WHEREAS the Creditor, as solidary creditor for each of the Lenders, has been granted the authority to hold any and all Security in respect of the Credit Agreement; 

WHEREAS the Grantor has agreed to grant a movable hypothec with delivery on certain property; 

NOW THEREFORE, THE PARTIES HERETO HAVE AGREED AS FOLLOWS: 
  

	1.	INTERPRETATION 

 Capitalized terms
used herein and not otherwise defined shall have the respective meanings ascribed thereto in the Credit Agreement. 

	2.	HYPOTHEC 

 As security for the
Obligations, as defined in Section 5, the Grantor hereby hypothecates (the hypothec created hereby being hereinafter called the “Hypothec”) the Charged Property (as defined in Section 3) in favour of the Creditor, for a
principal amount of $1,587,000,000, plus an additional amount equal to twenty percent (20%) thereof to secure all costs, accessories and incidental expenses, the whole with interest from the date of this Deed at the rate of twenty-five percent
(25%) per annum, calculated daily and compounded monthly, with interest on overdue interest calculated at the same rate and in the same manner. 
  

	3.	DESCRIPTION OF CHARGED PROPERTY 

The property charged by the Hypothec consists of the following securities (the “Securities”) owned by the Grantor and which are held by
the Creditor or a third Person: 
  

			
	 Number of shares, bonds, or other

instruments
	 	 Description of the Securities and names of

debtors appearing on the instruments or notes

		
	●	 	shares/units of ● registered in the name of the Grantor and evidenced by certificate ●

 together with the following present and future property, without limiting the charges, hypothecs and rights arising by
operation of law: 
 a) renewals, replacements and substitutions of, and additions to, the Securities, whether arising out of a purchase,
redemption, conversion, cancellation or any other transformation of the Securities; 
 b) the proceeds, fruits and revenues of the Securities,
including (by way of example and without limitation) cash, bank accounts, notes, negotiable instruments, bills, commercial paper, securities, monies, goods, contract rights, and any other movable property, corporeal or incorporeal, received when any
of the Securities is sold, exchanged, collected or otherwise disposed of; 
 c) any right pertaining to the Securities; and 

d) any other property delivered at any time to the Creditor, 
 (collectively, the “Charged Property”). 
  

	4.	ADDITIONAL PROVISIONS 

  

	4.1.	Transfer into Creditor’s Name 

The Grantor authorizes the Creditor, at any time following an Event of Default, to transfer any Charged Property or any part thereof into its own name or
that of its nominee(s) in its capacity as hypothecary creditor so that the Creditor or its nominee(s) may appear as the sole registered owner thereof. 

	4.2.	Voting, etc. 

 Until the occurrence
of an Event of Default which has not been waived, the Grantor shall be entitled to vote any and all Securities and to give consents, waivers, or ratifications in respect thereof, provided that no vote shall be cast or any consent, waiver, or
ratification given or any action taken which would violate or be inconsistent with any of the terms of the Credit Agreement or this Deed or any other instrument or agreement relating to the Obligations or which would have the effect of materially
impairing the position and interests of the Creditor. All such rights of the Grantor to vote and give consents, waivers and ratifications shall cease in case an Event of Default shall occur which has not been waived whereupon the Creditor shall be
entitled, without limiting its other rights and remedies hereunder, to vote all or any part of the Securities whether or not transferred into the Creditor’s name and give all consents, waivers and ratifications in respect of the Securities and
otherwise act with respect thereto as though it were the outright owner thereof. 
  

	4.3.	Dividends and other Distributions 

Subject to the applicable provisions of the Credit Agreement, if any and so long as an Event of Default has not occurred which has not been waived, the
Grantor may collect all cash dividends payable in respect of the Securities, provided that all cash dividends payable in respect of the Securities which are determined by the Creditor, in its absolute discretion, to represent in whole or in part an
extraordinary, liquidating or other distribution in return of capital, shall be paid to the Creditor and retained by it as part of the Charged Property. 
  

	4.4.	Standard of Care 

 The Creditor
shall have no obligation to protest any of the Charged Property, to take any steps to interrupt prescription, to protect the Charged Property against any depreciation or reduction in value, to make any productive use of the Charged Property, or to
protect the Grantor against any loss relating in any way to the Charged Property. In addition, the Creditor shall not be obliged to vote with respect to any of the Charged Property in connection with any subscription, conversion or other right
relating to the Charged Property, nor in connection with any other matters or proceedings relating to the Charged Property, except where the Creditor is specifically requested in writing to do so and is provided with an indemnity and security which
the Creditor considers sufficient, acting reasonably, together with payment of a reasonable fee to be established by the Creditor. 
 Without
prejudice to its other rights hereunder, the Creditor may, at its discretion, comply with all provisions of law with which the holder of any securities comprised within the Charged Property from time to time is required to comply. 

	5.	SECURED OBLIGATIONS 

 The Hypothec
shall secure the performance of all of the obligations of the Grantor to the Creditor (in its aforesaid capacities) arising under or in connection with the Guarantee and the Loan Documents to which it is a party, as from time to time heretofore or
hereafter amended, supplemented, amended and restated or otherwise modified from time to time, and all of its obligations to the Creditor hereunder (collectively the “Obligations”). 

The Grantor shall be deemed to have once again obligated itself to perform any future obligation forming part of the Obligations in accordance with the
provisions of Article 2797 of the Civil Code. 
 If the proceeds of realization of the Charged Property following an Event of Default are
not sufficient to satisfy all Obligations, the Grantor acknowledges and agrees that the Grantor shall continue to be liable for any remaining Obligations and the Creditor shall remain entitled to full payment thereof. 

 

	6.	REPRESENTATIONS AND WARRANTIES 

The Grantor hereby reaffirms and renews the representations and warranties made by it in the Credit Agreement, and in addition represents and warrants as
follows: 
  

	6.1.	Shareholders’ Agreement - Securities 

 There exists no restriction in the articles, other constating documents or in any agreement, including any shareholders’ agreement, that is binding upon the Grantor regarding the assignment or
transfer of the Securities which has not been complied with or waived, save and except the required consent of the management committee of ● with respect to the transfer of the Securities. 

 

	7.	COVENANTS 

 The Grantor hereby
reiterates the covenants made by it in the Credit Agreement and further covenants and agrees as follows: 
  

	7.1.	Delivery 

 It shall immediately
remit to the Creditor, or a Person designated by the Creditor, all of the Securities that it owns and shall immediately so remit any Charged Property which comes into the possession of the Grantor, together with any power of attorney, document and
confirmation that the Creditor may reasonably request in order to transfer the Charged Property, at any time following an Event of Default, into the name of the Creditor or its nominee. 

	7.2.	Payment of Legal Fees and Other Expenses 

 It shall: 
 a) pay all costs and expenses related to the exercise of all rights created hereby.
Such costs and expenses shall include all reasonable fees and expenses of consultants, mandataries or legal counsel retained in case of default; and 
 b) reimburse the Creditor for all costs and expenses incurred by it for the purpose of carrying out the Grantor’s obligations or of exercising its rights; 

provided, however, that the obligations arising from this Section 7.2 shall not exceed 20% of the principal amount of the Hypothec. 

 

	7.3.	Rank of Hypothec 

 The Hypothec
shall always create a first ranking hypothec on the Charged Property (subject only to Permitted Charges). 
  

	8.	EVENTS OF DEFAULT 

 The Grantor
shall be in default hereunder upon the occurrence of an Event of Default (any such occurrence being referred to herein as an “Event of Default”). 
  

	9.	CREDITOR’S RECOURSES UPON AN EVENT OF DEFAULT 

  

	9.1.	Surrender 

 The Grantor shall be
deemed to have voluntarily surrendered the Charged Property to the Creditor if it has not opposed the Creditor’s recourse within 20 days of its receipt of a prior notice of the exercise of hypothecary rights. 

 

	9.2.	Additional Rights 

 In order to
protect or to realize upon the Charged Property, the Creditor shall be free, at the Grantor’s expense, at any time following an Event of Default which is continuing, to do any or all of the following: 

a) alienate or dispose of any Charged Property which may depreciate rapidly; 
 b) perform any of the Grantor’s obligations; 
 c) exercise any right attached to the Charged
Property; 
 d) acquire the Charged Property. 
 The Creditor shall not be bound to exercise the same hypothecary rights against all of the Charged Property, and may exercise different rights against different types of Charged Property or even against
different elements of the Charged Property which are of the same type. 

	9.3.	Good Faith 

 The Creditor shall
exercise its rights in good faith, in a reasonable manner, taking into account all circumstances, in order to attempt to reduce the obligations of the Grantor to the Creditor. 

 

	9.4.	Relations with the Grantor and Others 

 The Creditor may grant extensions of time and other indulgences, take and give up security, accept compositions, grant releases and discharges and otherwise deal with the Grantor, with other Persons and
with the Charged Property as the Creditor may see fit without diminishing the liability of the Grantor and without prejudice to the Creditor’s rights pursuant to this Deed. 

 

	9.5.	No Security by Creditor 

 The
Creditor shall not be bound to make an inventory, to take out insurance or to furnish any security of any nature whatsoever. 
  

	9.6.	Special Provisions - Taking in Payment 

 If the Creditor elects to exercise its right to take in payment and the Grantor requires that the Creditor instead sell the Charged Property on which such right is exercised, the Grantor hereby
acknowledges that the Creditor shall not be bound to abandon its action in taking in payment unless, prior to the expiry of the time period allocated for surrender, the Creditor: 
 a) has been granted security satisfactory to it to ensure that the proceeds of sale of the Charged Property will be sufficient to enable the Creditor to be paid in full; 

b) has been reimbursed for all costs and expenses incurred in connection with this Deed, including all fees of consultants and legal counsel; and

 c) has been advanced the necessary sums for the sale of the Charged Property. 
 The Grantor further acknowledges that the Creditor alone is entitled to select the type of sale it may wish to conduct or have conducted. 

 

	9.7.	Sale by the Creditor 

 Where the
Creditor sells the Charged Property itself, it shall not be required to obtain any prior valuation by a third party. The Creditor may elect to sell the Charged Property with legal warranty given by the Grantor or with a complete or partial exclusion
of such warranty. 
  

	10.	MISCELLANEOUS 

  

	10.1.	Hypothec Constitutes Additional Security 

 The Hypothec created hereby is in addition to and not in substitution or replacement for any other hypothec or security held by the Creditor. 

	10.2.	Investment of Charged Property 

The Creditor shall be free to invest any monies or instruments received or held by it in pursuance of this Deed or to deposit same in a non-interest
bearing account without having to comply with any provisions of the Civil Code concerning the investment of the property of others. 
  

	10.3.	Recourses Cumulative 

 The rights
and recourses of the Creditor under this Deed are cumulative and do not exclude any other rights and recourses which the Creditor might have. No omission or delay on the part of the Creditor in the exercise of any right shall have the effect of
operating as a waiver of such right. The partial or sole exercise of a right or power will not prevent the Creditor from exercising thereafter any other right or power. 

 

	10.4.	Severability 

 Any provision of
this Deed which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be of no effect to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
  

	10.5.	Amendment 

 No amendment to this
Deed will be valid or binding unless set forth in writing and duly executed by the Grantor and the Creditor, duly authorized by the Lenders in accordance with the provisions of the Credit Agreement. No waiver of any breach of any provision of this
Deed will be effective or binding unless made in writing and signed by the Creditor, duly authorized by the Lenders in accordance with the provisions of the Credit Agreement and, unless otherwise provided in the written waiver, will be limited to
the specific breach waived. 
  

	10.6.	Delegation 

 The Creditor shall be
free to delegate to any Person or Persons the exercise of its rights, actions or the performance of any covenant resulting from this Deed or law; in such case, the Creditor may supply such Person with any information it holds relating to the Grantor
or to the Charged Property. 
  

	10.7.	Performance by Creditor 

 At any
time following the occurrence of an Event of Default and while same subsists, the Creditor shall be free to perform any of the Grantor’s obligations under this Deed. It may then immediately request payment of any expense incurred in doing so,
including interest on the Prime Rate Basis. 

	10.8.	Creditor as Mandatary 

 The
Creditor is hereby designated, effective upon the occurrence of an Event of Default and while same subsists, as the irrevocable mandatary of the Grantor with full powers of substitution for the purposes of Section 10.7 or for the purpose of
carrying out any and all acts and executing any and all deeds, proxies or other documents which the Creditor may deem useful in order to exercise its rights or which the Grantor neglects or refuses to execute or to carry out. 

 

	10.9.	Liability of Creditor 

 The
Creditor shall not be liable for material injuries resulting from its fault, unless such fault is gross or intentional. The Creditor shall not be responsible for any loss occasioned by its taking possession of Charged Property or enforcing the terms
of this Deed, nor for any neglect, failure or delay in exercising or enforcing any of its rights and recourses, nor for any act, default or misconduct of any agent, mandatary, broker, officer, employee or other Person acting for or on behalf of the
Creditor. The Creditor shall be accountable only for such monies as it shall actually receive. The liability of the Creditor or, if applicable, the third party appointed to hold the Charged Property, shall be limited to exercising in regard to the
Charged Property the same degree of care which it gives to similar property held at the same location. 
  

	10.10.	Benefit of Agreement 

 The rights
hereby conferred upon the Creditor shall benefit all of its successors, including any entity resulting from the merger of the Creditor with any other Person or Persons. 

 

	10.11.	Notice 

 Any notice to the Grantor
or the Creditor shall be delivered in the manner set forth in the Credit Agreement. 
  

	10.12.	Understanding of Grantor 

 The
Grantor hereby acknowledges having read this Deed and having received adequate explanations as to the nature and scope of its provisions and as to the obligations deriving therefrom. 

 

	10.13.	Governing Law 

 This Deed shall be
governed by and construed in accordance with the laws of the Province of Quebec. 
  

	10.14.	Language 

 The parties acknowledge
that they have required that the present Deed, as well as all documents, notices and legal proceedings executed, given or instituted pursuant or relating directly or indirectly hereto, be drawn up in English. Les parties reconnaissent avoir
exigé la rédaction en anglais du présent acte, ainsi que de tous documents exécutés, avis donnés et procédures judiciaires intentées à la suite de ou relativement à celui-ci, que
ce soit directement ou indirectement. 

 SIGNED as of the date and at the place first hereinabove mentioned. 

 

			
		 	●
		
	By:	 	  

	Name:	 	●
	Title:	 	●

 ACCEPTED AND AGREED THIS         day of ●, 20●. 

 

			
	ROYAL BANK OF CANADA, in its aforementioned capacities
		
	By:	 	  

SCHEDULE “F” - OFFICER’S CERTIFICATE 

I, the undersigned,
                            , solely in my capacity as
                            of Vidéotron Ltée (the “Borrower”), and not in my
personal capacity, do hereby certify as follows: 
  

	 	(a)	I have taken cognizance of all the terms and conditions of the Amended and Restated Credit Agreement (the “Credit Agreement”) dated as of July 20,
2011, entered into, inter alia, among the Borrower, Royal Bank of Canada, as Agent and Lender, and the Lenders party thereto, as well as of all contracts, agreements and deeds pertaining thereto; and 

 

	 	(b)	no Default or Event of Default has occurred nor exists thereunder; and 

  

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

 

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

  

	 	(e)	all property to be charged by the Security Documents is located in the jurisdictions described in a schedule hereto. 

All expressions referred to herein have the meanings ascribed to them in the Credit Agreement. 

Executed at the City of Montreal, Province of Quebec this 20th day of July, 2011. 

 

	
	  

SCHEDULE “G” - INTENTIONALLY DELETED 

 SCHEDULE “H” – EXISTING DEBT FROM ADDITIONAL OFFERINGS,
AT THE CLOSING DATE 
  

					
	 Description
	  	 Amount
	 
		
	 6 7/8% Senior Notes due 2014
	  	US$	650,000,000	  
		
	 6 3/8% Senior Notes due 2015
	  	US$	175,000,000	  
		
	 9 1/8% Senior Notes due 2018
	  	US$	715,000,000	  
		
	 7 1/8% Senior Notes due 2020
	  	Cdn.$	300,000,000	  
		
	 6 7/8% Senior Notes due 2021
	  	Cdn.$	300,000,000	  

 SCHEDULE “I” – PROPERTY OF THE VL GROUP

  

	1.	List of immovable properties owned by members of the VL Group: 

  

	 	(i)	Vidéotron Ltée 

  

									
	–	    	200, rue Claire-Fontaine ouest	  		  	Alma	  	Québec
	–	    	Chemin Belter, Partie du lot 8C 5ième rang, (Buckingham)	  		  	Ange-Gardien	  	Québec
	–	    	1015, Monseigneur de Laval	  		  	Baie Saint-Paul	  	Québec
	–	    	367, rue de la Briquade	  		  	Blainville	  	Québec
	–	    	113, rue Rivière	  		  	Bromont	  	Québec
	–	    	42 rue Pelletier	  		  	Cabano	  	Québec
	–	    	221 Boul. Springer	  		  	Chapais	  	Québec
	–	    	385 rue Gagnon	  		  	Chibougamau	  	Québec
	–	    	111 et 113 rue Vallilée	  		  	Chûte aux Outardes	  	Québec
	–	    	306 Chemin Bellevue	  		  	Coaticook	  	Québec
	–	    	Anse to Norbert, Lot 47-1 du rang 5	  		  	Colombier	  	Québec
	–	    	798 Chemin St-Jacques	  		  	Crabtree	  	Québec
	–	    	1370, rue des Érables	  		  	Dolbeau-Mistassini	  	Québec
	–	    	1650, rue Bernier	  		  	Drummondville	  	Québec
	–	    	190 rue Edmonton, arrondissement Hull	  		  	Gatineau	  	Québec
	–	    	407, Boul. Saint-René E	  		  	Gatineau	  	Québec
	–	    	210, rue St-Urbain	  		  	Granby	  	Québec
	–	    	27 rue Claude-Jodoin	  		  	Kirkland	  	Québec
	–	    	60, rue Dassylva, Ptie du lot 169, Rang Ste-Mathilde	  		  	La Malbaie	  	Québec
	–	    	Chemin des loisirs, Lots 602-661	  		  	La Malbaie	  	Québec
	–	    	88 avenue Bouchard est	  		  	La Pocatière	  	Québec
	–	    	137, rue Millway	  		  	Lachute	  	Québec
	–	    	202, route 170	  		  	L’Anse-Saint-Jean	  	Québec
	–	    	122 - 124 , rue Olivier	  		  	Laurier-Station	  	Québec
	–	    	1 rue de la Station	  		  	Laval	  	Québec
	–	    	3665 rue Ste-Rose	  		  	Laval	  	Québec
	–	    	223 route des Îles	  		  	Lévis	  	Québec
	–	    	1072, Boul. Taschereau	  		  	Longueuil	  	Québec
	–	    	3700 boul. Losch, Arrondissement St-Hubert	  		  	Longueuil	  	Québec
	–	    	3750 rue Richelieu, Arrondissement St-Hubert	  		  	Longueuil	  	Québec
	–	    	1880, boul. Industriel	  		  	Magog	  	Québec
	–	    	31 rue Comeau	  		  	Maniwaki	  	Québec
	–	    	397 Boul. St-Jean Baptiste	  		  	Mercier	  	Québec
	–	    	61 2e Rang ouest, (Partie du lot 45A-54 du rang), Lac to la Croix	  		  	Métabetchouan	  	Québec
	–	    	Chemin du Sous-bois, Lot 160-P et 166-P	  		  	Mont St-Grégoire	  	Québec
	–	    	207, rue Villeneuve	  		  	Mont-Laurier	  	Québec
	–	    	1217 Notre-Dame Est	  		  	Montréal	  	Québec
	–	    	14,165 rue Cherrier	  		  	Montréal	  	Québec
	–	    	150, rue Beaubien ouest	  		  	Montréal	  	Québec
	–	    	2155 Boul. Pie IX	  		  	Montréal	  	Québec
	–	    	2835 boul. Pitfield, arrondissement Saint-Laurent	  		  	Montréal	  	Québec
	–	    	4002 rue Ethel, arrondissement Verdun	  		  	Montréal	  	Québec
	–	    	8100, rue Edison, arrondissement Anjou	  		  	Montréal	  	Québec
	–	    	8101, boul. Métropolitain est, arrondissement Anjou	  		  	Montréal	  	Québec
	–	    	4761, avenue Desjardins	  		  	Notre-Dame de la Doré	  	Québec
	–	    	125, rue St-Jacques	  		  	Notre-Dame de Portneuf	  	Québec
	–	    	103, rue Major	  		  	Papineauville	  	Québec

									
	–	    	638 rue Principale	  		  	Pohenegamook	  	Québec
	–	    	2125, rue Branly, arrondissement Ste-Foy	  		  	Québec	  	Québec
	–	    	2200, rue Jean-Perrin	  		  	Québec	  	Québec
	–	    	Côte-Bédard, Lot 1338490	  		  	Québec	  	Québec
	–	    	53 Montée Taillardat, rang 1, Lot 31-18-21	  		  	Ragueneau	  	Québec
	–	    	432, rue Félix-Duclos, arrondissement Le Gardeur	  		  	Repentigny	  	Québec
	–	    	166, 9ième avenue	  		  	Richmond	  	Québec
	–	    	2830, rue Galt Ouest	  		  	Sherbrooke	  	Québec
	–	    	254 chemin des Patriotes	  		  	Sorel	  	Québec
	–	    	258 Chemin des Patriotes	  		  	Sorel	  	Québec
	–	    	35 Route 277 (533 Rte Bégin)	  		  	St-Anselme	  	Québec
	–	    	Chemin Beaudoin, (Beebe)	  		  	Stanstead	  	Québec
	–	    	Côte Ste-Anne, Partie du lot 223-25	  		  	Ste-Anne-de-Beaupré	  	Québec
	–	    	Rang Taché est, lot 27-3 Rg A, Canton de Lafontaine	  		  	Ste-Perpétue	  	Québec
	–	    	384, rue du Parc	  		  	St-Eustache	  	Québec
	–	    	1183 rue Dufresne	  		  	St-Félicien	  	Québec
	–	    	1258, boul. Sacré-Coeur	  		  	St-Félicien	  	Québec
	–	    	rue Landry, Lot 34-B6	  		  	St-Honoré	  	Québec
	–	    	6995, rue Picard	  		  	St-Hyacinthe	  	Québec
	–	    	969, Boul. St-Antoine	  		  	St-Jérôme	  	Québec
	–	    	Chemin de Desserte Sud	  		  	St-Louis de Blandford	  	Québec
	–	    	4207, rue Bernard-Pilon	  		  	St-Mathieu de Beloeil	  	Québec
	–	    	318 avenue Lajoie	  		  	St-Pascal de Kamouraska	  	Québec
	–	    	Rang 4 lot 12A-27	  		  	St-Paul-de-Montminy	  	Québec
	–	    	150 rue St-David	  		  	St-Siméon	  	Québec
	–	    	720, rang Brulé	  		  	St-Thomas	  	Québec
	–	    	1540 chemin St-Charles, (Lachenaie)	  		  	Terrebonne	  	Québec
	–	    	664 St-Désiré	  		  	Thetford Mines	  	Québec
	–	    	144 rue St-Laurent, (Cap-de-la-Madeleine)	  		  	Trois-Rivières	  	Québec
	–	    	rue des Prairies, Lots 556-13, 556-14, (Cap-de-la-Madeleine)	  		  	Trois-Rivières	  	Québec
	–	    	Ptie lot 272-30	  		  	Varennes	  	Québec
	–	    	2476, rue Henry-Ford	  		  	Vaudreuil, Dorion	  	Québec
	–	    	2785 chemin St-Antoine	  		  	Vaudreuil, Dorion	  	Québec
	–	    	290, rue Notre-Dame	  		  	Victoriaville	  	Québec
	–	    	298 to 300 rue Notre-Dame	  		  	Victoriaville	  	Québec
	–	    	Lot 981-2	  		  	Waterloo	  	Québec
	-	    	 The cable television networks and cable lines and systems including, without limiting the foregoing, the following land files opened at
the Register of Public Service Networks and Immovables situated in the following registration divisions:

					
	-	    	 ARGENTEUIL
	  	74-B-9	  		  	
		    		  	74-B-11	  		  	
		    		  	74-B-12	  		  	
		    		  	74-B-13	  		  	
		    		  	74-B-14	  		  	
		    		  	74-B-15	  		  	
		    		  	74-B-16	  		  	
		    		  	74-B-17	  		  	
					
	-	    	 ARTHABASKA
	  	34-B-179	  		  	
		    		  	34-B-180	  		  	
		    		  	34-B-181	  		  	
		    		  	34-B-199	  		  	

									
	-	    	 BEAUCE
	  	23-B-15 278	  		  	
					
	-	    	 BEAUHARNOIS
	  	70-B-9	  		  	
		    		  	70-B-10	  		  	
		    		  	70-B-11	  		  	
		    		  	70-B-12	  		  	
		    		  	70-B-14 to
70-B-181	  	
					
	-	    	 BELLECHASSE
	  	15-B-1	  		  	
		    		  	15-B-3	  		  	
		    		  	15-B-7	  		  	
		    		  	15-B-8	  		  	
		    		  	15-B-93 to
15-B-116	  	
					
	-	    	 BERTHIER
	  	49-B-36	  		  	
		    		  	49-B-37	  		  	
		    		  	BROME	  		  	
		    		  	38-B-1088	  		  	
		    		  	38-B-1089	  		  	
					
	-	    	 CHAMBLY
	  	56-B-116	  		  	
		    		  	56-B-117	  		  	
		    		  	56-B-125	  		  	
					
	-	    	 CHAMPLAIN
	  	32-B-18	  		  	
		    		  	32-B-19	  		  	
					
	-	    	 CHARLEVOIX NO. 1
	  	11-B-18	  		  	
		    		  	11-B-19	  		  	
		    		  	11-B-23 to
11-B-190	  	
				
	-	    	 CHARLEVOIX NO. 2
	  	12-B-13 to
12-B-120	  	
					
	-	    	 CHÂTEAUGUAY
	  	69-B-10	  		  	
		    		  	69-B-11	  		  	
					
	-	    	 CHICOUTIMI
	  	94-B-164	  		  	
		    		  	94-B-165	  		  	
		    		  	94-B-167	  		  	
		    		  	94-B-168	  		  	
		    		  	94-B-18 637 to
94-B-18 744	  	
					
	-	    	 COATICOOK
	  	59-B-497	  		  	
		    		  	59-B-498	  		  	
		    		  	59-B-499	  		  	
		    		  	59-B-500	  		  	
					
	-	    	 COMPTON
	  	25-B-1163	  		  	
		    		  	25-B-1164	  		  	
		    		  	25-B-1165	  		  	
		    		  	25-B-1166	  		  	

									
		    		  	25-B-1167	  		  	
		    		  	25-B-1168	  		  	
		    		  	25-B-1169	  		  	
		    		  	25-B-1170	  		  	
					
	-	    	 DEUX-MONTAGNES
	  	73-B-6	  		  	
		    		  	73-B-8	  		  	
		    		  	73-B-16	  		  	
		    		  	73-B-17	  		  	
		    		  	73-B-18	  		  	
		    		  	73-B-19	  		  	
					
	-	    	 DORCHESTER
	  	22-B-12	  		  	
		    		  	22-B-53	  		  	
		    		  	22-B-54	  		  	
					
	-	    	 DRUMMOND
	  	41-B-9759	  		  	
					
	-	    	 GATINEAU
	  	78-B-12	  		  	
		    		  	78-B-13	  		  	
		    		  	78-B-14	  		  	
		    		  	78-B-15	  		  	
		    		  	78-B-16	  		  	
		    		  	78-B-17	  		  	
		    		  	78-B-18	  		  	
		    		  	78-B-19	  		  	
					
	-	    	 HULL
	  	79-B-6	  		  	
		    		  	79-B-7	  		  	
					
	-	    	 JOLIETTE
	  	58-B-19	  		  	
		    		  	58-B-20	  		  	
					
	-	    	 KAMOURASKA
	  	10-B-8	  		  	
		    		  	10-B-9	  		  	
		    		  	10-B-12	  		  	
		    		  	10-B-13	  		  	
		    		  	10-B-14	  		  	
		    		  	10-B-15	  		  	
		    		  	10-B-16	  		  	
		    		  	10-B-17	  		  	
		    		  	10-B-18	  		  	
		    		  	10-B-19	  		  	
		    		  	10-B-344 to
10-B-391	  	
					
	-	    	 LABELLE
	  	76-B-15	  		  	
		    		  	76-B-16	  		  	
				
	-	    	 LAC-ST-JEAN-EST
	  	93-B-953 to
93-B-1090	  	
					
	-	    	 LAC-ST-JEAN-OUEST
	  	90-B-147	  		  	
		    		  	90-B-148	  		  	
		    		  	90-B-1 291 to
90-B-1 482	  	

									
	-	    	 LAPRAIRIE
	  	66-B-1053	  		  	
		    		  	66-B-1054	  		  	
					
	-	    	 L’ASSOMPTION
	  	62-B-9	  		  	
		    		  	62-B-10	  		  	
		    		  	62-B-11	  		  	
		    		  	62-B-12	  		  	
		    		  	LAVAL	  		  	
		    		  	64-B-6	  		  	
		    		  	64-B-7	  		  	
		    		  	64-B-8	  		  	
		    		  	64-B-9	  		  	
		    		  	LÉVIS	  		  	
		    		  	21-B-127	  		  	
		    		  	21-B-128	  		  	
		    		  	21-B-669 to 21-B-824	  	
					
	-	    	 L’ISLET
	  	13-B-13	  		  	
		    		  	13-B-14	  		  	
		    		  	13-B-15	  		  	
		    		  	13-B-16	  		  	
		    		  	13-B-17	  		  	
		    		  	13-B-18	  		  	
		    		  	13-B-19	  		  	
		    		  	13-B-20	  		  	
		    		  	13-B-21	  		  	
		    		  	13-B-22	  		  	
		    		  	13-B-23	  		  	
		    		  	13-B-24	  		  	
		    		  	13-B-109 to 13-B-132	  	
					
	-	    	 LOTBINIÈRE
	  	28-B-1	  		  	
		    		  	28-B-113	  		  	
		    		  	28-B-117	  		  	
		    		  	28-B-118	  		  	
					
	-	    	 MASKINONGÉ
	  	47-B-17	  		  	
					
	-	    	 MISSISQUOI
	  	54-B-1366	  		  	
		    		  	54-B-1367	  		  	
		    		  	54-B-1368	  		  	
		    		  	54-B-1369	  		  	
		    		  	54-B-1370	  		  	
		    		  	54-B-1371	  		  	
		    		  	54-B-1372	  		  	
		    		  	54-B-1373	  		  	
		    		  	54-B-1375	  		  	
					
	-	    	 MONTCALM
	  	61-B-13	  		  	
		    		  	61-B-16	  		  	
		    		  	61-B-17	  		  	
					
	-	    	 MONTMAGNY
	  	14-B-1	  		  	
		    		  	14-B-4	  		  	

									
		    		  	14-B-7	  		  	
		    		  	14-B-8	  		  	
		    		  	14-B-15	  		  	
		    		  	14-B-16	  		  	
		    		  	14-B-101 to 14-B-124	  	
					
	-	    	 MONTMORENCY
	  	17-B-29	  		  	
		    		  	17-B-42	  		  	
		    		  	17-B-43	  		  	
					
	-	    	 MONTRÉAL
	  	65-B-3246	  		  	
		    		  	65-B-3247	  		  	
		    		  	65-B-3248	  		  	
		    		  	65-B-3249	  		  	
		    		  	65-B-3250	  		  	
		    		  	65-B-3251	  		  	
		    		  	65-B-3252	  		  	
		    		  	65-B-3253	  		  	
		    		  	65-B-3254	  		  	
		    		  	65-B-3255	  		  	
		    		  	65-B-3256	  		  	
		    		  	65-B-3257	  		  	
				
	-	    	 NICOLET (NICOLET 2)
	  	46-B-238 and
46-B-239	  	
		    		  	46-B-226 to
46-B-237	  	
		    		  	46-B-240 to 46-B-261	  	
		    		  	46-B-370	  		  	
					
	-	    	 PAPINEAU
	  	75-B-15	  		  	
		    		  	75-B-16	  		  	
		    		  	75-B-17	  		  	
		    		  	75-B-18	  		  	
		    		  	75-B-19	  		  	
		    		  	75-B-20	  		  	
					
	-	    	 PORTNEUF
	  	29-B-41	  		  	
		    		  	29-B-42	  		  	
		    		  	29-B-43	  		  	
		    		  	29-B-44	  		  	
					
	-	    	 QUÉBEC
	  	20-B-120	  		  	
		    		  	20-B-126	  		  	
		    		  	20-B-127	  		  	
		    		  	20-B-128	  		  	
		    		  	20-B-129	  		  	
		    		  	20-B-226 to 20-B-357	  	
		    		  	20-B-10730 to 20-B-10969	  	
					
	-	    	 RICHELIEU
	  	50-B-4	  		  	
		    		  	50-B-6	  		  	
		    		  	50-B-7	  		  	
		    		  	50-B-8	  		  	
		    		  	50-B-9	  		  	

									
	-	    	 RICHMOND
	  	35-B-6	  		  	
		    		  	35-B-7	  		  	
		    		  	35-B-11	  		  	
		    		  	35-B-12	  		  	
		    		  	35-B-13	  		  	
		    		  	35-B-14	  		  	
					
	-	    	 RIMOUSKI
	  	07-B-8	  		  	
		    		  	07-B-20	  		  	
		    		  	07-B-42	  		  	
		    		  	07-B-335 to 07-B-406	  	
					
	-	    	 ROUVILLE
	  	52-B-121	  		  	
		    		  	52-B-122	  		  	
		    		  	52-B-123	  		  	
		    		  	52-B-124	  		  	
		    		  	52-B-125	  		  	
		    		  	52-B-126	  		  	
					
	-	    	 SAGUENAY
	  	97-B-41	  		  	
		    		  	97-B-42	  		  	
		    		  	97-B-43	  		  	
		    		  	97-B-44	  		  	
		    		  	97-B-45	  		  	
		    		  	97-B-46	  		  	
		    		  	97-B-47	  		  	
		    		  	97-B-48	  		  	
					
	-	    	 SAINT-HYACINTHE
	  	51-B-117	  		  	
		    		  	51-B-124	  		  	
		    		  	51-B-133	  		  	
		    		  	51-B-134	  		  	
		    		  	51-B-135	  		  	
		    		  	51-B-136	  		  	
					
	-	    	 SAINT-JEAN
	  	55-B-1135	  		  	
		    		  	55-B-1136	  		  	
					
	-	    	 SHAWINIGAN
	  	45-B-101	  		  	
					
	-	    	 SHEFFORD
	  	39-B-256	  		  	
		    		  	39-B-257	  		  	
		    		  	39-B-258	  		  	
		    		  	39-B-259	  		  	
		    		  	39-B-260	  		  	
		    		  	39-B-261	  		  	
					
	-	    	 SHERBROOKE
	  	36-B-1584	  		  	
		    		  	36-B-1585	  		  	
		    		  	36-B-1586	  		  	
		    		  	36-B-1587	  		  	
		    		  	36-B-1588	  		  	
		    		  	36-B-1589	  		  	
		    		  	36-B-1590	  		  	

									
		    		  	36-B-1591	  		  	
		    		  	36-B-1592	  		  	
		    		  	36-B-1593	  		  	
		    		  	36-B-1594	  		  	
		    		  	36-B-1595	  		  	
		    		  	36-B-1596	  		  	
		    		  	36-B-1597	  		  	
		    		  	36-B-1598	  		  	
		    		  	36-B-1600	  		  	
		    		  	36-B-1602	  		  	
					
	-	    	 STANSTEAD
	  	37-B-10	  		  	
		    		  	37-B-11	  		  	
					
	-	    	 TÉMISCOUATA
	  	09-B-64	  		  	
		    		  	09-B-65	  		  	
		    		  	09-B-66	  		  	
		    		  	09-B-67	  		  	
		    		  	09-B-346 to 09-B-417	  	
					
	-	    	 TERREBONNE
	  	63-B-25	  		  	
		    		  	63-B-26	  		  	
		    		  	63-B-27	  		  	
		    		  	63-B-28	  		  	
		    		  	63-B-29	  		  	
		    		  	63-B-30	  		  	
		    		  	63-B-31	  		  	
		    		  	63-B-32	  		  	
					
	-	    	 THETFORD
	  	30-B-13	  		  	
		    		  	30-B-14	  		  	
					
	-	    	 TROIS-RIVIÈRES
	  	44-B-8	  		  	
		    		  	44-B-9	  		  	
		    		  	44-B-10	  		  	
		    		  	44-B-33 to 44-B-34	  	
		    		  	44-B-21 to 44-B-32	  	
		    		  	44-B-35 to 56	  	
		    		  	44-B-165	  		  	
					
	-	    	 VAUDREUIL
	  	72-B-12	  		  	
		    		  	72-B-13	  		  	
		    		  	72-B-14	  		  	
		    		  	72-B-15	  		  	
		    		  	72-B-545 to 72-B-713	  	
					
	-	    	 VERCHÈRES
	  	57-B-114	  		  	
		    		  	57-B-116	  		  	
		    		  	57-B-117	  		  	

									
	(ii)	    	 Vidéotron G.P.
	  		  		  	
				
	-	    	 rue Saint-Jacques
	  	St-Jean sur Richelieu	  	Québec
	-	    	 The cable television networks and cable lines and systems including, without limiting the foregoing, the land files opened at the Register
of Public Service Networks and Immovables situated in all registration divisions of the Land Registry Office of Québec including the following:

					
	-	    	 BEAUCE
	  	23-B-15 279	  		  	
					
	-	    	 CHAMBLY
	  	56-B-960	  		  	
					
	-	    	 DEUX-MONTAGNES
	  	73-B-978	  		  	
					
	-	    	 DRUMMOND
	  	41-B-9 761	  		  	
					
	-	    	 GATINEAU
	  	78-B-4 286	  		  	
					
	-	    	 HULL
	  	79-B-641	  		  	
					
	-	    	 MISSISQUOI
	  	54-B-1 424	  		  	
					
	-	    	 MONTMORENCY
	  	17-B-82	  		  	
					
	-	    	 MONTRÉAL
	  	65-B-56 530	  		  	
					
	-	    	 PAPINEAU
	  	75-B-5 552	  		  	
				
	-	    	 QUÉBEC
	  	20-B-12 400 20-B-12 405	  	
					
	-	    	 RICHMOND
	  	35-B-5 931	  		  	
					
	-	    	 SHERBROOKE
	  	36-B-8 994	  		  	
					
	-	    	 TERREBONNE
	  	63-B-11 499	  		  	
					
	-	    	 VAUDREUIL
	  	72-B-3 695	  		  	

  

	2.	List of premises occupied by members of the VL Group 

  

	 	(i)	Vidéotron Ltée 

  

	 	–	612 rue Saint-Jacques, Montréal Québec H3C4M8 

  

	 	(ii)	9230-7677 Québec Inc. 

  

	 	–	612 rue Saint-Jacques, Montréal Québec H3C4M8 

  

	 	(iii)	Vidéotron S.E.C. / Videotron L.P. 

  

	 	–	612 rue Saint-Jacques, Montréal Québec H3C4M8 

	 	(iv)	9227-2590 Québec Inc. 

  

	 	–	612 rue Saint-Jacques, Montréal Québec H3C4M8 

  

	 	(v)	Vidéotron S.E.N.C. / Videotron G.P. 

  

	 	–	612 rue Saint-Jacques, Montréal Québec H3C4M8 

  

									
		 	-	    	Leased sites for antennas in theProvince of Québec	  		  	
					
		 	-	    	1405, Pentecostal Road	  	Cobourg	  	Ontario
		 	-	    	3500, Ave Steeles	  	Markham	  	Ontario
		 	-	    	3240, Rte Mavis	  	Mississauga	  	Ontario
		 	-	    	6535, Blv. Millcreek	  	Mississauga	  	Ontario
		 	-	    	861, Redwook Square	  	Mississauga	  	Ontario
		 	-	    	1200 boul St-Laurent, (St-Laurent Shopping Centre)	  	Ottawa	  	Ontario
		 	-	    	250, Albert Street	  	Ottawa	  	Ontario
		 	-	    	403, Somerset Street	  	Ottawa	  	Ontario
		 	-	    	100, King Street West	  	Toronto	  	Ontario
		 	-	    	100, Wellington Street	  	Toronto	  	Ontario
		 	-	    	101, Bloor Street	  	Toronto	  	Ontario
		 	-	    	130, Adelaide St. West	  	Toronto	  	Ontario
		 	-	    	130, King Street West	  	Toronto	  	Ontario
		 	-	    	151, Front Street	  	Toronto	  	Ontario
		 	-	    	161, Bay Street	  	Toronto	  	Ontario
		 	-	    	20 Bay Street	  	Toronto	  	Ontario
		 	-	    	20/40 Dundas/595 Bay Street	  	Toronto	  	Ontario
		 	-	    	200, Bay Street, North Tower Royal Bank Plaza	  	Toronto	  	Ontario
		 	-	    	222, Bay Street	  	Toronto	  	Ontario
		 	-	    	245, Consumers	  	Toronto	  	Ontario
		 	-	    	25, Adelaide Street East	  	Toronto	  	Ontario
		 	-	    	250, Yonge Street	  	Toronto	  	Ontario
		 	-	    	320, Bay Street	  	Toronto	  	Ontario
		 	-	    	333 King Street East	  	Toronto	  	Ontario
		 	-	    	333, King East	  	Toronto	  	Ontario
		 	-	    	4, Banigan Blvd.	  	Toronto	  	Ontario
		 	-	    	4100 Yonge Street	  	Toronto	  	Ontario
		 	-	    	438, University Street	  	Toronto	  	Ontario
		 	-	    	60, Adelaide Street East	  	Toronto	  	Ontario
		 	-	    	60, Bloor Street	  	Toronto	  	Ontario
		 	-	    	66, Wellington St. West	  	Toronto	  	Ontario
		 	-	    	777, Bay Street	  	Toronto	  	Ontario
		 	-	    	95, Wellington Street	  	Toronto	  	Ontario
		 	-	    	7999, boul. Galeries d’Anjou, Kiosque #Z-035, Les Galeries d’Anjou	  	Anjou	  	Québec
		 	-	    	115 rue Principale	  	Aylmer	  	Québec
		 	-	    	1011, rue Larue	  	Beauport	  	Québec
		 	-	    	600, Sir Wilfrid Laurier, #K-9, (Mail Montenach)	  	Beloeil	  	Québec
		 	-	    	650 chemin du Lac	  	Boucherville	  	Québec
		 	-	    	2151, Boul. Lapinière	  	Brossard	  	Québec
		 	-	    	6955, Boul. Taschereau	  	Brossard	  	Québec

									
		 	-	    	9380, rue Leduc suite 45	  	Brossard	  	Québec
		 	-	    	190 rue Fusey	  	Cap-de-la-Madeleine	  	Québec
		 	-	    	1401, Boul. Talbot	  	Chicoutimi	  	Québec
		 	-	    	21, rue Racine ouest	  	Chicoutimi	  	Québec
		 	-	    	745, 43ième avenue, et 10,425 Côte de Liesse	  	Dorval	  	Québec
		 	-	    	755 René-Lévesque, Kiosque #03060,	  	Drummondville	  	Québec
		 		    	Les Promenades Drummondville	  		  	
		 	-	    	1100, Boul. Maloney ouest	  	Gatineau	  	Québec
		 	-	    	1160, boul. St-Joseph	  	Gatineau	  	Québec
		 	-	    	171-A, rue Jean-Proulx, arrondissement Hull	  	Gatineau	  	Québec
		 	-	    	320, Boul. St-Joseph	  	Gatineau	  	Québec
		 	-	    	500, rue Gréber	  	Gatineau	  	Québec
		 	-	    	40, rue Évangeline	  	Granby	  	Québec
		 	-	    	619, rue Cowie	  	Granby	  	Québec
		 	-	    	1075 Firestone, Magasin #1070	  	Joliette	  	Québec
		 	-	    	1075, Boul Firestone	  	Joliette	  	Québec
		 	-	    	480, rue St-Pierre	  	Joliette	  	Québec
		 	-	    	175, (PDLN-PDLS)	  	Lac Jacques Cartier	  	Québec
		 	-	    	7077, Newman	  	Lasalle	  	Québec
		 	-	    	1600, boul. Le Corbusier, Local 117, Centre Laval	  	Laval	  	Québec
		 	-	    	2205, rue Francis-Hugues	  	Laval	  	Québec
		 	-	    	3003, Boul. Le Carrefour,	  	Laval	  	Québec
		 		    	Kiosque ZM09 & magasin A016	  		  	
		 	-	    	3665 boul. Ste-Rose	  	Laval	  	Québec
		 	-	    	317, rue Marion	  	Legardeur	  	Québec
		 	-	    	631 route 138, Longue Rive	  	Les Escoumins	  	Québec
		 	-	    	1200 Alphonse-Desjardins, 3100,	  	Lévis	  	Québec
		 		    	(Les Galeries Chagnon)	  		  	
		 	-	    	6600, Boul. de la Rive-Sud	  	Lévis	  	Québec
		 	-	    	1111 rue St-Charles O., local 130, 135 et 5e étage	  	Longueuil	  	Québec
		 	-	    	80, rue St-Laurent	  	Longueuil	  	Québec
		 	-	    	825, rue Saint-Laurent Ouest	  	Longueuil	  	Québec
		 	-	    	2305, Chemin Rockland,	  	Mont Royal	  	Québec
		 		    	Kiosque K135 & Entrepôt E281	  		  	
		 	-	    	4480, rue Côte-de-Liesse	  	Mont Royal	  	Québec
		 	-	    	1PlaceVilleMarie	  	Montréal	  	Québec
		 	-	    	1000, rue Gauchetière ouest	  	Montréal	  	Québec
		 	-	    	1080, rue Beaver Hall	  	Montréal	  	Québec
		 	-	    	1190-1192, Ste-Catherine ouest	  	Montréal	  	Québec
		 	-	    	1205, rue Papineau	  	Montréal	  	Québec
		 	-	    	1441, rue Carrie-Derick	  	Montréal	  	Québec
		 	-	    	150, rue Beaubien ouest, Stationnement Home Depot	  	Montréal	  	Québec
		 	-	    	1500, avenue Atwater, Plaza Alexis-Nihon	  	Montréal	  	Québec
		 	-	    	1550, rue Metcalfe (1455 Peel)	  	Montréal	  	Québec
		 	-	    	1755, Boul. René-Lévesque Est, Local 003	  	Montréal	  	Québec
		 	-	    	1801 McGill College, 8e étage	  	Montréal	  	Québec
		 	-	    	1981, rue McGill College	  	Montréal	  	Québec
		 	-	    	2000, rue Berri	  	Montréal	  	Québec
		 	-	    	2150 rue Moreau	  	Montréal	  	Québec
		 	-	    	249, rue St-Antoine ouest	  	Montréal	  	Québec
		 	-	    	3, Complexe-Desjardins,	  	Montréal	  	Québec
		 		    	Espace N1-4, N2-23, E2-23,S2-3	  		  	
		 	-	    	405, rue Ogilvy	  	Montréal	  	Québec
		 	-	    	4050, Boul. Rosemont	  	Montréal	  	Québec

									
		 	-	    	4201 Saint-Denis	  	Montréal	  	Québec
		 	-	    	4220, de Rouen	  	Montréal	  	Québec
		 	-	    	4500 rue Hochelaga	  	Montréal	  	Québec
		 	-	    	4545, rue Frontenac	  	Montréal	  	Québec
		 	-	    	5, Complexe Desjardins, Niveau Promenade	  	Montréal	  	Québec
		 	-	    	500, rue René-Lévesque Ouest	  	Montréal	  	Québec
		 	-	    	500, rue Sherbrooke Ouest	  	Montréal	  	Québec
		 	-	    	5252, rue Maisonneuve ouest	  	Montréal	  	Québec
		 	-	    	5800, rue St-Denis	  	Montréal	  	Québec
		 	-	    	612 Saint-Jacques	  	Montréal	  	Québec
		 	-	    	6528, rue Waverly	  	Montréal	  	Québec
		 	-	    	6600 rue Saint-Urbain	  	Montréal	  	Québec
		 	-	    	705, rue Ste-Catherine Ouest	  	Montréal	  	Québec
		 	-	    	7275 rue Sherbrooke est	  	Montréal	  	Québec
		 	-	    	7355, rue Coffee	  	Montréal	  	Québec
		 	-	    	740, rue Notre-Dame Ouest	  	Montréal	  	Québec
		 	-	    	800, de la Gauchetière ouest, Local #1160, Niveau 1,	  	Montréal	  	Québec
		 		    	Place Bonaventure	  		  	
		 	-	    	800, de la Gauchetière ouest, Local 1130, Niveau 1,	  	Montréal	  	Québec
		 		    	Place Bonaventure	  		  	
		 	-	    	8147 rue Sherbrooke	  	Montréal	  	Québec
		 	-	    	888 rue de Maisonneuve	  	Montréal	  	Québec
		 	-	    	2305 Chemin Rockland, Kiosque #K114	  	Mont-Royal	  	Québec
		 	-	    	KM 108, route 175	  	Parc des Laurentides	  	Québec
		 	-	    	KM 187, route 175	  	Parc des Laurentides	  	Québec
		 	-	    	237, rue Hymus	  	Pointe-Claire	  	Québec
		 	-	    	6801, route Trans-Canadienne	  	Pointe-Claire	  	Québec
		 	-	    	1000, Ave Myrand, arrondissement Ste-Foy	  	Québec	  	Québec
		 	-	    	1050 Lous-Alexandre-Taschereau,	  	Québec	  	Québec
		 		    	Adresse secondaire:, 1035, rue Chevrotière	  		  	
		 	-	    	150 René-Lévesque est	  	Québec	  	Québec
		 	-	    	150, Boul. René Lévesque, Local 202	  	Québec	  	Québec
		 	-	    	2700, Boulevard Laurier, arrondissement Ste-Foy	  	Québec	  	Québec
		 	-	    	552, Wilfrid-Hamel	  	Québec	  	Québec
		 	-	    	Les Galeries de la Capitale, 5401, boul. des Galeries	  	Québec	  	Québec
		 	-	    	100, Boul. Brien	  	Repentigny	  	Québec
		 	-	    	288, rue Pierre-Saindon	  	Rimouski	  	Québec
		 	-	    	15, rue de la Chute	  	Rivière-du-Loup	  	Québec
		 	-	    	401, Boul. Labelle	  	Rosemère	  	Québec
		 	-	    	3103 Boul. Royal, Plaza de la Mauricie, Kiosque #K4	  	Shawinigan	  	Québec
		 	-	    	3330 rue King Ouest	  	Sherbrooke	  	Québec
		 	-	    	Carrefour de L’Estrie	  	Sherbrooke	  	Québec
		 	-	    	262-274, boul. Fiset, Local 274	  	Sorel	  	Québec
		 	-	    	Les Promenades St-Bruno, 1, boul. des Promenades,	  	St-Bruno	  	Québec
		 		    	Kiosque #Z-037	  		  	
		 	-	    	3200, Boulevard Laframboise, Kiosque 5120,	  	St-Hyacinthe	  	Québec
		 		    	Galerie St-Hyacinthe	  		  	
		 	-	    	145, rue Latour	  	St-Jean sur Richelieu	  	Québec
		 	-	    	420, Boul. Industriel	  	St-Jean sur Richelieu	  	Québec
		 	-	    	600, rue Pierre-Caisse,	  	St-Jean sur Richelieu	  	Québec
		 		    	Carrefour Richelieu, Local 00442	  		  	
		 	-	    	900, boul. Grignon, (Carrefour du Nord)	  	St-Jérôme	  	Québec
		 	-	    	3131, Boul. Côte Vertu	  	St-Laurent	  	Québec
		 	-	    	3700, rue Griffith	  	St-Laurent	  	Québec

									
		 	-	    	6315, Chemin Côte-de-Liesse	  	St-Laurent	  	Québec
		 	-	    	3598, rue Bernard Pilon	  	St-Mathieu de Beloeil	  	Québec
		 	-	    	840, rue de L’Église	  	St-Romuald	  	Québec
		 	-	    	1185, boul. Moody, magasin 100,	  	Terrebonne	  	Québec
		 		    	(Galeries de Terrebonne)	  		  	
		 	-	    	1075, rue Champflour	  	Trois-Rivières	  	Québec
		 	-	    	Centre Commercial Les Rivières,	  	Trois-Rivières	  	Québec
		 		    	4225, Boul. des Forges, Kiosque #K87	  		  	
		 	-	    	1000, rue St-Charles	  	Vaudreuil, Dorion	  	Québec
		 	-	    	90, rue Charbonneau	  	Vaudreuil, Dorion	  	Québec
		 	-	    	5, rue Commerce	  	Verdun	  	Québec

  

	 	(vi)	Videotron US Inc. 

  

	 	–	Suite 1410, The Nemours Building, 1007 Orange Street, County of New Castle, Wilmington, Delaware, 19801, United States of America (Registered office)

  

	 	(vii)	Vidéotron Infrastructures Inc. 

  

	 	–	612 rue Saint-Jacques, Montréal Québec H3C4M8 

  

	 	–	Leased sites for antennas in the Province of Québec 

  

	 	(viii)	Le SuperClub Vidéotron Ltée 

  

									
		 	-	    	612 rue Saint-Jacques, Montréal Québec H3C4M8	  		  	
		 	-	    	305, rue Sherbrooke Ouest	  	Montréal	  	Québec
		 	-	    	4076, rue Wellington	  	Verdun	  	Québec
		 	-	    	184 Scott Street	  	St. Catharines	  	Ontario
		 	-	    	1040-1096 Princess St.	  	Kingston	  	Ontario
		 	-	    	125 Stewart Blvd.	  	Brockville	  	Ontario
		 	-	    	Heritage Sq.,6 Speers Blvd.	  	Amherstview	  	Ontario
		 	-	    	4245, rue Jean-Talon Est	  	Saint-Léonard	  	Québec
		 	-	    	3101, rue Masson	  	Montréal	  	Québec
		 	-	    	1747, rue Fleury Est	  	Montréal	  	Québec
		 	-	    	180, boul. d’Anjou	  	Châteauguay	  	Québec
		 	-	    	2930, ch. Chambly	  	Longueuil	  	Québec
		 	-	    	1027, boul. St-Joseph	  	Drummondville	  	Québec
		 	-	    	210, ch. d’Aylmer	  	Gatineau	  	Québec
		 	-	    	2309, rue St-Hubert	  	Jonquière	  	Québec
		 	-	    	12886, rue Sherbrooke Est	  	Pointe-aux-Trembles	  	Québec
		 	-	    	2552, rue Beaubien Est	  	Montréal	  	Québec
		 	-	    	66, boul. Jacques-Cartier Nord	  	Sherbrooke	  	Québec
		 	-	    	2635, av. Van Horne	  	Montréal	  	Québec
		 	-	    	5632, boul. Henri-Bourassa Est	  	Montréal-Nord	  	Québec
		 	-	    	2033, rue Principale	  	Sainte-Julie	  	Québec
		 	-	    	400, route 132, local 122	  	Saint-Constant	  	Québec
		 	-	    	840, boul. de l’Ange-Gardien Nord	  	L’Assomption	  	Québec
		 	-	    	690, ch. de St-Jean	  	La Prairie	  	Québec
		 	-	    	4250, 1ère avenue, local 40A	  	Charlesbourg	  	Québec
		 	-	    	1300, boul. St-Jean Baptiste	  	Montréal	  	Québec
		 	-	    	3730, rue Ontario Est	  	Montréal	  	Québec

									
		 	-	    	426, rue Principale	  	Lachute	  	Québec
		 	-	    	5645, boul. Grande-Allée	  	Brossard	  	Québec
		 	-	    	5144, rue Frontenac	  	Lac-Mégantic	  	Québec
		 	-	    	882, boul. des Seigneurs	  	Terrebonne	  	Québec
		 	-	    	1205, rue de Neuville, local 103	  	Gatineau	  	Québec
		 	-	    	50 Main Street East	  	Hawkesbury	  	Ontario
		 	-	    	554, boul. St-Laurent,	  	Louiseville	  	Québec
		 	-	    	3343, rue Jarry Est	  	Montréal	  	Québec
		 	-	    	3759, ch. d’Oka	  	Saint-Joseph-du-Lac	  	Québec
		 	-	    	9770, rue Lajeunesse	  	Montréal	  	Québec
		 	-	    	346 North Front Street	  	Belleville	  	Ontario
		 	-	    	1080 Adelaide Street N.	  	London	  	Ontario
		 	-	    	1200 rue de la Faune	  	Québec	  	Québec
		 	-	    	100, boul. Brien	  	Repentigny	  	Québec
		 	-	    	2350, boul. Ste-Anne	  	Québec	  	Québec
		 	-	    	2236 Boul. Des Laurentides	  	Vimont, Laval	  	Québec
		 	-	    	3490, boul. des Forges	  	Trois-Rivières	  	Québec
		 	-	    	523, boul. Curé-Labelle	  	Fabreville	  	Québec
		 	-	    	1010, boul. King Est	  	Sherbrooke	  	Québec
		 	-	    	97, rue St-Germain Ouest	  	Rimouski	  	Québec
		 	-	    	9115, boul. de L’Ormière	  	Québec	  	Québec
		 	-	    	4073, boul. Royal	  	Shawinigan	  	Québec
		 	-	    	379, boul. Bois-Francs Sud	  	Victoriaville	  	Québec
		 	-	    	1330, av. du Mont-Royal Est	  	Montréal	  	Québec
		 	-	    	455, boul. de Mortagne	  	Boucherville	  	Québec
		 	-	    	355, boul. Gréber	  	Gatineau	  	Québec
		 	-	    	855, boul. René-Lévesque Ouest	  	Québec	  	Québec
		 	-	    	1, rue Dufferin	  	Salaberry-de-Valleyfield	  	Québec
		 	-	    	481, boul. des Laurentides	  	Saint-Jérôme	  	Québec
		 	-	    	2190, av. Larue	  	Beauport	  	Québec
		 	-	    	2600, boul. Casavant Ouest	  	Saint-Hyacinthe	  	Québec
		 	-	    	10750, boul. Lacroix	  	Saint-Georges	  	Québec
		 	-	    	7000, av. de la Plaza	  	Sorel-Tracy	  	Québec
		 	-	    	2105, boul. Curé-Labelle	  	Chomedey, Laval	  	Québec
		 	-	    	1000, rue Cours Le Corbusier	  	Boisbriand	  	Québec
		 	-	    	961, boul. Talbot	  	Chicoutimi	  	Québec
		 	-	    	199, boul. Labelle	  	Rosemère	  	Québec
		 	-	    	5780, boul. Gouin Ouest	  	Montréal	  	Québec
		 	-	    	150, boul. des Laurentides	  	Pont-Viau, Laval	  	Québec
		 	-	    	999, rue Pie XI	  	Thetford Mines	  	Québec
		 	-	    	1866, av. Industrielle	  	Val-Bélair	  	Québec
		 	-	    	803A, boul. Curé-Labelle	  	Blainville	  	Québec
		 	-	    	50, Route du Président Kennedy, Local 170	  	Lévis	  	Québec
		 	-	    	8256, boul. Maurice-Duplessis	  	Montréal	  	Québec
		 	-	    	8285, rue Notre-Dame Est	  	Montréal	  	Québec
		 	-	    	8675, boul. Viau	  	Saint-Léonard	  	Québec
		 	-	    	5965, rue de Verdun	  	Verdun	  	Québec
		 	-	    	6112, rue Sherbrooke Ouest	  	Montréal	  	Québec
		 	-	    	215, boul. Fiset	  	Sorel-Tracy	  	Québec
		 	-	    	5852, boul. Léger	  	Montréal-Nord	  	Québec
		 	-	    	965, boul. d’Auteuil	  	Duvernay, Laval	  	Québec
		 	-	    	84, boul. Industriel	  	Repentigny	  	Québec
		 	-	    	97, rue Principale Est	  	Farnham	  	Québec
		 	-	    	2815, ch. des Quatre-Bourgeois	  	Sainte-Foy	  	Québec

									
		 	-	    	1221, rue Charles-Albanel	  	Sainte-Foy	  	Québec
		 	-	    	350, rue Beaudry Nord	  	Joliette	  	Québec
		 	-	    	295, boul. Armand-Thériault	  	Rivière-du-Loup	  	Québec
		 	-	    	6425, rue Beaubien Est	  	Montréal	  	Québec
		 	-	    	19, rue Beausoleil	  	Saint-Gabriel-de-Brandon	  	Québec
		 	-	    	465, boul. du Pont	  	Saint-Nicolas	  	Québec
		 	-	    	1025, boul. Curé-Poirier Ouest	  	Longueuil	  	Québec
		 	-	    	6072, rue Sherbrooke Est	  	Montréal	  	Québec
		 	-	    	1135, rue Décarie	  	Saint-Laurent	  	Québec
		 	-	    	2700, boul. des Promenades	  	Deux-Montagnes	  	Québec
		 	-	    	511, boul. Royal	  	Malartic	  	Québec
		 	-	    	1258, 3e avenue	  	Val-d’Or	  	Québec
		 	-	    	25, boul. Don Quichotte	  	L’Île-Perrot	  	Québec
		 	-	    	203, 7e Avenue	  	Dolbeau-Mistassini	  	Québec
		 	-	    	4260, rue Ste-Catherine Est	  	Montréal	  	Québec
		 	-	    	299, boul. Sir Wilfrid-Laurier	  	Saint-Lambert	  	Québec
		 	-	    	1950, boul. Curé-Labelle	  	Saint-Jérôme	  	Québec
		 	-	    	161, 1re Avenue Ouest	  	Amos	  	Québec
		 	-	    	2619 boul. Louis XIV	  	Beauport	  	Québec
		 	-	    	600, boul. Jacques-Bizard	  	L’Île-Bizard	  	Québec
		 	-	    	1360, boul. Montarville	  	Saint-Bruno	  	Québec
		 	-	    	468, rue St-Patrice Ouest	  	Magog	  	Québec
		 	-	    	30, rue Morin	  	Sainte-Agathe-des-Monts	  	Québec
		 	-	    	1149, boul. de Ste-Adèle	  	Sainte-Adèle	  	Québec
		 	-	    	131 chemin du lac Millette, suite 101	  	Saint-Sauveur	  	Québec
		 	-	    	824, boul. Thibeau	  	Trois-Rivières	  	Québec
		 	-	    	585, av. St-Charles	  	Vaudreuil-Dorion	  	Québec
		 	-	    	250, boul. Sir Wilfrid-Laurier	  	Beloeil	  	Québec
		 	-	    	5253, av. du Parc	  	Montréal	  	Québec
		 	-	    	400, boul. du Séminaire Nord	  	St-Jean-sur-Richelieu	  	Québec
		 	-	    	720, Montée Paiement	  	Gatineau	  	Québec
		 	-	    	5178, ch. Queen Mary	  	Montréal	  	Québec
		 	-	    	5245, boul. Cousineau	  	Saint-Hubert	  	Québec
		 	-	    	2768, rue Laurier, CP 91	  	Rockland	  	Ontario
		 	-	    	168, 25e Avenue	  	Saint-Eustache	  	Québec
		 	-	    	354, boul. Arthur-Sauvé	  	Saint-Eustache	  	Québec
		 	-	    	1450, boul. Père-Lelièvre	  	Duberger	  	Québec
		 	-	    	5333, boul. Laurier, local 100	  	Terebonne (La plaine)	  	Québec
		 	-	    	241, boul. Samson	  	Sainte-Dorothée, Laval	  	Québec
		 	-	    	437, rue du Pont	  	Mont-Laurier	  	Québec
		 	-	    	1360, rue Notre-Dame	  	L’Ancienne-Lorette	  	Québec
		 	-	    	2020, boul. René-Gaultier	  	Varennes	  	Québec
		 	-	    	10A, boul. Georges-Gagné	  	Delson	  	Québec
		 	-	    	407, rue de St-Jovite	  	Mont-Tremblant	  	Québec
		 	-	    	912, rue Commerciale	  	Saint-Jean-Chrysostome	  	Québec
		 	-	    	81, boul. Taché Ouest	  	Montmagny	  	Québec
		 	-	    	85, av. Plante	  	Vanier	  	Québec
		 	-	    	7579, boul. Newman	  	LaSalle	  	Québec
		 	-	    	541, boul. Curé-Labelle	  	Chomedey, Laval	  	Québec
		 	-	    	1770, av. de L’Église	  	Montréal	  	Québec
		 	-	    	8465, boul. Henri-Bourassa	  	Charlesbourg	  	Québec
		 	-	    	5000, rue Wellington	  	Verdun	  	Québec
		 	-	    	3698, boul. Taschereau	  	Greenfield Park	  	Québec
		 	-	    	9295, rue Sherbrooke Est	  	Montréal	  	Québec

									
		 	-	    	535, rue Villeray	  	Montréal	  	Québec
		 	-	    	1264, rue Jean-Talon Est	  	Montréal	  	Québec
		 	-	    	477A Boul. Ste-Anne	  	Sainte-Anne-des-Plaines	  	Québec
		 	-	    	5760, boul. Jean XXIII	  	Trois-Rivières	  	Québec
		 	-	    	1397, 6e Avenue	  	Grand-Mère	  	Québec
		 	-	    	8200, boul. Taschereau	  	Brossard	  	Québec
		 	-	    	1201, boul. de Périgny	  	Chambly	  	Québec
		 	-	    	420, rue St-Charles Ouest	  	Longueuil	  	Québec
		 	-	    	275, rue St-Antoine Nord	  	Lavaltrie	  	Québec
		 	-	    	7, rue Robert	  	Saint-Basile-Le-Grand	  	Québec
		 	-	    	1116, boul. Vachon Nord, cp.19	  	Sainte-Marie	  	Québec
		 	-	    	746, av. Buckingham, suite A	  	Buckingham	  	Québec
		 	-	    	10, rue Papineau	  	Joliette	  	Québec
		 	-	    	55, rue Marie de l’Incarnation	  	Québec	  	Québec
		 	-	    	2220, ch. Gascon	  	Terrebonne	  	Québec
		 	-	    	685, boul. Laure	  	Sept-Îles	  	Québec
		 	-	    	1001, boul. Laflèche	  	Baie-Comeau	  	Québec
		 	-	    	39, boul. St-Luc, local 100	  	Saint-Jean-sur-Richelieu	  	Québec
		 	-	    	199, route 138	  	Donnacona	  	Québec
		 	-	    	3440, ch. des Quatre-Bourgeois	  	Sainte-Foy	  	Québec
		 	-	    	18, rue du Manège	  	Coaticook	  	Québec
		 	-	    	515, boul. Lacombe	  	Le Gardeur	  	Québec
		 		    	1070, Montée Masson	  	Mascouche	  	Québec
		 	-	    	9, boul. de la Salette	  	Saint-Jérôme	  	Québec
		 	-	    	750, av. du Phare Ouest	  	Matane	  	Québec
		 	-	    	3465, boul. Dagenais Ouest	  	Fabreville	  	Québec
		 	-	    	1890, av. Dollard	  	LaSalle	  	Québec
		 	-	    	13425 Boul. Curé-Labelle	  	Mirabel	  	Québec
		 	-	    	1305, rue des Cascades	  	Saint-Hyacinthe	  	Québec
		 	-	    	211, av. du Pont Sud	  	Alma	  	Québec
		 	-	    	531, rue Saint-Louis	  	Saint-Lin-Laurentides	  	Québec
		 	-	    	3285, 1re Avenue	  	Rawdon	  	Québec
		 	-	    	4795, boul. Bourque	  	Rock Forest	  	Québec
		 	-	    	914, boul. Maloney Est	  	Gatineau	  	Québec
		 	-	    	550, boul. d’Iberville	  	Saint-Jean-sur-Richelieu	  	Québec
		 	-	    	4526, boul. St-Laurent	  	Montréal	  	Québec
		 	-	    	83, rue Ellice	  	Beauharnois	  	Québec
		 	-	    	9, boul. Montcalm Nord, porte 17	  	Candiac	  	Québec
		 	-	    	179, av. St-Alphonse	  	Roberval	  	Québec
		 	-	    	572, boul. Arthur-Sauvé	  	Saint-Eustache	  	Québec
		 	-	    	600, Montée du Moulin, local 24	  	Saint-François, Laval	  	Québec
		 	-	    	1334, boul. Sacré-Coeur	  	Saint-Félicien	  	Québec
		 	-	    	15020, boul. Henri-Bourassa	  	Québec	  	Québec
		 	-	    	13960-5, Montée St-Simon	  	Mirabel	  	Québec
		 	-	    	277, Montée des Pionniers	  	Lachenaie	  	Québec
		 	-	    	356, boul. Sir-Wilfrid-Laurier	  	Mont-Saint-Hilaire	  	Québec
		 	-	    	560, rue Conrad	  	Granby	  	Québec
		 	-	    	2148, boul. Lapinière	  	Brossard	  	Québec
		 	-	    	75, boul. des Châteaux, local 201	  	Blainville	  	Québec
		 	-	    	828, av. Gilles Villeneuve	  	Berthierville	  	Québec
		 	-	    	777, boul. Lebourgneuf local 115	  	Québec	  	Québec
		 	-	    	28, boul. du Mont-Bleu	  	Gatineau	  	Québec
		 	-	    	63, Montée Gagnon,	  	Bois-des-Fillions	  	Québec
		 	-	    	1811, Ste-Angelique	  	St-Lazare	  	Québec

									
		 	-	    	24 rue Du Couvent, local #1	  	l’Épiphanie	  	Québec
		 	-	    	1625 3e avenue	  	Val-d’Or	  	Québec
		 	-	    	574 rue principale	  	Granby	  	Québec
		 	-	    	2645 Boul. Curé-Labelle, local 105	  	Prévost	  	Québec
		 	-	    	3615 Notre-Dame Ouest	  	St-Henri	  	Québec
		 	-	    	281 King Street	  	Port Colborne	  	Ontario
		 	-	    	1000 Gerrard Street East, Unit C13-14	  	Toronto	  	Ontario
		 	-	    	12 Highland Drive.	  		  	
		 	-	    	Fonthill Shopping Centre, Hwy #20	  	Fonthill	  	Ontario
		
		 	For information purposes, the following are premises occupied outside of Québec and Ontario (however these do not contain material assets belonging to members
of the VL Group):
		 	-	    	169 Dundonald St.	  	Fredericton	  	New Brunswick
		 	-	    	102 Main St., Unit 5	  	Fredericton	  	New Brunswick
		 	-	    	454 Granville Street	  	Summerside	  	Prince Edward Island
		 	-	    	39 Commonwealth Ave. Unit 7	  	Mt. Pearl	  	Newfoundland
		 	-	    	#9-2539 Main Street	  	Winnipeg	  	Manitoba
		 	-	    	8 HardyAve.	  	Grand Falls-Windsor	  	Newfoundland
		 	-	    	Mailing address: P.O. Box 21211,	  	St. John’s	  	Newfoundland
		 	-	    	26 Hamlyn Road, St. John’s	  	St. John’s	  	Newfoundland
		 	-	    	30, rue de l’Église	  	Edmundston	  	New Brunswick

  

	 	(ix)	Jobboom Inc. 

  

	 	–	612 rue Saint-Jacques, Montréal Québec H3C4M8 

 Part 2 
 List of Non-Material Real Estate (Section 13.3) 
  

					
	 No
	  	 Address
	  	 Value

	 055
	  	14165 Cherrier, Montréal	  	$130,867.00
	 062
	  	Lot 556-13, 556-14, Cap-de-la Madeleine	  	$92,300.00
	 067
	  	Lot 601-1-2, Notre-Dame-des-Laurentides	  	$86,000.00
	 348
	  	Lot 981-2 canton de Shefford, Waterloo	  	$19,200.00
	 362
	  	St-Honoré	  	$300.00
	 678
	  	3338, Tolmies Corners, Roxboro, Ontario	  	$29,125.00
	 311
	  	1512 Chemin St-Jean (Concession 9), Clarence-Rockland, Ontario	  	$61,000.00

 SCHEDULE “J” - OFFICER’S
COMPLIANCE CERTIFICATE 
 TO: ROYAL BANK OF CANADA, as Agent 

We have reviewed the Amended and Restated Credit Agreement dated as of June 16, 2015 (as modified, supplemented, amended or amended
and restated from time to time, the “Credit Agreement”) entered into among VIDÉOTRON LTÉE, Royal Bank of Canada, as Agent and the Lenders (as defined in the Credit Agreement), and hereby certify that: 

 

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

  

	 	(ii)	the Adjusted Consolidated assets, EBITDA and Debt owned, generated or owed by the VL Group is not less than 95% of the consolidated assets, EBITDA and Debt of the
Borrower [if any of these elements is less than 95%, provide an accurate percentage]; 

  

	 	(iii)	the aggregate assets and EBITDA attributable to the Borrower and the Guarantors is [not less than 95% of the consolidated assets and EBITDA of the Borrower]
{or} [% [cannot be less than 80%] of the consolidated assets and % [cannot be less than 80%] of the consolidated EBITDA of the Borrower], such EBITDA in each case calculated on a rolling four-quarter basis;

  

	 	(iv)	[For annual Compliance Certificate alone; if both assets and EBITDA attributable to the Borrower and the Guarantors represent not less than 95% of the consolidated
assets and EBITDA of the Borrower, this will be provided only at the reasonable request of the Agent] [if applicable] annexed hereto is all of the information necessary to permit the Agent and the Lenders to calculate the EBITDA and assets
attributable to (a) the Borrower and the Guarantors, and (b) the Borrower on a consolidated basis; and 

  

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

 We attach a Compliance Certificate
demonstrating the Borrower’s compliance with the financial covenants listed in subsections 12.11.1 and 12.11.2, [as well as compliance with the covenant contained in Section 12.12 of the Credit Agreement], in each case for the latest
period required under subsection {12.15.1 - quarterly} {12.15.2 - annual} {choose one}. 
  

			
	  

	Name and Title
		
	Date:	 	  

  
 List of Defaults or Events of Default (either
list or state “none”. If any exist, set out particulars, period of existence and actions proposed) 

 COMPLIANCE CERTIFICATE 

Maintenance of Ratios (Section 12.11) 
 Quarter ending                 
 (Indicate if the information provided herein is provided on a consolidated or Adjusted Consolidated basis) 

 

	1.	Leverage Ratio (Debt to EBITDA) 

  

									
	(A)	  	Debt	  	$                            
	    		  	
					
	(B)	  	EBITDA	  	$                            
	    		  	
				
	Ratio of Debt to EBITDA (A/B) =	  		    	                            
	  	

  

	2.	Interest Coverage Ratio 

  

									
	(B)	  	EBITDA	 	$                        	 		  	
					
	(D)	  	Interest Expense	 	$                        	 		  	
			
	Ratio of EBITDA to Interest Expense (B/D) =	 	                            
	  	

 Calculation of Debt (A) 
  

							
				
		  	Borrowed money (excluding QMI Subordinated Debt)	  	$                            
	  	
	plus	  		  		  	
		  	Hedging Exposure	  	$                            
	  	
	plus	  		  		  	
		  	Deferred purchase price	  	$                            
	  	
	plus	  		  		  	
		  	Obligations secured by Charges	  	$                            
	  	
	plus	  		  		  	
		  	Capital and Synthetic Leases	  	$                            
	  	
	plus	  		  		  	
		  	Contingent Obligations	  	$                            
	  	
	plus	  		  		  	
		  	B/A’s, letters of credit and Guarantees	  	$                            
	  	
	equals	  		  		  	
			
		  	DEBT (A):	  	                      $     
                       

 Calculation of EBITDA (B) 

 

							
		  	 (i)          Net income or loss of Borrower
	  	$                        	  	
	plus	  		  		  	
		  	 (ii)        non-controlling interests
	  	$                        	  	
	plus	  		  		  	
		  	 (iii)       extraordinary items
	  	$                        	  	
	plus	  		  		  	
		  	 (iv)       Interest Expense
	  	$                        	  	
	plus	  		  		  	
		  	 (v)         Income tax expense
	  	$                        	  	
	plus	  		  		  	
		  	 (vi)       Depreciation and amortization
	  	$                        	  	
	plus or minus	  		  	
		  	 (vii)      Forex translation gains / losses
	  	$                        	  	
	plus	  		  		  	
		  	 (viii)     Non-cash financial charges
	  	$                        

	minus	  		  	
		  	 (ix)       Income or expense related to
Back-to-Back Securities
	  	$                        	  	
	minus	  		  		  	
		  	 (x)         EBITDA of Subsidiaries not members of the Relevant
Group
	  	$                        	  	
	Equals	  		  		  	
		  	EBITDA (B)	  	                $           
             

 Covenant Compliance (Section 12.12) 

(To be reported on only annually, unless requested more frequently by the Agent. However, if both assets and EBITDA attributable
to the Borrower and the Guarantors represent at least 95% of the consolidated assets and EBITDA of the Borrower, detailed calculations will be provided only at the request of the Agent 
 Borrower and Guarantors required to have 80% of Borrower’s consolidated EBITDA and assets (12.12) 
 Calculation of % of Assets 
  

			
	 (i)               Total assets of Borrower
(consolidated)
	  	$                      
	 minus        

(ii)             Assets owned by Persons not
Borrower or Guarantors
	  	$                      
	 equals       

(iii)            Total assets of Borrower and
Guarantors
	  	$                      

			
		
	 Ratio of assets of Borrower and Guarantors to Borrower consolidated assets
	 	(= (iii)/(i)) =                    
	 (must not be less than 80%)
	 	

 Calculation of % of EBITDA 
  

			
	 (i)               Total EBITDA of Borrower
(consolidated)
	  	$                      
	 minus        

(ii)             EBITDA generated by Persons
other than Borrower or Guarantors
	  	$                      
	 equals       

(iii)            Total EBITDA of Borrower and
Guarantors
	  	$                      

			
		
	 Ratio of EBITDA of Borrower and Guarantors to Borrower consolidated EBITDA
	 	(= (iii)/(i)) =                    
	 (must not be less than 80%)
	 	

 SCHEDULE “K” - INTENTIONALLY DELETED 

 SCHEDULE “L” - GUARANTORS AND MEMBERS OF THE VL GROUP AS AT
THE 
 THIRD AMENDMENT CLOSING DATE 
 MEMBERS OF THE VL GROUP 
 VIDÉOTRON LTÉE (Borrower) 

9293-6707 QUÉBEC INC. (Guarantor) 

9227-2590 QUÉBEC INC. (Guarantor) 

9230-7677 QUEBEC INC. (Guarantor) 
 8487782
CANADA INC. (formerly JOBBOOM INC.) (Guarantor) 
 VIDEOTRON G.P. (Guarantor) 
 VIDEOTRON L.P. (Guarantor) 
 VIDEOTRON INFRASTRUCTURES INC. (Guarantor) 

VIDEOTRON US INC. 
 4DEGRÉS COLOCATION
INC. / 4DEGREES COLOCATION INC. (Guarantor) 
 GUARANTORS 
 9293-6707 QUÉBEC INC. (Guarantor) 
 9227-2590 QUÉBEC INC. (Guarantor) 

9230-7677 QUEBEC INC. (Guarantor) 
 8487782
CANADA INC. (formerly JOBBOOM INC.) (Guarantor) 
 VIDEOTRON G.P. (Guarantor) 
 VIDEOTRON L.P. (Guarantor) 
 VIDEOTRON INFRASTRUCTURES INC. (Guarantor) 

4DEGRÉS COLOCATION INC. / 4DEGREES COLOCATION INC. (Guarantor) 

 SCHEDULE “M” – INTENTIONALLY DELETED 

 SCHEDULE “N” – FORM OF SUBORDINATION AGREEMENT FOR
BACK-TO-BACK SECURITIES 
 This SUBORDINATION AGREEMENT is dated as of ●, 20●● (the “Agreement”).

 To: Royal Bank of Canada, for itself and as Agent under the Credit Agreement (defined below) for the Lenders (the “Agent”),
Videotron Ltée, a Quebec company (the “Obligor”), as obligor under the ● dated as of ●, and ● in the principal amount of $● and $●, respectively, made by the Obligor in favour of ● (the
“Subordinated Notes”), and ●, as holder (the “Holder”) of the Subordinated Notes, for ten dollars and other good and valuable consideration received by each of the Obligor and the Holder from the Agent and by
each of the Obligor and the Holder from the other, agree as follows: 
 1. Interpretation. 

(a) “Cash, Property or Securities”. “Cash, Property or Securities” shall not be deemed to include
securities of the Obligor or any other Person provided for by a plan of reorganization or readjustment, the payment of which is subordinated at least to the extent provided herein with respect to the Subordinated Notes, to the payment of all Senior
Indebtedness which may at the time be outstanding; provided, however, that (i) all Senior Indebtedness is assumed by the new Person, if any, resulting from any such reorganization or readjustment, and (ii) the rights of the holders of the
Senior Indebtedness are not, without the consent of such holders, altered by such reorganization or readjustment. 
 (b)
“payment in full”. “payment in full”, with respect to Senior Indebtedness, means the receipt on an irrevocable basis of cash in an amount equal to the unpaid principal amount of the Senior Indebtedness and premium,
if any, and interest and any special interest thereon to the date of such payment, together with all other amounts owing with respect to such Senior Indebtedness. 

(c) “Senior Indebtedness”. “Senior Indebtedness” means, at any date all
indebtedness (including, without limitation, any and all amounts of principal, interest, special interest, additional amounts (including amounts owed under any Derivative Instrument entered into with a Lender, as defined in the Credit Agreement),
premium, fees, penalties, indemnities and “post-petition interest” in bankruptcy and any reimbursement of expenses) under (1) the Indentures described as (i) “US$650,000,000 67/8% Senior Notes due 2014”, (ii) “US$175,000,000 63/8% Senior Notes due 2015”, (iii) “US$715,000,000 91/8% Senior Notes due 2018”, (iv) “Cdn.$300,000,000 71/8% Senior Notes due 2020”, and (v) Cdn.$300,000,000 67/8% Senior Notes due 2021 including, without limitation, the “Notes”, the “Subsidiary Guarantees”, the
“Exchange Notes”, the “Additional Notes” and any Guarantee of the Exchange Notes or the Additional Notes (in each case, as defined in the relevant Indenture) and (2) the Amended and Restated Credit Agreement, dated as of
June 16, 2015, among the Obligor, the Lenders as defined therein, and Royal Bank of Canada, as administrative agent (the “Credit Agreement”; capitalized terms used herein without definition having the meanings set forth
therein). 
 2. Agreement Entered into Pursuant to Credit Agreement. The Obligor, the Agent and the Lenders are entering into this
Agreement pursuant to the provisions of the Credit Agreement, pursuant to which Videotron Ltée may borrow up to Cdn. $650,000,000 on a committed basis (the “Credit”). 

 3. Subordination. The indebtedness represented by the Subordinated Notes shall be subordinated
as follows: 
 (a) Agreement to Subordinate. The Obligor, for itself and its successors and assigns, and the
Holder agree that the indebtedness evidenced by the Subordinated Notes (including, without limitation, principal, interest, premium, fees, penalties, indemnities and “post-petition interest” in bankruptcy (as same is interpreted under the
US Bankruptcy Code) and any reimbursement of expenses) is subordinate and junior in right of payment, to the extent and in the manner provided in this Section 3, to the prior payment in full of all Senior Indebtedness. The provisions of this
Section 3 are for the benefit of the Agent acting on behalf of the holders from time to time of Senior Indebtedness under the Credit Agreement, including the Lenders as defined therein, and such holders are hereby made obligees hereunder to the
same extent as if their names were written herein as such, and they (collectively or singly) may proceed to enforce such provisions. 
 (b) Liquidation, Dissolution or Bankruptcy. 
  

	 	(i)	Upon any distribution of assets of the Obligor to creditors or upon a liquidation or dissolution or winding-up of the Obligor or in a bankruptcy, arrangement,
liquidation, reorganization, insolvency, receivership or similar case or proceeding relating to the Obligor or its property or other marshalling of assets of the Obligor: 

 

	 	(A)	the holders of Senior Indebtedness shall be entitled to receive payment in full of all Senior Indebtedness before the Holder shall be entitled to receive any payment of
principal of or interest on, or any other amount owing in respect of, the Subordinated Notes; 

  

	 	(B)	until payment in full of all Senior Indebtedness, any distribution of assets of the Obligor of any kind or character to which the Holder would be entitled but for this
Section 3 is hereby assigned to the holders of Senior Indebtedness absolutely and shall be paid by the Obligor or by any receiver, trustee in bankruptcy, liquidating trustee, agents or other Persons making such payment or distribution to, the
Agent on behalf of the holders of Senior Indebtedness under the Credit Agreement, as their interests may appear; and 

  

	 	(C)	 in the event that, notwithstanding the foregoing, any payment or distribution of assets of the Obligor of any kind or character, whether in Cash,
Property or Securities, shall be received by the Holder before all Senior Indebtedness is paid in full, such payment or distribution shall be held in trust for the benefit of and shall be paid over to the Agent on behalf of the holders of Senior
Indebtedness under the Credit Agreement, as their interests may appear, for 

	 	
application to the payment of all Senior Indebtedness under the Credit Agreement until all such Senior Indebtedness shall have been paid in full after giving effect to any concurrent payment or
distribution to the holders of Senior Indebtedness under the Credit Agreement in respect of such Senior Indebtedness. 

  

	 	(ii)	If (A) a bankruptcy, reorganization, insolvency, receivership or similar proceeding relating to the Obligor or its property (a “Reorganization
Proceeding”) is commenced and is continuing and (B) the Holder does not file proper claims or proofs of claim in the form required in a Reorganization Proceeding prior to 45 days before the expiration of the time to file such
claims, then (1) upon the request of the Agent, the Holder shall file such claims and proofs of claim in respect of the Subordinated Notes and execute and deliver such powers of attorney, assignments and proofs of claim or proxies as may be
directed by the Agent to enable it to exercise in the sole discretion of the Agent any and all voting rights attributable to the Subordinated Notes which are capable of being voted (whether by meeting, written resolution or otherwise) in a
Reorganization Proceeding and enforce any and all claims upon or in respect of the Subordinated Notes and to collect and receive any and all payments or distributions which may be payable or deliverable at any time upon or in respect of the
Subordinated Notes, and (2) whether or not the Agent shall take the action described in clause (1) above, the Agent shall nevertheless be deemed to have such powers of attorney as may be necessary to enable the Agent to exercise such
voting rights, file appropriate claims and proofs of claim and otherwise exercise the powers described above for and on behalf of the Holder. 

 (c) Relative Rights. This Section 3 defines the relative rights of the Holder and the holders of Senior Indebtedness. Nothing in this Section 3 shall: 

 

	 	(i)	impair, as between the Obligor and the Holder, the obligation of the Obligor, which is absolute and unconditional, to pay the principal of and interest on the
Subordinated Notes in accordance with their terms; or 

  

	 	(ii)	affect the relative rights of the Holder and creditors of the Obligor other than the holders of Senior Indebtedness; or 

 

	 	(iii)	affect the relative rights of the holders of Senior Indebtedness among themselves or opposite the Obligor under the Loan Documents; or 

 

	 	(iv)	prevent the Holder from exercising its available remedies upon a default, subject to the rights of the holders of Senior Indebtedness to receive cash, property or other
assets otherwise payable to the Holder. 

 (d) Subordination May Not Be Impaired. 

 

	 	(i)	No right of any holder of Senior Indebtedness to enforce the subordination of indebtedness evidenced by the Subordinated Notes shall in any way be prejudiced or
impaired by any act or failure to act by the Obligor or by any such holder or the Agent, or by any non-compliance by the Obligor with the terms, provisions or covenants herein, regardless of any knowledge thereof which any such holder or the Agent
may have or be otherwise charged with. Neither the subordination of the Subordinated Notes as herein provided nor the rights of the holders of Senior Indebtedness with respect hereto shall be affected by any extension, renewal or modification of the
terms, or the granting of any security in respect of, any Senior Indebtedness or any exercise or non-exercise of any right, power or remedy with respect thereto. 

 

	 	(ii)	The Holder agrees that all indebtedness evidenced by the Subordinated Notes will be unsecured by any Charge (as defined in the Credit Agreement) or by any Lien (as
defined in the Indenture) upon or with respect to any property of the Obligor. 

  

	 	(iii)	The Holder agrees not to exercise any offset or counterclaim or similar right in respect of the indebtedness evidenced by the Subordinated Notes except to the extent
payment of such indebtedness is permitted and will not assign or otherwise dispose of the Subordinated Notes or the indebtedness which it evidences unless the assignee or acquirer, as the case may be, agrees to be bound by the terms of this
Agreement. 

 (e) Holder Entitled to Rely. 

Upon any payment or distribution pursuant to this Section 3, the Holder shall be entitled to rely (i) upon any order or decree
of a court of competent jurisdiction in which any proceedings of the nature referred to in Section (b) are pending, (ii) upon a certificate if the liquidating trustee or agent or other person in such proceedings making such payment or
distribution to the Holder or its representative, if any, or (iii) upon a certificate of the Agent or any representative (if any) of the holders of Senior Indebtedness for the purpose of ascertaining the persons entitled to participate in such
payment or distribution, the holders of the Senior Indebtedness and other indebtedness of the Obligor, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this
Section 3 
 4. Enforceability. Each of the Obligor and the Holder represents and warrants that this Agreement has been duly
authorized, executed and delivered by each of the Obligor and the Holder and constitutes a valid and legally binding obligation of each of the Obligor and the Holder, enforceable in accordance with its terms, subject to bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles; and on the date hereof, the Holder shall deliver an opinion or opinions of
counsel to such effect to the Agent for the benefit of the Lenders. 

 5. Miscellaneous. 
 (a) Until payment in full of all the Senior Indebtedness, the Obligor and the Holder agree that no amendment shall be made to any of the Subordinated Notes which would affect the rights of the holders of
the Senior Indebtedness. 
 (b) This Agreement may not be amended or modified in any respect, nor may any of the terms or
provisions hereof be waived, except by an instrument signed by the Obligor, the Holder and the Agent. 
 (c) This Agreement
shall be binding upon each of the parties hereto and their respective successors and assigns and shall inure to the benefit of the Agent and each and every holder of Senior Indebtedness and their respective successors and assigns. 

(d) This Agreement shall be governed by and construed in accordance with the laws of the State of New York. 

(e) The Holder and the Obligor each hereby irrevocably agrees that any suits, actions or proceedings arising out of or in connection with
this Agreement may be brought in any state or federal court sitting in The City of New York or any court in the Province of Quebec and submits and attorns to the non-exclusive jurisdiction of each such court. 

(f) The Holder and the Obligor will whenever and as often as reasonably requested to do so by the Agent, do, execute, acknowledge and
deliver any and all such other and further acts, assignments, transfers and any instruments of further assurance, approvals and consents as are necessary or proper in order to give complete effect to this Agreement. 

(g) Each of the Holder and the Obligor irrevocably appoints CT Corporation System, as its authorized agent in the State of New York upon
which process may be served in any such suit or proceedings, and agrees that service of process upon such agent, and written notice of said service to CT Corporation System, by the person serving the same to the addresses listed below, shall be
deemed in every respect effective service of process upon the Holder or the Obligor, as applicable, in any such suit or proceeding. 
 If to the Obligor: 
  
 ● 
 If to the Holder: 

 
 ● 

Each of the Holder and the Obligor further agrees to take any and all action as may be necessary to maintain such designation and
appointment of such agent in full force and effect for a period of ten years from the date of this Agreement. 

 IN WITNESS WHEREOF, the Obligor and the Holder each have caused this Agreement to be duly
executed. 
  

			
	 ●

		
	by	 	  

		 	Name:   n
		 	Title:     n
		
	●	 	
		
	by	 	  

		 	Name:   n
		 	Title:     n

 SCHEDULE “O” – JOINDER AGREEMENT 

JOINDER AGREEMENT 
 THIS JOINDER AGREEMENT, dated as of              , 20     (this “Agreement”), by and
among [NEW LENDERS] (each a “New Lender” and collectively the “New Lenders”), VIDÉOTRON LTÉE (the “Borrower”), the several banks and other financial institutions or entities from time
to time parties thereto, Royal Bank of Canada, as Agent (in such capacity, the “Agent”). 
 RECITALS:

 WHEREAS reference is hereby made to the Amended and Restated Credit Agreement dated as of June 16, 2015 (as it may
be further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; the terms defined therein and not otherwise defined herein being used herein as therein defined), by and among the Lenders
party thereto from time to time and the Agent; and 
 WHEREAS subject to the terms and conditions of the Credit
Agreement, the Borrower may increase the existing Commitments by obtaining New Commitments and entering into one or more Joinder Agreements with the New Lenders. 
 NOW, THEREFORE, in consideration of the premises and agreements, provisions and covenants herein contained, the parties hereto agree as follows: 

Each New Lender party hereto hereby agrees to commit to provide its respective New Commitment as set forth on Schedule “A”
annexed hereto, on the terms and subject to the conditions set forth below: 
 Each New Lender (i) confirms that it has
received a copy of the Credit Agreement and the Security Documents, together with copies of the financial statements referred to therein and such other documents and information as it has deemed appropriate to make its own credit analysis and
decision to enter into this Joinder Agreement (this “Agreement”); (ii) agrees that it will, independently and without reliance upon the Agent or any other Lender and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement; (iii) appoints and authorizes the Agent to take such action as agent on its behalf and to exercise such powers under
the Credit Agreement and the Security Documents as are delegated to the Agent by the terms thereof, together with such powers as are reasonably incidental thereto; (iv) acknowledges and accepts that such New Lender and the Agent are solidary
creditors of the Borrower and the Guarantors in respect of all amounts, liabilities and other obligations, present and future, of the Borrower and the Guarantors to each of them under the Credit Agreement and the Derivative Instruments as
contemplated by Section 18.1.2 of the Credit Agreement and in accordance with Article 1541 of the Civil Code of Quebec; and (v) agrees that it will perform in accordance with their terms all of the obligations which by the
terms of the Credit Agreement are required to be performed by it as a Lender. 

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

  

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

  

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

  

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

  

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

  

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

  

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

  

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

  

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

 

	 	i.	The Borrower shall make all payments required pursuant to the Credit Agreement in connection with the New Commitments, including the payment of any fees in respect of
such New Commitment; and 

  

	 	ii.	The Borrower shall deliver or cause to be delivered the legal opinions and documents required pursuant to subsection 2.4.3 of the Credit Agreement.

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

  

	6.	Recording of the New Loans. Upon execution and delivery hereof, the Agent will record the New Advances made by New Lenders in the Register.

  

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

  

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

 

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

  

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

 

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

 [Remainder of page intentionally left blank] 

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

 

			
	[NAME OF NEW LENDER]
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Notice Address:
		
	Attention:	 	
	Telephone:	 	
	Facsimile:	 	

  

			
	VIDÉOTRON LTÉE
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

			
	 ROYAL BANK OF CANADA
 as Agent

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 SCHEDULE A 
 TO JOINDER AGREEMENT 
  

					
	 Name of Lender
	 	 Type of Commitment
	 	 Amount

	[            ]	 	New Commitment	 	$                           
        
		 		 	
		 		 	  

		 		 	Total: $            
		 		 	  

 SCHEDULE “P”– FINNVERA TERM FACILITY 

None of the provisions of this Schedule “P” shall apply to the Revolving Facility Lenders, the Unsecured Facility Lenders,
the Revolving Facility or the Unsecured Facility. 
  

	1.	TRANCHE A CREDIT 

Subject to the provisions of the Credit Agreement, and in particular, to the provisions of Article 2 of this
Schedule “P”, each Tranche A Lender agrees to make available to the Borrower, individually and not jointly and severally or solidarily, its Tranche A Commitment in the Tranche A Credit, which Tranche A Credit
consists of the Finnvera Term Facility in a maximum amount equal to Cdn.$75,000,000. All Tranche A Advances under the Finnvera Term Facility shall be in Canadian Dollars alone. The Finnvera Term Facility will not revolve and any amount prepaid
or repaid may not be reborrowed. 
  

	2.	PURPOSE 

 All
Tranche A Advances made by the Tranche A Lenders to the Borrower under the Finnvera Term Facility in accordance with the provisions of this Schedule “P” shall be used to, without duplication, (i) finance up to the CAD
Equivalent of (x) 85% of the Purchase Price and (y) costs for local services up to a maximum of 30% of the Purchase Price by way of reimbursement to the Borrower for eligible payments made by the Borrower to NSN under the NSN Contract;
(ii) pay up to 100% of the upfront portion of the ECA Premium A from the proceeds of the first Tranche A Advance; and (iii) pay all other amounts approved by Finnvera and owed in connection with the NSN Contract, the whole
subject to and in accordance with the terms and conditions of this Schedule “P”. 
  

	3.	ADVANCES AND OPERATION OF ACCOUNTS 

  

	 	3.1	Tranche A Notice of Borrowing 

 Subject to the applicable provisions of this Schedule “P” but not more than once per calendar month, the Borrower shall be entitled to request multiple Tranche A Advances under the
Finnvera Term Facility, to be made on any Business Day during the Availability Period and in accordance with the payment program set forth in the NSN Contract, up to the maximum amount of the Tranche A Credit, upon delivery of an irrevocable
written Tranche A Notice of Borrowing to the Finnvera Facility Agent at or before 3:00 P.M. (London, England time) at least four (4) Business Days prior to the date of the proposed Tranche A Advance. 

 

	 	3.2	Type of Tranche A Advance 

 Tranche A Advances made by a Domestic Tranche A Lender or a Foreign Tranche A Lender in accordance with Section 3.6 of this Schedule “P” shall be in the form of
Tranche A CDOR Advances. 

	 	3.3	Notice of New Tranche A Designated Period 

 Upon the expiration of any Tranche A Designated Period applicable to any Tranche A CDOR Advance, the Borrower shall have the option to request the continuation of all or any portion (in minimum
amounts of Cdn.$1,000,000 or such smaller amount corresponding to the Tranche A CDOR Advance Amount of such Tranche A Advance on the Tranche A Rollover Date upon delivery of an irrevocable written Notice of New Tranche A
Designated Period to the Finnvera Facility Agent at or before 3:00 P.M. (London, England time) at least four (4) Business Days prior to the date of the Tranche A Rollover Date. Except in respect of the whole or a portion of the
Tranche A Advance Amount for which the Borrower has delivered a Notice of Repayment in accordance with the provisions of Section 5.2 of this Schedule “P”, if the Borrower has not delivered a Notice of New Tranche A
Designated Period in a timely manner in accordance with the provisions of this Section 3.3, the Borrower shall be deemed to have chosen a new Tranche A Designated Period of 6 months (or such shorter period expiring on the next
Repayment Date). For greater certainty, if only a portion of a Tranche A Advance is continued under this Section 3.3, the portion not so continued shall be prepaid and cancelled. 

 

	 	3.4	Determination of Interest 

 The Finnvera Facility Agent shall determine the CDOR Rate which will be in effect on the date of the Tranche A Advance or the Tranche A Rollover Date, as the case may be (which, in each case,
must be a Business Day), with respect to the Tranche A CDOR Advance Amount, having a maturity of 30 to 183 days (during the Availability Period) or 1, 3 or 6 months (during the period of 24 months from the Signing Date) or 3 or
6 months (thereafter), as requested by the Borrower and subject to availability, from the date of the Tranche A Advance or the Tranche A Rollover Date, as the case may be. However, if the Borrower has not delivered a notice to the
Finnvera Facility Agent in a timely manner in accordance with the provisions of Section 3.1or 3.3 of this Schedule “P”, as the case may be, the Borrower shall be deemed to have chosen a Tranche A Designated Period of
6 months (or such shorter period expiring on the next Repayment Date). 
 Notwithstanding the foregoing, each Tranche A
Advance other than the initial Tranche A Advance shall have a Tranche A Designated Period expiring on the next Tranche A Rollover Date. 
  

	 	3.5	Operation of Accounts 

 The Finnvera Facility Agent shall maintain in its books at the Finnvera Facility Agency Branch a record of the Term Loan attesting as to the total of the Borrower’s indebtedness to the Tranche A
Lenders. These accounts or registers shall constitute, in the absence of manifest error, prima facie proof of the total amount of the indebtedness of the Borrower to the Tranche A Lenders, of the date of any Tranche A Advance made
to the Borrower and of the total of all amounts paid by the Borrower from time to time with respect to principal and interest owing on the Term Loan and the fees and other sums payable in connection with the Finnvera Term Facility. 

  
 2 

	 	3.6	Apportionment of Tranche A Advances 

 The amount of each Tranche A Advance will be apportioned among the Tranche A Lenders by the Finnvera Facility Agent by reference to the Tranche A Commitment of each Tranche A Lender,
as such Tranche A Commitment shall be immediately prior to the making of any Tranche A Advance. If any amount disbursed by the Finnvera Facility Agent to the Borrower is not in fact made available to the Finnvera Facility Agent by a
Tranche A Lender, the Finnvera Facility Agent shall be entitled to recover such amount (together with interest thereon at the rate determined by the Finnvera Facility Agent as being its cost of funds in the circumstances) on demand from such
Tranche A Lender or, if such Tranche A Lender fails to reimburse the Finnvera Facility Agent for such amount, on demand from the Borrower. 
  

	 	3.7	Limitations on Advances 

  

	 	3.7.1	The undrawn Tranche A Credit available under the Finnvera Term Facility shall cease to be available at the expiry of the Availability Period.

  

	 	3.7.2	The aggregate principal amount of each Tranche A Advance (other than the initial Tranche A Advance) shall not exceed the CAD Equivalent (determined as of the
date of the Tranche A Notice of Borrowing issued in connection with such Tranche A Advance) of (i) 85% of the portion of the Purchase Price for which such Tranche A Advance is made and (ii) costs for local services up to a
maximum amount which, when combined with all amounts previously disbursed by the Tranche A Lenders in reimbursement of costs for local services, does not exceed 30% of the portion of the Purchase Price paid to date (collectively, the
“Maximum Amount”) and, in the case of the initial Tranche A Advance only, the sum of the Maximum Amount and up to 100% of the upfront portion of the ECA Premium A. 

 

	 	3.8	Notices Irrevocable 

Any notice given to the Finnvera Facility Agent in accordance with Article 3 of this Schedule “P” may not be revoked
or withdrawn. 
  

	 	3.9	Market for Tranche A CDOR Advances 

  

	 	3.9.1	 If at any time or from time to time as a result of market conditions, (i) there exists no appropriate or reasonable method to establish the CDOR
Rate for a Tranche A CDOR Advance Amount, or a Tranche A Designated Period, or (ii) the Finnvera Facility Agent receives 

  
 3 

	 	
notification from two or more Tranche A Lenders whose Tranche A Commitments exceed, in the aggregate, 20% of the Tranche A Credit, that the CDOR Rate does not accurately reflect
its Cost of Funds, then the relevant Tranche A Lenders shall, prior to the date of a Tranche A Advance or the Tranche A Rollover Date, so advise the Finnvera Facility Agent and shall thereupon not be obliged to honor any
Tranche A Notices of Borrowing or any Notices of New Tranche A Designated Period and the Borrower’s option to request Tranche A CDOR Advances or any rollovers thereof, as the case may be, shall thereupon be suspended upon notice
by the Finnvera Facility Agent to the Borrower, and, until such time as the Finnvera Facility Agent has determined that the circumstances having given rise to such suspension no longer exist, in respect of which determination the Finnvera Facility
Agent shall advise the Borrower within a reasonable delay, the rate of interest applicable to such Tranche A Lenders’ portion of any Tranche A Advance shall be calculated and payable on a Cost of Funds Basis plus a margin of 0.875%,
in the case of rollovers of Tranche A Advances which were originally Tranche A CDOR Advances or in the case of new Tranche A Advances which would otherwise have been Tranche A CDOR Advances in accordance with the provisions of
Section 3.6 of this Schedule “P”. For the purposes of paragraph (ii) of this Section 3.9, a Tranche A Lender shall notify the Finnvera Facility Agent of its Cost of Funds as soon as practicable and in any
event before interest is due to be paid in respect of the relevant Tranche A Advance. 

  

	 	3.9.2	If the events described in clause (i) or (ii) of subsection 3.9.1 above occur and the Finnvera Facility Agent or the Borrower so requires, the Finnvera
Facility Agent and the Borrower shall enter into negotiations (for a period of not more than thirty (30) days) with a view to agreeing on a substitute basis for determining the rate of interest payable to each Tranche A Lender
affected by such above-mentioned events. Any alternative basis agreed upon pursuant to the above shall, with the prior consent of all of the Tranche A Lenders, be binding on all parties, it being agreed that such alternative basis shall apply
only to the Tranche A Lenders affected by the relevant events described in such clause (i) or (ii). 

  

	 	3.9.3	For greater certainty, if no such agreement on an alternative basis is reached in accordance with the provisions of subsection 3.9.2 above, the provisions of 3.9.1
shall apply. 

  

	 	3.10	Suspension of Tranche A CDOR Advances 

 If Canadian Dollar deposits are not available to the Foreign Tranche A Lenders in the ordinary course of business in amounts sufficient to permit them to make or continue a

  
 4 

 
Tranche A Advance for a Tranche A Designated Period, the Foreign Tranche A Lenders shall, prior to the date of a Tranche A Advance or the Tranche A Rollover Date, so
advise the Finnvera Facility Agent and thereupon be relieved from their obligation to make or continue a Tranche A Advance until such time as such funds become available in sufficient amounts, but they shall comply with the provisions of
Section 3.11 of this Schedule “P”. 
  

	 	3.11	Specific Clause with Regard to Foreign Tranche A Lenders 

 In the event of a suspension of the Borrower’s right to request Tranche A Advances (including conversions and extensions thereof) from one or more Foreign Tranche A Lenders under
Section 3.10 of this Schedule “P” (each a “Tranche A Affected Lender”), each Tranche A Affected Lender shall, concurrently with the notice described in Section 3.10 of this
Schedule “P”, seek alternative sources of funding the Tranche A Advances and, if sufficient funds are obtained, shall notify the Borrower as to when such funds will be available for Tranche A Advances. On the date indicated
in such latter notice, the Tranche A Affected Lender shall be deemed to have made a Tranche A Advance with interest payable on a Cost of Funds Basis. 
 If within 5 Business Days following the notice described in Section 3.10 of this Schedule “P”, there remain one or more Tranche A Affected Lenders who have not been deemed to have
made a Tranche A Advance on a Cost of Funds Basis under the preceding paragraph, such Tranche A Affected Lender (a “Tranche A Incapable Lender”) shall (i) provide an additional notice to the Finnvera Facility
Agent and the Borrower of such fact and (ii) the parties will negotiate such amendments to this Schedule “P” as may be required to give full effect to such intention, it being understood that the Borrower alone will bear all
foreign exchange risks. 
  

	 	3.12	Limits on Tranche A CDOR Advances 

 Nothing in this Agreement shall be interpreted as authorizing the Borrower to borrow by way of Tranche A CDOR Advances for a Tranche A Designated Period expiring on a date which is after the
expiry of the next Repayment Date. 
  

	 	3.13	Exclusion of Finnvera Facility Agent, the Security Agent and Tranche A Lenders Liability in respect of NSN Contract 

It is expressly understood and agreed by the Borrower, the Finnvera Facility Agent, the Security Agent and the Tranche A Lenders that
there is no contractual relationship, either express or implied, between the Finnvera Facility Agent, the Security Agent and the Tranche A Lenders, on the one hand, and the Borrower, NSN or any other Person supplying any work, services or
material in connection with the NSN Contract, on the other hand, and that the Finnvera Facility Agent, the Security Agent and the Tranche A Lenders shall not be liable to the Borrower, NSN or any such other Person in connection with the NSN
Contract. The Borrower is not and shall not be the agent of the Finnvera Facility Agent, the Security Agent or the Tranche A Lenders for any purpose. There shall be no third party beneficiary of this Schedule “P”, express or
implied, other than Finnvera. 

  
 5 

	4.	INTEREST AND FEES 

  

	 	4.1	Interest at the CDOR Rate 

 The principal amount of the Tranche A CDOR Advances, which at any time and from time to time remains outstanding, shall bear interest, calculated daily, on the daily balance of such Tranche A
CDOR Advances, from each Tranche A Rollover Date, at the annual rate (calculated based on a 365-day year) applicable to each of such days which corresponds to the CDOR Rate applicable to each Tranche A CDOR Advance Amount, plus a margin of
0.875%, and shall be effective from each Tranche A Rollover Date up to and including the date prior to the next Tranche A Rollover Date. 
  

	 	4.2	Intentionally Deleted 

  

	 	4.3	Payment of Interest 

The interest payable in accordance with the provisions of Sections 4.1 and 4.2 of this Schedule “P” and calculated in
the manner hereinabove set forth on the amount outstanding from time to time is payable to the Finnvera Facility Agent, for the account of the relevant Tranche A Lenders, in arrears on the last day of the Tranche A Designated Period.

 If the relevant Tranche A Designated Period is not equal to 1, 2, 3 or 6 months, then the CDOR Rate, shall be
determined by the application of straight line interpolation (rounding upwards, if necessary, to the nearest multiple of 0.01%) by reference to two CDOR Rates, one of which shall be the rate per annum for the period shorter than the stated term by
the least number of days, and the other of which shall be the rate per annum for the period which is longer than the stated term by the least number of days. 
  

	 	4.4	Fixing of CDOR Rate 

The CDOR Rate shall be transmitted to the Borrower at approximately 3:00 P.M. (London, England time) on the same Business Day as:

  

	 	4.4.1	the date on which the Tranche A CDOR Advance is to be made; or 

  

	 	4.4.2	the relevant Tranche A Rollover Date. 

  
 6 

	 	4.5	Arrears of Interest 

Any arrears of interest or principal payable by the Borrower to the Finnvera Facility Agent or the Tranche A Lenders in connection
with the Term Loan shall bear interest at the Default Rate. 
  

	 	4.6	Maximum Interest 

The amount of the interest or fees payable in applying this Schedule “P” shall not exceed the maximum rate permitted by
Applicable Law. Where the amount of such interest or such fees is greater than such maximum rate, the amount shall be reduced to the highest rate which may be recovered in accordance with the applicable provisions of Applicable Law. 

 

	 	4.7	Commitment Fee 

 The Borrower shall pay to the Finnvera Facility Agent, for the account of the Tranche A Lenders, a commitment fee (the “Commitment Fee”) in accordance with the terms and conditions
of the Commitment Fee Letter attached hereto as Exhibit “P-6” to this Schedule “P”. 
  

	 	4.8	Finnvera Closing Fee 

 On the later of (i) the Closing Date and (ii) the date on which the conditions set forth in subsection 6.2.1 have been met, the Borrower shall pay to the Finnvera Facility Agent, for the
account of Finnvera, and to each Tranche A Lender a closing Fee of Cdn$7,500 each. Notwithstanding any other terms of this Schedule “P”, the foregoing closing Fee shall be the only Fee payable to the Tranche A Lenders and to Finnvera
for the approval of and entry into the amendments made to the Credit Agreement on the Closing Date. 
  

	 	4.9	ECA Premium A 

If all or any part of the upfront portion of the ECA Premium A is not paid by the Borrower to the Finnvera Facility Agent, for the
account of Finnvera, prior to the requested date of the initial Tranche A Advance after the Closing Date (the “Outstanding ECA Premium A”), the Finnvera Facility Agent shall deduct the Outstanding ECA Premium A from
the proceeds of the initial Tranche A Advance after the Closing Date and remit same to Finnvera concurrently therewith. 
  

	 	4.10	Interest Act 

 For
the purposes of the Interest Act (Canada), any amount of interest or fees calculated herein using 360 or 365 days per year and expressed as an annual rate is equal to the said rate of interest or fees multiplied by the actual number
of days comprised within the calendar year, divided by 360 or 365, as the case may be. The parties agree that all interest in this Schedule “P” will be calculated using the nominal rate method and not the effective rate method, and
that the deemed re-investment principle shall not apply to such 

  
 7 

 
calculations. In addition, the parties acknowledge that there is a material distinction between the nominal and effective rates of interest and that they are capable of making the calculations
necessary to compare such rates. 
  

	5.	PAYMENT, REPAYMENT AND PREPAYMENT 

  

	 	5.1	Repayment of the Term Loan 

 If the Tranche A Credit is fully drawn prior to the First Repayment Date, the Borrower hereby agrees to repay the principal amount outstanding under the Finnvera Term Facility in seventeen
(17) equal and consecutive semi-annual instalments to be made on each Repayment Date. If the Tranche A Credit is not fully drawn prior to the First Repayment Date, the Borrower hereby agrees to repay (i) on the First Repayment Date,
1/17th of the principal amount outstanding under the Finnvera Term Facility on such First Repayment Date, and (ii) on each succeeding Repayment Date up to and including the Maturity Date, a fraction of the principal amount outstanding under the
Finnvera Term Facility on such Repayment Date, the numerator of which is 1 and the denominator of which is 17 minus the number of Repayment Dates then past. 
  

	 	5.2	Voluntary Repayment and Prepayment of the Term Loan or Cancellation of the Tranche A Credit 

On any Business Day, after having given ten (10) Business Days prior written notice to the Finnvera Facility Agent substantially in
the form of Exhibit “P-2” to this Schedule “P”, the Borrower may repay or prepay, in minimum amounts of Cdn.$1,000,000 (or the remaining amount of principal under the Term Loan) or in whole multiples of Cdn.$1,000,000
(or the remaining amount of principal under the Term Loan), all or part of the principal amount of the Term Loan under the Finnvera Term Facility for the account of the Tranche A Lenders, provided that (i) in respect of the Tranche A CDOR
Advances, no repayment may be made on a day other than a Tranche A Rollover Date, save as provided in Section 7.4 of the Credit Agreement and in Section 5.3 of this Schedule “P”, with all interest accrued and unpaid on
the amounts so prepaid; and (ii) if any prepayment of principal is made prior to the Eighth Repayment Date, a fee equal to 1.00% of the principal amount so prepaid shall be due and payable to the Tranche A Lenders; provided further that
the cumulative amount of any and all such prepayment fee(s) (including any such fees due and payable in connection with the Tranche B Loan) shall not exceed Cdn.$750,000. All repayments and prepayments under this Section 5.2 shall be
applied against the instalments contemplated by Section 5.1 of this Schedule “P” in the inverse order of maturity of such instalments. 
 In addition, the Borrower may, upon the same notice, cancel any portion of the Tranche A Credit that has not been drawn by the Borrower. No Commitment Fee shall be payable in respect of any portion
of the Tranche A Credit so cancelled as and from the effective date of its cancellation. The Borrower shall not be permitted to draw Tranche A Advances in respect of any portion of the Tranche A Credit so cancelled. 

  
 8 

 Notwithstanding the foregoing, the Term Loan may not be voluntarily repaid or prepaid, in
whole or in part, and the Tranche A Credit may not be cancelled in whole or in part unless and until such time as the Tranche B Loan has been fully repaid and/or cancelled. 

 

	 	5.3	Cash Collateralization or Payment of Losses Resulting from a Prepayment 

If a prepayment to be made (whether under this Schedule “P” or otherwise) would require the repayment of a Tranche A
CDOR Advance on a day other than the last day of the Tranche A Designated Period, the Borrower (i) shall provide to the Finnvera Facility Agent cash collateral in an amount equal to the principal amount of such Tranche A CDOR Advance,
which cash collateral shall be deemed a repayment of such Tranche A Advance and shall be held by the Finnvera Facility Agent in an interest bearing account and used to repay same at maturity or on the next Tranche A Rollover Date; or
(ii) may elect to prepay such Tranche A CDOR Advance and pay to the Finnvera Facility Agent for the account of the Tranche A Lenders the amount of the losses, costs and expenses suffered or incurred by the Tranche A Lenders with
respect thereto which are referred to in Section 7.4 of the Credit Agreement. 
  

	 	5.4	Currency of Payments 

 All payments, repayments and prepayments, as the case may be, of principal and interest under the Term Loan, all other amounts owed under this Schedule “P” and, except as otherwise
indicated in the Fee Letter and the Commitment Fee Letter as being payable in US Dollars or Euros, all Tranche A Fees, shall be made in Canadian Dollars alone. 
  

	 	5.5	Payments by the Borrower to the Finnvera Facility Agent 

 All payments to be made by the Borrower in connection with this Schedule “P” shall be made in funds having same day value to the Finnvera Facility Agent, at the Finnvera Facility Agency
Branch, or at any other office or account designated by the Finnvera Facility Agent. Any such payment shall be made on the date upon which such payment is due, in accordance with the terms hereof, no later than 3:00 P.M. (London, England time).

  

	 	5.6	Payment on a Business Day 

 Each time a payment, repayment or prepayment is due (whether under this Schedule “P” or otherwise) on a day that is not a Business Day, it shall be made on the following Business Day.

  

	 	5.7	Payments by the Tranche A Lenders to the Finnvera Facility Agent 

Any amounts payable to the Finnvera Facility Agent by a Tranche A Lender shall be paid in funds having same day value to the Finnvera
Facility Agent by such Tranche A Lender on a Business Day at the Finnvera Facility Agency Branch. 

  
 9 

	 	5.8	Payments by the Finnvera Facility Agent to the Borrower 

 Any payment received by the Finnvera Facility Agent for the account of the Borrower shall be paid in funds having same day value to the Borrower on the date of receipt, or if such date is not a Business
Day, on the next Business Day. 
  

	 	5.9	Application of Payments 

  

	 	5.9.1	Except as otherwise indicated herein, all payments made to the Finnvera Facility Agent by the Borrower for the account of the Tranche A Lenders shall be
distributed the same day by the Finnvera Facility Agent, in accordance with its normal practice, in funds having same day value, among the Tranche A Lenders to the accounts last designated in writing by each Tranche A Lender to the
Finnvera Facility Agent, pro rata in accordance with their respective Tranche A Commitments, and notice thereof shall be given to the Borrower by the Finnvera Facility Agent within a reasonable delay. 

 

	 	5.9.2	Except as otherwise indicated herein or as otherwise determined by the Tranche A Lenders, all payments made by the Borrower to the Finnvera Facility Agent on
behalf of the Tranche A Lenders shall be applied by the Tranche A Lenders as follows: 

  

	 	(a)	to the fees, costs, expenses and accessories of the Finnvera Facility Agent and the Security Agent contemplated by Article 7 and Section 17.5 of the Credit
Agreement and subsection 8.1.1 (iii) of this Schedule “P” or by the Security Documents; 

  

	 	(b)	to the fees, costs, expenses and accessories of the Tranche A Lenders contemplated by Article 7 and Section 17.5 of the Credit Agreement or by the Security
Documents; 

  

	 	(c)	to all amounts due under Article 4 of this Schedule “P”; 

 

	 	(d)	to the repayment of the principal amount of the Term Loan in the inverse order of maturity of the instalments contemplated by Section 5.1 of this
Schedule “P”; 

  

	 	(e)	to any other amounts due pursuant to this Schedule “P”. 

  

	 	5.10	No Set-Off or Counterclaim by Borrower 

 All payments by the Borrower shall be made free and clear of and without any deduction for or on account of any set-off or counterclaim. 

  
 10 

	 	5.11	Obligations Absolute 

 The obligation of the Borrower to make payments and perform its other obligations under this Schedule “P” are, subject to the terms and conditions of this Schedule “P”,
unconditional and irrevocable and shall not be in any way affected, released or discharged by reason of any matter or circumstance whatsoever affecting or relating to or arising in connection with NSN and/or the NSN Contract. 

 

	6.	CONDITIONS PRECEDENT 

  

	 	6.1	Initial Tranche A Advance under the Finnvera Term Facility 

 The terms and conditions of this Schedule “P” and all rights and obligations of any of the Borrower, the Finnvera Facility Agent and the Tranche A Lenders under this
Schedule “P” shall not come into force or effect and, for greater certainty, the Tranche A Lenders shall have no obligation to make an initial Tranche A Advance under the Finnvera Term Facility, until such time as each of
the conditions set out in this Section 6.1 of this Schedule “P” have been fulfilled (either prior to or concurrently with the making of any such initial Tranche A Advance) to the entire satisfaction of the Finnvera Facility
Agent and the Tranche A Lenders: 
  

	 	6.1.1	certified copies of all of the constating documents, borrowing by-laws and resolutions of and certificates of incumbency of the Borrower and the Guarantors shall have
been provided to the Finnvera Facility Agent and the Security Agent; 

  

	 	6.1.2	the Tranche A Lenders and the Tranche B Lenders shall have been provided with satisfactory evidence that the Borrower and the Guarantors are duly constituted,
validly existing and in good standing under the laws of their jurisdiction of organization and each other jurisdiction where they are qualified to do business and that each of them has the necessary power and capacity to carry on business in the
Province of Québec and to be a party to the Amending Agreement, the Tranche B Loan Agreement and/or the Security Documents (as applicable) and to be bound by them; 

 

	 	6.1.3	the Amending Agreement shall have been duly executed and delivered; 

  

	 	6.1.4	the Tranche B Loan Agreement shall have been duly executed and delivered; 

 

	 	6.1.5	the Commitment Fee Letter shall have been duly executed and delivered; 

  
 11 

	 	6.1.6	the Finnvera Facility Agent shall have received copies of all closing documentation previously delivered to the Agent by or on behalf of the Borrower in connection with
the Credit Agreement and relating to the Borrower or any of the Guarantors or their respective property including, without limitation, the Security Documents and copies of all existing title and search reports prepared by lawyers or notaries with
respect to any immovable property charged by the Security Documents, together with all existing updates of same; 

  

	 	6.1.7	the Borrower shall have delivered to the Finnvera Facility Agent a certificate in the form of Exhibit “P-3” signed by an officer stipulating and
certifying: 

  

	 	(a)	that such officer has taken cognizance of all the terms and conditions of the Amending Agreement and of all contracts, agreements and deeds pertaining to the Amending
Agreement; 

  

	 	(b)	that no Default or Event of Default has occurred or exists under this Schedule “P”; 

 

	 	(c)	that the corporate structure of Quebecor Media Inc. and the VL Group is as set out in the diagram attached to the certificate; 

 

	 	(d)	as to the location of the movable property owned by the VL Group as of the Signing Date; 

 

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

  

	 	(f)	that the execution and delivery of and performance by the Borrower of its obligations under the NSN Contract in accordance with its terms and the completion of the
transactions contemplated therein do not require any consents or approvals, do not violate any Laws, and do not conflict with, violate or constitute a breach under the documents of incorporation or by-laws of the Borrower; 

 

	 	6.1.8	Finnvera shall have delivered to the Finnvera Facility Agent and the Finnvera Facility B Agent the ECA Guarantee in form and substance satisfactory to the
Tranche A Lenders and the Tranche B Lenders; 

  

	 	6.1.9	the Tranche A Lenders and the Tranche B Lenders shall have received a certified copy of the NSN Contract; 

  
 12 

	 	6.1.10	the Finnvera Facility Agent shall have received and reviewed, to its entire satisfaction, acting reasonably, copies of all movable and personal property and other
searches undertaken against the Borrower and each Guarantor and each of their respective predecessors and dated a date reasonably close to the Signing Date; 

 

	 	6.1.11	the Finnvera Facility Agent shall have received a copy of any certificates of insurance delivered to the Agent relating to policies protecting the members of the VL
Group and their movable property, activities, business interruption and third party liability against any form of loss; 

  

	 	6.1.12	the Borrower shall have delivered any other document, declaration, certificate, agreement, instrument or notice reasonably required by and in form and substance
acceptable to the Finnvera Facility Agent, the Finnvera Facility B Agent, the Security Agent and the Finnvera Facility B Security Agent; 

  

	 	6.1.13	the Finnvera Facility Agent shall have received a certificate of incumbency of NSN and evidence that the persons listed therein are authorized signatories of NSN;

  

	 	6.1.14	the Finnvera Facility Agent, the Tranche A Lenders, the Security Agent, the Finnvera Facility B Agent, the Tranche B Lenders, the Finnvera
Facility B Security Agent, Finnvera and their respective counsel shall have received the entire amount of all fees, costs, premiums and expenses owed to them as of the Signing Date in connection with the Finnvera Term Facility, the
Tranche B Loan, the Amending Agreement, the Tranche B Loan Agreement and the Security Documents (as applicable) including, without limitation, the Finnvera Handling Fee, the ECA Premium A (as applicable) and all Tranche A Fees
that are due and payable as at the Signing Date; 

  

	 	6.1.15	the Borrower shall have delivered to the Finnvera Facility Agent the favourable legal opinion of counsel to the Borrower and the Guarantors, addressed to the Finnvera
Facility Agent, the Security Agent, the Tranche A Lenders and their respective counsel, in form and substance acceptable to the Finnvera Facility Agent, the Security Agent, and their counsel, acting reasonably, including, with regard to the
continued legality, validity, enforceability and opposability of all relevant Guarantees and Security; 

  

	 	6.1.16	the Borrower shall have delivered to the Finnvera Facility B Agent the favourable legal opinion of counsel to the Borrower and the Guarantors, addressed to the
Finnvera Facility B Agent, the Finnvera Facility B Security Agent, the Tranche B Lenders and their respective counsel, in form and substance acceptable to the Finnvera Facility B Agent, the Finnvera Facility B Security Agent
and their counsel, acting reasonably; 

  
 13 

	 	6.1.17	the Finnvera Facility Agent shall have received the favourable legal opinion of each of their Canadian and Finnish counsel addressed to the Finnvera Facility Agent, the
Security Agent, the Tranche A Lenders and their respective counsel, in form and substance acceptable to the Finnvera Facility Agent, the Security Agent, and their counsel, acting reasonably, including, with respect to the opinion of Finnish
counsel only, with regard to the legality, validity and enforceability of the ECA Guarantee; and 

  

	 	6.1.18	the Finnvera Facility B Agent shall have received the favourable legal opinion of each of their Canadian and Finnish counsel addressed to the Finnvera
Facility B Agent, the Finnvera Facility B Security Agent, the Tranche B Lenders and their respective counsel, in form and substance acceptable to the Finnvera Facility B Agent, the Finnvera Facility B Security Agent, and
their counsel, acting reasonably, including, with respect to the opinion of Finnish counsel only, with regard to the legality, validity and enforceability of the ECA Guarantee. 

 

	 	6.2	Initial Tranche A Advance under the Finnvera Term Facility after the Closing Date 

The terms and conditions of this Schedule “P”, as amended on the Closing Date, and all rights and obligations of any of the
Borrower, the Finnvera Facility Agent and the Tranche A Lenders under this Schedule “P”, as amended on the Closing Date, shall not come into force or effect and, for greater certainty, the Tranche A Lenders shall have no
obligation to make an initial Tranche A Advance under the Finnvera Term Facility after the Closing Date until such time as: 
  

	 	6.2.1	the Finnvera Facility Agent has received, to its entire satisfaction, an amendment to the ECA Guarantee; and 

 

	 	6.2.2	the Finnvera Facility B Agent has received, to its entire satisfaction, an irrevocable written notice from the Borrower requesting the cancellation of the
Tranche B Credit and termination of the Tranche B Loan Agreement. 

  

	 	6.3	Conditions Precedent to any Tranche A Advance 

 The obligation of the Tranche A Lenders to make any Tranche A Advance under the Finnvera Term Facility is conditional upon each of the following conditions having been satisfied (provided
however, for greater certainty, that, except for the condition set forth in subsection 6.3.1, none of the following conditions shall apply in respect of any 

  
 14 

 
continuation of a Tranche A Advance on a Tranche A Rollover Date pursuant to Section 3.3 of this Schedule “P”): 

 

	 	6.3.1	the representations and warranties contained in the Credit Agreement shall continue to be true and correct (except where stated to be made as at a particular date);

  

	 	6.3.2	the Borrower shall have delivered to the Finnvera Facility Agent a completed Tranche A Notice of Borrowing; 

 

	 	6.3.3	nothing shall have occurred which would constitute a Material Adverse Change; and 

 

	 	6.3.4	no Default shall have occurred and be continuing and no Event of Default shall have occurred. 

 

	 	6.4	Waiver of Conditions Precedent 

 The conditions set out in Section 6.3 of this Schedule “P” are solely for the benefit of the Tranche A Lenders and may be waived by the Finnvera Facility Agent with the unanimous
consent of all Tranche A Lenders without prejudice to the right of the Finnvera Facility Agent to assert any such condition in connection with any subsequently requested Tranche A Advance. 

 

	 	6.5	Discretionary Requirements to any Tranche A Advance 

 The obligation of the Tranche A Lenders to make any Tranche A Advance under the Finnvera Term Facility may, in the sole and exclusive discretion of the Tranche A Lenders, be subject to the
Finnvera Facility Agent and/or the Tranche A Lenders requesting satisfaction of the following requirements, which requirements shall, in the case of requirements 6.5.1 to 6.5.3 only, be attested to by way of a Tranche A Borrowing Certificate to
be delivered concurrently with the delivery of the Tranche A Notice of Borrowing relating to such Tranche A Advance: 
  

	 	6.5.1	that the Borrower has delivered to the Finnvera Facility Agent a completed Tranche A Borrowing Certificate with copies of all Required Documents annexed thereto,
which Tranche A Borrowing Certificate and Required Documents shall reflect that (a) the aggregate principal amount of all Tranche A Advances made to date, together with the principal amount of the proposed Tranche A Advance, does
not exceed the sum of (i) the CAD Equivalent of (x) 85% of the portion of the Purchase Price paid to date and (y) costs for local services up to a maximum of 30% of such portion of the Purchase Price paid to date and
(ii) up to 100% of the upfront portion of the ECA Premium A; and (b) all invoices which have been issued to the Borrower to date under the NSN Contract and in respect of which the Tranche A Notice of Borrowing referred to in
subsection 6.3.2 above has been delivered by the Borrower have been paid in full; 

  
 15 

	 	6.5.2	that all of the information, reports and other documents and all data, as well as the amendments thereto, provided to the Finnvera Facility Agent or to Finnvera, by or
on behalf of the Borrower in connection with the NSN Contract, have been, at the time same were provided, complete, true and accurate in all material respects; 

 

	 	6.5.3	that the NSN Contract has not been terminated and has been in full force and effect as of the date of any invoice of NSN which is the object of such requested
Tranche A Advance; 

  

	 	6.5.4	that the ECA Guarantee has not been terminated and is in full force and effect; and 

 

	 	6.5.5	that the Finnvera Facility Agent has not received any request from Finnvera that the Tranche A Advances be suspended unless any such request has since been
withdrawn. 

 The provisions of this Section 6.5 may not be amended or added to, at any time or from time to
time, without the written consent and agreement of the Finnvera Facility Agent and the Tranche A Lenders. 
  

	7.	INTENTIONALLY OMITTED 

  

	8.	ADDITIONAL COVENANTS 

 In
addition to the affirmative covenants and negative covenants set forth in Articles 12 and 13 of the Credit Agreement, respectively, the Borrower, for itself and each member of the VL Group and with respect to itself and each member of the VL
Group, agrees as follows: 
  

	 	8.1	Payment of Fees and Other Expenses 

 Without duplication with Section 12.14 of the Credit Agreement and whether the transactions contemplated by this Schedule “P” are concluded or not and whether or not any part of the
Tranche A Credit is actually advanced, in whole or in part, the Borrower shall pay all fees, premiums and reasonable costs and expenses relating to the Tranche A Credit (in each case, subject to providing the Borrower with supporting
documentation in relation thereto), including in particular: 
  

	 	8.1.1	 the reasonable legal fees, costs and expenses incurred by Finnvera, the Finnvera Facility Agent, the Security Agent and the Tranche A Lenders for
(i) the negotiation, drafting, signing and/or service of the Commitment Fee Letter, the Credit Agreement, the Security Documents, the ECA Guarantee and all documents accessory thereto,

  
 16 

	 	
(ii) any amendments, renunciations, consents or examinations pertaining to the Commitment Fee Letter, the Credit Agreement, the Security Documents, the ECA Guarantee and such accessory
documents, and (iii) any enforcement of or the making of any claim under the ECA Guarantee, provided that the payment pursuant to this subsection 8.1.1 of fees, costs and expenses incurred by Finnvera shall be subject to and limited to
what is permitted by the terms of Section 8.2 of this Schedule “P”; and 

  

	 	8.1.2	without duplication with subsection 8.1.1 of this Schedule “P”, all Tranche A Fees. 

All amounts due to the Finnvera Facility Agent, the Security Agent and the Tranche A Lenders pursuant to this
Schedule “P” shall bear interest at the Default Rate from the date of their disbursement or undertaking or, in the case of the Commitment Fee, the Finnvera Handling Fee and the Tranche A Fees, from the date on which they become
due and payable, until the Borrower has repaid same in full, with interest on unpaid interest at the Default Rate. The obligations of the Borrower under this Section 8.1 shall subsist notwithstanding the full repayment of the Term Loan under
the provisions hereof. 
  

	 	8.2	Waiver Fees 

  

	 	8.2.1	The Borrower shall pay to the Finnvera Facility Agent, for the account of Finnvera, all fees owed to the Tranche A Lenders in connection with any decisions taken,
amendments consented to and waivers and consents granted to the Borrower (further to the request of the Borrower for same) by the Tranche A Lenders pursuant to Section 18.14 of the Credit Agreement with respect to any provisions of the
Credit Agreement which are either applicable only to the Finnvera Term Facility or are shared between and applicable to both the Revolving Facility and the Finnvera Term Facility (in which latter case, such fees shall only be paid to the Finnvera
Facility Agent, for the account of Finnvera, if they are otherwise payable to any other Lenders), the whole only to the extent either (a) such decisions, amendments, consents and waivers are taken, consented to or granted by the Tranche A
Lenders in the last six (6) months of the Term of the Revolving Facility and in accordance with the request made by the Borrower, or (b) such decisions, amendments, consents and waivers are taken, consented to or granted by the
Tranche A Lenders during the Availability Period strictly in connection with a Default or an Event of Default and in accordance with the request made by the Borrower. 

 

	 	8.2.2	 The Borrower shall also pay to the Finnvera Facility Agent, for the account of Finnvera, all fees owed to the Tranche A Lenders in connection with
any decisions taken, amendments consented to and 

  
 17 

	 	
waivers and consents granted to the Borrower (further to the request of the Borrower for same) by the Tranche A Lenders pursuant to Section 18.15 of the Credit Agreement but, to the
extent there are Lenders other than the Tranche A Lenders, only if such fees are otherwise payable to such other Lenders. 

  

	 	8.3	ECA Guarantee 

 If
(i) the ECA Guarantee is illegal or becomes illegal or is terminated or no longer in full force and effect or (ii) Finnvera is released from any liability thereunder, and the events in (i) or (ii) above in any way restrict
the rights or remedies of the Finnvera Facility Agent under the ECA Guarantee in respect of any amounts already disbursed to the Borrower by way of Tranche A Advances and any interest accrued thereon, the Borrower shall, within 10 days
following the date on which the Finnvera Facility Agent makes a written demand therefor, find a replacement guarantee or other instrument satisfactory to all Tranche A Lenders, unless within such 10 day period all Tranche A Lenders confirm in
writing that the Borrower is released from its obligations under this covenant, it being understood and agreed that any such replacement guarantee or instrument and any proceeds derived therefrom shall be for the sole and exclusive benefit of the
Tranche A Lenders, provided that the Borrower shall not be obligated or liable under this Section 8.3 to the extent the events in (i) or (ii) above are a direct consequence of any act of fraud or bad faith or any gross negligence
or wiful misconduct of or on the part of the Finnvera Facility Agent or the Tranche A Lenders. 
  

	 	8.4	Cancellation of Tranche B Credit 

 The Borrower shall have sent to the Finnvera Facility B Agent by no later than the Closing Date an irrevocable written notice requesting the cancellation of the Tranche B Credit and termination of
the Tranche B Loan Agreement. 
  

	9.	EVENTS OF DEFAULT 

 In
addition to the events of default set forth in Article 14 of the Credit Agreement, the occurrence of any of the following events shall constitute an Event of Default unless remedied within the prescribed delays or renounced in writing:

  

	 	9.1	if the Borrower fails to pay the ECA Premium A or make any payment of interest or principal with respect to the Term Loan when due, or 

 

	 	9.2	if the Borrower fails to respect its obligations and undertakings under Section 8.3, or 

 

	 	9.3	if the Borrower or any Guarantor fails to respect any of its obligations and undertakings under this Schedule “P” or another undertaking of the Borrower
or any Guarantor with respect to the Term Loan not otherwise contemplated by this Section 9.3 or by Section 14.1 of the Credit Agreement and has not remedied the Default within 15 days following the date on which the Finnvera Facility
Agent has given written notice to the Borrower. 

  
 18 

	10.	ASSIGNMENT 

  

	 	10.1	Assignment by the Borrower 

 The rights of the Borrower under the provisions of the Credit Agreement are purely personal and may not be transferred or assigned, and the Borrower may not transfer or assign any of its obligations, such
assignment being null and of no effect opposite the Tranche A Lenders and rendering any balance outstanding of the amounts referred to in Section 14.2 of the Credit Agreement immediately due and payable at the option of the Tranche A
Lenders and further releasing the Tranche A Lenders from any obligation to make any further Tranche A Advances under the provisions of this Schedule “P”. 

 

	 	10.2	Assignments and Transfers by the Tranche A Lenders 

  

	 	10.2.1	Subject to the written approval of Finnvera, each Tranche A Lender may, at its own cost, assign or transfer to a Person entitled to lend money in Canada (the
“Tranche A Assignee”) in accordance with this Article 10 of this Schedule “P” up to 100% of its rights, benefits and obligations under the Credit Agreement with the prior written consent of the
Borrower, which shall not be unreasonably withheld or delayed. After the occurrence of an Event of Default, any Tranche A Lender may transfer all or any part of its rights, benefits and obligations under the Credit Agreement to any Person,
without the consent of the Borrower, but upon notice to the Finnvera Facility Agent and the Borrower and subject to the consent of Finnvera. 

  

	 	10.2.2	Notwithstanding subsection 10.2.2 of this Schedule “P”, each Tranche A Lender shall be entitled to assign or transfer, at its own cost and
without the consent of the Borrower, in accordance with the other provisions of this Article 10 of this Schedule “P”, its rights, benefits and obligations under the Credit Agreement, in whole or in part, (i) to Finnvera;
(ii) subject to the written approval of Finnvera, after the Availability Period; or (iii) subject to the written approval of Finnvera, to a parent or subsidiary corporation or an Affiliate of such Tranche A Lender or to an Approved
Fund. 

  

	 	10.2.3	Notwithstanding anything in this Article 10, a Tranche A Lender may not assign or transfer any of its rights, benefits and obligations under the Credit
Agreement, in whole or in part, unless such Tranche A Lender also assigns and transfers, in its capacity as Tranche B Lender and concurrently therewith, the same portion of its rights, benefits and obligations with respect to the
Tranche B Loan to the same assignee. 

  
 19 

	 	10.3	Transfer Agreement 

If a Tranche A Lender wishes to assign or transfer all or any of its rights, benefits and obligations under the Credit Agreement in
accordance with Section 10.2 of this Schedule “P”, then such assignment or transfer shall be effected by the execution and delivery of a duly completed and executed Finnvera Transfer Agreement by such Tranche A Lender to the
Finnvera Facility Agent together with a transfer fee of Cdn.$3,500 (except where the Tranche A Assignee is Finnvera in which case no such transfer fee shall be payable), at least 5 Business Days prior to the effective date of such
transfer, whereupon, to the extent that in such Finnvera Transfer Agreement such Tranche A Lender seeks to assign or transfer its rights and obligations under the Credit Agreement: 

 

	 	10.3.1	such Tranche A Lender shall be released from further obligations to the Borrower with respect to the portion of the obligations of such Tranche A Lender
assumed by the Tranche A Assignee under the Credit Agreement; 

  

	 	10.3.2	the Tranche A Assignee shall assume the obligations of such Tranche A Lender under the Credit Agreement and acquire the rights of such Tranche A Lender
in respect of the Borrower, without novation of the Borrower’s obligations; 

  

	 	10.3.3	the Finnvera Facility Agent, such Tranche A Lender and the Tranche A Assignee shall acquire the same rights and assume the same obligations between themselves
as they would have acquired and assumed had the Tranche A Assignee been an original party to the Credit Agreement with the obligations under the Credit Agreement assumed and the rights acquired by it as a result of such assignment or transfer;
and 

  

	 	10.3.4	the Borrower, the Finnvera Facility Agent and such Tranche A Lender shall all execute such documents and perform such acts as may be required to give effect to the
transfer or assignment. 

  

	 	10.4	Notice 

 The
Finnvera Facility Agent shall promptly deliver an executed copy of any Finnvera Transfer Agreement to each party thereto. 
  

	 	10.5	Sub-Participations 

A Tranche A Lender may, at its own cost, grant one or more sub-participations in its rights, benefits and obligations under the
Credit Agreement, provided that, notwithstanding any such sub-participation, such Tranche A Lender shall remain, insofar as the Borrower and the Finnvera Facility Agent are concerned, as the Tranche A Lender

  
 20 

 
responsible under the Credit Agreement, and the Borrower shall not be obliged to recognize any such sub-participant as having the rights against it which it would have if it had been a party to
the Credit Agreement. 
  

	 	10.6	General 

Notwithstanding anything contained in this Article: 
  

	 	10.6.1	The Finnvera Facility Agent shall act as agent for each Tranche A Assignee and, in this connection, with respect to all decisions, notices and other matters
relating to anything referred to in this Schedule “P” or in the Credit Agreement relating to the Finnvera Term Facility, the Borrower shall only be obliged to give notice to or request consents from the Finnvera Facility Agent; and

  

	 	10.6.2	the amounts payable by the Borrower under this Schedule “P” shall not increase, whether in respect of withholding on account of taxes or otherwise, as a
result of any such assignment or transfer to a Tranche A Assignee which is a non-resident of Canada as defined in the Income Tax Act (Canada). 

  

	11.	THE FINNVERA FACILITY AGENT AND THE TRANCHE A LENDERS 

  

	 	11.1	Authorization of Finnvera Facility Agent 

  

	 	11.1.1	 Each Tranche A Lender hereby irrevocably appoints and authorizes the Finnvera Facility Agent to act for all purposes as its agent under and in
connection with the Finnvera Term Facility (including, without limitation, its role as guarantee holder of the ECA Guarantee for and on behalf of the Tranche A Lenders pursuant to the ECA Guarantee) with such powers as are expressly delegated to the
Finnvera Facility Agent by the terms of the Credit Agreement and/or the ECA Guarantee, together with such other powers as are reasonably incidental thereto and undertakes not to take any action on its own. Notwithstanding the provisions of the
Civil Code of Quebec relating to contracts generally and to mandate, the Finnvera Facility Agent shall have no duties or responsibilities except those expressly set forth in this Schedule “P”. As to any matters not
expressly provided for by this Schedule “P”, the Finnvera Facility Agent shall act under or in connection with this Schedule “P” in accordance with the instructions of the Tranche A Lenders in accordance with the
provisions of this Article 11, but, in the absence of any such instructions, the Finnvera Facility Agent may (but shall not be obliged to) act as it shall deem fit in the best interests of the Tranche A Lenders, and any such instructions
and any action taken by the Finnvera Facility Agent in accordance with this Article 11 shall be binding upon each Tranche A 

  
 21 

	 	
Lender. The Finnvera Facility Agent shall not, by reason of the Credit Agreement and/or the ECA Guarantee, be deemed to be a trustee for the benefit of any Tranche A Lender, the Borrower or
any other Person and the Finnvera Facility Agent’s duties under this Schedule “P” and/or the ECA Guarantee are solely mechanical and administrative in nature. Neither the Finnvera Facility Agent nor any of its directors,
officers, employees or agents shall be responsible to the Tranche A Lenders for any recitals, statements, representations or warranties contained in the Credit Agreement or in any certificate or other document referred to, or provided for in
(including, without limitation, the ECA Guarantee), or received by any of them under, the Credit Agreement and/or the ECA Guarantee, for the value, validity, effectiveness, genuineness, enforceability or sufficiency of the Credit Agreement, or any
other document referred to or provided for in the Credit Agreement (including, without limitation, the ECA Guarantee) or any collateral provided for by the Credit Agreement or for any failure by the Borrower to perform its obligations under the
Credit Agreement. The Finnvera Facility Agent may employ agents and attorneys-in-fact to assist the Finnvera Facility Agent and shall not be responsible for the negligence or misconduct of any such agents or attorneys-in-fact selected by it with
reasonable care. Neither the Finnvera Facility Agent nor any of its directors, officers, employees or agents shall be responsible for any action taken or omitted to be taken by it or them under or in connection with the Credit Agreement (including,
without limitation, the ECA Guarantee), except for its or their own gross negligence or wilful misconduct. 

  

	 	11.2	Finnvera Facility Agent’s Responsibility 

  

	 	11.2.1	The Finnvera Facility Agent shall be entitled to rely upon any certificate, notice or other document (including any cable, telegram, telex or facsimile) believed by it
to be genuine and correct and to have been signed or sent by or on behalf of the proper person or persons, and upon advice and statements of legal advisers, independent accountants and other experts selected by the Finnvera Facility Agent. The
Finnvera Facility Agent may deem and treat each Tranche A Lender as the holder of the Tranche A Commitment in the Term Loan made by such Tranche A Lender for all purposes hereof unless and until a Tranche A Assignment has been
completed in accordance with Section 10.2 of this Schedule “P”. 

  

	 	11.2.2	 The Finnvera Facility Agent shall not be deemed to have knowledge of the occurrence of a Default or Event of Default unless the Finnvera Facility Agent
has received notice from the Agent, a Tranche A Lender or the Borrower describing such a Default or Event of Default and stating that such notice is a “Notice of Default”. In the event that

  
 22 

	 	
the Finnvera Facility Agent receives such a notice of the occurrence of a Default or Event of Default or otherwise becomes aware that a Default or Event of Default has occurred, the Finnvera
Facility Agent shall promptly give notice thereof to the Tranche A Lenders. 

  

	 	11.2.3	The Finnvera Facility Agent shall have no responsibility, (a) to the Borrower on account of the failure of any Tranche A Lender to perform its obligations
under the Credit Agreement, or (b) to any Tranche A Lender on account of the failure of (i) the Borrower to perform its obligations under the Credit Agreement or (ii) Finnvera to perform its obligations under the ECA Guarantee.

  

	 	11.2.4	Each Tranche A Lender severally represents and warrants to the Finnvera Facility Agent that it has made its own independent investigation of the financial
condition and affairs of the Borrower in connection with the making and continuation of its Tranche A Commitment in the Term Loan under this Schedule “P” and has not relied on any information provided to such Tranche A
Lender by the Finnvera Facility Agent in connection with the Credit Agreement (including, without limitation, the ECA Guarantee), and each Tranche A Lender represents and warrants to the Finnvera Facility Agent that it shall continue to make
its own independent appraisal of the creditworthiness of the Borrower while the Term Loan is outstanding or the Tranche A Lenders have any obligations under the Credit Agreement. 

 

	 	11.3	Rights of Finnvera Facility Agent as Tranche A Lender 

 With respect to its Tranche A Commitment in the Term Loan, the Finnvera Facility Agent in its capacity as a Tranche A Lender shall have the same rights and powers under the Credit Agreement as
any other Tranche A Lender and may exercise the same as though it were not acting as the Finnvera Facility Agent and the term “Tranche A Lender” shall, unless the context otherwise indicates, include the Finnvera Facility Agent
in its capacity as a Tranche A Lender. The Finnvera Facility Agent may (without having to account therefor to any Tranche A Lender) accept deposits from, lend money to and generally engage in any kind of banking or other business with the
Borrower as if it were not acting as the Finnvera Facility Agent and may accept fees and other consideration from the Borrower for customary services in connection with the Credit Agreement and the Term Loan and otherwise without having to account
for the same to the Tranche A Lenders. 
  

	 	11.4	Indemnity 

 Each
Tranche A Lender agrees to indemnify the Finnvera Facility Agent, to the extent not otherwise reimbursed by the Borrower, rateably in accordance with its respective Tranche A Commitment, for any and all liabilities, obligations, losses,
damages, 

  
 23 

 
penalties, actions, judgements, suits, costs, expenses or disbursements of any kind and nature whatsoever which may be imposed on, incurred by or asserted against, the Finnvera Facility Agent in
any way relating to or arising out of the Credit Agreement, the Security Documents or any other documents contemplated by or referred to in the Credit Agreement, the Security Documents or such other documents or the transactions contemplated by the
Credit Agreement (including, without limitation, the ECA Guarantee), the Security Documents or such other documents (excluding, unless a Default or Event of Default is apprehended or has occurred and is continuing, normal administrative costs and
expenses incidental to the performance of its agency duties under the Credit Agreement) or the enforcement of any of the terms of the Credit Agreement, the Security Documents or such other documents (including, without limitation, the ECA
Guarantee), provided that no Tranche A Lender shall be liable for any of the foregoing to the extent they arise from the Finnvera Facility Agent’s gross negligence or wilful misconduct. 

 

	 	11.5	Notice by Finnvera Facility Agent to Tranche A Lenders 

 As soon as practicable after its receipt thereof, the Finnvera Facility Agent will forward to each Tranche A Lender a copy of each report, notice or other document required by the Credit Agreement to
be delivered to the Finnvera Facility Agent for such Tranche A Lender. 
  

	 	11.6	Protection of Finnvera Facility Agent 

  

	 	11.6.1	The Finnvera Facility Agent shall not be required to keep itself informed as to the performance or observance by the Borrower of the Credit Agreement or any other
document referred to or provided for in the Credit Agreement or such other document or to inspect the properties or books of the Borrower. Except (in the case of the Finnvera Facility Agent) for notices, reports and other documents and information
expressly required to be furnished to the Tranche A Lenders by the Finnvera Facility Agent under the Credit Agreement, the Finnvera Facility Agent shall have no duty or responsibility to provide any Tranche A Lender with any credit or
other information concerning the affairs or financial condition of the Borrower which may come to the attention of the Finnvera Facility Agent, except where provided to the Finnvera Facility Agent for the Tranche A Lenders, provided that such
information does not confer any advantage to the Finnvera Facility Agent as a Tranche A Lender over the other Tranche A Lenders. Nothing in the Credit Agreement shall oblige the Finnvera Facility Agent to disclose any information relating
to the Borrower if such disclosure would or might, in the opinion of the Finnvera Facility Agent, constitute a breach of any Applicable Laws or duty of secrecy or confidence. 

  
 24 

	 	11.6.2	Unless the Finnvera Facility Agent shall have been notified in writing or by telegraph, telex or facsimile by any Tranche A Lender, prior to the date of a
Tranche A Advance requested under this Schedule “P” or the Tranche A Rollover Date, that such Tranche A Lender does not intend to make available to the Finnvera Facility Agent such Tranche A Lender’s
proportionate share of such Tranche A Advance, based on its Tranche A Commitment, the Finnvera Facility Agent may assume that such Tranche A Lender has made such Tranche A Lender’s Tranche A Commitment in such
Tranche A Advance available to the Finnvera Facility Agent on the date of such Tranche A Advance and the Finnvera Facility Agent may, in reliance upon such assumption, make available to the Borrower a corresponding amount. If such
corresponding amount is not in fact made available to the Finnvera Facility Agent by such Tranche A Lender (and such amount was disbursed by the Finnvera Facility Agent to the Borrower), the Finnvera Facility Agent shall be entitled to recover
such amount (together with interest thereon at the rate determined by the Finnvera Facility Agent as being its cost of funds in the circumstances) on demand from such Tranche A Lender or, if such Tranche A Lender fails to reimburse the
Finnvera Facility Agent for such amount on demand, from the Borrower. 

  

	 	11.6.3	Unless the Finnvera Facility Agent shall have been notified in writing or by telegraph, telex or facsimile by the Borrower, prior to the date on which any payment is
due, to the Finnvera Facility Agent or the Tranche A Lenders under the Credit Agreement that the Borrower does not intend to make such payment, the Finnvera Facility Agent may assume that the Borrower has made such payment when due and the
Finnvera Facility Agent may, in reliance upon such assumption, make available to each Tranche A Lender on such payment date an amount equal to such Tranche A Lender’s pro rata share of such assumed payment. If it is established
that the Borrower has not in fact made such payment to the Finnvera Facility Agent, each Tranche A Lender shall forthwith on demand repay to the Finnvera Facility Agent the amount made available to such Tranche A Lender (together with
interest at the rate determined by the Finnvera Facility Agent as being its cost of funds in the circumstances). 

  

	 	11.7	Notice by Tranche A Lenders to Finnvera Facility Agent 

 Each Tranche A Lender shall endeavour to use its best efforts to notify the Finnvera Facility Agent of the occurrence of any Default or Event of Default forthwith upon becoming aware of such event,
but no Tranche A Lender shall be liable if it fails to give such notice to the Finnvera Facility Agent. 

  
 25 

	 	11.8	Sharing Among the Tranche A Lenders 

 Without duplication with Section 18.8 of the Credit Agreement: 
  

	 	11.8.1	Each Tranche A Lender agrees that as amongst themselves, except as otherwise provided for by the provisions of the Credit Agreement, all amounts received by the
Finnvera Facility Agent, in its capacity as agent of the Tranche A Lenders, pursuant to the Credit Agreement or any other document contemplated by the Credit Agreement (including, without limitation, in its role as guarantee holder for and on
behalf of the Tranche A Lenders pursuant to the ECA Guarantee) (whether received by voluntary payment, by the exercise of the right of set-off or compensation or by counterclaim, cross-claim, separate action or as proceeds of realization of any
security, other than agency fees), and all amounts received by any Tranche A Lender in relation to the Credit Agreement (including, without limitation, the ECA Guarantee) shall be shared by each Tranche A Lender pro rata, in
accordance with their respective Tranche A Commitment and each Tranche A Lender undertakes to do all such things as may be reasonably required to give full effect to this Section 11.8. If any amount which is so shared is later
recovered from the Tranche A Lender who originally received it, each other Tranche A Lender shall restore its proportionate share of such amount to such Tranche A Lender, without interest. The Finnvera Facility Agent shall not be
bound to account to any Tranche A Lender for any sum or the profit element of any sum received by it for its own account. 

  

	 	11.8.2	 As a necessary consequence of the foregoing, each Tranche A Lender shall share, in a percentage equal to its Tranche A Commitment, any losses
incurred as a result of any Default or Event of Default by the Borrower, and shall pay to the Finnvera Facility Agent, within two (2) Business Days following a request by the Finnvera Facility Agent, any amount required to ensure that such
Tranche A Lender bears its pro rata share of such losses, if any. Such obligation to share losses shall be absolute and unconditional and shall not be affected by any circumstance, including, without limitation, (1) any set-off,
compensation, counterclaim, recoupment, defence or other right which such Tranche A Lender may have against the Finnvera Facility Agent, the Borrower or any other Person for any reason whatsoever; (2) the occurrence or continuance of any
Default or Event of Default; (3) any adverse change in the condition (financial or otherwise) of the Borrower or any other Person; (4) any breach of the Credit Agreement by the Borrower or any other Person; or (5) any other
circumstance, happening or event whatsoever, whether or not similar to any of the foregoing. If any Tranche A Lender does not make available the amount required under this Section 11.8, the Finnvera Facility Agent

  
 26 

	 	
shall be entitled to recover such amount on demand from such Tranche A Lender, together with interest thereon at the rate determined by the Finnvera Facility Agent as being its cost of funds
in the circumstances from the date of non-payment until such amount is paid in full. 

  

	 	11.9	Procedure with respect to Tranche A Advances 

 Subject to the provisions of this Schedule “P”, upon receipt of a Tranche A Notice of Borrowing or a Notice of New Tranche A Designated Period from the Borrower and no later than
three (3) Business Days prior to the date of the proposed Tranche A Advance or the Tranche A Rollover Date, the Finnvera Facility Agent shall, without delay, advise each Tranche A Lender of the receipt of such notice, of the date
of such Tranche A Advance or the Tranche A Rollover Date, of its proportionate share of the amount of each Tranche A Advance or continuation thereof and of the relevant details of the Finnvera Facility Agent’s account(s). Each
Tranche A Lender shall disburse its proportionate share of each Tranche A Advance, taking into account its Tranche A Commitment, and shall make it available to the Finnvera Facility Agent on the date of the Tranche A Advance
fixed by the Borrower, by depositing its proportionate share of the Tranche A Advance in the Finnvera Facility Agent’s account in Canadian Dollars or US Dollars, as the case may be. Once the Borrower has fulfilled the conditions stipulated
in this Schedule “P”, the Finnvera Facility Agent will make such amounts available to the Borrower on the date of the Tranche A Advance, at the Finnvera Facility Agency Branch, and, in the absence of other arrangements made in
writing between the Finnvera Facility Agent and the Borrower, by transferring or causing to be transferred an equivalent amount in accordance with the instructions of the Borrower which appear in the Tranche A Notice of Borrowing with respect
to each Tranche A Advance; however, the obligation of the Finnvera Facility Agent with respect to this Section 11.9 is limited to taking the steps judged commercially reasonable in order to follow such instructions, and once undertaken,
such steps shall constitute conclusive evidence that the amounts have been disbursed in accordance with the applicable provisions. The Finnvera Facility Agent shall not be liable for damages, claims or costs imputed to the Borrower and resulting
from the fact that the amount of a Tranche A Advance did not arrive at its agreed-upon destination. 
  

	 	11.10	Accounts kept by each Tranche A Lender 

 Each Tranche A Lender shall keep in its books, in respect of its Tranche A Commitment, accounts for the Tranche A CDOR Advances and other amounts payable by the Borrower to such
Tranche A Lender under the Credit Agreement. Each Tranche A Lender shall make appropriate entries showing, as debits, the amount of the Debt of the Borrower to it in respect of the Tranche A CDOR Advances, the amount of all accrued
interest and any other amount due to such Tranche A Lender pursuant to the Credit Agreement and, as credits, each payment or repayment of principal and interest made in respect of such indebtedness as well as any other amount paid to such
Tranche A Lender pursuant to the Credit Agreement. These accounts shall constitute (in the absence of manifest error or of contradictory entries in the accounts of the Finnvera Facility Agent referred to in Section 3.5 of this
Schedule “P”) prima facie evidence of their content against the Borrower. 

  
 27 

 The accounts which are maintained by the Finnvera Facility Agent shall constitute, except in
the case of manifest error, prima facie proof of the amounts advanced by the Tranche A Lenders, the interest and other amounts due to them and the payments of principal, interest or others made to the Tranche A Lenders. 

 

	 	11.11	Binding Determinations 

 The Finnvera Facility Agent shall proceed in good faith to make any determination which is required in order to apply the Credit Agreement and, once made, such determination shall be final and binding
upon all parties, except in the case of manifest error. 
  

	 	11.12	Amendment of Article 11 

 The provisions of this Article 11 relating to the rights and obligations of the Tranche A Lenders and the Finnvera Facility Agent inter se may not be amended or added to, at any time or
from time to time, without the consent and agreement of the Finnvera Facility Agent and the Tranche A Lenders by way of an instrument in writing, which instrument in writing shall validly and effectively amend or add to any or all of the
provisions of this Article affecting the Tranche A Lenders without requiring the execution of such instrument in writing by the Borrower. 
  

	 	11.13	Provisions for the Benefit of Tranche A Lenders Only 

 The provisions of this Article 11 relating to the rights and obligations of the Tranche A Lenders and Finnvera Facility Agent inter se shall be operative as between the Tranche A
Lenders and Finnvera Facility Agent only, and the Borrower shall not have any rights or obligations under or be entitled to rely for any purposes upon such provisions. However, the provisions of subsection 11.2.3 of this
Schedule “P” shall be applicable as between the Borrower, the Guarantors (if applicable) and the Finnvera Facility Agent. 
  

	 	11.14	Resignation of Finnvera Facility Agent 

  

	 	11.14.1	Notwithstanding the irrevocable appointment of the Finnvera Facility Agent, the Majority Tranche A Lenders and the Majority Tranche B Lenders (as defined in
the Tranche B Loan Agreement) may collectively (with the consent of the Borrower), upon giving the Finnvera Facility Agent thirty (30) days prior written notice to such effect, terminate the Finnvera Facility Agent’s appointment under
this Schedule “P” provided that a successor Finnvera Facility Agent has been appointed at or prior to the expiry of such notice. 

  
 28 

	 	11.14.2	The Finnvera Facility Agent may resign its appointment under this Schedule “P” at any time without giving any reason therefor by giving written notice to
such effect to each of the Borrower and the Tranche A Lenders. Such resignation shall not be effective until a successor Finnvera Facility Agent has been appointed. 

 

	 	11.14.3	In the event of any such notice of termination or resignation, the Majority Tranche A Lenders and the Majority Tranche B Lenders (as defined in the
Tranche B Loan Agreement) shall collectively appoint a successor Finnvera Facility Agent that is willing to accept such role and is acceptable to the Borrower within thirty (30) days therefrom, deliver copies of all accounts to such
successor and the retiring Finnvera Facility Agent shall be discharged from any further obligations under the Credit Agreement but shall remain entitled to the benefit of the provisions of this Article 11 and the Finnvera Facility Agent’s
successor and each of the Borrower and the Tranche A Lenders shall have the same rights and obligations among themselves as they would have had if such successor had originally acted as agent under the Finnvera Term Facility. If the Majority
Tranche A Lenders and the Majority Tranche B Lenders have not collectively appointed a successor Finnvera Facility Agent within thirty (30) days of the delivery of any notice of termination or resignation as set forth above, the
Finnvera Facility Agent (with the consent of the Borrower, which consent shall not be unreasonably withheld or delayed) may appoint a successor Finnvera Facility Agent. 

 

	12.	NOTICES 

 Except where
otherwise specified in this Schedule “P”, all notices, requests, demands or other communications between the Finnvera Facility Agent, the Tranche A Lenders and the Borrower shall be in writing and shall be deemed to have been
duly given or made to the party to whom such notice, request, demand or other communication is given or permitted to be given or made, when delivered to the party (by certified mail, postage prepaid, or electronic mail or by facsimile or by physical
delivery) to the address of such party and to the attention indicated under the signature of such party to the Amending Agreement or to any other address which said parties may subsequently communicate to each other in writing. Notwithstanding the
foregoing, any notice shall be deemed to have been received by the party to whom it is addressed (a) upon receipt if sent by mail and (b) if e-mailed or telecopied before 3:00 P.M. (time of recipient) on a Business Day, on that day
and if telecopied after 3:00 P.M. (time of recipient) on a Business Day, on the Business Day next following the date of transmission. If normal postal or electronic mail or telecopier service is interrupted by strike, work slow-down, fortuitous
event or other cause, the party sending the notice shall use such services which have not been interrupted or shall deliver such notice by messenger in order to ensure its prompt receipt by the other party. 

  
 29 

	13.	REVERSAL OF DECISIONS, AMENDMENTS AND WAIVERS 

 Upon the expiry of the Term (as such Term may be further extended from time to time) of and the cancellation of the Revolving Facility and the Unsecured Facility, the Tranche A Lenders shall have the
option but not the obligation to, in their sole discretion and with the prior written consent of the Majority Tranche A Lenders, reverse any decisions taken, amendments made and waivers and consents granted to the Borrower (further to the
request of the Borrower for same) by the Majority Lenders at any time during the last six (6) months of the Term of the Revolving Facility and the Unsecured Facility with respect to any provisions of the Credit Agreement which are shared
between and applicable to the Revolving Facility, the Unsecured Facility and the Finnvera Term Facility, the whole to the extent that the Majority Tranche A Lenders did not vote in favour of such decision, amendment, waiver or consent.

  

	14.	DECISIONS, AMENDMENTS AND WAIVERS 

 The Borrower agrees and acknowledges that in connection with any request made by it for any material amendment, consent or waiver under the Loan Documents, the Finnvera Facility Agent shall seek the
consent of Finnvera and comply with the written instructions and notices of Finnvera in respect of any such request. 
  

	15.	CONFIDENTIALITY 

 Each of
the Finnvera Facility Agent and the Tranche A Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) on a need to know basis, to its Affiliates and its
Affiliates’ respective partners, directors, officers, employees, agents, advisors and representatives (to the extent necessary to administer or enforce the Credit Agreement) (it being understood that the Persons to whom such disclosure is made
will be informed of the confidential nature of such Information and will be bound and instructed to keep such Information confidential); (b) to the extent requested by any regulatory authority having jurisdiction over it (including any
self-regulatory authority); (c) to the extent required by Applicable Law or other legal process; (d) to any other party to the Credit Agreement; (e) to the extent reasonable, in connection with the exercise of any remedies under the
Credit Agreement or any action or proceeding relating to the Credit Agreement or the enforcement of rights under the Credit Agreement; (f) subject to an agreement containing provisions substantially the same as those of this Article, to
(x) any Tranche A Assignee or participant in, or any prospective Tranche A Assignee of or participant in, any of its rights or obligations under this Schedule “P” and (y) any actual or prospective
counterparty (or its advisors) to any swap, hedge, derivative, credit-linked note or similar transaction relating to the Borrower and its obligations; (g) to any Person with the consent of the Borrower; (h) to any Person to the extent such
Information (x) is or becomes publicly available other than as a result of a breach of this Article or (y) becomes available to the Finnvera Facility Agent or any Tranche A Lender on a non-confidential basis from a
source other than the Borrower and provided such source has not, to the knowledge of the Finnvera Facility Agent or such Tranche A Lender, breached 

  
 30 

 
a duty of confidentiality owed to the Borrower, the Finnvera Facility Agent or the Tranche A Lenders; (i) to Finnvera; or (j) to NSN, to the extent necessary in the reasonable
opinion of the Finnvera Facility Agent and only in respect of the mechanics of the disbursement of Tranche A Advances. For purposes of this Article, “Information” means all information relating to the Borrower or any of its Affiliates
or any of their respective businesses including all information relating to the transactions contemplated by this Schedule “P”, other than any such information that is available to the Finnvera Facility Agent or any Tranche A
Lender on a non-confidential basis prior to such receipt. Any Person required to maintain the confidentiality of Information as provided in this Article shall be considered to have complied with its obligation to do so if such Person has exercised
the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. In addition, the Finnvera Facility Agent may disclose to any agency or organization that assigns standard
identification numbers to loan facilities such basic information describing the facilities provided hereunder as is necessary to assign unique identifiers (and, if requested, supply a copy of this Schedule “P”), it being understood
that the Person to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to make available to the public only such Information as such person normally makes available in the course of its
business of assigning identification numbers. In addition, and notwithstanding anything in this Schedule “P” to the contrary, the Finnvera Facility Agent and the Tranche A Lenders may disclose the existence of the credit
facilities established under this Schedule “P” and non-sensitive information relating to same to Finnvera (who may publish same on their website), market data collectors, recognized trade publishers and similar service providers for
general circulation in the loan market and/or for general advertising purposes. 

  
 31 

 EXHIBIT “P-1” - LIST OF TRANCHE A LENDERS AND
TRANCHE A COMMITMENTS 
  

									
	 Tranche A Lender
	  	Tranche A
Commitment (Cdn.$)	 	  	Tranche A
Commitment (%)	 
	 The Toronto-Dominion Bank
	  	$	37,500,000	  	  	 	50.0	% 
	 HSBC Bank plc
	  	$	28,125,000	  	  	 	37.5	% 
	 Sumitomo Mitsui Banking Corporation of Canada
	  	$	9,375,000	  	  	 	12.5	% 
		  	  
	  
	 	  	  
	  
	 
	 Total
	  	$	75,000,000	  	  	 	100	% 

EXHIBIT “P-1A” - TRANCHE A NOTICE OF BORROWING

  

							
	TO:	  		  	HSBC BANK PLC, as Finnvera Facility Agent	  	
				
	FROM:	  		  	VIDÉOTRON LTÉE	  	DATE:

 1) This Tranche A Notice of Borrowing is delivered to you pursuant to Section 3.1 of Schedule “P” to
the Credit Agreement originally dated as of November 28, 2000, as amended and restated as of July 20, 2011, and as same may be further amended, restated, supplemented or otherwise modified from time to time (the “Credit
Agreement”). Unless otherwise indicated herein, all defined terms set forth in this Tranche A Notice of Borrowing shall have the respective meanings set forth in Exhibit “P-5” to Schedule “P” to the Credit
Agreement. 
 2) We hereby request a Cdn.$
                     (representing the CAD Equivalent of
US$                    ) Tranche A Advance under the Finnvera Facility A of the Credit Agreement as follows: 

 

	 	(a)	Date of Tranche A Advance:
                             

 

	 	(b)	Amount of Tranche A Advance:
                             

 

	 	(c)	Tranche A Designated Period:
                                 

 

	 	(d)	Payment instruction (if any):
                             

 3) We have understood the provisions of Schedule “P” to the Credit Agreement which are relevant to the furnishing of this Tranche A Notice of Borrowing. To the extent that this Tranche A
Notice of Borrowing evidences, attests or confirms compliance with any covenants or conditions precedent provided for in the Credit Agreement (including, without limitation, those set forth in Schedule “P” to the Credit Agreement), we
have made such examination or investigation as was, in our opinion, necessary to enable us to express an informed opinion as to whether such covenants or conditions have been complied with. 
 4) WE HEREBY CERTIFY THAT, as of the date hereof: 
 (a) All of the representations
and warranties of the Borrower contained in Article 11 of the Credit Agreement (except where qualified in such Article 11 as being made as at a particular date), are true and correct on and as of the date hereof as though made on and as of
the date hereof. 
 (b) All of the covenants of the Borrower contained in Articles 12 and 13 of the Credit Agreement, as
supplemented by Article 8 of Schedule “P” to the Credit Agreement, together with all of the conditions precedent to a Tranche A Advance and all other terms and conditions contained in the Credit Agreement have been fully complied
with. 
 (c) No Event of Default (as defined in the Credit Agreement) has occurred and no Default (as defined in the Credit
Agreement) has occurred and is continuing. 

 
			
	Yours truly,
	
	VIDÉOTRON LTÉE
		
	Per:	 	  

  
 - 2 -

 EXHIBIT “P-1B” – NOTICE OF NEW TRANCHE A DESIGNATED
PERIOD AND CERTIFICATE 
  

					
	TO:	  	HSBC BANK PLC, as Finnvera Facility Agent	  	
			
	FROM:	  	VIDÉOTRON LTÉE	  	DATE:

 1) This Notice of New Tranche A Designated Period and Certificate is delivered to you pursuant to Section 3.3 of
Schedule “P” to the Credit Agreement originally dated as of November 28, 2000, as amended and restated as of July 20, 2011, and as same may be further amended, restated, supplemented or otherwise modified from time to time
(the “Credit Agreement”). Unless otherwise indicated herein, all defined terms set forth in this Notice of New Tranche A Designated Period and Certificate shall have the respective meanings set forth in Exhibit “P-5”
to Schedule “P” to the Credit Agreement. 
 2) We hereby request that you continue the Tranche A Advances made under the Finnvera
Facility A of the Credit Agreement as follows: 
  

					
	(a)	  	Tranche A Rollover Date:	 	  

	(b)	  	Amount of Tranche A Advances to be rolled over (minimum Cdn.$1,000,000 or such smaller amount corresponding to the Tranche A CDOR Advance Amount, as applicable, of the Tranche A
Advances to be continued hereunder):	 	  

	(c)	  	New Tranche A Designated Period:	 	  

	(d)	  	Payment instruction (if any)	 	  

 3) We have understood the provisions of Schedule “P” to the Credit Agreement which are relevant to the
furnishing of this Notice of New Tranche A Designated Period and Certificate. To the extent that this Notice of New Tranche A Designated Period and Certificate evidences, attests or confirms compliance with any covenants provided for in the Credit
Agreement (including, without limitation, those set forth in Schedule “P” to the Credit Agreement), we have made such examination or investigation as was, in our opinion, necessary to enable us to express an informed opinion as to
whether such covenants have been complied with. For greater certainty, none of the conditions precedent provided for in the Credit Agreement (other than that set forth in subsection 6.2.1 of Schedule “P” to the Credit Agreement)
shall apply in respect of this Notice of New Tranche A Designated Period and Certificate and the continuation of the Tranche A Advances requested hereunder. 

 4) WE HEREBY CERTIFY THAT, as of the date hereof: 
 (a) All of the representations and warranties of the Borrower contained in Article 11 of the Credit Agreement (except where qualified in such Article 11 as being made as at a particular date),
are true and correct on and as of the date hereof as though made on and as of the date hereof. 
 (b) All of the covenants of the Borrower
contained in Articles 12 and 13 of the Credit Agreement, as supplemented by Article 8 of Schedule “P” to the Credit Agreement and all other terms and conditions contained in the Credit Agreement have been fully complied
with. 
 (c) No Event of Default (as defined in the Credit Agreement) has occurred and no Default (as defined in the Credit Agreement) has
occurred and is continuing. 
  

			
	Yours truly,
	
	VIDÉOTRON LTÉE
		
	Per:	 	  

  
 - 2 -

 EXHIBIT “P-2” - NOTICE
OF REPAYMENT 
  

					
	TO:	  	HSBC BANK PLC, as Finnvera Facility Agent	  	
			
	FROM:	  	VIDÉOTRON LTÉE	  	DATE:

  

	1)	This notice of repayment is delivered to you pursuant to Section 5.2 of Schedule “P” to the Credit Agreement originally dated as of
November 28, 2000, as amended and restated as of July 20, 2011, and as same may be further amended, restated, supplemented or otherwise modified from time to time (the “Credit Agreement”). All defined terms set forth in this
notice shall have the respective meanings set forth in Schedule “P” to the Credit Agreement. 

  

	2)	We hereby advise you that we will be repaying the sum of
Cdn.$                     on
                     as follows [indicate amount payable in respect of the Finnvera Facility A as well as the type of Tranche A Advance to
be repaid]. 

  

	3)	As to an amount of Cdn. $                    , the
above-mentioned payment should be treated as a [voluntary repayment/prepayment] under Section 5.2 of Schedule “P” to the Credit Agreement, which we understand will have the effect of reducing the amount of the Finnvera
Facility A by an equal amount (or by an equivalent amount, if in US$). 

  

			
	Yours truly,
	
	VIDÉOTRON LTÉE
		
	Per:	 	  

	Name:	 	
	Title:	 	

 EXHIBIT “P-3” – OFFICER’S CERTIFICATE

 I, the undersigned,
                    , the
                    , of Vidéotron Ltée (the “Borrower”), do hereby certify as follows: 

 

	 	(a)	I have taken cognizance of all the terms and conditions of the Credit Agreement originally dated as of November 28, 2000, as amended and restated as of
July 20, 2011, as well as of all contracts, agreements and deeds pertaining thereto; and 

  

	 	(b)	no Default or Event of Default has occurred nor exists thereunder; and 

  

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

 

	 	(d)	all of the movable property owned by the VL Group as of the date hereof is located in the province of Québec and in Ontario and, with respect to Videotron US
Inc. only, in the United States; 

  

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

  

	 	(f)	the performance by the Borrower of its obligations under the NSN Contract in accordance with its terms and the completion of the transactions contemplated therein do
not require any consents or approvals, do not violate any Applicable Laws, and do not conflict with, violate or constitute a breach under the documents of incorporation or by-laws of the Borrower. 

All expressions referred to herein have the meanings ascribed to them in the Credit Agreement. 
 Executed at the City of Montreal, Province of Quebec this      day of             , 2011. 

 

			
		 	  

 Encl. 

 EXHIBIT “P-4” – FINNVERA TRANSFER AGREEMENT

  

	TO:	HSBC BANK PLC (the “Finnvera Facility Agent”); and 

 VIDÉOTRON LTÉE (the “Borrower”) 

WHEREAS the Borrower entered into a Credit Agreement originally dated as of November 28, 2000, as amended and restated as of
July 20, 2011, and as same may have been further amended, restated, supplemented or otherwise modified from time to time (the “Credit Agreement”), with the Finnvera Facility Agent, as Finnvera Facility agent and Tranche A
Lender, and with other Tranche A Lenders, whereby the Tranche A Lenders agreed to provide the Borrower with certain credit facilities; and 
 WHEREAS pursuant to and in accordance with Article 10 of Schedule “P” to the Credit Agreement, a Tranche A Lender may, [with the prior consent of and/or notice to the
Borrower/the Finnvera Facility Agent/Finnvera (include as applicable in the circumstances)] assign or transfer all or any of its rights, benefits and obligations under the Credit Agreement by duly completing, executing and delivering to
the Finnvera Facility Agent and to the Borrower this Finnvera Transfer Agreement; and 
 WHEREAS
                     (the “Transferor”) wishes to assign or transfer to
                     (the “Assignee”) the rights, benefits and obligations of the Transferor under the Credit Agreement
specified herein; 
 WHEREAS [the Borrower/the Finnvera Facility Agent/Finnvera (include as applicable in the
circumstances)] have [consented/been notified (include as applicable in the circumstances)] in writing to such assignment or transfer pursuant to the provisions of Article 10 of Schedule “P” to the
Credit Agreement [and have reiterated their consent hereby (include as applicable in the circumstances)]; 
 NOW
THEREFORE in consideration of the foregoing and of one dollar ($l.00) and other good and valuable consideration, the receipt of which is hereby acknowledged, the signatories hereto agree as follows: 

1. Unless otherwise indicated herein, all capitalized terms defined in Exhibit “P-5” of Schedule “P” to the Credit
Agreement and not otherwise defined herein have the same meaning as in Exhibit “P-5” of Schedule “P” to the Credit Agreement. 
 2. The Transferor assigns and transfers to the Assignee the following rights, benefits and obligations, without warranty (the “Transfer”): 

(description of the transferred rights, benefits and obligations, indicating retained interest or fees, if applicable, extent of the
Assignee’s interest and any applicable arrangements if any Tranche A CDOR Advances are outstanding at the time of the Assignment) 

 (the “Transferred Rights” and the “Transferred Obligations”, as
applicable). The Transfer shall be effective as of             ,         . 
 3. If the Tranche A Advances made by the Assignee are less than the proportionate share of all Tranche A Advances based on the Tranche A Commitment of the Assignee in the Tranche A Credit, the
Assignee shall, on demand, indemnify the Transferor in respect of the principal amount of the corresponding Tranche A Advances made by the Transferor in excess of the Transferor’s Tranche A Commitment. The Tranche A Advances in respect of which
the Assignee is bound to indemnify the Transferor are set out in Schedule “B” hereto. On the effective date of the Transfer, the Transferor shall pay to the Assignee the indemnity fees in respect of [Tranche A CDOR
Advances] in the amounts specified in Schedule “B” during the period in which the Assignee is to indemnify the Transferor. 

4. The Assignee accepts the Transfer and assumes the Transferred Obligations without novation and without warranty (the “Assumption”).
The Assignee acknowledges and accepts that the Assignee and the Agent (as defined in the Credit Agreement) are solidary creditors of the Borrower and the Guarantors (as defined in the Credit Agreement) in respect of all amounts, liabilities and
other obligations, present and future, of the Borrower and the Guarantors (as defined in the Credit Agreement) to each of them under the Credit Agreement as contemplated by Section 18.1.2 of the Credit Agreement and in accordance with
Article 1541 of the Civil Code of Quebec. 
  

	5.	The Transfer and the Assumption are governed by and subject to Article 10 of Schedule “P” to the Credit Agreement. 

6. The Transferor and the Assignee acknowledge that arrangements have been made between them as to the portion, if any, of Tranche A Fees and interest
received or to be received by the Transferor pursuant to Schedule “P” to the Credit Agreement and to be paid by the Transferor to the Assignee. 
 7. The Assignee acknowledges and confirms that it has not relied upon and that neither the Transferor nor the Finnvera Facility Agent has made any representation or warranty whatsoever as to the due
execution, legality, effectiveness, validity or enforceability of the Credit Agreement or any other documentation or information delivered by the Transferor or the Finnvera Facility Agent to the Assignee in connection therewith or for the
performance thereof by any party thereto or for the performance of any obligation by any Subsidiary (as defined in the Credit Agreement) or for the financial condition of the Borrower or of any Subsidiary. All representations, warranties and
conditions expressed or implied by law or otherwise are hereby excluded. 
 8. The Assignee represents and warrants that it has itself been, and
will continue to be, solely responsible for making its own independent appraisal of and investigation into the financial condition, creditworthiness, affairs, status and nature of the Borrower and has not relied and will not hereafter rely on the
Transferor and/or the Finnvera Facility Agent to appraise or keep under review on its behalf the financial condition, creditworthiness, affairs, status or nature of the Borrower. The Assignee acknowledges and agrees that it has no right to obtain
any non- public information directly from the Borrower and that it will request any information it requires solely from the Finnvera Facility Agent. 

  
 - 2 -

 9. Each of the Transferor and the Assignee represents and warrants to the other and to the Finnvera Facility
Agent, the other Tranche A Lenders and the Borrower, that it has the right, capacity and power to enter into the Transfer and the Assumption in accordance with the terms hereof and to perform its obligations arising therefrom, and all action
required to authorize the execution and delivery hereof and the performance of such obligations has been duly taken. 
 10. This Finnvera
Transfer Agreement shall be governed by and construed in accordance with the laws of the Province of Quebec, Canada. 
 11. The parties confirm
having requested that this document be drafted in the English language. Les parties confirment avoir requis que ce document soit rédigé en langue anglaise. 
 Following the Transfer and Assumption, Exhibit “P-1” to Schedule “P” to the Credit Agreement will be replaced by Schedule “A” annexed hereto. 

AND THE PARTIES HAVE SIGNED AS OF
                    , 20    . 
  

									
	                           
                                         
                        ,	 		 	                           
                                         
                        ,
	as Transferor	 		 	as Assignee
					
	Per:	 	  
	 		 	Per:	 	  

					
	Per:	 	  
	 		 	Per:	 	  

 [CONSENTED TO AND ACKNOWLEDGED:] (include and adjust signatories as applicable in the
circumstances) 
  

									
	FINNVERA PLC	 		 	VIDÉOTRON LTÉE
					
	Per:	 	  
	 		 	Per:	 	  

					
	Per:	 	  
	 		 	Per:	 	  

  
 - 3 -

 EXHIBIT “P-5” – INTERPRETATION AND DEFINITIONS

 Definitions 

Capitalized terms used and not otherwise defined in this Schedule “P” have the meanings ascribed thereto in the Credit Agreement. The
following words and expressions, when used in Schedule “P” or in any agreement supplementary to the Credit Agreement, unless the contrary is stipulated, have the following meaning: 

“Amending Agreement” means the Tenth Amending Agreement to the Credit Agreement dated as of November 13, 2009 between, inter
alia, the Borrower, the Agent, the Finnvera Facility Agent, and certain lenders; 
 “Availability Period” means, with
respect to the Finnvera Term Facility, the period from the Signing Date (subject to satisfying the conditions precedent set forth in Article 6 of Schedule “P”) until the earlier of (i) the date falling 24 months after
the Signing Date and (ii) the full utilization, cancellation or termination of the Finnvera Term Facility; 
 “Business
Day” means any day, except Saturdays, Sundays and other days which in Montreal or Toronto (Canada) or London (England) or, to the extent Finnvera becomes a Tranche A Assignee under Schedule “P” or is subrogated into the
rights of any Tranche A Lender, Helsinki (Finland), are holidays or days on which banking institutions are not authorized to be open or required by law or by local proclamation to close; 
 “CAD Equivalent” means the equivalent in Canadian Dollars of any value or sum denominated in US Dollars using the rate of exchange quoted by the Bank of Canada as the noon mid-market spot
rate for such conversion on the day preceding the Business Day on which such determination is made; 
 “CDOR Rate” means, with
respect to any Tranche A Designated Period of 30 to 183 days relating to a Tranche A CDOR Advance, the annual rate of discount or interest which is the arithmetic average of the discount rates (rounded upwards to the nearest multiple
of 0.01%) for bankers’ acceptances denominated in Canadian Dollars for such term and face amount identified as such on the Reuters Screen CDOR Page at approximately 10:00 A.M. (Montreal time) on the date on which such Tranche A CDOR
Advance is to be made or on the Tranche A Rollover Date, as the case may be, or if such day is not a Business Day, then on the immediately preceding Business Day (as adjusted by the Finnvera Facility Agent after 10:00 A.M. (Montreal time)
to reflect any error in any posted rate or in the posted average annual rate). If the rate does not appear on the Reuters Screen CDOR Page as contemplated above, then the CDOR Rate on any day shall be calculated by the Finnvera Facility Agent at the
arithmetic average of the discount rates (rounded upwards to the nearest multiple of 0.01%) for bankers’ acceptances denominated in Canadian Dollars for such term comparable to the Tranche A Designated Period and such face amount
comparable to the Tranche A CDOR Advance Amount of, and as quoted by, the Schedule “I” Reference Banks, as of 10:00 A.M. (Montreal time) on that day, or if that day is not a Business Day, then on the immediately preceding
Business Day. Each calculation by the Finnvera Facility Agent of the CDOR Rate shall be binding and conclusive for all purposes, absent manifest error; 

 “Commitment Fee Letter” means the letter agreement dated November 13, 2009 entered
into between the Borrower and the Finnvera Facility Agent, as same may be amended, restated, supplemented, amended and restated or otherwise modified from time to time; 
 “Cost of Funds” means a Tranche A Lender’s cost of funds as determined by it and expressed as an annual rate to borrow Canadian dollars for a Tranche A Designated
Period including, inter alia, as the case may be, the cost of keeping base, excess or emergency reserves (as may be required from time to time by Law and competent authorities), the cost of Canada deposit insurance and any tax
or assessment that must be deducted or withheld by such Tranche A Lender, as applicable, and as described by such Tranche A Lender to the Borrower by way of a statement which sets forth the calculations used in determining such cost of
funds; 
 “Cost of Funds Basis” means the basis of calculation of interest on the Tranche A Advances, or any part
thereof, made or deemed to have been made in accordance with the provisions of Sections 3.9 and 3.11 of Schedule “P”, respectively; 
 “Credit Agreement” means the credit agreement dated as of November 28, 2000 entered into among, inter alia, the Borrower, the financial institutions party thereto from time to
time and Royal Bank of Canada, as administrative agent (as amended and restated as of July 20, 2011, and as same may be further amended, restated, supplemented, amended and restated or otherwise modified from time to time); 

“Default Rate” means, for any day, the CDOR Rate which would apply to bankers’ acceptances with a period of one month, plus 4%;

 “Domestic Tranche A Lender” means a Tranche A Lender who is a resident of Canada (within the meaning of the
Income Tax Act (Canada)) and any other Tranche A Lender who has the ability to fund via the CDOR Rate; 
 “ECA
Guarantee” means the Buyer Credit Guarantee Agreement Bc 112-08 dated November 13, 2009 (and the General Conditions for Buyer Credit Guarantees dated March 1, 2004 annexed thereto) granted by ECA to and in favour of, among
others, the Tranche A Lenders, in connection with, inter alia, the Finnvera Term Facility, as same may be amended, restated, supplemented, amended and restated or otherwise modified from time to time; 

“ECA Premium A” means the premiums payable by the Borrower to or for the account of ECA in respect of the ECA Guarantee;

 “Eighth Repayment Date” means the date that falls 42 months after the First Repayment Date; 

“Euros or “€” means the lawful currency of the member states of the European Union; 

“Fee Letter” means the letter agreement dated as of March 5, 2009 entered into between the Borrower, HSBC Bank plc and TD
Securities, as amended on November 13, 2009 and as same may be amended, restated, supplemented, amended and restated or otherwise modified from time to time; 
 “Finnvera” or “ECA” means Finnvera plc; 

  
 - 2 -

 “Finnvera Facility Agency Branch” means the branch of the Finnvera Facility Agent located
at 8 Canada Square, Canary Wharf, London, UK, E14 5HQ, or such other address which the Finnvera Facility Agent may notify the Borrower from time to time; 
 “Finnvera Facility Agent” means HSBC Bank plc, in its capacity as facility agent for all of the Tranche A Lenders; 
 “Finnvera Facility B Agent” means HSBC Bank plc, in its capacity as facility agent for all of the Tranche B Lenders; 
 “Finnvera Facility B Security Agent” means The Toronto-Dominion Bank, in its capacity as security agent for all the Tranche B Lenders; 

“Finnvera Term Facility” means the facility under which the Tranche A Credit is made available pursuant to Section 1 of
Schedule “P”; 
 “Finnvera Transfer Agreement” means a transfer agreement substantially in the form annexed to
this Schedule “P” as Exhibit “P-4”; 
 “First Repayment Date” means June 15, 2010;

 “Foreign Tranche A Lender” means a Tranche A Lender who is a non-resident of Canada (within the meaning of the
Income Tax Act (Canada)) and who is authorized by law to lend money in Canada; 
 “LIBOR Reference Banks” means HSBC
Bank plc, Barclays Bank plc and UBS AG and any other leading banks in the London inter-bank market as may be agreed to from time to time by the Finnvera Facility Agent and the Borrower; 
 “Majority Tranche A Lenders” means Tranche A Lenders having at least 51% of the Tranche A Commitments; 
 “Maturity Date” means June 15, 2018; 
 “Notice of New Tranche A
Designated Period” means a notice substantially in the form of Exhibit “P-1B” to Schedule “P” delivered to the Finnvera Facility Agent by the Borrower in accordance with the provisions of
Section 3.3 of Schedule “P”; 
 “Notice of Repayment” means a notice substantially in the form of
Exhibit “P-2” to Schedule “P” delivered to the Finnvera Facility Agent by the Borrower in accordance with the provisions of Section 5.2 of Schedule “P”; 

“NSN” means Nokia Siemens Networks Oy and any affiliates thereof; 
 “NSN Contract” means, collectively, the Master Purchase Agreement and the Care Agreement, each dated October 21, 2008 between the Borrower, as purchaser, and NSN, as supplier, as
amended, restated, supplemented or otherwise modified from time to time; 

  
 - 3 -

 “Purchase Price” means the purchase price for telecommunications equipment, software and
related goods and services not being equipment, software, goods and services of Canadian origin purchased or to be purchased by the Borrower from NSN pursuant to and as more fully set out in the NSN Contract; 

“Regulatory Approval” means the receipt of all material consents and approvals of all governmental bodies having jurisdiction which are
required to be obtained in connection with the consummation of the NSN Contract including, without limitation, the approval of the CRTC; 

“Repayment Date” means the First Repayment Date and each date that falls at the end of each 6-month period thereafter up to and
including the Maturity Date; 
 “Required Documents” means the documents listed in and annexed to each Tranche A Notice of
Borrowing; 
 “Schedule I Reference Banks” means The Toronto-Dominion Bank and any other bank or banks named in
Schedule I to the Bank Act (Canada) as may be agreed from time to time by the Finnvera Facility Agent and the Borrower; 

“Security Agent” means The Toronto-Dominion Bank, in its capacity as security agent for all the Tranche A Lenders;

 “Signing Date” means the date of execution of the Amending Agreement; 

“Term Loan” means, at any time, the aggregate of the Tranche A Advances outstanding in accordance with the provisions of
Schedule “P”, together with all unpaid interest thereon and any other amount in principal, interest and accessory fees, costs and expenses payable to the Finnvera Facility Agent or the Tranche A Lenders by the Borrower pursuant
to the Credit Agreement including, without limitation, the Tranche A Fees, the Commitment Fee and the Finnvera Handling Fee; 

“Tranche A Advance” means any advance by a Tranche A Lender under Schedule “P”, including a Tranche A CDOR
Advance; 
 “Tranche A Advance Amount” means a Tranche A CDOR Advance Amount; 

“Tranche A Assignee” has the meaning ascribed to it in subsection 16.2.1 of Schedule “P” and shall be deemed to
include Finnvera if an assignment and transfer is made to it in accordance with the provisions of Article 10 of Schedule “P”; 
 “Tranche A Assignment” means an assignment of all or a portion of a Tranche A Lender’s rights and obligations under Schedule “P” in accordance with
Sections 10.2 and 10.3 of Schedule “P”; 
 “Tranche A Borrowing Certificate” means a certificate
substantially in the form of Exhibit “P-7” to Schedule “P” delivered to the Finnvera Facility Agent by the Borrower in accordance with the provisions of Section 6.5 of Schedule “P”; 

  
 - 4 -

 “Tranche A CDOR Advance Amount” means the amount of any given Tranche A CDOR
Advance or any continuation (in whole or in part) thereof; 
 “Tranche A CDOR Advances” means, at any time, any Cdn.$
Tranche A Advances made by a Domestic Tranche A Lender bearing interest at the CDOR Rate; 
 “Tranche A
Commitment” means the portion of the Tranche A Credit for which a Tranche A Lender is responsible, as set out in Exhibit “P-1” to Schedule “P”; 

“Tranche A Credit” means the aggregate amount available to the Borrower under the Finnvera Term Facility; 

“Tranche A Designated Period” means, with respect to a Tranche A Advance, a period designated by the Borrower in accordance
with Section 3.4 of Schedule “P”; 
 “Tranche A Fees” means the fees, premiums and other charges
payable to the Finnvera Facility Agent, the Security Agent, Finnvera and the Tranche A Lenders in accordance with the provisions of the Fee Letter; 
 “Tranche A Lender” or “Tranche A Lenders” means the lenders listed in Exhibit “P-1” to Schedule “P”, together with any
Tranche A Assignee(s), or, as the context permits, any of them alone, which, in each case, has not ceased to be a lender in accordance with the provisions of Schedule “P”; 
 “Tranche A Notice of Borrowing” means a notice substantially in the form of Exhibit “P-1A” to Schedule “P” delivered to the Finnvera Facility Agent by
the Borrower in accordance with the provisions of Section 3.1 of Schedule “P”; 
 “Tranche A Rollover
Date” means, with respect to a Tranche A Advance, the date of any such Tranche A Advance, or the first day of any Tranche A Designated Period; 
 “Tranche B Lenders” means the lenders from time to time party to the Tranche B Loan Agreement, including their successors and permitted assigns; 

“Tranche B Loan” means the term loan granted to the Borrower by HSBC Bank plc, The Toronto-Dominion Bank and each other
Tranche B Lender pursuant to the Tranche B Loan Agreement; 
 “Tranche B Loan Agreement” means the credit
agreement dated November 13, 2009 pursuant to which the Tranche B Loan is made available to the Borrower, as same may be amended, restated, supplemented, amended and restated or otherwise modified from time to time. 

  
 - 5 -

 EXHIBIT “P-6” – COMMITMENT FEE LETTER 

 
  
 

 
  
 HSBC Bank plc 

Level 18 
 8 Canada Square 

London 
 E14 5HQ 

November 13, 2009 
 Vidéotron
Ltée 
 612 Saint-Jacques Street, 13 Floor 
 Montreal,Quebec 
 H3C 4M8 
 Attention: Mr. Jean-François Pruneau, Vice President, Finance 
 Dear
Mr. Pruneau: 
 This letter is delivered to you in connection with (i) Schedule “P” to that certain Credit Agreement
dated as of November 28, 2000, as amended by a First Amending Agreement dated as of January 5, 2001, a Second Amending Agreement dated as of June 29, 2001, a Third Amending Agreement dated December 12, 2001 and accepted by the
lenders party thereto as of December 21, 2001, a Fourth Amending Agreement dated as of December 23, 2002, a Fifth Amending Agreement dated as of March 24, 2003, a Sixth Amending Agreement dated as of October 8, 2003, a Seventh
Amending Agreement dated as of November 19, 2004, an Eighth Amending Agreement dated as of March 6, 2008, a Ninth Amending Agreement dated as of April 7, 2008, and a Tenth Amending Agreement dated as of November 13, 2009 entered
into between Vidéotron Ltée (“Vidéotron”), as borrower, the financial institutions party thereto from time to time, as lenders, Royal Bank of Canada, as administrative agent, and HSBC Bank plc, as agent (the
“Finnvera Term Facility Agent”) to certain lenders from time to time (the “Tranche A Lenders”) providing credit facilities guaranteed by Finnvera plc (the “Finnvera Term Facility”) in an aggregate
principal amount of Cdn.75,000,000 (as so amended and as same may be further amended, restated, supplemented, amended and restated or otherwise modified from time to time, the “Credit Agreement”); and (ii) the Finnvera Facility
B Credit Agreement dated as of November 13, 2009 between Vidéotron, as borrower, the financial institutions party thereto from time to time, as lenders (the “Tranche B Lenders”), HSBC Bank plc, as agent (the

 
“Finnvera Facility B Agent”), and The Toronto-Dominion Bank, as security agent, pursuant to which credit facilities guaranteed by Finnvera plc (the “Finnvera Facility
B”) are made available to Vidéotron in an aggregate principal amount of the CAD Equivalent (as defined therein) of the difference between US$100,000,000 and the aggregate of the USD Equivalent (as defined therein) of each drawing
made under the Finnvera Term Facility (as amended, restated, supplemented, amended and restated or otherwise modified from time to time, the “Finnvera Facility B Credit Agreement”). 

The fees set forth below shall be non-refundable and deemed to be fully earned on the date on which they are respectively due and shall be in addition
to, and not creditable against, any other fees, premiums, costs, expenses and other charges payable pursuant to or in connection with the Credit Agreement, the Finnvera Facility B Credit Agreement or otherwise. Your obligation to pay such fees will
not be subject to counterclaim or setoff for, or be otherwise affected by, any claim or dispute you may have, and all such fees shall be paid free and clear of deductions, taxes or withholdings of any kind. 

In connection with and in consideration for the agreements contained in the Credit Agreement and the Finnvera Facility B Credit Agreement, you agree with
the Finnvera Term Facility Agent and the Finnvera Facility B Agent, respectively, as follows: 

COMMITMENT FEE. You will pay to HSBC Bank
plc, as Finnvera Term Facility Agent and Finnvera Facility B Agent, for the account of the Tranche A Lenders and the Tranche B Lenders, respectively, a commitment fee (the “Commitment Fee”) in US Dollars of 0.375% per annum
calculated from and as of November 13, 2009 on the day to day undrawn portion of USD 100,000,000, representing the aggregate principal amount available under the Finnvera Term Facility and the Finnvera Facility B, collectively. The Commitment
Fee shall be payable semi-annually in arrears on December 10th and June 10th of each year up to and including the last day of the Availability Period (as defined in the Finnvera Facility B Credit Agreement). 
 No party to this commitment fee letter is authorized to show or circulate this letter or disclose the contents of this letter to any person or entity (other than its legal and financial advisors in
connection with its evaluation of this letter), except (i) as required by law, (ii) to any other party to the Credit Agreement, and (iii) by the Finnvera Term Facility Agent and the Finnvera Facility B Agent to potential Tranche A
Lenders and Tranche B Lenders, respectively. 
 This letter shall enure to the benefit of the Finnvera Term Facility Agent and the Finnvera
Facility B Agent and their successors and assigns and shall be binding on you and your successors and assigns. 
 This letter will be governed
by and interpreted in accordance with the laws of the Province of Québec and the laws of Canada applicable in such Province. 
 This
letter may be executed in any number of counterparts, each of which shall be an original and all of which, when taken together, shall constitute one agreement. Delivery of an executed counterpart of a signature page of this letter (whether by
delivery of an original of the same or by facsimile transmission) shall be as effective as delivery of a manually executed counterpart of this letter. 
 The parties hereto have expressly required that this letter be drafted in the English language. Les parties aux présentes ont expressément exigé que les présentes
soient rédigées en langue anglaise. 

  
 - 2 -

 THE REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK 

  
 - 3 -

 
			
	Yours truly,
	
	HSBC BANK PLC
		
	By:	 	  

	Name:	 	
	Title:	 	

 ACCEPTED AND AGREED TO 
 AS OF THE DATE FIRST WRITTEN ABOVE: 
  

			
	VIDÉOTRON LTÉE
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 - 4 -

 EXHIBIT “P-7” – TRANCHE A BORROWING CERTIFICATE

  

			
	TO:	  	HSBC BANK PLC, as Finnvera Facility Agent
		
	FROM:	  	VIDÉOTRON LTÉE
		
	DATED:	  	                             
                   

 1) This Tranche A Borrowing Certificate is delivered to you pursuant to Section 6.4 of
Schedule “P” to the Credit Agreement originally dated as of November 28, 2000, as amended and restated as of July 20, 2011, and as same may be further amended, restated, supplemented or otherwise modified from time to
time (the “Credit Agreement”). Unless otherwise indicated herein, all defined terms set forth in this Tranche A Borrowing Certificate shall have the respective meanings set forth in Exhibit “P-5” to
Schedule “P” to the Credit Agreement. 
 2) Attached hereto are true and complete copies of: [invoices, evidence of
payment, receipts]. 
 3) We have already paid the amount of
US$                     (the “Purchase Price Portion”) to NSN in accordance with the NSN Contract for the goods and services
of non-Canadian origin covered by the aforementioned documents. Amounts invoiced and paid relate to the value of such goods manufactured and supplied to date and of such services rendered to date. 

4) We have already paid the amount of
US$                     to NSN in accordance with the NSN Contract for the local services covered by the aforementioned documents. Amounts
invoiced and paid relate to the value of such local services rendered to date. 
 5) WE FURTHER WARRANT THAT: 

(a) The amount claimed in paragraph 2)(b) of the Tranche A Notice of Borrowing (the “Requested Tranche A Advance
Amount”) of even date herewith executed and delivered by the Borrower to the Finnvera Facility Agent is [less than or] equal to the CAD Equivalent of (x) 85% of the Purchase Price Portion and (y) costs for
local services up to a maximum amount which, when combined with all amounts previously disbursed by the Tranche A Lenders in reimbursement of costs for local services, does not exceed 30% of the portion of the Purchase Price paid to date, [(in
initial Tranche A Notice of Borrowing only, as applicable) plus Cdn.$                     which represents all or part of the
upfront portion of the ECA Premium A]. 
 (b) The Requested Tranche A Advance Amount does not include any amounts which have
already been claimed under any other Tranche A Notice of Borrowing. 
 (c) The Requested Tranche A Advance Amount, when
added to the principal amounts of all other Tranche A Advances made prior to the date hereof, does not exceed (i) the sum of (x) the CAD Equivalent of 85% of the portion of the Purchase Price paid to date, (y) the
CAD Equivalent of costs for local services up to a maximum of 30% of such portion of the Purchase Price paid to date, and (z) 100% of the upfront portion of the ECA Premium A or (ii) Cdn.$75,000,000. 

 (d) The NSN Contract has not been terminated and has been in full force and effect as of the
date of the invoice(s) to be financed under the Tranche A Notice of Borrowing of even date herewith. 
 6) We enclose a true and complete
copy of a certificate of NSN relating to the invoices to be financed under the Tranche A Notice of Borrowing of even date herewith. 
 7)
We undertake to supply you with such additional information and documentation and clarification as reasonably necessary in connection with the ECA Guarantee and agree not to hold you responsible for any delay in meeting the request for reimbursement
under the Tranche A Notice of Borrowing of even date herewith occasioned by such request for information. 
  

			
	Yours truly,
	
	VIDÉOTRON LTÉE
		
	Per:	 	  

  
 - 2 -

 FORM OF SUPPLIER’S CERTIFICATE 

 

			
	FROM:	  	NOKIA SIEMENS NETWORKS CANADA INC., as the supplier under the NSN Contract
		
	TO:	  	VIDÉOTRON LTÉE, as the purchaser under the NSN Contract
		
	AND TO:	  	HSBC BANK PLC, as Finnvera Facility Agent
		
	DATED:	  	                             
           

  

	Re:	Term loan facility in the maximum principal amount of Cdn.$75,000,000 (the “Finnvera Facility A”) made available to Vidéotron Ltée (the
“Borrower”) by HSBC Bank plc, The Toronto-Dominion Bank, Credit Suisse AG, Sumitomo Mitsui Banking Corporation of Canada and any other lenders from time to time (the “Tranche A Lenders”), guaranteed by Finnvera plc (the “ECA
Guarantee”), and administered by HSBC Bank plc, as agent to the Tranche A Lenders (the “Finnvera Facility Agent”), the whole in connection with the Master Purchase Agreement and the Care Agreement dated October 21, 2008 between
the Borrower, as purchaser, and Nokia Siemens Networks Canada Inc., as supplier (collectively, and as amended, restated, supplemented or otherwise modified from time to time, the “NSN Contract”) 

Dear Sirs: 
  

	1.	We refer to the “Tranche A Borrowing Certificate” dated
                     (the “Reimbursement Request Certificate”), which has been made available to us. We understand that the
Borrower has requested a drawing under the Finnvera Facility A in order to reimburse a payment made in respect of the NSN Contract and we give this certificate in connection with such requested drawing. 

 

	2.	We confirm that: 

  

	 	(i)	the NSN Contract has been in full force and effect and has not been terminated as of the date of the invoices to which the Reimbursement Request Certificate relates;

  

	 	(ii)	the statements in paragraphs 3 and 4 of the Reimbursement Request Certificate are true and accurate in all respects; 

 

	 	(iii)	the amount claimed by the Borrower for reimbursement in connection with the Reimbursement Request Certificate to which this certificate relates does not include any
amount for which we have received a disbursement under the Finnvera Facility A or for which the Borrower has previously received a reimbursement under any document of which we have notice; and 

	 	(iv)	we have received from the Borrower 100% of the amount of the relevant invoice(s) to which the Reimbursement Request Certificate relates. 

 

	
	By:
	
	  

	Authorized Signatory

  
 - 2 -Exhibit 4.1

 

$1,297,930,000

 Asset Backed Notes

 

MERCEDES-BENZ AUTO LEASE TRUST 2016-A,

 as Issuer,

 

and

 

U.S. BANK NATIONAL ASSOCIATION,

 as Indenture Trustee

 

INDENTURE

Dated as of

March 1, 2016

 

 

 

 

 

 

 

 

 

CROSS REFERENCE TABLE*

 

	
   TIA

Section

	 	
Indenture

 Section

	
310

	
(a)(1)

	
6.11

	 	
(a)(2)

	
6.11

	 	
(a)(3)

	
6.10; 6.11

	 	
(a)(4)

	
N.A.**

	 	
(a)(5)

	
6.11

	 	
(b)

	
6.08; 6.11

	 	
(c)

	
N.A.

	
311

	
(a)

	
6.12

	 	
(b)

	
6.12

	 	
(c)

	
N.A.

	
312

	
(a)

	
7.01

	 	
(b)

	
7.01

	 	
(c)

	
7.01

	
313

	
(a)

	
7.04

	 	
(b)(1)

	
7.04

	 	
(b)(2)

	
7.04

	 	
(c)

	
7.04; 11.05

	 	
(d)

	
7.04

	
314

	
(a)

	
3.09; 7.03

	 	
(b)

	
3.06; 11.15

	 	
(c)(1)

	
11.01

	 	
(c)(2)

	
11.01

	 	
(c)(3)

	
11.01

	 	
(d)

	
11.01

	 	
(e)

	
11.01

	 	
(f)

	
11.01

	
315

	
(a)

	
6.01

	 	
(b)

	
6.05; 11.01

	 	
(c)

	
6.01

	 	
(d)

	
6.01

	 	
(e)

	
5.13

	
316

	
(a)

	
1.01

	 	
(a)(1)(A)

	
5.11

	 	
(a)(1)(B)

	
5.12

	 	
(a)(2)

	
N.A.

	 	
(b)

	
5.07

	 	
(c)

	
N.A.

	
317

	
(a)(1)

	
5.03

	 	
(a)(2)

	
5.03

	 	
(b)

	
3.03

	
318

	
(a)

	
11.07

	*	This Cross Reference Table shall not, for any purpose, be deemed to be part of this Indenture.

 

** N.A. means Not Applicable.

TABLE OF CONTENTS

 

	 	
Page

	 
	
ARTICLE ONE

	 
	
DEFINITIONS

	 
	
Section 1.01. Capitalized Terms; Rules of Usage

	
3

	
Section 1.02. Incorporation by Reference of Trust Indenture Act

	
4

	 
	
ARTICLE TWO

	 
	
THE NOTES

	 
	
Section 2.01. Form

	
5

	
Section 2.02. Execution, Authentication and Delivery

	
5

	
Section 2.03. Temporary Notes

	
6

	
Section 2.04. Tax Treatment

	
6

	
Section 2.05. Registration; Registration of Transfer and Exchange

	
6

	
Section 2.06. Mutilated, Destroyed, Lost or Stolen Notes

	
8

	
Section 2.07. Persons Deemed Owner

	
9

	
Section 2.08. Payment of Principal and Interest

	
9

	
Section 2.09. Cancellation

	
10

	
Section 2.10. Book-Entry Notes

	
10

	
Section 2.11. Notices to Clearing Agency

	
11

	
Section 2.12. Definitive Notes

	
11

	
Section 2.13. Release of Collateral

	
11

	
Section 2.14. [Reserved]

	
11

	
Section 2.15. Authenticating Agents

	
12

	
Section 2.16. FATCA

	
12

	 
	
ARTICLE THREE

	 
	
COVENANTS AND REPRESENTATIONS

	 
	
Section 3.01. Payment of Principal and Interest

	
13

	
Section 3.02. Maintenance of Office or Agency

	
13

	
Section 3.03. Money for Payments to be Held in Trust

	
13

	
Section 3.04. Existence

	
14

	
Section 3.05. Protection of the Trust Estate

	
14

	
Section 3.06. Opinions as to Trust Estate

	
15

	
Section 3.07. Performance of Obligations; Servicing of 2016-A Leases and 2016-A Vehicles

	
16

	
Section 3.08. Negative Covenants

	
18

	
Section 3.09. Issuer May Consolidate, etc., Only on Certain Terms

	
18

	
Section 3.10. Successor or Transferee

	
20

i

 Page

 

	
Section 3.11. Servicer’s Obligations

	
20

	
Section 3.12. Guarantees, Loans, Advances and Other Liabilities

	
20

	
Section 3.13. Capital Expenditures

	
20

	
Section 3.14. Removal of Administrator

	
20

	
Section 3.15. Restricted Payments

	
21

	
Section 3.16. Notice of Events of Default

	
21

	
Section 3.17. Further Instruments and Acts

	
21

	
Section 3.18. Delivery of 2016-A Exchange Note

	
21

	
Section 3.19. Compliance With Laws

	
21

	
Section 3.20. Annual Statement as to Compliance

	
21

	
Section 3.21. Representations

	
22

	 
	
ARTICLE FOUR

	 
	
SATISFACTION AND DISCHARGE

	 
	
Section 4.01. Satisfaction and Discharge of Indenture

	
23

	
Section 4.02. Satisfaction, Discharge and Defeasance of the Notes

	
23

	
Section 4.03. Application of Trust Money

	
25

	
Section 4.04. Repayment of Monies Held by Note Paying Agent

	
25

	 
	
ARTICLE FIVE 

	 
	
EVENTS OF DEFAULT; REMEDIES 

	 
	
Section 5.01. Events of Default

	
26

	
Section 5.02. Acceleration of Maturity; Rescission and Annulment

	
27

	
Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee

	
27

	
Section 5.04. Remedies; Priorities

	
29

	
Section 5.05. Optional Preservation of the Trust Estate

	
31

	
Section 5.06. Limitation of Suits

	
31

	
Section 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest

	
32

	
Section 5.08. Restoration of Rights and Remedies

	
32

	
Section 5.09. Rights and Remedies Cumulative

	
32

	
Section 5.10. Delay or Omission Not a Waiver

	
32

	
Section 5.11. Control by Noteholders of the Controlling Class

	
33

	
Section 5.12. Waiver of Past Defaults

	
33

	
Section 5.13. Undertaking for Costs

	
33

	
Section 5.14. Waiver of Stay or Extension Laws

	
34

	
Section 5.15. Action on Notes

	
34

	
Section 5.16. Performance and Enforcement of Certain Obligations

	
34

	
Section 5.17. Sale of Trust Estate

	
35

ii

Page

 

	
ARTICLE SIX

	 
	
THE INDENTURE TRUSTEE

	 
	
Section 6.01. Duties of Indenture Trustee

	
36

	
Section 6.02. Rights of Indenture Trustee

	
37

	
Section 6.03. Individual Rights of Indenture Trustee

	
38

	
Section 6.04. Indenture Trustee’s Disclaimer

	
38

	
Section 6.05. Notice of Defaults and Repurchase Requests

	
39

	
Section 6.06. Reports by Indenture Trustee to Holders

	
39

	
Section 6.07. Compensation and Indemnity

	
39

	
Section 6.08. Replacement of Indenture Trustee

	
40

	
Section 6.09. Successor Indenture Trustee by Merger

	
41

	
Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee

	
42

	
Section 6.11. Eligibility; Disqualification

	
43

	
Section 6.12. Preferential Collection of Claims Against Issuer

	
43

	
Section 6.13. Issuer as Holder of the 2016-A Exchange Note

	
43

	
Section 6.14. Representations and Warranties of Indenture Trustee

	
44

	
Section 6.15. Furnishing of Monthly Investor Reports and Other Documents

	
45

	
Section 6.16. Encryption

	
45

	 
	
ARTICLE SEVEN

	 
	
NOTEHOLDER COMMUNICATIONS AND REPORTS

	 
	
Section 7.01. Noteholder List and Noteholder Communications

	
46

	
Section 7.02. Noteholder Demand for Asset Representations Review

	
47

	
Section 7.03. Reports by Issuer

	
48

	
Section 7.04. Reports by Indenture Trustee

	
48

	 
	
ARTICLE EIGHT 

	 
	
DISBURSEMENTS AND RELEASES 

	 
	
Section 8.01. Collection of Money

	
50

	
Section 8.02. Monthly Investor Report

	
50

	
Section 8.03. Disbursement of Funds

	
50

	
Section 8.04. 2016-A Bank Accounts; General Provisions Regarding 2016-A Bank Accounts.

	
52

	
Section 8.05. Release of Trust Estate

	
54

	 
	
ARTICLE NINE

	 
	
SUPPLEMENTAL INDENTURES

	 
	
Section 9.01. Supplemental Indentures Without Consent of Noteholders

	
56

 

iii

Page

 

	
Section 9.02. Supplemental Indentures With Consent of Noteholders

	
57

	
Section 9.03. Execution of Supplemental Indentures

	
59

	
Section 9.04. Effect of Supplemental Indenture

	
59

	
Section 9.05. Conformity with Trust Indenture Act

	
59

	
Section 9.06. Reference in Notes to Supplemental Indentures

	
59

	 
	
ARTICLE TEN 

	 
	
REDEMPTION OF NOTES

	 
	
Section 10.01. Redemption

	
60

	
Section 10.02. Form of Redemption Notice

	
60

	
Section 10.03. Notes Payable on Redemption Date

	
60

	 
	
ARTICLE ELEVEN

	 
	
MISCELLANEOUS

	 
	
Section 11.01. Compliance Certificates and Opinions, etc.

	
62

	
Section 11.02. Form of Documents Delivered to Indenture Trustee

	
63

	
Section 11.03. Acts of Noteholders

	
64

	
Section 11.04. Notices

	
64

	
Section 11.05. Notices to Noteholders; Waiver

	
65

	
Section 11.06. Conflict with Trust Indenture Act

	
66

	
Section 11.07. Alternate Payment and Notice Provisions

	
66

	
Section 11.08. Effect of Headings and Table of Contents

	
66

	
Section 11.09. Successors and Assigns

	
66

	
Section 11.10. Severability

	
66

	
Section 11.11. Benefits of Indenture

	
66

	
Section 11.12. Legal Holidays

	
66

	
Section 11.13. GOVERNING LAW

	
67

	
Section 11.14. WAIVER OF JURY TRIAL

	
67

	
Section 11.15. Counterparts

	
67

	
Section 11.16. Recording of Indenture

	
67

	
Section 11.17. Issuer Obligation

	
67

	
Section 11.18. No Petition

	
68

	
Section 11.19. No Recourse

	
68

	
Section 11.20. Inspection

	
69

	
Section 11.21. Subordination

	
69

	
Section 11.22. Termination of Collateral Agent’s Lien

	
70

	
Section 11.23. Each Exchange Note Separate; Assignees of Exchange Note

	
70

iv

 Page

 

	
EXHIBITS

	
Exhibit A–Form of Notes

	
A-1

	
Exhibit B–Form of Repurchase Request

	
B-1

	
Exhibit C–Perfection Representations, Warranties and Covenants

	
C-1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

v

This INDENTURE, dated as of March 1, 2016, is between MERCEDES-BENZ AUTO LEASE TRUST 2016-A, a Delaware statutory trust (the “Issuer”), and U.S. Bank National Association, a national banking association, as trustee and not in its individual capacity (the “Indenture Trustee”).

 

Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Issuer’s 0.65000% Class A-1 Asset Backed Notes (the “Class A-1 Notes”), 1.34% Class A-2A Asset Backed Notes (the “Class A-2A Notes”), LIBOR + 0.56% Class A-2B Asset Backed Notes (the “Class A-2B Notes”), 1.52% Class A-3 Asset Backed Notes (the “Class A-3 Notes”) and 1.69% Class A-4 Asset Backed Notes (the “Class A-4 Notes” and, together with the Class A-1 Notes, the Class A-2A Notes, the Class A-2B Notes and the Class A-3 Notes, the “Notes”):

 

GRANTING CLAUSE

 

The Issuer hereby Grants to the Indenture Trustee on the 2016-A Closing Date, as Indenture Trustee for the benefit of the Holders of the Notes, without recourse, all of the Issuer’s right, title and interest in and to (i) all rights (but none of the obligations) of the Issuer as holder of the 2016-A Exchange Note, including the right of the Issuer to receive payments with respect to the 2016-A Exchange Note, (ii) all rights of the Issuer in the 2016-A Bank Accounts, all funds on deposit in the 2016-A Bank Accounts and all investments and proceeds, including all investment earnings (net of losses and investment expenses), from amounts on deposit in the 2016-A Bank Accounts, (iii) all rights of the Issuer under the 2016-A Basic Documents, including its rights as assignee of the Transferor under the First-Tier Sale Agreement, (iv) the rights of the Issuer as third-party beneficiary of the Basic Servicing Agreement, the 2016-A Servicing Supplement and the 2016-A Exchange Note Supplement and (v) all present and future claims, demands, causes of action and choses in action in respect of any or all of the foregoing and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds of the conversion thereof, voluntary or involuntary, into cash or other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to payment of any and every kind and other forms of obligations and receivables, instruments and other property which at any time constitute all or part of or are included in the proceeds of any of the foregoing (collectively, the “2016-A Collateral”).

 

The foregoing Grant is made in trust to secure the payment of principal of and interest on, and any other amounts owing in respect of, the Notes, equally and ratably without prejudice, priority or distinction, except as otherwise provided in this Indenture and the other 2016-A Basic Documents, and to secure compliance with the provisions of this Indenture, all as provided in this Indenture.

 

The Indenture Trustee, as trustee on behalf of the 2016-A Secured Parties, acknowledges such Grant and the Grant by the Titling Trust under the Titling Trust Control Agreement of a security interest in the 2016-A Exchange Note Collection Account, accepts the trusts under this Indenture in accordance with the provisions of this Indenture and agrees to perform its duties required in this Indenture in accordance with the terms hereof.

 

Notwithstanding any statement to the contrary contained herein or in any other 2016-A Basic Document, neither the Indenture Trustee, any Holder nor other Person shall have a security interest in any funds held in connection with the Tax Owner’s Master Exchange Program in an account that is not one of the 2016-A Bank Accounts established pursuant to the 2016-A Servicing Supplement for the exclusive benefit of the Noteholders, including any funds that represent the net proceeds from the sale or other disposition of a 2016-A Vehicle, and no funds in any such other accounts shall be included in the Trust Estate; provided, that, so long as an Event of Default has occurred and is continuing, the Servicer shall remit actual net proceeds from the sale or other disposition of a 2016-A Vehicle directly into the 2016-A Exchange Note Collection Account.  It is the intention of the parties hereto that the preceding sentence shall satisfy the requirements of Section 1.1031(k)-1(g)(4) of the Treasury Regulations with respect to prohibiting the Tax Owner from having the right to receive, pledge, borrow or otherwise obtain the benefits of money or other property held in such other accounts.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2

ARTICLE ONE

 DEFINITIONS

 

Section 1.01.  Capitalized Terms; Rules of Usage.  Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in Appendix 1 to the 2016-A Servicing Supplement or, if not defined therein, in Appendix A to the Basic Collateral Agency Agreement, which Appendices are hereby incorporated into and made a part of this Indenture.  Appendix 1 also contains rules as to usage applicable to this Indenture.  Except as otherwise specified herein or as the context may otherwise require, the following terms have the respective meanings set forth below for all purposes of this Indenture.  In the event of any conflict between a definition appearing below and any other 2016-A Basic Document, the definition appearing below shall control for purposes of this Indenture.

 

“2016-A Servicing Supplement” means the 2016-A Servicing Supplement, dated as of March 1, 2016, to the Basic Servicing Agreement, among MBFS USA, as servicer and lender, Daimler Trust, as titling trust, and Daimler Title Co., as collateral agent.

 

“Act” has the meaning specified in Section 11.03(a).

 

“Authenticating Agent” means any Person authorized by the Indenture Trustee to act on behalf of the Indenture Trustee to authenticate and deliver the Notes.

 

“Authorized Newspaper” means a newspaper of general circulation in The City of New York, printed in the English language and customarily published on each Business Day, whether or not published on Saturdays, Sundays and holidays.

 

“Basic Collateral Agency Agreement” means the Amended and Restated Basic Collateral Agency Agreement, dated as of March 1, 2009, among Daimler Trust, the Administrative Agent, Daimler Title Co., as collateral agent, and MBFS USA, as lender and as servicer.

 

“Basic Servicing Agreement” means the Amended and Restated Servicing Agreement, dated as of March 1, 2009, among MBFS USA, as lender and as servicer, Daimler Trust, as titling trust, and Daimler Title Co., as collateral agent.

 

“Executive Officer” means, with respect to any (i) corporation, the Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, President, Executive Vice President, any Vice President, the Secretary or the Treasurer of such corporation and (ii) partnership, any general partner thereof.

 

“FATCA” means Sections 1471 through 1474 of the Code (or any amended or successor version) and any current or future regulations or official interpretations thereof.

 

“FATCA Withholding Tax” means any withholding or deduction pursuant to an agreement described in Section 1471(b) of the Code or otherwise imposed pursuant to FATCA.

 

“Holder” or “Noteholder” means the Person in whose name a Note is registered on the Note Register.

 

3

“Noteholder FATCA Information” means, with respect to any Noteholder or holder of an interest in a Note, information sufficient to eliminate the imposition of, or determine the amount of, U.S. withholding tax under FATCA.

 

“Predecessor Note” means, with respect to any particular Note, every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 2.06 in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note.

 

“PTCE” means Prohibited Transaction Class Exemption.

 

“Trust Estate” means all of the Issuer’s right, title and interest in and to the 2016-A Collateral.  Notwithstanding the foregoing, it is understood that for all purposes of this Indenture and the other 2016-A Basic Documents, with respect to the proceeds from the sale or other disposition of a 2016-A Vehicle that are part of 2016-A Collections, the Servicer shall remit when due an amount equal to such proceeds (less related Liquidation Expenses) rather than the actual proceeds from such sale or other disposition, which actual proceeds shall be deposited into a Qualified Intermediary Account and shall not constitute part of the Trust Estate; provided, that, so long as an Event of Default has occurred and is continuing, the Servicer shall remit the actual proceeds (less related Liquidation Expenses) from such sale or other disposition directly into the 2016-A Exchange Note Collection Account.

 

“Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939.

 

Section 1.02.  Incorporation by Reference of Trust Indenture Act

 

.  Whenever this Indenture refers to a provision of the TIA, that provision is incorporated by reference in and made a part of this Indenture.  The following TIA terms used in this Indenture have the following meanings:

 

“indenture securities” means the Notes.

 

“indenture security holder” means a Noteholder.

 

“indenture to be qualified” means this Indenture.

 

“indenture trustee” or “institutional trustee” means the Indenture Trustee.

 

“obligor” on the indenture securities means the Issuer and any other obligor on the indenture securities.

 

All other TIA terms used in this Indenture that are defined in the TIA, defined by TIA reference to another statute or defined by Commission rule have the meaning assigned to them by such definitions.

 

 

4

ARTICLE TWO

 THE NOTES

 

Section 2.01.  Form.  The Notes, together with the Indenture Trustee’s certificate of authentication, shall be substantially in the form set forth in Exhibit A, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the Authorized Officer of the Issuer executing such Notes, as evidenced by his or her execution of the Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note.

 

The Notes shall be typewritten, printed, lithographed or engraved or produced by any combination of these methods (with or without steel engraved borders), all as determined by the officers executing such Notes, as evidenced by their execution of such Notes.

 

Each Note shall be dated the date of its authentication.  The terms of the Notes set forth in Exhibit A are part of the terms of this Indenture.

 

Section 2.02.  Execution, Authentication and Delivery.  The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile.

 

Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date of such Notes.

 

The Indenture Trustee shall upon Issuer Order authenticate and deliver Notes for original issue the Notes in the following aggregate principal amounts: (i) $280,000,000 of Class A-1 Notes, (ii) $429,000,000 of Class A-2A Notes, (iii) $184,000,000 of Class A-2B Notes, (iv) $325,000,000 of Class A-3 Notes and (v) $79,930,000 of Class A-4 Notes. The aggregate principal amount of Class A-1 Notes, Class A-2A Notes, Class A-2B Notes, Class A-3 Notes and Class A-4 Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.06.

 

Each Note shall be dated the date of its authentication.  The Notes shall be issuable as registered notes in book-entry form in minimum denominations of $1,000 and in integral multiples of $1,000 in excess thereof; provided, however, that on the 2016-A Closing Date, one Class A-1 Note, one Class A-2A Note, one Class A-2B Note, one Class A-3 Note and one Class A-4 Note may be issued in a denomination that includes any remaining portion of the Initial Class A-1 Note Balance, the Initial Class A-2A Note Balance, the Initial Class A-2B Note Balance, the Initial A-3 Note Balance and the Initial Class A-4 Note Balance, respectively.

 

No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Note a certificate of authentication substantially in the form provided for herein executed by the Indenture Trustee by the manual signature of one of its 

5

authorized signatories, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder.

 

Section 2.03.  Temporary Notes.  Pending the preparation of Definitive Notes pursuant to Section 2.12, the Issuer may execute, and upon receipt of an Issuer Order the Indenture Trustee shall authenticate and deliver, temporary Notes that are printed, lithographed, typewritten, mimeographed or otherwise produced, of the tenor of the Definitive Notes in lieu of which they are issued and with such variations not inconsistent with the terms of this Indenture as the officers executing such Notes may determine, as evidenced by their execution of such Notes.

 

If temporary Notes are issued, the Issuer shall cause Definitive Notes to be prepared without unreasonable delay.  After the preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at the office or agency of the Issuer to be maintained as provided in Section 3.02, without charge to the Holder.  Upon surrender for cancellation of any one or more temporary Notes, the Issuer shall execute, and the Indenture Trustee shall authenticate and deliver in exchange therefor, a like tenor and principal amount of Definitive Notes of authorized denominations of the same aggregate outstanding principal amount.  Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes.

 

Section 2.04.  Tax Treatment.  The Issuer has entered into this Indenture, and the Notes will be issued, with the intention that, for all purposes, including federal, State and local income, single business and franchise tax purposes, the Notes will qualify as indebtedness of the Issuer secured by the Trust Estate.  The Issuer, by entering into this Indenture, and each Noteholder, by its acceptance of a Note (and each Note Owner, by its acceptance of an interest in the applicable Book-Entry Note), agree (i) to treat the Notes for all purposes, including federal, State and local income, single business and franchise tax purposes, as indebtedness and (ii) not to take any action inconsistent with the agreement in clause (i) above, including claiming a Note represents ownership of any 2016-A Vehicles or the right to take deductions for depreciation or otherwise.

 

Section 2.05.  Registration; Registration of Transfer and Exchange.

 

(a) The Issuer shall cause to be kept a register (the “Note Register”) in which the Issuer shall provide for the registration of Notes and the registration of transfers of Notes. Notwithstanding anything herein to the contrary, no assignment or transfer of any Note shall be effective unless such assignment or transfer shall have been recorded in the Note Register.  The Indenture Trustee initially shall be the “Note Registrar” for the purpose of registering Notes and transfers of Notes as herein provided.  Upon any resignation of any Note Registrar, the Issuer shall promptly appoint a successor or, if it elects not to make such an appointment, assume the duties of Note Registrar.

 

If a Person other than the Indenture Trustee is appointed by the Issuer as Note Registrar, the Issuer will give the Indenture Trustee prompt written notice of the appointment of such Note Registrar and of the location, and any change in the location, of the Note Register, and the Indenture Trustee shall have the right to inspect the Note Register at all reasonable times and to obtain copies thereof, and the Indenture Trustee shall have the right to rely upon a certificate 

6

executed on behalf of the Note Registrar by an Executive Officer thereof as to the names and addresses of the Holders of Notes and the principal amounts and number of such Notes.

 

(b) Upon surrender for registration of transfer of any Note at the office or agency of the Issuer to be maintained as provided in Section 3.02, if the requirements of Section 8-401 of the UCC are met, the Owner Trustee shall execute, on behalf of the Issuer, and the Indenture Trustee shall authenticate and the related Noteholder shall obtain from the Indenture Trustee, in the name of the designated transferee or transferees, one or more new Notes of the same Class in any authorized denominations and of a like aggregate principal amount.

 

(c) At the option of the related Noteholder, Notes may be exchanged for other Notes in any authorized denominations, of a like aggregate principal amount, upon surrender of such Notes at such office or agency.  Whenever any Notes are so surrendered for exchange, if the requirements of Section 8-401 of the UCC are met, the Owner Trustee shall execute, on behalf of the Issuer, the Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture Trustee the Notes that the Noteholder making such exchange is entitled to receive.

 

Every Note presented or surrendered for registration of transfer or exchange shall (if so required by the Issuer or the Indenture Trustee) be duly endorsed, or be accompanied by a written instrument of transfer in form and substance satisfactory to the Issuer and the Indenture Trustee, duly executed by the Noteholder thereof or its attorney-in-fact duly authorized in writing.

 

All Notes issued upon any registration of transfer or exchange of Notes shall be the valid obligations of the Issuer, evidencing the same debt and entitled to the same benefits under this Indenture as the Notes surrendered upon such registration of transfer or exchange.

 

No service charge shall be made to a Noteholder for any registration of transfer or exchange of Notes, but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith, other than exchanges pursuant to Sections 2.03 or 9.06 not involving any transfer.

 

(d) The preceding provisions of this Section notwithstanding, the Issuer shall not be required to make, and the Note Registrar need not register, transfers or exchanges of any Note selected for redemption.

 

(e) By acquiring a Note (or interest therein) each purchaser and  transferee (and if the purchaser or transferee is a Benefit Plan, its fiduciary) will be required to represent in the case of a Definitive Note, or deemed to represent, in the case of a Book-Entry Note, that either (i) it is not and is not acting on behalf of, or using the assets of, a Benefit Plan or (ii) its acquisition and continued holding of the Note (or interest therein) will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or result in a violation of any Similar Law.

 

(f) The Indenture Trustee shall not be responsible for ascertaining whether any transfer complies with, or for otherwise monitoring or determining compliance with, the requirements or terms of the Securities Act, applicable State securities laws, ERISA,  as applicable, or the Code; except that if a certificate is specifically required by the terms of this 

7

Section to be provided to the Indenture Trustee by a prospective transferor or transferee, the Indenture Trustee shall be under a duty to receive and examine the same to determine whether it conforms substantially on its face to the applicable requirements of this Section.

 

(g) Any purported transfer of a Note not in accordance with this Section shall be null and void and shall not be given effect for any purpose whatsoever.

 

Section 2.06.  Mutilated, Destroyed, Lost or Stolen Notes.  If (i) any mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Indenture Trustee such security or indemnity as may be required by it to hold the Issuer and the Indenture Trustee harmless, then, in the absence of notice to the Issuer, the Note Registrar or the Indenture Trustee that such Note has been acquired by a Protected Purchaser, and provided that the requirements of Sections 8-405 and 8-406 of the UCC are met, the Issuer shall execute, and upon receipt of an Issuer Request the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note of like tenor and principal amount; provided, however, that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have become or within seven days shall be due and payable, or shall have been called for redemption, instead of issuing a replacement Note, the Issuer may pay such destroyed, lost or stolen Note when so due or payable or upon the Redemption Date without surrender thereof.  If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a Protected Purchaser of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Issuer and the Indenture Trustee shall be entitled to recover such replacement Note (or such payment) from the Person to whom such replacement Note was delivered or any Person taking such replacement Note from such Person to whom such replacement Note was delivered or any assignee of such Person, except a Protected Purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuer or the Indenture Trustee in connection therewith.

 

Upon the issuance of any replacement Note under this Section, the Issuer may require the payment by the Holder of such Note of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the fees and expenses of the Indenture Trustee) connected therewith.

 

Every replacement Note issued pursuant to this Section in replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuer, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder.

 

The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes.

 

8

Section 2.07.  Persons Deemed Owner.  Prior to due presentment for registration of transfer of any Note, the Issuer and any agent of the Issuer or the Indenture Trustee will treat the Person in whose name any Note is registered (as of the day of determination) as the owner of such Note for the purpose of receiving payments of principal of and interest, if any, on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and none of the Issuer, the Indenture Trustee or any agent of the Issuer or the Indenture Trustee shall be affected by notice to the contrary.

 

Section 2.08.  Payment of Principal and Interest.

 

(a) The Notes shall accrue interest at their respective Interest Rates, and such interest shall be payable on each Payment Date as specified therein, subject to Sections 3.01 and 8.03.  In the case of the Class A-2B Notes, the Interest Rate thereon shall be a floating rate determined for each Interest Period as set forth in Section 8.03(f).  Any installment of interest or principal payable on a Note that is punctually paid or duly provided for by the Issuer on the applicable Payment Date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered on the Record Date by wire transfer, except that, with respect to Notes registered on the Record Date in the name of the nominee or the Clearing Agency (initially, such nominee to be Cede & Co.), payment will be made by wire transfer in immediately available funds to the account designated by such nominee; provided, however, that the final installment of principal payable with respect to such Note on a Payment Date or on the Final Scheduled Payment Date for such Note (and except for the Note Redemption Price for any Note called for pursuant to Section 10.01), which shall be payable as provided below.  The funds represented by any such checks returned undelivered shall be held in accordance with Section 3.03.

 

(b) The principal of each Note shall be payable in installments on each Payment Date as provided in Section 8.03.  Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable, if not previously paid, on the earliest of (i) date on which an Event of Default shall have occurred and be continuing, if the Indenture Trustee or the Majority Noteholders of the Controlling Class have declared the Notes to be immediately due and payable in the manner provided in Section 5.02, (ii) the Final Scheduled Payment Date for such Class of Notes and (iii) the Redemption Date, if any.  All principal payments on the Notes shall be made pro rata to the Noteholders entitled thereto.  The Indenture Trustee shall notify the Person in whose name a Note is registered at the close of business on the Record Date preceding the Payment Date on which the Issuer expects that the final installment of principal of and interest on such Note will be paid.  Such notice shall be mailed or transmitted by facsimile prior to such final Payment Date and shall specify that such final installment will be payable only upon presentation and surrender of such Note and shall specify the place where such Note may be presented and surrendered for payment of such installment.  Notices in connection with redemptions of Notes shall be mailed to Noteholders as provided in Section 10.02.

 

(c) If the Issuer defaults in a payment of interest on the Notes, the Issuer shall pay defaulted interest (plus interest on such defaulted interest to the extent lawful) at the applicable Interest Rate, which shall be due and payable on the Payment Date following such default.  The Issuer shall pay such defaulted interest to the Persons who are Noteholders on the Record Date for such following Payment Date.

 

9

Section 2.09.  Cancellation.  All Notes surrendered for payment, registration of transfer, exchange or redemption shall, if surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly cancelled by the Indenture Trustee.  The Issuer may at any time deliver to the Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Indenture Trustee.  No Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section, except as expressly permitted by this Indenture.  All cancelled Notes may be held or disposed of by the Indenture Trustee in accordance with its standard retention or disposal policy as in effect at the time unless the Issuer shall direct by an Issuer Order that they be destroyed or returned to it; provided, that such Issuer Order is timely and the Notes have not been previously disposed of by the Indenture Trustee.

 

Section 2.10.  Book-Entry Notes.  Except as provided in Section 2.12, the Notes, upon original issuance, will be issued in the form of a typewritten Note or Notes representing the Book-Entry Notes, to be delivered to DTC, the initial Clearing Agency, by, or on behalf of, the Issuer.  The Book-Entry Notes shall be registered initially on the Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner will receive a Definitive Note representing such Note Owner’s interest in such Book Entry Note, except as provided in Section 2.12.  Unless and until Definitive Notes have been issued to Note Owners pursuant to Section 2.12:

 

(i) the provisions of this Section shall be in full force and effect;

 

(ii) the Note Registrar and the Indenture Trustee shall be entitled to deal with the Clearing Agency for all purposes of this Indenture (including the payment of principal of and interest on the Notes and the giving of instructions or directions hereunder) as the sole Holder of such Notes, and shall have no obligation to the Note Owners;

 

(iii) to the extent that the provisions of this Section conflict with any other provisions of this Indenture, the provisions of this Section shall control;

 

(iv) the rights of Note Owners shall be exercised only through the Clearing Agency and shall be limited to those established by law and agreements between such Note Owners and the Clearing Agency or the Clearing Agency Participants; pursuant to the Note Depository Agreement, unless and until Definitive Notes are issued pursuant to Section 2.12, the Clearing Agency will make book-entry transfers among the Clearing Agency Participants and receive and transmit payments of principal of and interest on the Notes to such Clearing Agency Participants; and

 

(v) whenever this Indenture requires or permits actions to be taken based upon instructions or directions of the Holders of Notes (or Holders of Notes of any Class, including the Controlling Class) evidencing a specified percentage of the Note Balance, the Clearing Agency shall be deemed to represent such percentage only to the extent that it has received instructions to such effect from Note Owners and/or Clearing Agency Participants owning or representing, respectively, such required percentage of the 

10

beneficial interest in the Notes or such Class of Notes and has delivered such instructions to the Indenture Trustee.

 

Section 2.11.  Notices to Clearing Agency.  Whenever a notice or other communication to Noteholders is required under this Indenture, unless and until Definitive Notes shall have been issued to Note Owners pursuant to Section 2.12, the Indenture Trustee shall give all such notices and communications specified herein to be given to Noteholders to the Clearing Agency, and shall have no obligation to the Note Owners.

 

Section 2.12.  Definitive Notes.  Definitive Notes will be issued only if:

 

(i) (a) the Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the Book-Entry Notes and (b) the Indenture Trustee is not able to locate a qualified successor; or

 

(ii) after the occurrence of an Event of Default, owners of Book-Entry Notes representing the Majority Holders of the Controlling Class of Notes advise the Indenture Trustee and the Clearing Agency Participant through the Clearing Agency, in writing that the continuation of a book-entry system through the Clearing Agency is no longer in the best interests of such Note Owners.

 

In each case, the Indenture Trustee shall then notify Note Owners of the related Class of Notes through the Clearing Agency of the occurrence of any such event and of the availability of Definitive Notes of the related Class of Notes to Note Owners requesting the same.

 

Upon surrender to the Indenture Trustee of the Note or Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by registration instructions, the Issuer at its own expense shall execute and deliver the Definitive Notes to the Indenture Trustee and the Indenture Trustee shall authenticate the Definitive Notes in accordance with the instructions of the Clearing Agency.  None of the Issuer, the Note Registrar or the Indenture Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be protected in relying on, such instructions.  Upon the issuance of Definitive Notes of a Class, the Indenture Trustee shall recognize the Noteholders of the Definitive Notes as Noteholders hereunder.

 

Section 2.13.  Release of Collateral.  Subject to Section 11.01 and the terms of the other 2016-A Basic Documents, the Indenture Trustee shall release property from the Lien of this Indenture only upon receipt of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of Counsel and, if required by Section 11.01, Independent Certificates in accordance with Sections 314(c) and 314(d)(1) of the TIA or an Opinion of Counsel in lieu of such Independent Certificates to the effect that the TIA does not require any such Independent Certificates.  If the Commission shall issue an exemptive order under TIA Section 304(d) modifying the Indenture Trustee’s obligations under TIA Sections 314(c) and 314(d)(1), the Indenture Trustee shall release property from the Lien of this Indenture in accordance with the conditions and procedures set forth in such exemptive order.

 

Section 2.14.  [Reserved].

 

11

Section 2.15.  Authenticating Agents.  Upon the request of the Issuer, the Indenture Trustee shall appoint one or more Authenticating Agents with power to act on its behalf and subject to its direction in the authentication of Notes in connection with issuance, transfers and exchanges under Sections 2.02, 2.03, 2.05, 2.06 and 9.06, as fully to all intents and purposes as though each such Authenticating Agent had been expressly authorized by such Sections to authenticate such Notes.  For all purposes of this Indenture, the authentication of Notes by an Authenticating Agent pursuant to this Section shall be deemed to be the authentication of Notes by the Indenture Trustee.

 

Any entity into which any Authenticating Agent may be merged or converted or with which it may be consolidated, or any entity resulting from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any entity succeeding to all or substantially all of the corporate trust business of any Authenticating Agent, shall be the successor of such Authenticating Agent hereunder, without the execution or filing of any document or any further act on the part of the parties hereto or such Authenticating Agent or such successor entity.

 

Section 2.16.  FATCA.  Each Noteholder or holder of an interest in a Note, by acceptance of such Note or such interest therein, agrees to provide to the Indenture Trustee, any Note Paying Agent or the Issuer, upon its request, the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. In addition, each Noteholder or holder of an interest in a Note, by acceptance of such Note or such interest therein, agrees that the Indenture Trustee has the right to withhold any amounts of interest (properly withholdable under law and without any corresponding gross-up) payable to a Noteholder or holder of an interest in a Note that fails to comply with the requirements of the preceding sentence.

 

 

 

 

 

 

 

 

 

 

12

ARTICLE THREE

 COVENANTS AND REPRESENTATIONS

 

Section 3.01.  Payment of Principal and Interest.  The Issuer will duly and punctually pay the principal of and interest, if any, on the Notes in accordance with the terms of the Notes and this Indenture. Amounts properly withheld under the Code by any Person from a payment to any Noteholder of interest and/or principal shall be considered as having been paid by the Issuer to such Noteholder for all purposes of this Indenture.

 

Section 3.02.  Maintenance of Office or Agency.  The Issuer will maintain in the Borough of Manhattan, The City of New York, an office or agency where Notes may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer hereby initially appoints the Indenture Trustee to serve as its agent for the foregoing purposes. The Issuer will give prompt written notice to the Indenture Trustee of the location, and of any change in the location, of any such office or agency. If at any time the Issuer shall fail to maintain any such office or agency or shall fail to furnish the Indenture Trustee with the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office of the Indenture Trustee, and the Issuer hereby appoints the Indenture Trustee as its agent to receive all such surrenders, notices and demands.

 

Section 3.03.  Money for Payments to be Held in Trust.  As provided in Sections 5.04(b) and 8.03, all payments of amounts due and payable with respect to any Notes that are to be made from amounts withdrawn from the 2016-A Distribution Account pursuant to such Sections shall be made on behalf of the Issuer by the Indenture Trustee or by a Note Paying Agent, and no amounts so withdrawn from the 2016-A Distribution Account for payments of Notes shall be paid over to the Issuer except as provided in this Section.

 

The Issuer will cause each Note Paying Agent other than the Indenture Trustee to execute and deliver to the Indenture Trustee an instrument in which such Note Paying Agent shall agree with the Indenture Trustee (and if the Indenture Trustee acts as Note Paying Agent, it hereby so agrees), subject to the provisions of this Section, that such Note Paying Agent will:

 

(a) hold all sums held by it for the payment of amounts due with respect to the Notes in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided;

 

(b) give the Indenture Trustee notice of any default by the Issuer (or any other obligor upon the Notes) of which it has actual knowledge in the making of any payment required to be made with respect to the Notes;

 

(c) at any time during the continuance of any such default, upon the written request of the Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held in trust by such Note Paying Agent;

 

13

(d) immediately resign as a Note Paying Agent and forthwith pay to the Indenture Trustee all sums held by it in trust for the payment of Notes if at any time it ceases to meet the standards required to be met by a Note Paying Agent at the time of its appointment; and

 

(e) comply with all requirements of the Code with respect to the withholding from any payments made by it on any Notes of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith.

 

The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, by Issuer Order direct any Note Paying Agent to pay to the Indenture Trustee all sums held in trust by such Note Paying Agent, such sums to be held by the Indenture Trustee upon the same trusts as those upon which the sums were held by such Note Paying Agent; and upon such payment by any Note Paying Agent to the Indenture Trustee, such Note Paying Agent shall be released from all further liability with respect to such money.

 

Subject to Applicable Laws with respect to escheat of funds, any money held by the Indenture Trustee or any Note Paying Agent in trust for the payment of any amount due with respect to any Note and remaining unclaimed for two years after such amount has become due and payable shall be discharged from such trust and be paid to the Issuer on Issuer Request; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof (but only to the extent of the amounts so paid to the Issuer), and all liability of the Indenture Trustee or such Note Paying Agent with respect to such trust money shall thereupon cease; provided, however, that the Indenture Trustee or such Note Paying Agent, before being required to make any such repayment, shall at the expense and direction of the Issuer cause to be published once, in an Authorized Newspaper, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Issuer. The Indenture Trustee shall also adopt and employ, at the expense and direction of the Issuer, any other reasonable means of notification of such repayment (including mailing notice of such repayment to Holders whose Notes have been called but have not been surrendered for redemption or whose right to or interest in monies due and payable but not claimed is determinable from the records of the Indenture Trustee or of any Note Paying Agent, at the last address of record for each such Holder).

 

Section 3.04.  Existence.  The Issuer will keep in full effect its existence, rights and franchises as a statutory trust under the laws of the State of Delaware (unless it becomes, or any successor Issuer hereunder is or becomes, organized under the laws of any other State or of the United States, in which case the Issuer will keep in full effect its existence, rights and franchises under the laws of such other jurisdiction) and will obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Indenture, the Notes, the Trust Estate and each other instrument or agreement included in the Trust Estate.

 

Section 3.05.  Protection of the Trust Estate.  The Issuer intends the security interest Granted pursuant to this Indenture in favor of the Indenture Trustee on behalf of the Noteholders 

14

to be prior to all other Liens in respect of the Trust Estate, and the Issuer shall take all actions necessary to obtain and maintain, for the benefit of the Indenture Trustee on behalf of the Noteholders, a first Lien on and a first priority, perfected security interest in the Trust Estate.  The Issuer will from time to time execute and deliver all such supplements and amendments hereto and all such financing statements, continuation statements, instruments of further assurance and other instruments, and will take such other action necessary or advisable to:

 

(a) maintain or preserve the Lien and security interest (and the priority thereof) of this Indenture or carry out more effectively the purposes hereof;

 

(b) perfect, publish notice of or protect the validity of any Grant made or to be made by this Indenture;

 

(c) enforce any of the Trust Estate;

 

(d) preserve and defend title to the Trust Estate and the rights of the Indenture Trustee and the Noteholders in such Trust Estate against the claims of all Persons; or

 

(e) pay all taxes or assessments levied or assessed upon the Trust Estate when due.

 

The Issuer hereby designates the Indenture Trustee its agent and attorney-in-fact to execute any financing statement, continuation statement or other instrument required to be executed pursuant to this Section.

 

The Issuer authorizes the Indenture Trustee and its counsel to file UCC financing statements in form and substance satisfactory to the Indenture Trustee, describing the collateral as “all assets of the Issuer, including its present and future right, title and interest in, to and under (but not, except to the extent required by law, any obligations with respect to) such assets, whether now owned or existing or hereafter arising or acquired and wheresoever located” or words to that effect, and any limitations on such collateral description.

 

Section 3.06.  Opinions as to Trust Estate.

 

(a) On the 2016-A Closing Date, the Issuer shall furnish or cause to be furnished to the Indenture Trustee, an Opinion of Counsel to the effect that, in the opinion of such counsel, the execution and delivery of the Indenture and the delivery for value to and taking of physical possession in the State of New York by the Indenture Trustee of the 2016-A Exchange Note, will create a valid first priority perfected security interest, for the benefit of the Indenture Trustee on behalf of the Holders of Notes in the 2016-A Exchange Note.

 

(b) On or before April 30th of each calendar year, beginning with April 30, 2017, the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel to the effect that in the opinion of such counsel, either (i) all financing statements and continuation statements have been filed that are necessary to continue the lien and security interest of the Indenture Trustee in the 2016-A Exchange Note and reciting the details of such filings or referring to prior Opinions of 

15

Counsel in which such details are given or (ii) no such action is necessary to continue such lien and security interest.

 

Section 3.07.  Performance of Obligations; Servicing of 2016-A Leases and 2016-A Vehicles.

 

(a) The Issuer will not take any action and will use its best efforts not to permit any action to be taken by others that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Trust Estate or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as expressly provided in this Indenture and the other 2016-A Basic Documents or such other instrument or agreement.

 

(b) The Issuer may contract with other Persons to assist it in performing its duties under this Indenture, and any performance of such duties by a Person identified to the Indenture Trustee in an Officer’s Certificate of the Issuer shall be deemed to be action taken by the Issuer. Initially, the Issuer has contracted with the Servicer and the Administrator to assist the Issuer in performing its duties under this Indenture.

 

(c) The Issuer will punctually perform and observe all of its obligations and agreements contained in this Indenture, the other 2016-A Basic Documents and in the instruments and agreements included in the Trust Estate, including filing or causing to be filed all UCC financing statements and continuation statements required to be filed by the terms of this Indenture and the other 2016-A Basic Documents, in accordance with and within the time periods provided for herein and therein.

 

(d) If the Issuer shall have knowledge of the occurrence of an Exchange Note Servicer Event of Default, the Issuer shall promptly notify the Indenture Trustee, the Transferor and the Rating Agencies thereof, and shall specify in such notice the action, if any, the Issuer is taking with respect to such default.  If an Exchange Note Servicer Event of Default shall arise from the failure of the Servicer to perform any of its duties or obligations under the 2016-A Servicing Agreement with respect to the Trust Estate, the Issuer shall take all reasonable steps available to it to remedy such failure.  Upon the occurrence of an Exchange Note Servicer Event of Default, all the rights and obligations of the Servicer may be terminated pursuant to Section 8.03(c) of the Basic Servicing Agreement and a successor Servicer shall be appointed pursuant to Section 8.04 of the Basic Servicing Agreement.

 

(e) Upon any termination of the Servicer’s rights and powers pursuant to Sections 8.01 or 8.03 of the Basic Servicing Agreement or Section 7.01 of the 2016-A Servicing Supplement or resignation of the Servicer pursuant to Section 3.06 of the Basic Servicing Agreement, the Issuer or the Indenture Trustee shall promptly, but in any event within two Business Days of the Issuer or a Responsible Officer receiving notice or having actual knowledge of such termination or resignation, notify the other entity thereof.  As soon as a Successor Servicer is appointed pursuant to Section 8.04 of the Basic Servicing Agreement and Section 7.01 of the 2016-A Servicing Supplement, and in any event within two Business Days of the Issuer or a Responsible Officer receiving notice or having actual knowledge thereof, the 

16

Issuer or the Indenture Trustee shall notify the other entity of such appointment, specifying in such notice the name and address of such successor Servicer.

 

(f) On or after the receipt by the Servicer of notice of an Exchange Note Servicer Event of Default, all authority and power of the Servicer pursuant to Section 7.01 of the 2016-A Servicing Supplement, shall, without further action, pass to and be vested in the Indenture Trustee.  The Indenture Trustee may resign as the Successor Servicer by giving written notice of such resignation to the Transferor and the Owner Trustee and in such event will be released from such duties and obligations, such release not to be effective until the date a new Servicer assumes the obligations under the 2016-A Servicing Agreement.  Upon delivery of any such notice, the Indenture Trustee shall appoint, or petition a court of competent jurisdiction to appoint, a new Servicer as the Successor Servicer.

 

If the Indenture Trustee shall succeed to the duties of the Servicer as provided herein, it shall do so in its individual capacity and not in its capacity as Indenture Trustee and, accordingly, the provisions of Article Six shall be inapplicable to the Indenture Trustee in its duties as the successor to the Servicer and the servicing of the 2016-A Leases and 2016-A Vehicles.  In case the Indenture Trustee shall become successor to the Servicer under the 2016-A Servicing Agreement, the Indenture Trustee shall be entitled to appoint as sub-Servicer any one of its Affiliates or agents; provided, that the Indenture Trustee, in its capacity as Servicer, shall be fully liable for the actions and omissions of such Affiliate or agent in such capacity as sub-Servicer.  Notwithstanding any other provisions of this Indenture to the contrary, in no event shall the Indenture Trustee be liable for any servicing fee or for any differential in the amount of the servicing fee paid under the 2016-A Servicing Agreement, the amount necessary to induce any Successor Servicer to act as Successor Servicer under the 2016-A Servicing Agreement, or the responsibilities of the Servicer set forth in Section 3.05 or Section 3.10 of the 2016-A Servicing Supplement.

 

(g) Without derogating from the absolute nature of the assignment granted to the Indenture Trustee under this Indenture or the rights of the Indenture Trustee hereunder, the Issuer agrees that (i) it will not, without the prior written consent of the Indenture Trustee or the Majority Noteholders of the Controlling Class, amend, modify, waive, supplement, terminate or surrender, or agree to any amendment, modification, supplement, termination, waiver or surrender of, the terms of any assets of the Trust Estate (except to the extent otherwise provided in the 2016-A Basic Documents), or waive timely performance or observance by the Servicer under the 2016-A Servicing Agreement and (ii) any such amendment shall not (A) increase or reduce in any manner the amount of, or accelerate or delay the timing of, distributions that are required to be made for the benefit of the Noteholders or (B) reduce the aforesaid percentage of the Notes that is required to consent to any such amendment, without the consent of the Holders of all the Outstanding Notes.  If any such amendment, modification, supplement or waiver shall be so consented to by the Indenture Trustee or such Holders, the Issuer agrees, promptly following a request by the Indenture Trustee to do so, to execute and deliver, in its own name and at its own expense, such agreements, instruments, consents and other documents as the Indenture Trustee (acting at the direction of the Majority Noteholders of the Controlling Class) may deem necessary or appropriate in the circumstances.

 

17

Section 3.08.  Negative Covenants.  So long as any Notes are Outstanding, the Issuer shall not:

 

(a) engage in any business or activities other than financing, purchasing, owning, acquiring, selling, pledging and managing the 2016-A Exchange Note as contemplated by this Indenture and the other 2016-A Basic Documents;

 

(b) except as expressly permitted by this Indenture or the other 2016-A Basic Documents, sell, transfer, exchange or otherwise dispose of any of the properties or assets of the Issuer, including those included in the Trust Estate, unless directed to do so by the Indenture Trustee (acting at the direction of the Majority Noteholders of the Controlling Class);

 

(c) claim any credit on, or make any deduction from the principal or interest payable in respect of, the Notes (other than amounts properly withheld from such payments under the Code) or assert any claim against any present or former Noteholder by reason of the payment of the taxes levied or assessed upon any part of the Trust Estate;

 

(d) dissolve or liquidate in whole or in part;

 

(e) (i) permit the validity or effectiveness of this Indenture to be impaired, or permit the Lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the Notes under this Indenture except as may be expressly permitted hereby, (ii) permit any Lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than Permitted Liens and the Lien of this Indenture) to be created on or extend to or otherwise arise upon or burden the Trust Estate or any part thereof or any interest therein or the proceeds thereof (other than tax Liens, mechanics’ Liens and other Liens that arise by operation of law, in each case on any of the 2016-A Vehicles and arising solely as a result of an action or omission of the related Obligor) or (iii) permit the Lien of this Indenture not to constitute a valid first priority (other than with respect to any such tax, mechanics’ or other lien) security interest in the Trust Estate; or

 

(f) incur, assume or guarantee any indebtedness other than indebtedness incurred in accordance with, or otherwise permitted by, the 2016-A Basic Documents.

 

Section 3.09.  Issuer May Consolidate, etc., Only on Certain Terms.

 

(a) The Issuer shall not consolidate or merge with or into any other Person, unless:

 

(i) the Person (if other than the Issuer) formed by or surviving such consolidation or merger shall be a Person organized and existing under the laws of the United States or any State and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the due and punctual payment of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture on the part of the Issuer to be performed or observed, all as provided herein;

 

18

(ii) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;

 

(iii) the Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee) to the effect that (A) following such consolidation or merger, the Issuer (or the surviving entity or transferee) will not be classified as an association or a publicly traded partnership taxable as a corporation, each for federal income tax purposes, (B) such consolidation or merger will not cause the Notes to be characterized other than as indebtedness for federal income tax purposes and (C) such consolidation or merger will not cause the Notes to be deemed to have been exchanged for purposes of Section 1001 of the Code;

 

(iv) any action that is necessary to maintain the Lien created by this Indenture shall have been taken;

 

(v) the Issuer shall have delivered to the Transferor, the Servicer and the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that such consolidation or merger and such supplemental indenture comply with this Article and that all conditions precedent herein relating to such transaction have been complied with (including any filing required under the Exchange Act); and

 

(vi) the Rating Agency Condition shall have been satisfied with respect to such transaction.

 

(b) Other than as specifically contemplated by the 2016-A Basic Documents, the Issuer shall not convey or transfer any of its properties or assets, including those included in the Trust Estate, to any other Person, unless:

 

(i) the Person that acquires by conveyance or transfer the properties and assets of the Issuer the conveyance or transfer of which is hereby restricted (A) shall be a United States citizen or a Person organized and existing under the laws of the United States or any State, (B) expressly assumes, by an indenture supplemental hereto, executed and delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the due and punctual payment of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture on the part of the Issuer to be performed or observed, all as provided herein, (C) expressly agrees by means of such supplemental indenture that all right, title and interest so conveyed or transferred shall be subject and subordinate to the rights of Holders of Notes and (D) unless otherwise provided in such supplemental indenture, expressly agrees to indemnify, defend and hold harmless the Issuer against and from any loss, liability or expense arising under or related to this Indenture and the Notes;

 

(ii) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;

 

(iii) the Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee) to the effect that (A) following such transaction, the Issuer will not be classified as (1) an association or (2) a publicly traded 

19

partnership taxable as a corporation, each for federal income tax purposes, (B) such transaction will not cause the Notes to be characterized other than as indebtedness for federal income tax purposes and (C) such transaction will not cause the Notes to be deemed to have been exchanged for purposes of Section 1001 of the Code.

 

(iv) any action that is necessary to maintain the Lien created by this Indenture shall have been taken (including any filing required under the Exchange Act);

 

(v) the Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that such conveyance or transfer and such supplemental indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction have been complied with; and

 

(vi) the Rating Agency Condition shall have been satisfied with respect to such transaction.

 

Section 3.10.  Successor or Transferee.

 

(a) Upon any consolidation or merger of the Issuer in accordance with Section 3.09(a), the Person formed by or surviving such consolidation or merger (if other than the Issuer) shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with the same effect as if such Person had been named as the Issuer herein.

 

(b) Upon a conveyance or transfer of all the assets and properties of the Issuer pursuant to Section 3.09(b), the Issuer will be released from every covenant and agreement of this Indenture to be observed or performed on the part of the Issuer with respect to the Notes immediately upon the delivery of written notice to the Indenture Trustee stating that the Issuer is to be so released.

 

Section 3.11.  Servicer’s Obligations.  The Issuer shall cause the Servicer to comply with the 2016-A Servicing Agreement.

 

Section 3.12.  Guarantees, Loans, Advances and Other Liabilities.  Except as otherwise contemplated by the 2016-A Basic Documents, the Issuer shall not make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument having the effect of assuring another’s payment or performance on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person.

 

Section 3.13.  Capital Expenditures.  The Issuer shall not make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty).

 

Section 3.14.  Removal of Administrator.  So long as any Notes are Outstanding, the Issuer shall not remove the Administrator without cause without providing prior written notice to the Rating Agencies.

 

20

Section 3.15.  Restricted Payments.  Except as otherwise permitted by the 2016-A Basic Documents, the Issuer shall not, directly or indirectly, (i) pay any dividend or make any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to the Owner Trustee or any owner of a beneficial interest in the Issuer or otherwise with respect to any ownership or equity interest or security in or of the Issuer or to the Servicer, (ii) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or security or (iii) set aside or otherwise segregate any amounts for any such purpose; provided, however, that the Issuer may make, or cause to be made, (a) distributions as contemplated by, and to the extent funds are available for such purpose under, the 2016-A Basic Documents and (b) payments to the Trustees pursuant to Section 1.02(b) of the 2016-A Administration Agreement.  The Issuer will not, directly or indirectly, make payments to or distributions from the 2016-A Exchange Note Collection Account, the 2016-A Distribution Account or the 2016-A Reserve Account except in accordance with this Indenture and the other 2016-A Basic Documents.

 

Section 3.16.  Notice of Events of Default.  The Issuer shall give the Indenture Trustee and each Rating Agency prompt written notice of each Event of Default hereunder.

 

Section 3.17.  Further Instruments and Acts.  Upon request of the Indenture Trustee, the Issuer will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture.

 

Section 3.18.  Delivery of 2016-A Exchange Note.  On the 2016-A Closing Date, the Issuer shall deliver or cause to be delivered to the Indenture Trustee as security for its obligations hereunder, the 2016-A Exchange Note.  The Indenture Trustee shall take possession of the 2016-A Exchange Note in the State of New York and shall at all times during the period of this Indenture maintain custody of the 2016-A Exchange Note in the State of New York.

 

Section 3.19.  Compliance With Laws.  The Issuer shall comply with the requirements of all Applicable Laws, the non-compliance with which would, individually or in the aggregate, materially and adversely affect the ability of the Issuer to perform its obligations under the Notes, this Indenture or any other 2016-A Basic Document.

 

Section 3.20.  Annual Statement as to Compliance.  The Issuer will deliver to the Transferor and the Indenture Trustee, on or before June 30 of each year (commencing with the June 30 that is at least six months after the 2016-A Closing Date), an Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s Certificate, that:

 

(a) a review of the activities of the Issuer during the preceding year (or such shorter period in the case of the first such Officer’s Certificate) and of its performance under this Indenture has been made under such Authorized Officer’s supervision; and

 

(b) to the best of such Authorized Officer’s knowledge, based on such review, the Issuer has complied with all conditions and covenants under this Indenture throughout the preceding year (or such shorter period in the case of the first such Officer’s Certificate) or, if there has been a default in its compliance with any such condition or 

21

covenant, specifying each such default known to such Authorized Officer and the nature and status thereof.

 

Section 3.21.  Representations.  The Issuer hereby represents, warrants, and covenants to the Indenture Trustee as follows on the 2016-A Closing Date:

 

(a) Organization and Qualification.  The Issuer is duly formed, validly existing and in good standing under the laws of its jurisdiction.

 

(b) Power, Authorization and Enforceability.  The Issuer has the power and authority to execute, deliver and perform the terms of this Indenture.  The Issuer has authorized the execution, delivery and performance of the terms of this Indenture.  This Indenture is the legal, valid and binding obligation of the Issuer enforceable against the Issuer, except as may be limited by insolvency, bankruptcy, reorganization or other laws relating to the enforcement of creditors’ rights or by general equitable principles.

 

(c) No Conflicts and No Violation.  The execution and delivery by the Issuer of this Indenture, the consummation by the Issuer of the transactions contemplated by this Indenture and the compliance by the Issuer with this Indenture will not (i) violate any law, governmental rule or regulation applicable to the Issuer or any judgment or decree binding on it or (ii) conflict with, result in a breach of, or constitute (with or without notice or lapse of time or both) a default under any indenture, mortgage, deed of trust, loan agreement, guarantee or similar agreement or instrument under which the Issuer is a debtor or guarantor, in each case which conflict, breach, default, Lien, or violation would reasonably be expected to have a material adverse effect on the Issuer’s ability to perform its obligations under this Indenture.

 

(d) No Proceedings.  To the Issuer’s knowledge, there are no proceedings or investigations pending or overtly threatened in writing before any court or other governmental authority:  (i) asserting the invalidity of this Indenture or the Notes, (ii) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by this Indenture or (iii) seeking any determination or ruling that would reasonably be expected to have a material adverse effect on the 2016-A Collateral or the Issuer’s ability to perform its obligations under, or the validity or enforceability of, this Indenture or the Notes.

 

(e) Financial Condition.  The Issuer is not insolvent or the subject of an Insolvency Event and the pledge of the 2016-A Collateral is not being made in contemplation of the occurrence thereof.

 

(f) Perfection Representations.  The Issuer makes the representations and warranties set forth on Exhibit C.

 

22

ARTICLE FOUR

 SATISFACTION AND DISCHARGE

 

Section 4.01.  Satisfaction and Discharge of Indenture.  This Indenture shall cease to be of further effect with respect to the Notes except as to (a) rights of registration of transfer and exchange, (b) substitution of mutilated, destroyed, lost or stolen Notes, (c) rights of Noteholders to receive payments of principal thereof and interest thereon, (d) Sections 3.03, 3.04, 3.05, 3.08, 3.10, 3.12 and 3.13, (e) certain rights, obligations and immunities of the Indenture Trustee hereunder (including the rights of the Indenture Trustee under Section 6.07 and the obligations of the Indenture Trustee under Section 4.02) and (f) the rights of Noteholders as beneficiaries hereof with respect to the property so deposited with the Indenture Trustee payable to all or any of them, and the Indenture Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to the Notes, when:

 

(i) either: (A) all Notes theretofore authenticated and delivered (other than Notes (1) that have been destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.06 and (2) for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust, as provided in Section 3.03) have been delivered to the Indenture Trustee for cancellation or (B) all Notes not theretofore delivered to the Indenture Trustee for cancellation (1) have become due and payable, (2) will become due and payable at the related Final Scheduled Payment Date within one year or (3) are to be called for redemption within one year under arrangements satisfactory to the Indenture Trustee for the giving of notice of redemption by the Indenture Trustee in the name, and at the expense, of the Issuer, and the Issuer, in the case of clauses (1), (2) or (3) above, has irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee cash or direct obligations of or obligations guaranteed by the United States (which will mature prior to the date such amounts are payable), in trust for such purpose, in an amount sufficient to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Indenture Trustee for cancellation when due to the related Final Scheduled Payment Date or Redemption Date (if Notes shall have been called for redemption pursuant to Section 10.01), as the case may be;

 

(ii) the Issuer has paid or caused to be paid all other sums payable hereunder by the Issuer; and

 

(iii) the Issuer has delivered to the Transferor and the Indenture Trustee an Officer’s Certificate, an Opinion of Counsel and (if required by the TIA or Section 11.01) an Independent Certificate, each meeting the applicable requirements of Section 11.01(a) and, subject to Section 11.02, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with.

 

Section 4.02.  Satisfaction, Discharge and Defeasance of the Notes.

 

23

(a) Upon satisfaction of the conditions set forth in Section 4.02(b), the Issuer shall be deemed to have paid and discharged the entire indebtedness on all the Notes Outstanding, and the provisions of this Indenture, as it relates to such Notes, shall no longer be in effect (and the Indenture Trustee, at the expense of the Issuer, shall execute proper instruments acknowledging the same), except as to:

 

(i) the rights of the Noteholders to receive, from the trust funds described in Section 4.02(b)(i), payment of the principal of and interest on the Notes Outstanding at maturity of such principal or interest;

 

(ii) the obligations of the Issuer with respect to the Notes under Sections 2.05, 2.06, 3.02 and 3.03;

 

(iii) the obligations of the Administrator to the Indenture Trustee under Section 6.07; and

 

(iv) the rights, powers, trusts and immunities of the Indenture Trustee hereunder and the duties of the Indenture Trustee hereunder.

 

(b) The satisfaction, discharge and defeasance of the Notes pursuant to Section 4.02(a) is subject to the satisfaction of all of the following conditions:

 

(i) the Issuer has deposited or caused to be deposited irrevocably (except as provided in Section 4.04) with the Indenture Trustee as trust funds in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Noteholders, which, through the payment of interest and principal in respect thereof in accordance with their terms will provide, not later than one day prior to the due date of any payment referred to below, money in an amount sufficient, in the opinion of a nationally recognized firm of Independent accountants expressed in a written certification thereof delivered to the Indenture Trustee, to pay and discharge the entire indebtedness on the Notes Outstanding, for principal thereof and interest thereon to the date of such deposit (in the case of Notes that have become due and payable) or to the maturity of such principal and interest, as the case may be;

 

(ii) such deposit will not result in a breach or violation of, or constitute an event of default under, any Issuer Basic Document or other agreement or instrument to which the Issuer is bound;

 

(iii) no Event of Default has occurred and is continuing on the date of such deposit or on the 91st day after such date;

 

(iv) the Issuer has delivered to the Indenture Trustee an Opinion of Counsel to the effect that the satisfaction and discharge of this Indenture provided for in the Indenture relating to the defeasance contemplated by this Section will not cause any Noteholder to be treated as having exchanged its Notes for purposes of Section 1001 of the Code; and

 

24

(v) the Issuer has delivered to the Indenture Trustee an Opinion of Counsel to the effect that the satisfaction and discharge of this Indenture provided for in the Indenture relating to the defeasance contemplated by this Section have been complied with.

 

Section 4.03.  Application of Trust Money.  All monies deposited with the Indenture Trustee pursuant to this Article shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Note Paying Agent, to the Holders of the particular Notes for the payment or redemption of which such monies have been deposited with the Indenture Trustee, of all sums due and to become due thereon for principal and interest; but such monies need not be segregated from other funds except to the extent required herein or in the 2016-A Servicing Agreement or required by Applicable Law.

 

Section 4.04.  Repayment of Monies Held by Note Paying Agent.  In connection with the satisfaction and discharge of this Indenture with respect to the Notes, all monies then held by any Note Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to such Notes shall, upon demand of the Issuer, be paid to the Indenture Trustee to be held and applied according to Section 3.03, and thereupon such Note Paying Agent shall be released from all further liability with respect to such monies.

 

 

 

 

 

 

 

 

 

 

 

 

 

25

ARTICLE FIVE

 EVENTS OF DEFAULT; REMEDIES

 

Section 5.01.  Events of Default.  “Event of Default”, wherever used herein, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

 

(a) default in the payment of any interest on any Note of the Controlling Class when the same becomes due and payable, and such default shall continue for a period of five days or more;

 

(b) default in the payment of the principal of any Note on the related Final Scheduled Payment Date;

 

(c) default in the observance or performance of any covenant or agreement of the Issuer made in this Indenture (other than a covenant or agreement, a default in the observance or performance of which is elsewhere in this Section specifically dealt with), and such default is materially adverse to the Noteholders, and such default shall continue or not be cured for a period of 60 days after there shall have been given, by registered or certified mail or by overnight courier, to the Issuer by the Indenture Trustee or to the Issuer and the Indenture Trustee by the Holders of at least 25% of the Note Balance of the Controlling Class, a written notice specifying such default and requiring it to be remedied;

 

(d) any breach in any representation or warranty of the Issuer made in this Indenture or in any certificate or other writing delivered pursuant hereto or thereto, and such misrepresentation or warranty is materially adverse to the Noteholders, and such default shall continue or not be cured, or the circumstance or condition in respect of which such misrepresentation or warranty was incorrect shall not have been eliminated or otherwise cured, for a period of 30 days after there shall have been given, by registered or certified mail or by overnight courier, to the Issuer by the Indenture Trustee or to the Issuer and the Indenture Trustee by the Holders of at least 25% of the Note Balance of the Controlling Class, a written notice specifying such incorrect representation or warranty and requiring it to be remedied; or

 

(e) the occurrence of an Insolvency Event with respect to the Issuer.

 

Notwithstanding the foregoing, a delay in or failure of performance referred to under clauses (a) through (d) above for a period of 120 days will not constitute an Event of Default if that failure or delay was caused by a Force Majeure.

 

The Issuer shall deliver to the Transferor and the Indenture Trustee, within five days after the occurrence thereof, written notice in the form of an Officer’s Certificate of any event which with the giving of notice, the lapse of time or both would become an Event of Default under 

26

clause (c) or (d) above, its status and what action the Issuer is taking or proposes to take with respect thereto.

 

Section 5.02.  Acceleration of Maturity; Rescission and Annulment.

 

(a) If an Event of Default shall have occurred and be continuing, the Indenture Trustee or the Majority Noteholders of the Controlling Class may declare the Notes to be immediately due and payable, by a notice in writing to the Issuer (who will provide such notice to the Rating Agencies), the Indenture Trustee (if notice is given by Noteholders), the Transferor and the Servicer, and upon any such declaration the unpaid principal amount of the Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall become immediately due and payable.

 

(b) If the Notes have been declared immediately due and payable following an Event of Default, before a judgment or decree for payment of the amount due has been obtained by the Indenture Trustee as hereinafter provided in this Article, the Majority Noteholders of the Controlling Class, by written notice to the Issuer, the Transferor and the Indenture Trustee, may rescind and annul such declaration of acceleration and its consequences if:

 

(i) the Issuer has paid or deposited with the Indenture Trustee a sum sufficient to pay (A) all payments of principal of and interest on the Notes, (B) all sums paid or advanced by the Indenture Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel and (C) all other amounts that would then be due hereunder or upon the Notes if the Event of Default giving rise to such acceleration had not occurred; and

 

(ii) all Events of Default, other than the nonpayment of the principal of the Notes that has become due solely by such acceleration, have been cured or waived as provided in Section 5.12.

 

No such rescission shall affect any subsequent default or impair any right consequent thereto.

 

Section 5.03.  Collection of Indebtedness and Suits for Enforcement by Indenture Trustee.

 

(a) The Issuer covenants that if (i) there is a default relating to the payment of any interest on any Note of the Controlling Class when the same becomes due and payable, and such default continues for a period of five days or (ii) an Event of Default occurs in the payment of the principal of or any installment of the principal of any Note on the related Final Scheduled Payment Date, the Issuer will, upon demand of the Indenture Trustee, pay to it, for the benefit of the Holders of such Notes, the whole amount then due and payable on such Notes for principal and interest, with interest on the overdue principal at the applicable Interest Rate and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue installments of interest at the applicable Interest Rate and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel.

 

27

(b) In case the Issuer shall fail forthwith to pay amounts described in Section 5.03(a) upon demand, the Indenture Trustee, in its own name and as trustee of an express trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and may enforce the same against the Issuer or other obligor upon such Notes and collect in the manner provided by law out of the property of the Issuer or other obligor upon such Notes, wherever situated, the monies adjudged or decreed to be payable.

 

(c) If an Event of Default occurs and is continuing, the Indenture Trustee may, as more particularly provided in Section 5.04, acting at the direction of the Majority Noteholders of the Controlling Class, proceed to protect and enforce its rights and the rights of the Noteholders, by such appropriate Proceedings as the Indenture Trustee shall deem most effective to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or by law.

 

(d) In case there shall be pending, relative to the Issuer or any other obligor upon the Notes or any Person having or claiming an ownership interest in the Trust Estate, Proceedings under any Insolvency Law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, or liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or Person, or in case of any other comparable judicial Proceedings relative to the Issuer or other obligor upon the Notes, or to the creditors or property of the Issuer or such other obligor, the Indenture Trustee, irrespective of whether the principal of any Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section, shall be entitled and empowered, by intervention in such Proceedings or otherwise:

 

(i) to file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect of the Notes and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for reasonable compensation to the Indenture Trustee and each predecessor Indenture Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor Indenture Trustee, except as a result of negligence or bad faith) and of the Holders of Notes allowed in such Proceedings;

 

(ii) unless prohibited by Applicable Law, to vote on behalf of the Holders of Notes in any election of a trustee, a standby trustee or Person performing similar functions in any such Proceedings;

 

(iii) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute all amounts received with respect to the claims of the Noteholders and of the Indenture Trustee on their behalf; and

 

28

(iv) to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee or the Holders of Notes allowed in any Proceedings relative to the Issuer, its creditors and its property;

 

and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each of such Noteholders to make payments to the Indenture Trustee and, in the event that the Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to cover reasonable compensation to the Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel and all other expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor Indenture Trustee except as a result of the Indenture Trustee’s or each predecessor Indenture Trustee’s negligence or bad faith.

 

(e) Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize the Indenture Trustee to vote in respect of the claim of any Noteholder in any such Proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person.

 

(f) All rights of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the Indenture Trustee without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action or Proceedings instituted by the Indenture Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective agents and attorneys, shall be for the ratable benefit of the Holders of Notes.

 

(g) In any Proceedings brought by the Indenture Trustee (and also any Proceedings involving the interpretation of any provision of this Indenture to which the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the Holders of Notes, and it shall not be necessary to make any Noteholder a party to any such Proceedings.

 

Section 5.04.  Remedies; Priorities.

 

(a) If an Event of Default shall have occurred and be continuing, the Indenture Trustee (acting at the direction of the Majority Noteholders of the Controlling Class) may do one or more of the following (subject to Sections 5.02 and 5.05):

 

(i) institute Proceedings in its own name and as trustee of an express trust for the collection of all amounts then payable on the Notes or under this Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained and collect from the Issuer and any other obligor upon the Notes monies adjudged due;

 

(ii) institute Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the Trust Estate;

 

29

(iii) exercise any remedies of a secured party under the UCC and take any other appropriate action to protect and enforce the rights and remedies of the Indenture Trustee and the Holders of Notes; and

 

(iv) sell or otherwise liquidate the Trust Estate or any portion thereof or rights or interest therein, at one or more public or private sales called and conducted in any manner permitted by law;

 

provided, however, that the Indenture Trustee may not sell or otherwise liquidate the Trust Estate following an Event of Default, other than an Event of Default described in Section 5.01(i) or (ii), unless (A) the Holders of 100% of the Outstanding Amount of the Notes of the Controlling Class consent thereto, (B) the proceeds of such sale or liquidation distributable to the Noteholders are sufficient to discharge in full all amounts then due and unpaid upon such Notes for principal and interest or (C) the Indenture Trustee determines that the Trust Estate will not continue to provide sufficient funds for the payment of principal of and interest on the Notes as they would have become due if the Notes had not been declared due and payable, and the Indenture Trustee obtains the consent of Holders of 66 2/3% of the Note Balance of the Controlling Class; provided, further, that the Indenture Trustee may not sell the Trust Estate unless it shall first have obtained an Opinion of Counsel (at the expense of the Issuer) that such sale will not cause the Titling Trust or an interest therein or portion thereof or the Issuer to be classified as an association or a publicly traded partnership taxable as a corporation for federal income tax purposes.  In determining such sufficiency or insufficiency with respect to clauses (B) and (C), the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose.

 

(b) If the Indenture Trustee collects any money or property pursuant to this Article upon sale of the Trust Estate, it shall deposit such money or property into the 2016-A Exchange Note Collection Account pursuant to Section 8.03(b), and all amounts on deposit in the 2016-A Exchange Note Collection Account and the 2016-A Reserve Account shall be distributed on the related Payment Date in the following order:

 

(i) pro rata, (A) to pay to the Collateral Agent any expenses and indemnified amounts due with respect to the 2016-A Exchange Note or the 2016-A Reference Pool under Section 3.01(c) of the Basic Collateral Agency Agreement or Article Eight of the Basic Collateral Agency Agreement to the extent not paid by the Borrower or the Titling Trust Administrator, (B) to pay to the Administrative Agent any expenses and indemnified amounts due with respect to the 2016-A Exchange Note or the 2016-A Reference Pool under Section 7.05 of the Basic Collateral Agency Agreement or Article Eight of the Basic Collateral Agency Agreement to the extent not paid by the Borrower or the Titling Trust Administrator, (C) to pay to the Asset Representations Reviewer any amounts due under the Asset Representations Review Agreement and (D) to the payment of all fees, expenses and indemnified amounts then due to the Trustees to the extent not paid by the Transferor or the Administrator, in each case, without limitation;

 

30

(ii) to the Noteholders, the Interest Distributable Amount, to pay interest due on each Class of Notes outstanding on that Payment Date, and, to the extent permitted under applicable law, interest on any overdue interest at the related interest rate;

 

(iii) to the Holders of the Class A-1 Notes, principal on the Class A-1 Notes, until the Class A-1 Notes have been paid in full;

 

(iv) to the Holders of the Class A-2A Notes, the Class A-2B Notes, the Class A-3 Notes and the Class A-4 Notes, principal on the Class A-2A Notes, the Class A-2B Notes, the Class A-3 Notes and the Class A-4 Notes, pro rata, until all such Classes of Notes have been paid in full;

 

(v) if a Successor Servicer has been appointed pursuant to the 2016-A Servicing Agreement, to such Successor Servicer, any Transition Costs due in connection with such transfer of servicing and not paid pursuant to the 2016-A Servicing Agreement plus the Additional Servicing Fee, if any, for the related Collection Period; and

 

(vi) to the Certificateholder, any amounts remaining after the foregoing distributions.

 

(c) If the Indenture Trustee collects any money or property pursuant to this Section, the Indenture Trustee may fix a record date and payment date for any payment to Noteholders pursuant to this Section.  At least 15 days before such record date, the Indenture Trustee shall mail to each Noteholder, the Issuer  and the Servicer a notice that states the record date, the payment date and the amount to be paid.

 

Section 5.05.  Optional Preservation of the Trust Estate.  If the Notes have been declared to be due and payable under Section 5.02 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may, but need not, elect to maintain possession of the Trust Estate and continue to apply the proceeds thereof, in accordance with Sections 3.01 and 8.03.  It is the desire of the parties hereto and the Noteholders that there be at all times sufficient funds for the payment of principal of and interest on the Notes, and the Indenture Trustee shall take such desire into account when determining whether or not to maintain possession of the Trust Estate.  In determining whether to maintain possession of the Trust Estate, the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose.

 

Section 5.06.  Limitation of Suits.  No Holder of any Note shall have any right to institute any Proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: (i) such Holder has previously given written notice to the Indenture Trustee of a continuing Event of Default; (ii) the Holders of not less than 25% of the Note Balance of the Controlling Class have made written request to the Indenture Trustee to institute such Proceeding in respect of such Event of Default in its own name as Indenture Trustee hereunder; (iii) such Holder or Holders have offered to the Indenture Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in complying with such request; (iv) the Indenture Trustee for 60 days after its receipt of such 

31

notice, request and offer of indemnity has failed to institute such Proceedings; and (v) no direction inconsistent with such written request has been given to the Indenture Trustee during such 60-day period by the Majority Noteholders of the Controlling Class.

 

It is understood and intended that no one or more Holders of Notes shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Holders of Notes or to obtain or to seek to obtain priority or preference over any other Holders or to enforce any right under this Indenture, except in the manner herein provided.

 

In the event the Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of Holders of Notes, each representing less than a majority of the Outstanding Amount of the Notes of the Controlling Class, the Indenture Trustee in its sole discretion may determine what action, if any, shall be taken, notwithstanding any other provisions of this Indenture.

 

Section 5.07.  Unconditional Rights of Noteholders to Receive Principal and Interest.  Notwithstanding any other provisions in this Indenture, any Holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest, if any, on such Note on or after the respective due dates thereof expressed in such Note or in this Indenture (or, in the case of redemption, on or after the Redemption Date) and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder.

 

Section 5.08.  Restoration of Rights and Remedies.  If the Indenture Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or to such Noteholder, then and in every such case the Issuer, the Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been instituted.

 

Section 5.09.  Rights and Remedies Cumulative.  No right or remedy herein conferred upon or reserved to the Indenture Trustee or to the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

Section 5.10.  Delay or Omission Not a Waiver.  No delay or omission of the Indenture Trustee or any Holder of any Note to exercise any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as 

32

often as may be deemed expedient, by the Indenture Trustee or by the Noteholders, as the case may be.

 

Section 5.11.  Control by Noteholders of the Controlling Class.  The Majority Noteholders of the Controlling Class shall have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Indenture Trustee with respect to the Notes or exercising any trust or power conferred on the Indenture Trustee; provided that:

 

(a) such direction shall not be in conflict with any rule of law or with this Indenture;

 

(b) subject to the terms of Section 5.04, any direction to the Indenture Trustee to sell or liquidate the Trust Estate shall be by Holders of Notes representing not less than 100% of the Outstanding Amount of the Notes;

 

(c) if the conditions set forth in Section 5.05 have been satisfied and the Indenture Trustee elects to retain the Trust Estate pursuant to such Section, then any direction to the Indenture Trustee by Holders of Notes representing less than 100% of the Outstanding Amount of the Notes to sell or liquidate the Trust Estate shall be of no force and effect; and

 

(d) the Indenture Trustee may take any other action deemed proper by the Indenture Trustee that is not inconsistent with such direction.

 

Notwithstanding the rights of Noteholders set forth in this Section, subject to Section 6.01, the Indenture Trustee need not take any action that it determines might involve it in liability or might materially adversely affect the rights of any Noteholders not consenting to such action.

 

Section 5.12.  Waiver of Past Defaults.  Prior to the declaration of the acceleration of the maturity of the Notes as provided in Section 5.02, the Majority Noteholders of the Controlling Class may, on behalf of all Noteholders, waive any past Default or Event of Default and its consequences except a Default or Event of Default (i) in payment of principal of or interest on any of the Notes or (ii) in respect of a covenant or provision hereof which cannot be modified or amended without the consent of the Holder of each Note.  In the case of any such waiver, the Issuer, the Indenture Trustee and the Holders of Notes shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto.

 

Upon any such waiver, such Default or Event of Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto.

 

Section 5.13.  Undertaking for Costs.  All parties to this Indenture agree, and each Holder of a Note by such Holder’s acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Indenture Trustee for any action taken, suffered or omitted 

33

by it as Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; provided, however, the provisions of this Section shall not apply to any suit instituted by (i) the Indenture Trustee, (ii) any Noteholder, or group of Noteholders, in each case holding in the aggregate more than 10% of the Outstanding Amount of the Notes (or, in the case of any suit which is instituted by the Controlling Class, more than 10% of the Note Balance of the Controlling Class) or (iii) by any Noteholder for the enforcement of the payment of principal of or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after the Redemption Date).

 

Section 5.14.  Waiver of Stay or Extension Laws.  The Issuer covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Indenture Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

 

Section 5.15.  Action on Notes.  The Indenture Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the Lien of this Indenture nor any rights or remedies of the Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Trust Estate or upon any of the assets of the Issuer. Any money or property collected by the Indenture Trustee shall be applied in accordance with Section 5.04(b).

 

Section 5.16.  Performance and Enforcement of Certain Obligations.

 

(a) Promptly following a request from the Indenture Trustee to do so and at the Administrator’s expense, the Issuer shall take all such lawful action as the Indenture Trustee may request to compel or secure the performance and observance by the Servicer of its obligations to the Issuer under or in connection with the 2016-A Servicing Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the 2016-A Servicing Agreement, as the case may be, to the extent and in the manner directed by the Indenture Trustee, including the transmission of notices of default on the part of the Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Servicer of its obligations under the 2016-A Servicing Agreement.

 

(b) If an Event of Default has occurred and is continuing, the Indenture Trustee shall, at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66 2/3% of the Note Balance of the Controlling Class, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Servicer 

34

under or in connection with the 2016-A Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Servicer of its obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the 2016-A Servicing Agreement, and any right of the Issuer to take such action shall be suspended unless such Event of Default has been waived or otherwise cured.

 

Section 5.17.  Sale of Trust Estate.  If the Indenture Trustee acts to sell the Trust Estate or any part thereof, pursuant to Section 5.04(a), the Indenture Trustee shall publish a notice in an Authorized Newspaper stating that the Indenture Trustee intends to effect such a sale in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids.  Following such publication, the Indenture Trustee shall, unless otherwise prohibited by applicable law from any such action, sell the Trust Estate or any part thereof, in such manner and on such terms as provided above to the highest bidder; provided, however, that the Indenture Trustee may from time to time postpone any sale by public announcement made at the time and place of such sale.  The Indenture Trustee shall give notice to the Transferor and Servicer of any proposed sale, and the Transferor and Servicer shall be permitted to bid for the Trust Estate at any such sale.  The Indenture Trustee may obtain a prior determination from a conservator, receiver or trustee in bankruptcy of the Issuer that the terms and manner of any proposed sale are commercially reasonable.  The power to effect any sale of any portion of the Trust Estate pursuant to Section 5.04 and this Section shall not be exhausted by any one or more sales as to any portion of the Trust Estate remaining unsold, but shall continue unimpaired until the entire Trust Estate shall has been sold or all amounts payable on the Notes shall have been paid.

 

 

 

 

 

 

 

 

 

35

ARTICLE SIX

 THE INDENTURE TRUSTEE

 

Section 6.01.  Duties of Indenture Trustee.

 

(a) If an Event of Default has occurred and is continuing, the Indenture Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in its exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs.

 

(b) Except during the continuance of an Event of Default:

 

(i) the Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the Indenture Trustee; and

 

(ii) in the absence of bad faith on its part, the Indenture Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and conforming to the requirements of this Indenture; however, the Indenture Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture.

 

(c) The Indenture Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that:

 

(i) this paragraph does not limit the effect of Section 6.01(b);

 

(ii) the Indenture Trustee shall not be liable for any error of judgment made in good faith unless it is proved that the Indenture Trustee was negligent in ascertaining the pertinent facts; and

 

(iii) the Indenture Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Sections 5.11 and 7.02.

 

(d) Every provision of this Indenture that in any way relates to the Indenture Trustee is subject to Sections 6.01(a), (b), (c) and (g).

 

(e) The Indenture Trustee shall not be liable for interest on any money received by it except as the Indenture Trustee may agree in writing with the Issuer.

 

(f) Money held in trust by the Indenture Trustee need not be segregated from other funds except to the extent required by law or the terms of this Indenture or the other 2016-A Basic Documents.

 

36

(g) No provision of this Indenture shall require the Indenture Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers if it shall have reasonable grounds to believe that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it, and none of the provisions contained in this Indenture shall in any event require the Indenture Trustee to perform, or be responsible for the performance of, any of the obligations of the Servicer under this Indenture except during such time, if any, as the Indenture Trustee shall be the successor to, and be vested with the rights, duties, powers and privileges of the Servicer in accordance with the terms of this Indenture.

 

(h) Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Indenture Trustee shall be subject to the provisions of this Section and to the provisions of the TIA.

 

Section 6.02.  Rights of Indenture Trustee.

 

(a) Except as provided by the second succeeding sentence, the Indenture Trustee may rely on any document believed by it to be genuine and to have been signed or presented by the proper Person.  The Indenture Trustee need not investigate any fact or matter stated in the document.  Notwithstanding the foregoing, the Indenture Trustee, upon receipt of all resolutions, certificates, statements, opinions, reports, documents, orders or other instruments furnished to the Indenture Trustee that shall be specifically required to be furnished pursuant to any provision of this Indenture, shall examine them to determine whether they comply as to form to the requirements of this Indenture.

 

(b) Before the Indenture Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel.  The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on an Officer’s Certificate or Opinion of Counsel.

 

(c) The Indenture Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys or a custodian or nominee, and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, any such agent, attorney, custodian or nominee appointed with due care by it hereunder.

 

(d) The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers; provided, that the Indenture Trustee’s conduct does not constitute willful misconduct, negligence or bad faith.

 

(e) The Indenture Trustee may consult with counsel, and the advice of such counsel or Opinion of Counsel with respect to legal matters relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. The Indenture Trustee may also consult with financial expert(s) with respect to the performance of its duties under this Indenture, and so long as the Indenture Trustee selects such financial expert(s) with due care, the Indenture Trustee shall not be liable for any action it takes 

37

or omits to take in good faith in reliance on the advice of such financial expert(s) and not contrary to this Indenture or any other 2016-A Basic Document.

 

(f) The Indenture Trustee shall be under no obligation to (A) exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Noteholders pursuant to this Indenture or (B) institute or conduct or defend litigation or investigate any matter or Noteholder direction or request pursuant to this Indenture at the request or direction of any of the Noteholders pursuant to this Indenture, unless such Noteholders shall have offered to the Indenture Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction.

 

(g) The Indenture Trustee shall not be deemed to have discovered or to have knowledge of any Default, Event of Default, breach of a representation or warranty or other event unless an Responsible Officer of the Indenture Trustee has actual knowledge that a Default, Event of Default, breach of a representation or warranty or such other event has in fact occurred or has received written notice evidencing that an event which is in fact a Default, Event of Default, breach of representation or warranty or such other event has in fact occurred in accordance with the provisions of this Indenture; provided, however, that, for the avoidance of doubt, the Indenture Trustee shall not be deemed to have knowledge of a breach of representation or warranty solely as a result of the receipt and possession by the Indenture Trustee of the Review Report.

 

(h) The Indenture Trustee will not be responsible or liable for a failure or delay in the performance of its obligations under this Indenture from or caused by, directly or indirectly, forces beyond its control, including strikes, work stoppages, acts of war, terrorism, civil or military disturbances, nuclear catastrophes, fires, floods, earthquakes, storms, hurricanes or other natural catastrophes and interruptions, unforeseeable loss or failures of mechanical, electronic or communication systems. The Indenture Trustee will use reasonable efforts consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

 

(i) In the absence of willful misconduct, bad faith or negligence on its part, the Indenture Trustee will not be liable for any action taken or not taken by it in good faith in the administration of any Noteholder vote as to whether to direct the Asset Representations Reviewer to conduct a Review of the Review Assets so long as the administration of such vote conforms in all material respects to the Indenture Trustee’s standard internal vote solicitation process in effect at the time of such Noteholder vote.

 

Section 6.03.  Individual Rights of Indenture Trustee.  The Indenture Trustee in its individual or any other capacity may become the owner or pledgee of the Notes and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Indenture Trustee.  Any Note Paying Agent, Note Registrar, co-registrar or co-paying agent may do the same with like rights.  The Indenture Trustee must, however, comply with Section 6.11.

 

Section 6.04.  Indenture Trustee’s Disclaimer.  The Indenture Trustee shall not be (i) responsible for and makes no representation as to the validity or adequacy of this Indenture or 

38

the Notes, (ii) accountable for the Issuer’s use of the proceeds from the Notes and (iii) responsible for any statement of the Issuer in the Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Indenture Trustee’s certificate of authentication.

 

Section 6.05.  Notice of Defaults and Repurchase Requests.

 

(a) If an Event of Default occurs and is continuing and if it is known to a Responsible Officer of the Indenture Trustee, the Indenture Trustee shall mail to each Noteholder notice of the Event of Default within 30 days after it occurs.  Except in the case of a Default in payment of principal of or interest on any Note (including payments pursuant to the redemption provisions of such Note), the Indenture Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of Noteholders.

 

(b) Not later than the fifth day of each calendar month (or, if such day is not a Business Day, the immediately following Business Day), beginning April 5, 2016, the Indenture Trustee shall provide to MBFS USA and the Transferor a notice in substantially the form of Exhibit B with respect to any demands received by the Indenture Trustee during the immediately preceding calendar month (or, in the case of the initial notice, since the 2016-A Closing Date) that any 2016-A Lease be reallocated by the Servicer pursuant to Section 3.05 of the 2016-A Servicing Supplement.  The Indenture Trustee and the Issuer acknowledge and agree that the purpose of this subsection is to facilitate compliance by MBFS USA and the Transferor with Rule 15Ga-1 under the Exchange Act.  The Indenture Trustee agrees to comply with reasonable requests made by MBFS USA or the Transferor in good faith for delivery of information under these provisions on the basis of evolving interpretations of such Rule.  The Indenture Trustee shall cooperate fully with all reasonable requests of MBFS USA and the Transferor to deliver any and all records and any other information, in each case in its possession,  necessary to permit MBFS USA and the Transferor to comply with the provisions of such Rule.

 

Section 6.06.  Reports by Indenture Trustee to Holders.  On or prior to each Payment Date, the Indenture Trustee shall deliver or make available on its website (www.usbank.com/abs) to each Noteholder a copy of each Monthly Investor Report delivered to it pursuant to the 2016-A Servicing Supplement.  The Indenture Trustee shall make available electronically, within a reasonable period of time after the end of each calendar year, to each Person who at any time during such calendar year was a Noteholder, such information furnished to the Indenture Trustee as may be required to enable such Person to prepare its federal and State income tax returns.  The Indenture Trustee shall provide to each Noteholder upon request, copies of the 2016-A Basic Documents, the report regarding the Servicer’s compliance and the accountants’ attestation delivered pursuant to the 2016-A Servicing Supplement.

 

Section 6.07.  Compensation and Indemnity.  The Issuer shall, or shall cause the Administrator to, pay to the Indenture Trustee from time to time reasonable compensation for its services pursuant to a fee agreement between the Administrator and the Indenture Trustee. The Indenture Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer shall, or shall cause the Administrator to, reimburse the Indenture Trustee for all reasonable out-of-pocket expenses, disbursements and advances incurred or made 

39

by it, including costs of collection, in addition to the compensation for its services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Indenture Trustee’s agents, counsel, accountants and experts.

 

The Issuer shall, or shall cause the Administrator to, indemnify and hold harmless the Indenture Trustee and its officers, directors, employees, representatives and agents against any and all loss, liability, tax (other than taxes based on the income of the Indenture Trustee) or expense (including attorneys’ fees) of whatever kind or nature regardless of their merit directly or indirectly incurred by it or them without willful misconduct, negligence or bad faith on their part, arising out of or in connection with the acceptance or administration of the transactions contemplated by this Indenture, including the reasonable costs and expenses of defending themselves against any claim, loss, damage or liability in connection with the exercise or performance of any of their powers or duties under this Indenture or under any of the other 2016-A Basic Documents, including but not limited to any legal fees or expenses incurred by the Indenture Trustee in connection with the enforcement of the Issuer’s indemnification or other obligations hereunder.  The Indenture Trustee shall notify the Issuer and the Administrator promptly of any claim for which it may seek indemnity. Failure by the Indenture Trustee to so notify the Issuer and the Administrator shall not relieve the Issuer or the Administrator of its obligations hereunder.  The Issuer shall, or shall cause the Administrator to, defend any such claim, and the Indenture Trustee may have separate counsel and the Issuer shall, or shall cause the Administrator to, pay the fees and expenses of such counsel.  Neither the Issuer nor the Administrator need reimburse any expense or indemnify against any loss, liability or expense incurred by the Indenture Trustee through the Indenture Trustee’s own willful misconduct, negligence or bad faith.

 

The Issuer’s payment obligations to the Indenture Trustee pursuant to this Section shall survive the discharge of this Indenture or resignation or removal of the Indenture Trustee.  When the Indenture Trustee incurs expenses after the occurrence of a Default specified in Section 5.01(e) with respect to the Issuer, the expenses are intended to constitute expenses of administration under the Bankruptcy Code or any other applicable Insolvency Law.

 

Notwithstanding anything to the contrary contained herein, in no event shall the Indenture Trustee be liable for special, indirect or consequential damages of any kind whatsoever, including but not limited to lost profits, even if the Indenture Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.

 

Section 6.08.  Replacement of Indenture Trustee.

 

(a) No resignation or removal of the Indenture Trustee and no appointment of a successor Indenture Trustee shall become effective until the acceptance of appointment by the successor Indenture Trustee pursuant to this Section. The Indenture Trustee may resign at any time (with 30 days prior notice) by so notifying the Issuer, the Transferor, the Administrator and the Noteholders, and will provide all information reasonably requested by the Transferor in order to comply with its reporting obligation under Item 6.02 of Form 8-K under the Exchange Act, with respect to the resignation of the Indenture Trustee.  The Majority Noteholders of the Controlling Class may remove the Indenture Trustee by so notifying (with 30 days prior notice) the Indenture Trustee, the Issuer, the Transferor and the Administrator (who shall notify the 

40

Rating Agencies) and may appoint a successor Indenture Trustee.  The Issuer shall remove the Indenture Trustee if (i) the Indenture Trustee fails to comply with Section 6.11, (ii) an Insolvency Event occurs with respect to the Indenture Trustee or (iii) the Indenture Trustee otherwise becomes incapable of acting.

 

(b) The Transferor may remove the Indenture Trustee if the Indenture Trustee fails to comply with Section 3.07(f), 6.08 or 6.09 with respect to notice to or providing information to the Transferor, or with Article Seven of the 2016-A Exchange Note Supplement, in each case if such failure continues for the lesser of ten days or such period in which the applicable Exchange Act Report can be timely filed (without taking into account any extensions).

 

(c) If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of the Indenture Trustee for any reason (the Indenture Trustee in such event being referred to herein as the retiring Indenture Trustee), the Issuer shall promptly appoint a successor Indenture Trustee. A successor Indenture Trustee shall deliver a written acceptance of its appointment to the retiring Indenture Trustee, the Issuer, the Transferor and the Administrator and shall also provide all information reasonably requested by the Transferor in order to comply with its reporting obligation under the Exchange Act with respect to the replacement Indenture Trustee.  Thereupon the resignation or removal of the retiring Indenture Trustee shall become effective, and the successor Indenture Trustee shall have all the rights, powers and duties of the Indenture Trustee under this Indenture.  The successor Indenture Trustee shall mail a notice of its succession to the Noteholders.  The retiring Indenture Trustee shall promptly transfer all property held by it as Indenture Trustee to the successor Indenture Trustee.

 

(d) If a successor Indenture Trustee does not take office within 60 days after the retiring Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Issuer or the Majority Noteholders of the Controlling Class may petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee.  If the Indenture Trustee fails to comply with Section 6.11, any Noteholder may petition any court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee.

 

(e) Any resignation or removal of the Indenture Trustee and appointment of a successor Indenture Trustee pursuant to any of the provisions of this Section shall not become effective until acceptance of appointment by the successor Indenture Trustee pursuant to this Section and payment of all fees and expenses owed to the outgoing Indenture Trustee.  Notwithstanding the replacement of the Indenture Trustee pursuant to this Section, the Issuer’s and the Administrator’s obligations under Section 6.07 shall continue for the benefit of the retiring Indenture Trustee.

 

Section 6.09.  Successor Indenture Trustee by Merger.

 

(a) If the Indenture Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation or banking association without any further act shall be the successor Indenture Trustee; provided, that such corporation or banking association shall be otherwise qualified and eligible under Section 6.11.  The Indenture Trustee 

41

shall provide the Servicer (and the Servicer shall provide to the Rating Agencies) prior written notice of any such transaction.

 

(b) In case at the time such successor or successors by merger, conversion or consolidation to the Indenture Trustee shall succeed to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the certificate of authentication of any predecessor trustee and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Indenture Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to the Indenture Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Indenture Trustee shall have.

 

Section 6.10.  Appointment of Co-Indenture Trustee or Separate Indenture Trustee.

 

(a) Notwithstanding any other provision of this Indenture, at any time, for the purpose of meeting any legal requirement of any jurisdiction in which any part of the Trust Estate may at the time be located, the Indenture Trustee shall have the power and may execute and deliver all instruments to appoint one or more Persons to act as a co-trustee or co-trustees, jointly with the Indenture Trustee, or separate trustee or separate trustees, of all or any part of the Issuer, and to vest in such Person or Persons, in such capacity and for the benefit of the 2016-A Secured Parties, such title to the Trust Estate, or any part hereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Indenture Trustee may consider necessary or desirable.  No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 6.11 and no notice to Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 6.08.

 

(b) Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions:

 

(i) all rights, powers, duties and obligations conferred or imposed upon the Indenture Trustee shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee shall not be authorized to act separately without the Indenture Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed the Indenture Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Trust Estate or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Indenture Trustee;

 

(ii) no trustee hereunder shall be personally liable by reason of any act or omission of any other trustee hereunder; and

 

(iii) the Indenture Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee.

 

42

(c) Any notice, request or other writing given to the Indenture Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them.  Every instrument appointing any separate trustee or co-trustee shall refer to this Indenture and the conditions of this Article.  Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Indenture Trustee or separately, as may be provided therein, subject to all the provisions of this Indenture, specifically including every provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection to, the Indenture Trustee.  Every such instrument shall be filed with the Indenture Trustee and a copy thereof given to the Administrator.

 

(d) Any separate trustee or co-trustee may at any time constitute the Indenture Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on its behalf and in its name.  If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Indenture Trustee, to the extent permitted by law, without the appointment of a new or successor trustee.

 

Section 6.11.  Eligibility; Disqualification.  The Indenture Trustee shall at all times satisfy the requirements of Section 310(a) of the TIA and shall in addition have a combined capital and surplus of at least $50,000,000 (as set forth in its most recent published annual report of condition) and shall have a long-term debt rating of “A3” or better by Moody’s and “A” or better by Fitch or shall otherwise be acceptable to each Rating Agency.  The Indenture Trustee shall satisfy the requirements of Section 310(b) of the TIA.

 

Section 6.12.  Preferential Collection of Claims Against Issuer.  The Indenture Trustee shall comply with TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b).  An Indenture Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated.

 

Section 6.13.  Issuer as Holder of the 2016-A Exchange Note.  So long as any Notes are Outstanding, to the extent that the Owner Trustee or the Issuer has rights as a holder of the 2016-A Exchange Note, including rights to distributions and notice, or is entitled to consent to any actions taken by the Transferor, the Owner Trustee or the Issuer may initiate such action or grant such consent only with consent of the Indenture Trustee (acting at the direction of the Majority Noteholders of the Controlling Class).  To the extent that the Issuer has rights as a holder or Registered Pledgee of the 2016-A Exchange Note or has the right to consent or withhold consent with respect to actions taken by the Transferor, the Owner Trustee or the Issuer, such rights shall be exercised or consent granted (or withheld) upon the written direction of the Majority Noteholders of the Controlling Class; provided, however, that subject to Section 3.07, any direction to the Indenture Trustee to remove or replace the Servicer upon a Servicer Event of Default shall be made by Holders of Notes evidencing not less than 66 2/3% of the Outstanding Amount of the Controlling Class.

 

43

Section 6.14.  Representations and Warranties of Indenture Trustee.  The Indenture Trustee hereby makes the following representations and warranties, as of the 2016-A Closing Date, on which the Issuer and Noteholders shall rely:

 

(a) the Indenture Trustee is a banking association duly organized, validly existing and in good standing under the laws of the United States;

 

(b) the Indenture Trustee has full power, authority and legal right to execute, deliver and perform this Indenture and shall have taken all necessary action to authorize the execution, delivery and performance by it of this Indenture;

 

(c) this Indenture is an enforceable obligation of the Indenture Trustee;

 

(d) the execution and delivery by the Indenture Trustee of this Indenture, the consummation by the Indenture Trustee of the transactions contemplated by this Indenture and the compliance by the Indenture Trustee with this Indenture will not (i) violate any law, governmental rule or regulation applicable to the Indenture Trustee or any judgment or decree binding on it or (ii) conflict with, result in a breach of, or constitute (with or without notice or lapse of time or both) a default under any indenture, mortgage, deed of trust, loan agreement, guarantee or similar agreement or instrument to which the Indenture Trustee is a party, in each case which conflict, breach, or default,  would reasonably be expected to have a material adverse effect on the Indenture Trustee’s ability to perform its obligations under this Indenture;

 

(e) neither the Indenture Trustee nor its affiliates is in material default under any agreement, contract, instrument, or indenture of any nature whatsoever to which the Indenture Trustee or its affiliates is bound, which default would have a material adverse effect on the ability of the Indenture Trustee to perform its obligations under the 2016-A Basic Documents to which it is a party;

 

(f) to the Indenture Trustee’s knowledge, there are no proceedings or investigations pending or overtly threatened in writing before Governmental Authority (i) asserting the invalidity of any of the 2016-A Basic Documents or the Notes, (ii) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by any of the 2016-A Basic Documents or (iii) seeking any determination or ruling that would reasonably be expected to have a material adverse effect on the Indenture Trustee’s ability to perform its obligations under, or the validity or enforceability of, any of the 2016-A Basic Documents or the Notes;

 

(g) the Indenture Trustee does not have any reason or cause to believe that it cannot perform each and every covenant that it is making contained in this Indenture; and

 

(h) no consent, approval, authorization, or order of any Person, court, or governmental agency or body is required under federal law for the execution, delivery, and performance by the Indenture Trustee, or compliance by it with the Indenture or the consummation by it of the transactions contemplated by the Indenture, or if required has been obtained or can be obtained prior to the execution of the Indenture.

 

44

Section 6.15.  Furnishing of Monthly Investor Reports and Other Documents.  The Indenture Trustee shall furnish to any Noteholder promptly upon receipt of a written request by such Noteholder or Note Owner therefor (at the expense of the requesting Noteholder or Note Owner), copies of the 2016-A Basic Documents and duplicates or copies of all reports, notices, requests, demands, certificates and any other instruments furnished to the Indenture Trustee under the 2016-A Basic Documents. In the event that a Note Owner or Noteholder requests a complete copy of the Review Report, the Indenture Trustee shall not deliver such complete copy until (a) such Note Owner or Noteholder delivers to the Indenture Trustee a nondisclosure agreement in a form satisfactory to the Indenture Trustee with respect to the information in such Review Report, (b) such complete copy of the Review Report is redacted by the Servicer prior to such delivery in a form satisfactory to the Indenture Trustee and the requesting Note Owner or Noteholder or (c) the Servicer provides a certificate that, to the certifying officer’s knowledge, the Review Report does not contain any not publically available Personally Identifiable Information.

 

Section 6.16.  Encryption.  Notwithstanding anything to the contrary herein, any and all communications (both text and attachments) by or from the Indenture Trustee that the Indenture Trustee in its sole discretion deems to contain confidential, proprietary, and/or sensitive information may be encrypted or made available at the Indenture Trustee’s website at www.usbank.com/abs on a password protected basis.

 

 

 

 

 

 

 

45

ARTICLE SEVEN

 NOTEHOLDER COMMUNICATIONS AND REPORTS

 

Section 7.01.  Noteholder List and Noteholder Communications.

 

(a) The Issuer will furnish or cause to be furnished to the Indenture Trustee (a) not more than five days after the earlier of (i) each Record Date and (ii) three months after the last Record Date, a list, in such form as the Indenture Trustee may reasonably require, of the names and addresses of the Holders of Notes as of such Record Date, and (b) at such other times as the Indenture Trustee may request in writing, within 30 days after receipt by the Issuer of any such request, a list of similar form and content as of a date not more than ten days prior to the time such list is furnished; provided, however, that so long as the Indenture Trustee is the Note Registrar or the Notes are issued as Book-Entry Notes, no such list shall be required to be furnished.  The Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Holders of Notes contained in the most recent list furnished to the Indenture Trustee under this section and the names and addresses of Holders of Notes received by the Indenture Trustee in its capacity as Note Registrar.  The Indenture Trustee may destroy any list furnished to it under this section upon receipt of a new list so furnished.

 

(b) Three or more Noteholders may request the list of the Holders of Notes maintained by the Indenture Trustee pursuant to Section 7.01(a) for the purpose of communicating with other Noteholders about such requesting Noteholders’ rights under the Indenture or under the Notes.  Any such request must be submitted to the Indenture Trustee in accordance with the requirements of Section 7.01(d) and be accompanied by a copy of the communication that such requesting Noteholders propose to send.

 

(c) Noteholders may communicate pursuant to TIA Section 312(b) with other Noteholders with respect to their rights under this Indenture or under the Notes subject to the rights of the Indenture Trustee set forth in such Section.  The Issuer, the Indenture Trustee and the Note Registrar shall have the protection of TIA Section 312(c).

 

(d) A Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner (if the Notes are represented by Book-Entry Notes) may communicate with the Indenture Trustee and give notices of events or occurrences and make requests and demands and give directions to the Indenture Trustee through the procedures of the Clearing Agency and by notifying the Indenture Trustee of such events or occurrences.  Any Note Owner must provide a written certification stating that the Note Owner is a beneficial owner of a Note, together with supporting documentation such as a trade confirmation, an account statement, a letter from a broker or dealer verifying ownership or another similar document evidencing ownership of a Note.  The Indenture Trustee will not be required to take action in response to requests, demands or directions of a Noteholder or a Note Owner, other than requests, demands or directions relating to obligations of the Indenture Trustee in connection with an asset representations review demand set forth in Section 7.02, unless the Noteholder or Note Owner has offered reasonable security or indemnity reasonably satisfactory to the Indenture Trustee to protect it against the fees and expenses that it may incur in complying with the request, demand or direction.

 

46

(e) A Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner (if the Notes are represented by Book-Entry Notes) that seeks to communicate with other Noteholders or Note Owners, as applicable, about a possible exercise of rights under this Indenture or the other 2016-A Basic Documents may send a request to the Issuer or the Servicer, on behalf of the Issuer, to include information regarding the communication in a Form 10-D to be filed by the Issuer with the Commission.  Each request must include (i) the name of the requesting Noteholder or Note Owner, (ii) the method by which other Noteholders or Note Owners, as applicable, may contact the requesting Noteholder or Note Owner and (iii) in the case of a Note Owner, a certification from that Person that it is a Note Owner, together with at least one form of documentation evidencing its ownership of a Note, including a trade confirmation, account statement, letter from a broker or dealer or similar document.  A Noteholder or Note Owner, as applicable, that delivers a request under this Section 7.01(e) will be deemed to have certified to the Issuer and the Servicer that its request to communicate with other Noteholders or Note Owners, as applicable, relates solely to a possible exercise of rights under this Indenture or the other 2016-A Basic Documents, and will not be used for other purposes.  The Issuer will promptly deliver any request to the Servicer.  On receipt of a request, the Servicer will include in the Form 10-D filed by the Issuer with the Commission for the Collection Period in which the request was received (A) a statement that the Issuer has received a request from a Noteholder or Note Owner, as applicable, that is interested in communicating with other Noteholders or Note Owners, as applicable, about a possible exercise of rights under this Indenture or the other 2016-A Basic Documents, (B) the name of the requesting Noteholder or Note Owner, (C) the date the request was received and (D) a description of the method by which the other Noteholders or Note Owners, as applicable, may contact the requesting Noteholder or Note Owner.

 

Section 7.02.  Noteholder Demand for Asset Representations Review. If a Delinquency Trigger occurs, a Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner (if the Notes are represented by Book-Entry Notes) may make a demand on the Indenture Trustee to cause a vote of the Noteholders or Note Owners, as applicable, on whether to direct the Asset Representations Reviewer to conduct a Review under the Asset Representations Review Agreement.  In the case of a Note Owner, each demand must be accompanied by a certification from that Person that it is a Note Owner, together with at least one form of documentation evidencing its ownership of a Note, including a trade confirmation, account statement, letter from a broker or dealer or similar document.  If the Indenture Trustee receives within 90 days of the filing of the Form 10-D reporting the occurrence of the Delinquency Trigger a written demand from the Noteholders and Note Owners of at least 5% of the aggregate Note Balance of the Notes (as of the last day of the related Collection Period) to initiate a vote (which shall be conducted in accordance with its standard internal vote solicitation process at the time) with respect to the Review, then (a) the Indenture Trustee will promptly notify the Servicer and the Administrator thereof and request such vote of the Noteholders and Note Owners through the applicable Clearing Agency and (b) the Servicer will include in the Form 10-D report for the Collection Period in which such demand was received (i) a statement that Holders of a sufficient percentage of the aggregate Note Balance of the Notes are requesting a full Noteholder vote on whether to direct the Asset Representations Reviewer to conduct a Review and (ii) a description of the applicable voting procedures, including the applicable voting deadline.  The vote will remain open until the 150th day after the filing of that Form 10-D.  Assuming a voting quorum of Noteholders and Note Owners holding at least 5% of the aggregate Note Balance of the Notes (as of the last day of the related Collection Period) is 

47

reached, if the Noteholders and Note Owners of a majority of the Note Balance of Notes voted agree to a Review, the Indenture Trustee will promptly send a Review Notice to the Asset Representations Reviewer and the Servicer under the Asset Representations Review Agreement.  For the avoidance of doubt, the Indenture Trustee shall not be required to (i) determine whether, or give notice to Noteholders that a Delinquency Trigger has occurred or (ii) determine which assets are subject to Review by an Asset Representations Reviewer.  The Indenture Trustee may select a vote agent that is experienced in the administration of Noteholder votes and/or consent solicitations to conduct and administer any Noteholder vote about whether to direct the Asset Representations Reviewer to conduct a Review of the Review Assets and, so long as the Indenture Trustee selects such vote agent with due care, the Indenture Trustee will not be liable for any actions or inactions of such vote agent.

Section 7.03.  Reports by Issuer.

 

(a) The Issuer shall:

 

(i) file with the Indenture Trustee, within 15 days after the Issuer is required to file the same with the Commission, copies of the annual reports and the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) that the Issuer may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act;

 

(ii) file with the Indenture Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such additional information, documents and reports with respect to compliance by the Issuer with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; and

 

(iii) supply to the Indenture Trustee (and the Indenture Trustee shall mail to all Noteholders described in TIA Section 313(c)) such summaries of any information, documents and reports required to be filed by the Issuer pursuant to clauses (i) and (ii) of this Section 7.03(a) and by the rules and regulations prescribed from time to time by the Commission.

 

(b) Unless the Issuer otherwise determines, the fiscal year of the Issuer shall end on December 31 of each year.

 

Section 7.04.  Reports by Indenture Trustee.

 

(a) If required by TIA Section 313(a), within 60 days after each December 15th beginning with December 15, 2016, the Indenture Trustee shall mail to each Noteholder as required by TIA Section 313(c), a brief report dated as of such date that complies with TIA Section 313(a).  The Indenture Trustee shall also comply with TIA Section 313(b).

 

(b) The Indenture Trustee shall provide to the Administrator and the Servicer, to be filed by the Administrator or the Servicer with the Commission and each stock exchange, if any, on which the Notes are listed, a copy of each report mailed to Noteholders pursuant to this 

48

Indenture.  The Issuer shall notify the Indenture Trustee if and when the Notes are listed on any stock exchange.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

49

ARTICLE EIGHT

 DISBURSEMENTS AND RELEASES

 

Section 8.01.  Collection of Money.  Except as otherwise expressly provided herein, the Indenture Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the Indenture Trustee pursuant to this Indenture.  The Indenture Trustee shall apply all such money received by it as provided in this Indenture.  Except as otherwise expressly provided in this Indenture, if any default occurs in the making of any payment or performance under any agreement or instrument that is part of the Trust Estate, the Indenture Trustee may take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate Proceedings.  Any such action shall be without prejudice to any right to claim a Default or Event of Default under this Indenture and any right to proceed thereafter as provided in Article Five.

 

Section 8.02.  Monthly Investor Report.

 

(a) On each Determination Date, the Issuer shall cause the Servicer to deliver, pursuant to Section 6.01(b) of the 2016-A Servicing Supplement, to the Indenture Trustee, the Monthly Investor Report with respect to the related Payment Date and Collection Period.

 

(b) The Indenture Trustee shall have no duty or obligation to verify or confirm the accuracy of any of the information or numbers set forth in the Monthly Investor Report delivered to the Indenture Trustee in accordance with this Section, and the Indenture Trustee shall be fully protected in relying upon such reports.

 

(c) On each Payment Date, the Indenture Trustee shall send by first class mail or other reasonable means (including the posting on the Indenture Trustee’s website at www.usbank.com/abs) the Monthly Investor Report prepared by the Servicer to each Person that was a Noteholder as of the close of business on the related Record Date (which shall be Cede & Co., as the nominee of DTC unless Definitive Notes are issued under the limited circumstances described herein).  Note Owners may obtain copies of, or access to, such reports upon a request in writing to the Indenture Trustee at the Corporate Trust Office.

 

Section 8.03.  Disbursement of Funds.

 

(a) On each Payment Date prior to the acceleration of the Notes following the occurrence of an Event of Default, the Indenture Trustee will (based on the information contained in the related Monthly Investor Report) withdraw from the 2016-A Exchange Note Collection Account an amount equal to the 2016-A Available Funds and shall apply such amount in accordance with the following priorities:

 

(i) pro rata, up to a maximum of $250,000 each calendar year, to pay (A) to the Collateral Agent any expenses or indemnified amounts due with respect to the 2016-A Exchange Note or the 2016-A Reference Pool under Section 3.01(c) of the Basic Collateral Agency Agreement or Article Eight of the Basic Collateral Agency Agreement to the extent not paid by the Borrower or the Titling Trust Administrator, (B) to the 

50

Administrative Agent any expenses or indemnified amounts due with respect to the 2016-A Exchange Note or the 2016-A Reference Pool under Section 7.05 of the Basic Collateral Agency Agreement or Article Eight of the Basic Collateral Agency Agreement to the extent not paid by the Borrower or the Titling Trust Administrator, (C) to the Trustees all amounts, including indemnities, then due to the Trustees to the extent not paid by the Transferor or the Administrator and (D) to the Asset Representation Reviewer any amounts due under the Asset Representations Review Agreement;

 

(ii) to the 2016-A Distribution Account, for payment to the Noteholders, on a pro rata basis, the Interest Distributable Amount for such Payment Date;

 

(iii) to the 2016-A Distribution Account, for payment to the Noteholders, as payments of principal, an amount equal to the Priority Principal Distribution Amount for such Payment Date;

 

(iv) to the 2016-A Reserve Account, the amount necessary to cause the amount on deposit in the 2016-A Reserve Account to equal the Required Reserve Amount;

 

(v) to the 2016-A Distribution Account, for payment to the Noteholders, as payments of principal, an amount equal to the Regular Principal Distribution Amount for such Payment Date;

 

(vi) if a Successor Servicer has been appointed pursuant to the 2016-A Servicing Agreement, to such Successor Servicer, any Transition Costs due in connection with such transfer of servicing and not paid pursuant to the 2016-A Servicing Agreement plus the Additional Servicing Fee, if any, for the related Collection Period;

 

(vii) to the Indenture Trustee, the Owner Trustee, the Collateral Agent, the Asset Representation Reviewer and the Administrative Agent, any accrued and unpaid expenses, indemnities and fees, in each case to the extent the fees, expenses and indemnities have not been previously paid above pursuant to clause (i) above; and

 

(viii) to the Certificateholder, any amounts remaining after the foregoing distributions.

 

(b) On each Payment Date, the Indenture Trustee shall either directly or through the Note Paying Agent apply or cause to be applied the amount on deposit in the 2016-A Distribution Account on such Payment Date to make the following payments in the following order of priority:

 

(i) from amounts deposited into the 2016-A Distribution Account pursuant to Section 8.03(a)(ii), to the Class A Noteholders, on a pro rata basis, the Interest Distributable Amount for the Class A Notes for such Payment Date;

 

(ii) from amounts deposited into the 2016-A Distribution Account pursuant to Sections 8.03(a)(iii) and (v) (so long as the maturity of the Notes has not been accelerated pursuant to Section 5.02):

 

51

(A) first, to the Class A-1 Noteholders (until the Class A-1 Note Balance has been reduced to zero);

 

(B) second, to the Class A-2A Noteholders and the Class A-2B Noteholders pro rata (until the Class A-2A Note Balance and the Class A-2B Note Balance have been reduced to zero);

 

(C) third, to the Class A-3 Noteholders (until the Class A-3 Note Balance has been reduced to zero); and

 

(D) fourth, to the Class A-4 Noteholders (until the Class A-4 Note Balance has been reduced to zero).

 

(c) Notwithstanding Section 8.03(a), following (i) the liquidation of all or part of the Trust Estate pursuant to Section 5.04(a)(iv), any proceeds of such liquidation of the Trust Estate collected during any Collection Period will be deposited into the 2016-A Exchange Note Collection Account on or prior to the related Payment Date and distributed in the manner set forth in Section 5.04(b) on such Payment Date and (ii) the acceleration of the Notes after the occurrence of an Event of Default, amounts on deposit in the 2016-A Exchange Note Collection Account will be distributed in the manner set forth in Section 5.04(b) on such Payment Date.

 

(d) If on any Payment Date, after giving effect to all deposits to and withdrawals from the 2016-A Reserve Account, the amount on deposit in the 2016-A Reserve Account exceeds the Required Reserve Amount, the Indenture Trustee (in accordance with the Monthly Investor Report) shall distribute any such excess to or at the direction of the Certificateholder. Upon any such distributions to the Certificateholder, the Noteholders will have no further rights in, or claims to such amounts.

 

(e) If the sum of the amounts on deposit in the 2016-A Exchange Note Collection Account and the 2016-A Reserve Account on any Payment Date equals or exceeds the Note Balance, accrued and unpaid interest thereon and all amounts due to the Servicer, the Collateral Agent, the Administrative Agent, the Owner Trustee and the Indenture Trustee, all such amounts will be applied up to the amount necessary to reduce the Note Balance to zero and discharge the Notes and pay such amounts due.

 

(f) So long as the Class A-2B Notes are Outstanding, the Indenture Trustee will determine the Class A-2B Interest Rate for each Interest Period on the LIBOR Business Day for such Interest Period; provided, that for the initial Interest Period the Class A-2B Interest Rate will be 1.00130%.  All determinations of the Class A-2B Interest Rate by the Indenture Trustee, in the absence of manifest error, will be conclusive and binding on the Noteholders. Upon its determination of the Class A-2B Interest Rate, the Indenture Trustee shall communicate the rate to the Servicer.

 

Section 8.04.  2016-A Bank Accounts; General Provisions Regarding 2016-A Bank Accounts.

 

(a) (i) On or before the 2016-A Closing Date, the Issuer shall cause the Servicer to establish and maintain, at an Eligible Account, which shall initially be the Securities 

52

Intermediary, in the name of the Indenture Trustee, for the benefit of the Securityholders, the 2016-A Exchange Note Collection Account as provided in Section 4.01(a) of the 2016-A Servicing Supplement.  In accordance with Section 4.02(a) of the 2016-A Servicing Supplement, the Servicer shall deposit in the 2016-A Exchange Note Collection Account all amounts required to be deposited therein with respect to the preceding Collection Period.  On each Payment Date, the Servicer shall allocate the amount on deposit in the 2016-A Exchange Note Collection Account on such Payment Date in accordance with Section 5.01 of the Exchange Note Supplement (or following the sale or liquidation of any portion of the 2016-A Reference Pool, in accordance with Section 5.02 of the Exchange Note Supplement) and the Indenture Trustee will make distributions from the 2016-A Exchange Note Collection Account in accordance with Section 8.03 (or following the acceleration of the Notes after the occurrence of an Event of Default, in accordance with Section 5.04).

 

(ii) On or before the 2016-A Closing Date, the Issuer shall cause the Servicer to establish and maintain, at an Eligible Institution, which shall initially be the Securities Intermediary, in the name of the Indenture Trustee, for the benefit of the Noteholders, the 2016-A Distribution Account as provided in Section 4.01(a) of the 2016-A Servicing Supplement.  On each Payment Date prior to the acceleration of the Notes after the occurrence of an Event of Default, the Indenture Trustee shall apply or cause to be applied the amount on deposit in the 2016-A Distribution Account on such Payment Date in accordance with Section 8.03.

 

(iii) On or before the 2016-A Closing Date, the Issuer shall cause the Servicer to establish and maintain, at an Eligible Institution, which shall initially be the Securities Intermediary, in the name of the Indenture Trustee, for the benefit of the Noteholders, the 2016-A Reserve Account as provided in Sections 4.01(a) of the 2016-A Servicing Supplement.  On or before each Payment Date, the Indenture Trustee (in accordance with the Monthly Investor Report), directly or through the Note Paying Agent, shall withdraw or cause to be withdrawn from the 2016-A Reserve Account and deposit in the 2016-A Exchange Note Collection Account, the 2016-A Reserve Account Draw Amount, if any, for such Payment Date for distribution according to the priorities specified in Section 8.03(a)(i) through (iii).

 

(iv) For so long as no Default or Event of Default has occurred and is continuing, the depository institution or trust company maintaining the 2016-A Bank Accounts (which initially is the Securities Intermediary) will invest, at the direction of the Servicer (which may be in the form of standing instructions), funds in such accounts in Permitted Investments as provided in Section 5.03(a) of the Basic Servicing Agreement. Investment earnings (net of losses and investment expenses) from amounts on deposit in the 2016-A Bank Accounts shall be treated as 2016-A Available Collections; provided, that the Servicer may direct the Indenture Trustee to hold amounts on deposit in the 2016-A Reserve Account and the 2016-A Exchange Note Collection Account uninvested (which direction may be in the form of standing instructions) for so long as (A) U.S. Bank is the Indenture Trustee hereunder and (B) the Securities Intermediary on behalf of the Indenture Trustee is the entity maintaining the 2016-A Reserve Account and the 2016-A Exchange Note Collection Account.

 

53

(b) Subject to Section 6.01(c), neither the Indenture Trustee nor the Securities Intermediary will be liable by reason of any insufficiency in any of the 2016-A Bank Accounts resulting from any loss on any Permitted Investment included in the 2016-A Bank Accounts, except for losses attributable to the Indenture Trustee’s failure to make payments on such Permitted Investments issued by the Indenture Trustee, in its commercial capacity as principal obligor and not as trustee.

 

(c) If the Securities Intermediary on behalf of the Indenture Trustee is the entity maintaining the 2016-A Bank Accounts and (i) the Servicer has failed to give investment directions for any funds on deposit in any 2016-A Bank Account to the Indenture Trustee by 2:00 p.m., New York City time (or such other time as may be agreed by the Issuer and the Indenture Trustee), on the Business Day preceding the day such investment will be made or (ii) to the knowledge of a Responsible Officer of the Indenture Trustee, a Default or Event of Default has occurred and is continuing with respect to the Notes, the Indenture Trustee will, to the fullest extent practicable, invest and reinvest funds in the 2016-A Bank Accounts, as the case may be, in the most recent investment direction on file with the Indenture Trustee.

 

(d) The Indenture Trustee will notify the entity maintaining the 2016-A Bank Accounts (if not the Indenture Trustee) if a Responsible Officer has knowledge that a Default or Event of Default has occurred and is continuing with respect to the Notes.

 

(e) For so long as no Event of Default resulting in the Notes having being declared immediately due and payable shall have occurred and be continuing, the Issuer shall retain the authority to institute, participate and join in any plan of reorganization, readjustment, merger or consolidation with respect to the issuer of any investments of funds in the Accounts, and, in general, to exercise each and every other power or right with respect to each such investment, including the power to exercise any voting rights in respect of such investments.

 

Section 8.05.  Release of Trust Estate.

 

(a) Subject to the payment of its fees and expenses pursuant to Section 6.07, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the Lien of this Indenture, or convey the Indenture Trustee’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture.  No party relying upon an instrument executed by the Indenture Trustee as provided in this Article shall be bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies.

 

(b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due to the Indenture Trustee pursuant to Section 6.07 and any other Issuer Obligations have been paid, release any remaining portion of the Trust Estate that secured the Notes from the Lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the 2016-A Bank Accounts.  Such release shall include delivery to the Issuer or its designee of the 2016-A Exchange Note and the Notes and the release of the Lien of this Indenture.  Upon the delivery of the 2016-A Exchange Note to the Issuer or its designee, the rights of the Indenture Trustee, as Registered Pledgee of the 2016-A Exchange Note shall terminate and, pursuant to Section 3.01(d) of the 2016-A Exchange Note Supplement, the 2016-

54

A Reference Pool shall be terminated and the 2016-A Leases and 2016-A Vehicles shall be reallocated to the Revolving Pool.

 

(c) The Indenture Trustee shall release property from the Lien of this Indenture pursuant to this Section only upon receipt of an Issuer Request accompanied by an Officer’s Certificate and an Opinion of Counsel and, if required by the TIA or Section 11.01, Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1), and otherwise in accordance with the applicable requirements of Section 11.01.

 

(d) Upon receipt of an Issuer Request, the Indenture Trustee shall execute and deliver any termination statements for filing under the provisions of the UCC of any applicable jurisdiction in connection with the release of the Lien of this Indenture pursuant to this Section.

 

 

 

 

 

 

 

 

 

 

 

 

 

55

ARTICLE NINE

 SUPPLEMENTAL INDENTURES

 

Section 9.01.  Supplemental Indentures Without Consent of Noteholders.

 

(a) The Issuer and the Indenture Trustee, when authorized by an Issuer Order, may, without the consent of any Holders of any Notes but with prior written notice to the Rating Agencies, at any time and from time to time, enter into one or more indentures supplemental hereto, in form satisfactory to the Indenture Trustee, for any of the following purposes:

 

(i) to correct or amplify the description of any property at any time subject to the Lien of this Indenture, or better to assure, convey and confirm unto the Indenture Trustee any property subject or required to be subjected to the Lien of this Indenture, or to subject to the Lien of this Indenture additional property;

 

(ii) to evidence the succession, in compliance with the applicable provisions hereof, of another Person to the Issuer, and the assumption by any such successor of the covenants of the Issuer herein and in the Notes contained;

 

(iii) to add to the covenants of the Issuer, for the benefit of the Noteholders, or to surrender any right or power herein conferred upon the Issuer;

 

(iv) to convey, transfer, assign, mortgage or pledge any property to or with the Indenture Trustee;

 

(v) to cure any ambiguity, to correct or supplement any provision herein or in any supplemental indenture that may be inconsistent with any other provision herein or in any supplemental indenture or in any offering document used in connection with the initial offer and sale of the Notes or other 2016-A Basic Document;

 

(vi) to evidence and provide for the acceptance of the appointment hereunder by a successor trustee with respect to the Notes and to add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee, pursuant to the requirements of Article Six;

 

(vii) to modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to effect the qualification of this Indenture under the TIA or under any similar federal statute hereafter enacted and to add to this Indenture such other provisions as may be expressly required by the TIA or the rules and regulations of the Commission; or

 

(viii) to add any provision to, or change in any manner or eliminate any of the provisions of, this Indenture or to modify in any manner the rights of the Holders of Notes under this Indenture;

 

provided, however, that no such supplemental indenture (i) may materially adversely affect the interests of any Noteholder and (ii) will be permitted unless an Opinion of Counsel is delivered 

56

to the Indenture Trustee to the effect that such supplemental indenture will not (a) cause the Issuer to be classified as an association or a publicly traded partnership taxable as a corporation for federal income tax purposes, (b) cause the Notes to be characterized other than as indebtedness for federal income tax purposes and (c) cause the Notes to be deemed to have been exchanged for purposes of Section 1001 of the Code.  The Indenture Trustee is hereby authorized to join in the execution of any such supplemental indenture and to make any further appropriate agreements and stipulations that may be therein contained.

 

(b) A supplemental indenture shall be deemed not to materially adversely affect the interests of any Noteholder if the Person requesting such supplemental indenture (i) has satisfied the Rating Agency Condition or (ii) obtains and delivers to the Indenture Trustee an Opinion of Counsel or an Officer’s Certificate of the Issuer, in either case to the effect that the supplemental indenture would not materially adversely affect the interests of any Noteholder.

 

Section 9.02.  Supplemental Indentures With Consent of Noteholders.  The Issuer and the Indenture Trustee, when authorized by an Issuer Order, at any time and from time to time, may enter into one or more indentures supplemental hereto, with prior written notice to the Rating Agencies, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or modifying in any manner the rights of the Noteholders; provided, that no such amendment may be made without the consent of the Majority Noteholders of the Controlling Class.  Notwithstanding the foregoing, the Issuer and the Indenture Trustee may not, without the consent of each Noteholder affected thereby, enter into any supplements for any of the following purposes:

 

(a) change the Final Scheduled Payment Date of or the due date of any installment of principal of or interest on any Note, or reduce the principal amount thereof, the Interest Rate thereon or the Note Redemption Price with respect thereto, change the provisions of this Indenture relating to the application of 2016-A Collections on, or the proceeds of the sale of, the Trust Estate to payment of principal of or interest on the Notes, or change any place of payment where, or the coin or currency in which, any Note or the interest thereon is payable;

 

(b) reduce the percentage of Note Balance or the Note Balance of the Controlling Class, the consent of the Holders of which is required for any such supplemental indenture, or the consent of the Holders of which is required for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences provided for in this Indenture;

 

(c) modify or alter (i) the provisions of the proviso to the definition of the term “Outstanding”, (ii) the definition of the term “Note Balance” or (iii) the definition of the term “Controlling Class”;

 

(d) reduce the percentage of the Outstanding Amount required to direct the Indenture Trustee to sell or liquidate the Trust Estate pursuant to Section 5.04, if the proceeds of such sale or liquidation would be insufficient to pay the Outstanding Amount plus accrued but unpaid interest on the Notes;

 

57

(e) reduce the percentage of the Note Balance of the Controlling Class the consent of the Holders of Notes of which is required for any such supplemental indenture amending the provisions of this Indenture which specify the applicable percentage of the Note Balance of the Controlling Class the consent of which is required for such supplemental indenture or the amendment of any other 2016-A Basic Document;

 

(f) modify any provision of this Section except to increase any percentage specified herein or to provide that certain additional provisions of this Indenture or the other 2016-A Basic Documents cannot be modified or waived without the consent of the Holder of each Outstanding Note affected thereby;

 

(g) modify any of the provisions of this Indenture in such manner as to affect the calculation of the amount of any payment of interest or principal due on any Note on any Payment Date (including the calculation of any of the individual components of such calculation) or to affect the rights of the Holders of Notes to the benefit of any provisions for the mandatory redemption of the Notes contained herein;

 

(h) permit the creation of any Lien ranking prior to or on a parity with the Lien of this Indenture with respect to any part of the Trust Estate or, except as otherwise permitted or contemplated herein, terminate the Lien of this Indenture on any property at any time subject hereto or deprive the Holder of any Note of the security provided by the Lien of this Indenture;

 

(i) impair the right to institute suit for the enforcement of payment as provided in Section 5.07; or

 

(j) modify the definitions of 2016-A Aggregate Securitization Value, Securitization Value or the Required Reserve Amount.

 

The Indenture Trustee is hereby authorized to join in the execution of any such supplemental indenture and to make any further appropriate agreements and stipulations that may be therein contained.

 

The Indenture Trustee may in its discretion determine whether or not any Notes would be affected by any supplemental indenture and any such determination shall be conclusive upon the Holders of all Notes, whether theretofore or thereafter authenticated and delivered hereunder.  The Indenture Trustee shall not be liable for any such determination made in good faith.

 

It shall not be necessary for any Act of Noteholders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof.

 

Promptly after the execution by the Issuer and the Indenture Trustee of any supplemental indenture pursuant to this Section, the Indenture Trustee shall mail to the Holders of Notes to which such amendment or supplemental indenture relates a notice setting forth in general terms the substance of such supplemental indenture.  Any failure of the Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture.

 

58

Section 9.03.  Execution of Supplemental Indentures.

 

(a) In executing, or permitting the additional trusts created by, any supplemental indenture permitted by this Article or the modification thereby of the trusts created by this Indenture, the Indenture Trustee shall be entitled to receive, and subject to Sections 6.01 and 6.02, shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture and all the conditions precedent have been satisfied.  The Indenture Trustee may, but shall not be obligated to, enter into any such supplemental indenture that affects the Indenture Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise.  Any supplemental indenture, amendment or waiver that affects the rights, immunities, duties or liabilities of the Owner Trustee shall require the written consent of the Owner Trustee.

 

(b) In connection with each supplemental indenture, the Issuer shall deliver an Opinion of Counsel to the Indenture Trustee to the effect that such action shall not (i) cause the Issuer to be classified as (A) an association or (B) a publicly traded partnership taxable as a corporation for federal income tax purposes, (ii) cause the Notes to be characterized other than as indebtedness for federal income tax purposes and (iii) cause the Notes to be deemed to have been exchanged for purposes of Section 1001 of the Code.

 

Section 9.04.  Effect of Supplemental Indenture.  Upon the execution of any supplemental indenture pursuant to the provisions hereof, this Indenture shall be and shall be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights, obligations, duties, liabilities and immunities under this Indenture of the Indenture Trustee, the Issuer, the Owner Trustee and the Holders of Notes shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes.

 

Section 9.05.  Conformity with Trust Indenture Act.  Every amendment of this Indenture and every supplemental indenture executed pursuant to this Article shall conform to the requirements of the TIA as then in effect so long as this Indenture shall then be qualified under the TIA.

 

Section 9.06.  Reference in Notes to Supplemental Indentures.  Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and if required by the Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee as to any matter provided for in such supplemental indenture.  If the Issuer or the Indenture Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes.

 

59

ARTICLE TEN

 REDEMPTION OF NOTES

 

Section 10.01.  Redemption.  Pursuant to Section 5.01(a) of the Servicing Supplement, on any Payment Date on which the Outstanding Amount is equal to or less than 5% of the Initial Note Balance, after giving effect to all principal payments on such Payment Date, the Servicer may cause the Notes to be redeemed in whole but not in part by purchasing the 2016-A Exchange Note.  If the Notes are to be redeemed pursuant to this Section, the Servicer or the Issuer will notify the Indenture Trustee of such election not less than ten days and not more than 30 days prior to the Redemption Date.  The Issuer will, or will cause the Servicer to, irrevocably deposit, by 2:00 p.m., New York City time, on the Business Day prior to the Redemption Date, in the 2016-A Exchange Note Collection Account an amount sufficient to pay the Note Redemption Price in full, which amounts shall be applied in accordance with Section 8.03.  Upon redemption of the Notes and the payment of the Note Redemption Price in full, the Indenture Trustee shall release the 2016-A Exchange Note and the related components of the Trust Estate from the Lien of this Indenture and shall deliver the 2016-A Exchange Note and all such other components to or upon the order of the Servicer.

 

Section 10.02.  Form of Redemption Notice.  Notice of redemption under Section 10.01 shall be given by the Indenture Trustee by first-class mail, postage prepaid, or by facsimile and mailed or transmitted not later than ten days prior to the applicable Redemption Date to each Holder of Notes, as of the close of business on the Record Date preceding the applicable Redemption Date, at such Holder’s address or facsimile number appearing in the Note Register.

 

All notices of redemption will state:

 

(a) the Redemption Date;

 

(b) the Note Redemption Price;

 

(c) the place where such Notes are to be surrendered for payment of the Note Redemption Price (which will be the office or agency of the Issuer maintained as provided in Section 3.02);

 

(d) the applicable “CUSIP” number; and

 

(e) that on the Redemption Date, the Note Redemption Price will become due and payable upon the Notes and that interest on the Notes will cease to accrue from and after the Redemption Date.

 

Notice of redemption of the Notes will be given by the Indenture Trustee in the name and at the expense of the Issuer.  Failure to give notice of redemption, or any defect in such notice, to any Noteholder will not impair or affect the validity of the redemption of any other Note.

 

Section 10.03.  Notes Payable on Redemption Date.  The Notes to be redeemed shall, following notice of redemption as required by Section 10.02, on the Redemption Date become due and payable at the Note Redemption Price, and (unless the Issuer shall default in the 

60

payment of the Note Redemption Price) no interest shall accrue on the Note Redemption Price for any period after the date to which accrued interest is calculated for purposes of calculating the Note Redemption Price.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

61

ARTICLE ELEVEN

 MISCELLANEOUS

 

Section 11.01.  Compliance Certificates and Opinions, etc.

 

(a) Upon any application or request by the Issuer to the Indenture Trustee to take any action under any provision of this Indenture, the Issuer shall furnish to the Indenture Trustee (i) an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with, (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with and (iii) if required by Section 11.01(b)(ii) or the TIA, an Independent Certificate, except that, in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture, no additional certificate or opinion need be furnished.

 

Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include:

 

(i) a statement that each signatory of such certificate or opinion has read or has caused to be read such covenant or condition and the definitions herein relating thereto;

 

(ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;

 

(iii) a statement that, in the opinion of each such signatory, such signatory has made such examination or investigation as is necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with; and

 

(iv) a statement as to whether, in the opinion of each such signatory, such condition or covenant has been complied with.

 

(b) (i) Prior to the deposit of any of the Trust Estate or other property or securities with the Indenture Trustee that is to be made the basis for the release of any property or securities subject to the Lien of this Indenture, the Issuer shall, in addition to any obligation imposed in Section 11.01(a) or elsewhere in this Indenture, deliver to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each individual signing such certificate as to the fair value (within 90 days of such deposit) to the Issuer of the Trust Estate or other property or securities to be so deposited.

 

(ii) Whenever the Issuer is required to furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (i) above, the Issuer shall also furnish to the Indenture Trustee an Independent Certificate as to the same matters, if the fair value to the Issuer of the property or securities to be so deposited and of all other such securities made the basis of 

62

any such withdrawal or release since the commencement of the then-current fiscal year of the Issuer, as set forth in the certificates furnished pursuant to clause (i) above and this clause (ii), is 10% or more of the Note Balance, but such a certificate need not be furnished with respect to any property or securities so deposited, if the fair value thereof to the Issuer as set forth in the related Officer’s Certificate is less than $25,000 or less than 1% of the Note Balance.

 

(iii) Other than with respect to any release described in clause (A) or (B) of Section 11.01(b)(v), whenever any property or securities are to be released from the Lien of this Indenture, the Issuer shall also furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days of such release) of the property or securities proposed to be released and stating that in the opinion of such person the proposed release will not impair the security under this Indenture in contravention of the provisions hereof.

 

(iv) Whenever the Issuer is required to furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (iii) above, the Issuer shall also furnish to the Indenture Trustee an Independent Certificate as to the same matters if the fair value of the property or securities and of all other property (other than property described in clauses (A) or (B) of Section 11.01(b)(v)) released from the Lien of this Indenture since the commencement of the then-current calendar year, as set forth in the certificates required by clause (iii) above and this clause (iv), equals 10% or more of the Note Balance, but such certificate need not be furnished in the case of any release of property or securities if the fair value thereof as set forth in the related Officer’s Certificate is less than $25,000 or less than 1% of the Note Balance at the time of such release.

 

(v) Notwithstanding Section 2.13 or any other provision of this Section, the Issuer may, without compliance with the requirements of the other provisions of this Section, (A) collect, liquidate, sell or otherwise dispose of the Trust Estate as and to the extent permitted or required by the 2016-A Basic Documents and (B) make cash payments out of the 2016-A Exchange Note Collection Account as and to the extent permitted or required by the 2016-A Basic Documents.

 

Section 11.02.  Form of Documents Delivered to Indenture Trustee.  In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.

 

Any certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which such officer’s certificate or opinion is based are erroneous.  Any such certificate of an Authorized Officer or Opinion of 

63

Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Servicer, the Issuer, the Transferor or the Administrator, stating that the information with respect to such factual matters is in the possession of the Servicer, the Issuer, the Transferor or the Administrator, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous.

 

Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument.

 

Whenever in this Indenture, in connection with any application or certificate or report to the Indenture Trustee, it is provided that the Issuer shall deliver any document as a condition of the granting of such application, or as evidence of the Issuer’s compliance with any term hereof, it is intended that the truth and accuracy, at the time of the granting of such application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Issuer to have such application granted or to the sufficiency of such certificate or report.  The foregoing shall not, however, be construed to affect the Indenture Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in Article Six.

 

Section 11.03.  Acts of Noteholders.

 

(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by agents duly appointed in writing; and except as herein otherwise expressly provided such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee and, where it is hereby expressly required, to the Issuer.  Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments.  Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.01) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this Section.

 

(b) The fact and date of the execution by any Person of any such instrument or writing may be proved in any manner that the Indenture Trustee deems sufficient.

 

(c) The ownership of Notes shall be proved by the Note Register.

 

(d) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Note shall bind the Holder of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture Trustee or the Issuer in reliance thereon, whether or not notation of such action is made upon such Note.

 

Section 11.04.  Notices.  Unless otherwise specified in this Indenture, all notices, requests, demands, consents, waivers, Act of Noteholders or other communications to or from 

64

the parties to this Indenture will be in writing.  Notices, requests, demands, consents and other communications will be deemed to have been given and made, (i) upon delivery or, in the case of a letter mailed via registered first class mail, postage prepaid, three days after deposit in the mail and (ii) in the case of (a) a facsimile, when receipt is confirmed by telephone or by reply e-mail or reply facsimile from the recipient, (b) an e-mail, when receipt is confirmed by telephone or by reply e-mail from the recipient and (c) an electronic posting to a password-protected website, upon printed confirmation of the recipient’s access to such password-protected website, or when notification of such electronic posting is confirmed in accordance with clauses (ii)(b) and (ii)(c) above.  Unless otherwise specified in this Indenture, any such notice, request, demand, consent or other communication will be delivered or addressed, in the case of (i) the Indenture Trustee by any Noteholder or by the Issuer at the Corporate Trust Office (e-mail: melissa.rosal@usbank.com, telecopier no. (312) 332-7996), (ii) the Issuer by the Indenture Trustee or by any Noteholder at Mercedes-Benz Auto Lease Trust 2016-A, c/o Wilmington Trust, National Association (telecopier no. (302) 636-4140), Attention: Corporate Trust Administration, (e-mail: cmay@wilmingtontrust.com), with a copy to the Administrator at Mercedes-Benz Financial Services USA LLC, 36455 Corporate Drive, Farmington Hills, Michigan  48331 (telecopier no. (248) 991-6962), Attention: Steven C. Poling (e-mail steven.c.poling@daimler.com), (iii) to each Rating Agency, as applicable, by the Issuer, the Indenture Trustee or the Owner Trustee, in the case of (a) Fitch, at Fitch Ratings, 33 Whitehall Street, New York 10004, Attention: ABS Surveillance (email: surveillance-abs-auto@fitchratings.com)  and (b) Moody’s, at Moody’s Investors Service, Inc., ABS Monitoring Department, 7 World Trade Center, 25th Floor, 250 Greenwich Street, New York, New York 10007 (e-mail: ServicerReports@Moodys.com) and (iv) as to each of the foregoing, at such other address as shall be designated by written notice to the other parties.

 

Section 11.05.  Notices to Noteholders; Waiver.  Where this Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and sent by first-class mail, postage prepaid, or via overnight courier to each Noteholder affected by such event, at such Holder’s address as it appears on the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice.  In any case where notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly given.

 

Where this Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice.  Waivers of notice by Noteholders shall be filed with the Indenture Trustee but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such a waiver.

 

In case, by reason of the suspension of regular mail service as a result of a strike, work stoppage or similar activity, it shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to the Indenture Trustee shall be deemed to be a sufficient giving of such notice.

 

65

Where this Indenture provides for notice to any Rating Agency, failure to give such notice shall not affect any other rights or obligations created hereunder, and shall not under any circumstance constitute a Default or Event of Default.

 

Section 11.06.  Conflict with Trust Indenture Act.  If any provision hereof limits, qualifies or conflicts with another provision hereof that is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control.

 

The provisions of TIA Sections 310 through 317 that impose duties on any Person (including the provisions automatically deemed included herein unless expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein.

 

Section 11.07.  Alternate Payment and Notice Provisions.  Notwithstanding any provision of this Indenture or any of the Notes to the contrary, the Issuer may enter into any agreement with any Holder of a Note providing for a method of payment, or notice by the Indenture Trustee or any Note Paying Agent to such Holder, that is different from the methods provided for in this Indenture for such payments or notices. The Issuer will furnish to the Indenture Trustee a copy of each such agreement and the Indenture Trustee will cause payments to be made and notices to be given in accordance with such agreements.

 

Section 11.08.  Effect of Headings and Table of Contents.  The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof.

 

Section 11.09.  Successors and Assigns.  All covenants and agreements in this Indenture and the Notes by the Issuer shall bind its successors and assigns, whether so expressed or not.  All agreements of the Indenture Trustee in this Indenture shall bind its successors, co-trustees and agents.

 

Section 11.10.  Severability.  In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions of this Indenture and the Notes shall not in any way be affected or impaired thereby.

 

Section 11.11.  Benefits of Indenture.  Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, the Owner Trustee, the Noteholders (and, with respect to Sections 5.04 and 8.03, the Certificateholders), any other party secured hereunder and any other Person with an ownership interest in any part of the Trust Estate, any benefit or any legal or equitable right, remedy or claim under this Indenture.

 

Section 11.12.  Legal Holidays.  In any case where the date on which any payment is due shall not be a Business Day, then (notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which nominally due, and, except as otherwise provided in the 2016-A Basic Documents, no interest shall accrue for the period from and after any such nominal date.

 

66

Section 11.13.  GOVERNING LAW.

 

(a) THIS INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY OTHERWISE APPLICABLE PRINCIPLES OF CONFLICT OF LAWS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

(b) Each party to this Indenture submits to the nonexclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York State Court sitting in New York, New York for purposes of all Proceedings arising out of or relating to this Indenture or the transactions contemplated by the 2016-A Basic Documents.  Each party to this Indenture irrevocably waives, to the fullest extent it may do so, any objection that it may now or hereafter have to the laying of the venue of any such Proceeding brought in such a court and any claim that any such Proceeding brought in such a court has been brought in an inconvenient forum.

 

Section 11.14.  WAIVER OF JURY TRIAL.  EACH PARTY TO THIS INDENTURE IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE OR ANY OTHER 2016-A BASIC DOCUMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS INDENTURE OR ANY SUCH OTHER 2016-A BASIC DOCUMENT.

 

Section 11.15.  Counterparts.  This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.

 

Section 11.16.  Recording of Indenture.  If this Indenture is subject to recording in any appropriate public recording offices, such recording shall be effected by the Issuer and at its expense accompanied by an Opinion of Counsel (which may be counsel to the Indenture Trustee or any other counsel reasonably acceptable to the Indenture Trustee) to the effect that such recording is necessary either for the protection of the Noteholders or any other Person secured hereunder or for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture.

 

Section 11.17.  Issuer Obligation.  No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the Owner Trustee in its individual capacity, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner 

67

Trustee have no such obligations in their individual capacities) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by Applicable Law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity.  For all purposes of this Indenture, in the performance of any duties or obligations of the Issuer hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles Six, Seven and Eight of the Trust Agreement.

 

Section 11.18.  No Petition.  The Indenture Trustee, by entering into this Indenture, and each Noteholder or Note Owner accepting a Note or a beneficial interest therein, as the case may be, hereby covenants and agrees that for a period of one year and one day (or, if longer, any applicable preference period) after payment in full of the Exchange Notes, Notes and other Securities, it will not institute against the Titling Trust, the Transferor, the Issuer or the Initial Beneficiary, or join in any institution against the Titling Trust, the Transferor, the Issuer or the Initial Beneficiary of any bankruptcy, reorganization, arrangement, insolvency or liquidation Proceedings or other Proceedings under any Insolvency Law in connection with any obligations relating to the Notes, the 2016-A Exchange Note or any 2016-A Basic Document and agrees that it will not cooperate with or encourage others to institute any such Proceeding.

 

Section 11.19.  No Recourse.

 

(a) The Notes represent obligations of the Issuer only and do not represent an interest in or obligations of the Titling Trust, the Servicer, the Transferor or any of their respective Affiliates, and no recourse may be had against such parties or their assets, except as may be set forth in this Indenture and the other 2016-A Basic Documents.  Each Noteholder, by acceptance of a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee in its individual capacity or any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity.

 

(b) It is expressly understood and agreed by the parties hereto that (i) this Indenture is executed and delivered by the Owner Trustee, not individually or personally but solely as Owner Trustee, in the exercise of the powers and authority conferred and vested in it, (ii) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by the Owner Trustee but is made and intended for the purpose of binding only the Issuer, (iii) nothing herein contained shall be construed as creating any liability on the Owner Trustee, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto (iv) the Owner Trustee has not verified and has made no investigation as to the 

68

accuracy or completeness of any representations or warranties made by the Issuer hereunder and (v) under no circumstances shall the Owner Trustee be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Indenture or any other related documents

 

Section 11.20.  Inspection.  The Issuer agrees that, on at least ten Business Days’ prior written notice, it will make available to any representative of the Indenture Trustee, during the Issuer’s normal business hours, all the books of account, records, reports and other papers of the Issuer, to make copies and extracts therefrom, to cause such books to be audited by Independent certified public accountants, and to discuss the Issuer’s affairs, finances and accounts with the Issuer’s officers, employees and Independent certified public accountants, all at such reasonable times and as often as may be reasonably requested; provided, however, that so long as no Event of Default has occurred, no more than one such review shall be conducted in any calendar year.  The Indenture Trustee shall, and shall cause its representatives to, hold in confidence all such information except to the extent disclosure may be required by law (and all reasonable applications for confidential treatment are unavailing) and except to the extent that the Indenture Trustee may reasonably determine that such disclosure is consistent with its obligations hereunder.

 

Section 11.21.  Subordination.

 

(a) The obligations of the Issuer under this Indenture are solely the obligations of the Issuer and will not represent any obligation or interest in any assets of the Transferor other than the Trust Estate, or any assets of the Holding Company other than the Titling Trust Assets that are allocated to the Daimler Retail Specified Interest that are designated as part of the 2016-A Reference Pool.  In furtherance of and not in derogation of the foregoing, the Indenture Trustee, by entering into this Indenture, and each Noteholder, acknowledge and agree that they will have no right, title or interest in or to any other assets of the Transferor or the Holding Company.  To the extent that, notwithstanding the preceding sentence, the Indenture Trustee or any Noteholder either (i) asserts an interest or claim to, or benefit from, other assets or (ii) is deemed to have any such interest, claim to, or benefit in or from other assets, whether by operation of law, legal process, pursuant to applicable provisions of Insolvency Laws or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code or any successor provision having similar effect under the Bankruptcy Code), then the Indenture Trustee or any Noteholder further acknowledges and agrees that any such interest, claim or benefit in or from other assets is and will be expressly subordinated to the indefeasible payment in full of the other obligations and liabilities, which, under the terms of the relevant documents relating to the securitization or conveyance of such other assets, are entitled to be paid from, entitled to the benefits of or otherwise secured by such other assets (whether or not any such entitlement or security interest is legally perfected or otherwise entitled to a priority of distributions or application under applicable law, including Insolvency Laws, and whether or not asserted against the Transferor or the Holding Company, as applicable), including the payment of post-petition interest on such other obligations and liabilities.  This subordination agreement will be deemed a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code.  The Indenture Trustee or any Noteholder further acknowledge and agree that no adequate remedy at law exists for a breach of this Section and the terms of this Section may be enforced by an action for specific performance.

 

69

(b) Each of the Indenture Trustee and any Noteholder irrevocably makes the election afforded to secured creditors by Section 1111(b)(1)(A)(i) of the Bankruptcy Code to receive the treatment afforded by Section 1111(b)(2) of the Bankruptcy Code with respect to any secured claim that the Indenture Trustee or any Noteholder may have against any other assets of the Transferor or the Issuer other than the Trust Estate or, in the case of the Holding Company, the Daimler Retail Specified Interest.

 

Section 11.22.  Termination of Collateral Agent’s Lien.  In connection with the final payment on the Notes and the termination of the Lien of the Indenture, whether pursuant to Section 4.01, Section 10.01 or otherwise, the Indenture Trustee shall, at the direction of the Borrower, the Lender or the Servicer, deliver to the Collateral Agent notices and other documents requested to (i) terminate the Lien of the Collateral Agent, if any, on the Certificates of Title to the 2016-A Vehicles and (ii) otherwise release the rights the Collateral Agent has to the 2016-A Vehicles by virtue of its Lien, if any, on the related Certificates of Title and the other components of the Trust Estate.

 

Section 11.23.  Each Exchange Note Separate; Assignees of Exchange Note.  Each party hereto acknowledges and agrees (and each holder or pledgee of the 2016-A Exchange Note, by virtue of its acceptance of such Exchange Note or pledge thereof acknowledges and agrees) that (i) the Specified Interest is a separate series of the Titling Trust as provided in Section 3806(b)(2) of Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code Section 3801 et seq., (ii) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to (a) the 2016-A Exchange Note or the related 2016-A Reference Pool shall be enforceable against such 2016-A Reference Pool only and not against any other Reference Pool or the Revolving Facility Pool and (b) any other Exchange Note, any other Reference Pool, or the Revolving Facility Pool shall be enforceable against such other Exchange Note, other Reference Pools, or the Revolving Facility Pool only, as applicable, and not against the 2016-A Exchange Note or any 2016-A Lease or 2016-A Vehicle included in the 2016-A Reference Pool, (iii) except to the extent required by law, the leases and the related leased vehicles included in the Revolving Facility Pool or leases and the related leased vehicles included in any other Reference Pool with respect to any other Exchange Note (other than the 2016-A Exchange Note transferred hereunder which is related to the 2016-A Reference Pool) shall not be subject to the claims, debts, liabilities, expenses or obligations arising from or with respect to the 2016-A Exchange Note in respect of such claim, (iv) no creditor or holder of a claim relating to (a) the 2016-A Exchange Note or the related 2016-A Reference Pool shall be entitled to maintain any action against or recover any assets allocated to any other Reference Pool, the Revolving Facility Pool or any other Exchange Note or the assets allocated thereto (except to the extent of amounts available to such Persons on a fully subordinated basis) and (b) any other Reference Pool, the Revolving Facility Pool or any other Exchange Note other than the 2016-A Exchange Note related to the 2016-A Reference Pool shall be entitled to maintain any action against or recover any assets allocated to the 2016-A Reference Pool and (v) any purchaser, assignee or pledgee of an interest in the 2016-A Reference Pool or, the 2016-A Exchange Note, must, prior to or contemporaneously with the grant of any such assignment, pledge or security interest, (a) give to the Titling Trust a non-petition covenant substantially similar to that set forth in Section 11.10 of the Titling Trust Agreement and (b) execute an agreement for the benefit of each holder, assignee or pledgee from time to time of any other Exchange Note to release all claims to the assets of the Titling Trust allocated to the Revolving Facility Pool and each other Reference Pool 

70

and, in the event that such release is not given effect, to fully subordinate all claims it may be deemed to have against the assets of the Titling Trust allocated to the Revolving Facility Pool and each other Reference Pool.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

71

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

 

	 	MERCEDES-BENZ AUTO LEASE TRUST 2016-A	 
	 	 	 	 
	 	By:	
WILMINGTON TRUST, NATIONAL 

ASSOCIATION, not in its individual capacity but 

solely as Owner Trustee

	 
	 	 	 	 
	
 

	
By: 

	/s/ Todd Goldstein	 
	 	 	Name: Todd Goldstein	 
	 	 	Title:   Assistant Vice President	 
	 	 	 	 

 

	 	
U.S. BANK NATIONAL ASSOCIATION, not in its 

individual capacity but solely as Indenture Trustee

	 
	 	 	 	 
	
 

	
By: 

	/s/ Melissa A. Rosal	 
	 	 	Name: Melissa A. Rosal	 
	 	 	Title:   Vice President	 
	 	 	 	 

 

 

Indenture

EXHIBIT A

 

FORM OF CLASS [A‐1] [A-2A][A-2B] [A‐3] [A‐4] NOTE

 

EACH PURCHASER AND TRANSFEREE (AND IF SUCH PURCHASER OR TRANSFEREE IS A “BENEFIT PLAN” (AS DEFINED BELOW), ITS FIDUCIARY) WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (1) IT IS NOT, AND IT IS NOT ACTING ON BEHALF OF OR USING THE ASSETS OF, AN “EMPLOYEE BENEFIT PLAN”, AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), A “PLAN”, AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), THAT IS SUBJECT TO SECTION 4975 OF THE CODE OR ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA), OR ANY GOVERNMENTAL, CHURCH, NON-US, OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE, LOCAL OR NON-U.S. LAW THAT IS SUBSTANTIALLY SIMILAR TO THE PROVISIONS OF SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (EACH, A ‘BENEFIT PLAN”) OR (2) IT’S ACQUISITION AND CONTINUED HOLDING OF THIS NOTE (OR INTEREST HEREIN) WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY FEDERAL, STATE, LOCAL OR NON-U.S. LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”).  EACH BENEFICIAL OWNER OF THIS NOTE WILL BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN THE INDENTURE.

 

ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUING ENTITY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO.).

 

TRANSFERS OF THIS NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN.

 

A-1

THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.  ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE INDENTURE TRUSTEE.

 

THE FAILURE TO PROVIDE THE ISSUING ENTITY AND THE INDENTURE TRUSTEE WITH THE APPLICABLE FEDERAL INCOME TAX CERTIFICATIONS (GENERALLY, AN INTERNAL REVENUE SERVICE FORM W-9 (OR SUCCESSOR APPLICABLE FORM) IN THE CASE OF A PERSON THAT IS A “UNITED STATES PERSON” WITHIN THE MEANING OF SECTION 7701(A)(30) OF THE INTERNAL REVENUE CODE, OR AN APPROPRIATE INTERNAL REVENUE SERVICE FORM W-8 (OR SUCCESSOR APPLICABLE FORM) IN THE CASE OF A PERSON THAT IS NOT A “UNITED STATES PERSON” WITHIN THE MEANING OF SECTION 7701(A)(30) OF THE INTERNAL REVENUE CODE) MAY RESULT IN THE IMPOSITION OF FEDERAL BACK-UP WITHHOLDING UPON PAYMENTS TO THE HOLDER IN RESPECT OF THIS` NOTE.

 

[FOR CLASS A-2A, A-2B, A‐3, A‐4, NOTES] THIS NOTE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A‐1 NOTES [THE CLASS A-2A NOTES, THE CLASS A-2B NOTES] [THE CLASS A‐3 NOTES] AS DESCRIBED IN THE INDENTURE REFERRED TO HEREIN.]

 

	
REGISTERED

	
$___________

	
No. R-______

	
CUSIP NO. ___________

 

MERCEDES-BENZ AUTO LEASE TRUST 2016-A

 [_____%][LIBOR + __%] CLASS [A‐1] [A-2A][A-2B] [A-3] [A‐4] ASSET BACKED NOTE

 

Mercedes-Benz Auto Lease Trust 2016-A, a statutory trust organized and existing under the laws of the State of Delaware (including any permitted successors and assigns, the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or its registered assigns, the principal sum of ___________________ DOLLARS ($___________), payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which is $___________  [Denomination of Note] and the denominator of which is $___________ [Initial Note Balance of Class] by (ii) the aggregate amount in respect of principal of the Class [A‐1] [A-2A][A-2B] [A-3] [A‐4]  Notes, if any, payable to the extent described in the Indenture referred to on the reverse hereof on each Payment Date; provided, however, that the entire unpaid principal amount of this Note shall be payable on the earlier of _______________, 20__ (the “Class [A‐1] [A-2A][A-2B] [A‐3] [A‐4] Final Scheduled Payment Date”) and the Redemption Date, if any, selected pursuant to the Indenture.  Capitalized terms used but not defined herein shall have the meanings ascribed thereto in the Indenture, which also contains rules as to construction that shall be applicable herein.

 

The Issuer will pay interest on this Note at the rate per annum shown above on each Payment Date (to the extent that such rate does not exceed the maximum rate permitted by Applicable Law) until the principal of this Note is paid or made available for payment, on the 

A-2

principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all payments of principal made on such preceding Payment Date), or on the Closing Date in the case of the first Payment Date or if no interest has yet been paid, subject to certain limitations contained in the Indenture.  Interest on this Note will accrue for each Payment Date from, and including, [For Class A‐1, A-2B Notes: the most recent Payment Date on which interest has been paid (or, in the case of the first Payment Date or if no interest has yet been paid, from and including the Closing Date), to but excluding such current Payment Date.  Interest will be computed on the basis of the actual number of days during the related Interest Period divided by 360.]  [For Class A-2A, Class A‐3 and Class A‐4 Notes: the 15th day of the prior calendar month (or, in the case of the first Payment Data or if no interest has yet been paid, from and including the Closing Date), to but excluding the 15th day of the current calendar month.  Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months.]  The Issuer shall pay interest on overdue installments of interest at the interest rate otherwise applicable thereto to the extent lawful.  Such principal and interest on this Note shall be paid in the manner specified on the reverse hereof.

 

The principal of and interest on this Note are payable in such coin or currency of the United States as at the time of payment is legal tender for payment of public and private debts.  All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.

 

Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note.

 

Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual or facsimile signature, this Note shall not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose.

 

A-3

IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by an Authorized Officer, as of the date set forth below.

 

 

	Date:  March __, 2016	MERCEDES-BENZ AUTO LEASE TRUST 2016-A	 
	 	 	 	 
	 	By:	
WILMINGTON TRUST, NATIONAL 

ASSOCIATION, not in its individual capacity but 

solely as Owner Trustee

	 
	 	 	 	 
	
 

	
By: 

	 	 
	 	 	Authorized Signatory	 
	 	 		 
	 	 	 	 

 

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes designated above and referred to in the within-mentioned Indenture.

 

	Date:  March __, 2016	
U.S. BANK NATIONAL ASSOCIATION,

 not in its individual capacity but solely as Indenture 

Trustee

	 
	 	 	 	 
	
 

	
By: 

	 	 
	 	 	Authorized Signatory	 
	 	 		 
	 	 	 	 

 

 

 

A-4

[REVERSE OF CLASS [A‐1] [A-2A][A-2B] [A‐3] [A‐4] NOTE]

 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its [[_____%][floating rate]] Class [A‐1] [A-2A][A-2B] [A‐3] [A‐4] Asset Backed Notes (the “Class [___] Notes”), all issued under the Indenture, dated as of March 1, 2016 (the “Indenture”), between the Issuer and U.S. Bank National Association, as indenture trustee (the “Indenture Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders.  The Notes are subject to all terms of the Indenture.  All terms used in this Note are defined in Appendix 1 to the 2016-A Servicing Supplement and if not defined therein, in Appendix A to the Basic Collateral Agency Agreement.

 

The Class A‐1 Notes, the Class A-2A Notes, the Class A-2B Notes, the Class A‐3 Notes and the Class A‐4 Notes (collectively, the “Notes”) are, except as otherwise provided in the Indenture, equally and ratably secured by the 2016-A Collateral pledged as security therefor as provided in the Indenture.  However, to the extent provided in the Indenture, each Class of Notes will receive principal payment sequentially so no principal payments shall be made in respect of the Class A-2A Notes and the Class A-2B Notes until the Class A-1 Notes have been paid in full, no principal payments shall be made in respect of the Class A-3 Notes until the Class A-1 Notes, the Class A-2A Notes and the Class A-2B Notes have been paid in full and no principal payments shall be made in respect of the Class A-4 Notes until the Class A-1 Notes, the Class A-2A Notes, the Class A-2B Notes and the Class A-3 Notes have been paid in full.

 

Principal payable on the Class [A‐1] [A-2A][A-2B] [A‐3] [A-4] Notes will be paid on each Payment Date in the amount specified in the Indenture.  As described above, the entire unpaid principal amount of this Note will be payable on the earlier of the Class [A‐1] [A-2A][A-2B] [A‐3] [A‐4] Final Scheduled Payment Date and the Redemption Date, if any, selected pursuant to the Indenture.  Notwithstanding the foregoing, under certain circumstances, the entire unpaid principal amount of the Class [A‐1] [A-2A][A-2B] [A‐3] [A‐4] Notes shall be due and payable following the occurrence and continuance of an Event of Default, if the Indenture Trustee or the Majority Noteholders of Notes of the Controlling Class have declared the Notes to be immediately due and payable in the manner provided in Section 5.02 of the Indenture.  In such an event, principal payments on the Class A-1 Notes shall be made first and until paid in full and principal payments on the remaining Classes of Notes shall be made pro rata to the Noteholders entitled thereto.  All principal payments on the Class [A‐1] [A-2A][A-2B] [A‐3] [A‐4] Notes shall be made pro rata to the Class [A‐1] [A-2A][A-2B] [A‐3] [A‐4] Noteholders entitled thereto.

 

Payments of principal and interest on this Note due and payable on each Payment Date or Redemption Date shall be made by check mailed to the Person whose name appears as the registered Noteholder (or one or more Predecessor Notes) on the Note Register as of the close of business on the related Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee.  Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment.  Any reduction in the 

A-5

principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date or Redemption Date shall be binding upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon.  If funds are expected to be available, as provided in the Indenture, for payment in full of the remaining unpaid principal amount of this Note on a Payment Date or Redemption Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the registered Noteholder as of the Record Date preceding such Payment Date or Redemption Date by notice mailed within 30 days of such Payment Date or Redemption Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Corporate Trust Office of the Indenture Trustee or at the office of the Indenture Trustee’s agent appointed for such purposes located in The City of New York.

 

As provided in the Indenture, the Notes may be redeemed, in whole but not in part, in the manner and to the extent described in the Indenture, the 2016-A Servicing Agreement and the Trust Agreement.

 

As provided in the Indenture and subject to the limitations set forth therein and on the face hereof, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Noteholder or such Noteholder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, all in accordance with the Exchange Act, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees.  No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.

 

Each Noteholder or Note Owner, by acceptance of a Note or a beneficial interest therein, as the case may be, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee or the Owner Trustee, each in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee, each in its individual capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee, each in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by Applicable Law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity.

 

The Notes represent obligations of the Issuer only and do not represent interests in, recourse to or obligations of the Titling Trust, the Transferor, the Initial Beneficiary, the Servicer or any of their respective Affiliates.

 

A-6

Any claim pursuant to any Note issued hereunder against the Titling Trust will be limited in recourse to the assets of the Daimler Retail Specified Interest that are designated as part of the 2016-A Reference Pool.  If, notwithstanding the preceding sentence, any Noteholder or any other Person having a claim under the Indenture will be deemed to have any claim against any Specified Interest of the Initial Beneficiary other than the Daimler Retail Specified Interest, or any assets allocated to any such other Specified Interest, such claim will be subordinate to the payment in full, including post-petition interest, of the claims of (i) the holders of any Securities relating to such other Specified Interest and (ii) parties to any undertaking, agreement, contract or other written obligation of the Holders of the Series relating to such other Specified Interest, the payments under which are derived in any material part from or collateralized by amounts received with respect to the related Specified Assets of such other Specified Interest.

 

Each Noteholder, by accepting a Note, irrevocably makes the election afforded to secured creditors by Section 1111(b)(1)(A)(i) of the Bankruptcy Code to receive the treatment afforded by Section 1111(b)(2) of the Bankruptcy Code with respect to any secured claim that the Noteholder may have at any time against the Titling Trust or any Series other than the Series in connection with which this Note was issued.

 

Each Noteholder or Note Owner, by accepting a Note or a beneficial interest therein, covenants and agrees that for a period of one year and one day (or, if longer, any applicable preference period) after payment in full of all outstanding Notes, it will not institute against the Titling Trust, the Transferor, the Issuer or the Initial Beneficiary, or join in any institution against the Titling Trust, the Transferor, the Issuer or the Initial Beneficiary of any bankruptcy, reorganization, arrangement, insolvency or liquidation Proceedings or other Proceedings under any Insolvency Law in connection with any obligations relating to the Notes or any 2016-A Basic Document.

 

Each Noteholder or holder of an interest in a Note, by acceptance of such Note or such interest therein, agrees to provide to the Indenture Trustee, any Note Paying Agent or the Issuer, upon its request, the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information.  In addition, each Noteholder or holder of an interest in a Note, by acceptance of such Note or such interest therein, agrees that the Indenture Trustee has the right to withhold any amounts of interest (properly withholdable under law and without any corresponding gross-up) payable to a Noteholder or holder of an interest in a Note that fails to comply with the requirements of the preceding sentence.

 

The Issuer has entered into the Indenture and this Note is issued with the intention that, for federal, State and local income, single business and franchise tax purposes, the Notes will qualify as indebtedness secured by the Trust Estate.  Each Noteholder, by acceptance of a Note, agrees to treat the Notes for federal, State and local income, single business and franchise tax purposes as indebtedness.

 

Prior to the due presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this 

A-7

Note shall be overdue, and none of the Issuer, the Indenture Trustee or any such agent shall be affected by notice to the contrary.

 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Noteholders under the Indenture at any time by the Issuer with the consent of Noteholders representing not less than a majority of the Outstanding Amount of the Controlling Class.  The Indenture also contains provisions permitting Noteholders representing specified percentages of the Note Balance of the Controlling Class, on behalf of all Noteholders, to waive compliance by the Issuer with certain provisions of the Indenture and certain past Defaults under the Indenture and their consequences.  Any such consent or waiver by the Noteholder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Noteholder and upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note.  The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of the Noteholders.

 

This Note, or any interest therein, may not be transferred to a person that is or is acting on behalf of, or using the assets of, a Benefit Plan, unless such transferee represents, warrants and covenants that its purchase and holding of this note will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or result in a violation of any Similar Law.  By its acquisition of this Note in book-entry form or any interest therein, each transferee will be deemed to have represented, warranted and covenanted that it satisfies the foregoing requirements and the Indenture Trustee may relay conclusively on the same for purposes hereof.

 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Noteholders under the Indenture at any time by the Issuer with the consent of the Majority Noteholders Holders of the Controlling Class.  The Indenture also contains provisions permitting the Noteholders representing specified percentages of the Note Balance of the Controlling Class, on behalf of all Noteholders, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or waiver by the Noteholder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Noteholder and upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note.  The Indenture also permits the Issuer and the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of the Noteholders.

 

The Indenture permits the Issuer, under certain circumstances, to consolidate or merge with or into another Person, subject to the rights of the Indenture Trustee and the Noteholders under the Indenture.

 

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

 

A-8

THIS NOTE AND THE INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency herein prescribed.

 

Anything herein to the contrary notwithstanding, except as expressly provided in the 2016-A Basic Documents, none of Wilmington Trust, National Association, in its individual capacity, U.S. Bank National Association, in its individual capacity, any owner of a beneficial interest in the Issuer or any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on this Note or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in the Indenture.  The Holder of this Note by its acceptance hereof agrees that, except as expressly provided in the 2016-A Basic Documents, in the case of an Event of Default the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

 

 

 

A-9

ASSIGNMENT

 

Social Security or taxpayer I.D. or other identifying number of assignee:

 

 

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

 (name and address of assignee)

 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints

 

 attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

 

	
Dated:__________________________________

	
 

	
__________________________________*

	
 

	
 

	
 

	
 

	
 

	
Signature Guaranteed:

	
 

	
 

	
 

	
 

	
 

	
__________________________________*

	
 

	
 

	
 

	*	NOTICE:  The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever.  Such signature must be guaranteed by an “eligible guarantor institution” meeting the require-ments of the Note Registrar.

 

A-10

EXHIBIT B

 

ASSET REPURCHASE DEMAND ACTIVITY REPORT

 

Reporting Period:  [calendar month]

  Check here if nothing to report.

 

	
Transaction

	
Lease

	
Activity During Period1

	
Date of Reputed Demand2

	
Party Making Reputed Demand

	
Date of Withdrawal of Reputed Demand

	
MBALT 2016-A

	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

1 Forward any applicable information or documentation relating to any reputed demands to the Servicer. See Item 11 in the ASF Rule 15Ga-1 Market Implementation Guide for a discussion of what constitutes activity.

2 See Item 23 in the ASF Rule 15Ga-1 Market Implementation Guide for a discussion of “demands.”

B-1

EXHIBIT C

 

PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS

 

In addition to the representations, warranties and covenants contained in the Indenture, dated as of March 1, 2016 (the “Indenture”), between Mercedes-Benz Auto Lease Trust 2016-A, as issuer (the “Issuer”), and U.S. Bank National Association, as indenture trustee (the “Indenture Trustee”), the Issuer hereby further represents, warrants and covenants to the Indenture Trustee as follows on the 2016-A Closing Date:

 

		1.	The Indenture creates a valid and continuing security interest (as defined in the applicable UCC) in the 2016-A Collateral in favor of the Indenture Trustee, which security interest is prior to all other Liens and is enforceable as such as against creditors of and purchasers from the Issuer.

 

		2.	The 2016-A Exchange Note constitutes a “general intangible”, “instrument”, “certificated security” or “tangible chattel paper”, within the meaning of the applicable UCC.  The 2016-A Bank Accounts and all subaccounts thereof constitute either “deposit accounts” or “securities accounts” within the meaning of the applicable UCC.

 

		3.	All of the 2016-A Collateral that constitutes securities entitlements (other than the 2016-A Exchange Note to the extent the 2016-A Exchange Note constitutes a certificated security) has been or will have been credited to one of the 2016-A Bank Accounts.  The securities intermediary for each 2016-A Account has agreed to treat all assets credited to the 2016-A Accounts as “financial assets” within the meaning of the applicable UCC.

 

		4.	The Issuer owns and has good and marketable title to the 2016-A Collateral free and clear of any Liens, claim or encumbrance of any Person, excepting only liens for taxes, assessments or similar governmental charges or levies incurred in the ordinary course of business that are not yet due and payable or as to which any applicable grace period shall not have expired, or that are being contested in good faith by proper proceedings and for which adequate reserves have been established, but only so long as foreclosure with respect to such a Lien is not imminent and the use and value of the property to which the Lien attaches is not impaired during the pendency of such proceeding.

 

		5.	The Issuer has received all consents and approvals to the grant of the security interest in the 2016-A Collateral under the Indenture to the Indenture Trustee required by the terms of the 2016-A Collateral to the extent that it constitutes an instrument or a payment intangible.

 

		6.	The Issuer has received all consents and approvals required by the terms of the 2016-A Collateral, to the extent that it constitutes a securities entitlement, certificated security or uncertificated security, to the transfer to the Indenture Trustee of its interest and rights in the 2016-A Collateral under the Indenture.

 

C-1

		7.	The Issuer has caused or will have caused, within ten days after the 2016-A Closing Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the 2016-A Collateral granted to the Indenture Trustee under the Indenture.

 

		8.	With respect to 2016-A Collateral that constitutes an instrument or tangible chattel paper, either:

 

		a.	all original executed copies of each such instrument or tangible chattel paper have been delivered to the Indenture Trustee;

 

		b.	such instruments or tangible chattel paper are in the possession of a custodian and the Indenture Trustee has received a written acknowledgment from such custodian that such custodian is holding such instruments or tangible chattel paper solely on behalf and for the benefit of the Indenture Trustee; or

 

		c.	a custodian received possession of such instruments or tangible chattel paper after the Indenture Trustee received a written acknowledgment from such custodian that such custodian is acting solely as agent of the Indenture Trustee.

 

		9.	With respect to the 2016-A Bank Accounts and all subaccounts thereof that constitute deposit accounts, either:

 

		a.	the Issuer has delivered to the Indenture Trustee a fully executed agreement pursuant to which the bank maintaining the deposit accounts has agreed to comply with all instructions originated by the Indenture Trustee directing disposition of the funds in the 2016-A Bank Accounts without further consent by the Issuer; or

 

		b.	the Issuer has taken all steps necessary to cause the Indenture Trustee to become the account holder of the 2016-A Bank Accounts.

 

		10.	With respect to 2016-A Collateral or 2016-A Bank Accounts or subaccounts thereof that constitute securities accounts or securities entitlements, either:

 

		a.	the Issuer has caused or will have caused, within ten days after the 2016-A Closing Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest granted in the 2016-A Collateral to the Indenture Trustee;

 

		b.	the Issuer has delivered to the Indenture Trustee a fully executed agreement pursuant to which the securities intermediary has agreed to comply with all instructions originated by the Indenture Trustee relating to the 2016-A Bank Accounts without further consent by the Issuer; or

 

C-2

		c.	the Issuer has taken all steps necessary to cause the securities intermediary to identify in its records the Indenture Trustee as the person having a security entitlement against the securities intermediary in the 2016-A Bank Accounts.

 

		11.	With respect to 2016-A Collateral that constitutes certificated securities (other than securities entitlements), all original executed copies of each security certificate that constitutes or evidences the 2016-A Collateral have been delivered to the Indenture Trustee, and each such security certificate either (i) is in bearer form, (ii) has been endorsed by an effective endorsement to the Indenture Trustee or in blank or (iii) has been registered in the name of the Indenture Trustee.

 

		12.	Other than the transfer of any 2016-A Collateral from Mercedes-Benz Financial Services USA LLC to Daimler Trust Leasing LLC under the First-Tier Sale Agreement, the transfer of any 2016-A Collateral from Daimler Trust Leasing LLC to the Issuer under the Second-Tier Sale Agreement, and the security interest in the 2016-A Collateral granted to the Indenture Trustee under the Indenture, none of Mercedes-Benz Financial Services USA LLC, Daimler Trust Leasing LLC or the Issuer has pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the 2016-A Collateral or the 2016-A Accounts or any subaccount thereof.

 

		13.	The Issuer has not authorized the filing of, nor is aware of, any financing statements against the Issuer that include a description of collateral covering the 2016-A Collateral or the 2016-A Bank Accounts or any subaccount thereof other than any financing statement relating to any security interest granted pursuant to the 2016-A Basic Documents or that has been terminated.

 

		14.	No instrument or tangible chattel paper that constitutes or evidences the 2016-A Collateral has any marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Indenture Trustee.

 

		15.	Neither the 2016-A Bank Accounts nor any subaccounts thereof are in the name of any person other than the Issuer or the Indenture Trustee.  The Issuer has not consented to the securities intermediary of any 2016-A Bank Account to comply with entitlement orders of any person other than the Indenture Trustee.

 

Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in the Indenture.

 

C-3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00256-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00256-of-00352.parquet"}]]