Document:

Exhibit
4.2

 

Execution
Version

 

AMENDMENT
No. 6, dated as of December 6, 2019 (this “Amendment”), to the Credit Agreement, dated as of March
28, 2012 (as amended by that certain Amendment No. 1 thereto, dated as of April 2, 2013, as further amended by that certain Amendment
No. 2 thereto, dated as of November 17, 2016, as further amended by that certain Amendment No. 3 thereto, dated as of December
19, 2016, as further amended by that certain Amendment No. 4 thereto, dated as of February 1, 2017, as further amended by that
certain Amendment No. 5 thereto, dated as of April 26, 2018, and as further amended, restated, modified and supplemented from
time to time prior to the date hereof, the “Credit Agreement”, and the Credit Agreement as amended by this
Amendment, the “Amended Credit Agreement”), by and among TELESAT CANADA
(the “Canadian Borrower”), TELESAT LLC (the “U.S. Borrower” and, together with the
Canadian Borrower, the “Borrowers” and, each, a “Borrower”), the Guarantors party thereto,
the several banks and other financial institutions or entities from time to time party to the Credit Agreement (each a “Lender”
and, collectively, the “Lenders”), JPMORGAN CHASE BANK, N.A., as Administrative Agent (the “Administrative
Agent”) and Collateral Agent, and the Swingline Lenders and L/C Issuers from time to time party thereto; capitalized
terms used and not otherwise defined herein shall have the meanings assigned to such terms in the Amended Credit Agreement.

 

WHEREAS,
the Canadian Borrower desires an aggregate principal amount of $1,908,500,000 of Incremental Term Loan Commitments (the “Term
B-5 Loan Commitments” and the Loans incurred thereunder, the “Term B-5 Loans”) to refinance in full
the existing Term B-4 Loans and, substantially concurrently with, but immediately following, the initial funding under the Term
B-5 Loan Commitments, to amend the Credit Agreement, the Security Agreement (as defined in the Credit Agreement; the Security
Agreement as amended by this Amendment, the “Amended Security Agreement”) and the U.S. Pledge Agreement, dated
as of March 28, 2012 among the Pledgors party thereto and the Collateral Agent (the “Pledge Agreement”; the
Pledge Agreement as amended by this Amendment, the “Amended Pledge Agreement”) as described herein, in each
case, on the terms and subject to the conditions set forth herein;

 

WHEREAS,
Section 2.21 of the Credit Agreement provides that the Canadian Borrower may, under certain circumstances, request Incremental
Term Loan Commitments and may effect such Incremental Term Loan Commitments under the Credit Agreement and, without the consent
of any other Lenders, effect such amendments to the Credit Agreement and the other Loan Documents as may be necessary, in the
reasonable opinion of the Administrative Agent and the Canadian Borrower, pursuant to an Incremental Agreement;

 

WHEREAS,
JPMorgan Chase Bank, N.A. (the “Initial Term B-5 Lender”) has agreed, subject to the terms and conditions set
forth herein, to make Term B-5 Loans in a principal amount equal to $1,908,500,000 (which amount represents the entire amount
of Term B-5 Loans requested by the Canadian Borrower) on the Amendment No. 6 Effective Date, the proceeds of which, together with
(i) the net proceeds of the Senior Secured Notes (as defined below) and (ii) cash on hand, shall be applied to (A) repay in full
the then outstanding Term B-4 Loans (the “Term Loan Refinancing”) and (B) pay fees and expenses related thereto;

 

WHEREAS,
in connection with the Term Loan Refinancing, the Borrowers intend to issue $400,000,000 of 4.875% Senior Secured Notes due 2027
(the “Senior Secured Notes”) on the Amendment No. 6 Effective Date;

 

WHEREAS,
substantially concurrently with, but immediately following, the initial funding under the Term B-5 Loan Commitments and the consummation
of the Term Loan Refinancing, the Lenders party hereto (including the Initial Term B-5 Lender) consent to the other amendments
described herein (the “Amendments”), subject to the terms and conditions described herein;

 

     

     

    

 

WHEREAS,
in connection with the Amendments, the entire amount of the existing Revolving R-2 Facility Commitments outstanding immediately
prior to the Amendment No. 6 Effective Date shall be terminated and, immediately after giving effect to the Amendments (other
than the Specified Amendments (as defined below)), shall be replaced by an aggregate amount of $200.0 million of new Revolving
Credit Commitments (the “Tranche R-3 Revolving Credit Commitments”) on such terms as described herein (the
“Revolver Refinancing”);

 

WHEREAS,
each Person party hereto that has executed a consent to this Amendment in the form of Exhibit A hereto (the “Revolver
Consent”) has agreed, subject to the terms and conditions described herein, to provide an amount of Tranche R-3 Revolving
Credit Commitments as set forth on Schedule 2.01 to the Amended Credit Agreement and shall be subject to all of the rights, obligations
and conditions as a “Revolving R-3 Facility Lender” under the Amended Credit Agreement;

 

NOW,
THEREFORE, in consideration of the premises contained herein and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

 

Section
1. Term B-5 Loans; Amendment of the Credit Agreement; Amendment of the Security Agreement; Amendment of the Pledge Agreement;
Tranche R-3 Revolving Credit Commitments.

 

(a)
Effective as of the Amendment No. 6 Effective Date, the Initial Term B-5 Lender hereby acknowledges and agrees that it has a Term
B-5 Loan Commitment in an amount equal to $1,908,500,000 and agrees to make Term B-5 Loans in Dollars in a single Borrowing on
the Amendment No. 6 Effective Date in accordance with the Amended Credit Agreement. From and after the Amendment No. 6 Effective
Date, the Initial Term B-5 Lender shall be a “Term B-5 Lender” (as defined in the Amended Credit Agreement) for all
purposes under the Amended Credit Agreement and the other Loan Documents. The Term B-5 Loans shall be a single, fungible tranche.
The Term B-5 Loan Commitments are Incremental Term Loan Commitments and the Term B-5 Loans are Incremental Term Loans, in each
case incurred pursuant to Section 2.21 of the Credit Agreement. This Amendment is an Incremental Agreement pursuant to Section
2.21(e) of the Credit Agreement. The Initial Term B-5 Lender hereby consents to the Amendments described herein.

 

(b)
The Credit Agreement is, effective as of the Amendment No. 6 Effective Date, hereby amended to delete the stricken text (indicated
textually in the same manner as the following example: stricken text) and to
add the double-underlined text (indicated textually in the same manner as the following example: double-underlined
text) as set forth in the pages of the Credit Agreement attached as Exhibit B hereto (as amended, the “Amended
Credit Agreement”). Schedules 2.01, 2.04, 3.01, 3.07, 3.09, 5.10(e), 6.01, 6.02 and 6.06 to the Credit Agreement are,
effective as of the Amendment No. 6 Effective Date, hereby amended and restated in their entirety as set forth on the corresponding
Schedules hereto, and such Schedules shall be deemed to be Schedules 2.01, 2.04, 3.01, 3.07, 3.09, 5.10(e), 6.01,
6.02 and 6.06 to the Amended Credit Agreement. It is understood and agreed that the effectiveness of the Term B-5 Loan Commitments
and the consummation of the Term Loan Refinancing shall occur substantially concurrently with, but immediately prior to, the other
Amendments. 

 

    -2-

     

    

 

(c)
The Security Agreement is, effective as of the Amendment No. 6 Effective Date, hereby amended as follows:

 

(i)
the first paragraph under “WITNESSETH” is hereby amended and restated in its entirety and replaced with the following:

 

“WHEREAS,
the U.S. Borrower is party to a Credit Agreement dated as of March 28, 2012 (as amended, amended and restated, supplemented
and otherwise modified and in effect from time to time, the “Credit Agreement”), among Telesat
canada, a Canada corporation (the “Canadian Borrower”), the U.S. Borrower, certain subsidiaries of Holdings,
the lenders or other financial institutions or entities from time to time parties thereto (the “Lenders”) and
JPMORGAN CHASE BANK, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”) and Collateral
Agent, and the Swingline Lenders and L/C Issuers from time to time party thereto.”

 

(ii)
Section 1 of the Security Agreement is hereby amended by adding the following defined terms in appropriate alphabetical order:

 

“First
Lien Intercreditor Agreement” means the intercreditor agreement, dated as of December 6, 2019, among the Collateral
Agent and the Notes Collateral Agents (as defined therein), as it may be amended, amended and restated, modified, renewed or replaced
from time to time.

 

“Industry
Canada” means Innovation, Science and Economic Development Canada.

 

(iii)
the definition of “equipment” set forth in the Security Agreement is hereby amended and restated in its entirety
and replaced with the following:

 

“equipment”
shall mean all “equipment,” as such term is defined in Article 9 of the UCC, now or hereafter owned by any Grantor
or to which any Grantor has rights and, in any event, shall include all machinery, equipment, furnishings, movable trade fixtures
and vehicles (other than vehicles for which a certificate of title is required to perfect a security interest) now or hereafter
owned by any Grantor or to which any Grantor has rights and any and all additions, substitutions and replacements of any of the
foregoing, wherever located, together with all attachments, components, parts, equipment and accessories installed thereon or
affixed thereto; but excluding equipment to the extent it is subject to a Lien permitted by clauses (6) (with respect to clause
(d) of the definition of “Permitted Debt” in the Credit Agreement), (7), (8), (9), (10) and (18) (but only to the
extent permitted by clauses (6) (with respect to clause (d) of the definition of “Permitted Debt” in the Credit Agreement),
(7), (8), (9) or (10) of the definition of “Permitted Liens” in the Credit Agreement) of the definition of “Permitted
Liens” in the Credit Agreement, and the terms of the Indebtedness securing such Lien prohibit assignment of, or granting
of a security interest in, such Grantor’s rights and interests therein (other than to the extent that any such term would
be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the Uniform Commercial Code (or any successor provision
or provisions) of any relevant jurisdiction or any other applicable law); provided that immediately upon the repayment
of all Indebtedness secured by such Lien, such Grantor shall be deemed to have granted a Security Interest in all the rights and
interests with respect to such equipment.

 

(iv)
the definition of “Excluded Account” is hereby amended to delete clause (ii) of such definition;

 

    -3-

     

    

 

(v)
the final paragraph of Section 2(a) of the Security Agreement is hereby amended by:

 

(A)
deleting “other than as specified in Section 5.10(c)(ii) of the Credit Agreement” from the end of clause (iv) of such
paragraph; and

 

(B)
amending and restating clause (ix) of such paragraph in its entirety and replacing such clause with the following:

 

“(ix)
property not otherwise excluded from the Collateral and Guarantee Requirements that is subject to a Lien permitted under clauses
(6) (with respect to clause (d) of the definition of “Permitted Debt” in the Credit Agreement), (7), (8), (9), (10)
and (18) (but only to the extent permitted by clauses (6) (with respect to clause (d) of the definition of “Permitted Debt”
in the Credit Agreement), (7), (8), (9) or (10) of the definition of “Permitted Liens” in the Credit Agreement) of
the definition of “Permitted Liens” in the Credit Agreement, and the inclusion of the subject assets as Collateral
for the Secured Obligations would violate the agreements governing such Lien,”

 

(vi)
Section 4.4(g) of the Security Agreement is hereby amended and restated in its entirety as follows:

 

“(g)
Landlord’s Access Agreements. Each Grantor shall (i) use its commercially reasonable efforts (but shall not be required
to make any payment or material concession in exchange for consent) to obtain as soon as practicable after the date hereof with
respect to each ground leased real property on which earth station equipment worth more than $10,000,000 (as determined in good
faith by the Canadian Borrower) is located, a Landlord Access Agreement and (ii) use commercially reasonable efforts (but shall
not be required to make any payment or material concession in exchange for consent) to obtain a Landlord Access Agreement and/or
landlord’s lien waiver, as applicable, from all such landlords who from time to time have possession of any Collateral if
reasonably requested by the Collateral Agent.”

 

(vii)
Section 6.5(c) of the Security Agreement is hereby amended to add “(other than to a Loan Party)” following “Grantor”
in such Section 6.5(c);

 

(viii)
the Security Agreement is hereby amended to add the following as a new Section 9.15:

 

“9.15.
Intercreditor Agreements. Notwithstanding anything herein to the contrary, (i) the priority of the liens and security interests
granted to the Collateral Agent pursuant to this Agreement are expressly subject to the First Lien Intercreditor Agreement and
(ii) the exercise of any right or remedy by the Collateral Agent hereunder is subject to the limitations and provisions of the
First Lien Intercreditor Agreement. If any conflict or inconsistency exists between this Agreement, on the one hand, and the First
Lien Intercreditor Agreement, on the other hand, the First Lien Intercreditor Agreement shall govern.”

 

    -4-

     

    

 

(ix)
Annex D to the Security Agreement is hereby amended to:

 

(A)
modify Section 4 of such Annex to (x) delete “and” before “(vi)” and (y) add the following prior to the
period at the end of such Section: “and (vii) Schedule VIII hereto sets forth all Commercial Tort Claims of each New Grantor
in excess of $2,000,000.00”; and

 

(B)
add a new Schedule VIII to such Annex D titled “Commercial Tort Claims”

 

(d)
The Pledge Agreement is, effective as of the Amendment No. 6 Effective Date, hereby amended as follows:

 

(i)
the penultimate “WHEREAS” paragraph in the Pledge Agreement is hereby amended by adding “together with any Indebtedness
required to be pledged pursuant to Section 9(b),” prior to “the “Pledged Debt”)” in such paragraph;
and

 

(ii)
Section 14(c) of the Pledge Agreement is hereby amended to add “(other than to a Loan Party)” following the first
instance of the word “Pledgor” in such Section 14(c).

 

(e)
In connection with the Amendments, each Person party hereto that has executed a Revolver Consent (each a “Revolving R-3
Facility Lender”) has agreed to provide, immediately after giving effect to the Amendments (other than the Specified
Amendments), an amount of Tranche R-3 Revolving Credit Commitments as set forth on Schedule 2.01 to the Amended Credit Agreement.
From and after the Amendment No. 6 Effective Date, each Revolving R-3 Facility Lender shall be a “Revolving R-3 Facility
Lender” for all purposes under the Credit Agreement and the other Loan Documents. All Revolving R-2 Facility Commitments
shall be terminated on the Amendment No. 6 Effective Date.

 

(f)
Each Person party hereto that has executed a Revolver Consent as an L/C Issuer or a Swingline Lender has agreed to act in such
capacity on the terms set forth in the Amended Credit Agreement. From and after the Amendment No. 6 Effective Date, each such
Person shall be an “L/C Issuer” or a “Swingline Lender”, as applicable, for all purposes under the Credit
Agreement and the other Loan Documents.

 

(g)
Pursuant to and in accordance with Section 9.18(a)(5) of the Amended Credit Agreement, the Collateral Agent will take such actions
are reasonably necessary to effect the release of the Mortgaged Properties set forth on Annex 1(f) hereto.

 

(h)
Subject to the substantially concurrent execution of each Brazilian law governed Quota Pledge Agreement set forth on Annex
5 hereto within the time period set forth on such Annex, the Collateral Agent will, pursuant to and in accordance with
Section 9.18(a)(6) of the Amended Credit Agreement take such actions are reasonably necessary to effect the release of each Brazilian
law governed Quota Pledge Agreement existing on the Amendment No. 6 Effective Date in favor of the Collateral Agent for the benefit
of the Secured Creditors.

 

(i)
Notwithstanding anything to the contrary herein, to the extent any of the Amendments require the consent of each affected Lender
or every Lender pursuant to Section 9.08 of the Credit Agreement as in effect immediately prior to the Amendment (any such Amendments
requiring such consent, the “Specified Amendments”), such Specified Amendments shall become effective immediately
after the effectiveness of the Revolver Refinancing.

 

    -5-

     

    

 

Section
2. Representations and Warranties, No Default. The Borrowers hereby represent and warrant that as of the Amendment
No. 6 Effective Date, after giving effect to this Amendment, (i) no Default or Event of Default has occurred and is continuing
and (ii) all representations and warranties made by any Loan Party contained in the Amended Credit Agreement or in the other
Loan Documents are true and correct in all material respects with the same effect as though such representations and warranties
had been made on and as of the date hereof (except where such representations and warranties expressly relate to an earlier date,
in which case such representations and warranties were true and correct in all material respects as of such earlier date); provided
that any representation and warranty that is qualified as to “materiality,” “Material Adverse Effect”
or similar language shall be true and correct in all respects on the date hereof or on such earlier date, as the case may be (after
giving effect to such qualification).

 

Section
3. Effectiveness. This Amendment shall become effective on the date (such date, the “Amendment No. 6
Effective Date”) that the following conditions have been satisfied:

 

(i)
Consents. The Administrative Agent shall have executed this Amendment and shall have received an executed signature page
to this Amendment (including in the form of a Revolver Consent, as applicable) from (i) the Initial Term B-5 Lender, (ii) Lenders
constituting the Required Lenders (as defined in the Credit Agreement) immediately after giving effect to the Term B-5 Loan Commitments
and the consummation of the Term Loan Refinancing, (iii) each Tranche R-3 Revolving Lender named on Schedule 2.01 to the Amended
Credit Agreement, (iv) each L/C Issuer named in the Amended Credit Agreement, (v) the Swingline Lender named in the Amended Credit
Agreement and (vi) each Loan Party;

 

(ii)
Fees. The Administrative Agent and the Joint Lead Arrangers with respect to the Term B-5 Loan Facility and the Revolving
R-3 Facility shall have received the fees in the amounts previously agreed in writing by the Borrowers to be received on the Amendment
No. 6 Effective Date, and all reasonable and documented expenses for which invoices have been presented prior to the Amendment
No. 6 Effective Date;

 

(iii)
Perfection Certificate. The Administrative Agent shall have received a Perfection Certificate in a form previously agreed
to by the Administrative Agent and the Borrowers;

 

(iv)
Legal Opinions. The Administrative Agent shall have received favorable legal opinions of (1) Wachtell, Lipton, Rosen &
Katz, special New York counsel to the Loan Parties, (2) Potter Anderson & Corroon LLP, special Delaware counsel to the Loan
Parties, (3) Stikeman Elliott LLP, special Canadian counsel for the Loan Parties with respect to the laws of Ontario and Alberta,
(4) Stikeman Elliott LLP, special Canadian counsel for the Loan Parties with respect to the laws of Quebec, (5) Umberto Celli
Jr., special Brazilian Regulatory counsel to the Loan Parties, (6) Cains Advocates Limited, special Isle of Man counsel to the
Loan Parties, (7) Allen & Overy, special United Kingdom counsel to the Loan Parties, (8) Willkie Farr & Gallagher LLP,
special regulatory counsel to the Loan Parties, (9) Christopher S. DiFrancesco, General Counsel of the Canadian Borrower, and
(10) Linklaters LLP, special United Kingdom counsel to the Administrative Agent, each covering such matters as the Administrative
Agent may reasonably request and otherwise reasonably satisfactory to the Administrative Agent;

 

    -6-

     

    

 

(v)
Officer’s Certificate. The Administrative Agent shall have received a certificate of a Responsible Officer of the
Borrowers dated the Amendment No. 6 Effective Date certifying that (a) all representations and warranties made by any
Loan Party contained in the Amended Credit Agreement or in the other Loan Documents are true and correct in all material respects
with the same effect as though such representations and warranties had been made on and as of the Amendment No. 6 Effective
Date (except where such representations and warranties expressly relate to an earlier date, in which case such representations
and warranties were true and correct in all material respects as of such earlier date); provided that any representation
and warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language shall
be true and correct in all respects on the Amendment No. 6 Effective Date or on such earlier date, as the case may be (after
giving effect to such qualification) and (b) no Default or Event of Default shall have occurred and be continuing; and

 

(vi)
Closing Certificates. The Administrative Agent shall have received (i) from each Loan Party either (x) a certification
from a manager, director, Secretary or Assistant Secretary or similar officer of such Loan Party that there have been no changes
to the certificate or articles of incorporation or organization (or other similar organizational document) of such Loan Party
that were delivered to the Administrative Agent on or prior to the Amendment No. 5 Effective Date or (y) a copy of the certificate
or articles of incorporation or organization (or other similar organizational document), including all amendments thereto, of
such Loan Party, certified, if applicable, as of a recent date by the Secretary of State of the state of its organization, (ii)
a certificate as to the good standing (where relevant) of each Loan Party organized in the United States or Canada as of a recent
date, from such Secretary of State or similar Governmental Authority and (iii) a certificate of a manager, director, Secretary
or Assistant Secretary or similar officer of each Loan Party dated the Amendment No. 6 Effective Date certifying that either
(x) there have been no changes to the by-laws or operating (or limited liability company) agreement (or other similar organizational
document) of such Loan Party that were delivered to the Administrative Agent on or prior to the Amendment No. 5 Effective Date
or (y) attached thereto is a true and complete copy of the by-laws or operating (or limited liability company) agreement (or other
similar organizational document) of such Loan Party as in effect on the Amendment No. 6 Effective Date.

 

(vii)
The Term Loan Refinancing and Revolver Refinancing shall be consummated and all accrued and unpaid interest and fees shall have
been paid in connection therewith.

 

(viii)
(i) The Administrative Agent and each applicable Lender shall have received, at least five days prior to the Amendment No. 6 Effective
Date, all documentation and other information regarding the Borrowers requested in connection with applicable “know your
customer” and anti-money laundering rules and regulations, including the Patriot Act, to the extent requested in writing
of the Borrowers at least 10 days prior to the Amendment No. 6 Effective Date and (ii) to the extent either Borrower qualifies
as a “legal entity customer” under the Beneficial Ownership Regulation, at least five days prior to the Amendment
No. 6 Effective Date, any Lender that has requested, in a written notice to the Borrowers at least 10 days prior to the Effective
Date, a Beneficial Ownership Certification in relation to the Borrowers shall have received such Beneficial Ownership Certification
(provided that, upon the execution and delivery by such Lender of its signature page to this Agreement, the condition set forth
in this clause (ii) shall be deemed to be satisfied).

 

(ix)
The Administrative Agent shall have received (i) within the applicable time period set forth in Section 2.03(a) of the Credit
Agreement, a notice of borrowing with respect to the Borrowing of Term B-5 Loans on the Amendment No. 6 Effective Date and (ii)
within the time period set forth in Section 2.09(c) of the Credit Agreement, (A) a notice of termination with respect to all Revolving
R-2 Facility Commitments and (B) a notice of prepayment with respect to all Term B-4 Loans, in each case, outstanding immediately
prior to the effectiveness of the Amendment on the Amendment No. 6 Effective Date.

 

    -7-

     

    

 

(x)
Prior to or substantially concurrently with the effectiveness of the Amendment on the Amendment No. 6 Effective Date, the offering
of the Senior Secured Notes shall have been consummated and the net proceeds thereof shall have been applied to the Term Loan
Refinancing as described in the introductory paragraphs hereto.

 

Section
4. Consent. Each Person delivering a Revolver Consent hereto agrees not to make any claims to the Borrowers pursuant
to Section 2.17 of the Credit Agreement with respect to any loss or expense that such Lender may sustain or incur as a consequence
of any event caused by the termination of its Revolving R-2 Facility Commitments on the Amendment No. 6 Effective Date. Each Person
that was a Term B-4 Lender (as defined in the Credit Agreement) immediately before the Term Loan Refinancing and that also becomes
a Term B-5 Lender pursuant to any assignment of Term B-5 Loans from the Initial Term B-5 Lender in connection with the primary
syndication of such Term B-5 Loans shall be deemed to have agreed not to make any claims to the Borrowers pursuant to Section
2.17 of the Credit Agreement with respect to any loss, cost or expense that such Lender may sustain or incur as a consequence
of any event caused by the prepayment of its Term B-4 Loans, if any, on the Amendment No. 6 Effective Date.

 

Section
5. Post-Closing Matters. Each of the Canadian Borrower and the other Loan Parties covenants and agrees with each
Lender that each Loan Party will, and will cause each of the Restricted Subsidiaries to, to the extent not executed and delivered
on the Amendment No. 6 Effective Date, unless otherwise agreed by the Administrative Agent in its sole discretion, execute and
deliver the documents and complete the tasks set forth on Annex 5 hereto, in each case within the time limits specified
on such Annex (or such later time as the Administrative Agent shall agree in its sole discretion).

 

Section
6. Counterparts. This Amendment may be executed in any number of counterparts (including the Revolver Consents)
and by different parties hereto on separate counterparts, each of which when so executed and delivered shall be deemed to be an
original, but all of which when taken together shall constitute a single instrument. Delivery of an executed counterpart of a
signature page of this Amendment (including the Revolver Consents) by facsimile or any other electronic transmission shall be
effective as delivery of a manually executed counterpart hereof.

 

Section
7. Applicable Law. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF
NEW YORK.

 

Section
8. Waiver of Jury Trial. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION
WITH THIS AMENDMENT. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AMENDMENT BY, AMONG OTHER THINGS, THE
MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 8.

 

    -8-

     

    

 

Section
9. Jurisdiction; Consent to Service of Process. Each party hereto hereby irrevocably and unconditionally submits,
for itself and its property, to the nonexclusive jurisdiction of any New York State court or federal court of the United States
of America sitting in New York City, and any appellate court from any thereof, in any action or proceeding arising out of or relating
to this Amendment, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally
agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the
extent permitted by law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action or
proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided
by law. Each party hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively
do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of
or relating to this Amendment in any New York State or federal court. Each of the parties hereto hereby irrevocably waives, to
the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any
such court.

 

Section
10. Headings. The headings of this Amendment are for purposes of reference only and shall not limit or otherwise
affect the meaning hereof.

 

Section
11. Effect of Amendment. Except as expressly set forth herein, (i) this Amendment shall not by implication
or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders, the Administrative
Agent or the Collateral Agent, in each case under the Credit Agreement, the Security Agreement, the Pledge Agreement or any other
Loan Document, and (ii) shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants
or agreements contained in the Credit Agreement, the Security Agreement, the Pledge Agreement or any other Loan Document and nothing
herein shall or may be construed as a novation thereof. Except as expressly set forth herein, each and every term, condition,
obligation, covenant and agreement contained in the Credit Agreement, the Security Agreement, the Pledge Agreement or any other
Loan Document is hereby ratified and re-affirmed in all respects and shall continue in full force and effect and each Loan Party
reaffirms its obligations under the Loan Documents to which it is party and the grant of its Liens on the Collateral made by it
pursuant to the Security Documents. From and after the Amendment No. 6 Effective Date, all references to the Credit Agreement,
the Security Agreement and the Pledge Agreement in any Loan Document and all references in the Amended Credit Agreement, the Amended
Security Agreement and the Amended Pledge Agreement to “this Agreement,” “hereunder,” “hereof”
or words of like import referring to the Amended Credit Agreement, the Amended Security Agreement or the Amended Pledge Agreement,
as applicable, shall, unless expressly provided otherwise, refer to the Credit Agreement, the Security Agreement or the Pledge
Agreement, as applicable, as amended by this Amendment. Each of the Loan Parties hereby consents to this Amendment and confirms
that all obligations of such Loan Party under the Loan Documents to which such Loan Party is a party shall continue to apply to
the Amended Credit Agreement, the Amended Security Agreement and the Amended Pledge Agreement as amended hereby and that the amendment
of the Credit Agreement, the Security Agreement and the Pledge Agreement pursuant to this Amendment shall not constitute a novation
of the Credit Agreement, the Security Agreement, the Pledge Agreement or any other Loan Document as in effect prior to the Amendment
No. 6 Effective Date.

 

[SIGNATURE
PAGES FOLLOW]

 

    -9-

     

    

 

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

 

	 	TELESAT CANADA  

                    TELESAT SATELLITE GP, LLC  

                    By:
                    Telesat Canada, as sole member  

                    TELESAT SATELLITE LP  

                    By:
                    Telesat Satellite GP, LLC, as general partner  

                    By:
                    Telesat Canada, as sole member

	 	 
	 	By:	/s/ Christopher S. DiFrancesco
	 	 	Name: Christopher S. DiFrancesco
	 	 	Title: Vice President, General Counsel and Secretary

 

	 	SKYNET
        SATELLITE CORPORATION

        TELESAT
        INTERNATIONAL, L.L.C.

        By:
        Skynet Satellite Corporation, as sole member

        TELESAT
        BRAZIL HOLDINGS LLC

        By:
        Skynet Satellite Corporation, as sole member

        TELESAT
        NETWORK SERVICES, INC.

        TELESAT
        LLC

        TELESAT
        NETWORK SERVICES HOLDINGS L.L.C.

        By:
        Telesat Network Services, Inc., as sole member

        TELESAT
        SATELLITE HOLDINGS CORPORATION

        INFOSAT
        ABLE HOLDINGS, INC.

        INFOSAT
        COMMUNICATIONS GP INC.

        INFOSAT
        COMMUNICATIONS LP

        By:
        Infosat Communications GP Inc., as general partner

        TELESAT
        2016 ULC

	 	 
	 	By: 	/s/ Christopher S. DiFrancesco
	 	 	Name:
    Christopher S. DiFrancesco
	 	 	Title:
    Secretary

  

	 	TELESAT
        SPECTRUM GENERAL PARTNERSHIP

        By:
        Telesat Canada, as general partner

	 	 
	 	By:	/s/ Christopher S. DiFrancesco
	 	 	Name:
    Christopher S. DiFrancesco
	 	 	Title:
    Vice President, General Counsel, and Secretary

 

[Telesat Amendment No. 6]

 

     

     

    

 

	 	TELESAT
        SPECTRUM GENERAL PARTNERSHIP

        By:
        Telesat 2016 ULC, as general partner

	 	 
	 	By:	/s/ Christopher S. DiFrancesco
	 	 	Name:
    Christopher S. DiFrancesco
	 	 	Title:
    Secretary

 

	 	TELESAT
    INTERNATIONAL LIMITED
	 	 
	 	By:	/s/ Christopher S. DiFrancesco
	 	 	Name:
    Christopher S. DiFrancesco
	 	 	Title:
    Secretary

 

	 	TELESAT
        (IOM) LIMITED

        TELESAT
        (IOM) HOLDINGS LIMITED

	 	 
	 	By:	/s/ Christopher S. DiFrancesco
	 	 	Name:
    Christopher S. DiFrancesco
	 	 	Title:
    Director

 

	 	TELESAT
        SPACE PARTICIPAÇÕES LTDA.

        TELESAT
        BRASIL CAPACIDADE DE SATÉLITES LTDA. 

        TELESAT
        BRASIL LTDA.

        TELESAT
        SERVIÇOS DE TELECOMUNICAÇÃO LTDA.

	 	 
	 	By: 	/s/ Mauro Wajnberg
	 	 	Name:
    Mauro Wajnberg
	 	 	Title:
    Officer

 

	 	THE
    SPACECONNECTION INC.
	 	 
	 	By: 	/s/ Michel Cayouette
	 	 	Name:
    Michel Cayouette
	 	 	Title:
    Director

 

[Telesat Amendment No. 6] 

 

     

     

    

 

	 	JPMorgan
    Chase Bank, N.A.,
	 	as
    Administrative Agent and Collateral Agent
	 	 	 	 
	 	By:	/s/
    Daniel Luby
	 	 	Name:	Daniel
    Luby
	 	 	Title:	Vice
    President
	 	 	 	 
	 	JPMorgan
    Chase Bank, N.A.,
	 	as
    Initial Term B-5 Lender 
	 	 
	 	By:	/s/
    Daniel Luby
	 	 	Name:	Daniel
    Luby
	 	 	Title:	Vice
    President

 

[Telesat Amendment No. 6]

 

     

     

    

 

[Lender
Signature Pages on File with the Company]

 

 

 

 

 

 

[Telesat Amendment No. 6]

 

     

     

    

 

EXHIBIT
A

 

Revolver
Consent

 

The
undersigned hereby irrevocably and unconditionally approves the Amendments and agrees to provide the amount (if any) of Tranche
R-3 Revolving Credit Commitments set forth on Schedule 2.01 to the Amended Credit Agreement:

 

	 	,
	 	(Name
    of Institution)
	 	 
	 	as
    a Revolving R-3 Facility Lender [,][and] [L/C Issuer] [and][Swingline Lender]1
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	If a second signature is necessary:
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

1
Include L/C Issuer and/or Swingline Lender titles only if applicable

 

[Telesat Amendment No. 6]

 

     

     

    

  

EXHIBIT
B

 

 

 

CREDIT AGREEMENT

 

Dated as of March 28, 2012,

as Amended by Amendment No. 1 on April 2,
2013,

as further Amended by Amendment No. 2 on
November 17, 2016,

as further Amended by Amendment No. 3 on
December 19, 2016,

as further Amended by Amendment No. 4 on
February 1, 20172017,

as further Amended by Amendment No. 5 on
April 26, 2018 and

as
further Amended by Amendment No. 6 on December 6, 2019

 

among

 

TELESAT HOLDINGS
INC.,

as Holdings

 

TELESAT
CANADA,

as Canadian Borrower

 

TELESAT LLC,

as U.S. Borrower

 

THE GUARANTORS PARTY HERETO

 

THE LENDERS PARTY HERETO

 

and

 

JPMORGAN CHASE BANK, N.A.,

as Administrative Agent, Collateral Agent,
Swingline Lender and L/C Issuer

 

 

 

JPMORGAN CHASE BANK, N.A.,

as Sole Lead Arranger
and Bookrunner for the Term B-4 Loan Facility

CANADIAN IMPERIAL
BANK OF COMMERCE,

BMO CAPITAL MARKETS
CORP.,

RBC CAPITAL MARKETS,

and

TD SECURITIES,

as
Joint Lead Arrangers and Joint Book Runners for the Revolving R-2 Facility 
and

JPMORGAN CHASE BANK,
N.A.,

CREDIT SUISSE SECURITIES
(USA) LLC,

GOLDMAN SACHS BANK USA,

and

MORGAN STANLEY SENIOR
FUNDING, INC., 

as Co-as
Joint Lead Arrangers and Joint Book Runners for the Term
B-5 Loan Facility

 

GOLDMAN
SACHS BANK USA,

as
Syndication Agent for the Revolving R-23
Facility

and

GOLDMAN
SACHS BANK USA,

JPMORGAN
CHASE BANK, N.A.,

BMO
CAPITAL MARKETS,

CANADIAN
IMPERIAL BANK OF COMMERCE,

CREDIT
SUISSE SECURITIES (USA)LOAN
FUNDING LLC,

GOLDMAN SACHS BANK USA,

and

 

MORGAN
STANLEY SENIOR FUNDING, INC.,

as Documentation Agents

RBC
CAPITAL MARKETS,

ING
BANK N.V.,

THE
BANK OF NOVA SCOTIA

and

TD
SECURITIES, 

as
Joint Lead Arrangers and Joint Book Runners for the Revolving R-23
Facility

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE I DEFINITIONS	1
	 	 	 
	SECTION 1.01	Defined Terms	1
	SECTION 1.02	Terms Generally	6379
	SECTION 1.03	Exchange Rates	6479
	SECTION 1.04	Effectuation of Transactions	6580
	SECTION 1.05	[Reserved]Divisions	6580
	SECTION 1.06	Limited Condition AcquisitionsTransactions	6580
	SECTION 1.07	Pro Forma and Other Calculations	6682
	SECTION 1.08	Interest Rates; LIBOR Notification	84
	 	 	 
	ARTICLE II THE CREDITS	6884
	 	 	 
	SECTION 2.01	Commitments	6884
	SECTION 2.02	Notice to Lenders; Funding of Loans	6885
	SECTION 2.03	Requests for Borrowings	6985
	SECTION 2.04	Swingline Loans	7086
	SECTION 2.05	Letters of Credit	7188
	SECTION 2.06	BAs	7996
	SECTION 2.07	Funding of Borrowings	8198
	SECTION 2.08	Interest Elections	8299
	SECTION 2.09	Termination and Reduction of Commitments	83100
	SECTION 2.10	Repayment of Loans; Evidence of Debt, etc.	84101
	SECTION 2.11	Repayment of Loans	85102
	SECTION 2.12	Prepayments, etc.	86103
	SECTION 2.13	Fees	95112
	SECTION 2.14	Interest	96113
	SECTION 2.15	Alternate Rate of Interest	97114
	SECTION 2.16	Increased Costs	98115
	SECTION 2.17	Break Funding Payments	99116
	SECTION 2.18	Taxes	99117
	SECTION 2.19	Payments Generally; Pro Rata Treatment; Sharing of Payments	101119
	SECTION 2.20	Mitigation Obligations; Replacement of Lenders	103121
	SECTION 2.21	Incremental Facilities	104122
	SECTION 2.22	Illegality	107125
	SECTION 2.23	Defaulting Lenders	107125
	SECTION 2.24	Amendments Effecting a Maturity Extension	109127
	 	 	 
	ARTICLE III REPRESENTATIONS AND WARRANTIES	112129
	 	 	 
	SECTION 3.01	Organization; Powers	112129
	SECTION 3.02	Authorization	113129
	SECTION 3.03	Enforceability	113130
	SECTION 3.04	Governmental Approvals	113130
	SECTION 3.05	Financial Statements	113130
	SECTION 3.06	No Material Adverse Effect	113130
	SECTION 3.07  	Title to Properties; Possession Under Leases; Casualty Proceeds	114130

 

    i

     

    

 

	 	 	Page
	 	 	 
	SECTION 3.08	Subsidiaries	114131
	SECTION 3.09	Litigation; Compliance with Laws	115131
	SECTION 3.10	Federal Reserve Regulations	115132
	SECTION 3.11	Investment Company Act	115132
	SECTION 3.12	Use of Proceeds	115132
	SECTION 3.13	Tax Returns	115132
	SECTION 3.14	No Material Misstatements	116133
	SECTION 3.15	Employee Benefit Plans	116133
	SECTION 3.16	Environmental Matters	117134
	SECTION 3.17	Security Documents	117134
	SECTION 3.18	Location of Real Property	118134
	SECTION 3.19	Solvency	118135
	SECTION 3.20	Labor Matters	118135
	SECTION 3.21	Foreign AssetAssets Control Regulations, Anti-Terrorism Laws and Anti-Money Laundering Laws and the Patriot Act	118135
	SECTION 3.22	FCC Licenses, etc.	119136
	SECTION 3.23	Satellites	119136
	 	 	 
	ARTICLE IV CONDITIONS OF LENDING	119136
	 	 	 
	SECTION 4.01	All Credit Events	120137
	SECTION 4.02	First Credit Event	120137
	 	 	 
	ARTICLE V AFFIRMATIVE COVENANTS	120137
	 	 	 
	SECTION 5.01	Existence; Businesses and Properties	120137
	SECTION 5.02	Insurance	121138
	SECTION 5.03	Taxes	122140
	SECTION 5.04	Financial Statements, Reports, etc.  Furnish to the Administrative Agent (which will promptly furnish such information to the Lenders):	123140
	SECTION 5.05	Litigation and Other Notices	124142
	SECTION 5.06	Compliance with Laws	125142
	SECTION 5.07	Maintaining Records; Access to Properties and Inspections	125142
	SECTION 5.08	Use of Proceeds	125143
	SECTION 5.09	Compliance with Environmental Laws	125143
	SECTION 5.10	Further Assurances; Additional Mortgages	126143
	SECTION 5.11	[Reserved]	129
	 	 	 
	ARTICLE VI NEGATIVE COVENANTS	129145
	 	 	 
	SECTION 6.01	Limitation on Incurrence of Indebtedness	129146
	SECTION 6.02	Limitation on Liens	134154
	SECTION 6.03	Limitation on Fundamental ChangesMerger, Consolidation or Sale of All or Substantially All Assets	136157
	SECTION 6.04	Limitation on Sale of Assets	140163
	SECTION 6.05	Limitation on Investments[Reserved].	143166
	SECTION 6.06	Limitation on DividendsRestricted Payments	144167
	SECTION 6.07	Limitations on Subordinated Debt[Reserved]	147174
	SECTION 6.08  	Limitations on Sale Leasebacks[Reserved]	148174

 

    ii

     

    

 

	 	 	Page
	 	 	 
	SECTION 6.09	First Lien Leverage Ratio	148174
	SECTION 6.10	[Reserved]Limitation on Guarantees of Indebtedness by Restricted Subsidiaries	148175
	SECTION 6.11	[Reserved]	148175
	SECTION 6.12	Limitations on Transactions with Affiliates	148175
	SECTION 6.13	[Reserved]Limitation on Activities of the U.S. Borrower	149178
	SECTION 6.14	[Reserved]Limitations on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	149178
	SECTION 6.15	[Reserved]Fiscal Year	149180
	SECTION 6.16	Fiscal YearChanges in Business	149180
	SECTION 6.17	No Further Negative Pledge	149
	SECTION 6.18	Anti-Terrorism Laws and Anti-Money Laundering Laws	150
	SECTION 6.19	Embargoed Person	150
	SECTION 6.20	Change in Business	151
	 	 	 
	ARTICLE VII EVENTS OF DEFAULT	151181
	 	 	 
	SECTION 7.01	Events of Default	151181
	SECTION 7.02	Holders Right to Cure	153184
	 	 	 
	ARTICLE VIII THE AGENTS	154184
	 	 	 
	SECTION 8.01	Appointment and Authorization of the Agents	154184
	SECTION 8.02	Delegation of Duties	156186
	SECTION 8.03	Exculpatory Provisions	156186
	SECTION 8.04	Reliance on Communications	156187
	SECTION 8.05	Notice of Default	156187
	SECTION 8.06	Credit Decision; Disclosure of Information by Administrative Agent; No Reliance on Arrangers’ or Agents’ Customer Identification Program	157187
	SECTION 8.07	Indemnification	157188
	SECTION 8.08	Agents in Their Individual Capacity	158188
	SECTION 8.09	Successor Agents	158189
	SECTION 8.10	Administrative Agent May File Proofs of Claim	159190
	SECTION 8.11	Collateral and Guaranty Matters	160190
	SECTION 8.12	Other Agents; Arrangers and Managers	161191
	SECTION 8.13	Certain ERISA Matters	191
	 	 	 
	ARTICLE IX MISCELLANEOUS	161192
	 	 	 
	SECTION 9.01	Notices	161192
	SECTION 9.02	Survival of Agreement	162193
	SECTION 9.03	Binding Effect	162193
	SECTION 9.04	Successors and Assigns	162193
	SECTION 9.05	Expenses; Indemnity	167198
	SECTION 9.06	Right of Set-off	168200
	SECTION 9.07	Applicable Law	168200
	SECTION 9.08	Waivers; Amendment	168200
	SECTION 9.09	Interest Rate Limitation	171203
	SECTION 9.10	Entire Agreement	171203
	SECTION 9.11	WAIVER OF JURY TRIAL	171203
	SECTION 9.12	Severability	171204
	SECTION 9.13	Counterparts	171204
	SECTION 9.14  	Headings	172204

 

    iii

     

    

  

	 	 	Page
	 	 	 
	SECTION 9.15	Jurisdiction; Consent to Service of Process	172204
	SECTION 9.16	Confidentiality	172205
	SECTION 9.17	Conversion of Currencies	173205
	SECTION 9.18	Release of Liens and Guarantees	173205
	SECTION 9.19	Patriot Act	174207
	SECTION 9.20	Regulatory Matters	174207
	SECTION 9.21	Application of Proceeds	175208
	SECTION 9.22	Withholding Tax	176209
	SECTION 9.23	Intercreditor Agreement Authorization	177209
	SECTION 9.24	Obligations of the Borrowers Joint and Several	177210
	SECTION 9.25	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	177210
	SECTION 9.26	Acknowledgement Regarding Any Supported QFCs	210
	 	 	 
	ARTICLE X GUARANTEE	178211
	 	 	 
	SECTION 10.01	The Guarantee	178211
	SECTION 10.02	Obligations Unconditional	178211
	SECTION 10.03	Reinstatement	179212
	SECTION 10.04	Subrogation; Subordination	179212
	SECTION 10.05	Remedies	179212
	SECTION 10.06	Instrument for the Payment of Money	179212
	SECTION 10.07	Continuing Guarantee	179212
	SECTION 10.08	General Limitation on Guarantee Obligations	179213
	SECTION 10.09  	Release of Guarantors	180213
	SECTION 10.10	Brazilian Guarantors	213

 

    iv

     

    

 

Exhibits and Schedules

 

	Exhibit A	 	Form of Assignment and Acceptance
	Exhibit B-1	 	Form of Borrowing Request
	Exhibit B-2	 	Form of Letter of Credit Request
	Exhibit C	 	Form of Swingline Borrowing Request
	Exhibit D-1	 	Form of U.S. Security Agreement[Reserved]
	Exhibit D-2	 	Form of Canadian Security Agreement
	Exhibit E-1	 	Form of Term Note
	Exhibit E-2	 	Form of Revolving Note
	Exhibit E-3	 	Form of Swingline Note
	Exhibit F	 	Form of Intercompany Note
	Exhibit G	 	[Reserved]
	Exhibit H	 	Form of Deed of Hypothec
	Exhibit I	 	Form of Administrative Questionnaire
	Exhibit J	 	Form of Subsidiary Joinder Agreement
	Exhibit K	 	Form of U.S. Mortgage
	Exhibit L	 	[Reserved]
	Exhibit M-1	 	Form of Equal Priority Intercreditor Agreement
	Exhibit M-2	 	Form of Junior Priority Intercreditor Agreement
	Exhibit N-1	 	Form of Acceptance and Prepayment Notice
	Exhibit N-2	 	Form of Discount Range Prepayment Notice
	Exhibit N-3	 	Form of Discount Range Prepayment Offer
	Exhibit N-4	 	Form of Solicited Discounted Prepayment Notice
	Exhibit N-5	 	Form of Solicited Discounted Prepayment Offer
	Exhibit N-6	 	Form of Specified Discount Prepayment Notice
	Exhibit N-7	 	Form of Specified Discount Prepayment Response
	Exhibit O	 	[Reserved]
	Exhibit P	 	[Reserved]
	Exhibit Q	 	Form of Affiliated Lender Assignment and Acceptance 
	 	 	 
	Schedule 1.01(a)	 	Collateral and Guarantee Requirements
	Schedule 1.01(b)	 	Agreed Security Principles:  Regulatory Provisions for Security Documents
	Schedule 1.01(c)	 	Mortgaged Properties
	Schedule 2.01	 	Commitments
	Schedule 2.04	 	Swingline Commitments
	Schedule 2.05	 	Existing Letters of Credit
	Schedule 3.01	 	Organization
	Schedule 3.04	 	Governmental Approvals
	Schedule 3.07	 	Title to Properties; Possession Under Leases
	Schedule 3.08(a)	 	Amendment No. 2 Effective Date Structure
	Schedule 3.08(b)	 	Subsidiaries
	Schedule 3.08(c)	 	Subscriptions
	Schedule 3.09	 	Litigation
	Schedule 3.13	 	Taxes
	Schedule 3.18(a)	 	Owned Material Real Property
	Schedule 3.18(b)	 	Ground Leased Material Real Property
	Schedule 3.20	 	Labor Matters
	Schedule 3.22	 	Satellite Licenses
	Schedule 3.23	 	Satellites
	Schedule 5.04	 	Canadian Borrower’s Website
	Schedule 5.10(e)	 	Certain Subsidiaries and Property
	Schedule 6.01	 	Indebtedness
	Schedule 6.02	 	Liens
	Schedule 6.04	 	Dispositions
	Schedule 6.056.06	 	Existing  Investments 
	Schedule 6.12	 	Affiliate Transactions
	Schedule 6.17	 	Senior Notes Documents
	Schedule 9.01	 	Administrative Agent’s Office, Certain Addresses for Notices

 

    v

     

    

 

CREDIT AGREEMENT dated
as of March 28, 2012 (as amended by Amendment No. 1 on April 2, 2013, Amendment No. 2 on November 17, 2016, Amendment No. 3 on
December 19, 2016 and2016,
Amendment No. 4 on February 1, 2017 and Amendment No. 5 on April 26,
2018) (this “Agreement”), among TELESAT HOLDINGS INC., a Canada
corporation (“Holdings”; as hereinafter further defined),
TELESAT CANADA, a Canada corporation (the “Canadian Borrower”; as hereinafter further defined), TELESAT LLC,
a Delaware limited liability company and a wholly owned subsidiary of the Canadian Borrower (the “U.S. Borrower”;
as hereinafter further defined), certain subsidiaries of Holdingsthe
Canadian Borrower as Guarantors, the LENDERS party hereto from time to time, JPMORGAN CHASE BANK, N.A. (“JPMCB”),
as administrative agent (in such capacity, the “Administrative Agent”; as hereinafter further defined), as collateral
agent for the Secured Parties (in such capacity, the “Collateral Agent”; as hereinafter further defined) and
as an L/C Issuer.

 

W I T N E S S E T H :

 

WHEREAS, the Canadian
Borrower has requested that (a) the Term B-45
Lenders make Term B-45
Loans in an aggregate principal amount of $2,424.0 million1,908,500,000
and (b) from time to time, the Revolving R-23
Facility Lenders lend to the Canadian Borrower and the L/C Issuers issue Letters of Credit for the account of the Canadian Borrower
and its Restricted Subsidiaries under a $200.0 million200,000,000
Revolving R-23
Facility.

 

NOW, THEREFORE, the
Lenders are willing to extend senior secured credit to the Borrowers on the terms and subject to the conditions set forth herein.
Accordingly, the parties hereto agree as follows:

 

ARTICLE
I

 

DEFINITIONS

 

Section
1.01Defined Terms. As used in this Agreement, the following terms shall have the meanings specified below:

 

“ABR Borrowing”
shall mean a Borrowing comprised of ABR Loans.

 

“ABR Loan”
shall mean any ABR Term Loan, ABR Revolving Loan or Swingline Loan.

 

“ABR Revolving
Borrowing” shall mean a Borrowing comprised of ABR Revolving Loans.

 

“ABR Revolving
Loan” shall mean any Revolving R-23
Facility Loan bearing interest at a rate determined by reference to the Alternate Base Rate in accordance with the provisions of
Article II.

 

“ABR Term
Loan” shall mean any Term Loan bearing interest at a rate determined by reference to the Alternate Base Rate in accordance
with the provisions of Article II.

 

“Acceptable
Discount” shall have the meaning given to it in Section 2.12(f)(iv)(B).

 

“Acceptable
Prepayment Amount” shall have the meaning given to it in Section 2.12(f)(iv)(C).

 

“Acceptance
and Prepayment Notice” shall mean a notice of the Borrower’s acceptance of the Acceptable Discount in substantially
the form of Exhibit N-1.

 

“Acceptance
Date” shall have the meaning given to it in Section 2.12(f)(iv)(B).

 

“Acceptance
Fees” shall have the meaning assigned to such term in Section 2.13(c).

 

“Acquired
EBITDA” shall mean, with respect to any Acquired Entity or Business or any Converted Restricted Subsidiary (any of the
foregoing, a “Pro Forma Entity”) for any period, the amount for such period of Consolidated EBITDA of such Pro
Forma Entity (determined using such definitions as if references to Holdingsthe
Canadian Borrower and its Subsidiaries therein were to such Pro Forma Entity and its Subsidiaries), all as determined
on a consolidated basis for such Pro Forma Entity in accordance with GAAP.

 

    1

     

    

 

“Acquired
Entity or Business” shall have the meaning provided in the definition of the term “Consolidated EBITDA.”

 

“Acquisition
Consideration” shall mean, in connection with any acquisition, the aggregate amount (as valued at the
fair market value of such acquisition at the time such acquisition is made) of, without duplication: (a) the purchase consideration
paid or payable for such acquisition, whether payable at or prior to the consummation of such acquisition or deferred for payment
at any future time, whether or not any such future payment is subject to the occurrence of any contingency, and including any and
all payments representing the purchase price and any assumptions of Indebtedness and/or Guarantee Obligations, “earn-outs”
and other agreements to make any payment the amount of which is, or the terms of payment of which are, in any respect subject to
or contingent upon the revenues, income, cash flow or profits (or the like) of any Person or business and (b) the aggregate amount
of Indebtedness incurred in connection with such acquisition; provided in each case, that
any such future payment that is subject to a contingency shall be considered Acquisition Consideration only to the extent of the
reserve, if any, required under GAAP (as determined at the time of the consummation of such acquisition) to be established in respect
thereof by Holdings or its Restricted Subsidiaries.Acquired
Indebtedness” means, with respect to any specified Person,

 

(1) Indebtedness
of any other Person existing at the time such other Person is merged with or into or became a Restricted Subsidiary of such specified
Person, including Indebtedness incurred in connection with, or in contemplation of, such other Person merging with or into or becoming
a Restricted Subsidiary of such specified Person, and

 

(2) Indebtedness
secured by a Lien encumbering any asset acquired by such specified Person.

 

“Additional
Lender” shall have the meaning assigned to such term in Section 2.21(d).

 

“Additional
Mortgage” shall have the meaning assigned to such term in Section 5.10(b).

 

“Adjusted
LIBO Rate” shall mean, with respect to any Eurodollar Borrowing for any Interest Period, an interest rate per annum (rounded
upwards, if necessary, to the next 1/100 of 1%) equal to the result of dividing (a) the LIBO Rate in effect for such Interest Period
by (b) 1.00 minus the Statutory Reserves applicable to such Eurodollar Borrowing, if any; provided that in no event
shall the Adjusted LIBO Rate with respect to (x) the Term B-4 Loans, be less than 0.75% and (y)
with respect to the Revolving R-2 Facility, be less than 0.00%.

 

“Administrative
Agent” shall mean JPMCB or any successor to JPMCB appointed in accordance with the provisions of Section 8.09, together
with any Persons that are appointed as sub-agents in accordance with Section 8.02, in each case, as the administrative agent for
the Lenders under this Agreement and the other Loan Documents.

 

“Administrative
Agent’s Office” shall mean the Administrative Agent’s address and, as appropriate, account as set forth on
Schedule 9.01, or such other address or account as the Administrative Agent may from time to time notify the Canadian Borrower
and the Lenders.

 

“Administrative
Questionnaire” means an Administrative Questionnaire substantially in the form of Exhibit I or such other form
as shall be reasonably acceptable to the Administrative Agent.

 

“Affiliate”
shall mean, when used with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries,
Controls or is Controlled by or is under common Control with the person specified.

 

“Affiliate
Transaction” shall have the meaning provided in Section 6.12. 

 

“Affiliated
Lender” shall mean a Non-Debt Fund Affiliate or a Debt Fund Affiliate.

 

    2

     

    

 

“Affiliated
Lender Assignment and Acceptance” shall have the meaning provided in Section 9.04(e)(i)(C).

 

“Agent Fees”
shall have the meaning assigned to such term in Section 2.13(e).

 

“Agent-Related
Persons” shall mean the Administrative Agent and the Collateral Agent, together with their respective Affiliates (including,
in the case of JPMCB in its capacity as the Administrative Agent, J.P. Morgan), and the officers, directors, employees, agents
and attorneys-in-fact of such Persons and Affiliates.

 

“Agents”
shall mean the Administrative Agent and the Collateral Agent.

 

“Agreed Security
Principles” shall mean:

 

(i) No
Lien or provision of a guarantee by any Person organized outside the United States or Canada shall be made that would:

 

(a) result
in any breach of corporate benefit, financial assistance, capital preservation, fraudulent preference, thin capitalization rules,
retention of title claims or any other law or regulation (or analogous restriction) of the jurisdiction of organization of such
Person;

 

(b) result
in any risk to the officers or directors of such Person of a civil or criminal liability; or

 

(c) result
in a Lien being granted over assets, the acquisition of which was financed from a subsidy of payments, the terms of which prohibit
any assets acquired with such subsidy or payment being used as collateral; provided the Administrative Agent consents to
such exclusion (such consent not to be unreasonably withheld).

 

(ii) It
is expressly acknowledged that in certain jurisdictions (a) it may be impossible or impractical (including for legal and regulatory
reasons) to grant guarantees or create security over certain categories of assets in which event such guarantees will not be granted
and security will not be taken over such assets or (b) it may take longer than agreed to grant guarantees or create security over
certain categories of assets, in which event the Collateral Agent will act reasonably in granting the necessary extension of timing
for obtaining such guarantees or security; provided that, in each case with respect to subclauses (a) and (b), the relevant
Guarantor has exercised due diligence and reasonable efforts in providing such guarantees or security.

 

(iii) It
is expressly acknowledged that the form of the Security Documents may vary from the forms attached to the Credit Agreement or Security
Documents in order to conform to local requirements and customs as well as potential impracticality of complying with local requirements
in respect of every item of collateral.

 

(iv) Each
Security Document relating to assets or stock of a United States or Canadian telecommunications carrier (as defined in the Telecommunications
Act (Canada)) will contain provisions substantially in accordance with Schedule 1.01(b) hereto and shall be deemed to include
such provisions whether or not actually included.

 

“Agreement”
shall have the meaning assigned to such term in the introductory paragraph of this Agreement.

 

“Agreement
Currency” shall have the meaning assigned to such term in Section 9.17(b).

 

“Alternate
Base Rate” shall mean, for any day, a rate per annum equal to (x) in the case of Term B-45
Loans or Revolving R-2 3Facility
Loans denominated in Dollars, the greatest of (a) the Prime Rate, (b) the Federal Funds Effective Rate in effect on such day plus
1/2 of 1% and (c) the LIBO Rate for a one-month Interest Period determined on such day (or if such day is not a Business Day, the
immediately preceding Business Day) plus 1.00% or (y) in the case of any other Loans, the Canadian Prime Rate. If for any
reason the Administrative Agent shall have determined (which determination shall be conclusive absent manifest error) that it is
unable to ascertain the Federal Funds Effective Rate, including the failure of the Federal Reserve Bank of New York to publish
rates or the inability of the Administrative Agent to obtain quotations in accordance with the terms thereof, the Alternate Base
Rate shall be determined without regard to clause (x)(b) of the preceding sentence until the circumstances giving rise to such
inability no longer exist. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Canadian Prime Rate, the
Federal Funds Effective Rate or the LIBO Rate shall be effective on the effective date of such change in the Prime Rate, the Canadian
Prime Rate, the Federal Funds Effective Rate or the LIBO Rate, respectively.

 

    3

     

    

 

“Amalgamation”
shall have the meaning assigned to such term in Section 6.03(h).

 

“Amendment
No. 1” shall mean Amendment No. 1, dated as of April 2, 2013, to this Agreement.

 

“Amendment
No. 2” shall mean Amendment No. 2, dated as of November 17, 2016, to this Agreement.

 

“Amendment
No. 2 Effective Date” shall mean November 17, 2016.

 

“Amendment
No. 3” shall mean Amendment No. 3, dated as of December 19, 2016, to this Agreement.

 

“Amendment
No. 4” shall mean Amendment No. 4, dated as of February 1, 2017, to this Agreement.

 

“Amendment
No. 4 Consenting Lender” shall mean each Lender that provided the Administrative Agent with a counterpart
to Amendment No. 4 executed by such Lender in accordance with the terms of Amendment No. 4.

 

“Amendment
No. 4 Effective Date” shall mean February 1, 2017.

 

“Amendment
No. 5” shall mean Amendment No. 5, dated as of April 26, 2018, to this Agreement.

 

“Amendment
No. 5 Effective Date” shall mean April 26, 2018.

 

“Amendment
No. 6” shall mean Amendment No. 6, dated as of December 6, 2019, to this Agreement.

 

“Amendment
No. 6 Effective Date” shall mean December 6, 2019.

 

“Ancillary
Agreement” means the Ancillary Agreement, dated as of August 7, 2007, among Loral, Skynet, PSP and the Canadian Borrower,
as amended.

 

“Anti-Corruption
Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Borrower or any of its Subsidiaries from
time to time concerning or relating to bribery or corruption.

 

“Anti-Terrorism
Laws and Anti-Money Laundering Laws” shall mean Requirements of Law related to terrorism financing or money laundering
or sanctions, including the Executive Order or any enabling legislation or implementing legislation relating thereto, the Patriot
Act, the Bank Secrecy Act, Part II.1 of the Criminal Code (Canada), the Proceeds of Crime (money laundering) and Terrorist Financing
Act (Canada) (“PCTFA”), the Regulations Implementing the United Nations Resolutions on the Suppression of Terrorism
(Canada) and the United Nations Al-Qaida and Taliban Regulations (Canada).

 

“Applicable
Amount” shall mean the sum of (A) $100.0 million plus (B) if positive, (x)
cumulative Consolidated EBITDA from and after the first day of the fiscal quarter during which
the Amendment No. 2 Effective Date occurs,October 1,
2016, to the most recently completed fiscal quarter for which internal financial statements are available immediately
preceding the date of the proposed action (for the avoidance of doubt, such cumulative Consolidated EBITDA shall include the Consolidated
EBITDA for any such quarters, whether negative or positive); minus (y) 1.4 times the Cumulative Interest Expense; plus
(without duplication) (CB):

 

(1) the
aggregate net cash proceeds, and the fair market valueFair
Market Value of marketable securities or other property other than cash (as determined
in good faith by the Board of Directors of Holdings), received by Holdingsthe
Canadian Borrower from the issue or sale (other than to a Restricted Subsidiary) of any class of Equity Interests, including
Retired Capital Stock, in Holdingsthe
Canadian Borrower after the Amendment No. 2 Effective Date, other than (A) Disqualified Capital Stock, (B) Equity Interests
to the extent the net cash proceeds therefrom are applied as provided for in Section
6.06(b)(iv), (C) Refunding Capital Stock and (D) Excluded
Contributions; plus

 

    4

     

    

 

(2) 100%
of any cash and the fair market valueFair
Market Value of marketable securities or other property other than cash (as determined
in good faith by the Board of Directors of Holdings) received by Holdingsthe
Canadian Borrower as a capital contribution from its shareholders subsequent to the Amendment No. 2 Effective Date other
than any Excluded Contributions or any Cure Amount; plus

 

(3) the
principal amount (or accreted amount (determined in accordance with GAAP), if less) of any Indebtedness, or the liquidation preference
or maximum fixed repurchase price, as the case may be, of any Disqualified Capital Stock, of Holdingsthe
Canadian Borrower or any Restricted Subsidiary issued after the Amendment No. 2 Effective Date (other than any such
Indebtedness or Disqualified Capital Stock to the extent issued to a Restricted Subsidiary), which has been converted into or exchanged
for Equity Interests in Holdingsthe
Canadian Borrower (other than Disqualified Capital Stock); plus

 

(4) to
the extent not already included in Consolidated EBITDA, 100% of the aggregate cash proceedsamount
of cash and the Fair Market Value of marketable securities or other property other than cash received by Holdingsthe
Canadian Borrower or a Restricted Subsidiary since the Amendment No. 2 Effective Date from (A) Investments (other than
Cash Equivalents), whether through interest payments, principal payments, returns, profits, distributions, income and similar amounts,
dividends or other distributions, repayments and payments,
or the sale or other disposition (other than to Holdingsthe
Canadian Borrower or a Restricted Subsidiary) thereof made by Holdingsthe
Canadian Borrower and its Restricted Subsidiaries and (B) cash dividends from, or the sale (other than to Holdingsthe
Canadian Borrower or a Restricted Subsidiary) of the stock of, an Unrestricted Subsidiary; plus

 

(5) if
any Unrestricted Subsidiary is or was redesignated as a Restricted
Subsidiary, the fair market value after
the Amendment No. 2 Effective Date, the Fair Market Value of all Investments by Holdingsthe
Canadian Borrower and its Restricted Subsidiaries in such Unrestricted
Subsidiary after the Amendment No. 2 Effective Date,
as determined in good faith by the Board of Directors of Holdings;the
Canadian Borrower at the time of the redesignation of such Unrestricted Subsidiary as a Restricted Subsidiary other than to the
extent such Investment constituted a Permitted Investment or was made pursuant to Section 6.06(b)(xiv); plus

 

(6) $100,000,000;

 

less the amount of any Applicable
Amount applied pursuant to any permitted usage under this Agreement. after
the Measurement Date. 

 

“Applicable
Canadian Pension Legislation” shall mean, at any time, any applicable Canadian federal or provincial pension benefits
standards legislation, including all regulations made thereunder and all rules, regulations, rulings, guidelines, directives and
interpretations made or issued by any Governmental Authority in Canada having or asserting jurisdiction in respect thereof, each
as amended or replaced from time to time.

 

“Applicable
Creditor” shall have the meaning assigned to such term in Section 9.17(b).

 

“Applicable
Discount” shall have the meaning given to it in Section 2.12(f)(iii)(B).

 

“Applicable
Lending Office” shall mean (i) with respect to any Lender and for each Type of Loan, the “Lending Office”
of such Lender (or of an Affiliate of such Lender) designated for such Type of Loan in such Lender’s Administrative Questionnaire
or in any applicable Assignment and Acceptance pursuant to which such Lender became a Lender hereunder or such other office of
such Lender (or of an Affiliate of such Lender) as such Lender may from time to time specify to the Administrative Agent and the
Canadian Borrower as the office by which its Loans of such Type are to be made and maintained and (ii) with respect to any L/C
Issuer and for each Letter of Credit, the “Lending Office” of such L/C Issuer (or of an Affiliate of such L/C Issuer)
designated on the signature pages hereto or such other office of such L/C Issuer (or of an Affiliate of such L/C Issuer) as such
L/C Issuer may from time to time specify to the Administrative Agent and the Canadian Borrower as the office by which its Letters
of Credit are to be issued and maintained.

 

    5

     

    

 

“Applicable
Margin” shall mean:

 

(a) in
the case of the Term B-45
Loans (i) maintained as ABR Loans, a percentage per annum equal to 1.501.75%,
and (ii) maintained as Eurodollar Loans, a percentage per annum equal to 2.502.75%;

               ;

 

(b) in
the case of Revolving R-23
Facility Loans denominated in Canadian Dollars, a rate equal to the following percentages per annum, based upon the Total Leverage
Ratio as set forth in the most recent certificate delivered to the Administrative Agent pursuant to Section 5.04(c):

 

	Pricing Level	Total Leverage Ratio	Applicable Margin for Revolving R-23 Facility Loans that are Canadian Prime Rate Loans	Applicable Margin for Revolving R-23 Facility Loans that are BA Loans
	1	Greater than or equal to 5.00:1.00	2.001.25%	3.002.25%
	2	Less than 5.00:1.00 but greater than or equal to 4.50:1.00	1.751.00%	2.752.00%
	3	Less than 4.50:1.00	1.500.75%	2.501.75%

 

(c) in
the case of Revolving R-23
Facility Loans denominated in Dollars, a rate equal to the following percentages per annum, based upon the Total Leverage Ratio
as set forth in the most recent certificate delivered to the Administrative Agent pursuant to Section 5.04(c):

 

	Pricing Level	Total Leverage Ratio	Applicable Margin for Revolving R-23 Facility Loans that are ABR Loans	Applicable Margin for Revolving R-23 Facility Loans that are Eurodollar Loans
	1	Greater than or equal to 5.00:1.00	2.001.25%	3.002.25%
	2	Less than 5.00:1.00 but greater than or equal to 4.50:1.00	1.751.00%	2.752.00%
	3	Less than 4.50:1.00	1.500.75%	2.501.75%

 

Notwithstanding
anything to the contrary in this definition, during the period from the Amendment No. 26
Effective Date until the Section 5.04 Financials have been delivered for the first full fiscal
period to occur after the Amendment No. 2 Effective Date,fiscal
year ending December 31, 2019, the Applicable Margin for Revolving R-23
Facility Loans shall be determined by reference to the applicable “Pricing Level 12”
set forth in the tables above. Any increase or decrease in the Applicable Margin for Revolving R-23
Facility Loans resulting from a change in the Total Leverage Ratio shall become effective as of the first Business Day immediately
following the date Section 5.04 Financials are delivered to the Administrative Agent; provided that, at the option of the
Required Revolving Lenders, the highest pricing level (as set forth in the tables above) shall apply as of the fifth Business Day
after the date on which Section 5.04 Financials were required to have been delivered but have not been delivered pursuant to Section
5.04 and shall continue to so apply to and including the date on which such Section 5.04 Financials are so delivered (and thereafter
the pricing level otherwise determined in accordance with this definition shall apply).

 

    6

     

    

 

In the event
that the Administrative Agent and the Canadian Borrower determine that any Section 5.04 Financials previously delivered were incorrect
or inaccurate (regardless of whether this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such
inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any applicable period than the Applicable
Margin applied for such applicable period, then (a) the Canadian Borrower shall as soon as practicable deliver to the Administrative
Agent the correct Section 5.04 Financials for such applicable period, (b) the Applicable Margin shall be determined as if the pricing
level for such higher Applicable Margin were applicable for such applicable period, and (c) the Canadian Borrower shall within
10 Business Days of demand thereof by the Administrative Agent pay to the Administrative Agent the accrued additional interest
owing as a result of such increased Applicable Margin for such applicable period, which payment shall be promptly applied by the
Administrative Agent in accordance with this Agreement.

 

“Approved
Fund” shall mean any person (other than a natural person) that is engaged in making, purchasing, holding or investing
in bank loans and similar extensions of credit in the ordinary course and that is administered, managed or advised by a Lender,
an Affiliate of a Lender or an entity (including an investment advisor) or an Affiliate of such entity that administers, manages
or advises a Lender.

 

“APT”
shall have the meaning given to it in Section 5.10(e).

 

“APT Satellite
Agreement” shall have the meaning given to it in Section 5.10(e).

 

“APT Security
Agreement” shall mean, collectively, (a) the Security Agreement dated as of October
8, 2004, by and among APT Satellite Company Limited, Loral Orion Inc. (as assigned to Telesat Satellite LP) and Bank of China (HK)
Limited, (b) the APT Parental Guarentee) the APT Parental
Guarantee dated as of December 23, 2015, as amended, by
and among APT Satellite Holdings Limited and Telesat International Limited, and
(cb) the
Declaration of Trust dated as of February 5, 20162016,
as amended, by Telesat International Limited, in each case as amended prior to the
Amendment No. 2 Effective Date.

 

“APT Transponders”
shall mean those transponders subject to (a) that Satellite Transponder Agreement dated as of August 26, 2003 between APT Satellite
Company Limited and Loral Orion, Inc. (as assigned to Telesat Satellite LP), as amended as of November 16, 2003 or (y) that Satellite
Transponder Agreement dated as of December 23, 2015 between APT Satellite Company Limited and Telesat International Limited.

 

“Asset
Sale” means:

 

(1) the
sale, conveyance, transfer or other disposition, whether
in a single transaction or a series of related transactions and whether effected pursuant to a division or otherwise, of property
or assets (including by way of a Sale Leaseback) of the Canadian Borrower or any Restricted Subsidiary (each referred to in this
definition as a “disposition”), or 

 

(2) the
issuance or sale of Equity Interests of any Restricted Subsidiary (other than preferred stock issued pursuant to Section 6.01),
whether in a single transaction or a series of related transactions, 

 

in
each case, other than:

 

(a) a
disposition of cash or Cash Equivalents, obsolete or worn out property or equipment, inventory, Excluded Satellites or other assets
that in the reasonable judgment of the Canadian Borrower are no longer useful in the conduct of the business of the Canadian Borrower
and its Restricted Subsidiaries and that in each case are disposed of in the ordinary course of business;

 

(b) the
disposition of all or substantially all of the assets of the Canadian Borrower or any of the Restricted Subsidiaries in a manner
permitted pursuant to Section 6.03 or any disposition that constitutes a Change of Control pursuant to this Agreement;

 

(c) the
making of any Permitted Investment or Restricted Payment that is permitted to be made, and is made, under Section 6.06;

 

    7

     

    

 

(d) any
disposition of assets or issuance or sale of Equity Interests of any Restricted Subsidiary in any transaction or series of transactions
with an aggregate Fair Market Value not exceeding $25,000,000 for any such transaction or series of transactions;

 

(e) any
disposition of property or assets or issuance of securities by a Restricted Subsidiary to the Canadian Borrower or by the Canadian
Borrower or a Restricted Subsidiary to the U.S. Borrower or a Guarantor;

 

(f) to
the extent allowable under Section 1031 of the Internal Revenue Code of 1986, any exchange of like property (excluding any boot
thereon) for use in a Similar Business;

 

(g) the
lease, assignment or sublease of any real or personal property in the ordinary course of business;

 

(h) any
issuance or sale of Equity Interests in, or Indebtedness or other securities of, an Unrestricted Subsidiary;

 

(i) foreclosures
on or expropriations of assets;

 

(j) any
financing transaction with respect to property built, repaired, improved or acquired by the Canadian Borrower or any Restricted
Subsidiary after the Amendment No. 6 Effective Date, including Sale Leasebacks and asset securitizations, permitted by this Agreement;

 

(k) any
Casualty Event;

 

(l) dispositions
of accounts receivable in connection with the collection or compromise thereof in the ordinary course of business
and consistent with past practice;

 

(m) any
transfer of transponders or the corresponding interest in the common elements on the Telstar 18 VANTAGE satellite to APT or its
affiliates effected pursuant to a Satellite Transponder Agreement dated as of December 23, 2015 between Telesat International Limited
and APT or a letter agreement dated December 31, 2015 between Telesat International Limited and APT, as amended from time to time;

 

(n) the
granting of a Lien permitted under Section 6.02;

 

(o) contractual
arrangements under long-term contracts with customers entered into by the Canadian Borrower and
the Restricted Subsidiaries in the ordinary course of business which are treated as sales for accounting purposes; provided that
there is no transfer of title in connection with such contractual arrangement;

 

(p) additional
dispositions of assets (taken together with all such dispositions made pursuant to this clause (p)) since the Measurement Date
with an aggregate Fair Market Value not exceeding $50,000,000;

 

(q) the
licensing or sub-licensing of intellectual property or other general intangibles in the ordinary course of business or that is
immaterial;

 

(r) the
unwinding or termination of any Swap Agreement (unless entered into for speculative purposes) and allowing for the expiration of
any options agreement with respect to any real property or personal property; 

 

(s) the
disposition of any of the property or assets of The SpaceConnection, Inc. or Infosat Communications LP; and 

 

    8

     

    

 

(t) any
Spectrum Repurposing.

 

In
the event that a transaction (or any portion thereof) meets the criteria of a permitted Asset Sale and would also be a permitted
Restricted Payment or Permitted Investment, the Canadian Borrower, in its sole discretion, shall be entitled to divide and classify
such transaction (or a portion thereof) as an Asset Sale and/or one or more of the types of permitted Restricted Payments or Permitted
Investments.

 

“Asset Sale
Event” shall mean any sale, transfer or other disposition of any business units, assets
or other property of Holdings or any of the Restricted Subsidiaries not in the ordinary course of business (excluding any sale,
transfer or other disposition of assets among the Canadian Borrower and the Guarantors) other than any such event or transaction
(or series of related events or transactions) the Net Cash Proceeds of which are equal to or less than $15.0 million. Notwithstanding
the foregoing, the term “Asset Sale Event” shall not include any transaction permitted by Section 6.04, other than
transactions permitted by Sections 6.04(b) and 6.04(f) if they otherwise qualify under this definition as an Asset Sale Event.Asset
Sale not in the ordinary course of business.

 

“Assignment
and Acceptance” shall mean an assignment and acceptance entered into by a Lender and an assignee, and accepted by the
Administrative Agent and the Canadian Borrower (if required by such assignment and acceptance), substantially in the form of Exhibit
A or such other form as shall be approved by the Administrative Agent.

 

“Attorney
Costs” shall mean and includes all reasonable and documented or invoiced fees, expenses and disbursements of any law
firm or other external counsel.

 

“Auction Agent”
means (a) the Administrative Agent or (b) any other financial institution or advisor employed by the Canadian Borrower (whether
or not an Affiliate of the Administrative Agent) to act as an arranger in connection with any Discounted Term Loan Prepayment pursuant
to Section 2.12(f); provided that the Canadian Borrower shall not designate the Administrative Agent as the Auction Agent
without the written consent of the Administrative Agent (it being understood that the Administrative Agent shall be under no obligation
to agree to act as the Auction Agent); provided, further, that neither the Canadian Borrower nor any of its Affiliates
may act as the Auction Agent.

 

“Auto-Extension
Letter of Credit” shall have the meaning assigned to such term in Section 2.05(c)(iii).

 

“Availability
Period” shall mean, in respect of the Revolving R-23
Facility Commitments, the period from and including the Amendment No. 26
Effective Date to the earliest of (A) the Revolving R-23
Facility Maturity Date, (B) the time of the termination of the Revolving R-23
Facility Commitments pursuant to Section 2.09 and (C) the time of termination of the commitment of each Lender to make Revolving
R-23 Facility
Loans and of the obligation of the L/C Issuers issue, extend or increase Letters of Credit, in each case pursuant to Section 7.01.

 

“Available
Revolving Unused Commitment” shall mean, with respect to a Revolving R-23
Facility Lender at any time, an amount equal to the amount by which (a) the Revolving R-23
Facility Commitment of such Revolving R-23
Facility Lender at such time exceeds (b) the Revolving R-23
Facility Credit Exposure of such Revolving R-23
Facility Lender at such time.

 

“BA”
shall mean either a depository bill within the meaning of the Depository Bills and Notes Act (Canada) or a bill of exchange within
the meaning of the Bills of Exchange Act (Canada), denominated in Canadian Dollars, drawn by the applicable Borrower on a Lender
and accepted by a Lender in accordance with this Agreement and bearing such distinguishing letters and numbers as the Lender may
determine; and, when used in conjunction with a “BA Borrowing” or a “BA Loan,” shall include BA Equivalent
Loan.

 

“BA Borrowing”
shall mean a Borrowing comprised of BA Loans.

 

    9

     

    

 

“BA Contract
Period” shall mean, relative to any BA Loan, the period beginning on (and including) the date on which such BA Loan is
made or continued to (but excluding) the date which is one, two, three or six months thereafter (or twelve months if, at the time
of the relevant BA Loan, such term is agreed to by all relevant Lenders), as selected by the applicable Borrower; provided
that (i) if any BA Contract Period would end on a day other than a Business Day, such BA Contract Period shall be extended to the
next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such
BA Contract Period shall end on the next preceding Business Day, (ii) any BA Contract Period that commences on the last Business
Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such BA
Contract Period) shall end on the last Business Day of the last calendar month of such BA Contract Period and (iii) no BA Contract
Period shall end after the Term B-45
Loan Maturity Date or the Revolving R-23
Facility Maturity Date, as applicable.

 

“BA Discount
Rate” shall mean, with respect to any BA Contract Period for any BA Loan, (a) in the case of any Revolving R-23
Facility Lender named in Schedule I of the Bank Act (Canada), the rate determined by the Administrative Agent to be the average
offered rate for bankers’ acceptances for the applicable BA Contract Period quoted on Reuters Screen CDOR (Canadian Dollar
Offered Rate) page as of 11:00 a.m. (New York City time) on the first day of such BA Contract Period and (b) in the case of any
other Revolving R-23
Facility Lender, (i) the rate per annum set forth in clause (a) above plus (ii) 0.10%; provided that in no event
shall the BA Discount Rate be less than 0.00%. In the event that such rate is not quoted on the Reuters Screen CDOR (Canadian Dollar
Offered Rate) page (or otherwise on the Reuters screen), the BA Discount Rate for the purposes of this definition shall be determined
by reference to such other comparable publicly available service for displaying bankers’ acceptance rates as may be selected
by the Administrative Agent, or, if such other comparable publicly available service for displaying bankers’ acceptance rates
is not available, the BA Discount Rate shall be the average of the bankers’ acceptance rates quoted by the Reference Banks,
as determined by the Administrative Agent, and, in the event that the CDOR rate is not available for any Business Day, the CDOR
rate for the immediately previous Business Day for which a CDOR rate is available shall be used.

 

“BA Equivalent
Loan” shall have the meaning given to it in Section 2.06(f).

 

“BA Loan”
shall mean any Loan made by way of accepting and purchasing BAs on the same date and as to which a single BA Contract Period is
in effect, and includes BA Equivalent Loans made on the same date and as to which a single BA Contract Period is in effect.

 

“Bail-In Action”
shall mean the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability
of an EEA Financial Institution.

 

“Bail-In Legislation”
shall mean with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and
of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in
the EU Bail-In Legislation Schedule.

 

“Benchmark
Replacement” means the sum of: (a) the alternate benchmark rate (which may be a SOFR-Based Rate) that has been selected by
the Administrative Agent and the Canadian Borrower giving due consideration to (i) any selection or recommendation of a replacement
rate or the mechanism for determining such a rate by the Relevant Governmental Body and/or (ii) any evolving or then-prevailing
market convention for determining a rate of interest as a replacement to the LIBO Rate for Dollar-denominated syndicated credit
facilities and (b) the Benchmark Replacement Adjustment; provided that, if the Benchmark Replacement as so determined would be
less than zero, the Benchmark Replacement will be deemed to be zero for the purposes of this Agreement; provided further that any
such Benchmark Replacement shall be administratively feasible as determined by the Administrative Agent in its sole reasonable
discretion.

 

“Benchmark
Replacement Adjustment” means the spread adjustment, or method for calculating or determining such spread adjustment, (which
may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Canadian Borrower giving
due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such
spread adjustment, for the replacement of the LIBO Rate with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental
Body and/or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating
or determining such spread adjustment, for the replacement of the LIBO Rate with the applicable Unadjusted Benchmark Replacement
for Dollar-denominated syndicated credit facilities at such time (for the avoidance of doubt, such Benchmark Replacement Adjustment
shall not be in the form of a reduction to the Applicable Margin).

 

    10

     

    

 

“Benchmark
Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational
changes (including changes to the definition of Alternate Base Rate, the definition of Interest Period, timing and frequency of
determining rates and making payments of interest and other administrative matters) that the Administrative Agent decides in its
reasonable discretion may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit
the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative
Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent
determines that no market practice for the administration of the Benchmark Replacement exists, in such other manner of administration
as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement).

 

“Benchmark
Replacement Date” means the earlier to occur of the following events with respect to the LIBO Rate: 

 

(1)
in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the
public statement or publication of information referenced therein and (b) the date on which the administrator of the applicable
Reference Rate permanently or indefinitely ceases to provide the applicable Reference Rate; or

 

(2)
in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication
of information referenced therein.

 

“Benchmark
Transition Event” means the occurrence of one or more of the following events with respect to the LIBO Rate: 

 

(1)
a public statement or publication of information by or on behalf of the administrator of the applicable Reference Rate announcing
that such administrator has ceased or will cease to provide the applicable Reference Rate, permanently or indefinitely, provided
that, at the time of such statement or publication, there is no successor administrator that will continue to provide the applicable
Reference Rate; 

 

(2)
a public statement or publication of information by the regulatory supervisor for the administrator of the applicable Reference
Rate, the U.S. Federal Reserve System, an insolvency official with jurisdiction over the administrator for the applicable Reference
Rate, a resolution authority with jurisdiction over the administrator for the applicable Reference Rate or a court or an entity
with similar insolvency or resolution authority over the administrator for the applicable Reference Rate, in each case which states
that the administrator of the applicable Reference Rate has ceased or will cease to provide the applicable Reference Rate permanently
or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue
to provide the applicable Reference Rate; and/or 

 

(3)
a public statement or publication of information by the regulatory supervisor for the administrator of the applicable Reference
Rate announcing that the applicable Reference Rate is no longer representative.

 

“Benchmark
Transition Start Date” means (a) in the case of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark
Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication of information of a prospective
event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the
expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or
publication) and (b) in the case of an Early Opt-in Election, the date specified by the Administrative Agent or the Required Lenders,
as applicable, by notice to the Canadian Borrower, the Administrative Agent (in the case of such notice by the Required Lenders)
and the Lenders.

 

    11

     

    

 

“Benchmark
Unavailability Period” means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with
respect to the LIBO Rate and solely to the extent that the LIBO Rate has not been replaced with a Benchmark Replacement, the period
(x) beginning at the time that such Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced
the LIBO Rate for all purposes hereunder in accordance with Section 2.15 and (y) ending at the time that a Benchmark Replacement
has replaced the LIBO Rate for all purposes hereunder pursuant to Section 2.15.

 

“Beneficial
Ownership Certification” means a certification regarding beneficial ownership or control as required by the Beneficial Ownership
Regulation.

 

“Beneficial
Ownership Regulation” means 31 C.F.R. § 1010.230.

 

“Benefit
Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA,
(b) a “plan” as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes
of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee
benefit plan” or “plan”. 

 

“BHC
Act Affiliate” of a party means an “affiliate’ (as such term is defined under, and interpreted in accordance
with, 12 U.S.C. 1841(k)) of such party.

 

“BIA”
shall mean the Bankruptcy and Insolvency Act (Canada), as amended.

 

“Board”
shall mean the Board of Governors of the Federal Reserve System of the United States of America.

 

“Board of
Directors” shall mean, with respect to any Person, (i) in the case of any corporation, the board of directors of such
Person, (ii) in the case of any limited liability company, the board of managers of such Person, (iii) in the case of any partnership,
the Board of Directors of the general partner of such Person and (iv) in any other case, the functional equivalent of the foregoing.

 

“Borrower
Offer of Specified Discount Prepayment” shall mean the offer by Holdingsthe
Canadian Borrower or any of its Restricted Subsidiaries to make a voluntary prepayment of Term Loans at a Specified
Discount to par pursuant to Section 2.12(f)(ii).

 

“Borrower
Solicitation of Discount Range Prepayment Offer” shall mean the solicitation by Holdingsthe
Canadian Borrower or any of its Restricted Subsidiaries of offers for, and the corresponding acceptance by a Lender
of, a voluntary prepayment of Term Loans at a specified range of discounts to par pursuant to Section 2.12(f)(iii).

 

“Borrower
Solicitation of Discounted Prepayment Offer” shall mean the solicitation by any Holdingsthe
Canadian Borrower or any of its Restricted Subsidiaries of offers for, and the subsequent acceptance, if any, by a Lender
of, a voluntary prepayment of Term Loans at a discount to par pursuant to Section 2.12(f)(iv).

 

“Borrowers”
shall mean, collectively, the Canadian Borrower and the U.S. Borrower and shall include, if applicable,
any Successor U.S. Borrower or Successor Canadian Borrower.

 

“Borrowing”
shall mean any Loans of the same Type and currency made, converted or continued on the same date and, in the case of Eurodollar
Loans or BA Loans, as to which a single Interest Period is in effect.

 

“Borrowing
Minimum” shall mean (a) in the case of a Term B-45
Loan Borrowing, $5.0 million,5,000,000,
(c) in the case of a Revolving R-23
Facility Borrowing denominated in Canadian Dollars, CND$2.0 million,2,000,000,
(d) in the case of a Revolving R-23
Facility Borrowing denominated in Dollars, $2.0 million2,000,000
and (e) in the case of a Swingline Borrowing, $1.0 million.1,000,000.

 

“Borrowing
Multiple” shall mean (a) in the case of a Term B-45
Loan Borrowing or a Revolving R-23
Facility Borrowing denominated in Dollars, $1.0 million1,000,000
and (b) in the case of a Swingline Borrowing, $500,000.

 

    12

     

    

 

“Borrowing
Request” shall mean a request by a Borrower in accordance with the terms of Section 2.03 and substantially in the form
of Exhibit B-1 or such other form as may be approved by the Administrative Agent acting reasonably.

 

“Business
Day” shall mean any day that is not a Saturday, Sunday or other day on which commercial banks in New York City or Toronto
are authorized or required by law to remain closed; provided that, when used in connection with a Eurodollar Loan, the term
“Business Day” shall also exclude any day on which banks are not open for dealings in deposits in the applicable currency
in the London interbank market.

 

“Buyer”
shall mean any direct or indirect purchaser or purchasers (other than any Person who is a Permitted InvestorHolder
under clauses (a)(i) through (a)(iii) and (a)(xi) (as it relates to clauses (a)(i) through (a)(iii)) of the definition thereof)
of all or a majority of the Equity Interests of Holdingsthe
Canadian Borrower or any parent entity of Holdingsthe
Canadian Borrower in connection with a Permitted Change of Control, which may include a strategic competitor or other
company, private equity fund, similar investment fund or sovereign wealth fund, or consortium of companies, private equity funds,
similar investment funds or sovereign wealth funds acting in concert, together with the Affiliates of such purchaser or purchasers
that consummates a Permitted Change of Control.;
provided that, notwithstanding any other provision to the contrary, in no event shall any Person referenced in Section 3.21(b)(i)
through (vi) constitute a Buyer. 

 

“Calculation
Date” shall mean (a) the last Business Day of each calendar month, (b) each date (with such date to be reasonably determined
by the Administrative Agent) that is on or about the date of (i) a Borrowing Request or an Interest Election Request with respect
to any Revolving R-23
Facility Loan, (ii) the issuance of a Letter of Credit or (iii) a request for a Swingline Borrowing, and (c) if an Event of Default
under Section 7.01(b) or (d) has occurred and is continuing, any Business Day as determined by the Administrative Agent in its
sole discretion.

 

“Canada Pension
Plan” shall mean the universal pension plan established and maintained by the Federal Government of Canada.

 

“Canadian
Borrower” shall have the meaning given to such term in the introductory paragraph of this Agreement and shall include,
if applicable, any Successor Company with or into which the Canadian
Borrower. merges, amalgamates
or consolidates in accordance with Section 6.03.

 

“Canadian
Dollar,” “CAD” and “CND$” shall mean the lawful currency of Canada.

 

“Canadian
Dollar Equivalent” shall mean, on any date of determination, (a) with respect to any amount in Canadian Dollars, such
amount and (b) with respect to any amount in Dollars, the equivalent in Canadian Dollars of such amount as determined by the Administrative
Agent pursuant to Section 1.03(b) using the Exchange Rate with respect to Dollars at the time in effect under the provisions of
such Section.

 

“Canadian
Letter of Credit” shall mean a Letter of Credit denominated in Canadian Dollars.

 

“Canadian
Pension Event” shall mean, with respect to any Canadian Plan, (a) the termination or wind-up, in full or in part, of
such Canadian Plan (including the institution of any steps by any Person to terminate or wind-up or order the termination or wind-up,
in full or in part, of such Canadian Plan) or any act or omission with respect to such Canadian Plan that, individually or in the
aggregate, could reasonably be expected to adversely affect the tax status of such Canadian Plan or result in any liability, fine
or penalty on any Loan Party or (b) the failure to make full payment when due of all amounts which, under the provisions of such
Canadian Plan, any agreement relating thereto or Applicable Canadian Pension Legislation, any Loan Party is required to pay as
contributions thereto.

 

“Canadian
Plan” shall mean any plan, program, agreement or arrangement that is a pension plan for the purposes of Applicable Canadian
Pension Legislation or under the Income Tax Act (Canada) (whether or not registered under such law) that is maintained or
contributed to, or to which there is or may be an obligation to contribute, by Holdingsthe
Canadian Borrower or any of its Subsidiaries in respect of their respective employees in Canada, but does not include
the Canada Pension Plan or the Quebec Pension Plan that is mandated by the Government of Canada or the Province of Quebec, respectively.

 

    13

     

    

 

“Canadian
Prime Rate” shall mean on any date with respect to ABR Loans denominated in Canadian Dollars, a fluctuating rate of interest
per annum (rounded upward, if necessary, to the next highest 1/100 of 1%) equal to the higher of: (a) the rate of interest per
annum determined by taking the average of the determination by each of the Reference Banks as its reference rate in effect on such
day for determining interest rates for Canadian Dollar denominated commercial loans in Canada; and (b) the BA Discount Rate in
effect on that day, as determined by the Reference Banks for one month bankers’ acceptances plus 3/4 of 1%.

 

“Canadian
Prime Rate Borrowing” shall mean a Borrowing comprised of Canadian Prime Rate Loans.

 

“Canadian
Prime Rate Loan” shall mean any Loan bearing interest at a rate determined by reference to the Canadian Prime Rate in
accordance with the provisions of Article II.

 

“Canadian
Security Agreements” shall mean (i) a security agreement substantially in the form of Exhibit D-2 among the Loan
Parties organized in Canada and the Collateral Agent for the benefit of the Secured Parties and (ii) each deed of hypothec substantially
in the form of Exhibit H between each Loan Party organized under the laws of the Province of Quebec or having its chief
executive office or domicile in Quebec or tangible property (not ordinarily used in more than one jurisdiction) in Quebec, each
debenture issued by each such Loan Party under each such deed of hypothec and each pledge agreement between each such Loan Party
and the Collateral Agent with respect to each such debenture, provided that the form of deed of hypothec (Exhibit H)
may be modified for the purposes of any deed of hypothec executed after the coming into force on April 21, 2015 of the amendments
to Article 2692 of the Civil Code of Quebec in order to reflect such amendments, including the removal of the provisions
relating to the creation, issuance and securing of debentures, and constituting each hypothec thereunder as security for the Secured
Obligations.

 

“Cancom Agreement”
shall have the meaning given to it in Section 9.18.9.18(b).

 

“Capital Expenditures”
shall mean, for any period, the aggregate of, without duplication, (a) all expenditures (whether paid in cash or accrued as liabilities)
by Holdingsthe Canadian
Borrower and the Restricted Subsidiaries during such period that, in conformity with GAAP, are or are required to be
included as additions during such period to property, plant or equipment reflected in the consolidated balance sheet of Holdingsthe
Canadian Borrower and its Restricted Subsidiaries, (b) all Capitalized Software Expenditures and Capitalized Research
and Development Costs during such period and (c) all fixed asset additions financed through Finance Lease Obligations incurred
by Holdingsthe Canadian
Borrower and the Restricted Subsidiaries and recorded on the balance sheet in accordance with GAAP during such period;
provided that the term “Capital Expenditures” shall not include (i) expenditures made in connection with the
replacement, substitution, restoration or repair of assets (A) to the extent financed from insurance proceeds paid on account of
the loss of or damage to the assets being replaced, restored or repaired or (B) with awards of compensation arising from the taking
by eminent domain or condemnation of the assets being replaced, (ii) the purchase price of equipment that is purchased simultaneously
with the trade-in of existing equipment to the extent that the gross amount of such purchase price is reduced by the credit granted
by the seller of such equipment for the equipment being traded in at such time, (iii) the purchase of plant, property or equipment
made within two years of the sale of any asset to the extent purchased with the proceeds of such sale (except to the extent that
such proceeds otherwise increase Consolidated Net Income for purposes of calculating Excess Cash Flow for such period), (iv) expenditures
that constitute any part of Consolidated Lease Expense, (v) capitalized interest in connection with the purchase of Satellites,
(vi) expenditures that are accounted for as capital expenditures of such person and that actually are paid for, or reimbursed,
by a third party (other than Holdingsthe
Canadian Borrower or any Subsidiary thereof) for which neither Holdingsthe
Canadian Borrower nor any Subsidiary thereof has provided or is required to provide or incur, directly or indirectly,
any consideration or obligation to such third party or any other person (whether before, during or after such period), (vii) expenditures
to the extent they are made with proceeds of the issuance of Equity Interests of Holdingsthe
Canadian Borrower after the Closing Date which are contributed to the common equity
of Interco, (viii) the book value of any asset owned by Holdingsthe
Canadian Borrower or any Restricted Subsidiary prior to or during such period to the extent that such book value is
included as a capital expenditure during such period as a result of such person reusing or beginning to reuse such asset during
such period without a corresponding expenditure actually having been made in such period; provided that (x) any expenditure
necessary in order to permit such asset to be reused shall be included as a Capital Expenditure during the period in which such
expenditure actually is made and (y) such book value shall have been included in Capital Expenditures when such asset was originally
acquired, (ix) any capitalized interest expense and internal costs reflected as additions to property, plant or equipment in the
consolidated balance sheet of Holdingsthe
Canadian Borrower and the Restricted Subsidiaries or capitalized as Capitalized Software Expenditures and Capitalized
Research and Development Costs for such period and (x) any non-cash compensation or other non-cash costs reflected as additions
to property, plant and equipment, Capitalized Software Expenditures and Capitalized Research and Development Costs in the consolidated
balance sheet of Holdingsthe
Canadian Borrower and the Restricted Subsidiaries.

 

    14

     

    

 

“Capital
Stock” means:

 

(1)
in the case of a corporation, corporate stock; 

 

(2)
in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however
designated) of corporate stock;

 

(3)
in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and

 

(4)
any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions
of assets of, the issuing Person.

 

“Capitalized
Research and Development Costs” shall mean, for any period, all research and development costs that are, or are required
to be, in accordance with GAAP, reflected as capitalized costs on the consolidated balance sheet of Holdingsthe
Canadian Borrower and the Restricted Subsidiaries.

 

“Capitalized
Software Expenditures” shall mean, for any period, the aggregate of all expenditures (whether paid in cash or accrued
as liabilities) by Holdingsthe
Canadian Borrower and the Restricted Subsidiaries during such period in respect of purchased software or internally
developed software and software enhancements that, in conformity with GAAP, are or are required to be reflected as capitalized
costs on the consolidated balance sheet of Holdingsthe
Canadian Borrower and the Restricted Subsidiaries.

 

“Cash Collateralize”
shall mean to pledge and deposit with or deliver to the Collateral Agent, for the benefit of the L/C Issuers and the Revolving
R-23 Facility
Lenders, as collateral for the L/C Obligations, cash or deposit balances pursuant to documentation in form and substance reasonably
satisfactory to the Administrative Agent and the L/C Issuers.

 

“Cash Equivalents”
shall mean:

 

(i) securities
or obligations issued or unconditionally guaranteed by the United States government, the Government of Canada or any agency or
instrumentality thereof, in each case having maturities of not more than 24 months from the date of acquisition thereof;

 

(ii) securities
or obligations issued by any state of the United States of America, any province of Canada or any political subdivision of any
such state or province, or any public instrumentality thereof, having maturities of not more than 24 months from the date of acquisition
thereof and, at the time of acquisition, having an investment grade rating generally obtainable from either S&P or Moody’s
(or, if at any time neither S&P nor Moody’s shall be rating such obligations, then from another nationally recognized
rating service);

 

(iii) commercial
paper and variable or fixed rate notes issued by any Lender or any bank holding company owning any Lender or any variable rate
notes issued by, or guaranteed by, any domestic corporation not an Affiliate of the Canadian Borrower rated (x) A-1 (or the equivalent
thereof) or better by S&P, or (y) P-1 (or the equivalent thereof) or better by Moody’s, and maturing within one year
of the date of acquisition;

 

(iv) commercial
paper maturing no more than 12 months after the date of creation thereof and, at the time of acquisition, having a rating of at
least A-2 or P-2 from either S&P or Moody’s (or, if at any time neither S&P nor Moody’s shall be rating such
obligations, an equivalent rating from another nationally recognized rating service);

 

    15

     

    

 

(v) domestic
and LIBOR certificates of deposit or bankers’ acceptances maturing no more than two years after the date of acquisition thereof
issued by any Lender or any other bank having combined capital and surplus of not less than $250.0
million250,000,000 in the case of domestic
banks and $100.0 million100,000,000
(or the Dollar Equivalent thereof) in the case of foreign banks;

 

(vi) auction
rate securities rated at least Aa3 by Moody’s and AA- by S&P (or, if at any time either S&P or Moody’s shall
not be rating such obligations, an equivalent rating from another nationally recognized rating service);

 

(vii) repurchase
agreements with a term of not more than 30 days for underlying securities of the type described in clauses (i), (ii) and (v) above
entered into with any bank meeting the qualifications specified in clause (v) above or securities dealers of recognized national
standing;

 

(viii) repurchase
obligations with respect to any security that is a direct obligation or fully guaranteed as to both credit and timeliness by the
Government of Canada or any agency or instrumentality thereof, the obligations of which are backed by the full faith and credit
of the Government of Canada, in either case entered into with any Canadian I or II bank or any trust company (acting as principal);

 

(ix) repurchase
agreements with a term of not more than one year with a bank or trust company (including any of the Lenders) or recognized securities
dealer having capital and surplus in excess of $250.0 million250,000,000
for direct obligations issued by or fully guaranteed by the United States of America in which the Canadian Borrower or one or more
of its Restricted Subsidiaries shall have a perfected first priority security interest (subject to no other Liens) and having,
on the date of purchase thereof, a fair market valueFair
Market Value of at least 100% of the amount of the repurchase obligations;

 

(x) marketable
short-term money market and similar funds (x) either having assets in excess of $250.0 million250,000,000
or (y) having a rating of at least A-2 or P-2 from either S&P or Moody’s (or, if at any time neither S&P nor Moody’s
shall be rating such obligations, an equivalent rating from another nationally recognized rating service in the United States);

 

(xi) shares
of investment companies that are registered under the Investment Company Act of 1940 and 95% of
the investments of which are one or more of the types of securities described in clauses (i) through (x) above; and

 

(xii) any
other investments used by the Canadian Borrower and its Restricted Subsidiaries as temporary investments permitted by the Administrative
Agent in writing in its sole discretion; and

 

(xiii) in
the case of Investments by Holdingsthe
Canadian Borrower or any Subsidiary organized or located in a jurisdiction other than the United States (or any political
subdivision or territory thereof), or in the case of Investments made in a country outside the United States of America, other
customarily utilized high-quality Investments in the country where such Subsidiary is organized or located or in which such Investment
is made, all as reasonably determined in good faith by the Canadian Borrower.

 

“Cash Management
Agreement” shall mean any agreement or other instrument governing Cash Management Obligations.

 

“Cash Management
Bank” shall mean any Person that, at the time it provides any cash management services pursuant to a Cash Management
Agreement, is a Lender, Agent or Joint Lead Arranger or an Affiliate of a Lender, Agent or Joint Lead Arranger, or The Bank of
Nova Scotia or an Affiliate thereof, each in its capacity as a party to such Cash Management Agreement, or any Person that shall
have become a Lender, Agent or Joint Lead Arranger or an Affiliate of a Lender, Agent or Joint Lead Arranger at any time after
it has provided any cash management services pursuant to a Cash Management Agreement.

 

    16

     

    

 

“Cash Management
Obligation” shall mean, as applied to any Person, any direct or indirect liability, contingent or otherwise, of such
Person in respect of cash management services (including treasury, depository, overdraft, credit or debit card, electronic funds
transfer and other cash management arrangements) provided by any Cash Management Bank to Holdingsthe
Canadian Borrower or any of its Restricted Subsidiaries, including obligations for the payment of agreed interest and
reasonable, fees, charges, expenses, Attorney Costs and disbursements in connection therewith.

 

“Casualty
Event” shall mean, with respect to any property (including any Satellite) of any Person, any loss of or damage to, or
any condemnation or other taking by a Governmental Authority of, such property for which such Person or any of its Restricted Subsidiaries
receives insurance proceeds, or proceeds of a condemnation award or other compensation.

 

“CCAA”
shall mean the Companies’ Creditors Arrangement Act (Canada), as amended.

 

“Change in
Law” shall mean (a) the adoption of any law, rule or regulation after the Amendment No. 2 Effective Date, (b) any change
in law, rule or regulation or in the official interpretation or application thereof by any Governmental Authority after the Amendment
No. 2 Effective Date or (c) compliance by any Lender or L/C Issuer (or, for purposes of Section 2.16(b), by any lending office
of such Lender or by such Lender’s or L/C Issuer’s holding company, if any) with any written request, guideline or
directive (whether or not having the force of law) of any Governmental Authority made or issued after the Amendment No. 2 Effective
Date. Notwithstanding anything to the contrary herein, it is understood and agreed that (x) the Dodd–Frank Wall Street Reform
and Consumer Protection Act (Pub.L. 111-203, H.R. 4173) and all requests, rules, guidelines or directives thereunder or issued
in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Basel Committee on Banking Regulations
and Supervision pursuant to Basel III, and, in each case, all interpretations and applications thereof and any compliance by a
Lender with any request or directive relating thereto, shall, for the purposes of this Agreement, be deemed to be adopted subsequent
to the Amendment No. 2 Effective Date.

 

“Change of
Control” shall mean and be deemed to have occurred if (a) at any time prior to a Qualified
IPO, (i) Permitted Investors shall at any time not own, in the aggregate, directly or indirectly, beneficially and of record, at
least 30% of the voting power of the outstanding Voting Stock of Holdings (other than as the result of one or more widely distributed
offerings of the common stock of Holdings or any direct or indirect holding company of Holdings, in each case whether by Holdings
or the Permitted Investors) and/or (ii) any Person or “group” or entity (within the meaning of Section 13(d) or 14(d)
of the Exchange Act (or any successor provision)), other than any one or more Permitted Investors (and excluding any employee benefit
plan of such Person or “group” or entity acting in its capacity as trustee, agent or other fiduciary or administrator
of any such plan), shall at any time have acquired direct or indirect beneficial ownership of a percentage of the voting power
of the outstanding Voting Stock of Holdings that exceeds the percentage of the voting power of such Voting Stock then beneficially
owned, in the aggregate, by Permitted Investors, unless, in the case of either clause (i) or (ii) above, Permitted Investors have,
at such time, the right or the ability by voting power, contract or otherwise to elect or designate for election at least a majority
of the Board of Directors of Holdings; (b) at any time on or after a Qualified IPO, any Person or “group” or entity
(within the meaning of Section 13(d) or 14(d) of the Exchange Act (or any successor provision)), other than any combination of
Permitted Investors (and excluding (i) any employee benefit plan of such Person or “group” or entity acting in its
capacity as trustee, agent or other fiduciary or administrator of any such plan and (ii)
in the case where the entity that engaged in a Qualified IPO is a limited partnership, the general partner of which is owned by
a convenience party, such as a trust for the benefit of a charity, such general partner and such convenience party (but not any
other Person or “group” who has the right to direct the general partner in its capacity as such),
shall at any time have acquired direct or indirect beneficial ownership of at least 35% of the voting power of the outstanding
Voting Stock of Holdings, unless the percentage of the voting power of the outstanding Voting Stock of Holdings acquired by such
person, entity or group does not exceed the percentage of the voting power of the outstanding Voting Stock of Holdings then beneficially
owned, in the aggregate, by the Permitted Investors; (c) there is a sale, lease or transfer, in one or more series of transactions
(other than by way of a transaction permitted by Section 6.03), of all or substantially all of the assets of Holdings and its Restricted
Subsidiaries, taken as a whole, to any Person other than one or more Permitted Investors; (d) at any time Continuing Directors
shall not constitute at least a majority of the Board of Directors of Holdings; (e) a Change of Control (as defined in the Senior
Notes (or any Permitted Refinancing thereof)) shall have occurred; and/or (f) other than in connection with a transaction permitted
under Section 6.03 in which Holdings merges, amalgamates or consolidates with or into the Canadian Borrower or Successor Canadian
Borrower, Holdings shall cease to own, directly or indirectly, 100% of the Voting Stock of the Borrowers. means
the occurrence of any of the following: 

 

(1) the
sale, lease or transfer, in one or a series of related transactions, of all or substantially all of the assets of the Canadian
Borrower and its Subsidiaries, taken as a whole, to any Person other than a Permitted Holder; 

 

    17

     

    

 

(2) the
Canadian Borrower becomes aware of (by way of a report or any other filing pursuant to Section 13(d) of the Exchange Act, proxy,
vote, written notice or otherwise) the acquisition by any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2)
of the Exchange Act, or any successor provision), including any group acting for the purpose of acquiring, holding or disposing
of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) other than the Permitted Holders, in a single transaction
or in a related series of transactions, by way of merger, consolidation or other business combination or purchase of beneficial
ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision) of more than 50.0% of the total
voting power of the Voting Stock of the Canadian Borrower or any company that holds directly or indirectly more than 50.0% of the
total voting power of the Voting Stock of the Canadian Borrower; or

 

(3) Change
of Control (as defined in the Senior Notes (or any Permitted Refinancing thereof)) shall have occurred. 

 

Notwithstanding
the foregoing, at any time in connection with, or after, a Qualified IPO, a transaction in which the Canadian Borrower becomes
a subsidiary of another Person (other than a Person that is an individual) shall not constitute a Change of Control if (a) the
shareholders of the Canadian Borrower immediately prior to such transaction beneficially own (within the meaning of Rule 13d-3
under the Exchange Act, or any successor provision), directly or indirectly through one or more intermediaries, more than 50.0%
of the total voting power of the outstanding Voting Stock of the Canadian Borrower, immediately following the consummation of such
transaction or (b) immediately following the consummation of such transaction, no Person (within the meaning of Section 13(d)(3)
of the Exchange Act, or any successor provision), other than such Person or its direct or indirect subsidiaries or the Permitted
Holders, beneficially owns (as such term is defined above), directly or indirectly through one or more intermediaries, more than
50.0% of the voting power of the outstanding Voting Stock of the Canadian Borrower.

 

Notwithstanding In
addition, notwithstanding the preceding or any provision of Section 13(d) or 14(d) of the Exchange Act (or any
successor provision), (i) a Person, entity or “group” shall not be deemed to beneficially own securities subject
to an equity or asset purchase agreement, merger agreement or similar agreement (or voting or option or similar agreement
related thereto) until the consummation of the transactions contemplated by such agreement, (ii) if any “group”
includes one or more Permitted InvestorsHolders,
the issued and outstanding Voting Stock of Holdingsthe
Canadian Borrower beneficially owned, directly or indirectly, by any Permitted InvestorsHolders that
are part of such “group” shall not be treated as being beneficially owned by any other member of
such “group” for purposes of determining whether a Change of Control has occurred and (iii) a Person, entity or
“group” will not be deemed to beneficially own the Voting Stock of another Person as a result of its ownership of
Voting Stock or other securities of such other Person’s parent entity (or related contractual rights) unless it owns
more than 50.0% of the total voting power of the Voting Stock of such parent entity. For purposes of this definition, except
with respect to clause (c) or (d1)
hereunder, and any related definition to the extent used for purposes of this definition, at any time when more than 50.0% of
the total voting power of the Voting Stock of Holdingsthe
Canadian Borrower is directly or indirectly owned by a parent entity, all references to Holdingsthe
Canadian Borrower shall be deemed to refer to its ultimate parent entity (but
excluding (x) any Permitted Holder and (y) in the
case where the entity that engaged in a Qualified IPO is a limited partnership, the general partner of which is owned by a
convenience party, such as a trust for the benefit of a charity, such general partner and such convenience party (but not any
other Person or “group” who has the right to direct the general partner in its capacity as
such)) that directly or indirectly owns such
Voting Stock. For the avoidance of doubt and without limiting the
generality of the foregoing, with respect to any voting trust that is beneficially owned by a convenience party, such as a
trust for the benefit of a charity, such voting trust and such convenience party (but not any other Person or
“group” to the extent such Person or “group” has the right to direct the voting of Voting Stock held
by such voting trust) shall be disregarded for purposes of this definition.

 

    18

     

    

 

“Charges”
shall have the meaning assigned to such term in Section 9.09.

 

“CIBC”
shall mean Canadian Imperial Bank of Commerce.

 

“CIP Regulations”
shall have the meaning assigned to such term in Section 8.06(b).

 

“Class”,
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Revolving
R-23 Facility
Loans, Term B-45
Loans, Incremental Term Loans (of a Class), Extended Term Loans (of the same Extension Series), Extended Revolving Credit Loans
(of the same Extension Series and any related swingline loans thereunder) or Swingline Loans, and, when used in reference to any
Commitment, refers to whether such Commitment is a Revolving R-23
Facility Commitment, a Term B-45
Loan Commitment, an Incremental Term Loan Commitment (of the same Class), an Extended Revolving Credit Commitment (of the same
Extension Series and any related swingline commitment thereunder), an Replacement Revolving Credit
Commitment (of the same Class and any related swingline commitment thereunder) or a Swingline Commitment, and when
used in reference to any Lender, refers to whether such Lender has a Loan or Commitment of such Class.

 

“Closing Date”
shall mean March 28, 2012.

 

“Code”
shall mean the U.S. Internal Revenue Code of 1986, as amended from time to time.

 

“Collateral”
shall mean all property and assets (including Equity Interests) subject to a Lien created under any Security Document and shall
also include the Mortgaged Properties.

 

“Collateral
Agent” shall mean JPMCB or any successor thereto appointed in accordance with the provisions of Section 8.09, together
with any Persons that are appointed as sub-agents in accordance with Section 8.02, in each case, as the collateral agent for the
Secured Creditors.

 

“Collateral
and Guarantee Requirements” shall mean, subject to the Agreed Security Principles and Section 5.10, the requirements
that:

 

(a) as
of the Closing Date, all of the Loan Documents described in Schedule 1.01(a) shall have been executed and delivered Holdingsthe
Canadian Borrower, the Borrowers and the Subsidiary Loan Parties party thereto, as applicable, and, to the extent applicable
under the relevant governing law, all Liens created by the pledging of securities and/or other instruments shall have been perfected
(by the pledging of such securities and/or instruments or otherwise); provided, however, that with respect to any
Collateral the security interest or hypothec in which may not be perfected or published by filing of UCC and PPSA financing statements
or applications for registration in the Quebec register of personal and moveable real rights (the “PMRR”) or
the possession of stock certificates, if the perfection or publication of the Collateral Agent’s security interest or hypothec,
as applicable, in such Collateral may not be accomplished prior to the Closing Date after the Canadian Borrower’s use of
commercially reasonable efforts to do so, then delivery of documents and instruments for perfection or publication of such security
interest or hypothec, as applicable, shall not constitute a condition precedent under Section 4.02 of this Agreement and the Canadian
Borrower agrees to deliver or cause to be delivered such documents and instruments, and take or cause to be taken such other actions
as may be required to perfect and publish such security interests and hypothecs, within 90 days after the Closing Date (or such
later date as may be agreed to by the Administrative Agent in its sole discretion) (it being understood that commercially reasonable
efforts in this context shall mean at a minimum that UCC and PPSA financing statements and applications for registration in the
PMRR have been filed for each of the Loan Parties and stock certificates of entities organized in the United States or Canada shall
have been delivered);

 

(b) in
the case of any Subsidiary that becomes a Subsidiary Loan Party after the Amendment No. 2 Effective Date, the Administrative Agent
shall have received, unless it has waived such requirement for such Subsidiary Loan Party (for reasons of cost, legal limitations,
tax consequences or such other matters as deemed appropriate by the Administrative Agent, acting reasonably), an executed subsidiary
joinder agreement substantially in the form of Exhibit J or such other form as shall be reasonably acceptable to the Administrative
Agent and execute such Security Documents (other than in respect of real property which is the subject of another clause), by way
of joinder or otherwise that the Administrative Agent may reasonably request;

 

    19

     

    

 

(c) all
the Equity Interests of Subsidiaries that are acquired by a Loan Party after the Amendment No. 2 Effective Date shall be pledged
pursuant to the Security Documents; provided that Equity Interests in Subsidiaries that collectively account for less than
5% of the consolidated assets and revenues shall not be subject to this provision;

 

(d) the
Collateral Agent shall have received all certificates or other instruments (if any) representing all Equity Interests of Subsidiaries
required to be pledged pursuant to any of the paragraphs above, together with stock powers or other instruments of transfer with
respect thereto endorsed in blank, in each case to the extent reasonably requested by counsel to the Collateral Agent, or such
other action shall have been taken as required under applicable law to perfect a security interest in such Equity Interests as
reasonably requested by counsel to the Administrative Agent;

 

(e) all
Indebtedness for borrowed money that is owing to any Loan Party shall have been pledged pursuant to a Security Document and all
such Indebtedness (other than intercompany debt evidenced by the Intercompany Note which has already been pledged to the Collateral
Agent pursuant to the Security Documents) having a principal amount that has a Dollar Equivalent in excess of $3,000,000 (other
than intercompany current liabilities incurred in the ordinary course of business) shall, if requested by the Administrative Agent
and if relevant under the applicable governing law of such Security Document, be evidenced by a promissory note or an instrument
and the Collateral Agent shall have received all such promissory notes or instruments, together with note powers or other instruments
of transfer with respect thereto endorsed in blank;

 

(f) all
documents and instruments required by law or reasonably requested by the Collateral Agent to be filed, registered or recorded to
create the Liens intended to be created by the Security Documents (in each case, including any supplements thereto) and perfect
such Liens to the extent required by, and with the priority required by, the Security Documents, shall have been filed, registered
or recorded or delivered to the Collateral Agent for filing, registration or the recording concurrently with, or promptly following
(except as provided in Section 5.11), the execution and delivery of each such
Security Document;

 

(g) except
as provided in Section 5.11, the Collateral Agent shall have received on the Closing Date (in the case of each
of those properties designated as a Mortgaged Property as set forth on Schedule 1.01(c)) or within the time period set forth
in Section 5.10 (in the case of Additional Mortgages), (i) counterparts of a Mortgage with respect to each property designated
as a Mortgaged Property as set forth on Schedule 1.01(c) hereto or Additional Mortgages required to be delivered pursuant
to Section 5.10 duly executed and delivered by the record owner or holder of such real property, (ii) a paid Title Policy or Title
Policies issued by the Title Company insuring the Lien of each such Mortgage as a valid Lien on the property described therein,
free of any other Liens other than Permitted Liens, (iii) with respect to Additional Mortgages covering properties located in the
United States, a completed “Life-of-Loan” Federal Emergency Management Agency Standard Flood Hazard Determination with
respect to each Mortgaged Property (together with a notice about special flood hazard area status and flood disaster assistance
duly executed by the Canadian Borrower and each Loan Party relating thereto) and, if applicable, evidence of flood insurance and
(iv) such Surveys, existing appraisals and legal opinions as the Administrative Agent may reasonably request with respect to any
such Mortgaged Property;

 

(h) [Reserved];
and

 

(i) except
as provided in Section 5.11, each Loan Party shall have obtained all material consents and approvals required under
this Agreement to be obtained by it in connection with (A) the execution, delivery and performance of all Security Documents (or
supplements thereto) to which it is a party and (B) the granting by it of the Liens under each Security Document to which it is
party.

 

    20

     

    

 

“Commitment
Fee Rate” shall mean a rate equal to 0.40% per annum. the
following percentages per annum, based upon the Total Leverage Ratio as set forth in the most recent certificate delivered to the
Administrative Agent pursuant to Section 5.04(c):

 

	Level	Total Leverage Ratio	Commitment Fee Rate
	1	Greater than or equal to 4.50:1.00	0.375%
	2	Less than 4.50:1.00	0.250%

 

Notwithstanding
anything to the contrary in this definition, during the period from the Amendment No. 6 Effective Date until the Section 5.04 Financials
have been delivered for the fiscal year ending December 31, 2019, the Commitment Fee Rate shall be determined by reference to the
applicable “Level 1” set forth in the table above. Any increase or decrease in the Commitment Fee Rate resulting from
a change in the Total Leverage Ratio shall become effective as of the first Business Day immediately following the date Section
5.04 Financials are delivered to the Administrative Agent; provided that, at the option of the Required Revolving Lenders, the
highest level (as set forth in the table above) shall apply as of the fifth Business Day after the date on which Section 5.04 Financials
were required to have been delivered but have not been delivered pursuant to Section 5.04 and shall continue to so apply to and
including the date on which such Section 5.04 Financials are so delivered (and thereafter the level otherwise determined in accordance
with this definition shall apply).

 

In
the event that the Administrative Agent and the Canadian Borrower determine that any Section 5.04 Financials previously delivered
were incorrect or inaccurate (regardless of whether this Agreement or the Commitments are in effect when such inaccuracy is discovered),
and such inaccuracy, if corrected, would have led to the application of a higher Commitment Fee Rate for any applicable period
than the Commitment Fee Rate applied for such applicable period, then (a) the Canadian Borrower shall as soon as practicable deliver
to the Administrative Agent the correct Section 5.04 Financials for such applicable period, (b) the Commitment Fee Rate shall be
determined as if the level for such higher Commitment Fee Rate were applicable for such applicable period, and (c) the Canadian
Borrower shall within 10 Business Days of demand thereof by the Administrative Agent pay to the Administrative Agent the accrued
additional amounts owing as a result of such increased Commitment Fee Rate for such applicable period, which payment shall be promptly
applied by the Administrative Agent in accordance with this Agreement. 

 

“Commitments”
shall mean (a) with respect to any Lender, such Lender’s Revolving R-23
Facility Commitment, or Term B-45
Loan Commitment, (b) with respect to any Swingline Lender, its Swingline Commitment and (c) any commitment to make Incremental
Term Loans extended by such Lender as provided in Section 2.21.

 

“Commodity
Exchange Act” shall mean the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any
successor statute.

 

“Compliance
Certificate” shall mean the certificate required to be delivered by the Canadian Borrower to the Administrative
Agent under Section 5.04(c).Compounded SOFR” means
the compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology for this rate, and conventions
for this rate (which may include compounding in arrears with a lookback and/or suspension period as a mechanism to determine the
interest amount payable prior to the end of each Interest Period) being established by the Administrative Agent in accordance with:

 

		(1)	the rate, or methodology for this rate, and conventions for this rate selected
or recommended by the Relevant Governmental Body for determining compounded SOFR; provided that:

 

		(2)	if, and to the extent that, the Administrative Agent determines that Compounded
SOFR cannot be determined in accordance with clause (1) above, then the rate, or methodology for this rate, and conventions for
this rate that the Administrative Agent determines in its reasonable discretion are substantially consistent with any evolving
or then-prevailing market convention for determining compounded SOFR for U.S. dollar-denominated syndicated credit facilities at
such time; 

 

    21

     

    

 

provided,
further, that if the Administrative Agent decides that any such rate, methodology or convention determined in accordance with clause
(1) or clause (2) is not administratively feasible for the Administrative Agent, then Compounded SOFR will be deemed unable to
be determined for purposes of the definition of Benchmark Replacement.

 

“Consolidated
Depreciation and Amortization Expense” means, with respect to any Person for any period, the total amount of depreciation
and amortization expense, including the amortization of deferred financing fees, of such Person and its Restricted Subsidiaries
for such period on a consolidated basis and otherwise determined in accordance with GAAP; provided that, in the event any
item that represents an accrual or reserve for a cash expenditure in a future period is included in Consolidated Depreciation and
Amortization Expense, the actual cash expenditure in such future period shall reduce Consolidated EBITDA.

 

“Consolidated
EBITDA” shall mean, with respect to Holdingsthe
Canadian Borrower and the Restricted Subsidiaries on a consolidated basis, for any period, an amount equal to Consolidated
Net Income for such period

 

(1) increased
(without duplication) by:

 

(a) Consolidated
Income Tax Expense accrued for such period to the extent deducted in determining Consolidated Net Income for such period; plus

 

(b) Consolidated
Interest Expense for such period to the extent deducted in determining Consolidated Net Income for such period; plus

 

(c) Consolidated
Depreciation and Amortization Expense of such Person for such period to the extent such depreciation and amortization were deducted
in computing Consolidated Net Income; plus

 

(d) to
the extent deducted in arriving at Consolidated Net Income, foreign withholding Taxes paid or accrued in such period; plus

 

(e) any
expenses or charges related to any Qualified IPO, Investment permitted by this Agreement, acquisition, disposition, issuance of
Indebtedness permitted to be incurred by this Agreement, any Permitted Change of Control, any Permitted Refinancing or any amendment
or other modification of any debt instrument (whether or not successful), including any fees, expenses and charges related thereto
and deducted in computing Consolidated Net Income; plus

 

(f) the
amount of any restructuring charges or reserves deducted in such period in computing Consolidated Net Income, including any one-time
costs incurred in connection with acquisitions and costs related to closure of facilities; plus

 

(g) any
other non-cash charges reducing Consolidated Net Income for such period, excluding any such charge that represents an accrual or
reserve for a cash expenditure for a future period; plus

 

(h) the
amount of any minority interest expense deducted in calculating Consolidated Net Income (less the amount of any cash dividends
paid to the holders of such minority interests); plus

 

(i) to
the extent deducted in arriving at Consolidated Net Income, the annual consulting fee payable pursuant to the Consulting Services
Agreement as in effect on the Amendment No. 2 EffectiveMeasurement
Date pursuant to Section 6.12(hb)(xii);
plus

 

(j) Transaction
Expenses; plus

 

    22

     

    

 

(k) solely
for purposes of Section 6.12(h) and the Financial Performance Covenantb)(xii),
the Senior Secured Leverage Ratio, the First Lien Leverage Ratio and the Total Leverage Ratio, in the event of any loss
of any Satellite during the applicable Test Period, 90% of the contracted for revenues that would reasonably have been expected
to be realized but for such loss for that portion of the period following such loss attributable to such Satellite (less revenue
actually realized in respect of such Satellite during such period after such event of loss) so long as insurance for such Satellite
required to be maintained pursuant to Section 5.02 is maintained in accordance with the terms thereof and Holdingsthe
Canadian Borrower or a Restricted Subsidiary has filed a notice of loss with the applicable insurers and believes in
good faith that the insurers will pay funds (and the applicable insurer(s) have not indicated that they will not pay such funds)
in amounts that Holdingsthe
Canadian Borrower or the Canadian Borrower reasonably believes will be sufficient, together with cash on hand (other
than cash resulting from drawings under the Revolving R-23
Facility) and cash from operations, to replace such Satellite with a replacement Satellite that generates annual revenues for Holdingsthe
Canadian Borrower and its Restricted Subsidiaries not less than the revenue generated by such replaced Satellite during
the four-quarter period ended immediately prior to such event of loss; but such amounts may only be added to Consolidated EBITDA
so long as Holdingsthe
Canadian Borrower or the applicable Restricted Subsidiary intends promptly to replace such Satellite and is working
reasonably to do so (provided that the amount added to Consolidated EBITDA under this clause (k) shall not exceed $100.0
million100,000,000 for any Test Period);
plus

 

(l) pro
forma adjustments, including pro forma “run rate” cost savings, operating expense reductions, and other synergies related
to mergers, business combinations, acquisitions, dispositions and other similar transactions, or related to restructuring initiatives,
cost savings initiatives and other initiatives, in each case projected by the Canadian Borrower in good faith to result from actions
that have been taken, actions with respect to which substantial steps have been taken or actions that are expected to be taken
(in each case, in the good faith determination of the Canadian Borrower), in any such case, within six fiscal quarters after the
date of consummation of such merger, business combination, acquisition, disposition or other similar transaction or the initiation
of such restructuring initiative, cost savings initiative or other initiative; provided,
that the aggregate amount of all such pro forma adjustments pursuant to this clause (l) or Sections 1.07(c) or (f) in any Test
Period that are included in Consolidated EBITDA for such Test Period shall not exceed 20% of Consolidated EBITDA for such Test
Period (in each case, calculated before giving effect to any such adjustment); provided, further, that, for the purpose
of this clause (l), (i) any such adjustments shall be added to Consolidated EBITDA for each Test Period until fully realized and
shall be calculated on a pro forma basis as though such adjustments had been realized on the first day of the relevant Test Period
and shall be calculated net of the amount of actual benefits realized from such actions, (ii) any such adjustments shall be reasonably
identifiable and factually supportable and (iii) no such adjustments shall be added pursuant to this clause (l) to the extent duplicative
of any items related to adjustments included in the definition of Consolidated Net Income or pursuant to the effects of Section
1.07 (it being understood that for purposes of the foregoing and Section 1.07 “run rate” shall mean the full recurring
benefit that is associated with any such action); plus

 

(m) [reserved];

 

(n) non-cash
charges related to stock compensation expense and non-cash pension expenses determined in accordance with GAAP; plus

 

(o) management
fees paid to the Permitted InvestorsHolders
and other management, monitoring, consulting and advisory fees and related expenses paid directly by the Borrowers or any Restricted
Subsidiary pursuant to Section 6.12(hb)(xii);
plus

 

(p) losses
on asset sales (other than asset sales in the ordinary course of business) and losses from the early extinguishment of Indebtedness
or hedging obligations or other derivative instruments; plus

 

    23

     

    

 

(q) to
the extent not already included in items (a) through (p) above, extraordinary losses (or minus the amount of any gains related
thereto) and unusual or non-recurring charges (or minus the amount of any gains related thereto) (including, but not limited
to, impairment losses, cost of debt retirement, restructuring, severance, relocation costs and one-time compensation charges);
and

 

(2) decreased
by (without duplication): non-cash gains increasing Consolidated Net Income of Holdingsthe
Canadian Borrower and the Restricted Subsidiaries for such period, excluding any items which represent the reversal
of any accrual of, or cash reserve for, anticipated cash charges in any prior period, and including gains on asset sales (other
than asset sales in the ordinary course of business) and gains from the early extinguishment of Indebtedness or hedging obligations
or other derivative instruments;

 

(3) increased
or decreased by any net non-cash loss or gain resulting from Swap Obligations and, other than for purposes of calculating the Applicable
Amount, any cash loss or gain resulting from Swap Obligations;

 

(4) increased
or decreased by any non-cash loss or gain on changes in fair value of financial instruments and non-cash loss or gains resulting
from changes in foreign exchange rates;

 

in each case, as determined on a consolidated
basis for Holdingsthe
Canadian Borrower and the Restricted Subsidiaries in accordance with GAAP, provided that

 

(i) [reserved];
andthere shall be excluded from Consolidated Net Income
and the determination of Consolidated EBITDA for any period the effects of significant changes in accounting or reporting principles
or practices since the Measurement Date; provided that, notwithstanding the foregoing, to the extent the functional or presentation
currency is changed, any related effects shall not be excluded; and

 

(ii) [reserved];

 

(iii) there
shall be excluded from Consolidated Net Income and the determination of Consolidated EBITDA for any period the effects of adjustments
in component amounts required or permitted by ASC 805, ASC 350 and related or similar authoritative pronouncements pursuant to
IFRS, as a result of Permitted Acquisitionsan
acquisition of assets, capital stock or other equity interest by the Canadian Borrower or any Restricted Subsidiary in accordance
with the terms of this Agreement or the amortization or write-off of any amounts in connection therewith and related
financings thereof; and

 

(iv) (x)
there shall be included in determining Consolidated EBITDA for any period the Acquired EBITDA of any Person, property, business
or asset (other than an Unrestricted Subsidiary) acquired to the extent not subsequently sold, transferred or otherwise disposed
of (but not including the Acquired EBITDA of any related Person, property, business or assets to the extent not so acquired) by
Holdingsthe Canadian
Borrower or any Restricted Subsidiary during such period (each such Person, property, business or asset acquired and
not subsequently so disposed of, an “Acquired Entity or Business”), and the Acquired EBITDA of any Unrestricted
Subsidiary that is converted into a Restricted Subsidiary during such period (each, a “Converted Restricted Subsidiary”),
in each case based on the actual Acquired EBITDA of such Acquired Entity or Business or Converted Restricted Subsidiary for such
period (including the portion thereof occurring prior to such acquisition or conversion) and (y) for purposes of determining the
Total Leverage Ratio, the First Lien Leverage Ratio and the
Senior Secured Leverage Ratio only, there shall be excluded in determining Consolidated
EBITDA for any period the Disposed EBITDA of any Person, property, business or asset (other than an Unrestricted Subsidiary) sold,
transferred or otherwise disposed of, closed or classified as discontinued operations by Holdingsthe
Canadian Borrower or any Restricted Subsidiary during such period (each such Person, property, business or asset so
sold or disposed of, a “Sold Entity or Business”), and the Acquired EBITDA of any Restricted Subsidiary that
is converted into an Unrestricted Subsidiary during such period (each, a “Converted Unrestricted Subsidiary”),
in each case based on the actual Acquired EBITDA of such Sold Entity or Business or Converted Unrestricted Subsidiary for such
period (including the portion thereof occurring prior to such sale, transfer, disposition or conversion); and

 

    24

     

    

 

(v) (i)
except as provided in clause (iv) above, there shall be excluded from Consolidated EBITDA for any period the income or loss from
continuing operations before income taxes and extraordinary items of all Unrestricted Subsidiaries for such period to the extent
otherwise included in Consolidated Net Income, except to the extent any such income is actually received in cash by Holdingsthe
Canadian Borrower or its Restricted Subsidiaries or such losses funded by Holdingsthe
Canadian Borrower or a Restricted Subsidiary in cash, in each case during such period through dividends or other distributions
and (ii) to the extent not covered in (i) above, there shall be included in calculating Consolidated EBITDA, the amount of any
cash dividends or other cash distributions paid by any Unrestricted Subsidiary or joint venture to Holdingsthe
Canadian Borrower or any Restricted Subsidiary.

 

“Consolidated
First Lien Secured Debt” shall mean all Consolidated Total Secured Debt secured by a Lien that is not subordinated in
lien priority to the Liens on the Collateral securing the Obligations.

 

“Consolidated
Income Tax Expense” shall mean, with respect to Holdingsthe
Canadian Borrower and the Restricted Subsidiaries for any period, the provision for federal, state, local and foreign
taxes based on income or profits (including franchise taxes) payable by Holdingsthe
Canadian Borrower and the Restricted Subsidiaries for such period as determined on a consolidated basis in accordance
with GAAP.

 

“Consolidated
Interest Expense” shall mean, for any period, the cash interest expense (including that attributable to Finance Lease
Obligations in accordance with GAAP), net of cash interest income earned on cash and Cash Equivalents, of Holdingsthe
Canadian Borrower and the Restricted Subsidiaries on a consolidated basis with respect to all outstanding Indebtedness
of Holdingsthe Canadian
Borrower and the Restricted Subsidiaries, including all commissions, discounts and other fees and charges owed with
respect to letters of credit and bankers’ acceptance financing and all income or costs under Swap Agreements (other than
currency swap agreements, currency future or option contracts and other similar agreements unrelated to interest expense) and any
cash dividends paid on any Disqualified Capital Stock and including, without duplication, capitalized interest in connection with
the purchase of Satellites to the extent paid in cash and interest expense related to Satellite performance incentive payments,
but excluding, however, amortization of deferred financing costs and any other amounts of non-cash interest, all as calculated
on a consolidated basis in accordance with GAAP and excluding, for avoidance of any doubt, any interest in respect of items excluded
from Indebtedness in the proviso to the definition thereof; provided that there shall be excluded from Consolidated Interest
Expense for any period the cash interest expense (or cash interest income earned on cash and Cash Equivalents) of all Unrestricted
Subsidiaries for such period to the extent otherwise included in Consolidated Interest Expense. For purposes of this definition,
interest on a Finance Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by such Person to be
the rate of interest implicit in such Finance Lease Obligation in accordance with GAAP.

 

“Consolidated
Lease Expense” shall mean, for any period, all rental expenses of Holdingsthe
Canadian Borrower and the Restricted Subsidiaries during such period in respect of Non-Finance Lease Obligations for
real or personal property (including in connection with Permitted Sale Leasebacks),
excluding real estate taxes, insurance costs and common area maintenance charges and net of sublease income, other than (a) obligations
under vehicle leases entered into in the ordinary course of business, (b) all such rental expenses associated with assets acquired
pursuant to a Permitted Acquisition to the extent that such rental expenses relate to Non-Finance Lease Obligations in effect at
the time of (and immediately prior to) such acquisition and (c) Finance Lease Obligations, all as determined on a consolidated
basis in accordance with GAAP; provided that there shall be excluded from Consolidated Lease Expense for any period the
rental expenses of all Unrestricted Subsidiaries for such period to the extent otherwise included in Consolidated Lease Expense.

 

“Consolidated
Net Income” shall mean, for any period, the consolidated net income (or loss) after the deduction of income taxes of
Holdingsthe Canadian
Borrower and the Restricted Subsidiaries, determined on a consolidated basis in accordance with GAAP.

 

“Consolidated
Total Debt” shall mean, as of any date of determination, (a) the sum
of (i) all Indebtedness of Holdingsthe
Canadian Borrower and the Restricted Subsidiaries for borrowed money (adjusted (up or down) for the effects of currency
swap agreements) outstanding on such date and (ii) all Finance Lease Obligations of Holdingsthe
Canadian Borrower and the Restricted Subsidiaries outstanding on such date, all calculated on a consolidated basis in
accordance with GAAP minus (b) the aggregate amount of cash and Cash Equivalents
on the consolidated balance sheet of Holdings and the Restricted Subsidiaries on such date, excluding cash and Cash Equivalents
which are listed as “restricted” on the consolidated balance sheet of Holdings and the Restricted Subsidiaries as of
such date (but, for the avoidance of doubt, including as “unrestricted cash” any and all amounts held by, or for the
benefit of, Holdings or any Restricted Subsidiary for the purpose of repurchasing, redeeming, defeasing or otherwise acquiring
or making any other similar payment on the Senior Notes (to the extent the principal amount of such Senior Notes is included in
“Indebtedness”)); provided that aggregate amount of cash and Cash Equivalents
subtracted pursuant to this clause (b) as of any date of determination shall not exceed $100.0 million.

 

    25

     

    

 

“Consolidated
Total Secured Debt” shall mean all Consolidated Total Debt secured by a Lien on property or assets of Holdingsthe
Canadian Borrower or a Restricted Subsidiary.

 

“Consolidated
Working Capital” shall mean, at any date, the excess of (a) the sum of all amounts (other than cash, cash equivalents
and bank overdrafts) that would, in conformity with GAAP, be set forth opposite the caption “total current assets”
(or any like caption) on a consolidated balance sheet of Holdingsthe
Canadian Borrower and the Restricted Subsidiaries at such date over (b) the sum of all amounts that would, in conformity
with GAAP, be set forth opposite the caption “total current liabilities” (or any like caption) on a consolidated balance
sheet of Holdingsthe
Canadian Borrower and the Restricted Subsidiaries on such date, but excluding (i) the current portion of any Funded
Debt, (ii) without duplication of clause (i) above, all Indebtedness consisting of Loans and Letter of Credit Exposure to the extent
otherwise included therein and (iii) the current portion of deferred income taxes.

 

“Consulting
Services Agreement” means the Consulting Services Agreement
dated as of October 31, 2007 amongbetween
Loral and the Canadian Borrower as amended from time to time.

 

“Continuing
Director” shall mean, at any date, an individual (a) who is a member of the Board of Directors of Holdings
on the Amendment No. 2 Effective Date, (b) who, as at such date, has been a member of such Board of Directors for at least the
12 preceding months, (c) who has been nominated or approved to be a member of such Board of Directors, directly or indirectly,
by a Permitted Investor or Persons nominated or approved by a Permitted Investor, (d) who has been nominated or approved to be
a member of such Board of Directors by a majority of the other Continuing Directors then in office or a nominating committee in
which directors nominated by Permitted Investors from the majority of the members thereof or (e) who is approved by a Permitted
Investor, Persons nominated or approved by a Permitted Investor or a majority of the other Continuing Directors or a nominating
committee as a director candidate prior to such individual’s election to the Board of Directors of Holdings.

 

“Contract”
shall have the meaning provided in the definition of “Subject Property.”

 

“Control”
shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
of a person, whether through the ownership of voting securities, by contract or otherwise, and “Controlling”
and “Controlled” shall have meanings correlative thereto.

 

“Controlled
Investment Affiliate” shall mean, as to any Person, any other Person which directly or indirectly controls,
is controlled by, or is under common control with such Person and is organized by such Person (or any Person controlling such Person)
primarily for making direct or indirect equity or debt investments in other Persons.

 

“Converted
Restricted Subsidiary” shall have the meaning provided in the definition of the term “Consolidated EBITDA.”

 

“Converted
Term Loan” shall mean each Term B-3 Loan held by an Amendment No. 4 Consenting Lender on the Amendment
No. 4 Effective Date immediately prior to the extension of credit hereunder on the Amendment No. 4 Effective Date; provided
that the amount of such Amendment No. 4 Consenting Lender’s Term B-3 Loans may be less than the amount of the Term
B-3 Loans held by such Amendment No. 4 Consenting Lender, which lower amount shall be notified to such Amendment No. 4 Consenting
Lender by the Administrative Agent prior to the Amendment No. 4 Effective Date.

 

“Converted
Unrestricted Subsidiary” shall have the meaning provided in the definition of the term “Consolidated EBITDA.”

 

    26

     

    

 

“Corresponding
Tenor” with respect to a Benchmark Replacement means a tenor (including overnight) having approximately the same length (disregarding
business day adjustment) as the applicable tenor for the applicable Interest Period with respect to the LIBO Rate.

 

“Covered
Entity” means any of the following:

 

(i)
a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

 

(ii)
a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

 

(iii)
a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

 

“Covered
Party” has the meaning assigned to it in Section 9.26.

 

“Credit Agreement
Refinancing Indebtedness” shall mean (a) Permitted Equal Priority Refinancing Debt, (b) Permitted Junior Priority Refinancing
Debt or (c) Permitted Unsecured Refinancing Debt; provided that, in each case, such Indebtedness is incurred to Refinance,
in whole or in part, existing Term Loans or existing Revolving R-23
Facility Loans (or unused Revolving R-23
Facility Commitments), any then-existing Extended Revolving Credit Loans (or unused Extended Revolving Credit Commitments), or
any Loans under any then-existing Incremental Facility (or, if applicable, unused Commitments thereunder), or any then-existing
Credit Agreement Refinancing Indebtedness (“Refinanced Debt”); provided, further, that (i) except
for any of the following that are only applicable to periods after the Final Maturity Date, the covenants, events of default and
guarantees of such Indebtedness (excluding, for the avoidance of doubt, interest rates (including through fixed interest rates),
interest margins, rate floors, fees, funding discounts, original issue discounts, maturity and prepayment or redemption premiums
and terms) (when taken as a whole) are determined by the Canadian Borrower to be either (A) consistent with market terms and conditions
and conditions at the time of incurrence or effectiveness (as determined by the Canadian Borrower in good faith) or (B) not materially
more restrictive on Holdingsthe
Canadian Borrower and the Restricted Subsidiaries than those applicable to the Refinanced Debt, when taken as a whole
(provided that if the documentation governing such Credit Agreement Refinancing Indebtedness contains a Previously Absent
Financial Maintenance Covenant, the Administrative Agent shall be given prompt written notice thereof and this Agreement shall
be amended to include such Previously Absent Financial Maintenance Covenant for the benefit of each Facility (provided,
however, that if (x) both the Refinanced Debt and the related Credit Agreement Refinancing Indebtedness that includes a
Previously Absent Financial Maintenance Covenant consists of a revolving credit facility (whether or not the documentation therefor
includes any other facilities) and (y) the applicable Previously Absent Financial Maintenance Covenant is a “springing”
financial maintenance covenant for the benefit of such revolving credit facility or a covenant only applicable to, or for the benefit
of, a revolving credit facility, the Previously Absent Financial Maintenance Covenant shall only be required to be included in
this Agreement for the benefit of each revolving credit facility hereunder (and not for the benefit of any term loan facility hereunder)
and such Credit Agreement Refinancing Indebtedness shall not be deemed “more restrictive” solely as a result of such
Previously Absent Financial Maintenance Covenant benefiting only such revolving credit facilities; provided that a certificate
of a Responsible Officer of the Canadian Borrower delivered to the Administrative Agent at least five Business Days prior to the
incurrence of such Indebtedness, together with a reasonably detailed description of the material terms and conditions of such Indebtedness
or drafts of the documentation relating thereto, stating that the Canadian Borrower has determined in good faith that such terms
and conditions satisfy the foregoing requirement shall be conclusive evidence that such terms and conditions satisfy the foregoing
requirement unless the Administrative Agent notifies the Canadian Borrower within such five Business Day period that it disagrees
with such determination (including a reasonable description of the basis upon which it disagrees), (ii) any such Indebtedness in
the form of bonds, notes or debentures or which Refinances, in whole or in part, existing Term Loans, shall have a maturity that
is no earlier than the maturity of the Refinanced Debt and a Weighted Average Life to Maturity equal to or greater than the Refinanced
Debt; provided that the foregoing requirements of this clause (ii) shall not apply to the extent such Indebtedness constitutes
a customary bridge facility, so long as the long-term Indebtedness into which any such customary bridge facility is to be converted
or exchanged satisfies the requirements of this clause (ii) and such conversion or exchange is subject only to conditions customary
for similar conversions or exchanges, (iii) any such Indebtedness which Refinances any existing Revolving R-23
Facility Loans (or unused Revolving R-23
Facility Commitments) or any then-existing Extended Revolving Credit Loans (or unused Extended Revolving Credit Commitments) shall
have a maturity that is no earlier than the maturity of such Refinanced Debt and shall not require any mandatory commitment reductions
prior to the maturity of such Refinanced Debt; provided that the foregoing requirements of this clause (iii) shall not apply
to the extent such Indebtedness constitutes a customary bridge facility, so long as the long-term Indebtedness into which any such
customary bridge facility is to be converted or exchanged satisfies the requirements of this clause (iii) and such conversion or
exchange is subject only to conditions customary for similar conversions or exchanges, (iv) except to the extent otherwise permitted
under this Agreement (subject to a dollar for dollar usage of any other basket set forth in Section 6.01, if applicable), such
Indebtedness shall not have a greater principal amount (or shall not have a greater accreted value, if applicable) than the principal
amount (or accreted value, if applicable) of the Refinanced Debt plus accrued interest, fees and premiums (including tender
premiums) (if any) thereon, defeasance costs, underwriting discounts and fees and expenses (including OID, closing payments, upfront
fees or similar fees) associated with the Refinancing plus an amount equal to any existing commitments unutilized and letters
of credit undrawn, (v) such Refinanced Debt shall be repaid, repurchased, redeemed, defeased, acquired or satisfied and discharged
on a dollar-for-dollar basis, and all accrued interest, fees and premiums (including tender premiums) (if any) in connection therewith
shall be paid substantially concurrently with the date such Credit Agreement Refinancing Indebtedness is incurred or made effective,
(vi) except to the extent otherwise permitted hereunder, the aggregate unused revolving commitments under such Credit Agreement
Refinancing Indebtedness shall not exceed the unused Revolving R-23
Facility Commitments or Extended Revolving Credit Commitments, as applicable, being replaced plus undrawn letters of credit,
(vii) in the case of any such Indebtedness in the form of bonds, notes or debentures or which Refinances, in whole or in part,
existing Term Loans, the terms thereof shall not require any mandatory repayment, redemption, repurchase, acquisition or defeasance
(other than (x) in the case of bonds, notes or debentures, customary change of control, asset sale event or casualty, eminent domain
or condemnation event offers and customary acceleration any time after an event of default and (y) in the case of any term loans,
mandatory prepayments that are on terms (when taken as a whole) not materially more favorable to the lenders or holders providing
such Indebtedness than those applicable to the Refinanced Debt (when taken as a whole) prior to the maturity date of the Refinanced
Debt, (viii) any Credit Agreement Refinancing Indebtedness may not be guaranteed by any Subsidiaries of Holdingsthe
Canadian Borrower that do not guarantee the Obligations and (ix) any Credit Agreement Refinancing Indebtedness may not
be secured by any assets that do not secure the Obligations.

 

    27

     

    

 

“Credit Event”
shall have the meaning assigned to such term in Article IV.

 

“Credit Extension”
shall mean a Borrowing or the issuance, renewal, extension (other than an automatic extension pursuant to Section 2.05(c)(iii))
or increase of a Letter of Credit.

 

“CRTC”
shall mean the Canadian Radio-Television and Telecommunications Commission or any successor authority of the Government of Canada
substituted therefor.

 

“Cumulative
Interest Expense” shall mean, asin
respect of any date of determinationRestricted
Payment, the sum of the aggregate amount of Consolidated Interest Expense of Holdingsthe
Canadian Borrower and its Restricted Subsidiaries for the period from and after the
first day of the fiscal quarter during which the Amendment No. 2 Effective Date occurs,October
1, 2016, to the most recently completed fiscal quarter for which internal financial statements are available immediately
preceding the proposed Restricted Paymentsuch
date of determination.

 

“Cure Amount”
shall have the meaning assigned to such term in Section 7.02.7.02(a).

 

“Cure Right”
shall have the meaning assigned to such term in Section 7.02.7.02(a).

 

“Custodian”
shall have the meaning assigned to such term in Section 8.01(e).

 

“Customary
Intercreditor Agreement” shall mean (a) to the extent executed in connection with the incurrence of secured Indebtedness
by a Loan Party, the Liens on the Collateral securing which are intended to rank equal in priority to the Liens on the Collateral
securing the Obligations (but without regard to the control of remedies), at the option of the Canadian Borrower and the Collateral
Agent acting together in good faith, either (i) any intercreditor agreement substantially in the form of the Equal Priority Intercreditor
Agreement or (ii) a customary intercreditor agreement in form and substance reasonably acceptable to the Collateral Agent and the
Canadian Borrower, which agreement shall provide that the Liens on the Collateral securing such Indebtedness shall rank equal in
priority to the Liens on the Collateral securing the Obligations (but without regard to the control of remedies) and (b) to the
extent executed in connection with the incurrence of secured Indebtedness by a Loan Party, the Liens on the Collateral securing
which are intended to rank junior in priority to the Liens on the Collateral securing the Obligations, at the option of the Canadian
Borrower and the Collateral Agent acting together in good faith, either (i) an intercreditor agreement substantially in the form
of the Junior Priority Intercreditor Agreement or (ii) a customary intercreditor agreement in form and substance reasonably acceptable
to the Collateral Agent and the Canadian Borrower, which agreement shall provide that the Liens on the Collateral securing such
Indebtedness shall rank junior in priority to the Liens on the Collateral securing the Obligations.

 

    28

     

    

 

“Debt Fund
Affiliate” shall mean any Affiliate of Holdingsthe
Canadian Borrower (other than the Borrowers or any Restricted Subsidiary) that is primarily engaged in, or advises funds
or other investment vehicles that are engaged in, making, purchasing, holding or otherwise investing in commercial loans, bonds
and similar extensions of credit or securities in the ordinary course.

 

“Debt Incurrence
Event” shall mean any issuance or incurrence by Holdingsthe
Canadian Borrower or any of the Restricted Subsidiaries of any Indebtedness (excluding any Indebtedness permitted to
be issued or incurred under Section 6.01 (other than Incremental Term Loans incurred in reliance on clause (i)(x) of the proviso
to Section 2.21(b) and Section 6.01(A)(r,
to the extent relating to Term Loans, the incurrence of any Credit Agreement Refinancing Indebtedness)).

 

“Debtor Relief
Laws” shall mean the U.S. Bankruptcy Code, BIA, CCAA and WURA and all other liquidation, conservatorship, bankruptcy,
assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor
relief Laws of the United States, Canada or other applicable jurisdictions from time to time in effect and affecting the rights
of creditors generally.

 

“Default”
shall mean any event or condition that upon notice, lapse of time or both would constitute an Event of Default.

 

“Default
Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81,
47.2 or 382.1, as applicable.

 

“Defaulting
Lender” shall mean, subject to Section 2.23(b), at any time, as reasonably determined by the Administrative Agent, a
Lender as to which the Administrative Agent has notified the Canadian Borrower that (i) such Lender has failed for two or more
Business Days to comply with its obligations under this Agreement to make a Term Loan or Revolving R-23
Facility Loan, make a payment to the L/C Issuer in respect of a L/C Obligation and/or make a payment to the Swingline Lender in
respect of a Swingline Loan (each a “Lender Funding Obligation”), in each case, required to be funded hereunder,
(ii) such Lender has notified the Administrative Agent, or has stated publicly, that it will not comply with any such Lender Funding
Obligation hereunder, or has defaulted on its Lender Funding Obligations under any other loan agreement or credit agreement or
other similar agreement in which it commits to extend credit (absent a good faith dispute), (iii) such Lender has, for three or
more Business Days, failed to confirm in writing to the Administrative Agent, in response to a written request of the Administrative
Agent (based on the reasonable belief that it may not fulfill its Lender Funding Obligations), that it will comply with its Lender
Funding Obligations hereunder (absent a good faith dispute); provided that any such Lender shall cease to be a Defaulting
Lender under this clause (iii) upon receipt of such confirmation by the Administrative Agent, or (iv) a Lender Insolvency Event
or Bail-In Action has occurred and is continuing with respect to such Lender or its Parent Company (provided that neither
the reallocation of Lender Funding Obligations provided for in Section 2.23 as a result of a Lender’s being a Defaulting
Lender nor the performance by Non-Defaulting Lenders of such reallocated Lender Funding Obligations will by themselves cause the
relevant Defaulting Lender to become a Non-Defaulting Lender). The Administrative Agent will promptly send to all parties hereto
a copy of any notice to the Canadian Borrower provided for in this definition.

 

“Designated
Non-Cashcash
Consideration” shall mean the fair market value ofmeans
the Fair Market Value of non-cash consideration that is not deemed to be cash or Cash
Equivalents and that is received by Holdingsthe
Canadian Borrower or itsa
Restricted SubsidiariesSubsidiary
in connection with a disposition pursuant to Section 6.04(b), (c) and (f)an
Asset Sale that is so designated as Designated
Non-Cashcash
Consideration pursuant to aan
officer’s certificate of a Responsible Officer of the Canadian Borrower delivered
to the Administrative Agent, setting forth the basis of such valuation (,
executed by an executive vice president and the principal financial officer of the Canadian Borrower, less the amount
of the amount of cash or Cash Equivalents received in connection with a subsequent
disposition, redemption or repurchase of, or collection or payment on,sale
of such Designated Non-Cashcash
Consideration).

 

    29

     

    

 

“Director
Voting Preferred Shares” shall mean preferred shares in Holdingsthe
Canadian Borrower which have a nominal dividend and return of capital and vote only for the election of directors

 

“Discount
Prepayment Accepting Lender” shall have the meaning given to it in Section 2.12(f)(ii)(AB).

 

“Discount
Proceeds” shall mean, for any BA (or, if applicable, any BA Equivalent Loan), an amount (rounded to the nearest whole
cent, and with one-half of one cent being rounded upwards) calculated by dividing (a) the face amount of the BA (or, if applicable,
the BA Equivalent Loan) by (b) the sum of one plus the product of: (i) the BA Discount Rate (expressed as a decimal) applicable
to such BA (or, if applicable, such BA Equivalent Loan), and (ii) a fraction, the numerator of which is the BA Contract Period
of the BA (or, if applicable, the BA Equivalent Loan) and the denominator of which is 365 or 366 days, as applicable, with such
quotient being rounded up or down to the fifth decimal place and 0.000005 being rounded upward.

 

“Discount
Range” shall have the meaning given to it in Section 2.12(f)(iii)(A).

 

“Discount
Range Prepayment Amount” shall have the meaning given to it in Section 2.12(f)(iii)(A).

 

“Discount
Range Prepayment Notice” shall mean a written notice of a Borrower Solicitation of Discount Range Prepayment Offers made
pursuant to Section 2.12(f)(iii) substantially in the form of Exhibit N-2.

 

“Discount
Range Prepayment Offer” shall mean the irrevocable written offer by a Lender, substantially in the form of Exhibit N-3,
submitted in response to an invitation to submit offers following the Auction Agent’s receipt of a Discount Range Prepayment
Notice.

 

“Discount
Range Prepayment Response Date” shall have the meaning given to it in Section 2.12(f)(iii)(A).

 

“Discount
Range Proration” shall have the meaning given to it in Section 2.12(f)(iii)(C).

 

“Discounted
Prepayment Determination Date” shall have the meaning given to it in Section 2.12(f)(iv)(C).

 

“Discounted
Prepayment Effective Date” shall mean in the case of a Borrower Offer of Specified Discount Prepayment, Borrower Solicitation
of Discount Range Prepayment Offer or Borrower Solicitation of Discounted Prepayment Offer, five (5) Business Days following the
Specified Discount Prepayment Response Date, the Discount Range Prepayment Response Date or the Solicited Discounted Prepayment
Response Date, as applicable, in accordance with Section 2.12(f)(ii)(A), Section 2.12(f)(iii)(A) or Section 2.12(f)(iv)(A), respectively,
unless a shorter period is agreed to between the Borrower and the Auction Agent.

 

“Discounted
Term Loan Prepayment” shall have the meaning given to it in Section 2.12(f)(i).

 

“Disposed
EBITDA” shall mean, with respect to any Sold Entity or Business or Converted Unrestricted Subsidiary for any period,
the amount for such period of Consolidated EBITDA of such Sold Entity or Business or Converted Unrestricted Subsidiary (determined
as if references to Holdingsthe
Canadian Borrower and the Restricted Subsidiaries in the definition of the term “Consolidated EBITDA” (and
in the component financial definitions used therein) were references to such Sold Entity or Business and its Subsidiaries or to
such Converted Unrestricted Subsidiary and its Subsidiaries), all as determined on a consolidated basis for such Sold Entity or
Business.

 

    30

     

    

 

“Disqualified
Capital Stock” shall mean any Equity Interestmeans,
with respect to any Person, any Capital Stock of such Person which, by its terms,
(or by the terms of any security into which it is convertible or for which it
is putable or exchangeable),
or upon the happening of any event, (a) matures (excluding any maturity as the result of an optional
redemption by the issuer thereof)matures
or is mandatorily redeemable, other than as a result of a change of
control or asset sale, pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder
thereof, other than as a result of a change of control or asset sale,
in whole or in part, on or prior to the first anniversary of the Final Maturity Date,
(b) is convertible into or exchangeable (unless at the sole option of the issuer thereof) for (i) debt securities or (ii) any Equity
Interests referred to in (a) above, in each case at any time on orin
each case prior to the first anniversarydate
91 days after the earlier of the Final Maturity Date, or (c) contains any repurchase
obligation which may come into effect prior to payment in full of all Obligations or
the date the Loans are no longer outstanding; provided, however, that any
Equity Interests that wouldif such Capital Stock is
issued to any plan for the benefit of employees of the Canadian Borrower or its Subsidiaries or by any such plan to such employees,
such Capital Stock shall not constitute Disqualified Capital Stock but for provisions
thereof giving holders thereof (or the holders of any security into or for which such Equity Interests is convertible, exchangeable
or exercisable) the right to require the issuer thereof to redeem such Equity Interests upon the occurrence of a change of control
or an asset sale occurring prior to the first anniversary of the Final Maturity Date shall not constitute Disqualified Capital
Stock if such Equity Interests provide that the issuer thereof will not redeem any such Equity Interests pursuant to such provisions
prior to the repayment in full of the Obligationssolely
because it may be required to be repurchased by the Canadian Borrower or its Subsidiaries in order to satisfy applicable statutory
or regulatory obligations.

 

“Disqualified
Lender” shall mean (A) those Persons separately identified as “disqualified lenders” in a posting to all Lenders
as of the Amendment No. 6 Effective Date, (B) those Persons who are competitors of the Canadian Borrower that are separately identified
in writing by the Canadian Borrower and posted to all Lenders from time to time and (C) any Affiliate (other than a bona fide debt
fund that is primarily engaged in or that advises funds or other investment vehicles that are engaged in making, purchasing, holding
or otherwise investing in commercial loans, bonds or similar extensions of credit or securities in the ordinary course) of a Person
identified pursuant to clause (A) or (B) above that is either (x) identified in writing by the Canadian Borrower and posted to
all Lenders from time to time or (y) clearly identifiable as an Affiliate of such Person solely on the basis of such Affiliate’s
name; provided that, notwithstanding anything herein to the contrary, (i) in no event shall being identified as a Disqualified
Lender retroactively disqualify any parties that have previously acquired an assignment hereunder that is otherwise permitted from
becoming a Lender and (ii) if the Canadian Borrower provides written consent to assignment to an entity identified as a Disqualified
Lender, such entity will not be considered a Disqualified Lender for the purpose of such assignment. 

 

“Dividend
Obligations” shall mean obligations of Holdings tothe
Canadian Borrower to a shareholder (which, for the avoidance of doubt, may be a direct or indirect shareholder)
of Holdingsthe Canadian
Borrower in connection with the receipt by such shareholder of cash or other assets on account of dividends or distributions
on Equity Interests of Holdingsthe
Canadian Borrower; provided, however, that (i) the making of such dividend or distribution is permitted
by Section 6.06, (ii) such obligations have a final scheduled maturity date of not more than 12 months from the date of incurrence
thereof, (iii) such obligations are incurred within 90 days of receipt by such shareholder of such dividend or distribution, (iv)
the principal amount of any such obligations shall not exceed the cash or other assets to be received by such shareholder in connection
with the applicable dividend or distribution, (v) such obligations are unsecured, are not guaranteed by any Subsidiary of Holdingsthe
Canadian Borrower and are subordinated in right of payment to the Obligations, (vi) for the avoidance of doubt, the
Applicable Amount shall not be increased by the amount of such obligations, (viii) in no event shall any such obligations be refinanced
or reclassified and (ix) such obligations are designated as “Dividend Obligations” pursuant to an Officer's
Certificateofficer’s certificate on
the date of its incurrence.

 

“Dollar Equivalent”
shall mean, on any date of determination (a) with respect to any amount in Dollars, such amount, and (b) with respect to any amount
in Canadian Dollars, the equivalent in Dollars of such amount, determined pursuant to Section 1.03(b) using the Exchange Rate with
respect to Canadian Dollars at the time in effect under the provisions of such Section.

 

“Dollar Letter
of Credit” shall mean a Letter of Credit denominated in Dollars.

 

“Dollars”
or “$” shall mean lawful money of the United States of America.

 

“Early
Opt-in Election” means the occurrence of:

 

(1)
(i) a determination by the Administrative Agent or (ii) a notification by the Required Lenders to the Administrative Agent (with
a copy to the Canadian Borrower) that the Required Lenders have determined that U.S. dollar-denominated syndicated credit facilities
being executed at such time, or that include language similar to that contained in Section 2.15 are being executed or amended,
as applicable, to incorporate or adopt a new benchmark interest rate to replace the LIBO Rate, and 

 

    31

     

    

 

(2)
(i) the election by the Administrative Agent or (ii) the election by the Required Lenders to declare that an Early Opt-in Election
has occurred and the provision, as applicable, by the Administrative Agent of written notice of such election to the Canadian Borrower
and the Lenders or by the Required Lenders of written notice of such election to the Administrative Agent.

 

“EEA
Financial Institution” shall mean (a) any credit institution or investment firm established in any EEA Member Country
that is subject to the supervision of an EEA Resolution Authority, (b) any Person established in an EEA Member Country that is
a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member
Country that is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated
supervision with its parent.

 

“EEA Member
Country” shall mean any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 

“EEA Resolution
Authority” shall mean any public administrative authority or any Person entrusted with public administrative authority
of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

 

“Effective
Yield” shall mean, as to any Indebtedness, the effective yield paid by the applicable Borrower on such Indebtedness as
determined by the applicable Borrower and the Administrative Agent in a manner consistent with generally accepted financial practices,
taking into account the applicable interest rate margins, any interest rate “floors” (the effect of which floors shall
be determined in a manner set forth in the proviso below and assuming that, if interest on such Indebtedness is calculated on the
basis of a floating rate, that the “LIBOR” component of such formula is included in the calculation of Effective Yield)
or similar devices and all fees, including upfront or similar fees or OID (amortized over the shorter of (x) the remaining Weighted
Average Life to Maturity of such Indebtedness and (y) the four years following the date of incurrence thereof) payable generally
by the applicable Borrower to Lenders or other institutions providing such Indebtedness, but excluding any arrangement fees, structuring
fees, closing payments or other similar fees payable in connection therewith that are not generally shared with the relevant Lenders
and, if applicable, ticking fees accruing prior to the funding of such Indebtedness and customary consent fees for an amendment
paid generally to consenting Lenders; provided that, with respect to any Indebtedness that includes a “floor”,
(a) to the extent that the Reference Rate on the date that the Effective Yield is being calculated is less than such floor, the
amount of such difference shall be deemed added to the interest rate margin for such Indebtedness for the purpose of calculating
the Effective Yield and (b) to the extent that the Reference Rate on the date that the Effective Yield is being calculated is greater
than such floor, then the floor shall be disregarded in calculating the Effective Yield.

 

“Embargoed
Person” or “Embargoed Persons” shall have the meanings
assigned to such terms in Section 6.19.

 

“Employee
Benefit Plan” shall mean an employee benefit plan (as defined in Section 3(3) of ERISA), other than a Non-U.S. Pension
Plan, that is maintained by Holdingsthe
Canadian Borrower or any Subsidiary, or with respect to an employee benefit plan subject to Title IV of ERISA, any ERISA
Affiliate, or with respect to which Holdingsthe
Canadian Borrower or any Subsidiary could reasonably be expected
to incur liability.

 

“Environment”
shall mean ambient and indoor air, surface water and groundwater (including potable water, navigable water and wetlands), the land
surface or subsurface strata, natural resources such as flora and fauna, the workplace or as otherwise defined in any Environmental
Law.

 

“Environmental
Claim” shall mean any and all administrative, regulatory or judicial actions, suits, formal demands, demand letters,
claims, liens, notices of non-compliance or violation, or potential responsibility for investigations or proceedings relating in
any way to any Environmental Law or any permit issued, or any approval given, under any such law, including, (a) by governmental
or regulatory authorities for enforcement, cleanup, removal, response, remedial or other actions or damages pursuant to any Environmental
Law, and (b) by any third party seeking damages, contribution, indemnification, cost recovery, compensation or injunctive relief
in connection with alleged injury or threat of injury to health, safety or the environment due to the presence of or exposure to
Hazardous Materials.

 

    32

     

    

 

“Environmental
Laws” shall mean all applicable laws (including common law), rules, regulations, codes, ordinances, orders, decrees,
judgments, injunctions, guidelines or binding agreements issued, promulgated or entered into by any Governmental Authority, relating
in any way to the protection of the Environment, preservation or reclamation of natural resources, the generation, management,
Release or threatened Release of, or exposure to, any Hazardous Material or to health and safety matters (to the extent relating
to the Environment or exposure to Hazardous Materials).

 

“Equal Priority
Intercreditor Agreement” shall mean the Equal Priority Intercreditor Agreement substantially in the form of Exhibit M-1
among (x) the Collateral Agent and (y) one or more representatives of the holders of one or more classes of Permitted Additional
Debt and/or Permitted Equal Priority Refinancing Debt, with any immaterial changes and material changes thereto in light of the
prevailing market conditions, which material changes shall be posted to the Lenders not less than five Business Days before execution
thereof and, if the Required Lenders shall not have objected to such changes within five Business Days after posting, then the
Required Lenders shall be deemed to have agreed that the Administrative Agent’s and/or Collateral Agent’s entry into
such intercreditor agreement (with such changes) is reasonable and to have consented to such intercreditor agreement (with such
changes) and to the Administrative Agent’s and/or Collateral Agent’s execution thereof.

 

“Equity Interests”
of any person shall mean anymeans
Capital Stock and all shares, interests, rights to purchase, warrants,
options, participation or other equivalents of or interests in (however designated) equity of
such person, including any preferred stock, convertible preferred equity certificate (whether or not equity under local law), any
limited or general partnership interest and any limited liability company membership interest or
other rights to acquire Capital Stock, but excluding any debt security that is convertible into, or exchangeable for, Capital Stock.

 

“ERISA”
shall mean the Employee Retirement Income Security Act of 1974, as the same may be amended from time to time.

 

“ERISA Affiliate”
shall mean any trade or business (whether or not incorporated) that, together with Holdings,
the Borrowers or a Subsidiary, is treated as a single employer under Section 414(b) or (c) of the Code, or, solely for purposes
of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code.

 

“ERISA Event”
shall mean (a) any Reportable Event; (b) with respect to any Plan, the failure to satisfy the minimum funding standard of Section
412 of the Code andor
Section 302 of ERISA, whether or not waived; (c) the filing pursuant to Section 412(c) of the Code andor
Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan, the failure to
make by its due date the minimum required contribution under Section 430(j) of the Code with respect to any Plan or the failure
to make any required contribution to a Multiemployer Plan; (d) a determination that any Plan is, or is expected to be, in “at-risk”
status (as defined in Section 303(i)(4) of ERISA or Section 430(i)(4) of the Code); (e) the incurrence by Holdingsthe
Canadian Borrower, a Subsidiary or any ERISA Affiliate of any liability under Title IV of ERISA with respect to the
termination of any Plan; (f) the receipt by Holdingsthe
Canadian Borrower, a Subsidiary or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating
to an intention to terminate any Plan or the occurrence of any event or condition which could reasonably be expected to constitute
grounds under ERISA for the termination of or the appointment of a trustee to administer any Plan; (g) the incurrence by Holdingsthe
Canadian Borrower, a Subsidiary or any ERISA Affiliate of any liability under Title IV of ERISA with respect to the
complete or partial withdrawal from any Plan or Multiemployer Plan; (h) the receipt by Holdingsthe
Canadian Borrower, a Subsidiary or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from
Holdingsthe Canadian
Borrower, a Subsidiary or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a
determination that a Multiemployer Plan is, or is expected to be, insolvent, within the meaning of Title IV of ERISA or in “endangered”
or “critical” status (within the meaning of Section 432 of the Code or Section 305 of ERISA); or (i) the substantial
cessation of operations within the meaning of Section 4062(e) of ERISA with respect to a Plan; or (j)
the occurrence of a nonexempt prohibited transaction (within the meaning of Section 4975 of the Code or Section 406
of ERISA) which could reasonably to be expect to result in
liability to Holdingsthe
Canadian Borrower, a Subsidiary or any ERISA Affiliate.

 

    33

     

    

 

“EU Bail-In
Legislation Schedule” shall mean the EU Bail-In Legislation Schedule published by the Loan Market Association (or any
successor person), as in effect from time to time.

 

“Eurodollar
Borrowing” shall mean a Borrowing comprised of Eurodollar Loans.

 

“Eurodollar
Loan” shall mean any Eurodollar Term Loan or Eurodollar Revolving Loan.

 

“Eurodollar
Revolving Borrowing” shall mean a Borrowing comprised of Eurodollar Revolving Loans.

 

“Eurodollar
Revolving Loan” shall mean any Revolving R-23
Facility Loan bearing interest at a rate determined by reference to the Adjusted LIBO Rate in accordance with the provisions of
Article II.

 

“Eurodollar
Term Loan” shall mean any Term Loan bearing interest at a rate determined by reference to the Adjusted LIBO Rate in accordance
with the provisions of Article II.

 

“Event of
Default” shall have the meaning assigned to such term in Section 7.01.

 

“Excess Cash
Flow” shall mean, for any period, an amount equal to the excess of

 

(a) the
sum, without duplication, of

 

(i) Consolidated
Net Income for such period,

 

(ii) an
amount equal to the amount of all non-cash charges to the extent deducted in arriving at such Consolidated Net Income,

 

(iii) decreases
in Consolidated Working Capital, decreases in long-term accounts receivable in each case as of the end of such period from the
Consolidated Working Capital and long-term accounts receivable as of the beginning of such period (except, in the case of each
of the foregoing, any such increases or decreases that are as a result of the reclassification of items from short-term to long-term
or vice versa) (other than any such decreases or increases, as applicable, arising from acquisitions, sales, leases, transfers
or other dispositions outside the ordinary course of assets by Holdingsthe
Canadian Borrower or any of its Restricted Subsidiaries completed during such period or the application of recapitalization
or purchase accounting), and

 

(iv) an
amount equal to the aggregate net non-cash loss on the sale, lease, transfer or other disposition of assets by Holdingsthe
Canadian Borrower and the Restricted Subsidiaries during such period (other than sales, leases, transfers or other dispositions
in the ordinary course of business) to the extent deducted in arriving at such Consolidated Net Income,

 

(v) cash
payments received in respect of Swap Agreements during such period to the extent not included in arriving at such Consolidated
Net Income, and

 

(vi)  income
tax expense to the extent deducted in arriving at such Consolidated Net Income, less

 

(b) the
sum, without duplication, of

 

(i) an
amount equal to the amount of all non-cash credits included in arriving at such Consolidated Net Income (but excluding any non-cash
credit to the extent representing the reversal of an accrual or reserve described in clause (a)(ii) above),

 

(ii) $35.0
million35,000,000 less the principal
amount of Indebtedness incurred in such period in connection with Capital Expenditures,

 

    34

     

    

 

(iii) the
aggregate amount of all prepayments of Revolving R-23
Facility Loans and Swingline Loans made during such period to the extent accompanying reductions of the Revolving R-23
Facility Commitments, except to the extent financed with the proceeds of other Indebtedness of Holdingsthe
Canadian Borrower or its Restricted Subsidiaries,

 

(iv) the
aggregate amount of all principal payments of Indebtedness of Holdingsthe
Canadian Borrower or the Restricted Subsidiaries (including any Term Loans and the principal component of payments in
respect of Finance Lease Obligations) made during such period or (without duplication) scheduled to be made in the following fiscal
year (provided that any such scheduled amounts that are deducted from Excess Cash Flow may not be deducted again from Excess
Cash Flow when actually paid) (other than in respect of any revolving credit facility to the extent there is not an equivalent
permanent reduction in commitments thereunder), except to the extent financed with the proceeds of other Indebtedness of Holdingsthe
Canadian Borrower or its Restricted Subsidiaries,

 

(v) an
amount equal to the aggregate net non-cash gain on the sale, lease, transfer or other disposition of assets by Holdingsthe
Canadian Borrower and the Restricted Subsidiaries during such period (other than sales, leases in the ordinary course
of business) to the extent included in arriving at such Consolidated Net Income,

 

(vi) increases
in Consolidated Working Capital and long-term receivables in each case as of the end of such period from the Consolidated Working
Capital and long-term receivable as of the beginning of such period (except, in the case of each of the foregoing, any such increases
or decreases that are as a result of the reclassification of items from short-term to long-term or vice versa) (other than any
such increases or decreases, as applicable, arising from acquisitions, sales, leases, transfers or other dispositions outside the
ordinary course by Holdingsthe
Canadian Borrower and the Restricted Subsidiaries during such period or the application of recapitalization or purchase
accounting),

 

(vii) payments
by Holdingsthe Canadian
Borrower and the Restricted Subsidiaries during such period in respect of long-term liabilities of Holdingsthe
Canadian Borrower and the Restricted Subsidiaries other than Indebtedness,

 

(viii) the
amount of Investments made during such period pursuant to Section 6.056.06
and Permitted Investments made during such period, in each case, to the extent that such Investments were financed with
internally generated cash flow of Holdingsthe
Canadian Borrower and the Restricted Subsidiaries,

 

(ix) the
amount of dividends paid during such period pursuant to clause (b), (d) or (m) of Section 6.06, except to the extent financed with
the proceeds of other Indebtedness of Holdingsthe
Canadian Borrower or its Restricted Subsidiaries,

 

(x) the
aggregate amount of expenditures actually made by Holdingsthe
Canadian Borrower and the Restricted Subsidiaries in cash during such period (including expenditures for the payment
of financing fees) to the extent that such expenditures are not expensed during such period plus an amount specified by the Canadian
Borrower that is not in excess of the amount contracted for Capital Expenditures for the following fiscal year, provided
that expenditures during such period that were deducted in the calculation of Excess Cash Flow for any prior period shall not be
again deducted,

 

(xi) the
aggregate amount of any premium, make-whole or penalty payments actually paid in cash by Holdingsthe
Canadian Borrower and the Restricted Subsidiaries during such period that are required to be made in connection with
any prepayment of Indebtedness,

 

(xii) the
amount of Taxes paid or estimated to be paid during such period, and

 

(xiii) cash
expenditures made in respect of Swap Obligations.

 

    35

     

    

 

“Excess Cash
Flow Period” shall mean each fiscal year of Holdingsthe
Canadian Borrower, commencing with the fiscal year ending December 31, 2017.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

“Exchange
Rate” shall mean on any day, for purposes of determining the Dollar Equivalent or Canadian Dollar Equivalent of any other
currency, the rate at which such other currency may be exchanged into Dollars or Canadian Dollars (as applicable), as
set forth in the Wall Street Journal published on such date for such currencylast
provided (either by publication or otherwise provided to the
Administrative Agent) by the applicable Thomson Reuters Corp.,
Refinitiv, or any successor thereto (“Reuters”) source on the Business Day (New York City time) immediately preceding
the date of determination. In the event that such rate does not appear in such copy
of the Wall Street Journalceases to be available,
the Exchange Rate shall be determined by reference to such other publicly available service for
displaying exchange rates as may be agreed uponinformation
service which provides that rate of exchange at such time in place of Reuters chosen by the Administrative Agent and
the Canadian Borrower, or, in the absence of such an agreement, such Exchange Rate shall instead be the arithmetic average of the
spot rates of exchange of the Administrative Agent (or, if the Administrative Agent is not a bank, a bank mutually selected by
the Canadian Borrower and the Administrative Agent) in
the market where its foreign currency exchange operations in respect of such currency are then being conducted, at or about 10:00
a.m., New York City time, on such date for the purchase ofin
its sole discretion (or if such service ceases to be available or ceases to provide such rate of exchange, the equivalent of such
amount in Dollars or Canadian Dollars (as applicable) for delivery two Business Days
later; provided that if at the time of any such determination, for any reason, no such
spot rate is being quoted,as determined by
the Administrative Agent may, in consultation with the Canadian Borrower, use any reasonable method
it deems appropriate to determine such rate, and such determination shall be prima facie evidence thereof.using
any method of determination it deems appropriate in its sole discretion). 

 

“Excluded
APT Elements” shall have the meaning given to it in Section 5.10(e).

 

“Excluded
Contribution” means net cash proceeds, marketable securities or Qualified Proceeds received by Holdings
or the Canadian Borrower from (a) contributions to its common equity capital, and (b) the sale (other than to a
Subsidiary of Holdingsthe
Canadian Borrower or to any management equity plan or stock option plan or any other management or employee benefit
plan or agreement of Holdings) of capital stockthe
Canadian Borrower) of Capital Stock (other than Disqualified Capital Stock) of Holdings
or the Canadian Borrower, in each case designated as Excluded Contributions pursuant to an officer’s certificate
executed by a vice president and the principal financial officer of the Canadian Borrower or Holdings
on the date such capital contributions are made or the date such Equity Interests are sold, as the case may be, which are excluded
from the calculation set forth in the definition of the term “Applicable Amount.”

 

“Excluded
Foreign Subsidiary” shall have the meaning given to it in Section 5.10(e).

 

“Excluded
Satellites” shall mean (a) the Satellites owned by the Canadian Borrower and its Restricted Subsidiaries commonly referred
to as Anik F1, Anik F1R, Nimiq 1, Nimiq 2, Telstar 12, Telstar
1814R and
the transponders for which the Canadian Borrower or its Restricted Subsidiaries have a right to use on Satmex
6,Eutelsat 113West A, (b) any other Satellite,
other than a Named Satellite, that (i) is not expected or intended, in the good faith determination of the Canadian Borrower and/or
Holdings, as applicable to earn future revenues from the operation of such Satellite in excess of $35.0
million35,000,000 in any fiscal year and
(ii) has a book value of less than $75.0 million,75,000,000,
(c) any other Satellite, other than a Named Satellite, with one year or less of in-orbit life remaining (it being understood and
agreed that such Satellite shall be deemed to have “in-orbit life” only for so long as it is maintained in station
kept orbit), and (d) any other Satellite that, in the good faith determination of the Canadian Borrower or
Holdings, as applicable, (i)(A) the procurement of In-Orbit Insurance therefor in the amounts and on the terms
required hereby would not be available for a price that is, and on other terms and conditions that are, commercially reasonable
or (B) the procurement of such In-Orbit Insurance therefor would be subject to exclusions or limitations of coverage that would
make the terms of the insurance commercially unreasonablyunreasonable
(including because such Satellite’s performance and/or operating status has been adversely affected by anomalies or component
exclusions or there are systemic failures or anomalies applicable to Satellites of the same model).

 

    36

     

    

 

“Excluded
Swap Obligation” shall mean, with respect to any Guarantor, (a) any Swap Obligation if, and to the extent that, all or
a portion of the guarantee of such Guarantor pursuant to the Guarantee of, or the grant by such Guarantor of a security interest
to secure, such Swap Obligation (or any guarantee pursuant to the Guarantee thereof) is or becomes illegal or unlawful under the
Commodity Exchange Act or any rule, regulation, or order of the Commodity Futures Trading Commission (or the application or official
interpretation of any thereof) (i) by virtue of such Guarantor’s failure to constitute an “eligible contract participant,”
as defined in the Commodity Exchange Act and the regulations thereunder (determined after giving pro forma effect to any applicable
keep well, support, or other agreement for the benefit of such Guarantor and any and all applicable guarantees of such Guarantor’s
Swap Obligations by other Loan Parties), at the time the guarantee of (or grant of such security interest by, as applicable) such
Guarantor becomes or would become effective with respect to such Swap Obligation or (ii) in the case of a Swap Obligation that
is subject to a clearing requirement pursuant to section 2(h) of the Commodity Exchange Act, because such Guarantor is a “financial
entity,” as defined in section 2(h)(7)(C) of the Commodity Exchange Act, at the time the guarantee of (or grant of such security
interest by, as applicable) such Guarantor becomes or would become effective with respect to such Swap Obligation or (b) any other
Swap Obligation designated as an “Excluded Swap Obligation” of such Guarantor as specified in any agreement between
the relevant Loan Parties and Swap Counterparty applicable to such Swap Obligations. If a Swap Obligation arises under a master
agreement governing more than one swap within the meaning of Section 1a(47) of the Commodity Exchange Act, such exclusion shall
apply only to the portion of such Swap Obligation that is attributable to the swap for which such guarantee or security interest
is or becomes excluded in accordance with the first sentence of this definition.

 

“Excluded
Taxes” shall mean, with respect to the Administrative Agent, any Lender, any Swingline Lender, any L/C Issuer or any
other recipient of any payment to be made by or on account of any obligation of a Loan Party under any Loan Document, (a) any income,
capital or franchise Taxes imposed on (or measured by) its net income by the jurisdiction
under the laws of which such recipient is organized or by any jurisdiction in which such recipient is deemed to be doing business
(other than a business arising from or deemed to arise from any Transaction, or from any other transaction contemplated by this
Agreement or any other Loan Document), in which its principal office is(however
denominated) and branch profits Tax or any similar Tax,
in each case, (i) imposed as a result of such recipient being organized under the laws of, or having its principal office
located or, in the case of any Lender, in whichhaving
its Applicable Lending Office is located, (b) any branch
profits Tax or any similar Tax that is imposed by any jurisdiction described in clause (a) above,
(c) anylocated in, the jurisdiction imposing such Tax
(or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) any Canadian withholding Taxes imposed
on a payment by or on account of any obligation of a Loan Party hereunder: (i)
to a person with which the Loan Party does not deal at arm’s length (for the purposes of the Income Tax Act (Canada))
at the time of making such payment or (ii) in respect of a debt or other obligation to pay an
amount to a person with whom the payer is not dealing at arm’s length
(for the purposes of the Income Tax Act (Canada))
at the time of such payment (other than where the non-arm’s length relationship arises in connection with
or as a result of the recipient having become a party to, received or perfected a security interest under or received or enforced
any rights under, a Loan Document), (dc)
any Canadian withholding Taxes imposed on a recipient by
reason of such recipient: (i) being a “specified shareholder” (as defined in subsection 18(5) of the Income Tax
Act (Canada)) of any Loan Party (other than,
or (ii) not dealing at arm’s length (for purposes
of the Income Tax Act (Canada) with a “specified
shareholder” of any Loan Party, other than, in both cases, where the recipient is a “specified shareholder”
or does not deal at arm’s length with a “specified shareholder”, in connection with or as a result of the Recipientrecipient
having become a party to, received or perfected a security interest under or received or enforced any rights under, a Loan Document),
(d) Taxes attributable to such recipient’s failure to comply with
Section 2.18(e) and (e) any U.S. federal withholding Taxes imposed under FATCA.

 

“Executive
Order” shall mean Executive Order 13224 of September 21, 2001 Blocking Property and Prohibiting Transactions with Persons
Who Commit, Threaten to Commit, or Support Terrorism (66 Fed. Reg. 49079) (2001).

 

“Existing
Class” shall mean Existing Term Loan Classes and each Class of Existing Revolving Credit Commitments.

 

“Existing
Debt Refinancing” shall mean (i) the repayment (including by conversion to Term B-4
Loans) of the Term B-34
Loans on the Amendment No. 46
Effective Date, and (ii) the payment
to the Administrative Agent for the ratable account of each of the Lenders holding Term B-3 Loans immediately prior to the Amendment
No. 4 Effective Date, a prepayment premium equal to 1% of the aggregate principal amount of the Term B-3 Loans being prepaid or
converted on the Amendment No. 4 Effective Date as described herein.repayment
of the Revolving R-2 Facility Loans.

 

    37

     

    

 

“Existing
Indebtedness” means Indebtedness of the Canadian Borrower or the Restricted Subsidiaries in existence on the Measurement
Date, plus interest accruing thereon.

 

“Existing
Letters of Credit” shall mean the letters of credit listed on Schedule 2.05.

 

“Existing
Revolving Credit Class” shall have the meaning assigned to such term in Section 2.24(b).

 

“Existing
Revolving Credit Commitment” shall have the meaning assigned to such term in Section 2.24(b).

 

“Existing
Revolving Credit Loans” shall have the meaning assigned to such term in Section 2.24(b).

 

“Existing
Senior Notes” shall mean the Canadian Borrower’s 6.0% Senior Notes due 2017 issued pursuant to
that certain indenture dated May 14, 2012.

 

“Existing
Term Loan Class” shall have the meaning assigned to such term in Section 2.24(a).

 

“Export Financing”
shall have the meaning assigned to such term in Section 2.21(c)(i).

 

“Extended
Loans/Commitments” shall mean Extended Term Loans, Extended Revolving Credit Loans and/or Extended Revolving Credit Commitments.

 

“Extended
Revolving Credit Commitments” shall have the meaning assigned to such term in Section 2.24(b).

 

“Extended
Revolving Credit Loans” shall have the meaning assigned to such term in Section 2.24(b).

 

“Extended
Term Loans” shall have the meaning assigned to such term in Section 2.24(a).

 

“Extending
Lender” shall have the meaning assigned to such term in Section 2.24(c).

 

“Extension
Agreement” shall have the meaning assigned to such term in Section 2.24(d).

 

“Extension
Date” shall have the meaning assigned to such term in Section 2.24(e).

 

“Extension
Election” shall have the meaning assigned to such term in Section 2.24(c).

 

“Extension
Request” shall mean a Revolving Credit Extension Request or a Term Loan Extension Request, as applicable.

 

“Extension
Series” shall mean all Extended Term Loans or Extended Revolving Credit Commitments (as applicable) that are established
pursuant to the same Extension Agreement (or any subsequent Extension Agreement to the extent such Extension Agreement expressly
provides that the Extended Term Loans or Extended Revolving Credit Commitments, as applicable, provided for therein are intended
to be a part of any previously established Extension Series) and that provide for the same interest margins, extension fees, if
any, and amortization schedule.

 

“Facility”
shall mean the respective facility and commitments utilized in making Loans and credit extensions hereunder, it being understood
that as of the Amendment No. 46
Effective Date there are two Facilities, i.e., the Term B-45
Loan Facility and the Revolving R-23
Facility.

 

“Fair
Market Value” means, with respect to any asset or property, as determined by the Canadian Borrower, the price which could
be negotiated in an arm’s length, free market transaction, for cash, between a willing seller and a willing and able buyer,
neither of whom is under undue pressure or compulsion to complete the transaction.

 

    38

     

    

 

“FATCA”
shall mean Sections 1471 through 1474 of the Code, as of
the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous
to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to
Section 1471(b)(1) of the Code as of the date of this Agreement (or any amended or successor version described above), any intergovernmental
agreement (and any relatedfiscal
or regulatory legislation, law, regulation, rule or
other official guidanceadministrative
practices) implementing any of the foregoing.

 

“FCC”
shall mean the Federal Communications Commission or any governmental authority in the United States substituted therefor.

 

“FCC Licenses”
shall mean all authorizations, orders, licenses and permits issued by the FCC to Holdingsthe
Canadian Borrower or any of its Subsidiaries, under which Holdings or any of its Subsidiaries
is authorized to launch and operate any of its Satellites or to operate any of its transmit only, receive only or transmit and
receive earth stations.

 

“Federal Funds
Effective Rate” shall mean, for any day, the weighted average (rounded upward, if necessary, to the next 1/100 of 1%)
of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers,
as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published
for any day which is a Business Day, the average (rounded upward, if necessary, to the next 1/100 of 1%) of the quotations for
the day of such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected
by it.

 

“Fee Letter”
shall mean the Fee Letter, dated March 14, 2012, by and among Canadian Borrower and the Administrative Agent.

 

“Fees”
shall mean the Revolving R-23
Facility Commitment Fees, Acceptance Fees, the L/C Participation Fees, the L/C Issuer Fees and the Agent Fees.

 

“Final Maturity
Date” shall mean the date which is the latest to occur of the Term B-45
Loan Maturity Date, the latest Incremental Maturity Date and the Revolving R-23
Facility Maturity Date.

 

“Finance Lease
Obligation” shall mean, as applied to any Person, an obligation that is required to be accounted for as a financing or
capital lease (and, for the avoidance of doubt, not a straight-line or operating lease) on both the balance sheet and income statement
for financial reporting purposes in accordance with GAAP. At the time any determination thereof is to be made, the amount of the
liability in respect of a financing or capital lease would be the amount required to be reflected as a liability on such balance
sheet (excluding the footnotes thereto) in accordance with GAAP.

 

“Financial
Officer” of any person shall mean the Chief Financial Officer, principal accounting officer, Treasurer, Assistant Treasurer
or Controller of such person.

 

“Financial
Performance Covenant” shall mean the covenant of Holdingsthe
Canadian Borrower set forth in Section 6.09.

 

“First Lien
Leverage Ratio” shall mean, as of any date of determination, the ratio of (a) Consolidated First Lien Secured Debt as
of the last day of the Test Period most recently ended on or prior to such date of determination,
minus up to $100,000,000 of cash and Cash Equivalents of the Canadian Borrower and its Restricted Subsidiaries to the extent
not designated as restricted cash on the consolidated balance sheet of the Canadian Borrower and its Restricted Subsidiaries in
accordance with GAAP to (b) Consolidated EBITDA for such Test Period.

 

“First Lien
Obligations” shall mean the Obligations, the Senior Secured
Notes Obligations, any Permitted Additional Debt Obligations (other than any Permitted Additional Debt Obligations that
are unsecured or are secured by a Lien ranking junior to the Liens securing the Obligations (but without regard to control of remedies))
and any Permitted Equal Priority Refinancing Debt, collectively.

 

“Fitch”
shall mean Fitch Ratings, Inc., and any successor to its rating agency business.

 

    39

     

    

 

“Flood Insurance
Laws” means, collectively, (i) the National Flood Insurance Reform Act of 1994 (which comprehensively revised the National
Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973) as now or hereafter in effect or any successor statute
thereto, (ii) the Flood Insurance Reform Act of 2004 as now or hereafter in effect or any successor statute thereto, and (iii)
the Biggert-Waters Flood Insurance Reform Act of 2012 as now or hereafter in effect or any successor statute thereto.

 

“Funded Debt”
shall mean all indebtedness of Holdingsthe
Canadian Borrower and the Restricted Subsidiaries for borrowed money that matures more than one year from the date of
its creation or matures within one year from such date that is renewable or extendable, at the option of Holdingsthe
Canadian Borrower or any Restricted Subsidiary, to a date more than one year from such date or arises under a revolving
credit or similar agreement that obligates the lender or lenders to extend credit during a period of more than one year from such
date, including all amounts of Funded Debt required to be paid or prepaid within one year from the date of its creation and, in
the case of the Borrowers, Indebtedness in respect of the Loans.

 

“GAAP”
shall mean Generally Accepted Accounting Principles as adopted by Holdingsthe
Canadian Borrower and the Restricted Subsidiaries from time to time to prepare their published financial statements
in accordance with the International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”)
in effect from time to time.

 

“Governmental
Authority” shall mean any federal, state, provincial, local or foreign court or tribunal or governmental agency, authority,
instrumentality or regulatory or legislative body.

 

“Guarantee
Obligations” shall mean, as to any Person, any obligation of such Person guaranteeing or intended to guarantee any Indebtedness
of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, including any obligation
of such Person, whether or not contingent, (a) to purchase any such Indebtedness or any property constituting direct or indirect
security therefor, (b) to advance or supply funds (i) for the purchase or payment of any such Indebtedness or (ii) to maintain
working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor,
(c) to purchase property, securities or services primarily for the purpose of assuring the owner of any such Indebtedness of the
ability of the primary obligor to make payment of such Indebtedness or (d) otherwise to assure or hold harmless the owner of such
Indebtedness against loss in respect thereof; provided, however, that the term “Guarantee Obligations”
shall not include endorsements of instruments for deposit or collection in the ordinary course of business. The amount of any Guarantee
Obligation shall be deemed to be an amount equal to the stated or determinable amount of the Indebtedness in respect of which such
Guarantee Obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof
(assuming such Person is required to perform thereunder) as determined by such Person in good faith.

 

“Guaranteed
Obligations” shall have the meaning assigned to such term in Section 10.01.

 

“Guarantees”
shall mean the guarantees issued pursuant to Article X by Holdings, the Borrowers and the Subsidiary
Guarantors.

 

“Guarantors”
shall have the meaning assigned to such term in Section 10.01.mean
each Subsidiary of the Canadian Borrower that is or becomes a party to this Agreement, provided that upon release or discharge
of such Subsidiary from its Guarantee in accordance with this Agreement, such Subsidiary shall cease to be a Guarantor.

 

“Hazardous
Materials” shall mean all pollutants, contaminants, wastes, chemicals, materials, substances and constituents, including
explosive or radioactive substances or petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated
biphenyls or radon gas, of any nature subject to regulation or which can give rise to liability under any Environmental Law.

 

    40

     

    

 

“Holdings”
shall mean (i) Holdings (as defined in the preamble to this Agreement) and, if applicable, any Successor Holdings or (ii) at the
election of the Canadian Borrower, any other Person or Persons organized or existing under the laws of Canada, any province or
territory thereof, the United States, any state thereof, the District of Columbia or any territory thereof (the “New
Holdings”) that is a Subsidiary of (or are Subsidiaries of) Holdings or of any parent entity of Holdings
(or the previous New Holdings, as the case may be) but not the Canadian Borrower (the “Previous Holdings”);
provided that (a) such New Holdings directly owns 100% of the Equity Interests of the
Canadian Borrower, (b) the New Holdings shall expressly assume all the obligations of the Previous Holdings under this Agreement
and the other Loan Documents pursuant to a supplement hereto or thereto in form and substance reasonably satisfactory to the Administrative
Agent, (c) the New Holdings shall have delivered to the Administrative Agent a certificate of a Responsible Officer stating that
such substitution and any supplements to the Loan Documents preserve the enforceability of the Guarantee and the perfection and
priority of the Liens under the Security Documents, (d) if reasonably requested by the Administrative Agent, an opinion of counsel
in form and substance reasonably satisfactory to the Administrative Agent shall be delivered by the Canadian Borrower to the Administrative
Agent to the effect that, without limitation, such substitution does not breach or result in a default under this Agreement or
any other Loan Document, (e) all Equity Interests of the Canadian Borrower and substantially all of the other assets of the Previous
Holdings are contributed or otherwise transferred to such New Holdings and pledged to secure the Obligations, (f) no Event of Default
has occurred and is continuing at the time of such substitution and such substitution does not result in any Event of Default or
material tax liability and (g) such “know your customer” information reasonably requested by the Administrative Agent,
which request shall be consistent in scope with the “know your customer” information delivered for Holdings prior to
the Closing Date, shall be delivered by the Canadian Borrower to the Administrative Agent; provided,
further, that if each of the foregoing is satisfied, the Previous Holdings shall be automatically
released from all its obligations under the Loan Documents and any reference to “Holdings” in the Loan Documents shall
be meant to refer to the “New Holdings. After any transaction permitted under Section 6.03 in which Holdings merges, amalgamates
with or consolidates with or into the Canadian Borrower or any Successor Canadian Borrower (or, in the case of a merger, amalgamation
or consolidation with the Canadian Borrower or the Successor Canadian Borrower where Holdings is not the continuing, resulting
or surviving Person), references to Holdings shall be deemed references to the Canadian Borrower or the Successor Canadian Borrower,
as applicable, in each case, unless the context requires otherwise. As of January 1, 2017, the Amalgamation occurred when Telesat
Holdings Inc. amalgamated with Interco and immediately thereafter the newly amalgamated company amalgamated with the Canadian Borrower
with the Canadian Borrower being the continuing entity.

 

“Honor Date”
shall have the meaning assigned to such term in Section 2.05(e)(i).

 

“Identified
Participating Lender” shall have the meaning given to it in Section 2.12(f)(iii)(C).

 

“Identified
Qualifying Lender” shall have the meaning given to it in Section 2.12(f)(iv)(C).

 

“Immediate
Family Members” shall mean with respect to any
individual, such individual’s estate, heirs, legatees, distributees, child, stepchild, grandchild or more remote descendant,
parent, stepparent, grandparent, spouse, former spouse, qualified domestic partner, sibling, niece, nephew, mother-in-law, father-in-law,
son-in-law, daughter-in-law, brother-in-law or sister-in-law (including adoptive relationships), any person sharing an individual’s
household (other than an unrelated tenant or employee) and any trust, partnership or other bona fide estate-planning vehicle the
only beneficiaries of which are any of the foregoing individuals or any private foundation or fund that is controlled by any of
the foregoing individuals or any donor-advised fund of which any such individual is the donor.IFRS”
shall have the meaning given to it in the definition of the term “GAAP.”

 

“Impacted
Interest Period” shall have the meaning given to it in the definition of “LIBO Rate.”

 

“Incremental
Agreement” shall have the meaning assigned to such term in Section 2.21(e).

 

“Incremental
Commitments” shall have the meaning assigned to such term in Section 2.21(a).

 

“Incremental
Facilities” shall have the meaning given to it in Section 2.21(a).

 

“Incremental
Limit” shall have the meaning given to it in Section 2.21(b).

 

“Incremental
Maturity Date” shall mean, with respect to any Class of Incremental Term Loans made pursuant to Section 2.21, the final
maturity date thereof.

 

“Incremental
Revolving Credit Commitment Increase” shall have the meaning given to it in Section 2.21(a).

 

    41

     

    

 

“Incremental
Revolving Credit Commitment Increase Lender” shall have the meaning assigned to such term in Section 2.21(f)(ii).

 

“Incremental
Term Loan Commitment” shall mean the Commitment of any Lender to make Incremental Term Loans of a particular Class pursuant
to Section 2.21.

 

“Incremental
Term Loan Exposure” shall mean, at any time, the aggregate principal amount of Incremental Term Loans outstanding at
such time. The Incremental Term Loan Exposure of any Lender at any time shall be the aggregate principal amount of such Lender’s
Incremental Term Loan outstanding at such time.

 

“Incremental
Term Loan Facility” shall mean each Class of Incremental Term Loans made pursuant to Section 2.21.

 

“Incremental
Term Loan Lenders” shall mean a Lender with outstanding Incremental Term Loans.

 

“Incremental
Term Loans” shall have the meaning assigned to such term in Section 2.21(a).

 

“incur”
shall mean create, issue, assume, guarantee, incur or otherwise become directly or indirectly liable for any Indebtedness; provided,
however, that any Indebtedness of a Person existing at the time such Person becomes a Restricted Subsidiary (whether by
merger, consolidation, acquisition or otherwise) shall be deemed to be incurred by such Person at the time it becomes a Restricted
Subsidiary. The term “Incurrenceincurrence”
when used as a noun shall have a correlative meaning. Solely for purposes of determining compliance with Section 6.01:

 

(a) amortization
of debt discount or the accretion of principal with respect to a non-interest bearing or other discount security;

 

(b) the
payment of regularly scheduled interest in the form of additional Indebtedness of the same instrument or the payment of regularly
scheduled dividends on Equity Interests in the form of additional Equity Interests of the same class and with the same terms; and

 

(c) the
obligation to pay a premium in respect of Indebtedness arising in connection with the issuance of a notice of prepayment, redemption,
repurchase, defeasance, acquisition or similar payment or making of a mandatory offer to prepay, redeem, repurchase, defease, acquire,
or similarly pay such Indebtedness;

 

will not be deemed to
be the incurrence of Indebtedness.

 

“Indebtedness”
ofmeans, with respect
to any Person shall mean,
(a) all indebtedness of such Person for borrowed money (including, without limitation, BAs but excluding the impact of capitalized
financing costs and prepayment options), (b) the deferred purchase price of assets or services that in accordance with GAAP would
be included as liabilities in the balance sheet of such Person, (c) the face amount of all letters of credit issued for the account
of such Person and, without duplication, all drafts drawn thereunder, (d) all Indebtedness of a second Person secured by any Lien
on any property owned by such first Person, whether or not such Indebtedness has been assumed (excluding any Lien created pursuant
to the APT Security Agreement), (e) all Finance Lease Obligations of such Person, (f) all net obligations of such Person under
interest rate swap, cap or collar agreements, interest rate future or option contracts, currency swap agreements, currency future
or option contracts, commodity price protection agreements or other commodity price hedging agreements and other similar agreements,
(g) without duplication, all Guarantee Obligations of such Person in respect of the foregoing and (h) any Disqualified Capital
Stock; provided that Indebtedness shall not include (i) trade payables and accrued expenses, in each case payable directly
or through a bank clearing arrangement and arising in the ordinary course of business, (ii) obligations to make progress or incentive
payments under Satellite Purchase Agreements and Launch Services Agreements, in each case, not overdue by more than 90 days, (iii)
deferred or prepaid revenue, (iv) purchase price holdbacks in respect of a portion of the purchase price of an asset to satisfy
warranty or other unperformed obligations of the respective seller, (v) obligations to make payments to one or more insurers under
satellite insurance policies in respect of premiums or the requirement to remit to such insurer(s) a portion of the future revenues
generated by a Satellite which has been declared a constructive total loss, in each case in accordance with the terms of the insurance
policies relating thereto, (vi) Indebtedness of any parent entity appearing on the balance sheet of Holdingsthe
Canadian Borrower or any Restricted Subsidiary solely by reason of “pushdown” accounting under GAAP, (vii)
Non-Finance Lease Obligations or other obligations under or in respect of straight-line leases, operating leases or Sale LeasebacksLeaseback
(except resulting in Finance Lease Obligations) and (viii) customer deposits made in connection with the construction or acquisition
of a Satellite being constructed or acquired at the request of one or more customers. The amount of Indebtedness of any Person
for purposes of clause (d) shall be deemed to be equal to the lesser of (ix)
the aggregate unpaid amount of such Indebtedness and (iiy)
the fair market valueFair
Market Value of the property encumbered thereby as reasonably determined by such Person in good faith. The amount of
Indebtedness of any Person for purposes of clause (h) shall be deemed to be equal to the greater of the voluntary or involuntary
liquidation preference and maximum fixed repurchase price in respect of such Disqualified Capital Stock. For purposes hereof, the
“maximum fixed repurchase price” of any Disqualified Capital Stock that does not have a fixed repurchase price shall
be calculated in accordance with the terms of such Disqualified Capital Stock as if such Disqualified Capital Stock were purchased
on any date on which Indebtedness shall be required to be determined pursuant to this Agreement, and if such price is based upon,
or measured by, the fair market valueFair
Market Value of such Disqualified Capital Stock, such fair market valueFair
Market Value shall be determined reasonably and in good faith by the Board of Directors of Holdingsthe
Canadian Borrower.

 

    42

     

    

 

“Indemnified
Taxes” shall mean all (a) Taxes,
other than Excluded Taxes and,
imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document and
(b) to the extent not otherwise described in (a), Other Taxes.

 

“Indemnitee”
shall have the meaning assigned to such term in Section 9.05(b).

 

“Independent
Director” means, with respect to the Board of Directors of the Canadian Borrower, a member of such board who is not an officer,
director, employee or appointee of Loral or its Affiliates (other than the Canadian Borrower and its Subsidiaries).

 

“Information”
shall have the meaning given to it in Section 3.14.

 

“INGInitial
Lien” shall have the meaning assigned to such term in the introductory paragraph
to this Agreement.given to it in Section 6.02.

 

“In-Orbit
Insurance” shall mean, with respect to any Satellite (or, if the entire Satellite is not owned by the
Canadian Borrower or any of its Restricted Subsidiaries, as the case may be, the portion of the Satellite it owns or for which
it has risk of loss), insurance (subject to a right of coinsurance or deductible in an amount up to $75.0
million) or other contractual arrangement providing for coverage against the risk of loss of
or damage to such Satellite (or portion, as applicable) attaching upon the expiration of the Launch Insurance therefor (or, if
Launch Insurance is not procured, upon the initial completion of in-orbit testing) and attaching, during the commercial in-orbit
service of such Satellite (or portion, as applicable), upon the expiration of the immediately preceding corresponding policy or
other contractual arrangement, as the case may be, subject to the terms and conditions set forth herein.

 

“In-Orbit
Contingency Protection” shall mean transponder capacity that, in the good faith determination of the Canadian Borrower,
is available on a contingency basis from the Canadian Borrower or its Restricted Subsidiaries, or any Subsidiary of any parent
of the Canadian Borrower, directly or from another satellite operator pursuant to a contractual arrangement, to accommodate the
transfer of traffic representing at least 25% of the revenue-generating capacity with respect to any Satellite (or, if the entire
Satellite is not owned by the Canadian Borrower or any of its Restricted Subsidiaries, as the case may be, the portion of the Satellite
it owns or for which it has risk of loss) that may suffer actual or constructive total loss and that meets or exceeds the contractual
performance specifications for the transponders that had been utilized by such traffic; it being understood that the Satellite
(or portion, as applicable) shall be deemed to be insured for a percentage of the Satellite’s (or applicable portion’s)
net book value for which In-Orbit Contingency Protection is available.

 

    43

     

    

 

“Interco”
shall mean Telesat Interco Inc.In-Orbit Insurance”
shall mean, with respect to any Satellite (or, if the entire Satellite is not owned by the Canadian Borrower or any of its Restricted
Subsidiaries, as the case may be, the portion of the Satellite it owns or for which it has risk of loss), insurance (subject to
a right of coinsurance or deductible in an amount up to $75,000,000)
or other contractual arrangement providing for coverage against the risk of loss of or damage to such Satellite (or portion, as
applicable) attaching upon the expiration of the Launch Insurance therefor (or, if Launch Insurance is not procured, upon the initial
completion of in-orbit testing) and attaching, during the commercial in-orbit service of such Satellite (or portion, as applicable),
upon the expiration of the immediately preceding corresponding policy or other contractual arrangement, as the case may be, subject
to the terms and conditions set forth herein.

 

“Intercompany
Note” shall mean an intercompany note substantially in the form of Exhibit F hereto.

 

“Interest
Election Request” shall mean a request by the Canadian Borrower to convert or continue a Term B-45
Loan Borrowing or Revolving R-23
Facility Borrowing in accordance with Section 2.08.

 

“Interest
Payment Date” shall mean (a) with respect to any Eurodollar Loan, the last day of the Interest Period applicable to the
Borrowing of which such Loan is a part and, in the case of a Eurodollar Borrowing with an Interest Period of more than three months’
duration, each day that would have been an Interest Payment Date had successive Interest Periods of three months’ duration
been applicable to such Borrowing and, in addition, the date of any refinancing or conversion of such Borrowing with or to a Borrowing
of a different Type, (b) with respect to any ABR Loan, the last day of each calendar quarter, and, in addition, the date of any
refinancing or conversion of such Borrowing with or to a Borrowing of a different Type, and (c) with respect to any Swingline Loan,
the day that such Swingline Loan is required to be repaid pursuant to Section 2.10(a).

 

“Interest
Period” shall mean (a) as to any Eurodollar Borrowing, the period commencing on the date of such Borrowing or on the
last day of the immediately preceding Interest Period applicable to such Borrowing, as applicable, and ending on the numerically
corresponding day (or, if there is no numerically corresponding day, on the last day) in the calendar month that is 1, 2, 3 or
6 months thereafter (or 12 months or a period shorter than one month, if agreed to by all relevant Lenders at the time of the applicable
Borrowing, or, in the case of the Borrowings to be made on the Amendment No. 46
Effective Date, such shorter period as to which the Administrative Agent shall consent), as the Canadian Borrower may elect, or
the date any Eurodollar Borrowing is converted to an ABR Borrowing in accordance with Section 2.08 or repaid or prepaid in accordance
with Section 2.10, 2.11 or 2.12; provided, however, that if any Interest Period would end on a day other than a Business
Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would
fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day. Interest shall
accrue from and including the first day of an Interest Period to but excluding the last day of such Interest Period and (b) as
to any BA Borrowing, the BA Contract Period.

 

    44

     

    

 

“Investment”
shall mean, for any Person: (a) the acquisition (whether for cash, property, services or securities or otherwise) of capital stock,
bonds, notes, debentures, partnership or other ownership interests or other securities of any other Person (including any “short
sale” or any sale of any securities at a time when such securities are not owned by the Person entering into such sale);
(b) the making of any deposit with, or advance, loan or other extension of credit to, any other Person (including the purchase
of property from another Person subject to an understanding or agreement, contingent or otherwise, to resell such property to such
Person), but excluding any such deposit, advance, loan or extension of credit having a term not exceeding 364 days arising in the
ordinary course of business and excluding also any Investment in leases entered into in the ordinary course of business; or (c)
the entering into of any guarantee of, or other contingent obligation with respect to, Indebtedness or other monetary liability
of any other Person. The amount, as of any date of determination, of (i) any Investment in the form of a loan or an advance shall
be the principal amount thereof outstanding on such date, minus any payments in cash or
Cash Equivalents actually received by such investor representing interest in respect of such Investment, but without any adjustment
for write-downs or write-offs (including as a result of forgiveness of any portion thereof) with respect to such loan or advance
after the date thereof, (ii) any Investment in the form of a guarantee shall be equal to the stated or determinable amount of the
related primary obligation, or portion thereof, in respect of which such guarantee is made or, if not stated or determinable, the
maximum reasonably anticipated liability in respect thereof, as determined in good faith by a Responsible Officer of the Canadian
Borrower, (iii) any Investment in the form of a transfer of Equity Interests or other non-cash property or services by the investor
to the investee, including any such transfer in the form of a capital contribution, shall be the fair market value of such Equity
Interests or other property or services as of the time of the transfer, minus any payments
actually received by such investor representing a return in respect of such Investment, but without any other adjustment for increases
or decreases in value of, or write-ups, write-downs or write-offs with respect to, such Investment after the date of such Investment,
and (iv) any Investment (other than any Investment referred to in clause (i), (ii) or (iii) above) by the specified Person in the
form of a purchase or other acquisition for value of any Equity Interests, evidences of Indebtedness or other securities of any
other Person shall be the original cost of such Investment, except that the amount of any Investment in the form of an acquisition
shall be the Acquisition Consideration, minus the amount of any portion of such Investment
that has been repaid to the investor as a return in respect of such Investment (without duplication of amounts increasing the Applicable
Amount), but without any other adjustment for increases or decreases in value of, or write-ups, write-downs or write-offs with
respect to, such Investment after the date of such Investment. Notwithstanding the foregoing, in no event shall any Investment
be deemed to be in an outstanding amount less than $0. For purposes of Section 6.05, if an Investment involves the acquisition
of more than one Person, the amount of such Investment shall be allocated among the acquired Persons in accordance with GAAP; provided
that pending the final determination of the amounts to be so allocated in accordance with GAAP, such allocation shall be
as reasonably determined by a Responsible Officer of the Canadian Borrower. For the avoidance of doubt, if Holdings or any Restricted
Subsidiary issues, sells or otherwise disposes of any Equity Interests of a Person that is a Restricted Subsidiary such that, after
giving effect thereto, such Person is no longer a Restricted Subsidiary, any Investment by Holdings or any Restricted Subsidiary
in such Person remaining after giving effect thereto shall not be deemed to be a new Investment at such time.Interpolated
Rate” means, at any time, for any Interest Period, the rate per annum (rounded to the same number of decimal places as the
Reference Rate) determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error)
to be equal to the rate that results from interpolating on a linear basis between: (a) the Reference Rate for the longest period
(for which the Reference Rate is available) that is shorter than the Impacted Interest Period; and (b) the Reference Rate for the
shortest period (for which that Reference Rate is available) that exceeds the Impacted Interest Period, in each case, at such time.

 

“Investment”
means, with respect to any Person, all investments by such Person in other Persons (including Affiliates) in the form of loans
(including guarantees), advances or capital contributions (excluding accounts receivable, trade credit, advances to customers,
commission, travel and similar advances to officers and employees, in each case made in the ordinary course of business), purchases
or other acquisitions for consideration of Indebtedness, Equity Interests or other securities issued by any other Person and investments
that are required by GAAP to be classified on the balance sheet (excluding the footnotes) of the Canadian Borrower in the same
manner as the other investments included in this definition to the extent such transactions involve the transfer of cash or other
property. For purposes of the definition of “Unrestricted Subsidiary” and Section 6.06,

 

(1) “Investments”
shall include the portion (proportionate to the Canadian Borrower’s equity interest in such Subsidiary) of the Fair Market
Value of the net assets of a Subsidiary of the Canadian Borrower at the time that such Subsidiary is designated an Unrestricted
Subsidiary; provided, however, that upon a redesignation of such Subsidiary as a Restricted Subsidiary, the Canadian Borrower shall
be deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary in an amount (if positive) equal
to:

 

(x) the
Canadian Borrower’s “Investment” in such Subsidiary at the time of such redesignation, less

 

(y) the
portion (proportionate to the Canadian Borrower’s equity interest in such Subsidiary) of the Fair Market Value of the net
assets of such Subsidiary at the time of such redesignation; and

 

(2) any
property transferred to or from an Unrestricted Subsidiary shall be valued at its Fair Market Value at the time of such transfer.

 

The
amount of any Investment outstanding at any time shall be the original cost of such Investment, reduced by any dividend, distribution,
interest payment, return of capital, repayment or other amount received in Cash Equivalents by the Canadian Borrower or a Restricted
Subsidiary in respect of such Investment to the extent such amounts do not increase any other baskets under this Agreement.

 

    45

     

    

 

“ISED”
shall mean the Department of Innovation, Science and Economic Development Canada or any successor department of the Government
of Canada substituted therefor.

 

“ISED Authorizations”
shall mean all authorizations, orders, licenses and exemptions issued by ISED to Holdingsthe
Canadian Borrower or any of its Subsidiaries, pursuant to authority under the Radiocommunication Act or the Telecommunications
Act, as amended, under which Holdingsthe
Canadian Borrower or any of its Subsidiaries is authorized to launch and operate any of its Satellites or to operate
any of its transmit only, receive only or transmit and receive earth stations or any ancillary terrestrial communications facilities.

 

“ISP”
shall mean, with respect to any Letter of Credit, the “International Standby Practices 1998” published by the Institute
of International Banking Law & Practice (or such later version thereof as may be in effect at the time of issuance).

 

“Joint Lead
Arrangers” shall mean (xi)
with respect to the Term B-3 Loans, JPMorgan Chase Bank, N.A.JPMCB,
Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA and Morgan Stanley Senior Funding, Inc., (yii)
with respect to the Term B-4 Loan Facility, JPMCB (including pursuant to Amendment No. 4 and Amendment No. 5) and,
(ziii) with
respect to the Revolving R-2 Facility, Canadian Imperial Bank of CommerceCIBC,
BMO Capital Markets Corp., RBC Capital Markets,1 and
TD SECURITIES.“Joint Venture” shall mean any joint venture entity, whether
a company, unincorporated firm, undertaking, joint venture, association, partnership or any other entity which, in each case, is
not a Subsidiary of Holdings or any of its Restricted Subsidiaries but in which Holdings or a Restricted Subsidiary has a direct
or indirect equity or similar interest, and TD SECURITIES,
(iv) with respect to the Term B-5 Loan Facility, JPMCB and Goldman Sachs Bank USA and (v) with respect to the Revolving R-3 Facility,
Goldman Sachs Bank USA, JPMCB, BMO Capital Markets, CIBC, Credit Suisse Loan Funding LLC, Morgan Stanley Senior Funding, Inc.,
RBC Capital Markets, ING Bank N.V., The Bank of Nova Scotia and TD SECURITIES.

 

“JPMCB”
shall have the meaning assigned to such term in the introductory paragraph of this Agreement.

 

“Judgment
Currency” shall have the meaning assigned to such term in Section 9.17(b).

 

“Junior Priority
Intercreditor Agreement” shall mean the Junior Priority Intercreditor Agreement substantially in the form of Exhibit
M-2, among (x) the Collateral Agent and (y) one or more representatives of the holders of Permitted Additional Debt and/or Permitted
Refinancing DebtIndebtedness
secured by Liens on the Collateral ranking junior to the Liens securing the Secured Obligations, with any immaterial changes and
material changes thereto in light of the prevailing market conditions, which material changes shall be posted to the Lenders not
less than five Business Days before execution thereof and, if the Required Lenders shall not have objected to such changes within
five Business Days after posting, then the Required Lenders shall be deemed to have agreed that the Administrative Agent’s
and/or Collateral Agent’s entry into such intercreditor agreement (with such changes) is reasonable and to have consented
to such intercreditor agreement (with such changes) and to the Administrative Agent’s and/or Collateral Agent’s execution
thereof.

 

“Launch”
shall mean, with respect to any Satellite, the point in time before lift-off of such Satellite at which risk of loss of such Satellite
passes to the applicable Satellite Purchaser under the terms of the applicable Satellite Purchase Agreement, unless risk of loss
thereunder is to pass to such Satellite Purchaser after lift-off, in which case “Launch” shall mean the intentional
ignition of the first stage engines of the launch vehicle that has been integrated with such Satellite.

 

“Launch Insurance”
shall mean, with respect to any Satellite, insurance for risks of loss of and damage to such Satellite attaching not later than
the time of Launch and continuing at least until the successful or unsuccessful attempt to achieve physical separation of such
Satellite from the launch vehicle that had been integrated with such Satellite.

 

 

		1	RBC Capital Markets is a brand name for the capital markets businesses of Royal Bank of Canada and its affiliates.

 

    46

     

    

 

“Launch Services
Agreement” shall mean, with respect to any Satellite, the agreement between the applicable Satellite Purchaser and the
applicable Launch Services Provider relating to the launch of such Satellite.

 

“Launch Services
Provider” shall mean, with respect to any Satellite, the provider of launch services for such Satellite pursuant to the
terms of the Launch Services Agreement related thereto.

 

“Law”
shall mean, collectively, all international, foreign, Federal, state, provincial and local statutes, treaties, rules, guidelines,
regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration
thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable
administrative orders, directives, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority,
in each case whether or not having the force of Law.

 

“L/C Borrowing”
shall mean a Revolving R-23
Facility Borrowing made pursuant to Section 2.05(e)(iv) and (v) to refinance Unreimbursed Amounts in respect of drawn Letters of
Credit.

 

“L/C Disbursement”
shall mean a payment or disbursement made by a L/C Issuer pursuant to a Letter of Credit.

 

“L/C Documents”
shall mean, with respect to any Letter of Credit, such Letter of Credit, any amendments thereto, any other documents delivered
in connection therewith, any application therefor and any agreements, instruments, guaranties or other documents (whether general
in application to Letters of Credit generally or applicable only to such Letter of Credit) governing or providing for (i) the rights
and obligations of the parties concerned or at risk or (ii) any collateral security for such obligations.

 

“L/C Issuer”
shall mean (i) JPMCB and CIBC, each in their respective capacity as issuer of Letters of Credit under Section 2.05(a), and their
respective permitted successor or successors in such capacity and (ii) any other Lender which the Canadian Borrower shall have
designated as an “L/C Issuer” by notice to the Administrative Agent and such Lender shall have accepted such designation
in accordance with Section 2.05.

 

“L/C Issuer
Fees” shall have the meaning assigned to such term in Section 2.13(b).

 

“L/C Obligations”
shall mean at any time, the sum of (i) the maximum amount which is, or at any time thereafter may become, available to be drawn
under Letters of Credit then outstanding, assuming compliance with all requirements for drawings referred to in such Letters of
Credit plus (ii) the aggregate amount of all L/C Disbursements not yet reimbursed by the Canadian Borrower as provided in Section
2.05(e)(ii), (iii), (iv) or (v) to the applicable L/C Issuers in respect of drawings under Letters of Credit, including any portion
of any such obligation to which a Lender has become subrogated pursuant to Section 2.05(e)(vi). For all purposes of this Agreement
and all other Loan Documents, if on any date of determination a Letter of Credit has expired by its terms but any amount may still
be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding”
in the amount so remaining available to be drawn.

 

“L/C Participation
Fee” shall have the meaning assigned such term in Section 2.13(b).

 

“L/C Sublimit”
shall mean an amount equal to $25.0 million.25,000,000.
The L/C Sublimit is a part of, and not in addition to, the Revolving R-23
Facility.

 

“LCALCT
Election” shall have the meaning assigned to such term in Section 1.06.

 

“LCALCT
Test Date” shall have the meaning assigned to such term in Section 1.06.

 

    47

     

    

 

“Lender”
shall mean (a) as of the Amendment No. 46
Effective Date, the Persons listed on Schedule 2.01, (b) each Person having a Converted
Term Loan pursuant to Amendment No. 4 and (c) any other Person that shall become a party hereto as a “lender”
pursuant to Section 9.04 and (dc)
each person that becomes a “lender” pursuant to the terms of Section 2.21, in each case other than a Person who ceases
to hold any outstanding Loans, Letter of Credit Exposure, Swingline Exposure or any Commitment.

 

“Lender Insolvency
Event” shall mean that (i) a Lender or its Parent Company is determined or adjudicated to be insolvent by a Governmental
Authority, or is generally unable to pay its debts as they become due, or admits in writing its inability to pay its debts as they
become due, or makes a general assignment for the benefit of its creditors, or (ii) such Lender or its Parent Company is the subject
of a bankruptcy, insolvency, reorganization, liquidation or similar proceeding, or a receiver, trustee, conservator, intervenor
or sequestrator or the like has been appointed for such Lender or its Parent Company, or such Lender or its Parent Company has
taken any action in furtherance of or indicating its consent to or acquiescence in any such proceeding or appointment; provided
that a Lender Insolvency Event shall not be deemed to have occurred solely by virtue of the ownership or acquisition of any Equity
Interest in any Lender or its Parent Company by a Governmental Authority or an instrumentality thereof.

 

“Letter of
Credit” shall mean any letter of credit or letter of guarantee issued pursuant to Section 2.05 or any Existing Letter
of Credit.

 

“Letter of
Credit Expiration Date” shall mean the day that is three Business Days prior to the Revolving R-2-3
Facility Maturity Date then in effect.

 

“Letter of
Credit Exposure” shall mean, subject to Section 2.23, with respect to any Lender, at any time, the sum of (a) the amount
of any Unpaid Drawings in respect of which such Lender has made (or is required to have made) Revolving R-23
Facility Loans pursuant to Section 2.05 at such time and (b) such Lender’s Revolving R-23
Commitment Percentage of the L/C Obligations at such time (excluding the portion thereof consisting of Unpaid Drawings in respect
of which the Lenders have made (or are required to have made) Revolving R-23
Facility Loans pursuant to Section 2.05).

 

“Letter of
Credit Request” shall have the meaning assigned to such term in Section 2.05(c)(i).

 

“LIBO Rate”
shall mean, with respect to any Eurodollar Borrowing for any Interest Period, the rate per annum determined by the Administrative
Agent at approximately 11:00 a.m., London time, on the Quotation Day for such Interest Period by reference to the applicable Reference
Rate, for a period equal to such Interest Period; provided that if the
Reference Rate shall not be available at such time for such Interest Period (an “Impacted Interest Period”) then the
LIBO Rate shall be the Interpolated Rate; provided, further, that, to the extent that an interest rate is not ascertainable
pursuant to the foregoing provisions of this definition, the “LIBO Rate” shall be the average (rounded upward, if necessary,
to the next 1/100 of 1%) of the respective interest rates per annum at which deposits in the currency of such Borrowing are offered
for such Interest Period to major banks in the London interbank market by the Reference Banks at approximately 11:00 a.m., London
time, on the Quotation Day for such Interest Period.

 

“Lien”
shall meanmeans,
with respect to any asset, (a) any mortgage,
deed of trust, lien, hypothecation, pledge, encumbrancehypothec,
charge, deemed trust created by operation of law or security interest in or on such asset or to
which such asset is subject and (b) the interest of a vendor or a lessor under any conditional sale agreement,
Finance Lease Obligationsecurity
interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable
law, including any conditional sale or other title
retention agreement (or any financing lease having substantially the same economic effect as any
of the foregoing) relating to such asset, any lease
in the nature thereof, any option or other agreement to sell or give a security interest in and any filing of or agreement to give
any financing statement under the UCC or PPSA (or equivalent statutes) of any jurisdiction; provided that in no event shall any
lease (other than a Finance Lease Obligation)
entered into in the ordinary course of business be deemed to constitute a Lien. For the avoidance of doubt, in no event
shall a Non-Finance Lease Obligation be deemed to be a Lien.

 

“Limited Condition
Acquisition” shall meanTransaction”
means (1) any Investment or acquisition by
Holdings and/or one or more of its Restricted Subsidiaries permitted by this Agreement or any transaction that, if consummated
would constitute a Permitted Change of Control, in each case(whether
by merger, amalgamation, consolidation or other business combination or the acquisition of Capital Stock or otherwise),
whose consummation is not conditioned on the availability of, or on obtaining, third party financing-party
financing, (2) any redemption, repurchase, defeasance, satisfaction and discharge or repayment of Indebtedness, Disqualified Capital
Stock or preferred stock requiring irrevocable notice in advance of such redemption, repurchase, defeasance, satisfaction and discharge
or repayment and (3) any Restricted Payment requiring irrevocable notice in advance thereof.

 

    48

     

    

 

“Loan Documents”
shall mean this Agreement, the Letters of Credit, the BAs, the Security Documents, any promissory note issued under Section 2.10(e),
Amendment No. 2, Amendment No. 3, Amendment No. 4, Amendment No. 55,
Amendment No. 6 and, solely for the purposes of Section 7.01(c) hereof, the Fee Letter.

 

“Loan Participant”
shall have the meaning assigned to such term in Section 9.04(c)(i).

 

“Loan Parties”
shall mean Holdings, the Borrowers and each Subsidiary Loan Party.

 

“Loans”
shall mean the Term Loans, the Revolving R-23
Facility Loans and the Swingline Loans.

 

“Loral”
shall mean Loral Space & Communications Inc.

 

“Majority
Lenders” (i) for the Revolving R-23
Facility, shall mean, at any time, Lenders under such Facility having Revolving R-23
Facility Loans and unused Revolving R-23
Facility Commitments representing more than 50% of the sum of all Revolving R-23
Facility Loans outstanding under the Revolving R-23
Facility and unused Revolving R-23
Facility Commitments at such time and (ii) for each of the Term Loan Facilities, Lenders having applicable Term Loans and Term
Loan Commitments representing more than 50% of the sum of all Term Loans and Term Loan Commitments of such Term Loan Facility.

 

“Margin Stock”
shall have the meaning assigned to such term in Regulation U.

 

“Market Capitalization”
shall mean an amount equal to (a) the total number of issued and outstanding shares of common
Equity Interests of the Holdings,Capital Stock of
the Canadian Borrower or any parent entity of Holdingsthe
Canadian Borrower so long as the Canadian Borrower is a Wholly Owned Subsidiary of such entity on a fully diluted basis
on the date of the declaration of a dividend permitted pursuant to Section 6.06(ib)(xii)
multiplied by (b) the arithmetic mean of the closing prices per share of such common Equity InterestsCapital
Stock on the principal securities exchange on which such common Equity Interests areCapital
Stock is traded for the 30 consecutive trading days immediately preceding the date of declaration of such dividendRestricted
Payment.

 

“Material
Adverse Effect” shall mean the existence of events, conditions and/or contingencies that have had or are reasonably likely
to have (a) a materially adverse effect on the business, operations, properties, assets or financial condition of Holdingsthe
Canadian Borrower and the Subsidiaries, taken as a whole, or (b) a material impairment of the validity or enforceability
of, or a material impairment of the material rights, remedies or benefits available to the Lenders, any L/C Issuer, the Administrative
Agent or the Collateral Agent under any Loan Document.

 

“Material
Indebtedness” shall mean Indebtedness (other than Loans and Letters of Credit) of any one or more of Holdingsthe
Canadian Borrower or any Restricted Subsidiary in an aggregate principal amount exceeding $110.0
million.110,000,000.

 

“Material
Leased Real Property” shall have the meaning assigned to such term in Section 5.10(b).

 

“Material
Owned Real Property” shall have the meaning assigned to such term in Section 5.10(b).

 

“Material
Real Property” shall mean Material Leased Real Property and Material Owned Real Property.

 

“Material
Subsidiary” shall mean, at any date of determination, any Restricted Subsidiary (a) whose Total Assets at the last day
of the Test Period ending on the last day of the most recent fiscal period for which financial statements have been delivered pursuant
to Section 5.04(a) were equal to or greater than 5% of the consolidated Total Assets of Holdingsthe
Canadian Borrower and its consolidated subsidiaries at such date or (b) whose gross revenues for such Test Period were
equal to or greater than 5% of the consolidated gross revenues of Holdingsthe
Canadian Borrower and its consolidated subsidiaries for such period, in each case determined in accordance with GAAP.

 

    49

     

    

 

“Maximum Rate”
shall have the meaning assigned to such term in Section 9.09.

 

“Measurement
Date” shall mean October 11, 2019. 

 

“Mezzanine
Securities” shall mean the securities periodically issued by the Canadian Borrower in favor of Loral as satisfaction
of the Canadian Borrower’s payments under the Consulting Services
Agreement.

 

“Minority
Investment” shall mean any Person (other than a Subsidiary) in which Holdingsthe
Canadian Borrower or any Restricted Subsidiary owns capital stock or other equity interests.

 

“Moody’s”
shall mean Moody’s Investors Service, Inc. and any successor to
its rating agency business.

 

“Mortgaged
Properties” shall mean (i) the real property of the applicable Loan Party set forth on Schedule 1.01(c) and designated
therein as “Mortgaged Properties” and (ii) such additional real property (if any) of Loan Parties encumbered by a Mortgage
pursuant to Section 5.10.

 

“Mortgages”
shall mean the mortgages, deeds of trust, debentures, deeds of hypothec, assignments of leases and rents, leasehold mortgages,
leasehold deeds of interest and other security documents delivered pursuant to Section 4.02(d) or 5.10, as amended, supplemented
or otherwise modified from time to time, with respect to Mortgaged Properties each in a form reasonably satisfactory to the Administrative
Agent (which shall include, for U.S. mortgaged properties, a mortgage substantially in the form attached hereto as Exhibit K) and
consistent with the provisions of this Agreement.

 

“Multiemployer
Plan” shall mean a multiemployer plan as defined in Section 4001(a)(3) of ERISA to which Holdings,
the Borrowers, the Canadian Borrower or any ERISA Affiliate is making or accruing an obligation to make contributions, or has within
any of the preceding six plan years made or accrued an obligation to make contributions.

 

“Named Satellites”
shall mean the Satellites commonly referred to as Anik F1R, Anik F2, Anik F3,
Telstar 11N, Telstar 12, Nimiq 4, Nimiq 5, Anik G1, Nimiq 6, Telstar 12 Vantage
(following the expiry of its applicable Launch Insurance), Telstar 18 Vantage (following its successful launch and the expiry of
its applicable Launch Insurance) and Telstar 19 Vantage (following its successful launch and the expiry of its applicable Launch
Insurance)VANTAGE, Telstar 18 VANTAGE and Telstar 19
VANTAGE.

 

“Nationally
Recognized Independent Financial Advisor” means an accounting, appraisal, investment banking firm or consultant of nationally
recognized standing that is, in the good faith judgment of the Canadian Borrower, qualified to perform the task for which it has
been engaged.

 

“Net Cash
Proceeds” shall mean, with respect to any Prepayment Event, (a) the gross cash proceeds (including payments from time
to time in respect of installment obligations, if applicable) received by or on behalf of Holdingsthe
Canadian Borrower or any of the Restricted Subsidiaries in respect of such Prepayment Event less (b) the sum of:

 

(i) in
the case of any Prepayment Event, the amount, if any, of all Taxes paid or estimated to be payable by Holdingsthe
Canadian Borrower or any of the Restricted Subsidiaries in connection with such Prepayment Event,

 

(ii) in
the case of any Prepayment Event, the amount of any reasonable reserve established in accordance with GAAP against any liabilities
(other than any Taxes deducted pursuant to clause (i) above) (x) associated with the assets that are the subject of such Prepayment
Event and (y) retained by Holdingsthe
Canadian Borrower or any of the Restricted Subsidiaries; provided that the amount of any subsequent reduction
of such reserve (other than in connection with a payment in respect of any such liability) shall be deemed to be Net Cash Proceeds
of such a Prepayment Event occurring on the date of such reduction,

 

(iii) in
the case of any Prepayment Event, the amount of any Indebtedness secured by a Lien on the assets that are the subject of such Prepayment
Event to the extent that the instrument creating or evidencing such Indebtedness requires that such Indebtedness be repaid upon
consummation of such Prepayment Event,

 

    50

     

    

 

(iv) in
the case of any Asset Sale Event, or
Casualty Event or Permitted Sale Leaseback, the amount of any proceeds of such
Asset Sale Event, or
Casualty Event or Permitted Sale Leaseback that Holdingsthe
Canadian Borrower or any Restricted Subsidiary
has (a) reinvested prior to the last day of such Reinvestment Period, (b) entered into a binding commitment to reinvest such proceeds
within two years after the receipt of such proceeds prior to the last day of such Reinvestment Period or (c) entered into a binding
commitment to reinvest such proceeds in Satellites and/or other Satellite Assets, including the costs of any Launch and Launch
Insurance, which Satellite shall (A) achieve the milestone known as preliminary design review within two years after the receipt
of such proceeds and (B) be scheduled for launch within four years after the receipt of such proceeds, in each case, in the business
of Holdingsthe Canadian
Borrower or any of the Restricted Subsidiaries (subject to Section 6.206.16);
provided that proceeds deducted from Net Cash Proceeds pursuant to this clause (iv) by reason of clause (b) or (c) shall
(x) be deemed to be Net Cash Proceeds of an Asset Sale Event, or
Casualty Event or Permitted Sale Leaseback occurring on the last day of the two
year period described in clause (b) if such amounts are not so reinvested or on the last day of the period set forth the applicable
milestone in clause (c) if such milestone is not met during such applicable period and (y) if so deemed to be Net Cash Proceeds,
be applied to the repayment of Loans in accordance with Section 2.12(c); provided
that notwithstanding the foregoing, with respect to Satellite Assets sold pursuant to Section 6.04(f), such reinvestment
must be made in Satellite Assets,

 

(v) in
the case of any Casualty Event, the amount of any payment to any customer providing a deposit or other related amounts which must
be repaid in the event of a Casualty Event, including any rebates, settlement amounts or other proceeds received from a Satellite
Manufacturer in relation to performance incentives or performance warranty paybacks with respect to a Satellite (it being understood
that if such proceeds are in respect of a replacement Satellite which has not achieved the milestone known as preliminary design
review within the relevant period referred to in clause (iv) or is not scheduled to be launched within four years of receipt of
such proceeds with respect to such predecessor Satellite referred to in clause (iv), then such proceeds need only to be applied
to the Loans and Commitments to the extent of such proceeds without giving effect to clause (iv) to the extent of any duplication),

 

(vi) in
the case of any Asset Sale Event or Casualty Event by any non-wholly owned Restricted Subsidiary, the pro rata portion of
the net cash proceeds thereof (calculated without regard to this clause (vi)) attributable to minority interests and not available
for distribution to or for the account of Holdingsthe
Canadian Borrower or a wholly owned Restricted Subsidiary as a result thereof, and

 

(vii) in
the case of any Prepayment Event, incurrence of Indebtedness, disposition, issuance of Equity Interests or receipt of a capital
contribution, the reasonable and customary fees, commissions, expenses (including attorney’s fees, investment banking fees,
survey costs, title insurance premiums and search and recording charges, transfer taxes, deed or mortgage recording taxes and other
customary expenses and brokerage, consultant and other customary fees or commissions), issuance costs, discounts and other costs
and expenses (and, in the case of the incurrence of any Indebtedness the proceeds of which are required to be used to prepay any
Class of Loans and/or reduce any Class of Commitments under this Agreement, accrued interest and premium, if any, on such Loans
and any other amounts (other than principal) required to be paid in respect of such Loans and/or Commitments in connection with
any such prepayment and/or reduction), and payments made in order to obtain a necessary consent required by applicable law, in
each case only to the extent not already deducted in arriving at the amount referred to in clause (a) above.

 

“New
HoldingsNet Short Lender” shall
have the meaning provided in the definition of the term “Holdings”.assigned
to such term in Section 9.08(h). 

 

“Non-Consenting
Lender” shall have the meaning assigned to such term in Section 2.20(c).

 

“Non-Debt
Fund Affiliate” shall mean shall mean any Affiliate of Holdingsthe
Canadian Borrower (other than the Borrowers or any Restricted Subsidiary) that is not a Debt Fund Affiliate.

 

    51

     

    

 

“Non-Defaulting
Lender” shall mean and includes each Lender other than a Defaulting Lender.

 

“Non-Extension
Notice Date” shall have the meaning assigned to such term in Section 2.05(c)(iii).

 

“Non-Finance
Lease Obligations” shall mean a lease obligation that is not required to be accounted for as a financing or capital lease
on both the balance sheet and the income statement for financial reporting purposes in accordance with GAAP. For avoidance of doubt,
a straight-line or operating lease shall be considered a Non-Finance Lease Obligation.

 

“Non-Loan
Party Asset Sale” shall have the meaning assigned to such term in Section 2.12(h).

 

“Non-Loan
Party Casualty Event” shall have the meaning assigned to such term in Section 2.12(h).

 

“Non-Subsidiary
Loan Party” shall mean any Subsidiary that is not a Subsidiary Loan Party.

 

“Non-Successor
Person” shall have the meaning assigned to such term in Section 6.03(b)(A)(i).

 

“Non-U.S.
Pension Plan” shall mean any plan, fund (including, without limitation, any superannuation fund) or other similar program
established or maintained outside the United States of America by Holdings, the
Borrowers or any Subsidiary primarily for the benefit of employees of Holdings,
the Borrowers or any Subsidiary residing outside the United States of America (other than in Canada), which plan, fund or other
similar program provides, or results in, retirement income, a deferral of income in contemplation of retirement or payments to
be made upon termination of employment, and which plan is not subject to ERISA or the Code.

 

“Note”
shall have the meaning assigned to such term in Section 2.10(e).

 

“Obligations”
shall mean (a) obligations of the Borrowers and the other Loan Parties from time to time arising under or in respect of the due
and punctual payment of (i) the principal of and premium, if any, and interest (including interest accruing during the pendency
of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding)
on the Term Loans and Revolving R-23
Facility Loans, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise (including
reimbursement obligations in respect of BAs accepted hereunder), and (ii) all other monetary obligations, including fees, costs,
expenses and indemnities, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred
during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable
in such proceeding), of the Borrowers and the other Loan Parties under this Agreement and the other Loan Documents, and (b) the
due and punctual performance of all covenants, agreements, obligations and liabilities of the Borrowers and the other Loan Parties
under or pursuant to this Agreement and the other Loan Documents.

 

“OFAC”
shall have the meaning assigned to such term in Section 3.21(a).

 

“Offered Amount”
shall have the meaning given to it in Section 2.12(f)(iv)(A).

 

“Offered
Discount” shall have the meaning given to it in Section 2.12(f)(iv)(A).

 

“Organizational
Documents” shall mean, with respect to any person, (i) in the case of any corporation, the certificate
of incorporation, articles and by-laws (or similar documents) of such person, (ii) in the case of any limited liability company,
the certificate of formation and operating agreement (or similar documents) of such person, (iii) in the case of any limited partnership,
the certificate of formation or partnership declaration and limited partnership agreement (or similar documents) of such person,
(iv) in the case of any general partnership, the partnership agreement (or similar document) of such person and (v) in any other
case, the functional equivalent of the foregoing.

 

    52

     

    

 

“Other Taxes”
shall mean any and all present or future stamp or documentary Taxes or any other
excise or property Taxes, charges or similar levies (including, for clarification, goods and services taxes, harmonized sale taxes,
provincial sales tax and any other sales, value-added or transfer tax) arising from any payment
made hereunder or from the execution, delivery, performance, registration or enforcement of, from the receipt or perfection of
a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes imposed with respect to an assignment
of an interest in any Loan or Loan Document (other than an assignment made pursuant to Section 2.20(b)) as
a result of a present or former connection between theConnection
Taxes” means, with respect to any Administrative Agent, Lender, Swingline Lender or L/C Issuer, as
applicable,Taxes imposed as a result of a present or
former connection between such recipient and the jurisdiction imposing such Tax (other than connections arising solely
from such Administrative Agent, Lender, Swingline Lender or L/C Issuerrecipient
having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected
a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest
in any Loan or Loan Document).

 

“Other
Taxes” shall mean any and all present or future
stamp, court or documentary, intangible, recording filing
or similar Taxes arising from any payment made hereunder
or from the execution, delivery, performance, registration or enforcement of, from the receipt or perfection of a security interest
under, or otherwise with respect to, any Loan Document, except any such Taxes that
are Other Connection Taxes imposed with respect to an
assignment of an interest in any Loan or Loan Document (other than an assignment made pursuant to Section 2.20(b)).

 

“Parent Company”
shall mean, with respect to a Lender, the bank holding company (as defined in Federal Reserve Board Regulation Y), if any, of such
Lender, and/or any Person owning, beneficially or of record, directly or indirectly, a majority of the economic or voting Equity
Interests of such Lender.

 

“Participant
Register” shall have the meaning given to it in Section 9.04(c)(i).

 

“Participating
Lender” shall have the meaning given to it in Section 2.12(f)(iii)(B).

 

“Participation
Interest” shall mean a Credit Extension by a Lender by way of a purchase of a participation interest in Letters of Credit
or L/C Obligations as provided in Section 2.05(d), in Swingline Loans as provided in Section 2.04(f) or in any Loans as provided
in Section 2.19(e).

 

“Patriot Act”
shall mean the Uniting and Strengthening America by Providing the Appropriate Tools Required to Intercept and Obstruct Terrorism
Act of 2001 (Title III of Pub. L. 107-56 (signed into law October 26, 2001)).

 

“PBGC”
shall mean the Pension Benefit Guaranty Corporation referred to and defined in ERISA.

 

“PCTFA”
shall have the meaning assigned to such term in the definition of “Anti-Terrorism Laws and Anti-Money Laundering Laws”.

 

“Permitted
Acquisition” shall mean the acquisition, by merger or otherwise, by Holdingsthe
Canadian Borrower or any of the Restricted Subsidiaries of assets or capital stock or other equity interests, so long
as (a) such acquisition and all transactions related thereto shall be consummated in all material respects in accordance with applicable
law; (b) such acquisition shall result in the issuer of such capital stock or other equity interests to the extent applicable becoming
a Restricted Subsidiary and a Subsidiary Guarantor, to the extent required by
Section 5.10; (c) such acquisition shall result in the Administrative Agent, for the benefit of the applicable Lenders, being granted
a security interest in any capital stock or any assets so acquired, to the extent required by Section 5.10; and (d) after giving
effect to such acquisition, no Event of Default under Sections 7.01(b), (c), (h) or (i) has occurred and is continuing.

 

    53

     

    

 

“Permitted
Additional Debt” shall mean (a) secured or unsecured bonds, notes or debentures (which bonds, notes or debentures, if
secured, may be secured by Liens on the Collateral having a priority ranking equal to the priority of the Liens on the Collateral
securing the Secured Obligations (but without regard to control of remedies) or by Liens on the Collateral having a priority ranking
junior to the Liens on the Collateral securing the Secured Obligations) or (b) secured or unsecured loans (or commitments to provide
loans or other extensions of credit) (which loans or commitments, if secured, may be secured by Liens on the Collateral having
a priority ranking junior (but not equal) to the Liens on the Collateral securing the Secured Obligations), in each case incurred
by or provided to the Canadian Borrower, the U.S. Borrower or another Guarantor, provided that (a) the terms of such Indebtedness
or commitments do not provide for maturity or any scheduled amortization or mandatory repayment, mandatory redemption, mandatory
commitment reduction, mandatory offer to purchase or sinking fund obligation prior to the Final Maturity Date, other than, subject
(except, in the case of any such Indebtedness or commitments that constitute, or are intended to constitute, other First Lien Obligations)
to the prior repayment or prepayment of, or the prior offer to repay or prepay (and to the extent such offer is accepted, the prior
repayment or prepayment of) the Obligations hereunder (other than Swap Obligations, Cash Management Obligations or contingent indemnification
obligations and other contingent obligations not then due and payable), customary prepayments, commitment reductions, repurchases,
redemptions, defeasances, acquisitions or satisfactions and discharges, or offers to prepay, reduce, redeem, repurchase, defease,
acquire or satisfy and discharge upon, a change of control, asset sale event or casualty, eminent domain or condemnation event,
or on account of the accumulation of excess cash flow (in the case of loans or commitments) and customary acceleration rights upon
an event of default; provided that the foregoing requirements of this clause (a) shall not apply to the extent such Indebtedness
or commitments constitute a customary bridge facility, so long as the long-term Indebtedness into which any such customary bridge
facility is to be converted or exchanged satisfies the requirements of this clause (a) and such conversion or exchange is subject
only to conditions customary for similar conversions or exchanges, (b) except for any of the following that are applicable only
to periods following the Final Maturity Date, the covenants, events of default, Subsidiary guarantees and other terms for such
Indebtedness or commitments (excluding, for the avoidance of doubt, interest rates (including through fixed interest rates), interest
rate margins, rate floors, fees, maturity, funding discounts, original issue discounts and redemption or prepayment terms and premiums),
when taken as a whole, are determined by the Canadian Borrower to not be materially more restrictive on Holdingsthe
Canadian Borrower and its Restricted Subsidiaries than the terms of this Agreement, when taken as a whole (provided
that, if the documentation governing such Indebtedness or commitments contains any Previously Absent Financial Maintenance Covenant,
the Administrative Agent shall have been given prompt written notice thereof and this Agreement shall have been amended to include
such Previously Absent Financial Maintenance Covenant for the benefit of each Facility (provided, however, that,
if (x) the documentation governing the Permitted Additional Debt that includes a Previously Absent Financial Maintenance Covenant
consists of a revolving credit facility (whether or not the documentation therefor includes any other facilities) and (y) such
Previously Absent Financial Maintenance Covenant is a covenant only applicable to, or for the benefit of, a revolving credit facility,
then this Agreement shall be amended to include such Previously Absent Financial Maintenance Covenant only for the benefit of each
revolving credit facility hereunder (and not for the benefit of any term loan facility hereunder) and such Indebtedness or commitments
shall not be deemed “more restrictive” solely as a result of such Previously Absent Financial Maintenance Covenant
benefiting only such revolving credit facilities); provided that a certificate of a Responsible Officer of the Canadian
Borrower delivered to the Administrative Agent at least five Business Days prior to the incurrence of such Indebtedness or the
providing of such commitments, together with a reasonably detailed description of the material terms and conditions of such Indebtedness
or commitments or drafts of the documentation relating thereto, stating that the Canadian Borrower has determined in good faith
that such terms and conditions satisfy the foregoing requirement shall be conclusive evidence that such terms and conditions satisfy
the foregoing requirement unless the Administrative Agent notifies the Canadian Borrower within such five Business Day period that
it disagrees with such determination (including a reasonable description of the basis upon which it disagrees), (c) if such Indebtedness
is senior subordinated or subordinated Indebtedness, the terms of such Indebtedness provide for customary “high yield”
subordination of such Indebtedness to the Secured Obligations, (d) any Permitted Additional Debt may not be guaranteed by any subsidiaries
of Holdingsthe Canadian
Borrower that do not guarantee the Obligations and (e) any secured Permitted Additional Debt incurred may not be secured
by any assets that do not secure the Secured Obligations and shall be subject to an applicable Customary Intercreditor Agreement.

 

“Permitted
Additional Debt Documents” shall mean any document or instrument (including any guarantee, security or collateral agreement
or mortgage and which may include any or all of the Loan Documents) issued or executed and delivered with respect to any Permitted
Additional Debt by any Loan Party.

 

    54

     

    

 

“Permitted
Additional Debt Obligations” shall mean, if any secured Permitted Additional Debt has been incurred by or provided to
a Loan Party and is outstanding, the collective reference to (a) the due and punctual payment of (i) the principal of and premium,
if any, and interest at the applicable rate provided in the applicable Permitted Additional Debt Documents (including interest
accruing during the pendency of any proceeding under any applicable Debtor Relief Laws (or would accrue but for the operation of
applicable Debtor Relief Laws), regardless of whether allowed or allowable in such proceeding) on any such Permitted Additional
Debt, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment, repurchase, redemption,
defeasance, acquisition or otherwise and (ii) all other monetary obligations, including fees, costs, expenses and indemnities,
whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency
of any proceeding under any applicable Debtor Relief Laws, regardless of whether allowed or allowable in such proceeding), of Holdingsthe
Canadian Borrower or any other Loan Party to any of the Permitted Additional Debt Secured Parties under the applicable
Permitted Additional Debt Documents and (b) the due and punctual performance of all covenants, agreements, obligations and liabilities
of the Borrowers or any Loan Party under or pursuant to applicable Permitted Additional Debt Documents.

 

“Permitted
Additional Debt Secured Parties” shall mean the holders from time to time of the secured Permitted Additional Debt Obligations
(and any representative on their behalf).

 

“Permitted
Asset Swap” means the concurrent purchase and sale or exchange of Related Business Assets or a combination of Related Business
Assets and cash or Cash Equivalents between the Canadian Borrower or any of its Restricted Subsidiaries and another Person.

 

“Permitted
Business” shall mean the business conducted or proposed to be conducted by Holdingsthe
Canadian Borrower and its Subsidiaries on the Amendment No. 2 Effective Date or any business that is similar, reasonably
related, incidental or ancillary thereto.

 

“Permitted
Change of Control” shall mean any transaction or series of related transactions in which
more than 50.0% of the total voting powerthat constitute
a “Change of Control” pursuant to clause (2) of the first paragraph of the definition thereof as the result of the
acquisition of the Voting Stock of Holdings is acquiredthe
Canadian Borrower, directly or indirectly through one or more holding companies, by a Buyer and Holdingsthe
Canadian Borrower shall be in compliance, on a pro forma basis assuming the giving of effect to such transactions
or series of related transactions (including any Indebtedness incurred or to be incurred) in connection therewith, with a Total
Leverage Ratio of no greater than 4.50 to 1.00, as such ratio is recomputed as of, subject to the provisions of Section 1.06, the
last day of the Test Period most recently ended on or prior to the date of consummation of such Permitted Change of Control).

 

“Permitted
Change of Control Costs” means all reasonable fees, costs and expenses incurred or payable by Holdings
or any of its Restricted Subsidiaries in connection with a Permitted Change of Control.

 

“Permitted
Change of Control Election” shall have the meaning given to it in Section 2.09(e).

 

“Permitted
Change of Control Terminated Commitments” shall have the meaning given to it in Section 2.09(e).

 

“Permitted
Change of Control Termination Event” shall have the meaning given to it in Section 2.09(e). 

 

“Permitted
Debt” shall have the meaning given to it in Section 6.01.

 

“Permitted
Equal Priority Refinancing Debt” shall mean any secured Indebtedness incurred by any Borrower and/or the Guarantors in
the form of one or more series of senior secured notes, bonds or debentures; provided that (a) such Indebtedness is secured
by Liens on all or a portion of the Collateral on an equal priority basis with the Liens on the Collateral securing the Secured
Obligations (but without regard to the control of remedies) and is not secured by any property or assets of Holdingsthe
Canadian Borrower, any Borrower or any Restricted Subsidiary other than the Collateral, (b) such Indebtedness satisfies
the applicable requirements set forth in the provisos to the definition of “Credit Agreement Refinancing Indebtedness”,
(c) such Indebtedness is not at any time guaranteed by any Subsidiaries of Holdingsthe
Canadian Borrower other than Subsidiaries that are Guarantors and (d) the holders of such Indebtedness (or their representative)
and Collateral Agent shall become parties to a Customary Intercreditor Agreement providing that the Liens on the Collateral securing
such obligations shall rank equal in priority to the Liens on the Collateral securing the Secured Obligations (but without regard
to the control of remedies).

 

    55

     

    

 

“Permitted
Investor” shall meanHolders”
means each of (a) (i) Loral, (ii) PSPIBPSP,
(iii) MHR Fund Management LLC, (iv) Intelsat, Ltd., (v) SES SA, (vi) Eutelsat Communications SA, (vii) EchoStar Corporation, (viii)
Dish Network Corporation, (ix) Inmarsat plc, (x) the Buyer and (xi) Affiliates
of each of the foregoing (including, for the avoidance of doubt, any limited partnership, the general partner of which is owned
by a convenience party, such as a trust for the benefit of a charity, such general partner, any trust controlling such general
partner, and such convenience party), (b) members of management of Holdingsthe
Canadian Borrower who are shareholders of Holdingsthe
Canadian Borrower on the Amendment No. 2 Effective Date and (c) other than for purposes
of determining the “Permitted Investors” for purposes of clause (a)(i) of the definition of “Change of Control”,Measurement
Date and (c) any Person, entity or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange
Act (or any successor provision)) the members of which include any of the Permitted InvestorsHolders
specified in clauses (a) and (b) above (a “Permitted InvestorHolder
Group”); provided that, in the case of any Permitted InvestorHolder
Group, the Permitted InvestorsHolders
specified in clauses (a) and (b) above collectively own, directly or indirectly, without giving effect to the existence of such
group, Equity Interests having more than 50.0% of the total voting power of the Voting Stock of Holdingsthe
Canadian Borrower held by such Permitted InvestorHolder
Group; provided, further, that, in the case of clauses (a)(iv) through (a)(ix) (and clause (a)(xi) solely with respect
to clauses (a)(iv) through (a)(ix)) of this definition, a Rating Decline shall not have occurred in connection with the transaction
(including any incurrence of Indebtedness used to finance the acquisition thereof) involving such Permitted InvestorHolder
that would have resulted in a Change of Control (but for the terms of this definition) and provided, further, that the notice
referred to in the definition of Rating Decline has been given to each of the Rating Agencies.

 

“Permitted
Investor Group” shall have the meaning provided in the definition of the term “Permitted
Investor”.Investments” means:

 

(1) any
Investment in (x) the Canadian Borrower or any Guarantor or (y) in a Restricted Subsidiary that is not a Guarantor, in the case
of this clause (y) in an aggregate amount since the Measurement Date, not to exceed, together with any Investments made in respect
of, or made by, Persons that are not Loan Parties pursuant to clause (3) below, the greater of $180,000,000 and 4.0% of Total Assets
at the time of such Investment, plus, to the extent such amounts are not otherwise applied to clause (B)(4) of the definition
of the term “Applicable Amount,” the amount of any returns (including dividends, payments, interest, distributions,
returns of principal, profits on sale, repayments, income and similar amounts) on or in respect of such Investments;

 

(2) any
Investment in cash and Cash Equivalents;

 

(3) any
Investment by the Canadian Borrower or any Restricted Subsidiary of the Canadian Borrower in a Person that is engaged in a Similar
Business, if, as a result of such Investment:

 

(a) such
Person becomes a Restricted Subsidiary, or

 

(b) such
Person, in one transaction or a series of related transactions, is merged, consolidated or amalgamated with or into, or transfers
or conveys substantially all of its assets to, or is liquidated into, the Canadian Borrower or a Restricted Subsidiary;

 

provided
that, any Investments made in respect of, or made by, Persons that are not Loan Parties pursuant to this clause (3) shall not exceed
an aggregate amount since the Measurement Date, together with any Investments made in Restricted Subsidiaries that are not Guarantors
pursuant to clause (1)(y) above, equal to the greater of $180,000,000 and 4.0% of Total Assets at the time of such Investment;

 

(4) any
Investment in securities or other assets not constituting cash or Cash Equivalents and received in connection with an Asset Sale
made pursuant to Section 6.04, or any other disposition of assets not constituting an Asset Sale;

 

(5) any
Investment existing on the Measurement Date, which in the case of any such Investment in an amount in excess of $10,000,000, is
set forth on Schedule 6.06; 

 

    56

     

    

 

(6) any
Investment acquired by the Canadian Borrower or any Restricted Subsidiary: 

 

(a) in
exchange for any other Investment or accounts receivable held by the Canadian Borrower or any such Restricted Subsidiary in connection
with or as a result of a bankruptcy, workout, reorganization or recapitalization of the Canadian Borrower or such Restricted Subsidiary
of such other Investment or accounts receivable or

 

(b) as
a result of a foreclosure by the Canadian Borrower or any Restricted Subsidiary with respect to any secured Investment or other
transfer of title with respect to any secured Investment in default;

 

(7) Swap
Obligations permitted under clause (j) of the second paragraph of Section 6.01;

 

(8) Investments
the payment for which consists of Equity Interests of the Canadian Borrower, or any of its direct or indirect parent companies
(exclusive of Disqualified Capital Stock); provided, however, that such Equity Interests shall not increase the amount available
for Restricted Payments under the calculation set forth in the definition of the term “Applicable Amount”;

 

(9) guarantees
of Indebtedness permitted under Section 6.01;

 

(10) any
transaction to the extent it constitutes an investment that is permitted and made in accordance with the provisions of Section
6.12(b) (except transactions described in Sections 6.12(b)(ii) and 6.12(b)(iv));

 

(11) Investments
consisting of purchases and acquisitions of inventory,
supplies, material or equipment;

 

(12) if
no Default or Event of Default has occurred and is continuing, additional Investments having an aggregate Fair Market Value, taken
together with all other Investments made pursuant to this clause (12) (without giving effect to the sale of an Unrestricted Subsidiary
to the extent the proceeds of such sale do not consist of cash or marketable securities), not to exceed since the Measurement Date
the greater of $150,000,000 and 3.25% of Total Assets at the time of such Investments (with the Fair Market Value of each Investment
being measured at the time made and without giving effect to subsequent changes in value) plus, to the extent such amounts
are not otherwise applied to clause (B)(4) of the definition of the term “Applicable Amount,” the amount of any returns
(including dividends, payments, interest, distributions, returns of principal, profits on sale, repayments, income and similar
amounts) on or in respect of such Investments;

 

(13) advances
to employees not in excess of the greater of $10,000,000 and
0.25% of Total Assets outstanding at any one time, in the
aggregate;

 

(14) loans
and advances to officers, directors and employees for business-related
travel expenses, moving expenses and other
similar expenses, in each case incurred in the ordinary course of business; and

 

(15) additional
Investments, so long as on a pro forma basis after giving effect to such Investment and the incurrence of any related Indebtedness,
the Total Leverage Ratio for the Test Period immediately preceding such date shall be less than or equal to 3.50 to 1.00.

 

“Permitted
Junior Priority Refinancing Debt” shall mean secured Indebtedness incurred by any Borrower and/or any Guarantor in the
form of one or more series of junior lien secured notes, bonds or debentures or junior lien secured loans; provided that
(a) such Indebtedness is secured by Liens on all or a portion of the Collateral on a junior priority basis to the Liens on the
Collateral securing the Secured Obligations and any other First Lien Obligations and is not secured by any property or assets of
Holdings, the Borrowers or any Restricted Subsidiary other than the Collateral,
(b) such Indebtedness satisfies the applicable requirements set forth in the provisos in the definition of “Credit Agreement
Refinancing Indebtedness” (provided that such Indebtedness may be secured by a Lien on the Collateral that ranks junior
in priority to the Liens on the Collateral securing the Secured Obligations and any other First Lien Obligations, notwithstanding
any provision to the contrary contained in the definition of “Credit Agreement Refinancing Indebtedness”), (c) the
holders of such Indebtedness (or their representative) and the Collateral Agent shall become parties to a Customary Intercreditor
Agreement providing that the Liens on the Collateral securing such obligations shall rank junior in priority to the Liens on the
Collateral securing the Secured Obligations, and (d) such Indebtedness is not at any time guaranteed by any Subsidiaries of Holdingsthe
Canadian Borrower other than Subsidiaries that are Guarantors.

 

    57

     

    

 

“Permitted
Liens” shall meanmeans,
with respect to any Person:

 

(1)(a)Liens
for taxes, assessments or governmental charges or claims not yet due or which are being contested
in good faith and by appropriate proceedings for which appropriate reserves have been established in accordance with GAAP;pledges
or deposits by such Person under workmen’s compensation laws,
unemployment insurance laws or similar legislation, or good
faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such
Person is a party, or deposits to secure public or statutory obligations of such Person or deposits of cash or U.S. government
bonds to secure surety or appeal bonds to which such Person is a party, or deposits as security for the payment of rent, in each
case incurred in the ordinary course of business;

 

(2)(b)Liens
in respect of property or assets of Holdings or any of the Restricted SubsidiariesLiens
imposed by law, such as carriers’, landlords’ liens, warehousemen’s,
storers’, repairers’ and mechanics’ Liens, landlords’ liens
and other similar Liens arising in the ordinary course of business, in each case so long as such
Liens arise in the ordinary course of business and do not individually or in the aggregate have a Material Adverse Effectfor
sums not yet due or being contested in good faith by appropriate proceedings or other Liens arising out of judgments or awards
against such Person with respect to which such Person shall then be proceeding with an appeal or other proceedings for review;

 

(3)(c)Liens
arising from judgments or decrees in circumstances not constituting an Event of Default under Section 7.01;

 

(4)(d)Liens
incurred or deposits made in connection with workers’ compensation,
unemployment insurance and other types of social security, or to secure the performance of tenders,
statutory obligations, surety and appeal bonds, bids, leases (other than in respect of a Finance Lease Obligation), government
contracts, performance and return-of-money bonds and other similar obligations incurred in the ordinary course of business;

 

(5)(e)ground
leases in respect of real property on which facilities owned or leased by Holdings or any of its Subsidiaries are located;

 

(6)(f)easements,
rights-of-way, restrictions, covenants, conditions, reservations, grants or restrictions of or on oil, gas, water and/or mineral
rights, zoning, by-laws, regulations and ordinances of any Governmental Authority, minor defects or irregularities in title and
other similar charges or encumbrances not interfering in any material respect as determined in good faith by the Canadian Borrower
with the business of Holdings and its Subsidiaries, taken as a whole;

 

(7)(g)any
interest or title of a lessor or secured by a lessor’s interest under any lease permitted by this Agreement (other than in
respect of a Finance Lease Obligation), together with all Liens of whatsoever nature permitted or created by such lessor or any
fee owner of the property or any predecessor in title, including in connection with any Permitted
Sale Leaseback;

 

(8)(h)Liens
in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the
importation of goods;

 

(9)(i)Liens
on goods the purchase price of which is financed by a documentary letter of credit issued for the account of Holdings or any of
its Subsidiaries; provided that such Lien secures only the obligations of Holdings or
such Subsidiaries in respect of such letter of credit to the extent permitted under Section 6.01;

 

    58

     

    

 

(10)(j)leases
or subleases or licenses granted to others not interfering in any material respect as determined in good faith by the Canadian
Borrower with the business of Holdings and its Subsidiaries, taken as a whole;

 

(11)(k)Liens
created in the ordinary course of business in favor of banks and other financial institutions over credit balances of any bank
accounts of Holdings and the Restricted Subsidiaries held at
such banks or financial institutions, as the case may be, to facilitate the operation of cash pooling and/or interest set-off arrangements
in respect of such bank accounts in the ordinary course of business;

 

(12) Liens
for taxes, assessments or other governmental charges not
yet due or payable or which are being contested in good faith by appropriate proceedings;

 

(13) Liens
in favor of the Borrowers of performance and surety bonds or bid bonds or with respect to other regulatory requirements or letters
of credit issued pursuant to the request of and for the account of such Person in the ordinary course of its business;

 

(14) minor
survey exceptions, minor encumbrances, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers,
electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real
properties or Liens incidental, to the conduct of the business of such Person or to the ownership of its properties which were
not incurred in connection with Indebtedness and which do not in the aggregate materially adversely affect the value of said properties
or materially impair their use in the operation of the business of such Person;

 

(15) Liens
securing Indebtedness permitted to be incurred pursuant to clause (a), (b) (with respect to the Senior Secured Notes), (d) or (m)
of the definition of Permitted Debt; provided that in the case of such clause (d) such Liens shall not extend to any assets other
than the specified asset being financed (and insurance proceeds related thereto) and additions and improvements thereon and in
the case of such clause (m) such Liens shall not attach to any assets other than the specified asset being financed
(including satellite, launch and related revenue contracts and insurance proceeds);

 

(16) Liens
existing on the Measurement Date, which in the case of any such Liens securing obligations in an amount in excess of $10,000,000,
are set forth on Schedule 6.02;

 

(17) Liens
on property or shares of stock of a Person at the time such Person becomes a Subsidiary; provided, however, such Liens are not
created or incurred in connection with, or in contemplation of, such other Person becoming such a subsidiary; provided, further,
however, that such Liens may not extend to any other property owned by the Canadian Borrower or any Restricted Subsidiary;

 

(18) Liens
on property at the time the Canadian Borrower or a Restricted Subsidiary acquired the property, including any acquisition by means
of a merger, amalgamation or consolidation with or into the Canadian Borrower or any Restricted Subsidiary; provided, however,
that such Liens are not created or incurred in connection with, or in contemplation of, such acquisition; provided, further, however,
that the Liens may not extend to any other property owned by the Canadian Borrower or any Restricted Subsidiary;

 

(19) Liens
placed upon the capital stock of any Restricted Subsidiary acquired in an acquisition or similar transaction permitted by this
Agreement to secure Indebtedness incurred pursuant to clause (o)(ii) of the definition of Permitted Debt and/or Liens placed upon
the assets of any such Restricted Subsidiary so acquired to secure a guarantee by such Restricted Subsidiary of any such Indebtedness
of the Canadian Borrower or any other Restricted Subsidiary;

 

(20) Liens
securing Indebtedness or other obligations of a Restricted Subsidiary owing to the Canadian Borrower or another Restricted Subsidiary
permitted to be incurred in accordance with Section 6.01 hereof;

 

    59

     

    

 

(21) (l)
Liens securing Swap Obligations (including Liens
in favor of a counterparty to a Permitted Swap Agreement on any Loan Party’s rights under
such Permitted Swapswap or similar agreement on the
Canadian Borrower’s or any Restricted Subsidiary’s rights under such agreement) and Cash Management Obligations, in
each case so long as the related Indebtedness is permitted to be incurred under this Agreement;

 

(22) Liens
on specific items of inventory or other goods and proceeds of any Person securing such Person’s obligations in respect of
bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of
such inventory or other goods;

 

(23) leases
and subleases of real property which do not materially interfere with the ordinary conduct of the business of the Canadian Borrower
or any of the Restricted Subsidiaries;

 

(24) Liens
arising from UCC or PPSA financing statement filings regarding operating leases entered into by the Canadian Borrower and its Restricted
Subsidiaries in the ordinary course of business;

 

(25) Liens
(including Liens in connection with Sale Leasebacks) in favor of the Borrowers or any Guarantor;

 

(26) Liens
on equipment of the Canadian Borrower or any Restricted Subsidiary granted in the ordinary course of business to a client of the
Canadian Borrower or a Restricted Subsidiary at which such equipment is located;

 

(27) Liens
to secure any refinancing, refunding, extension, renewal or replacement (or successive refinancing, refunding, extensions, renewals
or replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in the foregoing clauses (6), (7),
(8), (9), (10), (11), (12) and (16); provided, however, that (x) such new Lien shall be limited to all or part of the same property
that secured the original Lien (plus improvements on such property), (y) the Indebtedness secured by such Lien at such time is
not increased to any amount greater than the sum of (A) the outstanding principal amount or, if greater, committed amount of the
Indebtedness described under clauses (6), (7), (8), (9), (10), (11), (12) and (16) at the time the original Lien became a Permitted
Lien under this Agreement, and (B) an amount necessary to pay any fees and expenses, including premiums, related to such refinancing,
refunding, extension, renewal or replacement, and (z) if the applicable original Lien extended to any assets securing the Secured
Obligations, such new Lien may be incurred in respect of such collateral only on terms not materially less favorable to the Lenders,
as determined in good faith by the Canadian Borrower, than the terms and conditions of the applicable original Lien; 

 

(28) deposits
made in the ordinary course of business to secure liability to insurance carriers;

 

(29)(m)reservations,
reservations, limitations, provisos and conditions
expressed in any original grant from the Canadian Crown or
other grants of real or immovable property, or interests therein;

 

(30)(n)the
right reserved to or vested in any Governmental Authority by the terms of any lease, license, franchise, grant or permit acquired
by Holdingsthe Canadian
Borrower or any of its Restricted Subsidiaries or by any statutory provision to terminate any such lease, license, franchise,
grant or permit, or to require annual or other payments as a condition to the continuance thereof;

 

(31)(o)security
given to a public utility or any Governmental Authority when required by such utility or authority in connection with the operations
of Holdingsthe Canadian
Borrower or any of its Restricted Subsidiaries in the ordinary course of its business;

 

(32)(p)subdivision
agreements, site plan control agreements, development agreements, servicing agreements, cost sharing, reciprocal and other similar
agreements with municipal and other Governmental Authorities affecting the development, servicing or use of a property; provided
the same are complied with in all material respects, except as such non-compliance
does not interfere in any material respect as determined in good faith by the Canadian Borrower with the business of Holdingsthe
Canadian Borrower and its Subsidiaries, taken as a whole;

 

    60

     

    

 

(33)(q)facility
cost sharing, servicing, reciprocal or other similar agreements related to the use and/or operation of a property in the ordinary
course of business;,
provided the same are complied with in all material respects;

 

(34)(r)each
of the exceptions, liens and other encumbrances set forth Schedule B to the Title Policies issued by Title Companies and delivered
pursuant to Section 4.02(e);

 

(35)(s)Liens
in favor of customers on Satellites or portions thereof (including insurance proceeds relating thereto) or the satellite construction
or acquisition agreement being relatingrelated
thereto in the event such Satellites or portions thereof are being constructed or acquired at the request of one or more customers
to secure repayment of deposits and related amounts;

 

(36)(t)Liens
arising in connection with a Permitted Sale Leaseback;

 

(37)(u)restrictions
in condosat agreements or revenue agreements (as any such condosat agreements or revenue agreements may from time to time be modified,
supplemented, amended, renewed or replaced, the “Subject Agreements”) relating to transponders that restrict
sales, dispositions, leases or security interests on satellites to any third party purchaser, lessee or secured party unless such
purchaser or lessee of such satellite agrees to (or, in the case of a security interest in such satellite, the secured party agrees
pursuant to a non-disturbance agreement that in connection with the enforcement of any such security interest or the realization
upon any such security interest, such secured party agrees that, prior to or concurrently with the transfer becoming effective,
the person to whom the satellite bus shall be transferred shall agree that such transferee shall) be subject to the terms of the
applicable Subject Agreement so long as such Subject Agreement is (in the case of any such restriction
on a security interest) otherwise reasonably satisfactory to the Administrative Agent in its sole discretion (who may in its sole
discretion condition its consent to the terms of such agreement (a) not providing for any liability on the part of the secured
party or lenders prior to such secured party taking possession or control of the Satellite and (b) being of no force and effect
upon release of such security interest) and provided that, with respect to any Subject Agreement entered
into after the Amendment No. 2 EffectiveMeasurement
Date, the Canadian Borrower and/or the applicable Loan
PartiesRestricted Subsidiaries shall have
used their commercially reasonable efforts in negotiating such Subject Agreement so that such Subject Agreement does not contain
such restrictions; and

 

(38)(v)deemed
trusts created by operation of law in respect of amounts which are (i) not yet due and payable,
(ii) immaterial, (iii) being contested in good faith and by appropriate proceedings for which appropriate reserves have been established
in accordance with GAAP or (iv) unpaid due to inadvertence after exercising due diligence;

 

(39) [reserved];

 

(40) other
Liens so long as the aggregate principal amount of the obligations so secured does not exceed the greater of $150,000,000 and 3.25%
of Total Assets at any one time outstanding;

 

(41) ground
leases in respect of real property on which facilities owned or leased by the Canadian Borrower or any of its Subsidiaries are
located;

 

(42) Liens
in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the
importation of goods;

 

(43) any
interest or title of a lessor or secured by a lessor’s interest under any lease permitted by this Agreement (other than in
respect of a Finance Lease Obligation), together with all Liens of whatsoever nature permitted or created by such lessor or any
fee owner of the property or any predecessor in title, including in connection with any Sale
Leaseback;

 

    61

     

    

 

(44) Liens
on goods the purchase price of which is financed by a documentary letter of credit issued for the account of the Canadian Borrower
or any of its Subsidiaries; provided that such Lien secures only the obligations of the Canadian Borrower or such Subsidiaries
in respect of such letter of credit to the extent permitted under Section 6.01; and

 

(45) Liens
created in the ordinary course of business in favor of banks and other financial institutions over credit balances of any bank
accounts of the Canadian Borrower and
the Restricted Subsidiaries held at such banks or financial institutions, as the case may be, to facilitate the operation of cash
pooling and/or interest set-off arrangements in respect of such bank accounts in the ordinary course of business.

 

For
purposes of this definition, the term “Indebtedness” shall be deemed to include interest on such Indebtedness.

 

“Permitted
Refinancing” shall mean, with respect to any Person, any Indebtedness (“Permitted Refinancing Indebtedness”)
incurred in exchange for or as a replacement of (including by entering into alternative financing arrangements in respect of such
exchange or replacement (in whole or in part), by adding or replacing lenders, creditors, agents, borrowers and/or guarantors,
or, after the original instrument giving rise to such Indebtedness has been terminated, by entering into any credit agreement,
loan agreement, note purchase agreement, indenture or other agreement), or the net proceeds of which are to be used for the purpose
of modifying, extending, refinancing, renewing, replacing, redeeming, repurchasing, defeasing, acquiring, amending, supplementing,
restructuring, repaying, prepaying, retiring, extinguishing or refunding (collectively, a “Refinancing” or to
“Refinance”) Indebtedness (the “Refinanced Indebtedness”) of such Person (or any successive
Permitted Refinancing thereof); provided that (a) the principal amount (or accreted value, if applicable) thereof does not
exceed the principal amount (or accreted value, if applicable) of the Refinanced Indebtedness except by an amount equal to unpaid
accrued interest, dividends and premium (including tender premiums) thereon plus other amounts paid, and underwriting discounts,
defeasance costs, fees, commissions and expenses incurred, in connection with such Refinancing and by an amount equal to any existing
commitments unutilized thereunder or as otherwise permitted pursuant to Section 6.01, (b) other than with respect to a Refinancing
in respect of Indebtedness permitted pursuant to Section 6.01(f), and subject to the exception
in the last proviso in Section 6.01(A)(p)clause (d)
of the definition of Permitted Debt, such Permitted Refinancing Indebtedness has a Weighted Average Life to Maturity
equal to or longer than the Weighted Average Life to Maturity of the Refinanced Indebtedness, (c) if the Refinanced Indebtedness
is subordinated in right of payment to the Obligations, such Permitted Refinancing Indebtedness is subordinated in right of payment
to the Obligations on terms not less favorable in any material respect as determined in good faith by the Canadian Borrower to
the Lenders as those contained in the documentation governing the Refinanced Indebtedness, taken as a whole, subject
to the exception in the first proviso to Section 6.01(A)(p), and (d) if the Refinanced Indebtedness is secured
by any assets securing the Secured Obligations, such Permitted Refinancing Indebtedness may be secured by such collateral on terms
not materially less favorable to the Lenders, as determined in good faith by the Canadian Borrower, than the terms and conditions
of the Refinanced Indebtedness.

 

“Permitted
Refinancing Indebtedness” shall have the meaning provided in the definition of the term “Permitted Refinancing”.

 

“Permitted
Sale Leaseback” shall mean any Sale Leaseback consummated by Holdings or any of the Restricted Subsidiaries
after the Closing Date; provided that any such Sale Leaseback not between the Borrowers
and any Guarantor or any Guarantor and another Guarantor is consummated for fair value as determined at the time of consummation
in good faith by Holdings (which such determination may take into account any retained interest or other Investment of Holdings
or such Restricted Subsidiary in connection with, and any other material economic terms of, such Sale Leaseback).

 

“Permitted
Swap Agreement” shall mean a Swap Agreement entered into with the Borrowers or the other Loan Parties that (x) was in
existence prior to, and is in effect as of, the Amendment No. 2 Effective Date, (y) is entered into after the Amendment No. 2 Effective
Date, in each case, with any counterparty that is a Lender, Agent or Joint Lead Arranger (or an Affiliate of a Lender, Agent or
Joint Lead Arranger), unless such Swap Agreement states that it is not a Permitted Swap Agreement for purposes of the definitions
of “Secured Creditors” and “Secured Obligations” or (z) is in effect as of the Amendment No. 2 Effective
Date with The Governor and Company of the Bank of Ireland or an Affiliate thereof.

 

    62

     

    

 

“Permitted
Unsecured Refinancing Debt” shall mean unsecured Indebtedness incurred by any Borrower and/or the Guarantors in the form
of one or more series of senior, senior subordinated or subordinated unsecured notes, bonds, debentures or loans; provided
that (a) such Indebtedness satisfies the applicable requirements set forth in the provisos in the definition of “Credit Agreement
Refinancing Indebtedness” and (b) such Indebtedness is not at any time guaranteed by any Subsidiaries of Holdingsthe
Canadian Borrower other than Subsidiaries that are Guarantors.

 

“Person”
or “person” shall meanmeans
any natural personindividual,
corporation, business trustlimited
liability company, partnership, joint venture,
association, joint stock company, partnership,
limited liability company ortrust,
unincorporated organization, government, individual or family trusts,
or any agency or political subdivision thereof or any other entity.

 

“Plan”
shall mean any “employee pension benefit plan” as defined in Section 3(2) of ERISA (other than a Multiemployer Plan)
subject to the provisions of Title IV of ERISA or Section 412 of the Code and in respect of which Holdings,
the Canadian Borrower, any Subsidiary or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of
ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.

 

“Pledged Collateral”
shall have the meaning assigned to such term in the Security Documents.

 

“PMRR”
has the meaning assigned to that term in the definition of “Collateral and Guarantee Requirement.”

 

“PPSA”
shall mean the Personal Property Security Act as in effect from time to time (except as otherwise specified) in an applicable Province
or territory of Canada.

 

“Prepayment
Account” shall have the meaning given to it in Section 2.06(i).

 

“Prepayment
Event” shall mean any Asset Sale Event, Debt Incurrence Event, or
Casualty Event or any Permitted Sale Leaseback, other than any such
Asset Sale Event, or
Casualty Event or any Permitted Sale Leaseback the Net Cash Proceeds of which
are less than $15.0 million.25,000,000.

 

“Previous
Holdings” shall have the meaning provided in the definition of the term “Holdings”.

 

“Previously
Absent Financial Maintenance Covenant” shall mean, at any time (x) any financial maintenance covenant that is not included
in this Agreement at such time and (y) any financial maintenance covenant in any other Indebtedness that is included in this Agreement
at such time but with covenant levels that are more restrictive on Holdingsthe
Canadian Borrower and the Restricted Subsidiaries than the covenant levels included in this Agreement at such time.

 

“Primary Obligations”
shall mean (ia)
in the case of the Lenders, all principal of, premium, fees and interest on, all Loans (including the face amount of BAs accepted
hereunder), all unreimbursed L/C Disbursements, the maximum amount available to be drawn under all outstanding Letters of Credit
and all Fees and (iib)
in the case of the Swap Counterparties, all amounts due under each Permitted Swap Agreement with a Swap Counterparty and similar
obligations and liabilities.

 

“primary obligor”
shall have the meaning assigned to such term in the definition of “Guarantee Obligations.”

 

“Prime Rate”
shall mean JPMCB’s “prime rate.”the
rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the U.S. or, if The Wall Street Journal
ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical
Release H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein,
any similar rate quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve Board
(as determined by the Administrative Agent). Each change in the Prime Rate shall be effective from and including the date such
change is publicly announced or quoted as being effective. 

 

    63

     

    

 

“Pro Rata
Share” shall mean, when calculating a Secured Creditor’s portion of any distribution or amount, that amount (expressed
as a percentage) equal to a fraction the numerator of which is the then unpaid amount of such Secured Creditor’s Primary
Obligations or Secondary Obligations, as the case may be, and the denominator of which is the then outstanding amount of all Primary
Obligations or Secondary Obligations, as the case may be.

 

“PSP”
shall mean Public Sector Pension Investment Board, a Canadian federal special Act corporation.

 

“PSPIB”
shall mean, collectively, PSP and Red Isle Private Investments Inc., a wholly owned subsidiary of PSP.

 

“PTE”
means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from
time to time. 

 

“Public
Debt” means any Indebtedness consisting of bonds, debentures, notes or other similar debt securities issued in (a) a public
offering registered under the Securities Act or (b) a private placement to institutional investors that is underwritten for resale
in accordance with Rule 144A or Regulation S of the Securities Act, whether or not it includes registration rights entitling the
holders of such debt securities to registration thereof with the SEC. The term “Public Debt” (i) shall not include
the Senior Notes or the Senior Secured Notes and (ii) for the avoidance of doubt, shall not be construed to include any Indebtedness
issued to institutional investors in a direct placement of such Indebtedness that is not underwritten by an intermediary (it being
understood that, without limiting the foregoing, a financing that is distributed to not more than ten Persons (provided that multiple
managed accounts and affiliates of any such Persons shall be treated as one Person for the purposes of this definition) shall be
deemed not to be underwritten), or any Indebtedness under this Agreement, commercial bank or similar Indebtedness, Finance Lease
Obligation or recourse transfer of any financial asset or any other type of Indebtedness incurred in a manner not customarily viewed
as a “securities offering.”

 

“Purchasing
Borrower Party” shall mean Holdings, the Borrowers or any Restricted
Subsidiary that becomes a transferee pursuant to Section 9.04.

 

“Qualified
Capital Stock” of any person shall mean any Equity Interests of such person that are not Disqualified
Capital Stock.QFC” has the meaning assigned to
the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

 

“QFC
Credit Support” has the meaning assigned to it in Section 9.26.

 

“Qualified
IPO” shall mean a public offering (other than a public offering pursuant to a registration statement on Form S-8) of
the Voting Stock of Holdings or the Canadian Borrower or any other direct or indirect
parent entity thereof pursuant to an effective registration statement filed with the SEC in accordance with the Securities Act
or a final prospectus for which a receipt has been issued by one or more securities commissions or regulatory authorities in the
provinces or territories of Canada (in each case, whether alone or in connection with a secondary public offering), and also includes
any transaction whereby the Canadian Borrower or any other direct or indirect parent entity thereof becomes a reporting issuer
in any province or territory in Canada.

 

“Qualified
Proceeds” shall mean assets that are used or useful in, or capital stock of any Person engaged in, a similar business;
provided that the fair market valueFair
Market Value of any such assets or capital stock shall be determined by the Board of
Directors of HoldingsCanadian Borrower in
good faith.

 

“Qualifying
Lender” shall have the meaning given to it in Section 2.12(f)(iv)(C).

 

“Quebec Pension
Plan” shall mean the universal pension plan established and maintained by the Provincial Government of Quebec.

 

“Quotation
Day” shall mean, (ia)
with respect to any Eurodollar Borrowing and any applicable Interest Period, the second Business Day of such Interest Period and
(iib) with
respect to any ABR Borrowing, the day of determination. With respect to any Eurodollar Borrowing and any applicable Interest Period,
if such quotations would normally be given by prime banks on more than one day, the Quotation Day will be the last of such days.

 

    64

     

    

 

“Rating Agency”
means Moody’s, S&P and S&PFitch
or if Moody’s or,
S&P and/or bothFitch
shall not make a rating on the Loans (or the corporate family rating of Holdingsthe
Canadian Borrower) publicly available, a nationally recognized statistical rating agency or agencies, as the case may
be, selected by the Canadian Borrower (as certified by a board resolution) which shall be substituted for Moody’s or,
S&P and/or bothFitch,
as the case may be.

 

“Rating Decline”
means the occurrence on any date from and after the date of the public notice by Holdings, the
Canadian Borrower or another Person seeking to effect a transaction that would be a Change of Control (but for the definition of
Permitted InvestorsHolders)
or an arrangement that, in the good faith judgment of the Canadian Borrower, would be expected to result in a Change of Control
(but for the definition of Permitted InvestorsHolders)
until the end of the 30-day period following such public notice or the abandonment of the proposed transaction (which period shall
be extended an additional 30 days if the rating of the Loans and/or the corporate family rating of Holdingsthe
Canadian Borrower is under publicly announced consideration for possible downgrade by any Rating Agency at the end of
the initial 30-day period) of: (1) a decline in the rating of the Loans or the corporate family rating of Holdingsthe
Canadian Borrower by any Rating Agency by at least one notch in the gradation of the rating scale (e.g., + or
– for S&P or 1, 2 and 3 for Moody’s) or of the credit outlook with respect thereto from such Rating Agency’s
rating of the Loans or the corporate family rating of Holdingsthe
Canadian Borrower; or (2) withdrawal by any Rating Agency of such Rating Agency’s rating of the Loans or the corporate
family rating of Holdingsthe
Canadian Borrower.

 

“Reference
Banks” shall mean the principal Toronto office, in the case of the use of the term “Reference Banks” in the
definition of Canadian Prime Rate, and London office, in the case of the use of the term “Reference Banks” in the definition
of LIBO Rate, of each of JPMCB and CIBC or, in each case, such other or additional banks as may be appointed by the Administrative
Agent in consultation with the Canadian Borrower.

 

“Reference
Rate” shall mean, with respect to any Eurodollar Borrowing
for any Interest Period, an interest rate per annum equal to the rate per annum determined by the Administrative Agent
at approximately 11:00 a.m. (London time) on such day by reference to ICE Benchmark Administration Limited’s “LIBOR”
rate (or by reference to the rates provided by any Person that take over the administration of such rate if ICE Benchmark Administration
Limited is no longer making a “LIBOR” rate available) for deposits in Dollars (as set forth on the
Bloombergpages LIBOR01 or LIBOR02 of the Reuters
screen displaying such “LIBOR” rate (or, in the event such rate does not appear on a BloombergReuters
page or screen, on any successor or substitute page or screen that displays such rate, or on the appropriate page of such other
information service that publishes such rate from time to time, in each case as selected by the Administrative Agent)) for a period
equal to three-months.in
length to such Interest Period. 

 

“Refinance”
shall have the meaning provided in the definition of the term “Permitted Refinancing”.

 

“Refinanced
Debt” shall have the meaning provided in the definition of the
term “Credit Agreement Refinancing Indebtedness”.

 

“Refinanced
Indebtedness” shall have the meaning provided in the definition of the term “Permitted Refinancing”.

 

“Refinanced
Term Loans” shall have the meaning assigned to such term in Section 9.08(f).

 

“Refinancing”
shall have the meaning provided in the definition of the term “Permitted Refinancing”.

 

“Refinancing
Indebtedness” shall have the meaning assigned to such term in clause (n) of the definition of Permitted Debt.

 

“Refunded
Swingline Loans” shall have the meaning assigned to such term in Section 2.04(c).

 

“Refunding
Capital Stock” shall have the meaning given to it in Section 6.06(ab)(ii).

 

    65

     

    

 

“Register”
shall have the meaning assigned to such term in Section 9.04(b)(iv).

 

“Regulated
Bank” means (x) a banking organization with a consolidated combined capital and surplus of at least $5.0 billion that is
(i) a U.S. depository institution the deposits of which are insured by the Federal Deposit Insurance Corporation; (ii) a corporation
organized under section 25A of the U.S. Federal Reserve Act of 1913; (iii) a branch, agency or commercial lending company of a
foreign bank operating pursuant to approval by and under the supervision of the Board of Governors of the Federal Reserve System
under 12 CFR part 211; (iv) a non-U.S. branch of a foreign bank managed and controlled by a U.S. branch referred to in clause (iii);
or (v) any other U.S. or non-U.S. depository institution or any branch, agency or similar office thereof supervised by a bank regulatory
authority in any jurisdiction or (y) any Affiliate of a Person set forth in clause (x) to the extent that (1) all of the Capital
Stock of such Affiliate is directly or indirectly owned by either (I) such Person set forth in clause (x) or (II) a parent entity
that also owns, directly or indirectly, all of the Capital Stock of such Person set forth in clause (x) and (2) such Affiliate
is a securities broker or dealer registered with the SEC under Section 15 of the Exchange Act. 

 

“Regulation
U” shall mean Regulation U of the Board as from time to time in effect and all official rulings and interpretations thereunder
or thereof.

 

“Regulation
X” shall mean Regulation X of the Board as from time to time in effect and all official rulings and interpretations thereunder
or thereof.

 

“Reinvestment
Period” shall mean the 12 months following the date of the receipt of proceeds in respect of such Asset Sale Event,
Casualty Event or Permitted Sale Leaseback or Casualty
Event.

 

“Related
Business Assets” means assets (other than cash or Cash Equivalents) used or useful in a Similar Business; provided that any
assets received by the Canadian Borrower or a Restricted Subsidiary in exchange for assets transferred by the Canadian Borrower
or a Restricted Subsidiary shall not be deemed to be Related Business Assets if they consist of securities of a Person, unless
upon receipt of the securities of such Person, such Person would become a Restricted Subsidiary.

 

“Related Parties”
shall mean, with respect to any specified person, such person’s Affiliates and the respective directors, officers, employees,
agents and advisors of such person and such person’s Affiliates.

 

“Release”
shall mean any spilling, leaking, seepage, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping,
disposing, depositing, emanating or migrating in, into, onto or through the Environment.

 

“Relevant
Governmental Body” means the Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened
by the Board and/or the Federal Reserve Bank of New York or, in each case, any successor thereto.

 

“Replacement
Term Loans” shall have the meaning assigned to such term in Section 9.08(f).

 

“Reportable
Event” shall mean any reportable event as defined in Section 4043(c) of ERISA or the regulations issued thereunder, other
than those events as to which the 30-day notice period referred to in Section 4043(c) of ERISA has been waived, with respect to
a Plan.

 

“Representative”
shall have the meaning assigned such term in Section 9.21(d).

 

“Repricing
Transaction” shall mean (a) the incurrence by a Borrower of any term loans (including, without limitation, any new or
additional term loans under this Agreement, whether incurred directly or by way of the conversion of Term B-45
Loans into a new Class of replacement term loans under this Agreement) that is broadly marketed or syndicated (i) having an Effective
Yield for the respective Type of such Indebtedness that is less than the Effective Yield for the Term B-45
Loans of the respective equivalent Type, but excluding Indebtedness incurred in connection with a Qualified IPO, Change of Control
or Permitted Change of Control (or transaction that if consummated would constitute a Change of Control or Permitted Change of
Control) or Transformative Acquisition and (ii) the proceeds of which are used to prepay (or, in the case of a conversion, deemed
to prepay or replace), in whole or in part, outstanding principal of Term B-45
Loans or (b) any effective reduction in the Effective Yield for the Term B-45
Loans (e.g., by way of amendment, waiver or otherwise), except for a reduction in connection with a Qualified IPO, Change of Control
or Permitted Change of Control (or transaction that if consummated would constitute a Change of Control or Permitted Change of
Control) or Transformative Acquisition and, in the case of any transaction under either clause (a) or clause (b) above, the primary
purpose of which is to lower the Effective Yield on the Term B-45
Loans. Any determination by the Administrative Agent with respect to whether a Repricing Transaction shall have occurred shall
be conclusive and binding on all Lenders holding the Term B-45
Loans.

 

    66

     

    

 

“Required
Lenders” shall mean, at any time, Lenders having (a) Term B-45
Loan Exposures, (b) Revolving R-23
Facility Credit Exposures, (c) Incremental Term Loan Exposures and (d) Available Revolving Unused Commitments (if prior to the
termination thereof) that taken together, represent more than 50% of the sum of (w) all Term B-45
Loan Exposures, (x) all Revolving R-23
Facility Credit Exposures, (y) all Incremental Term Loan Exposures and (z) the total Available Revolving Unused Commitments (if
prior to the termination thereof) at such time. The Term B-45
Loan Exposures, Revolving R-23
Facility Credit Exposures, Incremental Term Loan Exposures and Available Revolving Unused Commitment of any Defaulting Lender shall
be disregarded in determining Required Lenders at any time.

 

“Required
Percentage” shall mean, with respect to an Excess Cash Flow Period, 50%; provided that if at the time of any prepayment
required by Section 2.12(d) in respect of such Excess Cash Flow Period (a) the First Lien Leverage Ratio of Holdingsthe
Canadian Borrower for the most recent fiscal year ended for which financial statements have been delivered pursuant
to Section 5.04(a) is less than or equal to 3.00:1.00 but greater than 2.50:1.00, such percentage shall be 25% and (b) the First
Lien Leverage Ratio of Holdingsthe
Canadian Borrower for the most recent fiscal year ended for which financial statements have been delivered pursuant
to Section 5.04(a) is less than or equal to 2.50:1.00, such percentage shall be 0%.

 

“Required
Revolving Lenders” shall mean, at any time, Lenders having (a) Revolving R-23
Facility Outstandings and (b) Available Revolving Unused Commitments (if prior to the termination thereof) that taken together,
represent more than 50% of the sum of (x) all Revolving R-23
Facility Outstandings and (y) the total Available Revolving Unused Commitments (if prior to the termination thereof) at such time.
The Revolving R-23
Facility Credit Exposure and Available Revolving Unused Commitment of any Defaulting Lender or held by any Affiliates of Holdingsthe
Canadian Borrower shall be disregarded in determining Required Lenders at any time.

 

“Requirements
of Law” shall mean, collectively, any and all requirements of any Governmental Authority that are applicable, including
any and all applicable laws, judgments, orders, the Executive Order, decrees, ordinances, rules, regulations, statutes or case
law.

 

“Reset Date”
shall have the meaning assigned to such term in Section 1.03(a)(i).

 

“Responsible
Officer” of any person shall mean any executive officer (including the chief legal officer) or Financial Officer of such
person and any other officer or similar official thereof responsible for the administration of the obligations of such person in
respect of this Agreement.

 

“Restricted
Investment” means an Investment other than a Permitted Investment. 

 

“Restricted
Subsidiary” shall mean ameans,
at any time, any direct or indirect Subsidiary of Holdings other thanthe
Canadian Borrower that is not then an Unrestricted Subsidiary. Unless the context otherwise
requires, Restricted Subsidiaries of Holdings shall be deemed to include the Borrowers.;
provided, however, that upon the occurrence of an Unrestricted Subsidiary ceasing to be an Unrestricted Subsidiary, such Subsidiary
shall be included in the definition of “Restricted Subsidiary.”

 

“Retired Capital
Stock” shall have the meaning given to it in Section 6.06(ab)(ii).

 

“Reuters”
shall have the meaning given to it in the definition of Exchange Rate. 

 

    67

     

    

 

“Revolving
Availability Period” shall mean the period from and including the Amendment No. 2 Effective Date to but excluding the
earlier of the Revolving R-23
Facility Maturity Date and in the case of each of the Revolving R-23
Facility Loans, Revolving R-23
Facility Borrowings, Swingline Loans, Swingline Borrowings and Letters of Credit, the date of termination of the Revolving R-23
Facility Commitments.

 

“Revolving
R-2 Committed Amount” shall mean $200.0 million, or
such greater or lesser amount to which the Revolving R-2 Committed
Amount may be adjusted from time to time in accordance with this Agreement.Credit
Extension Request” shall have the meaning assigned to such term in Section 2.24(b).

 

“Revolving
L/C Exposure” shall mean at any time the sum of (a) the aggregate undrawn amount of all Letters of Credit and (b) the aggregate
principal amount of all L/C Disbursements made in respect of Letters of Credit that have not yet been reimbursed at such time.
The Revolving L/C Exposure of any Revolving R-3 Facility
Lender at any time shall mean its Revolving R-3 Facility
Percentage of the aggregate Revolving L/C Exposure at such
time.

 

“Revolving
R-2 Facility
Loan” shall mean each Revolving R-2 Facility Loan as defined under this agreement immediately prior to the Amendment No.
6 Effective Date.

 

“Revolving
R-23
Commitment Percentage” shall mean, for each Lender, the percentage (carried out to the ninth decimal place) identified
as its Revolving R-23
Commitment Percentage on Schedule 2.01 hereto, as such percentage may be adjusted or modified in connection with any assignment
made in accordance with the provisions of Section 9.04(b), or as otherwise adjusted from time to time in accordance with this Agreement.

 

“Revolving
Credit Extension Request” shall have the meaning assigned to such term in Section
2.24(b).R-3 Committed Amount” shall mean $200,000,000,
or such greater or lesser amount to which the Revolving R-3
Committed Amount may be adjusted from time to time in accordance with
this Agreement.

 

“Revolving
R-23
Facility” shall mean the Revolving R-23
Facility Commitments and the extensions of credit made hereunder by the Revolving R-23
Facility Lenders.

 

“Revolving
R-23
Facility Borrowing” shall mean a Borrowing comprised of Revolving R-23
Facility Loans.

 

“Revolving
R-23
Facility Commitment” shall mean, with respect to each Revolving R-23
Facility Lender, (a) the commitment of such Revolving R-23
Facility Lender to make Revolving R-23
Facility Loans pursuant to Section 2.01(b), expressed as an amount representing the maximum aggregate permitted amount of such
Revolving R-23
Facility Lender’s Revolving R-23
Facility Credit Exposure hereunder and (b) in the case of any Lender that increases its Revolving R-23
Facility Commitment or becomes an Incremental Revolving Credit Commitment Increase Lender in respect of the Revolving R-23
Facility, in each case pursuant to Section 2.21, the amount specified in the applicable Incremental Agreement, in each case as
the same may be changed from time to time pursuant to terms hereof, as such commitment may be (a) reduced from time to time pursuant
to Section 2.09 and (b) reduced or increased from time to time pursuant to assignments by or to such Lender under Section 9.04.
The initial amount of each Revolving R-23
Facility Lender’s Revolving R-23
Facility Commitment is the amount set forth opposite such Lender’s name on Schedule 2.01 directly below the column
entitled “Revolving R-23
Facility Commitment” or in the Assignment and Acceptance pursuant to which such Revolving R-23
Facility Lender shall have assumed its Revolving R-23
Facility Commitment, as applicable. The aggregate amount of the Revolving R-23
Facility Commitments (which includes the Swingline Commitment) on the Amendment No. 2 Effective Date is $200.0
million.200,000,000.

 

“Revolving
R-23
Facility Commitment Fee” shall have the meaning assigned to such term in Section 2.13(a).

 

“Revolving
R-23
Facility Credit Exposure” shall mean, at any time, the sum of (a) the aggregate principal amount of the Revolving R-23
Facility Loans denominated in Dollars outstanding at such time, (b) the Dollar Equivalent of the aggregate principal amount of
the Revolving R-23
Facility Loans denominated in Canadian Dollars outstanding at such time, (c) the Swingline Exposure at such time and (d) the Revolving
L/C Exposure at such time. The Revolving R-23
Facility Credit Exposure of any Revolving R-23
Facility Lender at any time shall be the sum of (a) the aggregate principal amount of such Revolving R-23
Facility Lender’s Revolving R-23
Facility Loans denominated in Dollars outstanding at such time, (b) the Dollar Equivalent of the aggregate principal amount of
Revolving R-23
Facility Lender’s Revolving R-23
Facility Loans denominated in Canadian Dollars outstanding at such time and (c) such Revolving R-23
Facility Lender’s Revolving R-23
Facility Percentage of the Swingline Exposure and Revolving L/C Exposure at such time.

 

    68

     

    

 

“Revolving
R-23
Facility Lender” shall mean a Lender with a Revolving R-23
Facility Commitment or with outstanding Revolving R-23
Facility Loans.

 

“Revolving
R-23
Facility Loan” shall mean a Loan made by a Revolving R-23
Facility Lender pursuant to Section 2.01(b). Each Revolving R-23
Facility Loan denominated in Dollars shall be a Eurodollar Loan or an ABR Loan, and each Revolving R-23
Facility Loan denominated in Canadian Dollars shall be a BA Loan or an ABR Loan.

 

“Revolving
R-23
Facility Maturity Date” shall mean the earlier of (a) the date that is five years following the Amendment No. 26
Effective Date and (b) the date upon which the Revolving R-23
Facility Commitments have been terminated in their entirety in accordance with this Agreement.

 

“Revolving
R-23
Facility Outstandings” shall mean, at any time, the sum of (a) the aggregate principal amount of the Revolving R-23
Facility Loans denominated in Dollars outstanding at such time, (b) the Dollar Equivalent of the aggregate principal amount of
the Revolving R-23
Facility Loans denominated in Canadian Dollars outstanding at such time, (c) the Swingline Exposure at such time and (d) the Revolving
L/C Exposure at such time.

 

“Revolving
R-23
Facility Percentage” shall mean, with respect to any Revolving R-23
Facility Lender, the percentage of the total Revolving R-23
Facility Commitments represented by such Lender’s Revolving R-23
Facility Commitment. If the Revolving R-23
Facility Commitments have terminated or expired, the Revolving R-23
Facility Percentages shall be determined based upon the Revolving R-23
Facility Commitments most recently in effect, giving effect to any assignments pursuant to Section 9.04.

 

“Revolving
L/C Exposure” shall mean at any time the sum of (a) the aggregate undrawn amount of all Letters of Credit
and (b) the aggregate principal amount of all L/C Disbursements made in respect of Letters of Credit that have not yet been reimbursed
at such time. The Revolving L/C Exposure of any Revolving R-2 Facility Lender
at any time shall mean its Revolving R-2 Facility Percentage of the aggregate Revolving L/C
Exposure at such time.

 

“S&P”
shall mean Standard & Poor’s Ratings Group, Inc. and any successor
to its rating agency business.

 

“Sale Leaseback”
shall mean any transaction or series of related transactions pursuant to which Holdings or any
of the Restricted Subsidiaries (a) sells, transfers or otherwise disposes of any property,means
any arrangement with any Person providing for the leasing by the Canadian Borrower or any Restricted Subsidiary of any
real or tangible personal,
whether now owned or hereafter acquired, and (b) as part of such transaction, thereafter rents or leases such property or other
property that it intends to use for substantially the same purpose or purposes as the property being sold, transferred or disposed
property, which property has been or is to be sold or transferred by
the Canadian Borrower or such Restricted Subsidiary to such Person in contemplation of such leasing.

 

“Satellite”
shall mean any satellite owned by, leased to or for which a contract to purchase has been entered into by, Holdingsthe
Canadian Borrower or any of its Subsidiaries, whether such satellite is in the process of manufacture, has been delivered
for launch or is in orbit (whether or not in operational service).

 

“Satellite
Assets” shall mean orbital slots or locations, transponders, Satellites and related equipment (including TT&C Stations)
associated with the conduct of the Permitted Business by Holdingsthe
Canadian Borrower and its Subsidiaries.

 

“Satellite
Manufacturer” shall mean, with respect to any Satellite, the prime contractor and manufacturer of such Satellite.

 

“Satellite
Purchase Agreement” shall mean, with respect to any Satellite, the agreement between the applicable Satellite Purchaser
and either (ia)
the applicable Satellite Manufacturer relating to the manufacture, testing and delivery of such Satellite or (iib)
the applicable seller relating to the purchase and sale of such Satellite.

 

    69

     

    

 

“Satellite
Purchaser” shall mean Holdingsthe
Canadian Borrower or any Restricted Subsidiary
that is a party to a Satellite Purchase Agreement or Launch Services Agreement, as the case may be.

 

“SEC”
shall mean the Securities and Exchange Commission or any successor thereto.

 

“Secondary
Obligations” shall mean all Secured Obligations other than Primary Obligations.

 

“Section 5.04
Financials” shall mean the financial statements delivered, or required to be delivered, pursuant to Section 5.04(a) or
5.04(b), together with the accompanying compliance certificate delivered, or required to be delivered, pursuant to Section 5.04(c).

 

“Secured Creditors”
or “Secured Parties” shall mean (a) the Lenders, (b) each Cash Management Bank to which any Cash Management
Obligation is owed, (c) the Administrative Agent and the Collateral Agent, (d) each L/C Issuer, (e) each Swap Counterparty, (f)
the Lenders (and any Affiliates thereof) that are beneficiaries of indemnification obligations undertaken by the Loan Parties under
any Loan Document and (g) the successors and permitted assigns of each of the foregoing.

 

“Secured
Indebtedness” means any Indebtedness secured by a Lien on property or assets of the Canadian Borrower or a Restricted Subsidiary.

 

“Secured
Obligations” shall mean (a) the Obligations, (b) the due and punctual payment and performance of all obligations of the
Borrowers and the other Loan Parties under all Permitted Swap Agreements (other than with respect to any obligations under any
Permitted Swap Agreements that constitute Excluded Swap Obligations with respect to a Loan Party) and (c) the due and punctual
payment and performance of all Cash Management Obligations. Notwithstanding the foregoing, (i) unless otherwise agreed to by the
Canadian Borrower, the obligations of a Loan Party or any Restricted Subsidiary thereof under any Cash Management Agreement and
Permitted Swap Agreement shall be secured and guaranteed pursuant to the Security Documents and only to the extent that, and for
so long as, the other Obligations are so secured and guaranteed, (ii) any release of Collateral or Guarantors effected in the manner
permitted by this Agreement and the other Loan Documents shall not require the consent of the holders of the Cash Management Obligations
under Cash Management Agreements or the consent of the holders of the Swap Obligations under Permitted Swap Agreements and (iii)
Obligations shall in no event include any Excluded Swap Obligations.

 

“Security
Agreement” shall mean athat
certain U.S. Security Agreement substantially in the form of Exhibit
D-1dated as of March 28, 2012 (as amended, amended
and restated, supplemented and otherwise modified and in effect from time to time) among the Loan Parties organized
in the United States and the Collateral Agent for the benefit of the Secured Parties.

 

“Security
Documents” shall mean, at any time, each of the Mortgages and the Security Agreement, the Canadian Security Agreements
and each of the security agreements, mortgages and other instruments and documents executed and delivered pursuant to any of the
foregoing or pursuant to Section 5.10.

 

“Senior Notes”
shall mean the Canadian Borrower’s 8.875Borrowers’
$550,000,000 aggregate principal amount of 6.500% Senior Notes due 20242027
issued pursuant to that certain indenture dated November 17, 2016.October
11, 2019.

 

“Senior Secured
Leverage Ratio” shall mean, as of any date of determination, the ratio of (a) Consolidated Total Secured Debt as of the
last day of the Test Period most recently ended on or prior to such date of determination,
minus up to $100,000,000 of cash and Cash Equivalents of the Canadian Borrower and its Restricted Subsidiaries to the extent
not designated as restricted cash on the consolidated balance sheet of the Canadian Borrower and its Restricted Subsidiaries in
accordance with GAAP to (b) Consolidated EBITDA for such Test Period.

 

“Senior
Secured Notes” shall mean the Borrowers’ $400,000,000 aggregate principal amount of 4.875% Senior Secured Notes due
2027 issued pursuant to that certain indenture dated December 6, 2019.

 

    70

     

    

 

“Senior
Secured Notes Obligations” shall mean (a) obligations of the obligors thereunder from time to time arising under or in respect
of the due and punctual payment of (i) the principal of and premium, if any, and interest (including interest accruing during the
pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in
such proceeding) on the Senior Secured Notes, when and as due, whether at maturity, by acceleration, upon one or more dates set
for prepayment or otherwise, and (ii) all other monetary obligations, including fees, costs,
expenses and indemnities, whether primary, secondary, direct,
contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership
or other similar proceeding, regardless of whether allowed or allowable in such proceeding), of the obligors thereunder under the
Senior Secured Notes and indenture governing the Senior Secured Notes, and (b) the due and punctual performance of all covenants,
agreements, obligations and liabilities of the obligors thereunder arising under the Senior Secured Notes and indenture governing
the Senior Secured Notes.

 

“Similar
Business” means any business conducted or proposed to be conducted by the Canadian Borrower and its Restricted Subsidiaries
on the Measurement Date or any business that is similar, reasonably related, incidental or ancillary thereto.

 

“SOFR”
with respect to any day means the secured overnight financing rate published for such day by the Federal Reserve Bank of New York,
as the administrator of the benchmark (or a successor administrator), on the Federal Reserve Bank of New York’s Website.

 

“SOFR-Based
Rate” means SOFR, Compounded SOFR or Term SOFR.

 

“Sold Entity
or Business” shall have the meaning provided in the definition of the term “Consolidated EBITDA.”

 

“Solicited
Discount Proration” shall have the meaning given to it in Section 2.12(f)(iv)(C).

 

“Solicited
Discounted Prepayment Amount” shall have the meaning given to it in Section 2.12(f)(iv)(A).

 

“Solicited
Discounted Prepayment Notice” shall mean a written notice of Holdingsthe
Canadian Borrower or any of its Restricted Subsidiaries of Solicited Discounted Prepayment Offers made pursuant to Section
2.12(f)(iv) substantially in the form of Exhibit N-4.

 

“Solicited
Discounted Prepayment Offer” shall mean the irrevocable written offer by each Lender, substantially in the form of Exhibit
N-5, submitted following the Administrative Agent’s receipt of a Solicited Discounted Prepayment Notice.

 

“Solicited
Discounted Prepayment Response Date” shall have the meaning given to it in Section 2.12(f)(iv)(A).

 

“Specified
Debt Incurrence Prepayment Event” shall have the meaning assigned to such term in Section 2.12(c).

 

“Specified
Discount” shall have the meaning given to it in Section 2.12(f)(ii)(A).

 

“Specified
Discount Prepayment Amount” shall have the meaning given to it in Section 2.12(f)(ii)(A).

 

“Specified
Discount Prepayment Notice” shall mean a written notice of Holdingsthe
Canadian Borrower or any of its Restricted Subsidiaries of a Borrower Offer of Specified Discount Prepayment made pursuant
to ‎Section 2.12(f)(ii) substantially in the form of Exhibit N-6.

 

“Specified
Discount Prepayment Response” shall mean the irrevocable written response by each Lender, substantially in the form of
Exhibit N-7, to a Specified Discount Prepayment Notice.

 

“Specified
Discount Prepayment Response Date” shall have the meaning given to it in Section 2.12(f)(ii)(A).

 

    71

     

    

 

“Specified
Discount Proration” shall have the meaning given to it in Section 2.12(f)(ii)(C).

 

“Specified
Existing Revolving Credit Commitment Class” shall have the meaning assigned to such term in Section 2.24(b).

 

“Specified
Transaction” shall mean, with respect to any period, any Investment, Permitted Change of Control, sale, transfer or other
disposition of assets or property, incurrence, Refinancing, prepayment, redemption, repurchase, defeasance, acquisition similar
payment, extinguishment, retirement or repayment of Indebtedness, distribution, dividend, Subsidiary designation, Incremental Term
Loan, provision of Incremental Revolving Credit Commitment Increases, creation of Extended Term Loans or Extended Revolving Credit
Commitments or other event that by the terms of the Loan Documents requires pro forma compliance” with a test or covenant
hereunder or requires such test or covenant to be calculated on a pro forma basis and shall include any restructuring initiative,
cost saving initiative or other similar strategic initiative of Holdingsthe
Canadian Borrower or any of its Restricted Subsidiaries after the Amendment No. 2 Effective Date described in reasonable
detail in a certificate of a Responsible Officer delivered by the Canadian Borrower to the Administrative Agent.

 

“Spectrum
Repurposing” means the diminution of the Canadian Borrower or any Restricted Subsidiary’s rights to the use of orbital
spectrum or market access rights, directly or indirectly, by any Governmental Authority, including, without limitation, the Canadian
Borrower or its Restricted Subsidiary’s FCC Licenses or ISED Authorizations, directly or indirectly, as result of the FCC
proceeding Expanding Flexible Use of the 3.7-4.2 GHz Band, GN Docket No. 18-122, Order and Notice of Proposed Rulemaking, 33 FCC
Rcd 6915 (2018) or the ISED Canada Consultation on Revisions to the 3500 MHz Band to Accommodate Flexible Use and Preliminary Consultation
on Changes to the 3800 MHz Band, ISED Canada’s Decision on Revisions to the 3500 MHz Band to Accommodate Flexible Use and
Decisions on Changes to the 3800 MHz Band, or any similar proceedings.

 

“SPV”
shall have the meaning given to it in Section 9.04(f).

 

“Standby Letter
of Credit” has the meaning specified in Section 2.05(a).

 

“Statutory
Reserves” shall mean, with respect to any currency, any reserve, liquid asset or similar requirements established by
any Governmental Authority of the United States of America or of the jurisdiction of such currency or any jurisdiction in which
Loans in such currency are made to which banks in such jurisdiction are subject for any category of deposits or liabilities customarily
used to fund loans in such currency or by reference to which interest rates applicable to Loans in such currency are determined.

 

“Subject
Agreements” shall have the meaning provided in the definition of the term Permitted Liens. 

 

“Subject
Property” shall mean, collectively, (1a)
any contract, license, lease, agreement, permit, instrument, security or franchise agreement or other document (a “Contract”)
to which Holdingsthe
Canadian Borrower or any Restricted Subsidiary is a party or any asset, right or property (and accessions and additions
to such assets, rights or property, replacements and products thereof and customary security deposits, related Contract rights
and payment intangibles) of Holdingsthe
Canadian Borrower or a Restricted Subsidiary that is subject to a purchase money security interest, Finance Lease Obligation,
similar arrangement or Contract and any of its rights or interests thereunder, in each case only to the extent and for so long
as the grant of such security interest or Lien in such Contract or such asset, right or property is prohibited by or constitutes
or results or would constitute or result in the invalidation, violation, breach, default, forfeiture or unenforceability of any
right, title or interest of Holdingsthe
Canadian Borrower or such Restricted Subsidiary under such Contract or purchase money, capital lease or similar arrangement
or Contract or creates or would create a right of termination in favor of any other party thereto (other than Holdingsthe
Canadian Borrower or any wholly owned Restricted Subsidiary), or requires consent not obtained of any third party (it
being understood and agreed that Holdings, the Borrowers and each Restricted Subsidiary
shall not be required to seek any such consent), other than the proceeds thereof the assignment of which is expressly deemed effective
under the UCC or any similar applicable laws notwithstanding such prohibition, (2b)
any Governmental Authority licenses or state or local Governmental Authority franchises, charters or authorizations, to the extent
the grant of a security interest in any such licenses, franchise, charter or authorization would be prohibited or restricted by
such license, franchise, charter or authorization or (3c)
any property to the extent that such grant of a security interest would result in the forfeiture of Holdingsthe
Canadian Borrower’ or any Restricted Subsidiary’s rights in the property (including any legally effective
prohibition or restriction).

 

    72

     

    

 

“Submitted
Amount” shall have the meaning given to it in Section 2.12(f)(iii)(A).

 

“Submitted
Discount” shall have the meaning given to it in Section 2.12(f)(iii)(A).

 

“Subordinated
Indebtedness” shall mean Indebtedness for borrowed money (and any Guarantee Obligations
in respect thereof) that is subordinated expresslymeans:

 

(1)
with respect to the Canadian Borrower, any Indebtedness of the Canadian Borrower which is by its terms subordinated
in right of payment to the Obligations of the Borrowers and such Guarantor. Loans,
and

 

(2) with
respect to any Guarantor, any Indebtedness of such Guarantor which is by its terms subordinated in right of payment to the Guarantee
of such Guarantor.

 

“subsidiary”
shall mean, with respect to any person (herein referred to as the “parent”),
Person: 

 

(1) any
corporation, partnership, association,
or other business entity of which securities or other ownership interests representing more than
50% of the equity or more than 50% of the ordinary voting power or more than 50% of the general partnership interests are, at the
time any determination is being made(other than a partnership,
joint venture, limited liability company or similar entity) of which more than 50% of the total voting power of shares of Capital
Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees
thereof is at the time of determination owned or controlled, directly or indirectly, by such Person or one or more of the other
subsidiaries of that Person or a combination thereof and

 

(2) any
partnership, joint venture, limited liability company or similar entity of which:

 

(a) more
than 50% of the capital accounts, distribution rights, total equity and voting interests or general or limited partnership interests,
as applicable, are owned or controlled, directly or indirectly, owned, Controlled,
or held (or that is, at the time any determination is made, otherwise Controlled) by the parentby
such Person or one or more of the other subsidiaries
of the parentthat Person
or a combination thereof whether in the form of membership, general, special or limited partnership or otherwise, and

 

(b) such
Person or any Restricted Subsidiary of such Person is a controlling general partner or otherwise controls such entity.

 

“Subsidiary”
shall mean, unless the context otherwise requires, a subsidiary of Holdings.“Subsidiary
Guarantor” shall mean each Subsidiary of Holdings that is or becomes a party to this Agreementthe
Canadian Borrower.

 

“Subsidiary
Loan Party” shall mean (ia)
each Subsidiary Guarantor and (iib)
subject to the limitations in Section 5.10, each Material Subsidiary that is a Wholly Owned Subsidiary (it being understood and
agreed that a Person acquired after the Amendment No. 2 Effective Date shall be considered a Material Subsidiary as of the date
of such acquisition if such Person would have been a Material Subsidiary as of the end of the most recently ended Test Period if
such Person had been a Subsidiary at such time).

 

“Successor
Canadian BorrowerCompany”
shall have the meaning assigned to such term in Section 6.03(a)(i).

 

“Successor
EntityPerson”
shall have the meaning assigned to such term in Section 6.03(cb)(A)(i).

 

“Successor
Holdings” shall haveSupported
QFC” has the meaning assigned to such termit
in Section 6.3(b). 9.26.

 

    73

     

    

 

“Successor
U.S. Borrower” shall have the meaning assigned to such term in Section 6.03(a)(ii).

 

“Survey”
shall mean a survey of any real property subject to a Mortgage (and all improvements thereon) which is (a) (i) prepared by a surveyor
or engineer licensed to perform surveys in the jurisdiction where such real property is located, (ii) dated (or redated) not earlier
than six months prior to the date of delivery thereof unless there shall have occurred within six months prior to such date of
delivery any material exterior construction on the site of such real property or any material easement, right of way or other interest
in the real property has been granted or become effective through operation of law or otherwise with respect to such real property
which, in either case, can be depicted on a survey, in which events, as applicable, such survey shall be dated (or redated) after
the completion of such construction or if such construction shall not have been completed as of such date of delivery, not earlier
than 30 days prior to such date of delivery, or after the grant or effectiveness of any such easement, right of way or other interest
in the subject real property, (iii) certified by the surveyor (in a manner reasonably acceptable to the Administrative Agent) to
the Administrative Agent, the Collateral Agent and the Title Company, (iv) complying in all material respects with the minimum
detail requirements of the American Land Title Association as such requirements are in effect on the date of preparation of such
survey or such other standard as is customary in the jurisdiction in which the real property is located and (v) sufficient for
the Title Company without a survey exception and including all survey-related endorsements to issue a Title Policy, (b) a re-certified
survey as of the date originally issued with a “no change” affidavit sufficient for the Title Company without a survey
exception and including all survey-related endorsements to issue a Title Policy or (c) otherwise reasonably acceptable to the Collateral
Agent.

 

“Swap Agreement”
shall mean any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement involving,
or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic,
financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination
of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services
provided by current or former directors, officers, employees or consultants of Holdingsthe
Canadian Borrower or any of its Subsidiaries shall be a Swap Agreement.

 

“Swap Counterparty”
shall mean any Person that is a counterparty to a Permitted Swap Agreement.

 

“Swap Obligations”
shall mean obligations under or with respect to Swap Agreements.

 

“Swingline
Borrowing” shall mean a Borrowing comprised of Swingline Loans.

 

“Swingline
Borrowing Request” shall mean a request substantially in the form of Exhibit C.

 

“Swingline
Commitment” shall mean, with respect to each Swingline Lender, the commitment of such Swingline Lender to make Swingline
Loans pursuant to Section 2.04. The amount of each Swingline Lender’s Swingline Commitment on the Amendment No. 26
Effective Date is set forth on Schedule 2.04 as the same may be modified at the request of Canadian Borrower with the consent
of any Revolving R-23
Facility Lender being added as a Swingline Lender and the Administrative Agent. The aggregate amount of the Swingline Commitments
on the Amendment No. 26
Effective Date is $20.0 million15,000,000
and the Swingline Lender onas
of the Amendment No. 26
Effective Date shall be JPMCB.Bank
of Montreal. 

 

“Swingline
Exposure” shall mean at any time the aggregate principal amount of all outstanding Swingline Borrowings at such time.
The Swingline Exposure of any Revolving R-23
Facility Lender at any time shall mean its Revolving R-23
Facility Percentage of the aggregate Swingline Exposure at such time.

 

“Swingline
Lender” shall mean JPMCB in its capacity as lender of Swingline Loans hereunder, or such other financial institution
that, after the Amendment No. 2 Effective Date, shall agree to act in the capacity of lender of Swingline Loans hereunder. In the
event that there is more than one Swingline Lender at any time, references herein and in the other Loan Documents to the Swingline
Lender shall be deemed to refer to the Swingline Lender in respect of the applicable Swingline Loan or to all Swingline Lenders,
as the context requires.

 

“Swingline
Loans” shall mean the swingline loans made to Canadian Borrower pursuant to Section 2.04.

 

    74

     

    

 

“Swingline
Note” shall mean a promissory note, substantially in the form of Exhibit E-3 hereto, evidencing the obligation
of the Canadian Borrower to repay outstanding Swingline Loans, as such note may be amended, modified, supplemented, extended, renewed
or replaced from time to time.

 

“Swingline
Termination Date” shall mean the earliest of (a) the Revolving R-23
Facility Maturity Date and (b) the date on which the Swingline Commitment is terminated in its entirety in accordance with this
agreement.

 

“Tax Group”
shall have the meaning specified in Section 6.06(fb)(x)(A).

 

“Taxes”
shall mean any and all present or future taxes, levies, imposts, duties (including stamp duties), deductions, charges (including
ad valorem charges) or withholdings imposed by any Governmental Authority and any and all interest, additions to tax and penalties
related thereto.

 

“Term B-3
Loan4 Loans” shall mean each of the
term loans outstanding under this agreement immediately prior to the Amendment No. 46
Effective Date.

 

“Term B-45
Lender” shall mean a Lender with outstanding Term B-45
Loans.

 

“Term B-45
Loan Borrowing” shall mean a borrowing of Term B-45
Loans.

 

“Term B-45
Loan Commitment” shall mean, with respect to each Lender, the Commitment (if any) of such Lender to make term loans on
the Amendment No. 46
Effective Date in the amount set forth opposite such Lender’s name on Schedule 2.01 directly below the column entitled
“Term B-45
Loan Commitment” or in the Assignment and Acceptance pursuant to which such Lender shall have assumed its Term B-45
Loan Commitment, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. The aggregate
amount of the Term B-45
Loan Commitments on the Amendment No. 46
Effective Date was $200,350,038.33.1,908,500,000.

 

“Term B-45
Loan Facility” shall mean each of the Term B-45
Loan Commitments and the Term B-45
Loans.

 

“Term B-45
Loan Maturity Date” shall mean the date that is seven years after the Amendment No. 26
Effective Date.

 

“Term B-45
Loans” shall mean term loans made by the Term B-45
Lenders pursuant to Section 2.01(a). Each Term B-45
Loan shall be a Eurodollar Loan or an ABR Loan.

 

“Term Loan
Commitment” shall mean a Term B-45
Loan Commitment or Incremental Term Loan Commitment, as the context may require.

 

“Term Loan
Extension Request” shall have the meaning assigned to such term in Section 2.24(a).

 

“Term Loan
Facility” shall mean the Term B-45
Loan Facility and any Incremental Term Loan Facility.

 

“Term Loan
Lender” shall mean the Term B-45
Lenders and any Incremental Term Loan Lenders.

 

“Term Loans”
shall mean the Term B-45
Loans and any Incremental Term Loans.

 

“Term
SOFR” means the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental
Body.

 

“Test Period”
shall mean, on any date of determination, the period of four consecutive fiscal quarters of Holdingsthe
Canadian Borrower then most recently ended (taken as one accounting period) in respect of which Section 5.04 Financials
shall have been delivered to the Administrative Agent for each fiscal quarter or fiscal year in such period; provided that,
prior to the first date following the Amendment No. 2 Effective Date that Section 5.04 Financials shall have been delivered pursuant
to Section 5.04(a) or (b), the Test Period in effect shall be the period of four consecutive fiscal quarters of Holdingsthe
Canadian Borrower ended September 30, 2016. A Test Period may be designated by reference to the last day thereof (i.e.
the September 30, 2016 Test Period refers to the period of four consecutive fiscal quarters of Holdingsthe
Canadian Borrower ended September 30, 2016), and a Test Period shall be deemed to end on the last day thereof.

 

    75

     

    

 

“The
SpaceConnection, Inc.” means The SpaceConnection, Inc., a Nevada corporation, and its successors.

 

“Title Company”
shall mean a nationally recognized title insurance company reasonably acceptable to the Administrative Agent.

 

“Title Policy”
shall mean a policy of title insurance (or marked-up title insurance commitment having the effect of a policy of title insurance)
insuring the Lien of a Mortgage as a valid first mortgage Lien on the mortgaged property and fixtures described therein in the
amount equal to not less than the fair market valueFair
Market Value of such mortgaged property and fixtures, as reasonably determined by the
Canadian Borrower,, issued by the Title Company which shall (A) to the extent necessary, include such reinsurance
arrangements (with provisions for direct access, if necessary) as shall be reasonably acceptable to the Administrative Agent, (B)
contain a “tie-in” or “cluster” endorsement, if available under applicable law at ordinary commercial rates
(i.e., policies which insure against losses regardless of location or allocated value of the insured property up to a stated maximum
coverage amount), (C) have been supplemented by such endorsements if available at ordinary commercial rates (or at the option of
the Borrower with respect to zoning endorsements, a zoning report from a reputable zoning service or an opinion of local counsel
sufficient to establish that the Mortgaged Property is in material compliance with applicable zoning laws and ordinances) as shall
be reasonably requested by the Administrative Agent (including endorsements on matters relating to usury, first loss, last dollar,
zoning, contiguity, revolving credit, doing business, , address, leasehold public
road access, survey, variable rate, environmental lien, subdivision, mortgage recording tax, separate tax lot, revolving credit
and so-called comprehensive coverage over covenants and restrictions), and (D) contain no exceptions to title other than Liens
permitted hereunder or as may otherwise be permitted by the Administrative Agent.

 

“Total Assets”
shall mean, as of any date of determination with respect to any Person, the amount that would,
in conformity with GAAP, be set forth opposite the caption “total assets” (or any like caption) on a balance sheet
of such Person at such date.means the total assets of
the Canadian Borrower and the Restricted Subsidiaries, as shown on the most recent balance sheet of the Canadian Borrower and its
Restricted Subsidiaries provided to the Administrative Agent and the Lenders, in conformity with GAAP

 

“Total Leverage
Ratio” shall mean, as of any date of determination, the ratio of (a) Consolidated Total Debt as of the last day of the
Test Period most recently ended on or prior to such date of determination,
minus up to $100,000,000 of cash and Cash Equivalents of the Canadian Borrower and its Restricted Subsidiaries to the extent
not designated as restricted cash on the consolidated balance sheet of the Canadian Borrower and its Restricted Subsidiaries in
accordance with GAAP to (b) Consolidated EBITDA for such Test Period.

 

“Trade Letter
of Credit” shall have the meaning specified in Section 2.05(a).

 

“Transaction
Expenses” shall mean any fees or expenses incurred or paid by Holdingsthe
Canadian Borrower or any of its Subsidiaries in connection with the Transactions, this Agreement and the other Loan
Documents and the transactions contemplated hereby and thereby.

 

“Transactions”
shall mean, collectively, the (a) the execution and delivery of the Loan Documents and the making of the initial Borrowings hereunder,
(b) the Existing Debt Refinancing, (c) the consummation of any other transactions in connection with the foregoing, and (d) the
payment of all fees and expenses to be paid on or prior to the Amendment No. 46
Effective Date and owing in connection with the foregoing.

 

“Transferred
Guarantor” shall have the meaning assigned to such term in Section 10.09.

 

“Transformative
Acquisition” shall mean any acquisition by Holdingsthe
Canadian Borrower or any Restricted Subsidiary that is either (a) not permitted by the terms of this Agreement immediately
prior to the consummation of such acquisition or (b) if permitted by the terms of this Agreement immediately prior to the consummation
of such acquisition, would not provide Holdingsthe
Canadian Borrower and its Restricted Subsidiaries with adequate flexibility under this Agreement for the continuation
and/or expansion of their combined operations following such consummation, as determined by the Canadian Borrower acting in good
faith.

 

    76

     

    

 

“TT&C
Station” shall mean an earth station operated by Holdingsthe
Canadian Borrower or any of its Restricted Subsidiaries for the purpose of providing tracking, telemetry, control and
monitoring of any Satellite.

 

“TWEA”
shall have the meaning given to it in Section 3.21(a).

 

“Type,”
when used in respect of any Loan or Borrowing, shall refer to the Rate by reference to which interest on such Loan or on the Loans
comprising such Borrowing is determined or, in the case of any BA Loan or BA Borrowing, the Rate by reference to which the BAs
comprising such BA Loans or BA Borrowing are discounted for purposes of calculating the Discount Proceeds. For purposes hereof,
the term “Rate” shall include the Adjusted LIBO Rate, the BA Discount Rate and the Alternate Base Rate.

 

“UCC”
shall mean the Uniform Commercial Code as in effect in any applicable jurisdiction.

 

“UCP”
shall have the meaning specified in Section 2.05(j).

 

“Unadjusted
Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment; provided that, if
the Unadjusted Benchmark Replacement as so determined would be less than zero, the Unadjusted Benchmark Replacement will be deemed
to be zero for the purposes of this Agreement.

 

“Unpaid
Drawing” shall have the meaning specified in Section 2.23(a)(iv).

 

“Unreimbursed
Amount” shall have the meaning specified in Section 2.05(e)(iv).

 

“Unrestricted
Subsidiary” shall mean (a) any Subsidiary of Holdingsthe
Canadian Borrower that is formed or acquired after the Closing Date; provided that at such time (or promptly
thereafter) the Canadian Borrower designates such Subsidiary an Unrestricted Subsidiary in a written notice to the Administrative
Agent, (b) any Restricted Subsidiary subsequently re-designated as an Unrestricted Subsidiary by the Canadian Borrower in a written
notice to the Administrative Agent; provided that in the case of (a) and (b), (x) such designation or re-designation shall
be deemed to be an Investment on the date of such designation or re-designation in an Unrestricted Subsidiary in an amount equal
to the sum of (i) Holdingsthe
Canadian Borrower’ direct or indirect equity ownership percentage of the net worth of such designated or re-designated
Restricted Subsidiary immediately prior to such designation or re-designation (such net worth to be calculated without regard to
any guarantee provided by such designated or re-designated Restricted Subsidiary) and (ii) the aggregate principal amount of any
Indebtedness owed by such designated or re-designated Restricted Subsidiary to Holdingsthe
Canadian Borrower or any other Restricted Subsidiary immediately prior to such designation or re-designation, all calculated,
except as set forth in the parenthetical to clause (i), on a consolidated basis in accordance with GAAP and (y) no Default or Event
of Default would result from such designation or re-designation and,
(c) each Subsidiary of an Unrestricted Subsidiary and (d) 10680451 Canada,
Inc., Telesat U.S. Services Holdings Corporation and Telesat U.S. Services, LLC; provided that any such Subsidiary shall cease
to be an Unrestricted Subsidiary if the Board of Directors designates such Subsidiary as a Restricted Subsidiary as set forth below;
provided, however, that at the time of any written designation or re-designation by the Canadian Borrower to the
Administrative Agent that any Unrestricted Subsidiary shall no longer constitute an Unrestricted Subsidiary, such Unrestricted
Subsidiary shall cease to be an Unrestricted Subsidiary to the extent no Default or Event of Default would result from such designation
or re-designation. UponFor
the avoidance of doubt, upon any designation of any Unrestricted Subsidiary as a Restricted Subsidiary (but without
duplication of any amount reducing such Investment in such Unrestricted Subsidiary, or otherwise increasing, pursuant to the definition
of “Investment” or the definition of “Applicable Amount”), Holdingsthe
Canadian Borrower and/or the applicable Restricted Subsidiaries shall receive a credit against the applicable clause
in Section 6.05the
definition of Permitted Investments or Section 6.06 that was utilized for the Investment in such Unrestricted Subsidiary
for all returns in cash or Cash Equivalents in respect of such Investment.

 

“Unrestricted
Subsidiary Support Transactions” means transactions, agreements and arrangements entered into and performed by (a) the Canadian
Borrower and any of its Restricted Subsidiaries and (b) any Unrestricted Subsidiary pursuant to which the Canadian Borrower and
any of its Restricted Subsidiaries provide a common salesforce (including cross-selling) and/or selling, general and administrative
services, including employment and related services, to such Unrestricted Subsidiary, in each case, at a cost of not less than
105% of the cost incurred by the Canadian Borrower or the relevant Restricted Subsidiary related to such service.

 

    77

     

    

 

“U.S. Bankruptcy
Code” shall mean Title 11 of the United States Code, as amended, or any similar federal or state law for the relief of
debtors.

 

“U.S. Borrower”
shall have the meaning assigned to such term in the introductory paragraph of this Agreement and shall include, if applicable,
any Successor Person with or into which the U.S. Borrower.
merges, amalgamates or consolidates in accordance with Section 6.03.

 

“U.S.
Special Resolution Regimes” has the meaning assigned to it in Section 9.26.

 

“Voting Stock”
of any Person means, as of any date, capital
stock means the Capital Stock of such Person
that is at the time generally entitled, without
regard to contingencies, to vote in the election of the Board of Directors of such Person.
To the extent that a partnership agreement, limited liability company agreement or other agreement governing a partnership or limited
liability company provides that the members of the Board of Directors of such partnership or limited liability company (or, in
the case of a limited partnership whose business and affairs are managed or controlled by its general partner, the Board of Directors
of the general partner of such limited partnership) is appointed or designated by one or more Persons rather than by a vote of
Voting Stock, each of the Persons who are entitled to appoint or designate the members of such Board of Directors will be deemed
to own a percentage of Voting Stock of such partnership or limited liability company equal to (a) the aggregate votes entitled
to be cast on such Board of Directors by the members of such Board of Directors which such Person or Persons are entitled to appoint
or designate divided by (b) the aggregate number of votes of all members of such Board of Directors. Notwithstanding the foregoing,
with respect to Holdings; provided, however, that, with
respect to the Canadian Borrower, the term “Voting Stock” shall not include any
Director Voting Preferred Shares for so long as such Director Voting Preferred Sharespreferred
shares of the Canadian Borrower that have a nominal dividend and return of capital and vote only for the election of directors,
for so long as such shares are held and voted by directors nominated by a committee consisting of members of the Board
of Directors of Holdingsthe
Canadian Borrower or by PSP or by Loral.

 

“Weighted
Average Life to Maturity” shall mean, when applied to any Indebtedness at any date, the number of years obtained by dividing
(a) the sum of the products obtained by multiplying (i) the amount of each then remaining installment, sinking fund, serial maturity
or other required payments of principal, including payment at final maturity, in respect thereof, by (ii) the number of years (calculated
to the nearest one-twelfth) that will elapse between such date and the making of such payment; by (b) the then outstanding principal
amount of such Indebtedness.

 

“Wholly Owned
Subsidiary” of any person shall mean a subsidiaryPerson
means a Subsidiary of such personPerson,
all100%
of the Equity Interestsoutstanding
Capital Stock or other ownership interests of which (other than directors’ qualifying shares or
nominee or other similar shares required pursuant to applicable law) are)
shall at the time be owned by such personPerson
or another Wholly Owned Subsidiary of such personby
one or more Wholly Owned Subsidiaries of such Person or would be owned upon exchange of all outstanding securities of such Person
in accordance with their terms.

 

“Withdrawal
Liability” shall mean liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer
Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

 

“Withholding
Agent” means any Loan Party, the Administrative Agent and any other applicable withholding agent.

 

“Write-Down
and Conversion Power” shall mean, with respect to any EEA Resolution Authority, the write-down and conversion powers
of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down
and conversion powers are described in the EU Bail-In Legislation Schedule.

 

“WURA”
shall mean the Winding-Up and Restructuring Act (Canada), as amended.

 

    78

     

    

 

Section
1.02Terms Generally.

 

(a) The
definitions set forth or referred to in Section 1.01 shall apply equally to both the singular and plural forms of the terms defined.
Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,”
“includes” and “including” shall be deemed to be followed by the phrase “without limitation.”
The words “herein,” “hereto,” “hereof” and “hereunder”
and words of similar import when used in any Loan Document shall refer to such Loan Document as a whole and not to any particular
provision thereof. The term “documents” includes any and all instruments, documents, agreements, certificates, notices,
reports, financial statements and other writings, however evidenced, whether in physical or electronic form. Any reference to any
Person shall be constructed to include such Person’s successors or assigns (subject to any restrictions on assignment set
forth herein) and, in the case of any Governmental Authority, any other Governmental Authority that shall have succeeded to any
or all of the functions thereof. All references herein to Articles, Sections, Exhibits and Schedules shall be deemed references
to Articles and Sections of, and Exhibits and Schedules to, this Agreement unless the context shall otherwise require. Except as
otherwise expressly provided herein, any reference in this Agreement to any Loan Document shall mean such document as amended,
restated, supplemented or otherwise modified from time to time. In the computation of periods of time from a specified date to
a later specified date, the word “from” means “from and including”; the words “to” and “until”
each mean “to but excluding”; and the word “through” means “to and including.” The word “will”
shall be construed to have the same meaning as the word “shall.”

 

(b) Except
as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP,
as in effect from time to time; provided that, if Holdingsthe
Canadian Borrower notifies the Administrative Agent that (a) Holdingsthe
Canadian Borrower is changing any accounting or reporting practice permitted or required under GAAP or (b) Holdingsthe
Canadian Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after
the Amendment No. 2 Effective Date in GAAP or in the application thereof on the operation of such provision (or if the Administrative
Agent notifies Holdingsthe
Canadian Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless
of whether any such notice is given before or after such change in practice or in GAAP or in the application thereof, then such
provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective
until such notice shall have been withdrawn or such provision amended in accordance herewith.

 

Section
1.03Exchange Rates.

 

(a) 

 

(i) For
purposes of determining any provision of Section 2 of this Agreement requiring the use of a current exchange rate, not later than
1:00 p.m., New York City time, on each Calculation Date, the Administrative Agent shall (ix)
determine the Exchange Rate as of such Calculation Date and (iiy)
give notice thereof to the applicable Borrower. The Exchange Rates so determined shall become effective on the first Business Day
immediately following the relevant Calculation Date (a “Reset Date”), shall remain effective until the next
succeeding Reset Date, and shall for all purposes of this Agreement (other than any other provision expressly requiring the use
of an Exchange Rate calculated as of a specified date) be the Exchange Rates employed in converting any amounts between Dollars
and Canadian Dollars.

 

(ii) Not
later than 5:00 p.m., New York City time, on each Reset Date, the Administrative Agent shall (ix)
determine the aggregate amount of the Dollar Equivalents or Canadian Dollar Equivalents, as applicable, of the principal amounts
of the Revolving R-23
Facility Loans and Swingline Loans then outstanding (after giving effect to any Revolving R-23
Facility Loans and Swingline Loans made or repaid on such date) and the Revolving L/C Exposure and (iiy)
notify the Lenders, each L/C Issuer and the applicable Borrower of the results of such determination.

 

    79

     

    

 

(b) For
purposes of any determination under Section 5, Section 6 or Section 7 or any determination under any other provision of this Agreement
(other than Section 2) requiring the use of a current exchange rate, all amounts Incurredincurred
or proposed to be incurred in currencies other than Dollars shall be translated into Dollars at the Exchange Rate then in effect
on the date of such determination; provided, however, that (xi)
for purposes of determining compliance with Section 6 with respect to the amount of any Indebtedness, Investment, disposition,
dividend or payment in a currency other than Dollars, no Default or Event of Default shall be deemed to have occurred solely as
a result of changes in rates of exchange occurring after the time such Indebtedness or Investment is incurred or disposition dividend
or payment is made, (yii)
for purposes of determining compliance with any Dollar-denominated restriction on the incurrence of Indebtedness, if such Indebtedness
is incurred to Refinance other Indebtedness denominated in a foreign currency, and such Refinancing would cause the applicable
Dollar-denominated restriction to be exceeded if calculated at the relevant currency Exchange Rate in effect on the date of such
Refinancing, such Dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of the
Indebtedness that is incurred to Refinance such Indebtedness does not exceed the principal amount (or accreted amount) of such
Indebtedness being Refinanced, except by an amount equal to the accrued interest, dividends and premium (including tender premiums),
if any, thereon plus defeasance costs, underwriting discounts and other amounts paid and fees and expenses (including OID, closing
payments, upfront fees and similar fees) incurred in connection with such Refinancing plus an amount equal to any existing commitment
unutilized and letters of credit undrawn thereunder and (ziii)
for the avoidance of doubt, the foregoing provisions of this Section 1.03(b) shall otherwise apply to such Sections, including
with respect to determining whether any Indebtedness or Investment may be incurred or disposition, dividend or payment may be made
at any time under such Sections. Each provision of this Agreement shall be subject to such reasonable changes of construction as
the Administrative Agent may from time to time specify with the Canadian Borrower’s consent (such consent not to be unreasonably
withheld) to appropriately reflect a change in currency of any country and any relevant market conventions or practices relating
to such change in currency.

 

Section
1.04Effectuation of Transactions. Each of the representations and warranties of Holdings
and the Borrowers contained in this Agreement (and all corresponding definitions) are made after giving effect
to the Transactions and the other events described in the recitals to this Agreement, unless the context otherwise requires.

 

Section
1.05[Reserved]Divisions.
For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable
event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the
asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original
Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized
and acquired on the first date of its existence by the holders of its Equity Interests at such time. 

 

Section
1.06Limited Condition Transactions.

 

SECTION
1.06Limited Condition Acquisitions. 

 

(a) In
connection with any action being taken in connection with a Limited Condition Acquisition, for purposes of determining compliance
with any provision of this Agreement that requires that no Default, Event of Default or specified Event of Default, as applicable,
has occurred, is continuing or would result from any such action, as applicable, such condition shall, at the option of the Canadian
Borrower, be deemed satisfied, so long as no Default, Event of Default or specified Event of Default, as applicable, exists on
the date on which the definitive acquisition agreements for such Limited Condition Acquisition is entered. For the avoidance of
doubt, if the Canadian Borrower has exercised its option under the first sentence of this clause (a), and any Default, Event of
Default or specified Event of Default occurs following the date on which the definitive acquisition agreements for the applicable
Limited Condition Acquisition were entered into and prior to or on the date of the consummation of such Limited Condition Acquisition,
any such Default, Event of Default or specified Event of Default shall be deemed to not have occurred or be continuing for purposes
of determining whether any action being taken in connection with such Limited Condition Acquisition is permitted hereunder.

 

(b) In
connection with any action being taken in connection with a Limited Condition Acquisition, for purposes of:

 

(i) determining
compliance with any provision of this Agreement which requires the calculation of the First Lien Leverage Ratio, the Senior Secured
Leverage Ratio or the Total Leverage Ratio; or

 

    80

     

    

 

(ii) testing
baskets set forth in this Agreement (including baskets measured as a percentage of Total Assets or Consolidated EBITDA);

 

in each case, at the
option of the Canadian Borrower (the Canadian Borrower’s election to exercise such option in connection with any Limited
Condition Acquisition, an “LCA Election”), the date of determination of whether
any such action is permitted hereunder shall be deemed to be the date on which the definitive acquisition agreements for such Limited
Condition Acquisition are entered into (the “LCA Test Date”), and if, after
giving pro forma effect to the Limited Condition Acquisition and the other transactions to be entered into in connection therewith
(including any incurrence of Indebtedness

 

When
calculating the availability under any basket or ratio under this Agreement or compliance with any provision of this Agreement
in connection with any Limited Condition Transaction and any actions or transactions related thereto (including acquisitions, Permitted
Investments, the incurrence or issuance of Indebtedness, Disqualified Capital Stock or preferred stock and the use of
proceeds thereof) as if they had occurred at the beginning of the Test Period most recently ended
on or prior to the applicable LCA Test Date, the Canadian Borrower could have taken such action on the relevant LCA Test Date in
compliance with such ratio or basket, such ratio or basket shall be deemed to have been complied with. For the avoidance of doubt,
if the Canadian Borrower has made an LCA Election and any of the ratios or baskets for which compliance was determined or tested
as of the LCA Test Date are exceeded as a result of fluctuations in any such ratio or basket, including due to fluctuations in
Consolidated EBITDA or Total Assets of Holdings, the
incurrence of Liens, repayments, Restricted Payments and Asset Sales), in each case, at the option of the Canadian Borrower (the
Canadian Borrower’s election to exercise such option, an “LCT Election”), the date of determination for availability
under any such basket or ratio and whether any such action or transaction is permitted (or any requirement or condition therefor
is complied with or satisfied (including as to the absence of any continuing Default or Event of Default)) under this Agreement
shall be deemed to be the date (the “LCT Test Date”) either (a) the definitive agreements for such Limited Condition
Transaction are entered into (or, if applicable, the date of delivery of an irrevocable notice, declaration of a Restricted Payment
or similar event), or (b) solely in connection with an acquisition to which the United Kingdom City Code on Takeovers and Mergers
applies, the date on which a “Rule 2.7 announcement” of a firm intention to make an offer is published on a regulatory
information service in respect of a target of a Limited Condition Transaction and, in each case, if, after giving pro forma effect
to the Limited Condition Transaction and any actions or transactions related thereto (including acquisitions, Permitted Investments,
the incurrence or issuance of Indebtedness, Disqualified Capital Stock or preferred stock and
the use of proceeds thereof, the incurrence of Liens, repayments,
Restricted Payments and Asset Sales) and any related pro forma adjustments, the Canadian Borrower or any of its Restricted Subsidiaries
would have been permitted to take such actions or consummate such transactions on the relevant LCT Test Date in compliance with
such ratio, test or basket (and any related requirements and conditions), such ratio, test or basket (and any related requirements
and conditions) shall be deemed to have been complied with (or satisfied) for all purposes (in the case of Indebtedness, for example,
whether such Indebtedness is committed, issued or incurred at the LCT Test Date or at any time thereafter); provided that (a) if
financial statements for one or more subsequent fiscal quarters shall have become available, the Canadian Borrower may elect, in
its sole discretion, to redetermine all such ratios, tests or baskets on the basis of such financial statements, in which case,
such date of redetermination shall thereafter be deemed to be the applicable LCT Test Date for purposes of such ratios, tests or
baskets and (b) except as contemplated in the foregoing clause (a), compliance with such ratios, tests or baskets (and any related
requirements and conditions) shall not be determined or tested at any time after the applicable LCT Test Date for such Limited
Condition Transaction and any actions or transactions related thereto (including acquisitions, Permitted Investments, the incurrence
or issuance of Indebtedness, Disqualified Capital Stock or preferred stock and the use of proceeds thereof, the incurrence of Liens,
repayments, Restricted Payments and Asset Sale Events).

 

    81

     

    

 

For
the avoidance of doubt, if the Canadian Borrower has made an LCT Election, (1) if any of the ratios, tests or baskets for which
compliance was determined or tested as of the LCT Test Date would at any time after the LCT Test Date have been exceeded or otherwise
failed to have been complied with as a result of fluctuations in any such ratio, test or basket, including due to fluctuations
in Consolidated EBITDA or Total Assets of the Canadian Borrower or the Person subject to such Limited Condition Acquisition,
on or prior to the date of consummation of the relevant transaction or actionTransaction,
such baskets, tests or ratios will not be deemed to have
been exceeded or failed to have been complied with as a result
of such fluctuations. If the Canadian Borrower has made an LCA Election for any Limited Condition
Acquisition, then in connection with any subsequent calculation of any ratio or test with respect to the incurrence of Indebtedness
or Liens, or the making of Investments, dispositions, mergers, dispositions of all or substantially all of the assets of Holdings
or any Restricted Subsidiary or the designation of an Unrestricted Subsidiary on or following the relevant LCA;
(2) if any related requirements and conditions (including as to the absence of any continuing Default or Event of Default) for
which compliance or satisfaction was determined or tested as of the LCT Test Date would at any time after the LCT Test Date not
have been complied with or satisfied (including due to the occurrence or continuation of an Default or Event of Default), such
requirements and conditions will not be deemed to have been failed to be complied with or satisfied (and such Default or Event
of Default shall be deemed not to have occurred or be continuing); and (3) in calculating the availability under any ratio, test
or basket in connection with any action or transaction unrelated to such Limited Condition Transaction following the relevant LCT
Test Date and prior to the earlier of the date on which such Limited Condition AcquisitionTransaction
is consummated or the date that the definitive agreement
or date for redemption, purchase or repayment specified in an irrevocable
notice for such Limited Condition AcquisitionTransaction
is terminated or,
expires or passes, as applicable, without consummation of
such Limited Condition Acquisition, any such ratio or test shall be calculated on a pro forma
basis assuming such Limited Condition Acquisition and other transactions in connection therewith (including any incurrence of Indebtedness
and the use of proceeds thereof) have been consummated; provided
that solely for purposes of testing any basket pursuant to Section 6.06, the Applicable Amount, Consolidated EBITDA and
Total Assets shall not be deemed to be increased on a pro forma basis assuming such Limited Condition Acquisition had been consummated
prior to the date such Limited Condition Acquisition is actually consummated Transaction,
any such ratio, test or basket shall be determined or tested giving pro forma effect to such Limited Condition Transaction.

 

Section
1.07Pro Forma and Other Calculations.

 

(a) Notwithstanding
anything to the contrary herein, financial ratios and tests (including measurements of Total Assets or Consolidated EBITDA), including
the First Lien Leverage Ratio, Senior Secured Leverage Ratio and Total Leverage Ratio shall be calculated in the manner prescribed
by this Section 1.07; provided that, notwithstanding anything to the contrary in clauses (b), (c), (d) or (e) of this Section
1.07, when calculating the First Lien Leverage Ratio and Total Leverage Ratio, as applicable, for purposes of (i) the definitiondefinitions
of “Applicable Margin” and “Commitment Fee Rate,”
and (ii) Section 2.12(c) and Section 2.12(d), the events described in this Section 1.07 that occurred subsequent to the end of
the applicable Test Period shall not be given pro forma effect; provided, however, that for purposes of any determination
under the proviso to Section 2.12(d), the First Lien Leverage Ratio shall be determined after giving pro forma effect to any voluntary
prepayments of Term Loans made pursuant to Section 2.12 after the end of Holdingsthe
Canadian Borrower’ most recently ended full fiscal year and prior to the date of the applicable payment to be
made pursuant to such Section 2.12(d) assuming such prepayments had been made on the last day of such fiscal year. In addition,
whenever a financial ratio or test is to be calculated on a pro forma basis or requires pro forma compliance, the reference to
“Test Period” for purposes of calculating such financial ratio or test shall be deemed to be a reference to, and shall
be based on, the most recently ended Test Period for which Section 5.04 Financials have been delivered.

 

(b) For
purposes of calculating any financial ratio or test (including Total Assets or Consolidated EBITDA), Specified Transactions (with
any incurrence or Refinancing of any Indebtedness in connection therewith to be subject to clause (d) of this Section 1.07) that
have been made (i) during the applicable Test Period or (ii) subsequent to such Test Period and prior to or simultaneously with
the event for which the calculation of any such ratio is made shall be calculated on a pro forma basis assuming that all such Specified
Transactions (and any increase or decrease in Consolidated EBITDA and the component financial definitions used therein attributable
to any Specified Transaction) had occurred on the first day of the applicable Test Period (or, in the case of Total Assets or “unrestricted”
cash and Cash Equivalents, on the last day of the applicable Test Period). If, since the beginning of any applicable Test Period,
any Person that subsequently became a Restricted Subsidiary or was merged, amalgamated or consolidated with or into Holdingsthe
Canadian Borrower or any Restricted Subsidiary since the beginning of such Test Period shall have made any Specified
Transaction that would have required adjustment pursuant to this Section 1.07, then such financial ratio or test (including Total
Assets and Consolidated EBITDA) shall be calculated to give pro forma effect thereto in accordance with this Section 1.07.

 

    82

     

    

 

(c) Whenever
pro forma effect or a determination of pro forma compliance is to be given to a Specified Transaction, the pro forma calculations
shall be made in good faith by a Responsible Officer of the Canadian Borrower and may include, for the avoidance of doubt, the
amount of “run rate” cost savings, operating expense reductions and cost synergies and other synergies projected by
the Canadian Borrower in good faith to result from or relating to any Specified Transaction (including the Transactions) that is
being given pro forma effect or for which a determination of pro forma compliance is being made that have been realized or are
expected to be realized and for which the actions necessary to realize such cost savings, operating expense reductions, cost synergies
or other synergies have been taken, have been committed to be taken, with respect to which substantial steps have been taken or
which are expected to be taken (in the good faith determination of the Canadian Borrower) (calculated on a pro forma basis as though
such cost savings, operating expense reductions, cost synergies and other synergies had been realized on the first day of such
period and as if such cost savings, operating expense reductions, cost synergies and other synergies were realized during the entirety
of such period and “run rate” means the full recurring benefit for a period that is associated with any action taken,
any action committed to be taken, any action with respect to which substantial steps have been taken or any action that is expected
to be taken net of the amount of actual benefits realized during such period from such actions, and any such adjustments shall
be included in the initial pro forma calculations of such financial ratios or tests and during any subsequent Test Period in which
the effects thereof are expected to be realized) relating to such Specified Transaction, and any such adjustments included in the
initial pro forma calculations shall continue to apply to subsequent calculations of such financial ratios or tests, including
during any subsequent test periods in which the effects thereof are expected to be realizable; provided that (Ai)
such amounts are reasonably identifiable in the good faith judgment of the Canadian Borrower, (Bii)
such actions are taken, such actions are committed to be taken, substantial steps with respect to such action have been taken or
such actions are expected to be taken no later than six fiscal quarters after the date of consummation of such Specified Transaction
and (Ciii)
no amounts shall be added to the extent duplicative of any amounts that are otherwise added back in computing Consolidated EBITDA
(or any other components thereof), whether through a pro forma adjustment or otherwise, with respect to such period; provided,
further, that the aggregate amount of all such pro forma adjustments pursuant to this clause (c),
clause (f) below or clause (l) of the definition of “Consolidated EBITDA” in any Test Period shall not exceed
20% of Consolidated EBITDA for such Test Period (in each case, calculated before giving effect to any such adjustment).

 

(d) In
the event that Holdingsthe
Canadian Borrower or any Restricted Subsidiary incurs (including by assumption or guarantee) or Refinances (including
by redemption, repurchase, repayment, retirement or extinguishment) any Indebtedness, in each case included in the calculations
of any financial ratio or test, (i) during the applicable Test Period or (ii) subsequent to the end of the applicable Test Period
and prior to or simultaneously with the event for which the calculation of any such ratio is made, then such financial ratio or
test shall be calculated giving pro forma effect to such incurrence or Refinancing of Indebtedness (including pro forma effect
to the application of the net proceeds therefrom), in each case to the extent required, as if the same had occurred on the last
day of the applicable Test Period; provided that, with respect to any incurrence of Indebtedness permitted by the provisions
of this Agreement in reliance on the pro forma calculation of the First Lien Leverage Ratio, the Senior Secured Leverage Ratio
and/or the Total Leverage Ratio, as applicable, shall not give pro forma effect to any Indebtedness being incurred (or expected
to be incurred) substantially simultaneously or contemporaneously with the incurrence of any such Indebtedness in reliance on any
“basket” set forth in this Agreement (including any “baskets” measured as a percentage of Total Assets
or Consolidated EBITDA) including any Credit Event under the Revolving R-2 Facility or, except
to the extent expressly required to be calculated otherwise in Section 2.21, any Replacement Revolving Credit3
Facility.

 

(e) Whenever
pro forma effect is to be given to a pro forma event, the pro forma calculations shall be made in good faith by a Responsible Officer
of the Canadian Borrower. Interest on a Finance Lease Obligation shall be deemed to accrue at an interest rate reasonably determined
by a Responsible Officer of the Canadian Borrower to be the rate of interest implicit in such Finance Lease Obligation in accordance
with GAAP. Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar
rate, a eurocurrency interbank offered rate, or other rate, shall be determined to have been based upon the rate actually chosen,
or if none, then based upon such optional rate chosen as the Canadian Borrower or applicable Restricted Subsidiary may designate.
For purposes of making the computations referred to above, interest on any Indebtedness under a revolving credit facility computed
on a pro forma basis shall be computed based upon the average daily balance of such Indebtedness during the applicable period or,
if lower, the maximum commitments under such revolving credit facility, except as set forth in Section 1.07(d).

 

(f) Any
such pro forma calculation may include, without limitation, adjustments calculated in accordance with Regulation S-X under the
Securities Act; provided that the aggregate amount of all such pro forma adjustments pursuant to this clause (f), clause
(c) above or clause (l) of the definition of “Consolidated EBITDA” in any Test Period shall not exceed 20% of Consolidated
EBITDA for such Test Period (in each case, calculated before giving effect to any such adjustment).

 

    83

     

    

 

(g) The
Canadian Borrower may elect to treat all or any portion of a revolving commitment under any credit facility as incurred and outstanding
Indebtedness for borrowed money at the time of such election and for so long as such revolving commitments remain outstanding,
regardless of whether fully drawn at the time of such election. As a result of any such election, any subsequent incurrence of
Indebtedness under such revolving commitment shall not be deemed an incurrence of additional Indebtedness or an additional Lien
at such subsequent time. As of the Measurement Date, the First Lien Leverage Ratio, the Senior Secured Leverage Ratio and the Total
Leverage Ratio will be calculated using a Canadian Dollar Equivalent for Consolidated First Lien Secured Debt, Consolidated Total
Secured Debt, and Consolidated Total Debt, as applicable. If the Canadian Borrower changes its functional currency to U.S. dollars,
the First Lien Leverage Ratio, the Senior Secured Leverage Ratio and the Total Leverage Ratio will be calculated using a U.S. dollar
equivalent for Consolidated First Lien Secured Debt, Consolidated Total Secured Debt, and Consolidated Total Debt, as applicable.

 

Section
1.08Interest Rates; LIBOR Notification.
The interest rate on a Loan denominated in Dollars or Canadian Dollars may be derived from an interest rate benchmark that is,
or may in the future become, the subject of regulatory reform. Regulators have signaled the need to use alternative benchmark reference
rates for some of these interest rate benchmarks and, as a result, such interest rate benchmarks may cease to comply with applicable
laws and regulations, may be permanently discontinued, and/or the basis on which they are calculated may change. The London interbank
offered rate is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in
the London interbank market. In July 2017, the U.K. Financial Conduct Authority announced that, after the end of 2021, it would
no longer persuade or compel contributing banks to make rate submissions to the ICE Benchmark Administration (together with any
successor to the ICE Benchmark Administrator, the “IBA”) for purposes of the IBA setting the London interbank offered
rate. As a result, it is possible that commencing in 2022, the London interbank offered rate may no longer be available or may
no longer be deemed an appropriate reference rate upon which to determine the interest rate on Eurodollar Loans. In light of this
eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates
to be used in place of the London interbank offered rate. Upon the occurrence of a Benchmark Transition Event or an Early Opt-In
Election, Section 2.15(b) provides a mechanism for determining an alternative rate of interest. The Administrative Agent will promptly
notify the Canadian Borrower, pursuant to Section 2.15(d), of any change to the reference rate upon which the interest rate on
Eurodollar Loans is based. However, the Administrative Agent does not warrant or accept any responsibility for, and shall not have
any liability with respect to, the administration, submission or any other matter related to the London interbank offered rate
or other rates in the definition of LIBO Rate or with respect to any alternative or successor rate thereto, or replacement rate
thereof (including, without limitation, (i) any such alternative, successor or replacement rate implemented pursuant to Section
2.15(b), whether upon the occurrence of a Benchmark Transition Event or an Early Opt-in Election, and (ii) the implementation of
any Benchmark Replacement Conforming Changes pursuant to Section 2.15(c)), including without limitation, whether the composition
or characteristics of any such alternative, successor or replacement reference rate will be similar to, or produce the same value
or economic equivalence of, the LIBO Rate or have the same volume or liquidity as did the London interbank offered rate prior to
its discontinuance or unavailability. 

 

ARTICLE
II

 

THE CREDITS

 

Section
2.01Commitments. Subject to the terms and conditions set forth herein, each Lender agrees:

 

(a) (x)
to make Term B-45
Loans to the Canadian Borrower in Dollars in an amount not to exceed its Term B-4 Loan Commitment,
and (y) to the conversion of each Converted Term Loan of such Lender into a Term B-4 Loan of such Lender as of the Amendment No.
4 Effective Date in a principal amount equal to the principal amount of such Lender’s Converted Term Loan immediately prior
to such conversion5 Loan Commitment; provided
that (i) all such Term B-45
Loans incurred pursuant to clause (x) shall be incurred by the Canadian Borrower
pursuant to one drawing on the Amendment No. 46
Effective Date, and
(ii) any Term B-45
Loan that is repaid may not be reborrowed and (iii) each Term B-4 Loan converted pursuant to clause
(y) on the Amendment No. 4 Effective Date shall initially be a Eurodollar Loan with an Interest Period equal to the remaining Interest
Period on the applicable Converted Term Loan immediately prior to the effectiveness of Amendment No. 4; and

 

    84

     

    

 

(b) severally,
and not jointly, to make Revolving R-23
Facility Loans to the Canadian Borrower from time to time during the Revolving Availability Period in an aggregate principal amount
that will not result in (A) such Lender’s Revolving R-23
Facility Credit Exposure exceeding such Lender’s Revolving R-23
Facility Commitment or (B) the Revolving R-23
Facility Credit Exposure exceeding the total Revolving R-23
Facility Commitments, such Revolving R-23
Facility Loans to be made in Canadian Dollars or Dollars, at the election of the Canadian Borrower, within the foregoing limits
and subject to the terms and conditions set forth herein, the Canadian Borrower may borrow, prepay and reborrow Revolving R-23
Facility Loans.

 

Section
2.02Notice to Lenders; Funding of Loans.

 

(a) Each
Loan shall be made as part of a Borrowing consisting of Loans under the same Facility and of the same Type made by the Lenders
ratably in accordance with their respective Commitments under the applicable Facility; provided, however, that Revolving
R-23 Facility
Loans shall be made by the Revolving R-23
Facility Lenders ratably in accordance with their respective Revolving R-23
Facility Percentages on the date such Loans are made hereunder. The failure of any Lender to make any Loan required to be made
by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are
several and no Lender shall be responsible for any other Lender’s failure to make Loans as required.

 

(b) Subject
to Section 2.15, (i) each Borrowing denominated in Dollars shall be comprised entirely of ABR Loans or Eurodollar Loans as the
Canadian Borrower may request in accordance herewith and (ii) each Borrowing denominated in Canadian Dollars shall be comprised
entirely of BA Loans or Canadian Prime Rate Loans. Each Swingline Borrowing shall be an ABR Borrowing. Each Lender at its option
may make any ABR Loan, Eurodollar Loan or BA Loan by causing any domestic or foreign branch or Affiliate of such Lender to make
such Loan; provided that any exercise of such option shall not affect the obligation of the Canadian Borrower to repay such
Loan in accordance with the terms of this Agreement and such Lender shall not be entitled to any amounts payable under Section
2.16 or 2.18 solely in respect of increased costs resulting from such exercise and existing at the time of such exercise.

 

(c) At
the commencement of each Interest Period for any Eurodollar Revolving Borrowing, such Borrowing shall be in an aggregate amount
that is an integral multiple of the Borrowing Multiple and not less than the Borrowing Minimum. At the time that each ABR Revolving
Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of the Borrowing Multiple and not
less than the Borrowing Minimum; provided that an ABR Revolving Borrowing may be in an aggregate amount that is equal to
the entire unused balance of the Revolving R-23
Facility Commitments or that is required to finance the reimbursement of a L/C Disbursement as contemplated by Section 2.05(e).
Each Swingline Borrowing shall be in an amount that is an integral multiple of the Borrowing Multiple and not less than the Borrowing
Minimum. Borrowings of more than one Type and under more than one Facility may be outstanding at the same time; provided
that there shall not at any time be more than a total of (i) 10 Eurodollar Borrowings outstanding under the Term B-45
Loan Facility, (ii) 10 Eurodollar Borrowings outstanding under the Revolving R-23
Facility and (iii) 10 BA Contract Periods with respect to BA Borrowings; provided,
that the number of Eurodollar Borrowings and/or BA Contract Periods may be increased or adjusted by agreement between the Canadian
Borrower and the Administrative Agent in connection with any Incremental Facility or Extended Loans/Commitments.

 

(d) Notwithstanding
any other provision of this Agreement, no Borrower shall be entitled to request, or to elect to convert or continue, any Borrowing
if the Interest Period requested with respect thereto would end after the Revolving R-23
Facility Maturity Date or Term B-45
Loan Maturity Date, as applicable.

 

Section
2.03Requests for Borrowings.

 

(a) Borrowings
Other Than Swingline Loans, Etc.. Except in the case of Swingline
Loans and L/C Borrowings, the Canadian Borrower shall give the Administrative Agent a Borrowing Request not later than (x) with
respect to a BA or Eurodollar Borrowing, 1:00 P.M. the third Business Day before the date of the proposed Borrowing (unless the
Canadian Borrower wishes to request an Interest Period for such Borrowing other than one, two, three or six months in duration
as provided in the definition of “Interest Period,” in which case the Canadian Borrower shall give such notice
on the fourth Business Day before each such Eurodollar Borrowing) and (y) with respect to a Canadian Prime Rate or ABR Borrowing,
not later than 11:00 A.M., on the date of the proposed borrowing, specifying:

 

(i) whether
the requested Borrowing is to be a Revolving R-23
Facility Borrowing, Term B-45
Loan Borrowing or Incremental Term Loan;

 

    85

     

    

 

(ii) the
aggregate amount of the requested Borrowing (expressed in Dollars or Canadian Dollars, as applicable);

 

(iii) the
date of such Borrowing, which shall be a Business Day;

 

(iv) in
the case of a Borrowing denominated in Dollars, whether such Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing;

 

(v) in
the case of a Eurodollar Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated
by clause (a) of the definition of the term “Interest Period”;

 

(vi) in
the case of a Revolving R-23
Facility Borrowing in Canadian Dollars, whether such Borrowing is to be a BA Borrowing or Canadian Prime Rate Borrowing;

 

(vii) in
the case of a BA Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated by the definition
of the term “BA Contract Period”; and

 

(viii) the
location and number of the Canadian Borrower’s account (or such other account as the Canadian Borrower may specify) to which
funds are to be disbursed.

 

If no election as to the Type of Borrowing
is specified, then the requested Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested
Eurodollar Borrowing or BA Borrowing, then the Canadian Borrower shall be deemed to have selected an Interest Period of one month’s
duration. Promptly following receipt of a Borrowing Request in accordance with this Section 2.03, the Administrative Agent shall
advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing.

 

(b) Swingline
Borrowings. The Canadian Borrower shall request a Swingline Loan by written notice (or telephone notice promptly confirmed
in writing) substantially in the form of Exhibit C hereto (a “Swingline Borrowing Request”) to the Swingline
Lender and the Administrative Agent not later than 2:30 P.M. (New York time) on the Business Day of the requested Swingline Loan.
Each such notice shall be irrevocable and shall specify (i) that a Swingline Loan is requested, (ii) the date of the requested
Swingline Loan (which shall be a Business Day) and (iii) the principal amount and currency of the Swingline Loan requested. Each
Swingline Loan in Dollars shall be made as an ABR Loan, each Swingline Loan in Canadian Dollars shall be made as a Canadian Prime
Rate Loan and, subject to Section 2.04(b), each Swingline Loan shall have such maturity date as agreed to by the Swingline Lender
and the Canadian Borrower upon receipt by the Swingline Lender of the Swingline Borrowing Request from the Canadian Borrower.

 

(c) L/C
Borrowings. Each L/C Borrowing shall be made as specified in Section 2.05(e)(iv) without the necessity of a Borrowing Request.

 

Section
2.04Swingline Loans.

 

(a) The
Swingline Lender agrees, on the terms and subject to the conditions set forth herein and in the other Loan Documents and, subject
to Section 2.23(a)(vi), to make a portion of the Revolving R-23
Facility Commitments available to the Canadian Borrower from time to time during the Availability Period by making loans in Dollars
or Canadian Dollars, as applicable, to the Canadian Borrower (each such loan, a “Swingline Loan” and, collectively,
the “Swingline Loans”); provided that (Ai)
the aggregate principal amount of the Swingline Loans outstanding at any one time shall not exceed the Swingline Commitment, (Bii)
with regard to each Lender individually (other than the Swingline Lender in its capacity as such), such Lender’s outstanding
Revolving R-23
Facility Loans plus its Participation Interests in outstanding Swingline Loans plus its Participation Interests in outstanding
L/C Obligations shall not at any time exceed such Lender’s Revolving R-23
Commitment Percentage of the Revolving R-23
Committed Amount, (Ciii)
with regard to the Revolving R-23
Facility Lenders collectively, the sum of the aggregate principal amount of Swingline Loans outstanding plus the aggregate amount
of Revolving R-23
Facility Loans outstanding plus the aggregate amount of L/C Obligations outstanding shall not exceed the Revolving R-23
Committed Amount and (Div)
the Swingline Commitment shall not exceed the aggregate of the Revolving R-23
Facility Commitments then in effect. Swingline Loans denominated in Dollars shall be made and maintained as ABR Loans, and Swingline
Loans denominated in Canadian Dollars shall be made and maintained as Canadian Prime Rate Loans. Swingline Loans may be repaid
and reborrowed in accordance with the provisions hereof prior to the Swingline Termination Date. Swingline Loans may be made notwithstanding
the fact that such Swingline Loans, when aggregated with the Swingline Lender’s other Revolving R-23
Facility Credit Exposure, exceeds its Revolving R-23
Facility Commitment. The proceeds of a Swingline Borrowing may not be used, in whole or in part, to refund any prior Swingline
Borrowing.

 

    86

     

    

 

(b) The
principal amount of all Swingline Loans shall be due and payable on the earliest of (Ai)
the maturity date agreed to by the Swingline Lender and the Canadian Borrower with respect to such Swingline Loan (which maturity
date shall not be more than seven Business Days from the date of advance thereof), (Bii)
at the request of the Swingline Lender, the last day of the current calendar quarter, (Ciii)
the Swingline Termination Date, (Div)
the occurrence of any proceeding with respect to the Canadian Borrower under any Debtor Relief Law or (Ev)
the acceleration of any Loan or the termination of the Revolving R-23
Facility Commitments pursuant to Section 7.01.

 

(c) With
respect to any Swingline Loans that have not been voluntarily prepaid by the Canadian Borrower or paid by the Canadian Borrower
when due under Section 2.04(b) above, the Swingline Lender (by request to the Administrative Agent) or the Administrative Agent
at any time may, and shall at any time Swingline Loans in an amount of $1.0 million1,000,000
shall have been outstanding for more than seven days, on one Business Day’s notice, require each Revolving R-23
Facility Lender, including the Swingline Lender, and each such Lender hereby agrees, subject to the provisions of this Section
2.04, to make a Revolving R-23
Facility Loan (which shall be initially funded as a ABR Loan) in an amount equal to such Lender’s Revolving R-23
Commitment Percentage of the amount of the Swingline Loans (the “Refunded Swingline Loans”) outstanding on the
date notice is given.

 

(d) In
the case of Revolving R-23
Facility Loans made by Lenders other than the Swingline Lender under Section 2.04(c), each such Revolving R-23
Facility Lender shall make the amount of its Revolving R-23
Facility Loan available to the Administrative Agent, in same day funds, at the Administrative Agent’s Office, not later than
1:00 P.M. on the Business Day next succeeding the date such notice is given. The proceeds of such Revolving R-23
Facility Loans shall be immediately delivered to the Swingline Lender (and not to the Canadian Borrower) and applied to repay the
Refunded Swingline Loans. On the day such Revolving R-23
Facility Loans are made, the Swingline Lender’s Revolving R-23
Commitment Percentage of the Refunded Swingline Loans shall be deemed to be paid with the proceeds of a Revolving R-23
Facility Loan made by the Swingline Lender and such portion of the Swingline Loans deemed to be so paid shall no longer be outstanding
as Swingline Loans and shall instead be outstanding as Revolving R-23
Facility Loans. The Canadian Borrower authorizes the Administrative Agent and the Swingline Lender to charge the Canadian Borrower’s
account with the Administrative Agent (up to the amount available in such account) in order to pay immediately to the Swingline
Lender the amount of such Refunded Swingline Loans to the extent amounts received from the Revolving R-23
Facility Lenders, including amounts deemed to be received from the Swingline Lender, are not sufficient to repay in full such Refunded
Swingline Loans. If any portion of any such amount paid (or deemed to be paid) to the Swingline Lender should be recovered by or
on behalf of the Canadian Borrower from the Swingline Lender in bankruptcy, by assignment for the benefit of creditors or otherwise,
the loss of the amount so recovered shall be ratably shared among all Revolving R-23
Facility Lenders in the manner contemplated by Section 2.19.

 

(e) A
copy of each notice given by the Swingline Lender pursuant to this Section 2.04 shall be promptly delivered by the Swingline Lender
to the Administrative Agent and the Canadian Borrower. Upon the making of a Revolving R-23
Facility Loan by a Revolving R-23
Facility Lender pursuant to this Section 2.04, the amount so funded shall no longer be owed in respect of its Participation Interest
in the related Refunded Swingline Loans.

 

    87

     

    

 

(f) If
as a result of any proceeding under any Debtor Relief Law, Revolving R-23
Facility Loans are not made pursuant to this Section 2.04 sufficient to repay any amounts owed to the Swingline Lender as a result
of a nonpayment of outstanding Swingline Loans, each Revolving R-23
Facility Lender agrees to purchase, and shall be deemed to have purchased, a participation in such outstanding Swingline Loans
in an amount equal to its Revolving R-23
Commitment Percentage of the unpaid amount together with accrued interest thereon. Upon one Business Day’s notice from the
Swingline Lender, each Revolving R-23
Facility Lender shall deliver to the Swingline Lender an amount equal to its respective Participation Interest in such Swingline
Loans in same day funds at the office of the Swingline Lender specified or referred to in Schedule 9.01. In order to evidence
such Participation Interest each Revolving R-23
Facility Lender agrees to enter into a participation agreement at the request of the Swingline Lender in form and substance reasonably
satisfactory to all parties. In the event any Revolving R-23
Facility Lender fails to make available to the Swingline Lender the amount of such Revolving R-23
Facility Lender’s Participation Interest as provided in this Section 2.04(f), the Swingline Lender shall be entitled to recover
such amount on demand from such Revolving R-23
Facility Lender together with interest at the customary rate set by the Swingline Lender for correction of errors among banks in
New York City for one Business Day and thereafter at the Alternate Base Rate plus the then Applicable Margin for ABR Loans.

 

(g) Each
Revolving R-23
Facility Lender’s obligation to make Revolving R-23
Facility Loans pursuant to Section 2.04(d) and to purchase Participation Interests in outstanding Swingline Loans pursuant to Section
2.04(f) above shall be absolute and unconditional and shall not be affected by any circumstance, including (without limitation)
(i) any set-off, counterclaim, recoupment, defense or other right which such Revolving R-23
Facility Lender or any other Person may have against the Swingline Lender, the Canadian Borrower,
Holdings or any other Loan Party, (ii) the occurrence or continuance of a Default or an Event of Default or the
termination or reduction in the amount of the Revolving R-23
Facility Commitments after any such Swingline Loans were made, (iii) any adverse change in the condition (financial or otherwise)
of the Canadian Borrower or any other Person, (iv) any breach of this Agreement or any other Loan Document by the Canadian Borrower
or any other Lender, (v) whether any condition specified in Article IV is then satisfied or (vi) any other circumstance, happening
or event whatsoever, whether or not similar to any of the forgoing. If such Lender does not pay such amount forthwith upon the
Swingline Lender’s demand therefor, and until such time as such Lender makes the required payment, the Swingline Lender shall
be deemed to continue to have outstanding Swingline Loans in the amount of such unpaid Participation Interest for all purposes
of the Loan Documents other than those provisions requiring the other Lenders to purchase a participation therein. Further, such
Lender shall be deemed to have assigned any and all payments made of principal and interest on its Loans, and any other amounts
due to it hereunder to the Swingline Lender to fund Swingline Loans in the amount of the Participation Interest in Swingline Loans
that such Lender failed to purchase pursuant to this Section 2.04(g) until such amount has been purchased (as a result of such
assignment or otherwise).

 

Section
2.05Letters of Credit.

 

(a) Issuance
of Letters of Credit. Subject to the terms and conditions set forth herein, (i) each L/C Issuer agrees, in reliance upon the
agreements of the other Revolving R-23
Facility Lenders set forth in this Section 2.05, (A) from time to time on any Business Day during the period from the Amendment
No. 2 Effective Date until the Letter of Credit Expiration Date, to issue Dollar Letters of Credit and Canadian Letters of Credit
for the account, and upon the request, of the Canadian Borrower or one or more of its Restricted Subsidiaries and in support of
(x) trade obligations of the Canadian Borrower and/or its Restricted Subsidiaries, which shall be payable at sight in Dollars or
Canadian Dollars, as applicable (each such letter of credit, a “Trade Letter of Credit” and collectively, the
“Trade Letters of Credit”) and (y) such other obligations of the Canadian Borrower incurred for its general
corporate purposes (each such letter of credit, a “Standby Letter of Credit” and collectively, the “Standby
Letters of Credit”), and to amend or extend Letters of Credit previously issued by it, in accordance with subsection
(c) below, and (B) to honor drawings under its Letters of Credit, and (ii) each Revolving R-23
Facility Lender severally agrees to participate in Letters of Credit issued for the account of the Canadian Borrower or its Restricted
Subsidiaries and any drawing thereunder in accordance with the provisions of subsection (e) below; provided that, immediately
after each Letter of Credit is issued, (i) the aggregate amount of the L/C Obligations shall not exceed the L/C Sublimit, (ii)
the Revolving R-23
Facility Credit Exposure shall not exceed the Revolving R-23
Committed Amount and (iii) with respect to each individual Revolving R-23
Facility Lender, the aggregate outstanding principal amount of such Revolving R-23
Facility Lender’s Revolving R-23
Facility Loans plus its Participation Interests in outstanding L/C Obligations plus its (other than the Swingline Lender’s)
Participation Interests in outstanding Swingline Loans shall not exceed such Revolving R-23
Facility Lender’s Revolving R-23
Facility Percentage of the Revolving R-23
Facility Commitments. Each request by the Canadian Borrower or a Restricted Subsidiary for the issuance or amendment of a Letter
of Credit shall be deemed to be a representation by the Canadian Borrower and such Restricted Subsidiary that the issuance or amendment
of such Letter of Credit complies with the conditions set forth in clauses (i) and (ii) of the proviso to the preceding sentence.
Within the foregoing limits, and subject to the terms and conditions hereof, the Canadian Borrower’s ability to obtain Letters
of Credit shall be fully revolving, and accordingly the Canadian Borrower may, during the period specified in clause (i)(A) above,
obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed.

 

    88

     

    

 

(b) Certain
Limitations on Issuances of Letters of Credit.

 

(i) No
L/C Issuer shall issue any Letter of Credit, if (A) subject to Section 2.05(c) with respect to Auto-Extension Letters of Credit,
the expiry date of such requested Letter of Credit would occur more than twelve months (or 24 months for Letters of Credit having
an aggregate stated or face amount not exceeding $25.0 million,25,000,000,
or the Canadian Dollar Equivalent thereof, at any time outstanding) after the date of issuance or last extension, unless the Required
Revolving Lenders have approved such expiry date, (B) the expiry date of such requested Letter of Credit would occur after the
Letter of Credit Expiration Date, unless the Letter of Credit is cash collateralized after the Letter of Credit Expiration Date
on terms reasonably acceptable to L/C Issuer or (C) such Letter of Credit is to be used for any purpose other than for its general
corporate purposes unless the Required Revolving Lenders have consented thereto.

 

(ii) No
L/C Issuer shall be under any obligation to issue any Letter of Credit if: (A) such issuance would conflict with, or cause the
L/C Issuer to exceed any limits imposed by, any applicable Requirements of Law; (B) shall violate one or more policies of such
L/C Issuer generally applied to all borrowers; (C) except as otherwise agreed by the Administrative Agent and the applicable L/C
Issuer, such Letter of Credit is in an initial face amount the Dollar Equivalent of which is less than $100,000, in the case of
a Trade Letter of Credit, or $25,000, in the case of a Standby Letter of Credit; or (D) such Letter of Credit is to be denominated
in a currency other than Dollars or Canadian Dollars.

 

(iii) No
L/C Issuer shall amend any Letter of Credit if the L/C Issuer would not be permitted at such time to issue such Letter of Credit
in its amended form under the terms hereof.

 

(iv) No
L/C Issuer shall be under any obligation to amend any Letter of Credit if (A) the L/C Issuer would have no obligation at such time
to issue such Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of such Letter of Credit does
not accept the proposed amendment to such Letter of Credit.

 

(c) Procedures
for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit.

 

(i) Each
Letter of Credit shall be issued or amended, as the case may be, upon the request of the Canadian Borrower delivered to the applicable
L/C Issuer (with a copy to the Administrative Agent) substantially in the form of Exhibit B-2 hereto (a “Letter
of Credit Request”), appropriately completed and signed by a Responsible Officer of the Canadian Borrower. Such Letter
of Credit Request must be received by the L/C Issuer and the Administrative Agent not later than 11:00 A.M. at least two Business
Days (or such later date and time as the Administrative Agent and the L/C Issuer may agree in a particular instance in their sole
discretion) prior to the proposed issuance date or date of amendment, as the case may be. If requested by the applicable L/C Issuer,
the Canadian Borrower shall also submit a letter of credit application on such L/C Issuer’s standard form in connection with
any request for the issuance or amendment of a Letter of Credit. Additionally, the Canadian Borrower shall furnish to the L/C Issuer
and the Administrative Agent such other customary documents and information pertaining to such requested Letter of Credit issuance
or amendment, including any L/C Documents, as the L/C Issuer or the Administrative Agent may reasonably require.

 

(ii) Promptly
after receipt of any Letter of Credit Request, the L/C Issuer will confirm with the Administrative Agent (by telephone or in writing)
that the Administrative Agent has received a copy of such Letter of Credit Request from the Canadian Borrower and, if not, the
L/C Issuer will provide the Administrative Agent with a copy thereof. Unless the L/C Issuer has received written notice from any
Revolving R-23
Facility Lender, the Administrative Agent or any Loan Party, at least one Business Day prior to the requested date of issuance
or amendment of the applicable Letter of Credit, that one or more applicable conditions contained in Section 4.01 shall not then
be satisfied, then, subject to the terms and conditions thereof, the L/C Issuer shall, on the requested date, issue a Letter of
Credit for the account of the Canadian Borrower (or the applicable subsidiary) or enter into the applicable amendment, as the case
may be, in each case in accordance with the L/C Issuer’s usual and customary business practices.

 

    89

     

    

 

(iii) If
the Canadian Borrower so requests in any applicable Letter of Credit Request, the L/C Issuer may, in its sole and absolute discretion,
agree to issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”);
provided that any such Auto-Extension Letter of Credit must permit the L/C Issuer to prevent any such extension at least
once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the
beneficiary thereof not later than a date (the “Non-Extension Notice Date”) in each such twelve-month period
to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the L/C Issuer, the Canadian Borrower
shall not be required to make a specific request to the L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit
has been issued, the Revolving R-23
Facility Lenders shall be deemed to have authorized (but may not require) the L/C Issuer to permit the extension of such Letter
of Credit at any time to a date not later than the Letter of Credit Expiration Date; provided, however, that the
L/C Issuer shall not permit any such extension if (A) the L/C Issuer has determined that it would not be permitted, or would have
no obligation, at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof (by reason
of the provisions of the provisions of subsection (b)(i) or (ii) above or otherwise) or (B) it has received notice (which may be
by telephone or in writing) on or before the day that is five Business Days before the Non-Extension Notice Date (x) from the Administrative
Agent that the Required Revolving Lenders have elected not to permit such extension or (y) from the Administrative Agent, any Revolving
R-23 Facility
Lender or any Loan Party that one or more of the applicable conditions specified in Section 4.01 is not then satisfied, and in
each such case directing the L/C Issuer not to permit such extension.

 

(iv) If
any Letter of Credit contains provisions providing for automatic reinstatement of the stated amount after any drawing thereunder,
(A) unless otherwise directed by the L/C Issuer to permit such reinstatement, and (B) the Administrative Agent and the Revolving
R-23 Facility
Lenders hereby authorize and direct the L/C Issuer to permit such automatic reinstatement, whether or not a Default then exists,
unless the L/C Issuer has received a notice (which may be by telephone or in writing) on or before the date that is two Business
Days before the reinstatement date from the Administrative Agent, the Required Revolving Lenders or any Loan Party that one or
more of the applicable conditions specified in Section 4.01 is not then satisfied and directing the L/C Issuer to cease permitting
such automatic reinstatement of such Letter of Credit.

 

(v) Promptly
after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or to
the beneficiary thereof, the L/C Issuer will also deliver to the Canadian Borrower and the Administrative Agent a true and complete
copy of such Letter of Credit or amendment.

 

(d) Purchase
and Sale of Letter of Credit Participations. Immediately upon the issuance by a L/C Issuer of ana
Letter of Credit, such L/C Issuer shall be deemed, without further action by any party hereto, to have sold to each Revolving R-23
Facility Lender, and each Revolving R-23
Facility Lender shall be deemed, without further action by any party hereto, to have purchased from such L/C Issuer, without recourse
or warranty, an undivided participation interest in such Letter of Credit and the related L/C Obligations in the proportion its
Revolving R-23
Commitment Percentage bears to the Revolving R-23
Committed Amount (although any fronting fee payable under Section 2.13 shall be payable directly to the Administrative Agent for
the account of the applicable L/C Issuer, and the Lenders (other than such L/C Issuer) shall have no right to receive any portion
of any such fronting fee) and any security therefor or guaranty pertaining thereto. Upon any change in the Revolving R-23
Facility Commitments pursuant to Section 9.04 or as otherwise adjusted from time to time in accordance with this Agreement, there
shall be an automatic adjustment to the Participation Interests in all outstanding Letters of Credit and all L/C Obligations to
reflect the adjusted Revolving R-23
Facility Commitments of the assigning and assignee Lenders or of all Lenders having Revolving R-23
Facility Commitments, as the case may be.

 

    90

     

    

 

(e) Drawings
and Reimbursements; Funding of Participations.

 

(i) Upon
receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the applicable L/C
Issuer shall notify the Canadian Borrower and the Administrative Agent thereof and shall determine in accordance with the terms
of such Letter of Credit whether such drawing should be honored. If the L/C Issuer determines that any such drawing shall be honored,
such L/C Issuer shall make available to such beneficiary in accordance with the terms of such Letter of Credit the amount of the
drawing and shall notify the Canadian Borrower and the Administrative Agent as to the amount to be paid as a result of such drawing
and the payment date (each such date, an “Honor Date”).

 

(ii) The
Canadian Borrower shall be irrevocably and unconditionally obligated forthwith to reimburse each L/C Issuer through the Administrative
Agent for any amounts paid by such L/C Issuer upon any drawing under any Letter of Credit, together with any and all reasonable
charges and expenses which the L/C Issuer may pay or incur relative to such drawing calculated as of the date such L/C Issuer paid
such amounts or paid or incurred such charges or expenses. Such reimbursement payment shall be due and payable (i) at or before
1:00 P.M., New York City time, on the Business Day following the Honor Date if the L/C Issuer notifies the Canadian Borrower of
such drawing at or before 12:00 P.M., New York City time, on the Honor Date or (ii) at or before 1:00 P.M., New York City, time
on the second succeeding Business Day after the Honor Date if such notice if given after 12:00 P.M., New York City time, on the
Honor Date; provided that no payment otherwise required by this sentence to be made by the Canadian Borrower at or before
1:00 P.M., New York City time, on any day shall be overdue hereunder if arrangements for such payment by virtue of a Borrowing
of Revolving R-23
Facility Loans or a Swingline Loan or other arrangements satisfactory to the applicable L/C Issuer, in its reasonable discretion,
shall have been made by the Canadian Borrower at or before 1:00 P.M., New York City time, on such day and such payment is actually
made at or before 3:00 P.M., New York City time, on such day. Each reimbursement and other payment to be made by the Canadian Borrower
pursuant to this clause (ii) shall be made to the L/C Issuer in Federal or other funds immediately available to it at its address
referred to in Schedule 9.01.

 

(iii) Subject
to the satisfaction of all applicable conditions set forth in Article IV, the Canadian Borrower may, at its option, utilize the
Swingline Commitment or the Revolving R-23
Facility Commitments, or make other arrangements for payment satisfactory to the L/C Issuer, for the reimbursement of all L/C Disbursements
as required by clause (ii) above.

 

(iv) With
respect to any L/C Disbursement that has not been reimbursed by the Canadian Borrower when due under clause (ii) above (an “Unreimbursed
Amount”), the Administrative Agent shall promptly notify each Revolving R-23
Facility Lender of the Honor Date, the amount of the Unreimbursed Amount and the amount of such Revolving R-23
Facility Lender’s pro-rata share thereof (determined by the proportion its Revolving R-23
Commitment Percentage bears to the aggregate Revolving R-23
Committed Amount). In such event, the Canadian Borrower shall be deemed to have requested a Borrowing (a “L/C Borrowing”)
of ABR Revolving Loans to be disbursed on the date any reimbursement is due under clause (ii) above in an aggregate amount equal
to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02(c), but subject to the amount
of the unutilized portion of the Revolving R-23
Facility Commitments and the conditions set forth in Section 4.01 (other than the delivery of a Borrowing Request), and each such
Revolving R-23
Facility Lender hereby agrees to make a Revolving R-23
Facility Loan (which shall be initially funded as a Dollar denominated ABR Revolving Loan) in an amount equal to such Lender’s
Revolving R-23
Commitment Percentage of the Unreimbursed Amount outstanding on the date notice is given. Any such notice given by a L/C Issuer
or the Administrative Agent given pursuant to this clause (iv) may be given by telephone if immediately confirmed in writing; provided
that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

 

(v) Each
Revolving R-23
Facility Lender (including any Revolving R-23
Facility Lender acting as L/C Issuer in respect of any Unreimbursed Amount) shall, upon any notice from the Administrative Agent
pursuant to clause (iv) above, make the amount of its Revolving R-23
Facility Loan available to the Administrative Agent, in Dollars in Federal or other immediately available funds same day funds,
at the Administrative Agent’s Office, not later than 1:00 P.M., New York City time, on the Business Day specified in such
notice, whereupon, subject to clause (vi) below, each Revolving R-23
Facility Lender that so makes funds available shall be deemed to have made a Dollar denominated ABR Revolving Loan to the Canadian
Borrower in such amount. The Administrative Agent shall remit the funds so received to the applicable L/C Issuer in satisfaction
of the Unreimbursed Amount to the extent of such funds.

 

    91

     

    

 

(vi) With
respect to any Unreimbursed Amount that is not fully refinanced by a L/C Borrowing pursuant to clauses (iv) and (v) above because
the conditions set forth in Section 4.01 cannot be satisfied or for any other reason, the L/C Issuer shall promptly notify the
Administrative Agent, and the Administrative Agent shall promptly notify each Revolving R-23
Facility Lender (other than the relevant L/C Issuer), and each such Revolving R-23
Facility Lender shall promptly and unconditionally pay to the Administrative Agent, for the account of such L/C Issuer, such Revolving
R-23 Facility
Lender’s pro-rata share of such Unreimbursed Amount (determined by the proportion its Revolving R-23
Commitment Percentage bears to the aggregate Revolving R-23
Committed Amount) in Dollars in Federal or other immediately available funds. Such payment from the Revolving R-23
Facility Lenders shall be due (ix)
at or before 1:00 P.M. on the date the Administrative Agent so notifies a Revolving R-23
Facility Lender, if such notice is given at or before 10:00 A.M. on such date or (iiy)
at or before 10:00 A.M. on the next succeeding Business Day, together with interest on such amount for each day from and including
the date of such drawing to but excluding the day such payment is due from such Revolving R-23
Facility Lender at the Federal Funds Effective Rate for such
day (which funds the Administrative Agent shall promptly remit to the applicable L/C Issuer). Each payment by a Revolving R-23
Facility Lender to the Administrative Agent for the account of a L/C Issuer in respect of an Unreimbursed Amount shall constitute
a payment in respect of its Participation Interest in related Letter of Credit purchased pursuant to subsection (d) above. The
failure of any Revolving R-23
Facility Lender to make available to the Administrative Agent for the account of a L/C Issuer its pro-rata share of any Unreimbursed
Amount shall not relieve any other Revolving R-23
Facility Lender of its obligation hereunder to make available to the Administrative Agent for the account of such L/C Issuer its
pro-rata share of any payment made under any Letter of Credit on the date required, as specified above, but no such Lender shall
be responsible for the failure of any other Lender to make available to the Administrative Agent for the account of the L/C Issuer
such other Lender’s pro-rata share of any such payment. Upon payment in full of all amounts payable by a Lender under this
clause (vi), such Lender shall be subrogated to the rights of the L/C Issuer against the Canadian Borrower to the extent of such
Lender’s pro-rata share of the related L/C Obligation so paid (including interest accrued thereon).

 

(vii) Each
Revolving R-23
Facility Lender’s obligation to make Revolving R-23
Facility Loans pursuant to clause (iv) above and to make payments in respect of its Participation Interests in Unreimbursed Amounts
pursuant to clause (vi) above shall be absolute and unconditional and shall not be affected by any circumstance, including: (A)
any set-off, counterclaim, recoupment, defense or other right which such Lender may have against the L/C Issuer, the Canadian Borrower
or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default or Event of Default; or (C) any other
occurrence, event or condition, whether or not similar to any of the foregoing; provided, however, that each Revolving
R-23 Facility
Lender’s obligation to make Revolving R-23
Facility Loans as a part of a L/C Borrowing pursuant to clause (iv) above is subject to the conditions set forth in Section 4.01
(other than delivery by the Canadian Borrower of a Borrowing Request). No such making by a Revolving R-23
Facility Lender of a Revolving R-23
Facility Loan or a payment by a Revolving R-23
Facility Lender of an amount in respect of its Participation Interest in Unreimbursed Amounts shall relieve or otherwise impair
the obligation of the Canadian Borrower to reimburse the L/C Issuer for the amount of any payment made by the L/C Issuer under
any Letter of Credit, together with interest as provided herein.

 

(viii) If
any Revolving R-23
Facility Lender fails to make available to the Administrative Agent for the account of a L/C Issuer any amount required to be paid
by such Revolving R-23
Facility Lender pursuant to the foregoing provisions of this subsection (e) by the time specified therefor, the applicable L/C
Issuer shall be entitled to recover from such Revolving R-23
Facility Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the
date such payment is required to the date on which such payment is immediately available to the applicable L/C Issuer at a rate
per annum equal to the Federal Funds Effective Rate for such
day. Any payment made by any Lender after 3:00 P.M. on any Business Day shall be deemed for purposes of the preceding sentence
to have been made on the next succeeding Business Day. A certificate of the applicable L/C Issuer submitted to any Revolving R-23
Facility Lender (through the Administrative Agent) with respect to any amounts owing under this clause (viii) shall be conclusive
absent manifest error.

 

    92

     

    

 

(f) Repayment
of Funded Participations in Respect of Drawn Letters of Credit.

 

(i) Whenever
the Administrative Agent receives a payment of a L/C Obligation as to which the Administrative Agent has received for the account
of a L/C Issuer any payments from the Revolving R-23
Facility Lenders pursuant to subsection (e) above (whether directly from the Canadian Borrower or otherwise, including proceeds
of cash collateral applied thereto by the Administrative Agent), the Administrative Agent shall promptly pay to each Revolving
R-23 Facility
Lender which has paid its pro-rata share thereof an amount equal to such Lender’s pro-rata share of the amount thereof (appropriately
adjusted, in the case of interest payments, to reflect the period of time during which the payments from the Revolving R-23
Facility Lenders were received) in the same funds as those received by the Administrative Agent.

 

(ii) If
any payment received by the Administrative Agent for the account of a L/C Issuer pursuant to clause (i) above is required to be
returned under any of the circumstances (including pursuant to any settlement entered into by the L/C Issuer in its discretion),
each Revolving R-23
Facility Lender shall pay to the Administrative Agent for the account of such L/C Issuer its pro-rata share thereof (determined
by the proportion its Revolving R-23
Commitment Percentage bears to the aggregate Revolving R-23
Committed Amount) on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount
is returned by such Revolving R-23
Facility Lender, at a rate per annum equal to the Federal Funds Effective
Rate for such day.

 

(g) Obligations
Absolute. The obligations of the Canadian Borrower under Section 2.05(e) above shall be absolute, unconditional and irrevocable,
and shall be performed strictly in accordance with the terms of this Agreement, under all circumstances whatsoever, including,
without limitation, the following circumstances:

 

(i) any
lack of validity or enforceability of such Letter of Credit, this Agreement or any other Loan Document;

 

(ii) the
use which may be made of the Letter of Credit by, or any acts or omission of, a beneficiary of a Letter of Credit (or any Person
for whom the beneficiary may be acting);

 

(iii) the
existence of any claim, counterclaim, set-off, defense or other rights that the Canadian Borrower or any Subsidiary may have at
any time against a beneficiary or any transferee of such Letter of Credit (or any Person for whom the beneficiary or transferee
may be acting), any L/C Issuer or any other Person, whether in connection with this Agreement or such Letter of Credit or any document
related hereto or thereto or any unrelated transaction;

 

(iv) any
draft, demand, certificate, statement or any other document presented under a Letter of Credit proving to be forged, fraudulent,
invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect whatsoever, or any loss
or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of Credit;

 

(v) any
payment by the L/C Issuer under a Letter of Credit against presentation of a draft or certificate that does not at least substantially
comply with the terms of such Letter of Credit;

 

(vi) any
payment made by the L/C Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession,
assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee
of such Letter of Credit, including any arising in connection with any proceeding under any Debtor Relief Law; or

 

(vii) any
other act or omission to act or delay of any kind by any L/C Issuer or any other Person or any other event or circumstance whatsoever
that might, but for the provisions of this subsection (vii), constitute a defense to, or a legal or equitable discharge of, each
of the Borrowers’ or any Subsidiary’s obligations hereunder.

 

    93

     

    

 

(viii) The
Canadian Borrower shall promptly examine a copy of each Letter of Credit and each amendment thereto that is delivered to it and,
in the event of any claim of noncompliancenon-compliance
with the Canadian Borrower’s instructions or other irregularity, the Canadian Borrower will promptly notify the L/C Issuer.
The Canadian Borrower shall be conclusively deemed to have waived any such claim against the L/C Issuer and its correspondents
unless such notice is given as aforesaid.

 

(h) Role
of L/C Issuers; Reliance. Each Revolving R-23
Facility Lender and the Canadian Borrower agree that, in determining whether to pay under any Letter of Credit, the relevant L/C
Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly
required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority
of the Person executing or delivering any such document. None of the L/C Issuer, any Agent-Related Person nor any of the respective
correspondents, participants or assignees of the L/C Issuer shall be liable to any Lender for: (i) any action taken or omitted
in connection herewith at the request or with the approval of the Lenders or the Required Lenders, as applicable; (ii) any action
taken or omitted in the absence of gross negligence or willful misconduct; or (iii) the due execution, effectiveness, validity
or enforceability of any document or instrument related to any Letter of Credit or Letter of Credit Request. The Canadian Borrower
hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit;
provided, however, that this assumption is not intended to, and shall not, preclude the Canadian Borrower’s
pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement. None
of the L/C Issuer, any Agent-Related Person, nor any of the respective correspondents, participants or assignees of the L/C Issuer,
shall be liable or responsible for any of the matters described in clauses (i) through (vi) of subsection (g) of this Section 2.05;
provided, however, that anything in such clauses to the contrary notwithstanding, the Canadian Borrower may have
a claim against the L/C Issuer, and the L/C Issuer may be liable to the Canadian Borrower, to the extent, but only to the extent,
of any direct, as opposed to consequential or exemplary, damages suffered by the Canadian Borrower which were caused by the L/C
Issuer’s bad faith, willful misconduct or gross negligence or the L/C Issuer’s willful failure to pay under any Letter
of Credit after the presentation to it by the beneficiary of a sight draft and certificate(s) complying with the terms and conditions
of a Letter of Credit. In furtherance and not in limitation of the foregoing, the L/C Issuer may accept documents that appear on
their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary,
and the L/C Issuer shall not be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting
to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may
prove to be invalid or ineffective for any reason.

 

(i) Cash
Collateral. If the Canadian Borrower is required pursuant to the terms of this Agreement or any other Loan Document to Cash
Collateralize any L/C Obligations, the Canadian Borrower shall deposit in an account with the Collateral Agent an amount in cash
equal to 103% of the amount of such L/C Obligations as of such date plus any accrued and unpaid interest thereon. Such deposit
shall be held by the Collateral Agent as collateral for the payment and performance of the L/C Obligations. The Collateral Agent
shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account. The Collateral Agent
will, at the request of the Canadian Borrower, invest amounts deposited in such account in Cash Equivalents as directed by the
Canadian Borrower; provided, however, that (i) the Collateral Agent shall not be required to make any investment
that, in its sole judgment, would require or cause the Collateral Agent to be in, or would result in any, violation of any Law
and (ii) if an Event of Default shall have occurred and be continuing, the selection of such Cash Equivalents shall be in the sole
discretion of the Collateral Agent. Other than any interest or profits earned on such investments, such deposits shall not bear
interest. Interest or profits, if any, on such investments shall accumulate in such account. Moneys in such account shall be applied
by the Collateral Agent to reimburse the L/C Issuers immediately for drawings under the applicable Letters of Credit and, if the
maturity of the Loans has been accelerated, to satisfy the L/C Obligations. If the Canadian Borrower is required to provide an
amount of cash collateral hereunder as a result of an Event of Default, such amount (to the extent not applied as aforesaid) shall
be returned to the Canadian Borrower within one Business Day after such Event of Default has been cured or waived. If the Canadian
Borrower is required to provide an amount of cash collateral hereunder pursuant to Section 2.12(b), such amount (to the extent
not applied as aforesaid) shall be returned to the Canadian Borrower upon demand; provided that, after giving effect to
such return, the aggregate Revolving R-23
Facility Credit Exposure would not exceed the Revolving R-23
Committed Amount. If the Canadian Borrower is required to deposit an amount of cash collateral hereunder pursuant to Section 2.12(b),
interest or profits thereon (to the extent not applied as aforesaid) shall be returned to the Canadian Borrower after the full
amount of such deposit has been applied by the Collateral Agent to reimburse the L/C Issuer for drawings under Letters of Credit.

 

    94

     

    

 

(j) Applicability
of ISP and UCP. Unless otherwise expressly agreed by the L/C Issuer and the Canadian Borrower when a Letter of Credit is issued
(including any such agreement applicable to an existing Letter of Credit), (i) the rules of the ISP shall apply to each Standby
Letter of Credit, and (ii) the rules of the Uniform Customs and Practice for Documentary Credits (the “UCP”),
as most recently published by the International Chamber of Commerce at the time of issuance shall apply to each Trade Letter of
Credit.

 

(k) Conflict
with L/C Documents. In the event of any conflict between this Agreement and any L/C Document, this Agreement shall govern.

 

(l) Letters
of Credit Issued for Restricted Subsidiaries. Notwithstanding that a Letter of Credit issued or outstanding hereunder is in
support of any obligations of, or is for the account of, a Restricted Subsidiary, the Canadian Borrower shall be obligated to reimburse
the applicable L/C Issuer hereunder for any and all drawings under such Letter of Credit. The Canadian Borrower hereby acknowledges
that the issuance of Letters of Credit for the account of Restricted Subsidiaries inures to the benefit of the Canadian Borrower,
and that the Canadian Borrower’s business derives substantial benefits from the businesses of such Subsidiaries.

 

(m) Resignation
of a L/C Issuer; New or Successor L/C Issuer.

 

(i) Any
L/C Issuer may resign as a L/C Issuer upon 60 days’ prior written notice to the Administrative Agent, the applicable Revolving
R-23 Facility
Lenders and the Canadian Borrower. Subject to the terms of the following sentence, the Canadian Borrower may replace the L/C Issuer
for any reason upon written notice to the Administrative Agent and the L/C Issuer and the Canadian Borrower may add L/C Issuer
at any time upon notice to the Administrative Agent and with the agreement of such new L/C Issuer. If a L/C Issuer shall resign
or be replaced, or if the Canadian Borrower shall decide to add a new L/C Issuer under this Agreement, then the Canadian Borrower
may appoint a successor issuer of Letters of Credit or a new L/C Issuer, as the case may be, with the consent of the Administrative
Agent (such consent not to be unreasonably withheld or delayed), whereupon such successor issuer shall succeed to the rights, powers
and duties of the replaced or resigning L/C Issuer under this Agreement and the other Loan Documents, or such new issuer of Letters
of Credit shall be granted the rights, powers and duties of a L/C Issuer hereunder, and the term “L/C Issuer” shall
mean such successor or such new issuer of Letters of Credit effective upon such appointment. The acceptance of any appointment
as a L/C Issuer hereunder, whether as a successor issuer or new issuer of Letters of Credit in accordance with this Agreement,
shall be evidenced by an agreement entered into by such new or successor issuer of Letters of Credit, in a form reasonably satisfactory
to the Canadian Borrower and the Administrative Agent, and, from and after the effective date of such agreement, such new or successor
issuer of Letters of Credit shall become a “L/C Issuer” hereunder. After the resignation or replacement of a L/C Issuer
hereunder, the resigning or replaced L/C Issuer shall remain a party hereto and shall continue to have all the rights and obligations
of a L/C Issuer under this Agreement and the other Loan Documents with respect to Letters of Credit issued by it prior to such
resignation or replacement, but shall not be required to issue additional Letters of Credit or amend or renew Existing Letters
of Credit. In connection with any resignation or replacement pursuant to this clause (a) (but, in case of any such resignation,
only to the extent that a successor issuer of Letters of Credit shall have been appointed), either (i) the Canadian Borrower, the
resigning or replaced L/C Issuer and the successor issuer of Letters of Credit shall arrange to have any outstanding Letters of
Credit issued by the resigning or replaced L/C Issuer replaced with Letters of Credit issued by the successor issuer of Letters
of Credit or (ii) the Canadian Borrower shall cause the successor issuer of Letters of Credit, if such successor issuer is reasonably
satisfactory to the replaced or resigning L/C Issuer, to issue “back-stop” Letters of Credit naming the resigning or
replaced L/C Issuer as beneficiary for each outstanding Letter of Credit issued by the resigning or replaced L/C Issuer, which
new Letters of Credit shall have a face amount equal to the Letters of Credit being back-stopped, and the sole requirement for
drawing on such new Letters of Credit shall be a drawing on the corresponding back-stopped Letters of Credit. After any resigning
or replaced L/C Issuer’s resignation or replacement as L/C Issuer, the provisions of this Agreement relating to a L/C Issuer
shall inure to its benefit as to any actions taken or omitted to be taken by it (A) while it was a L/C Issuer under this Agreement
or (B) at any time with respect to Letters of Credit issued by such L/C Issuer.

 

    95

     

    

 

(ii) To
the extent that there are, at the time of any resignation or replacement as set forth in clause (i) above, any outstanding Letters
of Credit, nothing herein shall be deemed to impact or impair any rights and obligations of any of the parties hereto with respect
to such outstanding Letters of Credit (including, without limitation, any obligations related to the payment of fees or the reimbursement
or funding of amounts drawn), except that the Canadian Borrower, the resigning or replaced L/C Issuer and the successor issuer
of Letters of Credit shall have the obligations regarding outstanding Letters of Credit described in clause (i) above.

 

(n) Reporting.
Each L/C Issuer will report in writing to the Administrative Agent (i) on the first Business Day of each week, the aggregate face
amount of Letters of Credit issued by it and outstanding as of the last Business Day of the preceding week, (ii) on or prior to
each Business Day on which such L/C Issuer expects to issue, amend, renew or extend any Letter of Credit, the date of such issuance
or amendment, and the aggregate face amount of Letters of Credit to be issued, amended, renewed or extended by it and outstanding
after giving effect to such issuance, amendment, renewal or extension (and such L/C Issuer shall advise the Administrative Agent
on such Business Day whether such issuance, amendment, renewal or extension occurred and whether the amount thereof changed), (iii)
on each Business Day on which such L/C Issuer makes any L/C Disbursement, the date and amount of such L/C Disbursement and (iv)
on any Business Day on which the Canadian Borrower fails to reimburse a L/C Disbursement required to be reimbursed to such L/C
Issuer on such day, the date, amount or Dollar Equivalent amount, as applicable, of such failure.

 

(o) If
the maturity date in respect of any tranche of Revolving R-23
Facility Commitments occurs prior to the expiration of any Letter of Credit, then the Canadian Borrower shall Cash Collateralize
any such Letter of Credit in accordance with Section 2.05(i). The occurrence of a maturity date with respect to a
given tranche ofthe Revolving R-3
Facility Commitments shall have no effect upon (and shall not diminish) the percentage participations of the Revolving
R-23 Facility
Lenders in any Letter of Credit issued before such maturity date. Commencing with the maturity date of any tranche of Revolving
R-23 Facility
Commitments, the L/C Sublimit shall be agreed between the Lenders under the extended tranches and the Canadian Borrower.

 

Section
2.06BAs.

 

(a) To
facilitate availment of BA Loans, the Canadian Borrower hereby appoints each Lender as its attorney to sign and endorse on its
behalf (in accordance with the Borrowing Request or Interest Election Request relating to a BA Loan pursuant to Section 2.02 or
2.08), in handwriting or by facsimile or mechanical signature as and when deemed necessary by such Lender, blank forms of BAs in
the form requested by such Lender. The Canadian Borrower recognizes and agrees that all BAs signed and/or endorsed by a Lender
on behalf of the Canadian Borrower shall bind the Canadian Borrower as fully and effectually as if signed in the handwriting of
and duly issued by the proper signing officers of the Canadian Borrower. Each Lender is hereby authorized (in accordance with a
Borrowing Request or Interest Election Request relating to a BA Loan) to issue such BAs endorsed in blank in such face amounts
as may be determined by such Lender; provided, that the aggregate amount
thereof is equal to the aggregate amount of BAs required to be accepted and purchased by such Lender. No Lender shall be liable
for any damage, loss or other claim arising by reason of any loss or improper use of any such instrument except for the gross negligence
or willful misconduct of such Lender or its officers, employees, agents or representatives. Each Lender shall maintain a record,
which shall be made available to the Canadian Borrower upon its request, with respect to BAs (i) received by it in blank hereunder,
(ii) voided by it for any reason, (iii) accepted and purchased by it hereunder, and (iv) canceled at their respective maturities.
On request by the Canadian Borrower, a Lender shall cancel all forms of BAs which have been pre-signed or pre-endorsed on behalf
of the Canadian Borrower and that are held by such Lender and are not required to be issued in accordance with the Canadian Borrower’s
irrevocable Borrowing Request or Interest Election Request. Alternatively, the Canadian Borrower agrees that, at the request of
the Administrative Agent, the Canadian Borrower shall deliver to the Administrative Agent a “depository note” which
complies with the requirements of the Depository Bills and Notes Act (Canada), and consents to the deposit of any such depository
note in the book-based debt clearance system maintained by the Canadian Depository for Securities.

 

    96

     

    

 

(b) Drafts
of the Canadian Borrower to be accepted as BAs hereunder shall be signed as set forth in this Section 2.06. Notwithstanding that
any Person whose signature appears on any BA may no longer be an authorized signatory for any Lender or the Canadian Borrower at
the date of issuance of a BA, such signature shall nevertheless be valid and sufficient for all purposes as if such authority had
remained in force at the time of such issuance and any such BA so signed shall be binding on the Canadian Borrower.

 

(c) Promptly
following the receipt of a Borrowing Request or Interest Election Request specifying a Borrowing by way of BA Loan, the Administrative
Agent shall so advise the Lenders and shall advise each Lender of the aggregate face amount of the BA to be accepted by it and
the applicable BA Contract Period (which shall be identical for all Lenders). In the case of each BA Borrowing, the aggregate face
amount of the BA to be accepted by a Lender shall be in a minimum aggregate amount of CND$1,000,000 and shall be a whole multiple
of CND$500,000, and such face amount shall be in the Lenders’ pro rata portions of such Borrowing; provided,
that the Administrative Agent may in its sole discretion increase or reduce any Lender’s portion of such BA Loan to the nearest
$500,000.

 

(d) If
the Canadian Borrower specifies in a Borrowing Request pursuant to Section 2.03 or an Interest Election Request pursuant to Section
2.08 that it desires a BA Loan, subject to the terms and conditions herein, the Lenders shall accept and purchase the BAs from
the Canadian Borrower at the BA Discount Rate applicable to such BAs accepted by them and provide to the Administrative Agent the
Discount Proceeds for the account of the Canadian Borrower. The Acceptance Fee payable by the Canadian Borrower to a Lender under
Section 2.13(c) in respect of each BA accepted by such Lender shall be set off against and deducted from the Discount Proceeds
payable by such Lender under this Section 2.06(d).

 

(e) Each
Lender may at any time and from time to time hold, sell, rediscount or otherwise dispose of any or all BAs accepted and purchased
by it.

 

(f) If
a Lender is not a chartered bank named in Schedule 1 to the Bank Act (Canada) or if a Lender notifies the Administrative Agent
in writing that it is otherwise unable to accept BAs, such Lender will, instead of accepting and purchasing BAs, make an advance
(a “BA Equivalent Loan”) to the Canadian Borrower in the amount and for the same term as the draft that such
Lender would otherwise have been required to accept and purchase hereunder (it being the intention of the parties that each BA
Equivalent Loan shall have the same economic consequences for each Lender making such BA Equivalent Loan and the Canadian Borrower
as the BA that such BA Equivalent Loan replaces, including payment by the Canadian Borrower to each such Lender making such BA
Equivalent Loan of the Acceptance Fee). Each such Lender will provide to the Administrative Agent the Discount Proceeds of such
BA Equivalent Loan for the account of the Canadian Borrower.

 

(g) The
Canadian Borrower waives presentment for payment and any other defense to payment of any amounts due to a Lender in respect of
a BA accepted and purchased by it pursuant to this Agreement which might exist solely by reason of such BA being held, at the maturity
thereof, by such Lender in its own right, and the Canadian Borrower agrees not to claim any days of grace if such Lender, as holder,
claims payment from or sues the Canadian Borrower on the BA for payment of the amount payable by the Canadian Borrower thereunder.
On the last day of the BA Contract Period of a BA, or such earlier date as may be required or permitted pursuant to the provisions
of this Agreement, the Canadian Borrower shall pay the Lender that has accepted and purchased a BA or advanced a BA Equivalent
Loan (irrespective of whether such Lender then holds such BA) the full face amount of such BA or BA Equivalent Loan, as the case
may be, and, after such payment, the Canadian Borrower shall have no further liability in respect of such BA and such Lender shall
be entitled to all benefits of, and be responsible for all payments due to third parties under, such BA.

 

(h) Except
as provided in Sections 2.06, 2.10, 2.11, 2.12 and 2.22 and as required under Article VII, no BA Loan may be repaid by the Canadian
Borrower prior to the expiry date of the BA Contract Period applicable to such BA Loan.

 

    97

     

    

 

(i) In
respect of any BA Loan to be repaid or prepaid by the Canadian Borrower prior to the expiry date of the BA Contract Period applicable
to such BA Loan, the Canadian Borrower shall deposit with the Administrative Agent an amount equal to the aggregate face amount
of all BA’s comprising such BA Loan, such deposit to be held by the Administrative Agent in a Prepayment Account as continuing
security for payment and satisfaction of the Obligations. The Administrative Agent shall apply any cash deposited in the Prepayment
Account allocable to amounts to become due in respect of BAs on the last day of their respective BA Contract Periods until all
amounts due in respect of such outstanding BAs have been repaid or until all such cash has been exhausted (and any amount remaining
in the Prepayment Account after all of the respective BAs for which the applicable deposit was made have matured and been paid
will be released to the Canadian Borrower). For purposes of this Agreement, the term “Prepayment Account” shall
mean an account established by the Canadian Borrower with the Administrative Agent and over which the Administrative Agent shall
have exclusive control, including the exclusive right of withdrawal for application in accordance with this paragraph (i). The
Administrative Agent will, at the request of the Canadian Borrower, invest amounts on deposit in the Prepayment Account in short-term,
cash equivalent investments selected by the Administrative Agent in consultation with the Canadian Borrower that mature prior to
the last day of the applicable BA Contract Periods of the BAs to be prepaid; provided, however, that the Administrative
Agent shall have no obligation to invest amounts on deposit in the Prepayment Account if an Event of Default shall have occurred
and be continuing. The Canadian Borrower shall indemnify the Administrative Agent for any losses relating to the investments so
that the amount available to prepay amounts due in respect of BAs on the last day of the applicable BA Contract Period is not less
than the amount that would have been available had no investments been made pursuant thereto. Other than any interest earned on
such investments (which shall be for the account of the Canadian Borrower, to the extent not necessary for the prepayment of BAs
in accordance with this Section), the Prepayment Account shall not bear interest. Interest or profits, if any, on such investments
shall be deposited in the Prepayment Account and reinvested and disbursed as specified above. If the maturity of the Loans and
all amounts due hereunder have been accelerated pursuant to Article VII, the Administrative Agent may, in its sole discretion,
apply all amounts on deposit in the Prepayment Account of the Canadian Borrower to satisfy any of the Obligations of the Canadian
Borrower in respect of Loans and BAs (and the Canadian Borrower hereby grants to the Administrative Agent a security interest in
its Prepayment Account to secure such Obligations).

 

Section
2.07Funding of Borrowings.

 

(a) Each
Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds
by 12:00 noon, New York City time, to the account of the Administrative Agent most recently designated by it for such purpose by
notice to the Lenders; provided that Swingline Loans shall be made as provided in Section 2.04. The Administrative Agent
will make the proceeds of funds made available to it pursuant to the preceding sentence available to the applicable Borrower by
promptly crediting the amounts so received, in like funds, to an account of the applicable Borrower maintained with the Administrative
Agent (i) in New York City, in the case of Loans denominated in Dollars, or (ii) in Toronto, in the case of Loans denominated in
Canadian Dollars and designated by the applicable Borrower in the applicable Borrowing Request; provided that ABR Revolving
Loans and Swingline Borrowings made to finance the reimbursement of a L/C Disbursement as provided in Section 2.05(e) shall be
remitted by the Administrative Agent to the applicable L/C Issuer.

 

(b) Unless
the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing of Revolving R-23
Facility Loans and/or Term Loans that such Lender will not make available to the Administrative Agent such Lender’s share
of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance
with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the applicable Borrower a corresponding
amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing of Revolving R-23
Facility Loans or Term Loans available to the Administrative Agent, the amount so made available by the Administrative Agent shall
be a separate loan to such Borrower which loan the applicable Lender and the applicable Borrower severally agree to pay to the
Administrative Agent forthwith on demand (without duplication) with demand to be first made on such Lender if legally possible)
with interest thereon, for each day from and including the date such amount is made available to the applicable Borrower to but
excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, (x) the greater of the Federal Funds
Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation
(in the case of a Borrowing denominated in Dollars) or (y) the rate reasonably determined by the Administrative Agent to be the
cost to it of funding such amount (in the case of a Borrowing denominated in Canadian Dollars) or (ii) in the case of the applicable
Borrower, the interest rate applicable to ABR Loans (in the case of a Borrowing denominated in Dollars) or the rate reasonably
determined by the Administrative Agent to be the cost to it of funding such amount (in the case of a Borrowing denominated in Canadian
Dollars). If such Lender pays such amount to the Administrative Agent, then such payment shall discharge such Borrower’s
obligation to pay such demand loan and from that time shall constitute such Lender’s Loan included in such Borrowing.

 

    98

     

    

 

Section
2.08Interest Elections.

 

(a) Each
Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurodollar Borrowing
or BA Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Canadian Borrower
may elect to convert such Borrowing to a different Type, in the case of Borrowings denominated in Dollars, or to continue such
Borrowing and, in the case of a Eurodollar Borrowing or BA Borrowing, may elect Interest Periods therefor, all as provided in this
Section. Any conversion or continuation hereunder shall be in the same currency as the original obligation. The Canadian Borrower
may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall
be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion
shall be considered a separate Borrowing. This Section 2.08 shall not apply to Swingline Borrowings, which may not be converted
or continued.

 

(b) To
make an election pursuant to this Section 2.08, the Canadian Borrower shall notify the Administrative Agent of such election in
writing by the time that a Borrowing Request would be required under Section 2.03 if the Canadian Borrower were requesting a Borrowing
of the Type and currency resulting from such election to be made on the effective date of such election. Each such Interest Election
Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written
Interest Election Request in a form approved by the Administrative Agent and signed by the Canadian Borrower.

 

(c) Each
written Interest Election Request shall specify the following information in compliance with Section 2.02:

 

(i) the
Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different
portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified
pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing);

 

(ii) the
effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;

 

(iii) whether
the resulting Revolving R-23
Facility Borrowing is to be an ABR Borrowing, Eurodollar Borrowing, Canadian Prime Rate Borrowing or BA Borrowing, or whether the
resulting Term B-45
Loan Borrowing or Incremental Term Loan Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; and

 

(iv) if
the resulting Borrowing is a Eurodollar Borrowing or BA Borrowing, the Interest Period to be applicable thereto after giving effect
to such election, which shall be a period contemplated by the definition of the term “Interest Period.”

 

If any such Interest Election Request requests
a Eurodollar Borrowing or BA Borrowing but does not specify an Interest Period, then the Canadian Borrower shall be deemed to have
selected an Interest Period of one month’s duration.

 

(d) Promptly
following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender to which such Interest Election
Request relates of the details thereof and of such Lender’s portion of each resulting Borrowing.

 

(e) If
the Canadian Borrower fails to deliver a timely Interest Election Request with respect to a Eurodollar Borrowing or BA Borrowing,
as applicable, prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein,
at the end of such Interest Period such Borrowing shall be continued as a Eurodollar Borrowing or BA Borrowing, as applicable,
with an Interest Period of one month’s duration commencing on the last day of such Interest Period. Notwithstanding any contrary
provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the written request (including
a request through electronic means) of the Required Lenders, so notifies the Canadian Borrower, then, so long as an Event of Default
is continuing (i) except as provided in clause (iii) below, no outstanding Borrowing may be converted to or continued as a Eurodollar
Borrowing or BA Borrowing, as applicable, (ii) unless repaid, each Eurodollar Borrowing shall be continued as a Eurodollar Borrowing
with an Interest Period of one month’s duration and (iii) unless repaid, each BA Borrowing shall be converted into an ABR
Borrowing denominated in Canadian Dollars at the end of the BA Contract Period applicable thereto.

 

    99

     

    

 

Section
2.09Termination and Reduction of Commitments.

 

(a) Unless
previously terminated, the Revolving R-23
Facility Commitments shall terminate on the Revolving R-23
Facility Maturity Date. The Term B-45
Loan Commitment of each Term Loan Lender shall terminate upon the funding of such Loans on the Amendment No. 46
Effective Date.

 

(b) The
Canadian Borrower may at any time terminate, or from time to time reduce, the Revolving R-23
Facility Commitments or the Term Loan Commitments, as the case may be; provided that (i) each such reduction of an amount
denominated in Dollars shall be in an amount that is an integral multiple of $1.0 million1,000,000
and not less than $5.0 million5,000,000
(or, if less, the remaining amount of the Revolving R-23
Facility Commitments or Term Loan Commitments, as the case may be) and (ii) Canadian Borrower shall not terminate or reduce the
Revolving R-23
Facility Commitments if, after giving effect to any concurrent prepayment of the Revolving R-23
Facility Loans in accordance with Section 2.12, the Revolving R-23
Facility Credit Exposure would exceed the total Revolving R-23
Facility Commitments.

 

(c) The
Canadian Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving R-23
Facility Commitments and/or Term Loan Commitments under paragraph (b) of this Section at least three Business Days prior to the
effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt
of any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Any termination or reduction
of Commitments shall be permanent. Each reduction of the Commitments under any Facility shall be made ratably among the Lenders
in accordance with their respective Commitments under such Facility, except that notwithstanding the foregoing, (1) the Canadian
Borrower may allocate any termination or reduction of Commitments among Classes of Commitments at its direction (including, for
the avoidance of doubt, to the Commitments with respect to any Class of Extended Revolving Credit Commitments without any termination
or reduction of the Commitments with respect to any Existing Revolving Credit Commitments of the same Specified Existing Revolving
Credit Commitment Class) and (2) in connection with the establishment on any date of any Extended Revolving Credit Commitments
pursuant to Section 2.24, the Existing Revolving Credit Commitments of any one or more Lenders providing any such Extended Revolving
Credit Commitments on such date shall be reduced in an amount equal to the amount of Specified Existing Revolving Credit Commitments
so extended on such date (or, if agreed by the Canadian Borrower and the Lenders providing such Extended Revolving Credit Commitments,
by any greater amount so long as (a) a proportionate reduction of the Specified Existing Revolving Credit Commitments has been
offered to each Lender to whom the applicable Revolving Credit Extension Request has been made (which may be conditioned upon such
Lender becoming an Extending Lender), and (b) the Canadian Borrower prepays the Existing Revolving Credit Loans of such Class owed
to such Lenders providing such Extended Revolving Credit Commitments to the extent necessary to ensure that, after giving pro forma
effect to such repayment or reduction, the Existing Revolving Credit Loans of such Class are held by the Lenders of such Class
on a pro rata basis in accordance with their Existing Revolving Credit Commitments of such Class after giving pro forma
effect to such reduction).

 

(d) Upon
at least one Business Day’s prior written notice to the Administrative Agent and each L/C Issuer (which notice the Administrative
Agent shall promptly transmit to each of the applicable Revolving R-23
Facility Lenders), the Canadian Borrower shall have the right, on any day, permanently to terminate or reduce the L/C Sublimit,
in whole or in part; provided that, after giving pro forma effect to such termination or reduction, the L/C Obligations
shall not exceed the L/C Sublimit.

 

    100

     

    

 

(e) The
Canadian Borrower shall notify the Administrative Agent in writing at least ten (10) days prior to the occurrence of either
(i) a Permitted Change of Control or (ii) any event that
would constitute a Change of Control but for the operation of the second paragraph of the definition of “Change of Control”
(the occurrence of any event described in clauses (i) and/or (ii), a “Permitted Change of Control Termination Event”).
On or prior to the date that is five (5) days following the delivery by the Canadian Borrower of such notice of a Permitted Change
of Control Termination Event, each Revolving Credit Lender
may elect, in its sole discretion, to require the entire aggregate amount of its Revolving Credit Commitments be terminated (any
such Revolving Credit Commitments so terminated, and the Revolving Credit Commitments of any Revolving Credit Lender that does
not respond prior to the date that is five (5) days following the delivery by the Canadian Borrower of such notice of a Permitted
Change of Control Termination Event, the “Permitted
Change of Control Terminated Commitments”), and the entire aggregate amount of its Revolving Credit Loans with respect
to Permitted Change of Control Terminated Commitments shall be repaid in accordance with Section 2.12, in each case concurrently
with (or, at the option of the Canadian Borrower, prior to) the occurrence
of the Permitted Change of Control Termination Event
(any such election a “Permitted Change of Control Election”); provided that if for any reason the Canadian
Borrower does not notify the Administrative Agent at least ten (10) days prior to the occurrence of a Permitted Change of Control
Termination Event, then each Revolving Credit Lender may
make a Permitted Change of Control Election with respect to such Permitted Change of Control Termination
Event on or prior to the date that is five (5) days following the occurrence of such Permitted Change of Control Termination
Event. Notwithstanding the foregoing, to the extent any Revolving Credit Lender makes a Permitted Change of Control
Election, in lieu of the termination of all or a portion of such Revolving Credit Lender’s Revolving Credit Commitments,
the Borrower may require that such Revolving Credit Lender assign, prior to or concurrently with the occurrence of such Permitted
Change of Control Termination Event, all or such portion
of its Revolving Credit Commitments to one or more assignees designated by the Borrower who consent to take such Revolving Credit
Commitments by assignment and purchase any outstanding Revolving Credit Loans outstanding thereunder at par and such Revolving
Credit Lender shall be deemed to have consented to such assignment; provided that any such assignment shall be subject to
the consent of the Administrative Agent and the L/C Issuer to the extent required under Section 9.04(b)(i)(B) and (C)); provided,
further, that it is understood that the Revolving Credit Commitments of any of Revolving Credit Lender that has made a Permitted
Change of Control Election that are not so assigned prior to or concurrently with such Permitted Change of Control Termination
Event shall be terminated as described in this clause (e).

 

Section
2.10Repayment of Loans; Evidence of Debt, etc.

 

(a) The
Canadian Borrower hereby unconditionally promises to pay (i) on the Revolving R-23
Facility Maturity Date in Dollars or Canadian Dollars, as applicable, to the Administrative Agent the then unpaid principal amount
of each Revolving R-23
Facility Loan made to the Canadian Borrower, and (ii) in Dollars or Canadian Dollars, as applicable, to the Administrative Agent
for the account of each Lender the then unpaid principal amount of each Term Loan of such Lender as provided in Section 2.11. The
Canadian Borrower hereby unconditionally promises to pay in Dollars or Canadian Dollars, as applicable, to each Swingline Lender
the then unpaid principal amount of each Swingline Loan made to the Canadian Borrower on the earlier of the Revolving R-23
Facility Maturity Date and the tenth Business Day after such Swingline Loan is made; provided that on each date that a Revolving
R-23 Facility
Borrowing is made by the Canadian Borrower, then the Canadian Borrower shall repay all its Swingline Loans then outstanding.

 

(b) Each
Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Canadian
Borrower to such Lender resulting from each Loan made by such Lender from time to time, including the amounts of principal and
interest payable and paid to such Lender from time to time under this Agreement.

 

(c) The
Administrative Agent shall maintain accounts in which it shall record (i) the amount and currency of each Loan made hereunder,
the Facility and Type thereof and the Interest Period (if any) applicable thereto, (ii) the amount of any principal or interest
due and payable or to become due and payable from the Canadian Borrower to each Lender hereunder and (iii) any amount received
by the Administrative Agent hereunder from the Canadian Borrower and each Lender’s share thereof.

 

(d) The
entries made in the accounts maintained pursuant to subsections (b) and (c) of this Section 2.10 shall be prima facie evidence
absent demonstrable error of the existence and amounts of the obligations therein recorded; provided, however, that
the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect
the obligations of the Canadian Borrower to repay the Loans in accordance with the terms of this Agreement.

 

    101

     

    

 

(e) Any
Lender may request that Loans made by it be evidenced by a promissory note. In such event, the Canadian Borrower shall prepare,
execute and deliver to such Lender a promissory note payable to such Lender or its registered assigns and substantially in the
form of Exhibits E-1 or E-2, as the case may be, for the Term B-45
Loans and Revolving R-23
Facility Loans, respectively. Thereafter, the Loans evidenced by such promissory note (a “Note”) and interest
thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes
in such form payable to the payee named therein or its registered assigns. If requested by the Swingline Lender, the Swingline
Loans shall be evidenced by a single Swingline Note, substantially in the form of Exhibit E-3, payable to the Swingline
Lender in an amount equal to the aggregate unpaid principal amount of the Swingline Loans.

 

(f) Each
Lender having one or more Notes shall record the date, amount, Class and Type of each Loan made by it and the date and amount of
each payment of principal made by the Canadian Borrower with respect thereto, and may, if such Lender so elects in connection with
any permitted transfer or enforcement of any Note, endorse on the reverse side or on the schedule, if any, forming a part thereof
appropriate notations to evidence the foregoing information with respect to each outstanding Loan evidenced thereby; provided
that the failure of any Lender to make any such recordation or endorsement shall not affect the obligations of the Canadian Borrower
hereunder or under any such Note. Each Lender is hereby irrevocably authorized by the Canadian Borrower so to endorse each of its
Notes and to attach to and make a part of each of its Notes a continuation of any such schedule as and when required.

 

Section
2.11Repayment of Loans.

 

(a) Subject
to adjustment pursuant to paragraph (c) of this Section 2.11 and Section 2.12(a), the Canadian Borrower shall repay Term B-45
Loans on (x) the last day of each quarter beginning with the fiscal quarter ending March 31, 20172020
in an amount equal to 0.25% of the original aggregate principal amount of Term B-45
Loans outstanding on the Amendment No. 46
Effective Date (as such principal amount may be reduced by, and after giving effect to, any voluntary and mandatory prepayments
made in accordance with Section 2.12) and (y) the Term B-45
Loan Maturity Date in an amount equal to the remaining principal amount of the Term B-45
Loans.

 

(b) To
the extent not previously paid, all Term B-45
Loans shall be due and payable on the Term B-45
Loan Maturity Date.

 

(c) (i)
Subject to clause (ii) of this Section 2.11(c) and Section 2.12, (A) each prepayment of Term Loans required by Section 2.12 (other
than in connection with a Debt Incurrence Event) shall be allocated to the Classes of Term Loans outstanding, pro rata,
based upon the applicable remaining principal amounts due in respect of each such Class of Term Loans (excluding any Class of Term
Loans that has agreed to receive a less than pro rata share of any such mandatory prepayment), shall be applied pro rata
to Lenders within each Class, based upon the outstanding principal amounts owing to each such Lender under each such Class of Term
Loans and shall be applied to reduce such scheduled principal amounts within each such Class in accordance with Section 2.12(d)(ii)
and (B) each prepayment of Term Loans required by Section 2.12(c) in connection with a Debt Incurrence Event shall be allocated
to any Class of Term Loans outstanding as directed by the Canadian Borrower (subject to the requirement that the proceeds of any
Specified Debt Incurrence Prepayment Event be applied to Refinance the applicable Indebtedness), shall be applied pro rata to Lenders
within each such Class, based upon the outstanding principal amounts owing to each such Lender under each such Class of Term Loans
and shall be applied to reduce such scheduled principal amounts within each such Class in accordance with Section 2.12(d)(ii);
provided that, with respect to the allocation of such prepayments under clause (A) above only, between an Existing Term
Loan Class and Extended Term Loans of the same Extension Series, the Canadian Borrower may allocate such prepayments as the Canadian
Borrower may specify, subject to the limitation that the Canadian Borrower shall not allocate to Extended Term Loans of any Extension
Series any such mandatory prepayment under such clause (A) unless such prepayment is accompanied by at least a pro rata prepayment,
based upon the applicable remaining principal amounts due in respect thereof, of the Term Loans of the Existing Term Loan Class,
if any, from which such Extended Term Loans were converted or exchanged (or such Term Loans of the Existing Term Loan Class have
otherwise been repaid in full).

 

    102

     

    

 

(ii) With
respect to each such prepayment required by Section 2.12 (other than any Specified Debt Incurrence Prepayment Event to be applied
to Refinance the applicable Indebtedness), (A) the Canadian Borrower will, not later than the applicable date specified in Section
2.12 for offering to make such prepayment, give the Administrative Agent, written notice requesting that the Administrative Agent
provide notice of such prepayment to each Lender and the Administrative Agent will promptly provide such notice to each Lender,
(B) each Lender of Term Loans will have the right to refuse any such prepayment by giving written notice of such refusal to the
Administrative Agent and the Canadian Borrower within three Business Days after such Lender’s receipt of notice from the
Administrative Agent of such prepayment, and to the extent any such prepayment is so refused, such amounts may be retained by the
Canadian Borrower and (C) the Canadian Borrower will make all such prepayments not so refused upon the tenth Business Day after
the Lender received first notice of repayment from the Administrative Agent.

 

(d) (i)
With respect to each prepayment of Term Loans elected by the Canadian Borrower pursuant to Section 2.12(a) or pursuant to a Debt
Incurrence Event, such prepayments shall be applied to reduce principal amounts in such order as the Canadian Borrower may specify
(or, if not specified, in direct order of maturity) and the Canadian Borrower may designate the Types of Loans that are to be prepaid
and the specific Borrowing(s) pursuant to which made; provided that the Canadian Borrower pays any amounts, if any, required
to be paid pursuant to Section 2.17 with respect to prepayments of Eurodollar Loans made on any date other than the last day of
the applicable Interest Period. In the absence of a designation by the Canadian Borrower as described in the preceding sentence,
the Administrative Agent, shall, subject to the above, make such designation in a manner that minimizes the amount of payments
required to be made by the Canadian Borrower pursuant to Section 2.17.

 

(ii) With
respect to each prepayment of Term Loans required pursuant to Section 2.12(c); other than in respect of a Debt Incurrence Event,
such prepayments shall be applied to reduce principal amounts in direct order of maturity and on a pro rata basis to the
then outstanding Term Loans (other than any Class of Term Loans that has agreed to receive a less than pro rata share of
any such mandatory prepayment) being prepaid irrespective of whether such outstanding Term Loans are ABR Loans or Eurodollar Loans;
provided that, if no Lender exercises the right to waive a given mandatory prepayment of the Term Loans pursuant to Section
2.11(c)(ii), then, with respect to such mandatory prepayment, the amount of such mandatory prepayment shall be applied first to
Term Loans that are ABR Loans to the full extent thereof before application to Term Loans that are Eurodollar Loans in a manner
that minimizes the amount of any payments required to be made by the Canadian Borrower pursuant to Section 2.17.

 

Section
2.12Prepayments, etc.

 

(a) The
Canadian Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, without premium
or penalty (but subject to Section 2.17), in an aggregate principal amount that is an integral multiple of the Borrowing Multiple
and not less than the Borrowing Minimum or, if less, the amount outstanding, subject to prior notice in accordance with Section
2.09(c); provided, that such optional prepayments of the Term Loans shall
be applied as directed by the Canadian Borrower to scheduled amortization payments pursuant to Section 2.11(a) above. Notwithstanding
anything in this Section 2.12(a) to the contrary, in the event that, following the Amendment No. 56
Effective Date and prior to the twelvesix-month
anniversary of the Amendment No. 56
Effective Date, (x) the Canadian Borrower makes any prepayment of Term B-45
Loans in connection with any Repricing Transaction, or (y) effects any amendment of this Agreement resulting in a Repricing Transaction,
the Canadian Borrower shall pay to the Administrative Agent, for the ratable account of each of the applicable Term B-45
Lenders, (I) in the case of clause (x), a prepayment premium of 1% of the amount of the Term B-45
Loans being prepaid and (II) in the case of clause (y), a payment equal to 1% of the aggregate amount of the applicable Term B-45
Loans affected by such Repricing Transaction and outstanding immediately prior to such amendment.

 

(b) In
the event and on such occasion that the Revolving R-23
Facility Credit Exposure exceeds the total Revolving R-23
Facility Commitments, the Canadian Borrower under the Revolving R-23
Facility shall prepay Revolving R-23
Facility Borrowings and/or Swingline Borrowings (or, if no such Borrowings are outstanding, deposit cash collateral in an account
with the Administrative Agent pursuant to Section 2.05(i)) made to the Canadian Borrower, in an aggregate amount equal to the amount
by which the Revolving R-23
Facility Credit Exposure exceeds the total Revolving R-23
Facility Commitments. Each prepayment shall be applied to the Revolving R-23
Facility Loans included in the repaid Borrowing such that each Revolving R-23
Facility Lender receives its ratable share of such prepayment (based upon the respective Revolving R-23
Facility Credit Exposures of the Revolving R-23
Facility Lenders at the time of such prepayment).

 

    103

     

    

 

(c) On
each occasion that a Prepayment Event occurs, Holdingsthe
Canadian Borrower shall cause, within one Business Day after the receipt of Net Cash Proceeds from a Debt Incurrence
Event and within three Business Days after the receipt of Net Cash Proceeds in connection with the occurrence of any other Prepayment
Event, offer to prepay (or, in the case of a Debt Incurrence Event arising from (A) the incurrence of Incremental Term Loans in
reliance on the proviso to Section 2.21(b), (B) the incurrence of Indebtedness in reliance on
clause 6.01(A)(r) or (Cor (B) to the extent
relating to Term Loans, the incurrence of any Credit Agreement Refinancing Indebtedness (any of the foregoing, a “Specified
Debt Incurrence Prepayment Event”), prepay), in accordance with Sections 2.11(c) and (d), without premium or penalty,
a principal amount of Term Loans in an amount equal to 100% of the Net Cash Proceeds from such Prepayment Event; provided
that, in the case of Net Cash Proceeds from an Asset Sale Event, or
Casualty Event or Permitted Sale Leaseback, the Canadian Borrower may use cash
in an amount not to exceed the amount of such Net Cash Proceeds to prepay, redeem, defease, acquire, repurchase or make a similar
payment towith respect
to the Senior Secured Notes, any Permitted Refinancing DebtIndebtedness
or any Permitted Additional Debt, in each case, secured by a Lien on the Collateral that ranks equal in priority to the Liens on
such Collateral securing the Secured Obligations (but without regard to the control of remedies), in each case the documentation
with respect to which requires the issuer or borrower under such Indebtedness to prepay or make an offer to prepay, redeem, repurchase,
defease, acquire or satisfy and discharge such Indebtedness with the proceeds of such Prepayment Event, in each case in an amount
not to exceed the product of (1) the amount of such Net Cash Proceeds multiplied by (2) a fraction, the numerator of which
is the outstanding principal amount of the Senior Secured Notes, Permitted
Refinancing Indebtedness and Permitted Additional Debt, in each case, secured by a Lien on the Collateral that ranks equal in priority
to the Liens on such Collateral securing the Secured Obligations (but without regard to control of remedies) and with respect to
which such a requirement to prepay or make an offer to prepay, redeem, repurchase, defease, acquire or satisfy and discharge exists
and the denominator of which is the sum of the outstanding principal amount of the
Senior Secured Notes, such Permitted Refinancing DebtIndebtedness
and Permitted Additional Debt and the outstanding principal amount of Term Loans.

 

(d) Not
later than 100 days after the end of each Excess Cash Flow Period, Holdingsthe
Canadian Borrower shall calculate Excess Cash Flow for such Excess Cash Flow Period and shall cause to be applied an
amount equal to the Required Percentage of such Excess Cash Flow (less, at the Canadian Borrower’s option, (xi)
the aggregate principal amount of Term Loans voluntarily prepaid pursuant to Section 2.12(a) (plus the aggregate principal amount
of Term Loans voluntarily prepaid in any of the two most recent Excess Cash Flow Periods preceding such Excess Cash Flow Period
that did not reduce the amount of prepayments required by this Section 2.12(d) in such Excess Cash Flow Periods because such voluntary
prepayments exceeded the amount of Term Loans required to be prepaid pursuant to Section 2.12(d) in such Excess Cash Flow Periods)
and (yii)
the aggregate principal amount of Revolving R-23
Facility Loans, Extended Revolving Credit Loans and other revolving loans (other
than in the form of Permitted Additional Debt) that are effective in reliance on Section
6.01(A)clause (a) of
the definition of Permitted Debt, in each case, voluntarily prepaid to the extent accompanied by a permanent reduction
of such Revolving R-23
Facility Commitments, Incremental Revolving Credit Commitment Increases, Extended Revolving Credit Commitments or other revolving
commitments, as applicable, in an equal amount in accordance with to Section 2.09 (or equivalent provision governing such revolving
credit facility) and the aggregate amount of cash consideration paid by any Purchasing Borrower Party to effect any assignment
to it of Term Loans pursuant to Section 9.04(e), but only to the extent that such Term Loans (x) have been acquired pursuant to
an offer made to all Lenders within any Class of Term Loans on a pro rata basis (in which case, the applicable reduction
to the required Excess Cash Flow payment shall be for the amounts owing to such Class only) and (y) have been cancelled, but excluding
the aggregate principal amount of any such voluntary prepayments and any such assignments made with the proceeds of incurrences
of long-term Indebtedness or issuances of Equity Interests), in each case during such fiscal year or after year-end and prior to
the time such prepayment pursuant to this Section 2.12 is due) to prepay Term Loans, in accordance with 2.11; provided that,
in the case that Excess Cash Flow is required to be offered to prepay any Term Loans, the Canadian Borrower may use cash in an
amount not to exceed the amount of such Excess Cash Flow required to be offered to prepay the Term Loans to prepay, redeem, defease,
acquire, repurchase or make a similar payment with respect to
any Permitted Refinancing DebtIndebtedness
or any Permitted Additional Debt, in each case, secured by a Lien on the Collateral that ranks equal in priority to the Liens on
such Collateral securing the Secured Obligations (but without regard to the control of remedies), in each case the documentation
with respect to which requires the issuer or borrower under such Indebtedness to prepay or make an offer to prepay, redeem, repurchase,
defease, acquire or satisfy and discharge such Indebtedness with a percentage of Excess Cash Flow, in each case in an amount not
to exceed the product of (1) the amount of such Excess Cash Flow required to be offered to prepay the Term Loans multiplied
by (2) a fraction, the numerator of which is the outstanding principal amount of the Permitted Refinancing DebtIndebtedness
and Permitted Additional Debt, in each case, secured by a Lien on the Collateral that ranks equal in priority to the Liens on such
Collateral securing the Secured Obligations (but without regard to control of remedies) and with respect to which such a requirement
to prepay or make an offer to prepay, redeem, repurchase, defease, acquire or satisfy and discharge exists and the denominator
of which is the sum of the outstanding principal amount of such Permitted Refinancing DebtIndebtedness
and Permitted Additional Debt and the outstanding principal amount of Term Loans. Not later than the date on which Holdingsthe
Canadian Borrower is required to deliver financial statements with respect to the end of each Excess Cash Flow Period
under Section 5.04(a), Holdingsthe
Canadian Borrower will deliver to the Administrative Agent a certificate signed by a Financial Officer of Holdingsthe
Canadian Borrower setting forth the amount, if any, of Excess Cash Flow for such fiscal year and the calculation thereof
in reasonable detail.

 

    104

     

    

 

(e) In
lieu of making any payment pursuant to Section 2.12(c) or 2.12(d), in respect of any Eurodollar Loan other than on the last day
of the Interest Period thereof, so long as no Default or Event of Default shall have occurred and be continuing, the Canadian Borrower
at its option may deposit with the Administrative Agent an amount equal to the amount of the Eurodollar Loan to be prepaid and
such Eurodollar Loan shall be repaid on the last day of the Interest Period therefor in the required amount. Such deposit shall
be held by the Administrative Agent in a corporate time deposit account established on terms reasonably satisfactory to the Administrative
Agent, earning interest at the then-customary rate for accounts of such type. Such deposit shall constitute cash collateral for
the Obligations; provided that the Canadian Borrower may at any time direct that such deposit be applied to make the applicable
payment required pursuant to Section 2.12(c) or 2.12(d).

 

(f) Notwithstanding
anything in any Loan Document to the contrary so long as no Default has occurred and is continuing and, only to the extent funded
at a discount, no proceeds of Revolving R-23
Facility Borrowings are applied to fund any such repayment, Holdingsthe
Canadian Borrower and any of its Restricted Subsidiaries may prepay the outstanding Term Loans (which shall, for the
avoidance of doubt, be automatically and permanently canceled immediately upon such prepayment) (or Holdingsthe
Canadian Borrower or any of its Subsidiaries may purchase such outstanding Term Loans and immediately cancel them) on
the following basis:

 

(i) HoldingsThe
Canadian Borrower and its Restricted Subsidiaries shall have the right to make a voluntary prepayment of Term Loans
at a discount to par pursuant to a Borrower Offer of Specified Discount Prepayment, Borrower Solicitation of Discount Range Prepayment
Offers or Borrower Solicitation of Discounted Prepayment Offers (any such prepayment, the “Discounted Term Loan Prepayment”),
in each case made in accordance with this Section 2.12(f); provided that Holdingsthe
Canadian Borrower and its Restricted Subsidiaries shall not initiate any action under this Section 2.12(f) in order
to make a Discounted Term Loan Prepayment unless (I) at least ten (10) Business Days shall have passed since the consummation of
the most recent Discounted Term Loan Prepayment as a result of a prepayment made by Holdingsthe
Canadian Borrower or any of its Restricted Subsidiaries on the applicable Discounted Prepayment Effective Date; or (II)
at least three Business Days shall have passed since the date Holdingsthe
Canadian Borrower or such Restricted Subsidiary, as applicable, was notified that no Term Loan Lender was willing to
accept any prepayment of any Term Loan at the Specified Discount, within the Discount Range or at any discount to par value, as
applicable, or in the case of Borrower Solicitation of Discounted Prepayment Offers, the date of Holdings’the
Canadian Borrower’s or any Restricted Subsidiary’s election not to accept any Solicited Discounted Prepayment
Offers.

 

(ii) 

 

(A) (I)
Subject to the proviso to subsection (i) above, Holdingsthe
Canadian Borrower or any of its Restricted Subsidiaries may from time to time offer to make a Discounted Term Loan Prepayment
by providing the Auction Agent with five (5) Business Days’ notice in the form of a Specified Discount Prepayment Notice;
provided that (II) any such offer shall be made available, at the sole discretion of Holdingsthe
Canadian Borrower or any such Restricted Subsidiary, as applicable, to (x) each Term Loan Lender and/or (y) each Term
Loan Lender with respect to any Class of Term Loans on an individual tranche basis, (III) any such offer shall specify the aggregate
principal amount offered to be prepaid (the “Specified Discount Prepayment Amount”) with respect to each applicable
tranche, the tranche or tranches of Term Loans subject to such offer and the specific percentage discount to par (the “Specified
Discount”) of such Term Loans to be prepaid (it being understood that different Specified Discounts and/or Specified
Discount Prepayment Amounts may be offered with respect to different tranches of Term Loans and, in such event, each such offer
will be treated as a separate offer pursuant to the terms of this Section 2.12(f)(ii)), (IV) the Specified Discount Prepayment
Amount shall be in an aggregate amount not less than $5,000,000 and whole increments of $1,000,000 in excess thereof and (V) each
such offer shall remain outstanding through the Specified Discount Prepayment Response Date. The Auction Agent will promptly provide
each applicable Lender with a copy of such Specified Discount Prepayment Notice and a form of the Specified Discount Prepayment
Response to be completed and returned by each such Term Loan Lender to the Auction Agent (or its delegate) by no later than 5:00
p.m. (New York City time), on the third Business Day after the date of delivery of such notice to such Lenders (the “Specified
Discount Prepayment Response Date”).

 

    105

     

    

 

(B) Each
Term Loan Lender receiving such offer shall notify the Auction Agent (or its delegate) by the Specified Discount Prepayment Response
Date whether or not it agrees to accept a prepayment of any of its applicable then outstanding Term Loans at the Specified Discount
and, if so (such accepting Lender, a “Discount Prepayment Accepting Lender”), the amount and the tranches of
such Lender’s Term Loans to be prepaid at such offered discount. Each acceptance of a Discounted Term Loan Prepayment by
a Discount Prepayment Accepting Lender shall be irrevocable. Any Term Loan Lender whose Specified Discount Prepayment Response
is not received by the Auction Agent by the Specified Discount Prepayment Response Date shall be deemed to have declined to accept
the applicable Borrower Offer of Specified Discount Prepayment.

 

(C) If
there is at least one Discount Prepayment Accepting Lender, Holdingsthe
Canadian Borrower or the relevant Restricted Subsidiary, as applicable, will make a prepayment of outstanding Term Loans
pursuant to this paragraph (B) to each Discount Prepayment Accepting Lender in accordance with the respective outstanding amount
and tranches of Term Loans specified in such Lender’s Specified Discount Prepayment Response; provided that if the
aggregate principal amount of Term Loans accepted for prepayment by all Discount Prepayment Accepting Lenders exceeds the Specified
Discount Prepayment Amount, such prepayment shall be made pro rata among the Discount Prepayment Accepting Lenders in accordance
with the respective principal amounts accepted to be prepaid by each such Discount Prepayment Accepting Lender and the Auction
Agent (in consultation with Holdingsthe
Canadian Borrower or the relevant Restricted Subsidiary, as applicable, and subject to rounding requirements of the
Auction Agent made in its reasonable discretion) will calculate such proration (the “Specified Discount Proration”).
The Auction Agent shall promptly, and in any case within three Business Days following the Specified Discount Prepayment Response
Date, notify (I) the HoldingsCanadian
Borrower or the relevant Restricted Subsidiary, as applicable, of the respective Term Loan Lenders’ responses
to such offer, the Discounted Prepayment Effective Date and the aggregate principal amount of the Discounted Term Loan Prepayment
and the tranches to be prepaid, (II) each Term Loan Lender of the Discounted Prepayment Effective Date, and the aggregate principal
amount and the tranches of Term Loans to be prepaid at the Specified Discount on such date and (III) each Discount Prepayment Accepting
Lender of the Specified Discount Proration, if any, and confirmation of the principal amount, tranche and Type of Term Loans of
such Lender to be prepaid at the Specified Discount on such date. Each determination by the Auction Agent of the amounts stated
in the foregoing notices to Holdingsthe
Canadian Borrower or the relevant Restricted Subsidiary, as applicable, and such Term Loan Lenders shall be conclusive
and binding for all purposes absent manifest error. The payment amount specified in such notice to Holdingsthe
Canadian Borrower or the relevant Restricted Subsidiary, as applicable, shall be due and payable by Holdingsthe
Canadian Borrower or the relevant Restricted Subsidiary, as applicable on the Discounted Prepayment Effective Date in
accordance with subsection (vi) below (subject to subsection (x) below).

 

    106

     

    

 

(iii) 

 

(A) Subject
to the proviso to subsection (i) above, Holdingsthe
Canadian Borrower or any of its Restricted Subsidiaries may from time to time solicit Discount Range Prepayment Offers
by providing the Auction Agent with five (5) Business Days’ notice in the form of a Discount Range Prepayment Notice; provided
that (I) any such solicitation shall be extended, at the sole discretion of Holdingsthe
Canadian Borrower or the relevant Restricted Subsidiary, as applicable, to (x) each Term Loan Lender and/or (y) each
Term Loan Lender with respect to any Class of Term Loans on an individual tranche basis, (II) any such notice shall specify the
maximum aggregate principal amount of the relevant Term Loans (the “Discount Range Prepayment Amount”), the
tranche or tranches of Term Loans subject to such offer and the maximum and minimum percentage discounts to par (the “Discount
Range”) of the principal amount of such Term Loans with respect to each relevant tranche of Term Loans willing to be
prepaid by Holdingsthe
Canadian Borrower or the relevant Restricted Subsidiary, as applicable (it being understood that different Discount
Ranges and/or Discount Range Prepayment Amounts may be offered with respect to different tranches of Term Loans and, in such event,
each such offer will be treated as a separate offer pursuant to the terms of this Section 2.12(f)(iii)), (III) the Discount Range
Prepayment Amount shall be in an aggregate amount not less than $5,000,000 and whole increments of $1,000,000 in excess thereof
and (IV) each such solicitation by Holdingsthe
Canadian Borrower or the relevant Restricted Subsidiary, as applicable, shall remain outstanding through the Discount
Range Prepayment Response Date. The Auction Agent will promptly provide each applicable Lender with a copy of such Discount Range
Prepayment Notice and a form of the Discount Range Prepayment Offer to be submitted by a responding Lender to the Auction Agent
(or its delegate) by no later than 5:00 p.m. (New York City time), on the third Business Day after the date of delivery of such
notice to such Lenders (the “Discount Range Prepayment Response Date”). Each Term Loan Lender’s Discount
Range Prepayment Offer shall be irrevocable and shall specify a discount to par within the Discount Range (the “Submitted
Discount”) at which such Lender is willing to allow prepayment of any or all of its then outstanding Term Loans of the
applicable tranche or tranches and the maximum aggregate principal amount and tranches of such Lender’s Term Loans (the “Submitted
Amount”) such Term Loan Lender is willing to have prepaid at the Submitted Discount. Any Term Loan Lender whose Discount
Range Prepayment Offer is not received by the Auction Agent by the Discount Range Prepayment Response Date shall be deemed to have
declined to accept a Discounted Term Loan Prepayment of any of its Term Loans at any discount to their par value within the Discount
Range.

 

(B) The
Auction Agent shall review all Discount Range Prepayment Offers received on or before the applicable Discount Range Prepayment
Response Date and shall determine (in consultation with Holdingsthe
Canadian Borrower or the relevant Restricted Subsidiary, as applicable, and subject to rounding requirements of the
Auction Agent made in its sole reasonable discretion) the Applicable Discount and Term Loans to be prepaid at such Applicable Discount
in accordance with this subsection (iii). Holdingsthe
Canadian Borrower or the relevant Restricted Subsidiary, as applicable, agrees to accept on the Discount Range Prepayment
Response Date all Discount Range Prepayment Offers received by Auction Agent by the Discount Range Prepayment Response Date, in
the order from the Submitted Discount that is the largest discount to par to the Submitted Discount that is the smallest discount
to par, up to and including the Submitted Discount that is the smallest discount to par within the Discount Range (such Submitted
Discount that is the smallest discount to par within the Discount Range being referred to as the “Applicable Discount”)
which yields a Discounted Term Loan Prepayment in an aggregate principal amount equal to the lower of (I) the Discount Range Prepayment
Amount and (II) the sum of all Submitted Amounts. Each Term Loan Lender that has submitted a Discount Range Prepayment Offer to
accept prepayment at a discount to par that is larger than or equal to the Applicable Discount shall be deemed to have irrevocably
consented to prepayment of Term Loans equal to its Submitted Amount (subject to any required proration pursuant to the following
subsection (C)) at the Applicable Discount (each such Term Loan Lender, a “Participating Lender”).

 

    107

     

    

 

(C) If
there is at least one Participating Lender, Holdingsthe
Canadian Borrower or the relevant Restricted Subsidiary, as applicable, will prepay the respective outstanding Term
Loans of each Participating Lender in the aggregate principal amount and of the tranches specified in such Lender’s Discount
Range Prepayment Offer at the Applicable Discount; provided that if the Submitted Amount by all Participating Lenders offered
at a discount to par greater than or equal to the Applicable Discount exceeds the Discount Range Prepayment Amount, prepayment
of the principal amount of the relevant Term Loans for those Participating Lenders whose Submitted Discount is a discount to par
greater than or equal to the Applicable Discount (the “Identified Participating Lenders”) shall be made pro
rata among the Identified Participating Lenders in accordance with the Submitted Amount of each such Identified Participating Lender
and the Auction Agent (in consultation with Holdingsthe
Canadian Borrower or the relevant Restricted Subsidiary, as applicable, and subject to rounding requirements of the
Auction Agent made in its sole reasonable discretion) will calculate such proration (the “Discount Range Proration”).
The Auction Agent shall promptly, and in any case within five (5) Business Days following the Discount Range Prepayment Response
Date, notify (I) Holdings the
Canadian Borrower or the relevant Restricted Subsidiary, as applicable, of the respective Term Loan Lenders’ responses
to such solicitation, the Discounted Prepayment Effective Date, the Applicable Discount, and the aggregate principal amount of
the Discounted Term Loan Prepayment and the tranches to be prepaid, (II) each Term Loan Lender of the Discounted Prepayment Effective
Date, the Applicable Discount, and the aggregate principal amount and tranches of Term Loans to be prepaid at the Applicable Discount
on such date, (III) each Participating Lender of the aggregate principal amount and tranches of such Term Loan Lender to be prepaid
at the Applicable Discount on such date, and (IV) if applicable, each Identified Participating Lender of the Discount Range Proration.
Each determination by the Auction Agent of the amounts stated in the foregoing notices to the HoldingsCanadian
Borrower or the relevant Restricted Subsidiary, as applicable, and Term Loan Lenders shall be conclusive and binding
for all purposes absent manifest error. The payment amount specified in such notice to Holdingsthe
Canadian Borrower or the relevant Restricted Subsidiary, as applicable, shall be due and payable by Holdingsthe
Canadian Borrower or the relevant Restricted Subsidiary, as applicable, on the Discounted Prepayment Effective Date
in accordance with subsection (vi) below (subject to subsection (x) below).

 

(iv) 

 

(A) Subject
to the proviso to subsection (i) above, Holdingsthe
Canadian Borrower or any of its Restricted Subsidiaries may from time to time solicit Solicited Discounted Prepayment
Offers by providing the Auction Agent with five (5) Business Days’ notice in the form of a Solicited Discounted Prepayment
Notice; provided that (I) any such solicitation shall be extended, at the sole discretion of Holdingsthe
Canadian Borrower or the relevant Restricted Subsidiary, as applicable, to (x) each Term Loan Lender and/or (y) each
Lender with respect to any Class of Term Loans on an individual tranche basis, (II) any such notice shall specify the maximum aggregate
amount of the Term Loans (the “Solicited Discounted Prepayment Amount”) and the tranche or tranches of Term
Loans the HoldingsCanadian
Borrower or the relevant Restricted Subsidiary, as applicable, is willing to prepay at a discount (it being understood
that different Solicited Discounted Prepayment Amounts may be offered with respect to different tranches of Term Loans and, in
such event, each such offer will be treated as a separate offer pursuant to the terms of this Section 2.12(f)(iv)), (III) the Solicited
Discounted Prepayment Amount shall be in an aggregate amount not less than $5,000,000 and whole increments of $1,000,000 in excess
thereof and (IV) each such solicitation by Holdingsthe
Canadian Borrower or the relevant Restricted Subsidiary, as applicable, shall remain outstanding through the Solicited
Discounted Prepayment Response Date. The Auction Agent will promptly provide each applicable Lender with a copy of such Solicited
Discounted Prepayment Notice and a form of the Solicited Discounted Prepayment Offer to be submitted by a responding Lender to
the Auction Agent (or its delegate) by no later than 5:00 p.m. (New York City time), on the third Business Day after the date of
delivery of such notice to such Term Loan Lenders (the “Solicited Discounted Prepayment Response Date”). Each
Term Loan Lender’s Solicited Discounted Prepayment Offer shall (x) be irrevocable, (y) remain outstanding until the Acceptance
Date, and (z) specify both a discount to par (the “Offered Discount”) at which such Term Loan Lender is willing
to allow prepayment of its then outstanding Term Loan and the maximum aggregate principal amount and tranches of such Term Loans
(the “Offered Amount”) such Term Loan Lender is willing to have prepaid at the Offered Discount. Any Term Loan
Lender whose Solicited Discounted Prepayment Offer is not received by the Auction Agent by the Solicited Discounted Prepayment
Response Date shall be deemed to have declined prepayment of any of its Term Loans at any discount.

 

    108

     

    

 

(B) The
Auction Agent shall promptly provide Holdingsthe
Canadian Borrower or the relevant Restricted Subsidiary, as applicable, with a copy of all Solicited Discounted Prepayment
Offers received on or before the Solicited Discounted Prepayment Response Date. Holdingsthe
Canadian Borrower or the relevant Restricted Subsidiary, as applicable, shall review all such Solicited Discounted Prepayment
Offers and select the largest of the Offered Discounts specified by the relevant responding Term Loan Lenders in the Solicited
Discounted Prepayment Offers that is acceptable to Holdingsthe
Canadian Borrower or the relevant Restricted Subsidiary, as applicable (the “Acceptable Discount”),
if any. If Holdingsthe
Canadian Borrower or the relevant Restricted Subsidiary, as applicable, elects to accept any Offered Discount as the
Acceptable Discount, then as soon as practicable after the determination of the Acceptable Discount, but in no event later than
by the third Business Day after the date of receipt by Holdingsthe
Canadian Borrower or the relevant Restricted Subsidiary, as applicable, from the Auction Agent of a copy of all Solicited
Discounted Prepayment Offers (the “Acceptance Date”), Holdingsthe
Canadian Borrower or the relevant Restricted Subsidiary, as applicable, shall submit an Acceptance and Prepayment Notice
to the Auction Agent setting forth the Acceptable Discount. If the Auction Agent shall fail to receive an Acceptance and Prepayment
Notice from Holdingsthe
Canadian Borrower or the relevant Restricted Subsidiary, as applicable, by the Acceptance Date, Holdingsthe
Canadian Borrower or the relevant Restricted Subsidiary, as applicable, shall be deemed to have rejected all Solicited
Discounted Prepayment Offers.

 

(C) Based
upon the Acceptable Discount and the Solicited Discounted Prepayment Offers received by Auction Agent by the Solicited Discounted
Prepayment Response Date, within three Business Days after receipt of an Acceptance and Prepayment Notice (the “Discounted
Prepayment Determination Date”), the Auction Agent will determine (in consultation with Holdingsthe
Canadian Borrower or the relevant Restricted Subsidiary, as applicable, and subject to rounding requirements of the
Auction Agent made in its sole reasonable discretion) the aggregate principal amount and the tranches of Term Loans (the “Acceptable
Prepayment Amount”) to be prepaid by Holdingsthe
Canadian Borrower or the relevant Restricted Subsidiary, as applicable, at the Acceptable Discount in accordance with
this Section 2.12(f)(iv). If Holdingsthe
Canadian Borrower or the relevant Restricted Subsidiary, as applicable, elects to accept any Acceptable Discount, then
Holdingsthe Canadian
Borrower or the relevant Restricted Subsidiary, as applicable, agrees to accept all Solicited Discounted Prepayment
Offers received by Auction Agent by the Solicited Discounted Prepayment Response Date, in the order from largest Offered Discount
to smallest Offered Discount, up to and including the Acceptable Discount. Each Term Loan Lender that has submitted a Solicited
Discounted Prepayment Offer with an Offered Discount that is greater than or equal to the Acceptable Discount shall be deemed to
have irrevocably consented to prepayment of Term Loans equal to its Offered Amount (subject to any required pro rata reduction
pursuant to the following sentence) at the Acceptable Discount (each such Lender, a “Qualifying Lender”). HoldingsThe
Canadian Borrower or the relevant Restricted Subsidiary, as applicable, will prepay outstanding Term Loans pursuant
to this subsection (iv) to each Qualifying Lender in the aggregate principal amount and of the tranches specified in such Lender’s
Solicited Discounted Prepayment Offer at the Acceptable Discount; provided that if the aggregate Offered Amount by all Qualifying
Lenders whose Offered Discount is greater than or equal to the Acceptable Discount exceeds the Solicited Discounted Prepayment
Amount, prepayment of the principal amount of the Term Loans for those Qualifying Lenders whose Offered Discount is greater than
or equal to the Acceptable Discount (the “Identified Qualifying Lenders”) shall be made pro rata among the Identified
Qualifying Lenders in accordance with the Offered Amount of each such Identified Qualifying Lender and the Auction Agent (in consultation
with Holdingsthe Canadian
Borrower or the relevant Restricted Subsidiary, as applicable, and subject to rounding requirements of the Auction Agent
made in its sole reasonable discretion) will calculate such proration (the “Solicited Discount Proration”).
On or prior to the Discounted Prepayment Determination Date, the Auction Agent shall promptly notify (I) the HoldingsCanadian
Borrower or the relevant Restricted Subsidiary, as applicable, of the Discounted Prepayment Effective Date and Acceptable
Prepayment Amount comprising the Discounted Term Loan Prepayment and the tranches to be prepaid, (II) each Term Loan Lender of
the Discounted Prepayment Effective Date, the Acceptable Discount, and the Acceptable Prepayment Amount of all Term Loans and the
tranches to be prepaid to be prepaid at the Applicable Discount on such date, (III) each Qualifying Lender of the aggregate principal
amount and the tranches of such Term Loan Lender to be prepaid at the Acceptable Discount on such date, and (IV) if applicable,
each Identified Qualifying Lender of the Solicited Discount Proration. Each determination by the Auction Agent of the amounts stated
in the foregoing notices to Holdingsthe
Canadian Borrower or the relevant Restricted Subsidiary, as applicable, and Term Loan Lenders shall be conclusive and
binding for all purposes absent manifest error. The payment amount specified in such notice to Holdingsthe
Canadian Borrower or the relevant Restricted Subsidiary, as applicable, shall be due and payable by Holdingsthe
Canadian Borrower or the relevant Restricted Subsidiary, as applicable, on the Discounted Prepayment Effective Date
in accordance with subsection (vi) below (subject to subsection (x) below).

 

    109

     

    

 

(v) In
connection with any Discounted Term Loan Prepayment, Holdingsthe
Canadian Borrower, its Restricted Subsidiaries and the Term Loan Lenders acknowledge and agree that the Auction Agent
may require as a condition to any Discounted Term Loan Prepayment, the payment of customary fees and expenses from Holdingsthe
Canadian Borrower or its Restricted Subsidiaries, as applicable, in connection therewith.

 

(vi) If
any Term Loan is prepaid in accordance with paragraphs (ii) through (iv) above, Holdingsthe
Canadian Borrower or the relevant Restricted Subsidiary, as applicable, shall prepay such Term Loans on the Discounted
Prepayment Effective Date. HoldingsThe
Canadian Borrower or the relevant Restricted Subsidiary, as applicable, shall make such prepayment to the Administrative
Agent, for the account of the Discount Prepayment Accepting Lenders, Participating Lenders, or Qualifying Lenders, as applicable,
at the Administrative Agent’s Office in immediately available funds not later than 11:00 a.m. (New York City time) on the
Discounted Prepayment Effective Date and all such prepayments shall be applied to the remaining principal installments of the relevant
tranche of Loans on a pro rata basis across such installments. The Term Loans so prepaid shall be accompanied by all accrued and
unpaid interest on the par principal amount so prepaid up to, but not including, the Discounted Prepayment Effective Date. Each
prepayment of the outstanding Term Loans pursuant to this Section 2.12(f) shall be paid to the Discount Prepayment Accepting Lenders,
Participating Lenders, or Qualifying Lenders, as applicable, and shall be applied to the relevant Loans of such Lenders in accordance
with their respective pro rata share. The aggregate principal amount of the tranches and installments of the relevant Term Loans
outstanding shall be deemed reduced by the full par value of the aggregate principal amount of the tranches of Term Loans prepaid
on the Discounted Prepayment Effective Date in any Discounted Term Loan Prepayment. In connection with each prepayment pursuant
to this Section 2.12(f), Holdingsthe
Canadian Borrower or the relevant Restricted Subsidiary, as applicable, shall waive any right to bring any action against
the Administrative Agent, in its capacity as such, in connection with any such Discounted Term Loan Prepayment.

 

(vii) To
the extent not expressly provided for herein, each Discounted Term Loan Prepayment shall be consummated pursuant to procedures
consistent with the provisions in this Section 2.12(f), established by the Auction Agent acting in its reasonable discretion and
as reasonably agreed by the Canadian Borrower.

 

(viii) Notwithstanding
anything in any Loan Document to the contrary, for purposes of this Section 2.12(f), each notice or other communication required
to be delivered or otherwise provided to the Auction Agent (or its delegate) shall be deemed to have been given upon Auction Agent’s
(or its delegate’s) actual receipt during normal business hours of such notice or communication; provided that any
notice or communication actually received outside of normal business hours shall be deemed to have been given as of the opening
of business on the next Business Day.

 

(ix) HoldingsThe
Canadian Borrower, its Restricted Subsidiaries and the Term Loan Lenders acknowledge and agree that the Auction Agent
may perform any and all of its duties under this Section 2.12(f) by itself or through any Affiliate of the Auction Agent and expressly
consents to any such delegation of duties by the Auction Agent to such Affiliate and the performance of such delegated duties by
such Affiliate. The exculpatory provisions pursuant to this Agreement shall apply to each Affiliate of the Auction Agent and its
respective activities in connection with any Discounted Term Loan Prepayment provided for in this Section 2.12(f) as well as activities
of the Auction Agent.

 

    110

     

    

 

(x) HoldingsThe
Canadian Borrower or the relevant Restricted Subsidiary, as applicable, shall have the right, by written notice to the
Auction Agent, to revoke in full (but not in part) its offer to make a Discounted Term Loan Prepayment and rescind the applicable
Specified Discount Prepayment Notice, Discount Range Prepayment Notice or Solicited Discounted Prepayment Notice therefor at its
discretion at any time on or prior to the applicable Specified Discount Prepayment Response Date (and if such offer is revoked
pursuant to the preceding clauses, any failure by Holdingsthe
Canadian Borrower or the relevant Restricted Subsidiary, as applicable, to make any prepayment to a Lender, as applicable,
pursuant to this Section 2.12(f) shall not constitute a Default or Event of Default under Section 7.01 or otherwise).

 

(g) 

 

(i) With
respect to each prepayment of Revolving R-23
Facility Loans and Extended Revolving Credit Loans pursuant to this Section 2.12, the Canadian Borrower may designate (i) the Class
and Types of Loans that are to be prepaid and the specific Borrowing(s) pursuant to which such Loans were made and (ii) the Class
of Revolving R-23
Facility Loans or Extended Revolving Credit Loans to be prepaid; provided that (x) Eurodollar Loans may be designated for
prepayment pursuant to this Section 2.12 only on the last day of an Interest Period applicable thereto unless all Eurodollar Loans
with Interest Periods ending on such date of required prepayment and all ABR Loans have been paid in full; (y) each prepayment
of any Loans made pursuant to a Borrowing shall be applied pro rata among such Loans of such Class (except that any prepayment
made in connection with a reduction of the Commitments of such Class pursuant to Section 2.09 shall be applied pro rata based on
the amount of the reduction in the Commitments of such Class of each applicable Lender); and (z) notwithstanding the provisions
of the preceding clause (y), at the option of the Canadian Borrower, no prepayment made pursuant to Section 2.12 of Revolving R-23
Facility Loans or Extended Revolving Credit Loans of any Class shall be applied to the Loans of any Defaulting Lender. In the absence
of a designation by the Canadian Borrower as described in the preceding sentence, the Administrative Agent shall, subject to the
above, make such designation in a manner that minimizes the amount of any payments required to be made by the Canadian Borrower.

 

(ii) With
respect to each mandatory reduction and termination of Revolving R-23
Facility Commitments (and any previously extended Extended Revolving Credit Commitments) required by either clause (i) or (ii)
of the proviso to Section 2.21(b) or in connection with the incurrence of any Credit Agreement Refinancing Indebtedness incurred
to Refinance any Revolving R-23
Facility Commitments and/or Extended Revolving Credit Commitments, the Canadian Borrower may designate (A) the Classes of Commitments
to be reduced and terminated and (B) the corresponding Classes of Loans to be prepaid; provided that (x) any such reduction
and termination shall apply proportionately and permanently to reduce the Commitments of each of the Lenders within any such Class
and (y) after giving pro forma effect to such termination or reduction and to any prepayments of Loans or cancellation or cash
collateralization of letters of credit made on the date of each such reduction and termination in accordance with this Agreement,
the aggregate amount of such Lenders’ credit exposures shall not exceed the remaining Commitments of such Lenders’
in respect of the Class reduced and terminated. In connection with any such termination or reduction, to the extent necessary,
the participations hereunder in outstanding Letters of Credit and Swingline Loans may be required to be reallocated and related
loans outstanding prepaid and then reborrowed, in each case in the manner contemplated by Section 2.21(f)(ii) (as modified to account
for a termination or reduction, as opposed to an increase, of such Commitment).

 

    111

     

    

 

(h) Notwithstanding
any other provisions of this Section 2.12, (i) to the extent that any of or all the Net Cash Proceeds of any asset sale by a Non-Subsidiary
Loan Party giving rise to an Asset Sale Event (a “Non-Loan Party Asset Sale”), the Net Cash Proceeds of any
Casualty Event from a Non-Subsidiary Loan Party (a “Non-Loan Party Casualty Event”) or Excess Cash Flow, are
prohibited, delayed or restricted by applicable local law, rule or regulation from being repatriated to the United States or from
being distributed to a Loan Party, an amount equal to the portion of such Net Cash Proceeds or Excess Cash Flow so affected will
not be required to be applied to repay Term Loans at the times provided in this Section 2.12 so long, but only so long, as the
applicable local law, rule or regulation will not permit repatriation to the United States or distribution to a Loan Party (the
Canadian Borrower hereby agreeing to cause the applicable Non-Subsidiary Loan Party to promptly take all commercially reasonable
actions required by the applicable local law, rule or regulation to permit such repatriation or distribution), and once such repatriation
or distribution of any of such affected Net Cash Proceeds or Excess Cash Flow is permitted under the applicable local law, rule
or regulation, such repatriation or distribution will be immediately effected and an amount equal to such repatriated or distributed
Net Cash Proceeds or Excess Cash Flow will be promptly (and in any event not later than two Business Days after such repatriation
or distribution) applied (net of additional taxes payable or reserved against as a result thereof) to the repayment of the Term
Loans (and, if applicable, such other Indebtedness as is contemplated by this Section 2.12) pursuant to this Section 2.12 and (ii)
to the extent that the Canadian Borrower has determined in good faith that repatriation of any of or all the Net Cash Proceeds
of any Non-Subsidiary Loan Party Asset Sale, any Non-Loan Party Casualty Event or Excess Cash Flow would have a material adverse
tax cost consequence with respect to such Net Cash Proceeds or Excess Cash Flow (but only for so long as such material adverse
tax cost consequence exists), the Net Cash Proceeds or Excess Cash Flow so affected will not be required to be applied to repay
Term Loans at the times provided in this Section 2.12; provided that, in the case of this clause (ii), on or before the
date on which an amount equal to any Net Cash Proceeds from any Non-Loan Party Asset Sale or Non-Loan Party Casualty Event so retained
would otherwise have been required to be applied to reinvestments or prepayments pursuant to Section 2.12(c) (or, in the case of
Excess Cash Flow, a date on or before the date that is six months after the date such Excess Cash Flow would have been so required
to be applied to prepayments pursuant to Section 2.12(d) unless previously repatriated in which case such repatriated Excess Cash
Flow shall have been promptly applied to the repayment of the Term Loans pursuant to Section 2.12(d)), (x) the Canadian Borrower
applies an amount equal to such Net Cash Proceeds or Excess Cash Flow to such reinvestments or prepayments as if such Net Cash
Proceeds or Excess Cash Flow had been received by the Canadian Borrower rather than such Non-Subsidiary Loan Party, less the amount
of additional taxes that would have been payable or reserved against if such Net Cash Proceeds or Excess Cash Flow had been repatriated
(or, if less, the Net Cash Proceeds or Excess Cash Flow that would be calculated if received by such Non-Subsidiary Loan Party)
or (y) such Net Cash Proceeds or Excess Cash Flow are applied to the repayment of Indebtedness of a Non-Subsidiary Loan Party.

 

Section
2.13Fees.

 

(a) The
Canadian Borrower agrees to pay to each Revolving R-23
Facility Lender (other than any Defaulting Lender), through the Administrative Agent, five Business Days after the last day of
March, June, September and December in each year, and three Business Days after the date on which the Revolving R-23
Facility Commitments of all the Lenders shall be terminated as provided herein, a commitment fee (a “Revolving R-23
Facility Commitment Fee”) in Dollars on the daily amount of the Available Revolving Unused Commitment of such Lender
during the preceding quarter (or other period commencing with the Amendment No. 26
Effective Date or ending with the date on which the last of the Revolving R-23
Facility Commitment of such Lender shall be terminated) at a rate per annum equal to the Commitment Fee Rate in effect on such
day. All Revolving R-23
Facility Commitment Fees shall be computed on the basis of the actual number of days elapsed in a year of 365 days. For the purpose
of calculating any Lender’s Revolving R-23
Facility Commitment Fee, the outstanding Swingline Loans during the period for which such Lender’s Revolving R-23
Facility Commitment Fee is calculated shall be deemed to be zero. The Revolving R-23
Facility Commitment Fee due to each Lender shall commence to accrue on the Amendment No. 26
Effective Date and shall cease to accrue on the date on which the last of the Revolving R-23
Facility Commitments of such Lender shall be terminated as provided herein.

 

(b) The
Canadian Borrower agrees to pay from time to time (i) to each Revolving R-23
Facility Lender (other than any Defaulting Lender), through the Administrative Agent, ten Business Days after the last day of March,
June, September and December of each year and three Business Days after the date on which the Revolving R-23
Facility Commitments of all the Lenders shall be terminated as provided herein, a fee (an “L/C Participation Fee”)
in Dollars on such Lender’s Revolving R-23
Facility Percentage of the daily aggregate Revolving L/C Exposure (excluding the portion thereof attributable to unreimbursed L/C
Disbursements), during the preceding quarter (or shorter period commencing with the Amendment No. 2 Effective Date or ending with
the date on which the Revolving R-23
Facility Commitments shall be terminated) at the rate per annum equal to the Applicable Margin for BA Borrowings effective for
each day in such period, and (ii) to each L/C Issuer, for its own account, (x) 10 Business Days after the last day of March, June,
September and December of each year and three Business Days after the date on which the Revolving R-23
Facility Commitments of all the Lenders shall be terminated as provided herein, a fronting fee in Dollars in respect of each Letter
of Credit issued by such L/C Issuer for the period from and including the date of issuance of such Letter of Credit to and including
the termination of such Letter of Credit, computed at a rate equal to 0.125% (or such other amount as may be agreed upon between
the Canadian Borrower and any such L/C Issuer) per annum of the daily stated amount (or, if applicable, the Dollar Equivalent)
of such Letter of Credit) (with the minimum annual fronting fee for each Letter of Credit to be not less than $500) plus (y) in
connection with the issuance, amendment or transfer of any such Letter of Credit or any L/C Disbursement thereunder, such L/C Issuer’s
customary documentary and processing charges (collectively, “L/C Issuer Fees”). All L/C Participation Fees and
L/C Issuer Fees that are payable on a per annum basis shall be computed on the basis of the actual number of days elapsed in a
year of 360 days.

 

    112

     

    

 

(c) The
Canadian Borrower agrees to pay to the Administrative Agent, for the accounts of each Lender making a BA Loan, on the date of such
Loan, a fee, in Canadian Dollars, calculated by multiplying the face amount of each BA (or, if applicable, the principal amount
of each BA Equivalent Loan before discounting) comprising the BA Loan by the product of (i) the Applicable Margin for such BA Loan
and (ii) a fraction, the numerator of which is the number of days in the BA Contract Period applicable to such BA (or BA Equivalent
Loan) and the denominator of which is 365 or 366, as applicable (“Acceptance Fees”).

 

(d) [Reserved].

 

(e) The
Canadian Borrower agrees to pay to the Administrative Agent, for its own account, the fees set forth in the Fee Letter, as amended,
restated, supplemented or otherwise modified from time to time, at the times specified therein (the “Agent Fees”).

 

(f) All
Fees shall be paid on the dates due, in immediately available funds, to the Administrative Agent for distribution, if and as appropriate,
among the Lenders, except that L/C Issuer Fees shall be paid directly to the applicable L/C Issuer. Once paid, none of the Fees
shall be refundable under any circumstances.

 

Section
2.14Interest.

 

(a) The
Loans comprising each ABR Borrowing (including each Swingline Loan and excluding each BA Loan) shall bear interest at the Alternate
Base Rate plus the Applicable Margin.

 

(b) The
Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for
such Borrowing plus the Applicable Margin.

 

(c) Notwithstanding
the foregoing, if any principal of or interest on any Loan or any Fees or other amount payable by the Canadian Borrower hereunder
is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue principal amount shall bear interest,
and each such other overdue amount shall, to the extent permitted by law, bear interest, in each case after as well as before judgment,
at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loan
as provided in the preceding paragraphs of this Section 2.14 (except, in the case of BA Loans, in which case such overdue principal
shall bear interest at the rate of 2% plus the Applicable Margin for BA Loans) or (ii) in the case of any other amount, 2% plus
the rate applicable to Revolving R-23
Facility Loans that are ABR Revolving Loans as provided in paragraph (a) of this Section 2.14.

 

(d) Accrued
interest on each Loan shall be payable in arrears (i) on each Interest Payment Date for such Loan, (ii) in the case of Revolving
R-23 Facility
Loans, upon termination of the Revolving R-23
Facility Commitments and (iii) in the case of Term B-45
Loans, on the Term B-45
Loan Maturity Date; provided that (i) interest accrued pursuant to paragraph (c) of this Section 2.14 shall be payable on
demand, (ii) in the event of any prepayment of any Loan (other than a prepayment of an ABR Revolving Loan or Swingline Loan prior
to the end of the Revolving Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on
the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Loan or prior to the end of
the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.

 

(e) All
interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Alternate
Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days
(or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day
but excluding the last day). The applicable Alternate Base Rate, BA Discount Rate, Adjusted LIBO Rate or LIBO Rate shall be determined
by the Administrative Agent, and such determination shall be prima facie evidence thereof.

 

    113

     

    

 

(f) Criminal
Interest Rate/Interest Act (Canada).

 

(i) For
purposes of the Interest Act (Canada), whenever any interest or fee is calculated on the basis of a period of time other than a
year of 365 or 366 days, as applicable, the annual rate to which each rate utilized pursuant to such calculation is equivalent
is such rate so utilized multiplied by the actual number of days in the calendar year in which the same is to be ascertained and
divided by the number of days used in such calculation. For the purposes of the Interest Act (Canada), the principle of deemed
reinvestment of interest will not apply to any interest calculation under the Loan Documents, and the rates of interest stipulated
in this Agreement are intended to be nominal rates and not effective rates or yields.

 

(ii) If
any provision of this Agreement or any of the other Loan Documents would obligate the Canadian Borrower to make any payment of
interest or other amount payable to any Lender under any Loan Documents in an amount or calculated at a rate which would be prohibited
by law or would result in a receipt by that Lender of interest at a criminal rate (as construed under the Criminal Code (Canada)),
then notwithstanding that provision, that amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum
amount or rate of interest, as the case may be, as would not be so prohibited by law or result in a receipt by that Lender of interest
at a criminal rate, the adjustment to be effected, to the extent necessary, (A) first, by reducing the amount or rate of
interest required to be paid to the affected Lender under this Section 2.14 and the amount of discount applicable to BA Loans made
under this Agreement and (B) thereafter, by reducing any fees, commissions, premiums and other amounts required to be paid
to the affected Lender which would constitute interest for purposes of Section 347 of the Criminal Code (Canada).

 

(iii) Notwithstanding
clause (ii) above, and after giving effect to all adjustments contemplated thereby, if any Lender shall have received an amount
in excess of the maximum permitted by the Criminal Code (Canada), then the Canadian Borrower shall be entitled, by notice in writing
to the affected Lender, to obtain reimbursement from that Lender in an amount equal to the excess, and pending reimbursement, the
amount of the excess shall be deemed to be an amount payable by that Lender to the Canadian Borrower.

 

(iv) Any
amount or rate of interest referred to in this Section 2.14(f) shall be determined in accordance with generally accepted actuarial
practices and principles as an effective annual rate of interest over the term of this Agreement on the assumption that any charges,
fees or expenses that fall within the meaning of interest (as defined in the Criminal Code (Canada)) shall be prorated over that
period of time and, in the event of a dispute, a certificate of a Fellow of the Canadian Institute of Actuaries appointed by the
Administrative Agent shall be conclusive for the purposes of that determination.

 

Section
2.15Alternate Rate of Interest. (a)
If prior to the commencement of any Interest Period for a Eurodollar Borrowing denominated
in any currencyDollars:

 

		(i)	(a) the Administrative Agent determines (which determination shall be conclusive
absent manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate,
or the LIBO Rate or BA Discount
Rate, as applicable (including because the applicable
Reference Rate is not available or published on a current basis), for such Interest Period; orprovided
that no Benchmark Transition Event shall have occurred at such time; or 

 

		(ii)	(b) the Administrative Agent is advised by the MajorityRequired
Lenders under a Facility that the Adjusted LIBO Rate,
the LIBO Rate or BA Discountthe
LIBO Rate, as applicable, for such Interest Period will not adequately and fairly reflect the cost to such Lenders (or
Lender) of making or maintaining their Loans (or its Loan)
included in such Borrowing for such Interest Period;

 

then the Administrative Agent shall give written
notice thereof to the Canadian Borrower and the Lenders
by telephone or,
telecopy or electronic mail as promptly as practicable thereafter
and, until the Administrative Agent notifies the Canadian Borrower
and the Lenders that the circumstances giving rise to such notice no longer exist, (A)
any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as,
a Eurodollar Borrowing or BA Borrowing denominated in such currency shall be ineffective
and (B) if any Borrowing Request requests a Eurodollar Borrowing, such
Borrowing shall be converted to or continued as on the last day of the Interest Period applicable
thereto tomade as an ABR Borrowing;
provided that if the circumstances giving rise to such notice affect only one Type of Borrowings, then the other Type of Borrowings
shall be permitted.

 

    114

     

    

 

(b)
 Notwithstanding anything to the contrary herein or in any other Loan Document, upon the
occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, the Administrative Agent and the Canadian
Borrower may amend this Agreement to replace the LIBO Rate applicable to Borrowings denominated in Dollars with a Benchmark Replacement.
Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. on the fifth (5th) Business
Day after the Administrative Agent has posted such proposed amendment to all Lenders and the Canadian Borrower, so long as the
Administrative Agent has not received, by such time, written notice of objection to such proposed amendment from Lenders comprising
the Required Lenders; provided that, with respect to any proposed amendment containing any SOFR-Based Rate, the Lenders shall be
entitled to object only to the Benchmark Replacement Adjustment contained therein. Any such amendment with respect to an Early
Opt-in Election will become effective on the date that Lenders comprising the Required Lenders have delivered to the Administrative
Agent written notice that such Required Lenders accept such amendment. No replacement of LIBO Rate with a Benchmark Replacement
will occur prior to the applicable Benchmark Transition Start Date.

 

(c)
 In connection with the implementation of a Benchmark Replacement, the Administrative
Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the
contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become
effective without any further action or consent of any other party to this Agreement. 

 

(d)
 The Administrative Agent will promptly notify the Canadian Borrower and the Lenders of
(i) any occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, (ii) the implementation of any Benchmark
Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes and (iv) the commencement or conclusion of
any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Canadian Borrower, Administrative
Agent or Required Lenders pursuant to this Section 2.15, including any determination with respect to a tenor, rate or adjustment
or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action,
will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any
other party hereto, except, in each case, as expressly required pursuant to this Section 2.15. 

 

(e)
 Upon the Canadian Borrower’s receipt of notice of the commencement of a Benchmark
Unavailability Period, the Canadian Borrower may revoke any request for a Eurodollar Borrowing of, conversion to or continuation
of Eurodollar Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Canadian
Borrower will be deemed to have converted any such request into a request for a borrowing of or conversion to ABR Loans. During
any Benchmark Unavailability Period, the component of Alternate Base Rate based upon the Adjusted LIBO Rate will not be used in
any determination of Alternate Base Rate.

 

Section
2.16Increased Costs.

 

(a) If
any Change in Law shall:

 

(i) impose,
modify or deem applicable any reserve, special deposit or similar requirement against assets of, deposits with or for the account
of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate) or L/C Issuer;

 

(ii) subject
any Lender or L/C Issuer to any Tax (other than (A) Indemnified Taxes or Other Taxes indemnifiable
under Section 2.18 or (B) Excluded Taxes);

 

(iii) impose
on any Lender or L/C Issuer or the London interbank market any other condition affecting this Agreement or Eurodollar Loans or
BA Loans made by such Lender or any Letter of Credit or participation therein;

 

    115

     

    

 

and the result of any of the foregoing
shall be to increase the cost to such Lender of making or maintaining any Eurodollar Loan or BA Loan (or of maintaining its obligation
to make any such Loan) or to increase the cost to such Lender or L/C Issuer of participating in, issuing or maintaining any Letter
of Credit or to reduce the amount of any sum received or receivable by such Lender or L/C Issuer hereunder (whether of principal,
interest or otherwise), in each case determined to be material by such Lender, then the Canadian Borrower will pay to such Lender
or L/C Issuer, as applicable, such additional amount or amounts as will compensate such Lender or L/C Issuer, as applicable, for
such additional costs incurred or reduction suffered.

 

(b) If
any Lender or L/C Issuer determines that any Change in Law regarding capital requirements has or would have the effect of reducing
the rate of return on such Lender’s or L/C Issuer’s capital or on the capital of such Lender’s or L/C Issuer’s
holding company, if any, as a consequence of this Agreement or the Loans made by, or participations in Letters of Credit held by,
such Lender, or the Letters of Credit issued by such L/C Issuer, to a level below that which such Lender or such L/C Issuer or
such Lender’s or such L/C Issuer’s holding company could have achieved but for such Change in Law (taking into consideration
such Lender’s or such L/C Issuer’s policies and the policies of such Lender’s or such L/C Issuer’s holding
company with respect to capital adequacy) and determined to be material by such Lender, then from time to time the Canadian Borrower
shall pay to such Lender or such L/C Issuer, as applicable, such additional amount or amounts as will compensate such Lender or
such L/C Issuer or such Lender’s or such L/C Issuer’s holding company for any such reduction suffered.

 

(c) A
certificate of a Lender or a L/C Issuer setting forth the amount or amounts necessary to compensate such Lender or L/C Issuer or
its holding company, as applicable, as specified in paragraph (a) or (b) of this Section (as well as reasonably detailed calculations
thereof) shall be delivered to the Canadian Borrower and shall be prima facie evidence of the amounts thereof. The applicable Borrower
shall pay such Lender or L/C Issuer, as applicable, the amount shown as due on any such certificate within 10 days after receipt
thereof.

 

(d) Promptly
after any Lender or any L/C Issuer has determined that it will make a request for increased compensation pursuant to this Section
2.16, such Lender or L/C Issuer shall notify the Canadian Borrower thereof. Failure or delay on the part of any Lender or L/C Issuer
to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s or L/C Issuer’s right
to demand such compensation; provided that the Canadian Borrower shall not be required to compensate a Lender or a L/C Issuer
pursuant to this Section for any increased costs or reductions incurred more than 180 days prior to the date that such Lender or
L/C Issuer, as applicable, notifies the Canadian Borrower of the Change in Law giving rise to such increased costs or reductions
and of such Lender’s or L/C Issuer’s intention to claim compensation therefor; provided, further, that,
if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above
shall be extended to include the period of retroactive effect thereof.

 

(e) Notwithstanding
the foregoing, no Lender or L/C Issuer shall be entitled to seek compensation under this Section 2.16 based on the occurrence of
a Change in Law unless such Lender or L/C Issuer is generally seeking compensation from other borrowers in the U.S. leveraged loan
market with respect to its similarly affected commitments, loans and/or participations under agreements with such borrowers having
provisions similar to this Section 2.16.

 

Section
2.17Break Funding Payments. In the event of (a) the payment of any principal of any Eurodollar Loan other than
on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of
any Eurodollar Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow, convert, continue
or prepay any Loan on the date specified in any notice delivered pursuant hereto or (d) the assignment of any Eurodollar Loan or
BA Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Canadian Borrower
pursuant to Section 2.20, then, in any such event, the Canadian Borrower shall compensate each Lender for the loss, cost and expense
(but exclusive of lost profit or margin) attributable to such event. In the case of a Eurodollar Loan, such loss, cost or expense
to any Lender shall be deemed to be the amount reasonably determined by such Lender to be the excess, if any, of (i) the amount
of interest which would have accrued on the principal amount of such Loan had such event not occurred, at the Adjusted LIBO Rate
that would have been applicable to such Loan, for the period from the date of such event to the last day of the then current Interest
Period therefor (or, in the case of a failure to borrow, convert or continue a Eurodollar Loan, for the period that would have
been the Interest Period for such Loan), over (ii) the amount of interest which would accrue on such principal amount for such
period at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for deposits in Euros
of a comparable amount and period from other banks in the Eurodollar market. In the case of any BA Loan, such loss, cost or expense
to any Lender shall be deemed to be the amount reasonably determined by such Lender to be the excess, if any, of (ix)
in the case of an event described in clause (c) above, the face amount of the BAs accepted and purchased by such Lender (or, if
applicable, the principal amount of the BA Equivalent Loan made) for the purpose of such BA Loan minus the Discount Proceeds
of such BAs (or BA Equivalent Loan) and (iiy)
in the case of an event described in clause (d) above, the face amount of such BAs (or, if applicable, the principal amount of
such BA Equivalent Loan) minus amounts received as a result of such assignment, over the amount of interest that would accrue
on such principal amount for such period at the interest rate such Lender would bid were it to bid at the commencement of such
period for deposits in Canadian Dollars of a comparable amount and period from other banks in the Canadian interbank market. A
certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section
shall be delivered to the Canadian Borrower and shall be prima facie evidence of the amounts thereof. The Canadian Borrower shall
pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof.

 

    116

     

    

 

Section
2.18Taxes.

 

(a) Any
and allAll payments by or on account of any
obligation of any Loan Party under any Loan Document shall be made free and clear of and without
deduction or withholding for any Taxes except as required
by applicable law; provided that if any applicable withholding agentWithholding
Agent shall be required by applicable law to deduct or withhold
any Taxes from such payments, then (i) if such Taxes are Indemnified Taxes, the sum payable by
the applicable Loan Party shall be increased as necessary so that after making all
requiredsuch
deductions or withholdings have been made (including such
deductions and withholdings applicable to additional
sums payable under this Section 2.18) in respect of such Indemnified Taxes, any
Lender (or, in the case of any amount received by any Agent for its account, such Agent),
receives an amount equal to the sum it would have received had no such deductionsdeduction
or withholding been made, (ii) such Loan Party shallthe
applicable Withholding Agent shall be entitled to make such deductions and (iii) such
Loan Partydeduction or withholding and shall
timely pay the full amount deducted or withheld to the relevant
Governmental Authority in accordance with applicable law.

 

(b) In
addition, theThe Loan Parties shall pay to
the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse
it for the payment of, any Other Taxes.

 

(c) Each
Loan Party shall indemnify the Agents and each Lender, within 20 days after written demand therefor, for the full amount of any
Indemnified Taxes (including Indemnified Taxes or Other
Taxes paidimposed
or asserted on or attributable to amounts payable under this Section 2.18)
paid or payable by such Agent or Lender, as applicable, on or required
to be withheld or deducted with respect to any payment by or on account of any obligation
of such Loan Party hereunder (including Indemnified Taxes or
Other Taxes imposed or asserted on or attributable to amounts payable under this Section)a
payment to such recipient and any reasonable expenses arising therefrom or with respect 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 (accompanied
by official receipts, if available, of the relevant Governmental Authority evidencing payment of Indemnified Taxes or Other Taxes
by Lender, Agents or the L/C Issuer), delivered to the applicable Loan Party by a Lender, or by the Administrative
Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

 

(d) As
soon as reasonably practicable after any payment of Indemnified Taxes or Other
Taxes by a Loan Party to a Governmental Authority, pursuant
to this Section 2.18, such Loan Party shall deliver to the Administrative Agent the original or a certified copy of
a receipt issued by such Governmental Authority evidencing such payment, if any, a copy of the return reporting such payment or
other evidence of such payment reasonably satisfactory to the Administrative Agent.

 

    117

     

    

 

(e) 

 

(i) Any
Lender that is entitled to an exemption from or reduction of withholding Tax under the law of the jurisdiction in which a Borrower
is located, or any treaty to which such jurisdiction is a party, with respect to payments under any Loan Document shall deliver
to such Borrower (with a copy to the Administrative Agent) such properly completed and executed documentation prescribed
by applicable law (including Canadian Forms NR301, NR302 or NR303, as applicable) and
at such times as may reasonably be requested by such Borrower or
the Administrative Agent, in either case to permit such payments to be made without such withholding tax or at a reduced
rate; provided that no Lender shall have any obligation
under this paragraph (e) with respect to any withholding Tax imposed by any jurisdiction other than the United States or Canada.
In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation
reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine
whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything in
the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set
forth in Section 2.18(e)(ii)(A), (ii)(B) and (ii)(C) below) shall be required if in the reasonable judgment of such
Lender such compliance would subject such Lender to any material unreimbursed cost or expense or to
the extent it would otherwise be disadvantageous towould
materially prejudice the legal or commercial position of such Lender in any material
respect as determined in good faith by the Canadian Borrowersuch
Lender. Each Lender agrees that if any documentation it previously delivered pursuant to this Section 2.18(e) expires
or becomes obsolete or inaccurate in any respect, it shall promptly update such documentation or promptly notify the applicable
Borrower and the Administrative Agent in writing of its legal ineligibility to do so.

 

(ii) Without
limiting the foregoing:

 

(A) Each
Lender that is a United States person (as defined in Section 7701(a)(30) of the Code) shall deliver to the U.S. Borrower and the
Administrative Agent on or before the date on which it becomes a party to this Agreement two properly completed and duly signed
original copies of Internal Revenue Service Form W-9 (or any successor form) certifying that such Lender is exempt from U.S. federal
backup withholding tax.

 

(B) Each
Lender that is not a United States person (as defined in Section 7701(a)(30) of the Code) shall deliver to the U.S. Borrower and
the Administrative Agent on or before the date on which it becomes a party to this Agreement (and from time to time thereafter
upon the reasonable request of the Borrower or the Administrative Agent), two properly completed and duly signed original copies
of the applicable Internal Revenue Service Form W-8 certifying as to such Lender’s non-U.S. status.

 

(C) If
a payment made to a Lender under this Agreementany
Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply
with the applicable reporting requirements of FATCA (including those
contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the U.S. Borrower
and the Administrative Agent, at the times or times prescribed by law and at such time or times reasonably requested by the CanadianU.S.
Borrower or the Administrative Agent, such properly completed
and executed documentation prescribed by applicable law (including as
prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the U.S.
Borrower as may be necessary for the U.S. Borrower and the Administrative Agent to comply with their obligations under FATCA, to
determine whether such Lender has or has not complied with such Lender’s obligation under FATCA and,
as necessary, to determine the amount, if any,
to deduct and withhold from such payment. Solely for purposes of this
clause (C), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.

 

(iii) Notwithstanding
anything to the contrary in this Section 2.18(e), no Lender
shall be required to deliver any documentation pursuant to this Section 2.18(e) that itsuch
Lender is not legally eligible to deliver.

 

(iv) Each
Lender hereby authorizes the Administrative Agent to deliver to the Loan Parties and to any successor Administrative Agent any
documentation provided by such Lender pursuant to this Section 2.18(e).

 

    118

     

    

 

(f) If an
Agent or a Lender determinesany party, in
good faith and in its sole discretion, that it has received a refund of any Indemnified Taxes or
Other Taxes as to which it has been indemnified by a Loan Party or with respect to which such Loan Party has paid
additional amounts pursuant to this Section 2.18, it shall promptly pay over such refund to such Loan Party (but only to the extent
of indemnity payments made, or additional amounts paid, by such Loan Party under this Section 2.18 with respect to the Indemnified
Taxes or Other Taxes giving rise to such refund), net of all reasonable out-of-pocket
expenses of such Agent or such Lenderindemnified
party (including any Taxes imposed with respect to such refund) as is determined by
the Agent or Lender in good faith and in its sole discretion and without interest (other than any interest paid
by the relevant Governmental Authority with respect to such refund); provided that such Loan Party, upon the request of
such Agent or such Lenderindemnified
party, agrees to repay as soon as reasonably practicable the amount paid over to such Loan Party (plus any penalties,
interest or other charges imposed by the relevant Governmental Authority) to such Agent or such
Lenderindemnified party in the event such
Agent or such Lenderindemnified
party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this
Section 2.18(f), in no event will any Agent or Lenderindemnified
party be required to pay any amount to any Loan Party pursuant to this Section 2.18(f) the payment of which would place
such Agent or Lenderindemnified
party in a less favorable net after-Tax position than it would have been in if the Tax subject to indemnification and
giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional
amounts with respect to such Tax had never been paid. This Section 2.18(f) shall not be construed to require any Agent
or any Lenderindemnified party to make available
its Tax returns (or any other information relating to its Taxes which it deems confidential) to the Loan Parties or any other Person.

 

(g) Solely for
purposes of FATCA, from and after the Amendment No. 2 Effective Date, the Borrowers and the Administrative Agent shall treat (and
the Lenders hereby authorize the Administrative Agent to treat) this Agreement and the Loans as not qualifying as “grandfatheredGrandfathered
obligations” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).

 

(h) For the avoidance
of doubt, the term “Lender,” for purposes of this Section 2.18, shall include any Swingline Lender and any L/C Issuer.

 

Section
2.19 Payments Generally; Pro Rata Treatment; Sharing of Payments.

 

(a) Payments
by the Canadian Borrower. Except as otherwise provided in this Agreement, each payment of principal of and interest on Loans,
discount and BA Acceptance Fees in respect of any BA Loan, L/C Obligations and fees hereunder (other than fees payable directly
to the L/C Issuers) shall be paid not later than 2:00 P.M. on the date when due, in Federal or other funds immediately available
to the Administrative Agent at the account designated by it by notice to the Canadian Borrower. Each such payment shall be made
without condition or deduction for any counterclaim, defense, recoupment or setoff and irrespective of any claim or defense to
payment which might in the absence of this provision be asserted by the Canadian Borrower or any Affiliate against the any Agent
or any Lender. All prepayments and repayments of Loans made pursuant to this Section 2.19(a) shall be made in the currency in which
such Loan is denominated. Payments received after 2:00 P.M. shall be deemed to have been received on the next Business Day, and
any applicable interest or fee shall continue to accrue. Except for payments and other amounts received by the Administrative Agent
and applied in accordance with the provisions of paragraph (c) below or required by a provision hereof to be applied in a specified
manner, the Canadian Borrower shall, at the time it makes any payments under this Agreement, specify to the Administrative Agent
the Loan, Letters of Credit, fees or other amounts payable by the Canadian Borrower hereunder to which such payment is to be applied
(and if it fails to specify or if such application would be inconsistent with the terms hereof, the Administrative Agent shall,
subject to paragraph (c) below, to Section 2.11, to Section 2.12 and to Section 2.19(e), distribute such payment to the Lenders
in such manner as the Administrative Agent may deem reasonably appropriate). The Administrative Agent may in its sole discretion,
distribute such payments to the applicable Lenders on the date of receipt thereof, if such payment is received prior to 2:00 P.M.;
otherwise the Administrative Agent may, in its sole discretion, distribute such payment to the applicable Lenders on the date of
receipt thereof or on the immediately succeeding Business Day. Whenever any payment hereunder shall be due on a day which is not
a Business Day, the date for payment thereof shall be extended to the next succeeding Business Day unless (in the case of Eurodollar
Loans) such Business Day falls in another calendar month, in which case the date for payment thereof shall be the next preceding
Business Day. If the date for any payment of principal is extended by operation of Law or otherwise, interest thereon shall be
payable for such extended time. Other than with respect to Swingline Loans, the Canadian Borrower hereby authorizes and directs
the Administrative Agent to debit any account maintained by the Canadian Borrower with the Administrative Agent to pay when due
any amounts required to be paid from time to time under this Agreement.

 

    119

     

    

 

(b) Distributions
by the Administrative Agent. Unless the Administrative Agent shall have received notice (which may be by telephone if promptly
confirmed in writing) from the Canadian Borrower prior to the date on which any payment is due to the Lenders hereunder that the
Canadian Borrower will not make such payment in full, the Administrative Agent may assume that the Canadian Borrower has made such
payment in full to the Administrative Agent on such date, and the Administrative Agent may, in reliance upon such assumption, cause
to be distributed to each Lender on such due date an amount equal to the amount then due such Lender. If and to the extent that
the Canadian Borrower shall not have so made such payment, each Lender shall repay to the Administrative Agent forthwith on demand
such amount distributed to such Lender together with interest thereon, for each day from the date such amount is distributed to
such Lender until the date such Lender repays such amount to the Administrative Agent, at the Federal Funds Effective
Rate.

 

(c) Pro Rata
Treatment of Loans. Except as otherwise set forth in this Agreement, each Borrowing, each payment or prepayment of principal
of or interest on any Loan, each payment of fees (other than the L/C Issuer Fees retained by a L/C Issuer for its own account and
the administrative fees retained by the Agents for their own account), each reduction of the Revolving R-23
Committed Amount and each conversion or continuation of any Loan, shall be allocated pro rata among the relevant Lenders
in accordance with the respective Revolving R-23
Commitment Percentages, or with respect to Term Loans, according to the respective outstanding principal amounts of the applicable
Term Loans then held by the applicable Term Loan Lenders, as applicable, of such Lenders (or, if the Commitments of such Lenders
have expired or been terminated, in accordance with the respective principal amounts of the outstanding Loans of the applicable
Class and Participation Interests of such Lenders); provided that, in the event any amount paid to any Lender pursuant to
this subsection (c) is rescinded or must otherwise be returned by the Administrative Agent, each Lender shall, upon the request
of the Administrative Agent, repay to the Administrative Agent the amount so paid to such Lender, with interest for the period
commencing on the date such payment is returned by the Administrative Agent until the date the Administrative Agent receives such
repayment at a rate per annum equal to, during the period to but excluding the date two Business Days after such request, the Federal
Funds Effective Rate, and thereafter, the Alternate Base
Rate plus 2.00% per annum.

 

(d) Pro Rata
Treatment of Letters of Credit. Except as otherwise set forth in this Agreement, each payment of L/C Obligations shall be allocated
to each Revolving R-23
Facility Lender pro rata in accordance with its Revolving R-23
Commitment Percentage; provided that, if any Revolving R-23
Facility Lender shall have failed to pay its applicable pro rata share of any L/C Disbursement as required under Section
2.05(e)(iv) or (vi), then any amount to which such Revolving R-23
Facility Lender would otherwise be entitled pursuant to this subsection (e) shall instead be payable to the L/C Issuer.

 

(e) Sharing
of Payments. The Lenders agree among themselves that, except as otherwise set forth in this Agreement, if any Lender shall
obtain payment in respect of any Loan, unreimbursed L/C Disbursements or any other obligation owing to such Lender under this Agreement
through the exercise of a right of setoff, banker’s lien or counterclaim, or pursuant to a secured claim under Section 506
of the U.S. Bankruptcy Code or other security or interest arising from, or in lieu of, such secured claim, received by such Lender
under any applicable Debtor Relief Laws or otherwise, or by any other means, in excess of the share of such payment to which it
was entitled as provided for in this Agreement, such Lender shall promptly pay in cash or purchase from the other Lenders a participation
in such Loans, unreimbursed L/C Disbursements and other obligations in such amounts, and make such other adjustments from time
to time, as shall be equitable to the end that all Lenders entitled to receive such amounts share such payment in accordance with
their respective ratable shares as provided for in this Agreement; provided that nothing in this subsection (e) shall impair
the right of any Lender to exercise any right of set-off or counterclaim it may have for payment of indebtedness of the Borrowers
other than its indebtedness hereunder. The Lenders further agree among themselves that if payment to a Lender obtained by such
Lender through the exercise of a right of setoff, banker’s lien, counterclaim or other event as aforesaid shall be rescinded
or must otherwise be restored, each Lender which shall have shared the benefit of such payment shall, by payment in cash or a repurchase
of a participation theretofore sold, return its share of that benefit (together with its share of any accrued interest payable
with respect thereto) to each Lender whose payment shall have been rescinded or otherwise restored. The Canadian Borrower agrees
that any Lender so purchasing such a participation may, to the fullest extent permitted by Law, exercise all rights of payment,
including setoff, banker’s lien or counterclaim, with respect to such participation as fully as if such Lender were a holder
of such Loan, L/C Obligation or other obligation in the amount of such participation. The Administrative Agent will keep records
(which shall be conclusive and binding in the absence of manifest error) of participations purchased under this subsection (e)
and will in each case notify the Lenders following any such purchases or repayments. Each Lender that purchases a participation
pursuant to this Section shall from and after such purchase have the right to give all notices, requests, demands, directions and
other communications under this Agreement with respect to the portion of the Loan, L/C Obligation or other obligation purchased
to the same extent as though the purchasing Lender were the original owner of the obligations purchased. If under any applicable
Debtor Relief Law, any Lender receives a secured claim in lieu of a setoff to which this subsection (e) applies, such Lender shall,
to the extent practicable, exercise its rights in respect of such secured claim in a manner consistent with the rights of the Lenders
under this subsection (e) to share in the benefits of any recovery on such secured claim.

 

    120

     

    

 

Section
2.20 Mitigation Obligations; Replacement of Lenders.

 

(a) If any Lender
requests compensation under Section 2.16, or if a Borrower is required to pay any additional amount to any Lender or any Governmental
Authority for the account of any Lender pursuant to Section 2.18, then such Lender shall use reasonable efforts to designate a
different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another
of its offices, branches or Affiliates, if, in the sole good faith judgment of such Lender, such designation or assignment (i)
would eliminate or reduce amounts payable pursuant to Section 2.16 or 2.18, as applicable, in the future and (ii) would not subject
such Lender to any material unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender in any material
respect. Each Borrower hereby agrees to pay all reasonable and documented out-of-pocket costs and expenses incurred by any Lender
in connection with any such designation or assignment.

 

(b) If any Lender
requests compensation under Section 2.16, or if a Borrower is required to pay any additional amount to any Lender or any Governmental
Authority for the account of any Lender pursuant to Section 2.18, or is a Defaulting Lender, then such Borrower may, at its sole
expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without
recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its interests, rights and obligations
under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts
such assignment); provided that (i) such Lender shall have received payment of an amount equal to the outstanding principal
of its Loans and participations in L/C Disbursements and Swingline Loans, accrued interest thereon, accrued fees and all other
amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees)
or such Borrower (in the case of all other amounts) and (ii) in the case of any such assignment resulting from a claim for compensation
under Section 2.16 or payments required to be made pursuant to Section 2.18, such assignment will result in a reduction in such
compensation or payments. Nothing in this Section 2.20 shall be deemed to prejudice any rights that any Borrower may have against
any Lender that is a Defaulting Lender.

 

(c) If any Lender
(such Lender, a “Non-Consenting Lender”) has failed to consent to a proposed amendment, waiver, discharge or
termination which pursuant to the terms of Section 9.08 requires the consent of all of the Lenders affected and with respect to
which the Required Lenders shall have granted their consent, then provided no Event of Default then exists, the Canadian Borrower
shall have the right (unless such Non-Consenting Lender grants such consent) to replace such Non-Consenting Lender by requiring
such Non-Consenting Lender to assign its Loans, and its Commitments hereunder to one or more assignees reasonably acceptable to
the Administrative Agent; provided that (ai)
all Obligations of Borrowers owing to such Non-Consenting Lender being replaced shall be paid in full to such Non-Consenting Lender
concurrently with such assignment, and (bii)
the replacement Lender shall purchase the foregoing by paying to such Non-Consenting Lender a price equal to the principal amount
thereof plus accrued and unpaid interest thereon. In connection with any such assignment the Canadian Borrower, Administrative
Agent, such Non-Consenting Lender and the replacement Lender shall otherwise comply with Section 9.04; provided that, notwithstanding
anything herein to the contrary (including in Section 9.04), any such Non-Consenting Lender shall automatically be deemed to have
assigned its Loans pursuant to the terms of an Assignment and Acceptance, and accordingly no other action by such Non-Consenting
Lender shall be required in connection therewith.

 

(d) Notwithstanding
anything herein to the contrary, each party hereto agrees that any assignment pursuant to the terms of this Section 2.20 may be
effected pursuant to an Assignment and Acceptance executed by the Canadian Borrower, the Administrative Agent and the assignee
and that the Lender making such assignment need not be a party thereto.

 

    121

     

    

 

Section
2.21 Incremental Facilities.

 

(a) The Canadian
Borrower may at any time or from time to time after the Amendment No. 26
Effective Date, by written notice delivered to the Administrative Agent request (i) one or more additional Classes of term loans
or additional term loans of the same Class of any existing Class of term loans denominated in Dollars or Canadian Dollars (the
“Incremental Term Loans”) and (ii) one or more increases in the amount of the Revolving R-23
Facility Commitments of any Class (each such increase, an “Incremental Revolving Credit Commitment Increase,”
and together with the Incremental Term Loans the “Incremental Facilities” and the commitments in respect thereof
are referred to as the “Incremental Commitments”); provided that, subject to Section 1.06, at the time
that any such Incremental Term Loan or Incremental Revolving Credit Commitment Increase is made or effected (and after giving pro
forma effect thereto and to any Specified Transaction to be consummated
in connection therewith), except as set forth in the proviso to clause (b) below, no Event of Default (or, in the case
of the incurrence or provision of any Incremental Facility in connection with an acquisition, no Event of Default under Sections
7.01(b), (c), (h) or (i)) shall have occurred and be continuing.

 

(b) Each tranche
of Incremental Term Loans and each Incremental Revolving Credit Commitment Increase shall be in an aggregate principal amount that
is not less than $5.0 million5,000,000
(or CAD5.0 million5,000,000
if denominated in Canadian Dollars) (it being understood that such amount may be less than $5.0
million5,000,000 (or CAD5.0
million5,000,000 if denominated in Canadian
Dollars) if such amount represents all remaining availability under the limit set forth below) (and in minimum increments of $1.0
million1,000,000 (or CAD1.0
million1,000,000 if denominated in Canadian
Dollars) in excess thereof), and, subject to the proviso at the end of this Section 2.21(b), the aggregate amount of the Incremental
Term Loans and Incremental Revolving Credit Commitment Increases (after giving pro forma effect thereto and the use of the proceeds
thereof) incurred pursuant to this Section 2.21(b), together with the
aggregate principal amount of Permitted Additional Debt incurred pursuant to clause (a) of the definition of Permitted Debt,
shall not exceed, as of the date of incurrence of such Indebtedness or commitments, an aggregate amount
of Indebtednessprincipal amount equal to the sum of
(x) $200,000,000, plus (y) the aggregate amount of all voluntary prepayments of (1) Term B-5 Loans outstanding on the Amendment
No. 6 Effective Date, (2) Revolving R-3 Facility Loans (to the extent accompanied by a permanent reduction in Revolving R-3 Facility
Commitments) and (3) any Incremental Term Loan (other than Incremental Term Loans in respect of Replacement Term Loans and Extended
Term Loans), plus (z) an additional amount, such that, subject to Section 1.06, after giving pro forma effect
to such incurrence (and after giving pro forma effect to any Specified Transaction to be consummated in connection therewith and
assuming that all Incremental Revolving Credit Commitment Increases then outstanding were fully drawn), Holdingsthe
Canadian Borrower would be in compliance with a First Lien Leverage Ratio as of the last day of the Test Period most
recently ended on or prior to the incurrence of any such Incremental Facility, calculated on a pro forma basis, as if such incurrence
(and transactions) had occurred on the first day of such Test Period, that is no greater than 3.50:1.00 (this
clauseclauses (x), (y) and (z), collectively,
the “Incremental Limit”); provided that (i) Incremental Term Loans may be incurred without regard to
the Incremental Limit, without regard to whether an Event of Default has occurred and is continuing and, without regard to the
minimums set forth in the first part of this Section 2.21(b), to the extent that the Net Cash Proceeds from such Incremental Term
Loans on the date of incurrence of such Incremental Term Loans (or substantially concurrently therewith) are used to either (x)
prepay Term Loans and related amounts in accordance with the procedures set forth in Section 2.12 or (y) permanently reduce or
replace the Revolving R-23
Facility Commitments or Extended Revolving Credit Commitments in accordance with the procedures set forth in Section 2.09 (and
any such Incremental Term Loans shall be deemed to have been incurred pursuant to this proviso) and (ii) on or prior to the date
that is 60 days after the occurrence of a Permitted Change of Control, Incremental Revolving Credit Commitment Increases may be
incurred without regard to the Incremental Limit, without regard to whether an Event of Default has occurred and is continuing
and without regard to the minimums set forth in the first part of this Section 2.21(b) in an aggregate amount pursuant to this
clause (ii) equal to the aggregate amount of Permitted Change of Control Terminated Commitments that were terminated in connection
with such Permitted Change of Control.

 

    122

     

    

 

(c) 

 

(i) The
Incremental Term Loans (A) shall rank equal in right of payment and security with the Term B-45
Loans, shall be secured only by all or a portion of the Collateral securing the Secured Obligations and, if guaranteed, shall only
be guaranteed by the Loan Parties, (B) shall not mature earlier than the Term B-45
Loan Maturity Date, (C) shall not have a shorter Weighted Average Life to Maturity than the remaining Term B-45
Loans (provided that up to $150.0 million200,000,000
of Incremental Term Loans, less the amount, if any, of Indebtedness secured by Liens incurred
pursuant to the exception set forth in the last proviso of Section 6.02(i), may have a shorter Weighted Average
Life to Maturity than the then-outstanding Term B-45
Loans; provided, further, that any Incremental Term Loans incurred solely for the purpose of funding export-import
bank financings (“Export Financing”) and any customary
“high yield” bridge facilities (so long as the long-term Indebtedness into which any such customary “high yield”
bridge facility is to be converted or exchanged satisfies the requirements of this clause (C)) (as determined by the Canadian Borrower
in good faith) may have a shorter Weighted Average Life to Maturity than the then outstanding Term B-45
Loans), (D) shall have a maturity date (other than with respect to the Incremental Term Loans described in the provisos to clause
(C)), an amortization schedule (subject to clause (C)), and interest rates (including through fixed interest rates), interest margins,
rate floors, upfront fees, funding discounts, original issue discounts and prepayment terms and premiums for the Incremental Term
Loans as determined by the Canadian Borrower and the lenders of the Incremental Term Loans; provided that in the event that
the Effective Yield for any Incremental Term Loans incurred within six
months after the Amendment No. 6 Effective Date (other than Incremental Term Loans incurred pursuant to the proviso
of Section 2.21(b)), is greater than the Effective Yield for the Term B-45
Loans by more than 0.50%, then the Applicable Margins for the Term B-45
Loans shall be increased to the extent necessary so that the Effective Yield for the Term B-45
Loans are equal to the Effective Yield for the Incremental Term Loans minus 0.50%; provided, further, that,
with respect to any Incremental Term Loans that do not bear interest at a rate determined by reference to the Adjusted LIBO Rate,
for purposes of calculating the applicable increase (if any) in the Applicable Margins for the Term B-45
Loans in the immediately preceding proviso, the Applicable Margin for such Incremental Term Loans shall be deemed to be the interest
rate (calculated after giving pro forma effect to any increases required pursuant to the immediately succeeding proviso) of such
Incremental Term Loans less the then applicable Reference Rate; and (E) may otherwise have terms and conditions different
from those of the Term B-45
Loans; provided that (x) except with respect to matters contemplated by clauses (B), (C) and (D) above, any differences
shall be reasonably satisfactory to the Administrative Agent (except for covenants and other provisions applicable only to the
periods after the Final Maturity Date) and (y) the documentation governing any Incremental Term Loans may include any Previously
Absent Financial Maintenance Covenant so long as the Administrative Agent shall have been given prompt written notice thereof and
this Agreement is amended to include such Previously Absent Financial Maintenance Covenant for the benefit of each Facility.

 

(ii) The
Incremental Revolving Credit Commitment Increase shall be treated the same as the Class of Revolving R-23
Facility Commitments being increased (including with respect to maturity date thereof) and shall be considered to be part of the
Class of the Revolving R-23
Facility being increased (it being understood that, if required to consummate an Incremental Revolving Credit Commitment Increase,
the interest rate margins, rate floors and undrawn commitment fees on the Class of Revolving R-23
Facility Commitments being increased may be increased and additional upfront or similar fees may be payable to the lenders participating
in the Incremental Revolving Credit Commitment Increase (without any requirement to pay such fees to any existing Revolving R-23
Facility Lenders)).

 

(d) Each notice
from the Canadian Borrower pursuant to this Section 2.21 shall be given in writing and shall set forth the requested amount and
proposed terms of the relevant Incremental Term Loans or Incremental Revolving Credit Commitment Increases. Incremental Term Loans
may be made, and Incremental Revolving Credit Commitment Increases may be provided, subject to the prior written consent of the
Canadian Borrower (not to be unreasonably withheld or delayed), by any existing Lender (it being understood that no existing Lender
with an Term B-45
Loan Commitment will have an obligation to make a portion of any Incremental Term Loan, no existing Lender with a Revolving R-23
Facility Commitment will have any obligation to provide a portion of any Incremental Revolving Credit Commitment Increase and
no existing Lender with a Revolving R-2 Facility Commitment will have an obligation to provide a portion of any Replacement Revolving
Credit Commitment) or by any other bank, financial institution, other institutional lender or other investor (any
such other bank, financial institution or other investor being called an “Additional Lender”); provided
that the Administrative Agent shall have consented (not to be unreasonably withheld or delayed) to such Lender’s or Additional
Lender’s making such Incremental Term Loans or providing such Incremental Revolving Credit Commitment Increases if such consent
would be required under Section 9.04(b) for an assignment of Loans or Commitments, as applicable, to such Lender or Additional
Lender; provided, further, that, solely with respect to any Incremental Revolving Credit Commitment Increases, the
Swingline Lender and the L/C Issuer shall have consented (not to be unreasonably withheld or delayed) to such Lender’s or
Additional Lender’s providing such Incremental Revolving Credit Commitment Increases if such consent would be required under
Section 9.04(b) for an assignment of Loans or Commitments, as applicable, to such Lender or Additional Lender.

 

    123

     

    

 

(e) Commitments
in respect of Incremental Term Loans, and
Incremental Revolving Credit Commitment Increases shall become Commitments (or in the case of an Incremental Revolving Credit Commitment
Increase to be provided by an existing Lender with a Revolving R-23
Facility Commitment, an increase in such Lender’s applicable Revolving R-23
Facility Commitment) under this Agreement pursuant to an amendment (an “Incremental Agreement”) to this Agreement
and, as appropriate, the other Loan Documents, executed by Holdings, the Canadian
Borrower, each Lender agreeing to provide such Commitment, if any, each Additional Lender, if any, and the Administrative Agent.
The Incremental Agreement may, subject to Section 2.21(c), without the consent of any other Lenders, effect such amendments to
this Agreement and the other Loan Documents as may be necessary, in the reasonable opinion of the Administrative Agent and the
Canadian Borrower, to effect the provisions of this Section (including (i) in connection with an Incremental Revolving Credit Commitment
Increase, to reallocate Revolving R-23
Facility Credit Exposure on a pro rata basis among the relevant Revolving R-23
Facility Lenders, (ii) to increase the Effective Yield of the applicable Class of Term Loans to the extent necessary in order to
ensure that any applicable Class of Incremental Term Loans are “fungible” with such existing Class of Term Loans and/or
(iii) to add or extend “soft call” or add or extend any other “call protection”, in either case for the
benefit of any existing Class of Term Loans. The effectiveness of any Incremental Agreement and the occurrence of any Credit Event
pursuant to such Incremental Agreement shall be subject to the satisfaction of such conditions as the parties thereto shall agree.
The Canadian Borrower will use the proceeds of the Incremental Term Loans, and
Incremental Revolving Credit Commitment Increases for any purpose not prohibited by this Agreement; provided, however,
that the proceeds of any Incremental Term Loans incurred as described in the proviso to Section 2.21(b), shall be used in accordance
with the terms thereof.

 

(f) 

 

(i) No
Lender shall be obligated to provide any Incremental Term Loans or Incremental Revolving Credit Commitment Increases unless it
so agrees, and the Canadian Borrower shall not be obligated to offer any existing Lender the opportunity to provide any Incremental
Term Loans or Incremental Revolving Credit Commitment Increases.

 

(ii) Upon
each increase in the Revolving R-23
Facility Commitments of any Class pursuant to this Section, each Lender with a Revolving R-23
Facility Commitment of such Class immediately prior to such increase will automatically and without further act be deemed to have
assigned to each Lender providing a portion of the Incremental Revolving Credit Commitment Increase (each, an “Incremental
Revolving Credit Commitment Increase Lender”) in respect of such increase, and each such Incremental Revolving Credit
Commitment Increase Lender will automatically and without further act be deemed to have assumed, a portion of such Lender’s
participations hereunder in outstanding Letters of Credit and Swingline Loans such that, after giving pro forma effect to each
such deemed assignment and assumption of participations, the percentage of the aggregate outstanding (A) participations hereunder
in Letters of Credit and (B) participations hereunder in Swingline Loans held by each Lender with a Revolving R-23
Facility Commitment of such Class (including each such Incremental Revolving Credit Commitment Increase Lender) will equal the
percentage of the aggregate Revolving R-23
Facility Commitments of such Class of all Lenders represented by such Lender’s Revolving R-23
Facility Commitment of such Class. If, on the date of such increase, there are any Revolving R-23
Facility Loans of such Class outstanding, such Revolving R-23
Facility Loans shall on or prior to the effectiveness of such Incremental Revolving Credit Commitment Increase be prepaid from
the proceeds of additional Revolving R-23
Facility Loans made hereunder (reflecting such increase in Revolving R-23
Facility Commitments of such Class), which prepayment shall be accompanied by accrued interest on the Revolving R-23
Facility Loans of such Class being prepaid and any costs incurred by any Lender in accordance with Section 2.17. The Administrative
Agent and the Lenders hereby agree that the minimum borrowing, pro rata borrowing and pro rata payment requirements
contained elsewhere in this Agreement shall not apply to the transactions effected pursuant to the immediately preceding sentence.

 

    124

     

    

 

(g) This Section
2.21 shall supersede any provisions in Section 2.19 or 9.08 to the contrary. For the avoidance of doubt, any provisions of this
Section 2.21 may be amended with the consent of the Required Lenders; provided no such amendment shall require any Lender
to provide any Incremental Commitment without such Lender’s consent.

 

Section
2.22 Illegality. If any Lender reasonably determines that any change in law has made it unlawful, or
that any Governmental Authority has asserted after the Amendment No. 26
Effective Date that it is unlawful, for any Lender or its Applicable Lending Office to make or maintain any Eurodollar
Loans or BA Loans, then, on notice thereof by such Lender to the applicable Borrower through the Administrative Agent, any obligations
of such Lender to make or continue Eurodollar Loans or BA Loans or to convert ABR Borrowings to Eurodollar Borrowings (if such
ABR Borrowings are denominated in Dollars) or BA Loans (if such ABR Borrowings are denominated in Canadian Dollars), as applicable,
shall be suspended until such Lender notifies the Administrative Agent and the applicable Borrower that the circumstances giving
rise to such determination no longer exist. Upon receipt of such notice, the applicable Borrower shall upon demand from such Lender
(with a copy to the Administrative Agent), either (i) for Loans denominated in Canadian Dollars (A) convert all BA Loans of such
Lender to ABR Borrowings denominated in Canadian Dollars, either on the last day of the Interest Period therefor, if such Lender
may lawfully maintain such BA Borrowings to such day, or immediately, prepay such BA Borrowing in the manner provided for in Section
2.06(i), if such Lender may not lawfully continue to maintain such Loans as BA Borrowing, or (ii) for Loans denominated in Dollars,
convert all Eurodollar Borrowings of such Lender to ABR Borrowings, either on the last day of the Interest Period therefor, if
such Lender may lawfully continue to maintain such Eurodollar Borrowings to such day, or immediately, if such Lender may not lawfully
continue to maintain such Loans. Upon any such prepayment or conversion, such Borrower shall also pay accrued interest on the
amount so prepaid or converted.

 

Section
2.23 Defaulting Lenders.

 

(a) Notwithstanding
any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall
apply for so long as such Lender is a Defaulting Lender:

 

(i) Revolving
R-23 Facility
Commitment Fees shall cease to accrue on the Commitment of such Defaulting Lender pursuant to Section 2.13(a);

 

(ii) the
Commitment of and the Revolving R-23
Facility Credit Exposure of such Defaulting Lender shall not be included in determining whether all Lenders or the Required Lenders
or any other requisite Lenders have taken or may take any action hereunder (including any consent to any amendment or waiver pursuant
to Section 9.08); provided that (iA)
any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender which affects such Defaulting
Lender differently than other affected Lenders shall require the consent of such Defaulting Lender and (iiB)
the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender;

 

(iii) if
any Swingline Exposure or Letter of Credit Exposure exists at the time a Lender becomes a Defaulting Lender, then (v) all or any
part of such Letter of Credit Exposure of such Defaulting Lender and such Swingline Exposure of such Defaulting Lender will, subject
to the limitation in the first proviso below, automatically be reallocated (effective on the day such Lender becomes a Defaulting
Lender) among the Non-Defaulting Lenders pro rata in accordance with their respective Revolving R-23
Commitment Percentages; provided that (A) each Non-Defaulting Lender’s Letter of Credit Exposure may not in any event
exceed the Revolving R-3 Facility Commitment of such Non-Defaulting
Lender as in effect at the time of such reallocation and (B) neither such reallocation nor any payment by a Non-Defaulting Lender
pursuant thereto will constitute a waiver or release of any claim any Borrower, the Administrative Agent, the L/C Issuer, the Swingline
Lender or any other Lender may have against such Defaulting Lender or cause such Defaulting Lender to be a Non-Defaulting Lender,
(w) to the extent that all or any portion of the Defaulting Lender’s Letter of Credit Exposure and Swingline Exposure cannot,
or can only partially, be so reallocated to Non-Defaulting Lenders, whether by reason of the first proviso in Section 2.23(a)(iii)(v)
above or otherwise, the Canadian Borrower shall within two Business Days for Term Loans, and for Revolving R-23
Facility Loans that are Eurodollar Loans, three Business Days, following notice by the Administrative Agent (I) first, prepay
such Swingline Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) and (II) second,
Cash Collateralize such Defaulting Lender’s Letter of Credit Exposure (after giving effect to any partial reallocation pursuant
to clause (i) above), in accordance with the procedures set forth in Section 2.05 for so long as such Letter of Credit Exposure
is outstanding, (iiix)
if the Canadian Borrower Cash Collateralizes any portion of such Defaulting Lender’s Letter of Credit Exposure pursuant to
the requirements of this Section 2.23(a)(iii), the Borrowers shall not be required to pay any fees to such Defaulting Lender pursuant
to Section 2.13(b) with respect to such Defaulting Lender’s Letter of Credit Exposure during the period such Defaulting Lender’s
Letter of Credit Exposure is cash collateralized, (ivy)
if the Letter of Credit Exposure of the Non-Defaulting Lenders is reallocated pursuant to the requirements of this Section 2.23(a)(iii),
then the fees payable to the Lenders pursuant to Sections 2.13(a) and (b) shall be adjusted to give effect to such reallocation
and the Borrowers shall not be required to pay any fees to the Defaulting Lender pursuant to Section 2.13(b) with respect to such
Defaulting Lender’s Letter of Credit Exposure during the period that such Defaulting Lender’s Letter of Credit Exposure
is reallocated, or (vz)
if any Defaulting Lender’s Letter of Credit Exposure is neither cash collateralized nor reallocated pursuant to the requirements
of this Section 2.23(a)(iii), then, without prejudice to any rights or remedies of the L/C Issuer or any Lender hereunder, all
fees payable under Section 2.13(b) with respect to such Defaulting Lender’s Letter of Credit Exposure shall be payable to
the L/C Issuer until such Letter of Credit Exposure is cash collateralized and/or reallocated;

 

    125

     

    

 

(iv) any
payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of that Defaulting Lender
(whether voluntary or mandatory, at maturity, pursuant to Article VII or otherwise, and including any amounts made available to
the Administrative Agent by that Defaulting Lender pursuant to Section 9.06), shall be applied at such time or times as may be
determined by the Administrative Agent as follows: first, to the payment of any amounts owing by that Defaulting Lender
to the Administrative Agent hereunder; second, in the case of a Revolving R-23
Facility Lender, to the payment on a pro rata basis of any amounts owing by that Defaulting Lender to each L/C Issuer and
the Swingline Lender hereunder; third, as the Canadian Borrower may request (so long as no Default or Event of Default exists),
to the funding of any Loan in respect of which that Defaulting Lender has failed to fund its portion thereof as required by this
Agreement, as determined by the Administrative Agent; fourth, in the case of a Revolving R-23
Facility Lender, if so determined by the Administrative Agent and the Canadian Borrower, to be held in a non-interest bearing deposit
account and released in order (x) to satisfy obligations of that Defaulting Lender to fund Loans under this Agreement and (y) if
such Defaulting Lender is a Revolving R-23
Facility Lender, to Cash Collateralize its pro rata share of any L/C Issuer’s future Letter of Credit Exposure with respect
to such Defaulting Lender for future Letters of Credit issued under this Agreement; fifth, to the payment of any amounts
owing to the Lenders, the L/C Issuers or the Swingline Lender as a result of any judgment of a court of competent jurisdiction
obtained by any Lender, such L/C Issuer or the Swingline Lender against that Defaulting Lender as a result of that Defaulting Lender’s
breach of its obligations under this Agreement; sixth, so long as no Default or Event of Default exists, to the payment
of any amounts owing to the Borrowers as a result of any judgment of a court of competent jurisdiction obtained by the Borrowers
against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement; and
seventh, to that Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if
such payment is a payment of the principal amount of any Loans or any L/C Disbursement that has not been reimbursed in accordance
with Section 2.05 (any such L/C Disbursement, an “Unpaid Drawing”), such payment shall be applied solely to
pay the relevant Loans of, and Unpaid Drawings owed to, the relevant non-Defaulting Lenders on a pro rata basis prior to
being applied in the manner set forth in this Section 2.23(a). Any payments, prepayments or other amounts paid or payable to a
Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to Cash Collateralize pursuant to Section
2.05 shall be deemed paid to and redirected by that Defaulting Lender, and each Lender irrevocably consents hereto;

 

(v) the
L/C Issuer will not be required to issue any new Letter of Credit or amend any outstanding Letter of Credit to increase the face
amount thereof, alter the drawing terms thereunder or extend the expiry date thereof, unless the L/C Issuer is reasonably satisfied
that any exposure that would result from the exposure to such Defaulting Lender is eliminated or fully covered by the Revolving
R-23 Facility
Commitments of the Non-Defaulting Lenders or by being cash collateralized or a combination thereof in accordance with the requirements
of Section 2.23 (a)(iii) above or otherwise in a manner reasonably satisfactory to the L/C Issuer; and

 

(vi) the
Swingline Lender will not be required to fund any Swingline Loans unless the Swingline Lender is reasonably satisfied that any
exposure that would result from the exposure to such Defaulting Lender is eliminated or fully covered by the Revolving R-23
Facility Commitments of the Non-Defaulting Lenders or a combination thereof in accordance with the requirements of Section 2.23(a)(iii)
above.

 

(b) If the Canadian
Borrower, the Administrative Agent, the Swingline Lender and the L/C Issuer agree in writing in their discretion that a Lender
that is a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties
hereto, whereupon, as of the effective date specified in such notice and subject to any conditions set forth therein, such Lender
will cease to be a Defaulting Lender and will be a Non-Defaulting Lender and any applicable cash collateral shall be promptly returned
to the Canadian Borrower and any Letter of Credit Exposure and Swingline Exposure of such Lender reallocated pursuant to the requirements
of Section 2.23(a)(iii) above shall be reallocated back to such Lender; provided that, except to the extent otherwise expressly
agreed by the affected parties, no change hereunder from Defaulting Lender to Non-Defaulting Lender will constitute a waiver or
release of any claim of any party hereunder arising from such Lender’s having been a Defaulting Lender.

 

    126

     

    

 

Section
2.24 Amendments Effecting a Maturity Extension. In addition, notwithstanding any other provision of this
Agreement to the contrary:

 

(a) The Canadian
Borrower may at any time and from time to time request that all or a portion of each Term Loan of any Class (an “Existing
Term Loan Class”) be converted or exchanged to extend the scheduled final maturity date(s) of any payment of principal
with respect to all or a portion of any principal amount of such Term Loans (any such Term Loans which have been so extended, “Extended
Term Loans”) and to provide for other terms consistent with this Section 2.24. Prior to entering into any Extension Agreement
with respect to any Extended Term Loans, the Canadian Borrower shall provide written notice to the Administrative Agent (who shall
provide a copy of such notice to each of the Lenders of the applicable Existing Term Loan Class, with such request offered equally
to all such Lenders of such Existing Term Loan Class) (a “Term Loan Extension Request”) setting forth the proposed
terms of the Extended Term Loans to be established, which terms shall be similar to the Term Loans of the Existing Term Loan Class
from which they are to be extended except that (w) the scheduled final maturity date shall be extended and all or any of the scheduled
amortization payments of all or a portion of any principal amount of such Extended Term Loans may be delayed to later dates than
the scheduled amortization of principal of the Term Loans of such Existing Term Loan Class (with any such delay resulting in a
corresponding adjustment to the scheduled amortization payments reflected in Section 2.11 or in the Extension Agreement or the
Incremental Agreement, as the case may be, with respect to the Existing Term Loan Class of Term Loans from which such Extended
Term Loans were extended, in each case as more particularly set forth in Section 2.24(d) below), (x)(A) the interest rates (including
through fixed interest rates), interest margins, rate floors, upfront fees, funding discounts, original issue discounts and prepayment
terms and premiums with respect to the Extended Term Loans may be different than those for the Term Loans of such Existing Term
Loan Class and/or (B) additional fees and/or premiums may be payable to the Lenders providing such Extended Term Loans in addition
to any of the items contemplated by the preceding clause (A), in each case, to the extent provided in the applicable Extension
Agreement, (y) subject to the provisions set forth in Sections 2.11 and 2.12, the Extended Term Loans may have optional prepayment
terms (including call protection and prepayment terms and premiums) and mandatory prepayment terms as may be agreed between the
Canadian Borrower and the Lenders thereof and (z) the Extension Agreement may provide for other covenants and terms that apply
to any period after the Final Maturity Date. No Lender shall have any obligation to agree to have any of its Term Loans of any
Existing Term Loan Class converted into Extended Term Loans pursuant to any Term Loan Extension Request. Any Extended Term Loans
of any Extension Series shall constitute a separate Class of Term Loans from the Existing Term Loan Class of Term Loans from which
they were extended.

 

(b) The Canadian
Borrower may at any time and from time to time request that all or a portion of the Revolving R-23
Facility Commitments of any Class and/or the Extended Revolving Credit Commitments of any Class (and, in each case, including any
previously extended Revolving R-23
Facility Commitments), existing at the time of such request (each, an “Existing Revolving Credit Commitment”
and any related revolving credit loans under any such facility, “Existing Revolving Credit Loans”; each Existing
Revolving Credit Commitment and related Existing Revolving Credit Loans together being referred to as an “Existing Revolving
Credit Class”) be converted or exchanged to extend the termination date thereof and the scheduled maturity date(s) of
any payment of principal with respect to all or a portion of any principal amount of Existing Revolving Credit Loans related to
such Existing Revolving Credit Commitments (any such Existing Revolving Credit Commitments which have been so extended, “Extended
Revolving Credit Commitments” and any related revolving credit loans, “Extended Revolving Credit Loans”)
and to provide for other terms consistent with this Section 2.24. Prior to entering into any Extension Agreement with respect to
any Extended Revolving Credit Commitments, the Canadian Borrower shall provide a notice to the Administrative Agent (who shall
provide a copy of such notice to each of the Lenders of the applicable Class of Existing Revolving Credit Commitments, with such
request offered equally to all Lenders of such Class) (a “Revolving Credit Extension Request”) setting forth
the proposed terms of the Extended Revolving Credit Commitments to be established thereunder, which terms shall be similar to those
applicable to the Existing Revolving Credit Commitments from which they are to be extended (the “Specified Existing Revolving
Credit Commitment Class”) except that (w) all or any of the final maturity dates of such Extended Revolving Credit Commitments
may be delayed to later dates than the final maturity dates of the Existing Revolving Credit Commitments of the Specified Existing
Revolving Credit Commitment Class, (x)(A) the interest rates, interest margins, rate floors, upfront fees, funding discounts, original
issue discounts and prepayment terms and premiums with respect to the Extended Revolving Credit Commitments may be different than
those for the Existing Revolving Credit Commitments of the Specified Existing Revolving Credit Commitment Class and/or (B) additional
fees and/or premiums may be payable to the Lenders providing such Extended Revolving Credit Commitments in addition to or in lieu
of any of the items contemplated by the preceding clause (A) and (y)(1) the undrawn revolving credit commitment fee rate with respect
to the Extended Revolving Credit Commitments may be different than those for the Specified Existing Revolving Credit Commitment
Class and (2) the Extension Agreement may provide for other covenants and terms that apply to any period after the Final Maturity
Date; provided that, notwithstanding anything to the contrary in this Section 2.24 or otherwise, (I) the borrowing and repayment
(other than in connection with a permanent repayment and termination of commitments) of the Extended Revolving Credit Loans under
any Extended Revolving Credit Commitments shall be made on a pro rata basis with any borrowings and repayments of the Existing
Revolving Credit Loans of the Specified Existing Revolving Credit Commitment Class (the mechanics for which may be implemented
through the applicable Extension Agreement and may include technical changes related to the borrowing and repayment procedures
of the Specified Existing Revolving Credit Commitment Class), (II) assignments and participations of Extended Revolving Credit
Commitments and Extended Revolving Credit Loans shall be governed by the assignment and participation provisions set forth in Section
9.04 and (III) subject to the applicable limitations set forth in Section 2.09, Section 2.11 and Section 2.12, permanent repayments
of Extended Revolving Credit Loans (and corresponding permanent reduction in the related Extended Revolving Credit Commitments)
shall be permitted as may be agreed between the Canadian Borrower and the Lenders thereof. No Lender shall have any obligation
to agree to have any of its Revolving R-23
Facility Loans or Revolving R-23
Facility Commitments of any Existing Revolving Credit Class converted or exchanged into Extended Revolving Credit Loans or Extended
Revolving Credit Commitments pursuant to any Extension Request. Any Extended Revolving Credit Commitments of any Extension Series
shall constitute a separate Class of revolving credit commitments from Existing Revolving Credit Commitments of the Specified Existing
Revolving Credit Commitment Class and from any other Existing Revolving Credit Commitments (together with any other Extended Revolving
Credit Commitments so established on such date).

 

    127

     

    

 

(c) The Canadian
Borrower shall provide the applicable Extension Request to the Administrative Agent at least five (5) Business Days (or such shorter
period as the Administrative Agent may determine in its reasonable discretion) prior to the date on which Lenders under the Existing
Class are requested to respond, and shall agree to such procedures, if any, as may be established by, or acceptable to, the Administrative
Agent, in each case acting reasonably, to accomplish the purpose of this Section 2.24. The Canadian Borrower may, at its election,
specify as a condition to consummating any Extension Agreement that a minimum amount (to be determined and specified in the relevant
Extension Request in the Canadian Borrower’s sole discretion and as may be waived by the Canadian Borrower) of Term Loans
and/or Revolving R-23
Facility Commitments (as applicable) of any or all applicable Classes be tendered. Any Lender (an “Extending Lender”)
wishing to have all or a portion of its Term Loans or Revolving R-23
Facility Commitments (or any earlier Extended Revolving Credit Commitments) of an Existing Class subject to such Extension Request
converted or exchanged into Extended Loans/Commitments shall notify the Administrative Agent (an “Extension Election”)
on or prior to the date specified in such Extension Request of the amount of its Term Loans and/or Revolving R-23
Facility Commitments (and/or any earlier Extended Revolving Credit Commitments) which it has elected to convert or exchange into
Extended Loans/Commitments (subject to any minimum denomination requirements imposed by the Administrative Agent). In the event
that the aggregate amount of Term Loans and Revolving R-23
Facility Commitments (and any earlier extended Extended Revolving Credit Commitments) subject to Extension Elections exceeds the
amount of Extended Loans/Commitments requested pursuant to the Extension Request, Term Loans, Revolving R-23
Facility Commitments or earlier extended Extended Revolving Credit Commitments, as applicable, subject to Extension Elections shall
be converted to or exchanged to Extended Loans/Commitments on a pro rata basis (subject to such rounding requirements as may be
established by the Administrative Agent) based on the amount of Term Loans, Revolving R-23
Facility Commitments and earlier extended Extended Revolving Credit Commitments included in each such Extension Election or as
may be otherwise agreed to in the applicable Extension Agreement. Notwithstanding the conversion of any Existing Revolving Credit
Commitment into an Extended Revolving Credit Commitment, unless expressly agreed by the holders of each affected Existing Revolving
Credit Commitment of the Specified Existing Revolving Credit Commitment Class, such Extended Revolving Credit Commitment shall
not be treated more favorably than all Existing Revolving Credit Commitments of the Specified Existing Revolving Credit Commitment
Class for purposes of the obligations of a Revolving R-23
Facility Lender in respect of Swingline Loans and Letters of Credit, except that the applicable Extension Amendment may provide
that the Swingline Termination Date and/or the last day for issuing Letters of Credit may be extended and the related obligations
to make Swingline Loans and issue Letters of Credit may be continued (pursuant to mechanics to be specified in the applicable Extension
Amendment) so long as the Swingline Lenders and/or each L/C Issuer have consented to such extensions (it being understood that
no consent of any other Lender shall be required in connection with any such extension).

 

(d) Extended Loans/Commitments
shall be established pursuant to an amendment (an “Extension Agreement”) to this Agreement (which, except to
the extent expressly contemplated by the penultimate sentence of this Section 2.24(d) and notwithstanding anything to the contrary
set forth in Section 9.08, shall not require the consent of any Lender other than the Extending Lenders with respect to the Extended
Loans/Commitments established thereby) executed by the Loan Parties, the Administrative Agent and the Extending Lenders. In addition
to any terms and changes required or permitted by this Section
2.24(d), each Extension Agreement in respect of Extended Term Loans shall amend the scheduled amortization payments pursuant to
Section 2.11(a) or the applicable Incremental Agreement or Extension Agreement with respect to the Existing Class of Term Loans
from which the Extended Term Loans were exchanged to reduce each scheduled repayment amount for the Existing Class in the same
proportion as the amount of Term Loans of the Existing Class is to be reduced pursuant to such Extension Agreement (it being understood
that the amount of any repayment amount payable with respect to any individual Term Loan of such Existing Class that is not an
Extended Term Loan shall not be reduced as a result thereof). In connection with any Extension Agreement, the Canadian Borrower
shall deliver an opinion of counsel reasonably acceptable to the Administrative Agent and addressed to the Administrative Agent
and the applicable Extending Lenders as to the enforceability of such Extension Agreement, this Agreement as amended thereby, and
such of the other Loan Documents (if any) as may be amended thereby (in the case of such other Loan Documents as contemplated by
the immediately preceding sentence) and covering customary matters.

 

(e) Notwithstanding
anything to the contrary contained in this Agreement, (A) on any date on which any Existing Term Loan Class or Class of Existing
Revolving Credit Commitments is converted or exchanged to extend the related scheduled maturity date(s) in accordance with paragraph
(a) above (an “Extension Date”), (I) in the case of the existing Term Loans of each Extending Lender, the aggregate
principal amount of such existing Term Loans shall be deemed reduced by an amount equal to the aggregate principal amount of Extended
Term Loans so converted or exchanged by such Lender on such date, and the Extended Term Loans shall be established as a separate
Class of Term Loans (together with any other Extended Term Loans so established on such date), and (II) in the case of the Existing
Revolving Credit Commitments of each Extending Lender under any Specified Existing Revolving Credit Commitment Class, the aggregate
principal amount of such Existing Revolving Credit Commitments shall be deemed reduced by an amount equal to the aggregate principal
amount of Extended Revolving Credit Commitments so converted or exchanged by such Lender on such date (or by any greater amount
as may be agreed by the Canadian Borrower and such Lender), and such Extended Revolving Credit Commitments shall be established
as a separate Class of revolving credit commitments from the Specified Existing Revolving Credit Commitment Class and from any
other Existing Revolving Credit Commitments (together with any other Extended Revolving Credit Commitments so established on such
date) and (B) if, on any Extension Date, any Existing Revolving Credit Loans of any Extending Lender are outstanding under the
Specified Existing Revolving Credit Commitment Class, such Existing Revolving Credit Loans (and any related participations) shall
be deemed to be converted or exchanged to Extended Revolving Credit Loans (and related participations) of the applicable Class
in the same proportion as such Extending Lender’s Specified Existing Revolving Credit Commitments to Extended Revolving Credit
Commitments of such Class.

 

    128

     

    

 

(f) In the event
that the Administrative Agent determines in its sole discretion that the allocation of Extended Term Loans of a given Extension
Series or the Extended Revolving Credit Commitments of a given Extension Series, in each case to a given Lender was incorrectly
determined as a result of manifest administrative error in the receipt and processing of an Extension Election timely submitted
by such Lender in accordance with the procedures set forth in the applicable Extension Agreement, then the Administrative Agent,
the Canadian Borrower and such affected Lender may (and hereby are authorized to), in their sole discretion and without the consent
of any other Lender, enter into an amendment to this Agreement and the other Loan Documents within 15 days following the effective
date of such Extension Agreement, as the case may be, which shall (i) provide for the conversion or exchange and extension of Term
Loans under the Existing Term Loan Class or Existing Revolving Credit Commitments (and related Revolving R-23
Facility Credit Exposure), as the case may be, in such amount as is required to cause such Lender to hold Extended Term Loans or
Extended Revolving Credit Commitments (and related revolving credit exposure) of the applicable Extension Series into which such
other Term Loans or commitments were initially converted or exchanged, as the case may be, in the amount such Lender would have
held had such administrative error not occurred and had such Lender received the minimum allocation of the applicable Loans or
Commitments to which it was entitled under the terms of such Extension Agreement, in the absence of such error, (ii) be subject
to the satisfaction of such conditions as the Administrative Agent, the Canadian Borrower and such Lender may agree (including
conditions of the type required to be satisfied for the effectiveness of an Extension Agreement described in Section 2.24(d)),
and (iii) effect such other amendments of the type (with appropriate reference and nomenclature changes) described in the penultimate
sentence of Section 2.24(d).

 

(g) No conversion
or exchange of Loans or Commitments pursuant to any Extension Agreement in accordance with this Section 2.24 shall constitute a
voluntary or mandatory payment or prepayment for purposes of this Agreement.

 

(h) This Section
2.24 shall supersede any provisions in Section 2.19 or 9.08 to the contrary. For the avoidance of doubt, any of the provisions
of this Section 2.24 may be amended with the consent of the Required Lenders; provided that no such amendment shall require
any Lender to provide any Extended Loans/Commitments without such Lender’s consent.

 

ARTICLE
III

 

REPRESENTATIONS AND WARRANTIES

 

Each Loan Party represents
and warrants to each of the Lenders that:

 

Section
3.01 Organization; Powers. Except as set forth on Schedule 3.01, each Loan Party and each of their
Restricted Subsidiaries (a) is a partnership, limited partnership, limited liability company, exempted company or corporation
duly organized and validly existing and, except where the failure to be in good standing couldwould
not reasonably be expected to have a Material Adverse Effect, in good standing (or, if applicable in a foreign jurisdiction,
enjoys the equivalent status under the laws of any jurisdiction of organization outside the United States) under the laws of the
jurisdiction of its organization, (b) has all requisite power and authority to own its property and assets and to carry on its
business as now conducted, (c) is qualified to do business in each jurisdiction where such qualification is required, except where
the failure so to qualify couldwould
not reasonably be expected to have a Material Adverse Effect, and (d) has the power and authority to execute, deliver
and perform its obligations under each of the Loan Documents and each other agreement or instrument contemplated thereby to which
it is or will be a party and, in the case of the Canadian Borrower, to borrow and otherwise obtain credit hereunder.

 

Section
3.02 Authorization. The execution, delivery and performance by each Loan Party of each of the Loan Documents
to which it is a party, and the borrowings hereunder (a) have been duly authorized by all corporate, stockholder, shareholder,
limited liability company, partnership or limited partnership action required to be obtained by such Loan Party and (b) will not
(i) violate (A) any provision of law, statute, rule or regulation, or of the certificate or articles of incorporation, memorandum
of association or other constitutive documents or by-laws or articles of association of such Loan Party, (B) any applicable order
of any court or any rule, regulation or order of any Governmental Authority or (C) any provision of any indenture, certificate
of designation for preferred stock, agreement or other instrument to which such Loan Party is a party or by which any of them
or any of their property is or may be bound, (ii) be in conflict with, result in a breach of or constitute (alone or with notice
or lapse of time or both) a default under, give rise to a right of or result in any cancellation or acceleration of any right
or obligation (including any payment) or to a loss of a material benefit under any such indenture, certificate of designation
for preferred stock, agreement or other instrument, where any such conflict, violation, breach or default referred to in clause
(i) or (ii) of this Section 3.02, could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect,
or (iii) result in the creation or imposition of any Lien upon or with respect to any material property or assets now owned or
hereafter acquired by any Loan Party, other than the Liens created by the Loan Documents.

 

    129

     

    

 

Section
3.03 Enforceability. This Agreement has been duly executed and delivered by each Loan Party and constitutes,
and each other Loan Document when executed and delivered by each Loan Party that is party thereto will constitute, a legal, valid
and binding obligation of such Loan Party enforceable against each such Loan Party in accordance with its terms, subject to (ia)
the effects of bankruptcy, insolvency, moratorium, reorganization, fraudulent conveyance or other similar laws affecting creditors’
rights generally, (iib)
general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law) and
(iiic)
implied covenants of good faith and fair dealing.

 

Section
3.04 Governmental Approvals. No action, consent or approval of, registration or filing with or any other
action by any Governmental Authority is or will be required in connection with the Transactions, except for (a) the filing of
UCC and PPSA financing statements and applications for registration in the PMRR, and filings to perfect security interests in
intellectual property, (b) recordation of the Mortgages, (c) such consents, approvals, registrations, and filings with or by the
FCC, U.S. Department of Justice, ISED (and, if required, the Competition Bureau or the CRTC) or any Governmental Authority outside
of the United States of America or Canada as may be required in connection with the exercise of rights under the Security Documents
following an Event of Default, (d) such consents, approvals, registrations, and filings with or by the FCC, U.S. Department of
Justice, ISED or any Governmental Authority outside of the United States of America or Canada as may be required in the ordinary
course of business of Holdingsthe
Canadian Borrower and its Subsidiaries in connection with the use of proceeds of the Loans hereunder, (e) such as have
been made or obtained and are in full force and effect, (f) such actions, consents and approvals the failure to be obtained or
made which couldwould
not reasonably be expected to have a Material Adverse Effect and (g) filings or other actions listed on Schedule
3.04.

 

Section
3.05 Financial Statements. HoldingsThe
Canadian Borrower has heretofore furnished to the Administrative Agent the consolidated balance sheets and related
statements of income, shareholders’ deficit and cash flows of Holdingsthe
Canadian Borrower and its consolidated Subsidiaries as of the end of and for each fiscal year of Holdingsthe
Canadian Borrower in the three fiscal year period ended on December 31, 2015,2018,
audited by and accompanied by the opinion of Deloitte & Touche LLP. Such financial statements fairly present in
all material respects the financial condition, results of operations and cash flows of Holdingsthe
Canadian Borrower and its consolidated Subsidiaries as of such dates and for such periods. Such financial statements
were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly
noted therein and subject, in the case of quarterly financial statements, to the absence of footnotes and to normal year-end adjustments.

 

Section
3.06 No Material Adverse Effect. Since December 31, 20152018
(but after giving effect to the Transactions occurring on or prior to the Amendment No. 26
Effective Date) no Material Adverse Effect has occurred.

 

Section
3.07 Title to Properties; Possession Under Leases; Casualty Proceeds.

 

(a) Each of the
Loan Parties and their Restricted Subsidiaries has good and marketable title to all real property and good title to all personal
property owned by it and good and marketable title to a leasehold estate in the real and personal property leased by it, free and
clear of all liens, charges, encumbrances or restrictions, except (i) as set forth in Schedule 3.07 and (ii) as created
or expressly permitted by Section 6.02, except where the failure to have such title couldwould
not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

(b) Each of the
Loan Parties and their Restricted Subsidiaries has complied with all obligations under all leases to which it is a party, except
where the failure to comply would not have a Material Adverse Effect, and all such leases are in full force and effect, except
leases in respect of which the failure to be in full force and effect couldwould
not reasonably be expected to have a Material Adverse Effect. Each of the Loan Parties and each of their Subsidiaries enjoys peaceful
and undisturbed possession under all such leases, other than leases in respect of which the failure to enjoy peaceful and undisturbed
possession couldwould
not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

    130

     

    

 

(c) Each of the
Loan Parties and their Restricted Subsidiaries owns or possesses, or could obtain ownership or possession of, on terms not materially
adverse to it, all patents, trademarks, industrial designs, service marks, trade names, copyrights, licenses and rights with respect
thereto necessary for the present conduct of its business, without any known conflict with the rights of others, and free from
any burdensome restrictions, except where such conflicts and restrictions couldwould
not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

(d) As of the
Amendment No. 2 Effective Date, none of the Loan Parties or their Restricted Subsidiaries have received any notice of any pending
or contemplated condemnation proceeding affecting any of the Mortgaged Properties or any sale or disposition thereof in lieu of
condemnation that remains unresolved as of the Amendment No. 2 Effective Date.

 

(e) None of the
Loan Parties and their Restricted Subsidiaries is obligated on the Amendment No. 2 Effective Date under any right of first refusal,
option or other contractual right to sell, assign or otherwise dispose of any Mortgaged Property or any interest therein, except
as permitted under Section 6.02 or 6.03.

 

(f) As of the
Amendment No. 2 Effective Date, neither the Canadian Borrower nor any Restricted Subsidiary has received any notice of, nor has
any knowledge of, the occurrence or pendency or contemplation of any Casualty Event affecting all or any portion of its property
except where such Casualty Event couldwould
not reasonably be expected to have a Material Adverse Effect. No Mortgage encumbers improved real property that is located in an
area that has been identified by the Secretary of Housing and Urban Development as an area having special flood hazards within
the meaning of the Flood Insurance Laws unless flood insurance available under the Flood Insurance Laws have been obtained in accordance
with Section 5.02.

 

(g) As of the
Amendment No. 2 Effective Date, none of the Loan Parties or their Subsidiaries have received any notice of or has any knowledge
of any disputes regarding boundary lines, location, encroachments or possession of any portions of the Mortgaged Property owned
by it and has no knowledge of any state of facts that may exist which could give rise to any such claims, except in each case where
such dispute or claim couldwould
not be reasonably likely to have a material adverse effect on the intended use of such Mortgaged Property.

 

Section
3.08 Subsidiaries.

 

(a) As of the
Amendment No. 2 Effective Date, the corporate structure of Holdingsthe
Canadian Borrower and its Restricted Subsidiaries is in all material respects as set forth on Schedule 3.08(a).

 

(b) Schedule
3.08(b) sets forth as of the Amendment No. 2 Effective Date the name and jurisdiction of incorporation, formation or organization
of each Material Subsidiary and, as to each such Material Subsidiary, the percentage of each class of Equity Interests owned by
Holdingsthe Canadian
Borrower or by any such Material Subsidiary, subject to such changes as are reasonably satisfactory to the Administrative
Agent.

 

(c) As of the
Amendment No. 2 Effective Date, there are no outstanding subscriptions, options, warrants, calls, rights or other similar agreements
or commitments (other than stock options granted to employees or directors and directors’ qualifying shares) of any nature
relating to any Equity Interests of the Loan Parties, the Canadian Borrower or any of their Restricted Subsidiaries, except as
set forth on Schedule 3.08(c).

 

Section
3.09 Litigation; Compliance with Laws.

 

(a) Except as
set forth on Schedule 3.09, there are no actions, suits, investigations or proceedings at law or in equity or by or on behalf
of any Governmental Authority or in arbitration now pending, or, to the knowledge of Holdingsthe
Canadian Borrower, threatened in writing against or affecting Holdingsthe
Canadian Borrower or any of its Restricted Subsidiaries or any business, property or rights of any such person which
could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

    131

     

    

 

(b) None of the
Loan Parties, the Material Subsidiaries and their respective properties or assets is in violation of (nor will the continued operation
of their material properties and assets as currently conducted violate) any law, rule or regulation (including any zoning, building,
Environmental Law, ordinance, code or approval or any building permit) or any restriction of record or agreement affecting any
Mortgaged Property, or is in default with respect to any judgment, writ, injunction or decree of any Governmental Authority, where
such violation or default could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

Section
3.10 Federal Reserve Regulations.

 

(a) None of the
Loan Parties and their Restricted Subsidiaries is engaged principally, or as one of its important activities, in the business of
extending credit for the purpose of purchasing or carrying Margin Stock.

 

(b) No part of
the proceeds of any Loan will be used, whether directly or indirectly, and whether immediately, incidentally or ultimately, for
any purpose that entails a violation of, or that is inconsistent with, the provisions of the Regulations of the Board, including
Regulation U or Regulation X.

 

Section
3.11 Investment Company Act. HoldingsThe
Canadian Borrower is not required to register as an “investment company” within the meaning of the Investment
Company Act of 1940, as amended.

 

Section
3.12 Use of Proceeds. After the Amendment No. 26
Effective Date, the Borrowers will use the proceeds of Revolving R-23
Facility Loans, Swingline Loans and the issuance of Letters of Credit for general corporate purposes. The Canadian
Borrower will use the proceeds from the Term B-45
Loans, together with cash on hand (ia)
to finance the Existing Debt Refinancing and (iib)
to pay Transaction Expenses; provided that the proceeds of the Term B-45
Loans made on the Amendment No. 46
Effective Date shall be used for the repayment of Term B-3 Loans that are not Converted
Term4 Loans. The proceeds of Incremental
Commitments shall be used for any purpose not prohibited by this Agreement.

 

Section
3.13 Tax Returns. Except as set forth on Schedule
3.13:(a) eachEach
of the Loan Parties (i) has timely filed or caused to be timely filed all U.S. and Canadian federal, state, provincial, local
and other non-U.S. Tax returns required to have been filed by it and each such Tax return is true and correct, which returns,
if not filed or not true and correct, could reasonably be expected to, individually or in the aggregate, have a Material Adverse
Effect and (ii) has timely paid or caused to be timely paid all Taxes shown thereon to be due and payable by it and all other
Taxes or assessments (including, in each case, in its capacity as a
withholding agent), except Taxes or assessments that are being contested in good faith by appropriate proceedings in
accordance with Section 5.03 and for which Holdings, the Canadian Borrower or
any of the Material Subsidiaries (as the case may be) has set aside on its books adequate reserves which Taxes, if not timely
paid, could reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect;

 

(b) each
of Holdings, the Borrowers and the Material Subsidiaries has paid in full or made adequate provision (in accordance with GAAP)
for the payment of all Taxes due with respect to all periods or portions thereof ending on or before the Amendment No. 2 Effective
Date, which Taxes, if not paid or adequately provided for, could reasonably be expected to, individually or in the aggregate, have
a Material Adverse Effect; and

 

(c) with
respect to each of Holdings, the Borrowers and their Material Subsidiaries, (i) there are no audits, investigations or claims being
asserted in writing with respect to any Taxes which could reasonably be expected to, individually or in the aggregate, have a Material
Adverse Effect, (ii) no presently effective waivers or extensions of statutes of limitation with respect to Taxes have been given
or requested which could reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect and (iii)
no Tax returns are being examined by, and no written notification of intention to examine has been received from, the Internal
Revenue Service, Canada Revenue Agency, Quebec Ministry of Revenue or, with respect to any potential Tax liability, any other taxing
authority, which examination could reasonably be expected to, individually
or in the aggregate, have a Material Adverse Effect.

 

    132

     

    

 

Section
3.14 No Material Misstatements. (a) All written information (other than the projections described below,
forward-looking information and information of a general economic or industry specific nature), that has been or is hereafter
made available to the Administrative Agent or any of the Lenders by any Loan Party or Subsidiary or any of their respective representatives
(or on such Loan Party or Subsidiary’s behalf) in connection with any aspect of the Transactions (the “Information”)
is and will be, when taken as a whole, together with its public filings, complete and correct in all material respects as of the
date such Information was furnished by the Loan Parties (or their respective representatives) to the Administrative Agent or any
of their Lenders and (in the case of Information delivered prior to the Amendment No. 2 Effective Date, after giving effect to
any supplements thereto delivered prior to the Amendment No. 2 Effective Date) as of the Amendment No. 2 Effective Date and does
not and will not, when taken as a whole, contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements contained therein not materially misleading in light of the circumstances under which such statements were
made and (b) all material financial projections concerning the Loan Parties that have been or are hereafter made available to
the Administrative Agent or any of the Lenders by any Loan Party or Subsidiary or their respective representatives (or on such
Loan Party or Subsidiary’s behalf) have been or will be prepared in good faith based upon assumptions believed by the maker
thereof to be reasonable at the time made.

 

Section
3.15 Employee Benefit Plans.

 

(a) Except as
couldwould
not reasonably be expected to have a Material Adverse Effect, each of Holdingsthe
Canadian Borrower, the Restricted Subsidiaries and the ERISA Affiliates is in compliance with the applicable provisions
of ERISA and the provisions of the Code relating to Employee Benefit Plans and the regulations and published interpretations thereunder
and any similar applicable non-U.S. law. No Reportable Event has occurred during the past five years as to which Holdingsthe
Canadian Borrower, any of the Restricted Subsidiaries or any ERISA Affiliate was required to file a report with the
PBGC, other than reports that have been filed and reports the failure of which to file couldexcept
as would not reasonably be expected to have a Material Adverse Effect. The excess of the present value of all benefit
liabilities under each Plan of Holdingsthe
Canadian Borrower, the Subsidiaries and the ERISA Affiliates (based on those assumptions used to fund such Plan), as
of the last annual valuation date applicable thereto for which a valuation is available, over the value of the assets of such Plan
couldwould
not reasonably be expected to have a Material Adverse Effect, and the excess of the present value of all benefit liabilities of
all underfunded Plans (based on those assumptions used to fund each such Plan) as of the last annual valuation dates applicable
thereto for which valuations are available, over the value of the assets of all such underfunded Plans couldwould
not reasonably be expected to have a Material Adverse Effect. No ERISA Event has occurred or is reasonably expected to occur that,
when taken together with all other such ERISA Events which have occurred, could reasonably be expected to result in a Material
Adverse Effect. None of Holdingsthe
Canadian Borrower, the Restricted Subsidiaries and the ERISA Affiliates has received any written notification that any
Multiemployer Plan is in “endangered” or “critical” status (within the meaning of Section 432 of the Code
or Section 305 of ERISA) or has been terminated within the meaning of Title IV of ERISA, or has knowledge that any Multiemployer
Plan is reasonably expected to be in endangered or critical status or to be terminated, where such status or termination has had
or could reasonably be expected to have a Material Adverse Effect.

 

(b) Except as
would not reasonably be expected to have a Material Adverse Effect, (i) each Non-U.S. Pension Plan has been maintained in compliance
with its terms and with the requirements of any and all applicable laws, statutes, rules, regulations, orders and published interpretations
thereunder and has been maintained, where required, in good standing with applicable regulatory authorities, (ii) all contributions
required to be made with respect to a Non-U.S. Pension Plan have been timely made and (iii) none of Holdings,
the Canadian Borrower or any Restricted Subsidiary has incurred any obligation in connection with the termination of, or withdrawal
from, any Non-U.S. Pension Plan. The excess, if any, of the present value of the accrued benefit liabilities (whether or not vested)
under each Non-U.S. Pension Plan, determined as of the end of the Canadian Borrower’s most recently ended fiscal year on
the basis of actuarial assumptions, each of which is reasonable, over the current value of the assets of such Non-U.S. Pension
Plan allocable to such benefit liabilities couldwould
not reasonably be expected to have a Material Adverse Effect.

 

(c) Except as
would not reasonably be expected to have a Material Adverse Effect, (i) all Canadian Plans are duly established, registered, administered
and invested in compliance with the terms thereof, any applicable collective agreements and Applicable Canadian Pension Legislation
(including the Income Tax Act (Canada));,
(ii) no events have occurred and no action has been taken by any Person which would reasonably be likely to result in the wind-up
or termination, in whole or in part, of any Canadian Plan, whether by declaration of any federal or provincial pension regulatory
authority or otherwise;,
(iii) none of the obligors or any of their respective Subsidiaries has withdrawn any assets held in respect of any Canadian Plan
except as permitted under the terms thereof and Applicable Canadian Pension Legislation and all reports, returns and filings required
to be made thereunder have been made;,
(iv) no Canadian Plan has a solvency deficiency or going concern unfunded liability that is not funded in accordance with the regular
funding requirements under Applicable Canadian Pension Legislation;,
(v) all contributions, premiums and other payments required to be paid to or in respect of each Canadian Plan have been paid in
a timely fashion in accordance with the terms thereof and Applicable Canadian Pension Legislation, and no Taxes, penalties or fees
are owing or eligible in respect of any Canadian Plan; (vi) no actions, suits,
claims or proceedings are pending or, to the knowledge of the obligors, threatened in respect of any Canadian Plan or its assets,
other than routine claims for benefits;,
and (vii) no Canadian Plan is a multi-employer plan within the meaning of Applicable Canadian Pension Legislation.

 

    133

     

    

 

Section
3.16 Environmental Matters. Except as to matters that couldwould
not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect (ia)
no written notice, request for information, order, complaint or penalty has been received by the Borrowers or any of the Material
Subsidiaries relating to Holdings, the Borrowers or any of the Material Subsidiaries,
and there are no Environmental Claims relating to Holdings, the Borrowers or
any of the Material Subsidiaries pending or, to the knowledge of the Borrowers, threatened which allege a violation of or liability
under any Environmental Laws, (iib)
each of Holdings, the Borrowers and the Material Subsidiaries has all permits
necessary for its current operations to comply with all Environmental Laws and is in compliance with the terms of such permits
and with all other Environmental Laws, (iiic)
as of the Amendment No. 2 Effective Date, there has been no written environmental audit or Phase I or Phase II Environmental Assessment
conducted since October 31, 2007 by Holdings, the Borrowers or any of the Material
Subsidiaries of any property currently owned or leased by Holdings, the Borrowers
or any of the Material Subsidiaries which has not been made available to the Administrative Agent prior to the Amendment No. 2
Effective Date, (ivd)
there has been no Release of any Hazardous Materials at, on, under or from any property currently, or, to the knowledge of Holdings,
the Borrowers or any of the Material Subsidiaries formerly owned or leased by Holdings,
the Borrowers or any of the Material Subsidiaries which would reasonably be expected to result in any liability
of Holdings, the Borrowers or any of the Material Subsidiaries under any Environmental
Law, (ve)
no Hazardous Material generated, owned or controlled by Holdings, the Borrowers
or any of the Material Subsidiaries has been transported to, or treated or disposed of at, any location in a manner that would
reasonably be expected to result in any liability of any of them under any Environmental Laws, (vif)
neither Holdings, the Borrowers or any of the Material Subsidiaries are currently
conducting or financing, either individually or together with other potentially responsible parties, any investigation, response
or other corrective action at any location pursuant to any Environmental Law, (viig)
neither Holdings, the Borrowers or any of the Material Subsidiaries has contractually
assumed or undertaken responsibility for any liability or obligation of any other Person arising under or relating to Environmental
Laws.

 

Section
3.17 Security Documents. Each of the Security Documents entered into on or, to the extent remaining outstanding,
prior to the Amendment No. 2 Effective Date is effective to create in favor of the Collateral Agent (for the benefit of the Secured
Creditors) a legal, valid and enforceable security interest or hypothec opposable to third parties, as applicable, in or on the
Collateral described therein (subject to any limitations specified therein). In the case of the Pledged Collateral described in
any of such Security Documents, and for which a security interest is perfected by delivery of such Pledged Collateral, when certificates
or promissory notes, as applicable, representing such Pledged Collateral (and related stock or bond powers) are delivered to the
Collateral Agent, and in the case of the other Collateral described in any such Security Document, when financing statements and
other filings, recordings or actions specified in each Security Document in appropriate form are filed in the offices specified
(or action taken as specified) in each such Security Document, the Collateral Agent (for the benefit of the Secured Creditors)
shall have a fully perfected Lien on, and security interest in or published hypothec on (as applicable), all right, title and
interest of each of the Loan Parties in such Collateral (subject to any limitations specified therein), as security for its Secured
Obligations secured thereby, in each case prior and superior in right to any other person (except, Liens expressly permitted by
Section 6.02 and Liens having priority by operation of law).

 

Section
3.18 Location of Real Property.

 

(a) Schedule
3.18(a) lists completely and correctly, in all material respects, as of the Amendment No. 2 Effective Date all material real
property having a fair market valueFair
Market Value (as determined in good faith by Holdingsthe
Canadian Borrower) in excess of $10.0 million10,000,000
owned by each Loan Party and the addresses thereof. As of the Amendment No. 2 Effective Date, each Loan Party owns in fee all the
real property set forth as being owned by them on such Schedule.

 

    134

     

    

 

(b) Schedule
3.18(b) lists completely and correctly, in all material respects, as of the Amendment No. 2 Effective Date all ground leased
real property on which earth station equipment worth more than $10.0 million10,000,000
(as determined in good faith by Holdingsthe
Canadian Borrower) are located. As of the Amendment No. 2 Effective Date, each Loan Party has a valid lease in all the
real property set forth as being leased by them on such Schedule.

 

Section
3.19 Solvency. Immediately after giving effect to the Transactions as of the Amendment No. 2 Effective
Date (1a)
(i) the fair value of the assets of Holdingsthe
Canadian Borrower and its Restricted Subsidiaries taken as a whole, at a fair valuation, will exceed the debts and
liabilities, direct, subordinated, contingent or otherwise, of Holdingsthe
Canadian Borrower and its Restricted Subsidiaries taken as a whole; (ii) the present fair saleable value of the property
of Holdingsthe Canadian
Borrower and its Restricted Subsidiaries taken as a whole will be greater than the amount that will be required to
pay the probable liability of Holdingsthe
Canadian Borrower and its Restricted Subsidiaries taken as a whole on their debts and other liabilities, direct, subordinated,
contingent or otherwise, as such debts and other liabilities become absolute and matured; (iii) Holdingsthe
Canadian Borrower and its Restricted Subsidiaries on a consolidated basis will be able to pay their debts and liabilities,
direct, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured; and (iv) Holdingsthe
Canadian Borrower and its Restricted Subsidiaries on a consolidated basis will not have unreasonably small capital
with which to conduct the businesses in which they are engaged as such businesses are now conducted and are proposed to be conducted
following the Amendment No. 2 Effective Date; and (2b)
(i) the property of Holdingsthe
Canadian Borrower and its Restricted Subsidiaries taken as a whole, if disposed of (as a going concern) at a fairly
conducted sale under legal process, would be sufficient to enable payment of all their obligations, due and accruing due, (ii)
the property of Holdingsthe
Canadian Borrower and its Restricted Subsidiaries taken as a whole, is, at a fair valuation, sufficient to enable payment
of all their obligations, due and accruing due; (iii) none of the Loan Parties has ceased paying its current obligations in the
ordinary course of business as they generally become due; and (iv) Holdingsthe
Canadian Borrower and its Restricted Subsidiaries are able to meet their obligations as they generally become due.

 

Section
3.20 Labor Matters. Except as couldwould
not reasonably be expected to have a Material Adverse Effect, (ia)
there are no strikes pending or threatened against Holdings, the Borrowers or
any of the Material Subsidiaries, (iib)
the hours worked and payments made to employees of Holdings, the Borrowers and
the Material Subsidiaries have not been in violation in any respect of the Fair Labor Standards Act or any other applicable law
dealing with such matters and (iiic)
all payments due from Holdingsthe
Canadian Borrower or any of the Material Subsidiaries or for which any claim may be made against Holdings,
the Borrowers or any of the Material Subsidiaries, on account of wages and employee health and welfare and employment
insurance and other benefits have been paid or accrued as a liability on the books of Holdings,
the Borrowers or such Material Subsidiary to the extent required by GAAP. Except as set forth on Schedule 3.20,
consummation of the Transactions will not give rise to a right of termination or right of renegotiation on the part of any union
under any collective bargaining agreement to which Holdings, the Borrowers or
any of the Material Subsidiaries (or any predecessor) is a party or by which Holdings,
the Borrowers or any of the Material Subsidiaries (or any predecessor) is bound, other than collective bargaining agreements that,
individually or in the aggregate, couldwould
not reasonably be expected to have a Material Adverse Effect.

 

Section
3.21 Foreign AssetAssets
Control Regulations, Anti-Terrorism Laws and Anti-Money Laundering Laws and the Patriot Act.

 

(a) None of the
requesting or borrowing of the Loans, the requesting or issuance, extension or renewal of any Letters of Credit or the use of the
proceeds of any thereof will violate any Requirements of Law imposed by the Trading With the Enemy Act (50 U.S.C. § 1 et
seq., as amended) (“TWEA”) or any of the foreign assets control regulations of the United States Treasury
Department’s Office of Foreign Assets Control (31 C.F.R., Subtitle B, Chapter V, as amended) (“OFAC”)
(the “Foreign Assets Control Regulations”), or any Requirement of Law relating to Anti-Terrorism Laws and,
Anti-Money Laundering Laws or Anti-Corruption Laws, as defined
herein, except where such violation or conduct will not result in a violation by the Lenders and is not reasonably likely to expose
Lenders to liability.

 

(b) Neither Holdingsthe
Canadian Borrower nor any of its Subsidiaries nor any other Loan Party or to
the knowledge of Holdingsthe
Canadian Borrower, any Affiliate, broker or agent of any Loan Party acting or benefiting in any capacity in connection
with the Loans any of the followingis:

 

    135

     

    

 

(i) a
Person that is listed in the annex to, or is otherwise subject to the provisions of, the Executive Order;

 

(ii) a
Person owned or controlled by, or acting for or on behalf of, any Person that is listed in the annex to, or is otherwise subject
to the provisions of, the Executive Order;

 

(iii) a
Person with which any Lender is prohibited from dealing or otherwise engaging in any transaction by any Anti-Terrorism Laws and
Anti-Money Laundering Laws; or

 

(iv) a
Person that is named on the list of “Specially Designated Nationals and Blocked Persons” on the most current list published
by OFAC at its official website or any replacement website or other replacement official publication of such list.;

 

(v) a
Person that is owned or controlled by, or acting for or on behalf of, any Person that is named on the
list of “Specially Designated Nationals and Blocked Persons” on
the most current list published by OFAC at its official website or any replacement website or other replacement official publication
of such list; or 

 

(vi) a
Person that is operating, organized or resident in a country, region or territory which is itself the subject or target of any
Foreign Assets Control Regulations other than in compliance with Foreign Assets Control Regulations. 

 

(c) Neither the
Borrowers nor any of their Subsidiaries nor to the knowledge of each Borrower, any other Loan Party or Affiliate or broker or other
agent of any Loan Party engages in transactions with any Person described in Sections 3.21(b)(i) through (ivvi),
except where such transactions will not result in a violation by the Lenders and would not reasonably be likely to expose Lenders
to liability.

 

Section
3.22 FCC Licenses, etc. As of the Amendment No. 2 Effective Date, Schedule 3.22 accurately and completely
lists for each Satellite (a) all space station licenses for the launch and operation of Satellites with C-band or Ku-band transponders
issued by the FCC to Holdingsthe
Canadian Borrower or any Restricted Subsidiary and (b) all licenses and all other approvals, orders or authorizations
issued or granted by any Governmental Authority outside of the United States of America (including ISED) to launch and operate
any such Satellite. As of the Amendment No. 2 Effective Date, the FCC Licenses and the other licenses, approvals or authorizations
listed on Schedule 3.22 with respect to any Satellite include all material authorizations, licenses and permits issued by the
FCC, U.S. Department of Justice, ISED or any other Governmental Authority that are required or necessary to launch or operate
such Satellite, as applicable. Except as couldwould
not reasonably be expected to have a Material Adverse Effect, each such license is validly issued and in full force
and effect, and Holdingsthe
Canadian Borrower and its Restricted Subsidiaries have fulfilled and performed in all material respects all of their
obligations with respect thereto and have full power and authority to operate thereunder.

 

Section
3.23 Satellites. Schedule 3.23 accurately and completely lists as of the Amendment No. 2 Effective Date
each of the Satellites owned by Holdingsthe
Canadian Borrower and its Restricted Subsidiaries on the Amendment No. 2 Effective Date, and sets forth for each such
Satellite that is in orbit the orbital slot and number and frequency band of the transponders on such Satellite.

 

ARTICLE
IV

 

CONDITIONS OF LENDING

 

The obligations of
(a) the Lenders (including the Swingline Lenders) to make (but not the conversion or continuation of) Loans (other than with respect
to Incremental Facilities and Extensions which shall be governed by Section 2.21 and 2.24, respectively) and (b) any L/C Issuer
to issue Letters of Credit or increase the stated amounts of Letters of Credit hereunder (each, a “Credit Event”)
are subject to the satisfaction of the following conditions:

 

    136

     

    

 

Section
4.01 All Credit Events. On the date of the making (but not the conversion or continuation) of each Loan
and on the date of each issuance of, or amendment that increases the stated amount of, a Letter of Credit:

 

(a) The Administrative
Agent shall have received, in the case of a Borrowing, a Borrowing Request as required by Section 2.03 (or a Borrowing Request
shall have been deemed given in accordance with the last paragraph of Section 2.03(a)) or, in the case of the issuance of a Letter
of Credit, the applicable L/C Issuer and the Administrative Agent shall have received a Letter of Credit Request for such Letter
of Credit as required by Section 2.05(c).

 

(b) The representations
and warranties set forth in Article III hereof shall be true and correct in all material respects on and as of the date of such
Borrowing or issuance or amendment that increases the stated amount of such Letter of Credit, as applicable, with the same effect
as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier
date (in which case such representations and warranties shall be true and correct in all material respects as of such earlier date).

 

(c) At the time
of and immediately after such Borrowing or issuance or amendment that increases the stated amount of such Letter of Credit, as
applicable, no Event of Default or Default shall have occurred and be continuing.

 

(d) All of the
conditions specified in Section 4.02 shall have been satisfied or waived on the Closing Date.

 

Each Borrowing and each issuance of, or
amendment that increases the stated amount of, a Letter of Credit shall be deemed to constitute a representation and warranty by
the applicable Borrower on the date of such Borrowing, issuance or amendment as applicable, as to the matters specified in paragraphs
(b) and (c) of this Section 4.01.

 

Section
4.02 First Credit Event. The conditions to the First
Credit EventEvents
which occurred on the Closing Date were satisfied on the Closing Date.

 

ARTICLE
V

 

AFFIRMATIVE COVENANTS

 

Each of Holdingsthe
Canadian Borrower and the Loan Parties covenants and agrees with each Lender that so long as this Agreement shall remain
in effect and until the Commitments have been terminated and the principal of and interest on each Loan, all Fees and all other
expenses or amounts payable under any Loan Document shall have been paid in full (other than contingent amounts not yet due) and
all Letters of Credit have been canceled or have expired and all amounts drawn thereunder have been reimbursed in full, unless
the Required Lenders shall otherwise consent in writing, each Loan Party will, and (other than Sections 5.04 and 5.05) will cause
each of the Restricted Subsidiaries to:

 

Section
5.01 Existence; Businesses and Properties.

 

(a) Do or cause
to be done all things necessary to preserve, renew and keep in full force and effect its legal existence, except as otherwise expressly
permitted under Section 6.03 or except where the failure to do so, individually or in the aggregate, would not reasonably be expected
to result in a Material Adverse Effect, and except for the liquidation or dissolution of Subsidiaries if the assets of such Subsidiaries
to the extent they exceed estimated liabilities are acquired by Holdingsthe
Canadian Borrower or a Wholly Owned Subsidiary of Holdingsthe
Canadian Borrower in such liquidation or dissolution; provided that, except as otherwise permitted under Section
6.03, Subsidiary Loan Parties may not be liquidated into Non-Subsidiary Loan Parties unless the liquidation is treated
asa Permitted Investment or an Investment
and permitted by Section 6.05 or such liquidation
is set forth on Schedule 6.03.6.06.

 

    137

     

    

 

(b) Except where
the failure is not reasonably likely to have a Material Adverse Effect, do or cause to be done all things reasonably necessary
to (i) obtain, preserve, renew, extend and keep in full force and effect the permits, franchises, authorizations, patents, industrial
designs, trademarks, service marks, trade names, copyrights, licenses and rights with respect thereto necessary to the normal conduct
of its business, (ii) comply in all respects with all applicable laws, rules, regulations (including any zoning, building, ordinance,
code or approval or any building permits or any restrictions of record or agreements affecting the Mortgaged Properties) and judgments,
writs, injunctions, decrees and orders of any Governmental Authority, whether now in effect or hereafter enacted, (iii) at all
times maintain and preserve all property necessary to the normal conduct of its business and keep such property in good repair,
working order and condition and from time to time make, or cause to be made, all needful and proper repairs, renewals, additions,
improvements and replacements thereto necessary in order that the business carried on in connection therewith, if any, may be properly
conducted at all times (in each case except as expressly permitted by this Agreement) and (iv) subject to Liens permitted by Section
6.02, keep in effect all rights and appurtenances to or that constitute a part of the Mortgaged Property and protect, preserve
and defend all its right, title and interest in the Mortgaged Property and title thereto.

 

Section
5.02 Insurance.

 

(a) Generally.
HoldingsThe Canadian
Borrower will, and will cause each of the Restricted Subsidiaries to, at all times maintain in full force and effect,
with insurance companies that the Canadian Borrower believes (in the good faith judgment of the management of the Canadian Borrower)
are financially sound and responsible at the time the relevant coverage is placed or renewed, insurance in at least such amounts
and against at least such risks (and with such risk retentions) as are usually insured against in the same general area by companies
engaged in the same or a similar business; and will furnish to the Lenders, upon written request from the Administrative Agent,
information presented in reasonable detail as to the insurance so carried.

 

(b) Covered
Satellites. HoldingsThe
Canadian Borrower will, and Holdingsthe
Canadian Borrower will cause each of its Restricted Subsidiaries to, obtain, maintain and keep in full force and effect
at all times (i) with respect to each Satellite procured by Holdingsthe
Canadian Borrower or any of its Restricted Subsidiaries for which the risk of loss passes to Holdingsthe
Canadian Borrower or such Restricted Subsidiary at or before launch, and for which launch insurance or commitments with
respect thereto are not in place as of the Amendment No. 2 Effective Date, launch insurance with respect to each such Satellite
covering the launch of such Satellite and a period of time thereafter and with such industry standard terms (including exclusions,
limitations on coverage, co-insurance and deductibles) as are generally available on commercially reasonable terms, (ii) with respect
to each Satellite it currently owns or for which it has risk of loss (or, if the entire Satellite is not owned, the portion it
owns or for which it has risk of loss), other than any Excluded Satellite, In-Orbit Insurance and (iii) at all times subsequent
to the coverage period of the launch insurance described in clause (i) above, if any, or if launch insurance is not procured, at
all times subsequent to the initial completion of in-orbit testing, in each case with respect to each Satellite it then owns or
for which it has risk of loss (or portion, as applicable), other than any Excluded Satellite, In-Orbit Insurance; provided,
however, that at any time with respect to a Satellite that is not an Excluded Satellite, none of Holdingsthe
Canadian Borrower or any of its Subsidiaries shall be required to maintain In-Orbit Insurance in excess of 33% of the
aggregate net book value of any individual and 50% of the aggregate net book value of all in-orbit Satellites (and portions it
owns or for which it has risk of loss) insured (it being understood that any Satellite (or portion, as applicable) protected by
In-Orbit Contingency Protection shall be deemed to be insured for a percentage of its net book value as set forth in the definition
of “In-Orbit Contingency Protection”). In the event that the expiration and non-renewal of In-Orbit Insurance for such
a Satellite (or portion, as applicable) resulting from a claim of loss under such policy causes a failure to comply with the proviso
in the immediately preceding sentence, Holdingsthe
Canadian Borrower and its Restricted Subsidiaries shall be deemed to be in compliance with such proviso for the 120
days immediately following such expiration or non-renewal; provided that Holdingsthe
Canadian Borrower or any of its Restricted Subsidiaries, as the case may be, procures such In-Orbit Insurance or provides
such In-Orbit Contingency Protection as necessary to comply with such proviso within such 120-day period. In the event of the unavailability
of any In-Orbit Contingency Protection for any reason, Holdingsthe
Canadian Borrower or any of its Restricted Subsidiaries, as the case may be, shall, subject to the first proviso above,
within 120 days of such unavailability, be required to have in effect In-Orbit Insurance complying with clause (ii) or (iii) above,
as applicable, with respect to all Satellites (or portions, as applicable), other than Excluded Satellites that the unavailable
In-Orbit Contingency Protection was intended to protect and for so long as such In-Orbit Contingency Protection is unavailable;
provided that Holdingsthe
Canadian Borrower and its Restricted Subsidiaries shall be considered in compliance with this insurance covenant for
the 120 days immediately following such unavailability.

 

    138

     

    

 

(c) Procurement
of Insurance by Administrative Agent. Without limiting the obligations of Holdingsthe
Canadian Borrower or any Restricted Subsidiary under this Section 5.02, in the event the Canadian Borrower or any Restricted
Subsidiary shall fail to maintain in full force and effect insurance as required by this Section 5.02, then, following an Event
of Default, the Administrative Agent may, but shall have no obligation to, upon reasonable prior notice to the Canadian Borrower
of its intention to do so, procure insurance covering the interests of the Lenders and the Administrative Agent in such amounts
and against such risks as are required hereby, and the Canadian Borrower shall reimburse the Administrative Agent in respect of
any premiums paid by the Administrative Agent in respect thereof.

 

(d) HoldingsThe
Canadian Borrower will, and Holdingsthe
Canadian Borrower will cause each of its Restricted Subsidiaries to, use commercially reasonable efforts to cause all
insurance in favor of the Collateral Agent required under this Section 5.02 to be endorsed to the Collateral Agent’s reasonable
satisfaction for the benefit of the Collateral Agent (including, without limitation, by naming the Collateral Agent as additional
insured and loss payee with respect to real property, certificate holder and loss payee with respect to personal property and additional
insured with respect to general liability and umbrella liability coverage; provided that (i) insurance covering any assets
or property not constituting Collateral and (ii) insurance with respect to Export Financings shall not be made in favor of the
Collateral Agent, and Holdingsthe
Canadian Borrower and the Restricted Subsidiaries shall not be required to use commercially reasonable efforts to name
the Collateral Agent as additional insured, certificate holder or loss payee with respect to any such insurance.

 

(e) In the event
that Holdingsthe Canadian
Borrower or its Subsidiaries receive proceedsNet
Cash Proceeds in excess of $10.0 million10,000,000
from any Satellite insurance covering any Satellite owned by Holdingsthe
Canadian Borrower or any of itsthe
Restricted Subsidiaries, or in the event that Holdingsthe
Canadian Borrower or any of its Subsidiaries receives Net Cash Proceeds in excess of $10.0
million10,000,000 from any insurance maintained
for it by a Satellite Manufacturer or any Launch Services Provider covering any of such Satellites as a result of a Casualty Event,
the Net Cash Proceeds in respect of such Casualty Event shall be applied in the manner provided for in Section 2.12(c).

 

(f) Without prejudice
to the other provisions of this Section 5.02, Holdingsthe
Canadian Borrower will, and will cause each of the Restricted Subsidiaries to, at all times maintain insurance on and
in relation to its Mortgaged Properties with reputable underwriters or insurance companies of such type, to such extent, against
such risks and in such amounts as are customarily insured against by companies in a similar business such as that carried on by
the relevant Loan Party.

 

(g) HoldingsThe
Canadian Borrower will, and will cause each of the Restricted Subsidiaries to, notify the Administrative Agent and the
Collateral Agent promptly whenever any separate insurance concurrent in form or contributing in the event of loss with that required
to be maintained under this Section 5.02 is taken out by Holdingsthe
Canadian Borrower or any of the Restricted Subsidiaries; and promptly deliver to the Administrative Agent and the Collateral
Agent a duplicate original copy of such policy or policies, or an insurance certificate with respect thereto.

 

(h) Flood Insurance.
If any portion of any Mortgaged Property located in the United States is at any time located in an area identified by the Federal
Emergency Management Agency (or any successor agency) as a special flood hazard area with respect to which flood insurance has
been made available under the Flood Insurance Laws, then the Canadian Borrower shall, or shall cause each Loan Party to (i) maintain,
or cause to be maintained, with a financially sound and reputable insurer, flood insurance in an amount and otherwise sufficient
to comply with all applicable rules and regulations promulgated pursuant to the Flood Insurance Laws and (ii) deliver to the Administrative
Agent evidence of such compliance in form and substance reasonably acceptable to the Administrative Agent; provided, however,
that the Administrative Agent may, in its reasonable discretion, exclude any Material Real Property from the Collateral and Guarantee
Requirement and the requirements of this Section 5.02(h) where the cost and time required to comply with the Flood Insurance Laws
and the provisions of this Section 5.02(h) are deemed, in the reasonable discretion of the Administrative Agent, too onerous.

 

    139

     

    

 

Section
5.03 Taxes. Pay and discharge promptly when due all material Taxes, assessments and governmental charges
or levies imposed upon it or upon its income, profits or capital or in respect of its property (including,
in each case, in its capacity as a withholding agent), before the same shall become delinquent or in default, as well
as all lawful claims for labor, materials and supplies or otherwise that, if unpaid, might give rise to a Lien upon such properties
or any part thereof; provided, however, that such payment and discharge shall not be required with respect to any
such Tax, assessment, charge, levy or claim so long as either (x) the validity or amount thereof shall be contested in good faith
by appropriate proceedings, and Holdingsthe
Canadian Borrower or the affected Restricted Subsidiary, as applicable, shall have set aside on its books reserves
in accordance with GAAP with respect thereto or (y) the nonpayment of the same couldwould
not reasonably be likely to, individually or in the aggregate,
have a Material Adverse Effect.

 

Section
5.04 Financial Statements, Reports, etc. Furnish to the Administrative Agent (which will promptly furnish such
information to the Lenders):

 

(a) within
90 days after the end of each fiscal year, commencing with the fiscal year ended December 31, 2016, (i) a consolidated balance
sheet and related consolidated statements of operations, cash flows and owners’ equity showing the financial position of
Holdingsthe Canadian
Borrower and the Subsidiaries as of the close of such fiscal year and the consolidated results of their operations during
such year, with all consolidated statements audited by independent public accountants of recognized national standing and accompanied
by an opinion of such accountants (which shall not be qualified in any material respect (other than solely with respect to, or
expressly resulting solely from, an upcoming maturity date of any Indebtedness)) to the effect that such consolidated financial
statements fairly present, in all material respects, the financial position and results of operations of Holdingsthe
Canadian Borrower and the Subsidiaries on a consolidated basis in accordance with GAAP and (ii) a management report
setting forth (A) Consolidated EBITDA of Holdingsthe
Canadian Borrower for such fiscal year, showing variance, by dollar amount and percentage, from amounts for the previous
fiscal year, (B) such key operational information as the Canadian Borrower and Administrative Agent may agree to, and (C) a management
discussion and analysis of the financial condition and results of operations of Holdingsthe
Canadian Borrower for such fiscal year, as compared to amounts for the previous fiscal year (it being understood that
the delivery by Holdingsthe
Canadian Borrower of (ix)
financial information for such fiscal year that would be required to be contained in a filing with the SEC on Form 20-F if Holdingsthe
Canadian Borrower were required to file such forms, (iiy)
whether or not required by the forms referred to in clause (i) above, a “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” and (iiiz)
the opinion of accountants referred to above, shall satisfy the requirements of this Section 5.04(a));

 

(b) within
50 days after the end of each of the first three fiscal quarters of each fiscal year commencing with the fiscal quarter ending
March 31, 2017, (i) a consolidated balance sheet and related consolidated statements of operations and cash flows showing the financial
position of Holdingsthe
Canadian Borrower and its Subsidiaries as of the close of such fiscal quarter and the consolidated results of their
operations during such fiscal quarter and the then-elapsed portion of the fiscal year (cash flow is for cumulative period only),
all certified by a Financial Officer of Holdingsthe
Canadian Borrower, on behalf of Holdingsthe
Canadian Borrower, as fairly presenting, in all material respect, the financial position and results of operations of
Holdingsthe Canadian
Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP (subject to normal year-end adjustments
and the absence of footnotes) and (ii) a management report setting forth (A) Consolidated EBITDA of Holdingsthe
Canadian Borrower for such fiscal quarter and for the then elapsed portion of the fiscal year, showing variance, by
dollar amount and percentage, from amounts for the comparable periods in the previous fiscal year, (B) such key operational information
as the Canadian Borrower and the Administrative Agent may agree to, and (C) a management discussion and analysis of the financial
condition and results of operations for such fiscal quarter as compared to the comparable period in the previous fiscal year;

 

(c) (x)
concurrently with any delivery of financial statements under (a) or (b) above, a certificate of a Financial Officer of Holdingsthe
Canadian Borrower on behalf of Holdingsthe
Canadian Borrower (i) certifying that no Event of Default or Default has occurred or, if such an Event of Default or
Default has occurred, specifying the nature and extent thereof and any corrective action taken or proposed to be taken with respect
thereto, (ii) commencing with the fiscal period ending December 31, 2016, (iii) setting forth computations in reasonable detail
demonstrating compliance with the covenant contained in Section 6.09, if then applicable, and (iv) setting forth computations of
the Applicable Amounts then available, and (y) the related consolidating financial information reflecting the adjustments necessary
in reasonable detail to eliminate the accounts of Unrestricted Subsidiaries;

 

    140

     

    

 

(d) promptly
after the same become publicly available, copies of all periodic and other publicly available reports, proxy statements and, to
the extent reasonably requested by the Administrative Agent, other materials filed by Holdingsthe
Canadian Borrower or any of its Subsidiaries with the SEC, or after an initial public offering, distributed to its stockholders
generally, as applicable;

 

(e) within
90 days after the beginning of each fiscal year, an annual summary operating and capital expenditure budget prepared by Holdingsthe
Canadian Borrower for such fiscal year prepared in reasonable detail, of Holdingsthe
Canadian Borrower and the Subsidiaries, accompanied by the statement of a Financial Officer of Holdingsthe
Canadian Borrower to the effect that such budget has been reviewed by Holdings’the
Canadian Borrower’s Board of Directors;

 

(f) upon
the reasonable request of the Administrative Agent (which request shall not be made more than once in any 12-month period unless
specifically provided otherwise in any of the Security Documents), deliver updated information reflecting all changes since the
date of the information most recently received pursuant to Section 5.10(d);

 

(g) promptly,
from time to time, (x) but subject to the limitations set
forth in Section 9.16, such other information regarding the operations, business affairs and financial condition of Holdingsthe
Canadian Borrower or any of the Subsidiaries, or compliance with the terms of any Loan Document, as in each case the
Administrative Agent may reasonably request; and and
(y) information and documentation reasonably requested by the Administrative Agent or any Lender for purposes of compliance with
applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act and the
Beneficial Ownership Regulation; and 

 

(h) promptly
upon request by the Administrative Agent, but subject to the limitations set forth in Section 9.16, copies of: (i) each Schedule
B (Actuarial Information) to the annual report (Form 5500 Series) filed with the Employee Benefits Security Administration with
respect to a Plan; (ii) the most recent actuarial valuation report for any Plan; (iii) all notices received from a Multiemployer
Plan sponsor or any governmental agencyGovernmental
Agency concerning an ERISA Event; and (iv) such other documents or governmental reports or filings relating to any Non-U.S.
Pension Plan, Canadian Plan or Multiemployer Plan as the Administrative Agent shall reasonably request.

 

Documents required
to be delivered pursuant to Section 5.04(a), (b) or (d) may be delivered electronically and if so delivered, shall be deemed to
have been delivered on the date (i) to the extent any such documents are included in materials otherwise filed with the SEC on
which Holdingsthe Canadian
Borrower posts such documents, or provides a link thereto on the Canadian Borrower’s website on the Internet at
the website address listed on Schedule 5.04; or (ii) on which such documents are posted on the Canadian Borrower’s
behalf on IntraLinks/IntraAgency/SyndTrak or another relevant website, if any, to which each Lender and the Administrative Agent
have access (whether a commercial, third party website or whether sponsored by the Administrative Agent); provided that:
(i) upon written request by the Administrative Agent, the Canadian Borrower shall deliver paper copies of such documents to the
Administrative Agent for further distribution to each Lender until a written request to cease delivering paper copies is given
by the Administrative Agent and (ii) the Canadian Borrower shall immediately notify (which may be by facsimile
or electronic mail) the Administrative Agent of the posting of any such documents and provide to the Administrative Agent by electronic
mail electronic versions (i.e., soft copies) of such documents. Notwithstanding anything contained
herein, in every instance the Canadian Borrower shall be required to provide paper copies of the Compliance Certificates required
by Section 5.04(c) to the Administrative Agent. For the avoidance of doubt, the delivery of information pursuant
to this paragraph may be satisfied by delivery of the information required pursuant to Section 5.04(a), (b) or (d) with respect
to any parent entity of Holdingsthe
Canadian Borrower, provided that, to the extent such information relates to such parent entity, such information
is accompanied by consolidating information that explains in reasonable detail the differences between the information relating
such parent entity, on the one hand, and the information relating to Holdingsthe
Canadian Borrower and its consolidated Subsidiaries on a standalone basis, on the other hand.

 

    141

     

    

 

Section
5.05 Litigation and Other Notices. Furnish to the Administrative Agent written notice of the following
promptly after any Responsible Officer of Holdings or any Borrower obtains actual
knowledge thereof:

 

(a) any
Event of Default or Default, specifying the nature and extent thereof and the corrective action (if any) proposed to be taken with
respect thereto;

 

(b) the
filing or commencement of, or any written threat or notice of intention of any person to file or commence, any action, suit or
proceeding, whether at law or in equity or by or before any Governmental Authority or in arbitration, against Holdingsthe
Canadian Borrower or any of the Subsidiaries as to which an adverse determination is reasonably probable and which,
if adversely determined, could reasonably be expected to have a Material Adverse Effect;

 

(c) any
other development specific to Holdingsthe
Canadian Borrower or any of the Subsidiaries that is not a matter of general public knowledge and that has had, or could
reasonably be expected to have, a Material Adverse Effect;

 

(d) the
occurrence of any ERISA Event, that together with all other ERISA Events that have occurred, could reasonably be expected to have
a Material Adverse Effect; and

 

(e) the
occurrence of any Canadian Pension Event that, together with all other Canadian Pension Events that have occurred, could reasonably
be expected to have a Material Adverse Effect.

 

Section
5.06 Compliance with Laws. Comply with all laws, rules, regulations and orders of any Governmental Authority
(including without limitation the Telesat Canada Reorganization and Divestiture Act as in effect from time to time) applicable
to it or its property, except where the failure to do so, individually or in the aggregate, couldwould
not reasonably be expected to result in a Material Adverse Effect; provided that
the Canadian Borrower and the Loan Parties will maintain in effect and enforce policies and procedures designed to ensure compliance
by the Canadian Borrower, the Loan Parties, their Restricted Subsidiaries, and their respective directors, officers, employees
and agents with applicable Foreign Assets Control Regulations, Anti-Terrorism Laws and Anti-Money Laundering Laws, in each case
as defined herein; provided, further, that this Section 5.06 shall not apply to Environmental Laws, which are the subject
of Section 5.09, or to laws related to Taxes, which are the subject of Section 5.03.

 

Section
5.07 Maintaining Records; Access to Properties and Inspections. HoldingsThe
Canadian Borrower will, and will cause each of the Restricted Subsidiaries to, maintain proper books of record and
account, in which entries that are full, true and correct in all material respects and are in conformity with GAAP consistently
applied shall be made of all material financial transactions and matters involving the assets and business of Holdingsthe
Canadian Borrower and such Restricted Subsidiary, as the case may be. Holdingsthe
Canadian Borrower will, and will cause each of the Restricted Subsidiaries to, permit representatives and independent
contractors of the Administrative Agent and the Required Lenders to visit and inspect any of its properties (to the extent it
is within such Person’s control to permit such inspection), to examine its corporate, financial and operating records, and
make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its directors, officers, and
independent public accountants, all at the reasonable expense of the Canadian Borrower and at such reasonable times during normal
business hours and as often as may be reasonably desired, upon reasonable advance notice to the Canadian Borrower (and subject,
in the case of any such meetings or advice from such independent accountants, to such accountants’ customary policies and
procedures); provided that, excluding any such visits and inspections during the continuation of an Event of Default, only
the Administrative Agent on behalf of the Lenders may exercise rights of the Administrative Agent and the Required Lenders under
this Section 5.07, and the Administrative Agent shall not exercise such rights more often than once during any calendar year absent
the existence of an Event of Default at the Canadian Borrower’s expense; and provided, further, that when
an Event of Default exists, the Administrative Agent or the Required Lenders (or any of their respective representatives or independent
contractors) may do any of the foregoing at the expense of the Canadian Borrower at any time during normal business hours and
upon reasonable advance notice. The Administrative Agent and the Required Lenders shall give the Canadian Borrower the opportunity
to participate in any discussions with the Canadian Borrower’s independent public accountants. Notwithstanding anything
to the contrary in Section 5.04 or this Section 5.07, none of Holdingsthe
Canadian Borrower or any Restricted Subsidiary will be required to disclose, permit the inspection, examination or
making copies or abstracts of, or discussion of, any document, information or other matter (i) that constitutes non-financial
trade secrets or non-financial proprietary information, (ii) in respect of which disclosure to any Agent or any Lender (or their
respective representatives or contractors) is prohibited by Applicable Law or any binding agreement or (iii) that is subject to
attorney-client or similar privilege or constitutes attorney work product.

 

    142

     

    

 

Section
5.08 Use of Proceeds. Use the proceeds of Loans and request issuances of Letters of Credit only in compliance
with the representation contained in Section 3.12.3.12;
provided that the Canadian Borrower will not request any Borrowing or Letter of Credit, and the Canadian Borrower, the Loan Parties
and the Restricted Subsidiaries shall not use the proceeds of any Borrowing or Letter of Credit in a manner that would violate
any Requirements of Law imposed by the Foreign Assets Control Regulations, Anti-Terrorism Laws, Anti-Money Laundering Laws or
Anti-Corruption Laws, in each case as defined herein, except where such violation or conduct will not result in a violation by
the Lenders and is not reasonably likely to expose Lenders to liability.

 

Section
5.09 Compliance with Environmental Laws. Comply, and make commercially reasonable efforts to cause all
lessees and other persons occupying its properties to comply, with all Environmental Laws applicable to its operations, properties
and facilities, and obtain and renew all authorizations and permits required pursuant to Environmental Law for its operations,
properties and facilities, in each case in accordance with Environmental Laws, except, in each case with respect to this Section
5.09, to the extent the failure to do so couldwould
not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

Section
5.10 Further Assurances; Additional Mortgages. Subject to the limitations set forth in this Agreement
and the Security Documents, execute any and all further documents, financing statements, agreements and instruments, and take
all such further actions (including the filing and recording of financing statements, fixture filings, Mortgages and other documents
and recordings of Liens in stock registries), that may be required under any applicable law or that the Administrative Agent may
reasonably request, to cause the Collateral and Guarantee Requirements to be and remain satisfied, all at the expense of the Loan
Parties and provide to the Administrative Agent, from time to time upon reasonable request, evidence reasonably satisfactory to
the Administrative Agent as to the perfection and priority of the Liens created or intended to be created by the Security Documents.

 

(a) If any asset
(including any owned real property (other than real property covered by Section 5.10(b) below) or improvements thereto or any interest
therein) that has an individual fair market valueFair
Market Value (as reasonably determined by the Canadian Borrower in good faith) in an amount greater than $10.0
million10,000,000 on the date of acquisition
thereof is acquired by any Loan Party after the Amendment No. 2 Effective Date or owned by an entity at the time it first becomes
a Loan Party (in each case other than assets constituting Collateral under a Security Document that become subject to the Lien
of such Security Document upon acquisition thereof), cause such asset to be subjected to a Lien securing the Secured Obligations
and take, and cause the Loan Parties to take, such actions as shall be necessary or reasonably requested by the Administrative
Agent to grant and perfect such Liens on such real property consistent with the applicable requirements of the Security Documents
and this Section 5.10, including actions described in paragraph (a) of this Section, all at the expense of the Loan Parties, subject
to paragraph (e) below.

 

(b) To the extent
acquired after the Amendment No. 2 Effective Date, (i) in the case of owned real property having a fair
market valueFair Market Value (as determined
in good faith by Holdingsthe
Canadian Borrower) at the time of acquisition in excess of $10.0 million10,000,000
(each such property a “Material Owned Real Property”), grant, and cause each of the Loan Parties to grant, within
60 days after the closing of such acquisition to the Collateral Agent (or such longer period as may be consented to by the Administrative
Agent, in its reasonable discretion), Mortgages in and charges on such Material Real Property of any Loan Parties as are not covered
by the original Mortgages and (ii) in the case of each ground leased real property on which earth station equipment worth more
than $10.0 million10,000,000
(as determined in good faith by the Canadian Borrower) are
located (each such property a “Material Leased Real Property”), use commercially reasonable efforts (it being
understood that in no event shall such efforts require the making of payments or material concessions in exchange for such consent)
to obtain from the applicable landlord consent to grant a leasehold Mortgage in such lease, and if such consent is obtained, to
grant, and cause the Loan Party to grant, within 60 days after such consent is received (or such longer period as may be consented
to by the Administrative Agent, in its sole discretion), to the Collateral Agent, leasehold Mortgages in and charges on such leased
real property of any Loan Party as are not covered by the original Mortgages, in each case pursuant to documentation substantially
in the form of the Mortgages delivered to the Collateral Agent on the Closing Date or in such other form as is reasonably satisfactory
to the Collateral Agent (each, an “Additional Mortgage”) and constituting valid and enforceable perfected Liens
superior to and prior to the rights of all third persons subject to no other Liens except as are permitted by Section 6.02 or arising
by operation of law, at the time of perfection thereof, record or file, and cause each such Subsidiary to record or file, the Additional
Mortgage or instruments related thereto in such manner and in such places as is required by law to establish, perfect, preserve
and protect the Liens in favor of the Collateral Agent required to be granted pursuant to the Additional Mortgages and pay, and
cause each such Subsidiary to pay, in full, all Taxes, fees and other charges payable in connection therewith, in each case subject
to paragraph (e) below and otherwise comply with the Collateral and Guarantee Requirements.

 

(c) If any additional
direct or indirect Material Subsidiary that is a Wholly Owned Subsidiary of Holdingsthe
Canadian Borrower is formed or acquired after the Amendment No. 2 Effective Date and if such Wholly-Owned
Material Subsidiary is a Subsidiary Loan Party, or if any Subsidiary otherwise becomes a Subsidiary Loan Party after the Amendment
No. 2 Effective Date, within 10 Business Days after the date such Subsidiary is formed or acquired or becomes a Subsidiary Loan
Party, notify the Administrative Agent and the Lenders thereof and, within 45 Business Days (or such longer period as may be permitted
by the Administrative Agent, in its sole discretion) (or, in the case of any Mortgages required to be granted, 90 days (or such
longer period as may be permitted by the Administrative Agent, in its reasonable discretion)) after the date such Subsidiary is
formed or acquired or becomes a Subsidiary Loan Party, cause the Collateral and Guarantee Requirements to be satisfied with respect
to such Subsidiary and with respect to any Equity Interest in or Indebtedness of such Subsidiary owned by or on behalf of any Loan
Party.

 

(d) In the case
of the Canadian Borrower, (i) furnish to the Collateral Agent prompt written notice (which shall in any event be provided within
30 days of such change or such longer period as the Administrative Agent may reasonably agree) of any change (A) in any Loan Party’s
corporate or organization name, (B) in any Loan Party’s jurisdiction of organization or type of organization (C) in any
Loan Party’s organizational identification number or (D) in the location of the chief executive office, principal place
of business, registered office (pursuant to its constating documents) or (but only if actions are required to perfect the security
interest therein as a result of such change) tangible Collateral (other than inventory in transit) valued in excess of $10.0
million10,000,000; provided that
Canadian Borrower shall cause all filings to be made within any statutory period, under the UCC, PPSA or otherwise that are required
in order for the Collateral Agent to continue at all times following such change to have a valid, legal and perfected security
interest in or other applicable Lien on all the Collateral for the benefit of the Secured Creditors.

    143

     

    

 

(e) The Collateral
and Guarantee Requirements and the other provisions of this Section 5.10 need not be satisfied with respect to: (i) any assets
of the Canadian Borrower and its Subsidiaries’ network services business located outside of the United States and Canada
(to the extent such assets are not material and non-essential (as determined in good faith by the Canadian Borrower) for the operations
of the Canadian Borrower and its Subsidiaries), (ii) any grant of Liens over assets (or, if applicable, perfection of liens) if
to do so would contravene the Agreed Security Principles, (iii) any other Contract that by its terms would be breached, defaulted,
violated, invalidated, require the consent of a third Person not obtained or rendered unenforceable by the creation of any other
Lien on such property or if the creation of any other Lien on such property would create a right of termination in favor of any
party (other than to the extent that any such term would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409
of the UCC or any successor provision or provisions or similar provisions of any applicable law); provided that for satellite
purchase contracts and other contracts material (as determined in good faith by the Canadian Borrower) to the operation of the
Loan Parties and their Restricted Subsidiaries taken as a whole, upon the request of Collateral Agent, Guarantor shall use commercially
reasonable efforts to obtain such consent (but shall not be required to make any payment or material concession in exchange for
such consent); provided, further, that under no circumstances shall Holdingsthe
Canadian Borrower or any Restricted Subsidiary be obligated to seek consent to pledge customer agreements;,
(iv) real estate leasehold interests (including all office leases and including requirements to deliver landlord lien waivers,
estoppels and collateral access letters), other than ground leased real property on which earth station equipment worth more than
$10.0 million10,000,000
(as determined in good faith by Holdingsthe
Canadian Borrower) are located, (v) vehicles and other goods for which possession of a certificate of title or ownership
is required for perfection of a security interest therein, (vi) any Collateral excluded with the written consent of the Administrative
Agent (such consent not to be unreasonably withheld) after taking into account the value of such assets and the burden (including
tax, administrative or otherwise) of creating and perfecting liens on such assets, (vii) any application for registration of a
Trademark filed with the United States Patent and Trademark Office on an intent-to-use basis until such time (if any) as a Statement
of Use or Amendment to Allege Use is filed, at which time such Trademark shall automatically become part of the Collateral and
subject to the security interest pledged, (viii) any property to the extent that such grant of a security interest is prohibited
by the law of a Governmental Authority, or requires a consent not obtained of any Governmental Authority pursuant to such law (other
than to the extent that any such law would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC
or any successor provision or provisions or similar provisions of any applicable law), (ix) property not otherwise excluded from
the Collateral and Guarantee Requirements that is subject to a Lien permitted under Section 6.02(c),
(d), (f) or (eclauses (6) (with respect to clause (d)
of the definition of Permitted Debt), (7), (9), (10) or (18) (but
only to the extent permitted by Sections 6.02(c), (d), and (f))under
clauses (6) (with respect to clause (d) of the definition of Permitted Debt), (7), (9) or (10) of the definition of Permitted Liens)
of the definition of Permitted Liens, including any insurance and other proceeds thereof, (x) Excluded Collateral (as
defined in the Security Agreement) owned by Holdingsthe
Canadian Borrower or any Restricted Subsidiary, (xi) Letter of Credit Rights (as defined in the UCC) for a specified
purpose to the extent Holdingsthe
Canadian Borrower or any Restricted Subsidiary is required by applicable law to apply the proceeds of such Letter of
Credit Rights for a specified purpose, (xii) any telecommunications licensesFCC
Licenses to the extent (but only to the extent) that at such time the Collateral Agent may not validly possess a security
interest therein pursuant to the laws, and the regulations promulgated by any Governmental Authority, as in effect at such time,
but Collateral shall include, to the maximum extent permitted by law, all rights incident or appurtenant to the telecommunications
licensesFCC Licenses and the right to receive
all proceeds derived from or in connection with the sale, assignment or transfer of the telecommunications licenses, (xiii) a lien
on the ownership interest with respect to the APT Transponders or APT’s interest in the “Common Elements” as
defined in the Amended and Restated Satellite Agreement dated as of August 26, 2003, as amended (together with that certain Satellite
Procurement Contract dated December 23, 2015, that certain Management Agreement dated as of December 23, 2015, that certain Satellite
Transponder Agreement dated as of December 23, 2015, that certain Orbital Slot Sublicense Agreement dated as of December 31, 2015
and that certain Marketing Agreement dated as of December 31, 2015, the “APT Satellite Agreement”) between APT
Satellite Company Limited (including its successors, assigns and transferees, “APT”), and Loral Orion, Inc.
(as assigned to Telesat Satellite LP), that are on Telstar 18 (collectively, the “Excluded APT Elements”) so
long as such prohibition exists in the APT Satellite Agreement, any other agreement with APT or the APT Security Agreement (or
any replacement or successor agreement), it being understood that subject to the foregoing, a lien on the Satellite (as defined
in the APT Satellite Agreement) is permitted so long as the lien thereon (which the Collateral Agent shall be permitted to release
at any time in its sole discretion) is subject to the rights of APT under the APT Satellite Agreement and does not encompass the
Excluded APT Elements; (xiv) Excluded Accounts (as defined in the Security Agreement), (xv) Equity Interests of Unrestricted Subsidiaries,
(xvi) any Equity Interests (A) owned as of the Amendment No. 2 Effective Date or acquired after the Amendment No. 2 Effective Date
in accordance with this Agreement if, and to the extent that, and for so long as (1) such grant would violate applicable law or
a contractual obligation binding on such Equity Interests (other than to the extent that any such law or contractual obligation
would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC, or any successor provision or provisions
or similar provisions of any applicable law) and (2) such law or contractual obligation existed at the time of the acquisition
thereof and was not created or made binding on such Equity Interests in contemplation of or in connection with the acquisition
of such Subsidiary (provided that clause (2) shall not apply in the case of a joint venture), (B) that are excluded from
clause (c) of the definition of Collateral and Guarantee Requirements or (C) that constitute Minority Investments to the extent
such assets are not essential or material (as determined in good faith by the Canadian Borrower) for the operations of the Loan
Parties and their Restricted Subsidiaries taken as a whole, (xvii) any assets acquired after the Closing Date, to the extent that,
and for so long as, taking such actions would violate a contractual obligation binding on such assets (other than to the extent
that such contractual obligation would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC, if
applicable to such contractual obligation, or any successor provision or provisions or similar provisions of any applicable law)
that existed at the time of the acquisition thereof and was not created or made binding on such assets in contemplation of or in
connection with the acquisition of such assets (except in the case of assets acquired with Indebtedness permitted pursuant to Section
6.01 that is secured by a Lien permitted pursuant to Section 6.02), (xviii) any Subsidiary or real estate interest that is being
dissolved or sold, as applicable, within one year of the Amendment No. 26
Effective Date and set forth on Schedule 5.10(e), such time to be extended in Administrative Agent’s sole discretion
(notwithstanding the foregoing there shall be no deadline for dissolutions or sales occurring
under the laws of India), (xix) Satellites not subject to the Lien created by the Security Documents and subject
to agreements that are described in clause (u26)
of the definition of Permitted Liens and which the Collateral Agent (in its sole discretion) has not entered into a non-disturbance
agreement as further described therein, (xx) any Subject Property; provided, however, that the exclusions pursuant
to this clause (xx) shall not apply to the extent that any such prohibition, default or other term would be rendered ineffective
pursuant to Section 9-406, 9-407, 9-408 or 9-409 of the UCC, or any successor provision or provisions or similar provisions of
any applicable law; and provided, further, that the Security Interest shall attach immediately to any portion of
such Subject Property that does not result in any of the consequences specified above including, without limitation, any Proceeds
of such Subject Property, and (xxi) any property to the extent a security interest in such property would result in material adverse
tax consequences to Holdingsthe
Canadian Borrower or any Subsidiary of Holdingsthe
Canadian Borrower as reasonably determined by the Canadian Borrower in consultation with (but without requiring the
consent of) the Collateral Agent. Notwithstanding the Collateral and Guarantee Requirements or the other provisions of this Section
5.10, (i) any Person organized under the laws of Canada or the United States (or any political subdivision thereof) shall not be
required to take any actions outside of the United States and Canada to perfect the security interest in any assets of any such
Person (including registered intellectual property) located outside of the United States and Canada, (ii) each Loan Party (other
than any Loan Party organized under the laws of Canada or the United States (or any political subdivision thereof)) shall not be
required to take any actions outside of its jurisdiction of organization to perfect the security interest in any assets of such
Person (including registered intellectual property) located outside of such Person’s jurisdiction of organization, and (iii)
other than the Loan Parties’ pledge of their equity interest in their Subsidiaries organized in Isle of Man and Brazil (to
the extent required), if a Subsidiary organized outside of the United States and Canada is excluded from being a Guarantor because
it is not a Material Subsidiary (“Excluded Foreign Subsidiary”), the Loan Parties shall not be required to grant
or perfect their pledge of such equity interest in the Excluded Foreign Subsidiary under any law other than the laws of the United
States or Canada. The Collateral Agent agrees that its lien (which the Collateral Agent shall be permitted to release at any time
in its sole discretion) on the Satellite (as defined in the APT Satellite Agreement) is subject to the rights of APT under the
APT Satellite Agreement (as defined therein) and does not encompass the Excluded APT Elements.

 

    144

     

    

 

(f) Notwithstanding
the foregoing provisions of this Section 5.10 or anything in this Agreement or any other Loan Document to the contrary, (ai)
the foregoing provisions of this Section 5.10 and the Collateral and Guarantee Requirements shall not require the creation or perfection
of pledges of or security interests in, or the obtaining of title insurance, legal opinions or other deliverables with respect
to, particular assets of the Loan Parties, or the provision of Guarantees by any Subsidiary, if, and for so long as the Administrative
Agent and the Canadian Borrower reasonably agree that the cost of creating or perfecting such pledges or security interests in
such assets, or obtaining such title insurance, legal opinions or other deliverables in respect of such assets, or providing such
Guarantees (taking into account any adverse tax consequences to Holdingsthe
Canadian Borrower and its Affiliates (including the imposition of withholding or other material taxes)), shall be excessive
in view of the benefits to be obtained by the Lenders therefrom, (bii)
Liens required to be granted from time to time pursuant to the term “Collateral and Guarantee Requirement” shall be
subject to exceptions and limitations set forth herein and in the Security Documents and (ciii)
in no event shall control agreements or other control or similar arrangements be required with respect to deposit accounts, securities
accounts, commodity accounts, letter of credit rights or other assets requiring perfection by control (other than, for the avoidance
of doubt, delivery of certificates or other instruments to the extent otherwise required by any Loan Document). The Collateral
Agent may grant extensions of time for the creation and perfection of security interests in or the obtaining of title insurance,
legal opinions or other deliverables with respect to particular assets or the provision of any Guarantee by any Subsidiary.

 

SECTION
5.11 [Reserved]. 

 

ARTICLE
VI

 

NEGATIVE COVENANTS

 

Each of Holdings
and the Loan Parties covenants and agrees with each Lender that so long as this Agreement shall remain in effect
and until the Commitments have been terminated and the principal of and interest on each Loan, all Fees and all other expenses
or amounts payable under any Loan Document shall have been paid in full (other than contingent amounts not yet due) and all Letters
of Credit have been canceled or have expired and all amounts drawn thereunder have been reimbursed in full, unless the Required
Lenders shall otherwise consent in writing, each Loan Party will, and will cause each of the Restricted
Subsidiaries to:the following covenants shall apply.

 

    145

     

    

 

Section
6.01 Limitation on Incurrence of Indebtedness.
(A) Holdings will not, and will not permit any of the Restricted Subsidiaries to, create, incur,
assume or suffer to exist any Indebtedness, except:The
Canadian Borrower will not, and will not permit any Restricted Subsidiary to, directly or indirectly, incur any Indebtedness (including
Acquired Indebtedness) and the Canadian Borrower will not permit any Restricted Subsidiary to issue any shares of preferred stock;
provided, however, that the Borrowers may incur Indebtedness (including Acquired Indebtedness), any Restricted Subsidiary may
incur Indebtedness and issue shares of preferred stock (including Acquired Indebtedness) if as of the date any such Indebtedness
is incurred or preferred stock is issued, on a pro forma basis after giving effect to the incurrence and application of the proceeds
of such Indebtedness, the Canadian Borrower’s Total Leverage Ratio for the Test Period immediately preceding such date shall
be less than or equal to 4.50 to 1.00; provided, further that the aggregate principal amount (or liquidation preference) of Indebtedness
incurred or preferred stock issued pursuant to the foregoing together with any Refinancing Indebtedness in respect thereof incurred
pursuant to clause (n) of the definition of Permitted Debt and amounts under clauses (a), (i) and (o) of the definition of Permitted
Debt (together with any Refinancing Indebtedness in respect thereof incurred pursuant to clause (n) below) by Restricted Subsidiaries
that are not Guarantors shall not exceed the greater of $300,000,000 and 6.5% of Total Assets at any time outstanding. 

 

The
foregoing limitations will not apply to (“Permitted Debt”):

 

(a) Indebtedness
arising under the Loan Documents and any Credit Agreement Refinancing Indebtedness incurred to Refinance (in whole or in part)
such Indebtedness;

 

(b) Indebtedness
of (i) any Loan Party to another Loan Party, (ii) of any Non-Subsidiary Loan Party to any other Non-Subsidiary Loan Party and (iii)
subject to Section 6.05(g), Indebtedness of any Non-Subsidiary Loan Party to any Loan Party;

 

(c) Indebtedness
in respect of any bankers’ acceptance (other than a bankers’ acceptance issued in respect of borrowed money), letter
of credit, warehouse receipt or similar facilities entered into in the ordinary course of business;

 

(d) except
as provided in clause (j) below, subject to compliance with Section 6.05(g) to the extent applicable, Guarantee Obligations incurred
by (i) Restricted Subsidiaries in respect of Indebtedness of Holdings or other Restricted Subsidiaries that is permitted to be
incurred under this Agreement and (ii) Holdings in respect of Indebtedness of the Restricted Subsidiaries that is permitted to
be incurred under this Agreement; provided, that there shall be no Guarantee by any Restricted
Subsidiary that is not a Guarantor of any Indebtedness of a Borrower or any Guarantor, except to the extent permitted by Section
6.05; provided, further, that in the event such
Guarantee Obligations are incurred in respect of Subordinated Indebtedness, then such Guarantee Obligation shall be subordinated
to the right of payment of the Obligations at least to the same extent;

 

(e) Guarantee
Obligations incurred in the ordinary course of business in respect of obligations of suppliers, customers, franchisees, lessors
and licensees;

 

(f) (i)
Indebtedness (including Finance Lease Obligations and other Indebtedness arising under mortgage financings and purchase money Indebtedness
(including any industrial revenue bond, industrial development bond or similar financings)) incurred within 270 days before or
after the acquisition, development, construction, repair, restoration, maintenance, upgrade, expansion or improvement of fixed
or capital assets to finance the acquisition, development, construction, repair, restoration, maintenance, upgrade, expansion or
improvement of such fixed or capital assets or otherwise incurred in respect of Capital Expenditures (it being understood that
the Canadian Borrower may determine in good faith the purpose for which Indebtedness was incurred), and (ii) any Permitted Refinancing
Indebtedness incurred to Refinance, in whole or in part, any Indebtedness under this clause (f); provided
that, at the time of incurrence thereof and after giving pro forma effect thereto and the use of the proceeds thereof,
the aggregate amount of Indebtedness incurred pursuant to this clause (f) shall not exceed an amount equal to the greater of (x)
$150.0 million and (y) 3.25% of Total Assets of Holdings and its Subsidiaries (measured as of the date of incurrence based upon
the Section 5.04 Financials most recently delivered on or prior to such date of incurrence);

 

(g) Indebtedness
outstanding on the Amendment No. 2 Effective Date and listed on Schedule 6.01 (other than
as set forth in clause (p) below) and any Permitted Refinancing thereof;

 

    146

     

    

 

(h) Indebtedness
in respect of Swap Agreements entered into for bona fide (non-speculative) business purposes;(i) (i)party)
such Indebtedness (including successive refinancings) and any Permitted Additional Debt not otherwise permitted under this Section
6.01, which such Permitted Additional Debt is secured by Liens on the Collateral having a priority ranking equal or junior to the
priority of the Liens on the Collateral securing the Secured Obligations; provided, with respect to such Permitted Additional
Debt not otherwise permitted under this Section 6.01; provided
that (A) both immediately prior to and after giving effect thereto, no Event of Default shall exist or result therefrom and (B)
the aggregate principal amount, determined as of the date of the incurrence of such Indebtedness and giving pro forma effect thereto
and the use of the proceeds thereof, shall not, together with
the aggregate principal amount of Incremental
Term Loans and Incremental Revolving Credit Commitment Increases incurred and outstanding pursuant to Section 2.21(b),
exceed, except as contemplated by the definition of “Permitted Refinancing Indebtedness”, (xthe
sum of (x) the amounts set forth under clauses (x) and (y) of the Incremental Limit, (y) in the case of Indebtedness
that is secured by Liens on the Collateral equally and ratably with the Secured Obligations, an amount such that, after giving
pro forma effect to the incurrence of any such Indebtedness and any Specified Transaction to be consummated in connection therewith,
Holdingsthe Canadian
Borrower shall be in compliance on a pro forma basis with a First Lien Leverage Ratio which shall not exceed 3.50 to
1.00,1.00 and
(yz) in
the case of Indebtedness that shall rank junior in priority to the Liens on the Collateral securing the Secured Obligations, an
amount such that, after giving pro forma effect to the incurrence of any such Indebtedness and any Specified Transaction to be
consummated in connection therewith, Holdingsthe
Canadian Borrower shall be in compliance on a pro forma basis with a Senior Secured Leverage Ratio which shall not exceed
4.25 to 1.00 and (z) in the case of Indebtedness that is unsecured, an amount such that, after
giving pro forma effect to the incurrence of any such Indebtedness and any Specified Transaction to be consummated in connection
therewith, Holdings shall be in compliance on a pro forma basis with a Total Leverage Ratio which shall not exceed 4.50 to 1.00;
provided, further,;
provided, further that, at the time any such Indebtedness is incurred,
the aggregate principal amount of all Indebtedness incurred and outstanding under this Section
6.01(i) by Non-Subsidiary Loan Party, after giving pro forma effect to such incurrence and the other transactions and the use of
the proceeds thereof, shall not exceed (a) the greater of (x) $300.0 million(or
liquidation preference) of Indebtedness incurred or preferred stock issued pursuant to the foregoing together with any Refinancing
Indebtedness in respect thereof incurred pursuant to clause (n) of the definition of Permitted Debt and amounts under the first
paragraph of this Section 6.01 and clauses (i) and (o) of the definition of Permitted Debt (together with any Refinancing Indebtedness
in respect thereof incurred pursuant to clause (n) below) by Restricted Subsidiaries that are not Guarantors shall not exceed the
greater of $300,000,000 and (y) 6.5% of Total Assets of Holdings and its Subsidiaries
(measured as of the date of incurrence based upon the Section 5.04 Financials most recently delivered on or prior to such date
of incurrence) minus (b) the sum of the aggregate amount of any Indebtedness incurred
or assumed prior to such time pursuant to Section 6.01(A)(j), (k) or (s) that is outstanding at such time and that was used to
acquire, or was assumed in connection with the acquisition of, capital stock and/or assets in respect of which guarantees, pledges
and security have not been given pursuant to Section 5.10 and (ii) any Permitted Refinancing thereof;6.5%
of Total Assets at any time outstanding; 

 

(j) (i)
Indebtedness of a Person or Indebtedness attaching to assets of a Person that, in either case, becomes a Restricted Subsidiary
(or (x) is a Restricted Subsidiary that survives a merger, consolidation or amalgamation with such Person or any of its Subsidiaries
or (y) is merged, consolidated or amalgamated with a Restricted Subsidiary) or Indebtedness attaching to assets that are acquired
by Holdings or any Restricted Subsidiary, in each case after the Amendment No. 2 Effective Date as the result of a Permitted Acquisition
or Indebtedness of any Unrestricted Subsidiary that is redesignated as a Restricted Subsidiary; provided
that; 

 

(A) subject
to Section 1.06, before and after giving pro forma effect thereto, no Event of Default under Sections 7.01(b), (c), (h) or (i)
has occurred and is continuing, 

 

(B) such
Indebtedness existed at the time such Person became a Restricted Subsidiary or at the time such assets were acquired and, in each
case, was not created in anticipation thereof,

 

(C) such
Indebtedness is not guaranteed in any respect by Holdings or any Restricted Subsidiary (other than any such Person that so becomes
a Restricted Subsidiary or is the survivor of a merger with such Person or any of its Subsidiaries), except to the extent permitted
under Section 6.05 or Section 6.06, 

 

    147

     

    

 

(D) (x)
the Equity Interests of such Person are pledged to the Collateral Agent to the extent required under Section 5.10 and (y) such
Person executes a supplement to each of the Guarantee, the Security Agreements and the Pledge Agreements (or alternative guarantee
and security arrangements in relation to the Obligations), in each case to the extent required under Section 5.10; provided
that the requirements of this clause (D) shall not apply to any Indebtedness of the type that could have been incurred
under Section 6.01(A)(f), and

 

(E) at
the time any such Indebtedness is incurred, the aggregate principal amount
of all Indebtedness Incurred by Non-Subsidiary Loan Parties pursuant to, and outstanding under,
this Section 6.01(j), after giving pro forma effect to such Incurrence and other transactions and the use of the proceeds thereof,
shall not exceed the (a) the greater of (x) $300.0 million and (y) 6.5% of Total Assets of Holdings and its Subsidiaries (measured
as of the date of incurrence based upon the Section 5.04 Financials most recently delivered on or prior to such date of incurrence)
minus (b) the sum of the aggregate amount of (i) any Indebtedness
incurred or assumed prior to such time pursuant to Section 6.01(A)(k) that is outstanding at such time and that was used to acquire,
or was assumed in connection with the acquisition of, capital stock and/or assets in respect of which guarantees, pledges and security
have not been given pursuant to Section 5.10 and (ii) any Indebtedness incurred by any Restricted Subsidiary that is not a Guarantor
pursuant to Section 6.01(A)(i) or (s); and 

 

(b) the
incurrence by the Borrowers and any Guarantor of Indebtedness represented by the Senior Notes or Senior Secured Notes (including
any Guarantee); 

 

(c) Existing
Indebtedness (other than Indebtedness described in clauses (a) and (b)), which in the case of such Existing Indebtedness with a
principal amount in excess of $10,000,000 is set forth on Schedule 6.01;

 

(d) Indebtedness
(including Finance Lease Obligations and Indebtedness related to a Sale Leaseback) and preferred stock incurred by the Canadian
Borrower or any of its Restricted Subsidiaries, to finance the purchase, lease, construction or improvement (including, without
limitation, the cost of design, development, construction, acquisition, transportation, installation, improvement and migration)
of property (real or personal) or equipment that is used or useful in a Similar Business, whether through the direct purchase of
assets or the Capital Stock of any Person owning such assets, in an aggregate principal amount which, when aggregated with the
principal amount of all other Indebtedness and preferred stock then outstanding and incurred pursuant to this clause (d) and including
all Refinancing Indebtedness incurred to refund, refinance or replace any other Indebtedness and preferred stock incurred pursuant
to this clause (d), does not exceed the greater of (x) $150,000,000 and (y) 3.25% of Total Assets at the time of incurrence; 

 

(e) Indebtedness
incurred by the Canadian Borrower or any Restricted Subsidiary constituting reimbursement obligations with respect to letters of
credit issued in the ordinary course of business, including letters of credit in respect of workers’ compensation claims,
or other Indebtedness with respect to reimbursement type obligations regarding workers’ compensation claims; provided, however,
that upon the drawing of such letters of credit or the incurrence of such Indebtedness, such obligations are reimbursed within
30 days following such drawing or incurrence;

 

(f) Indebtedness
arising from agreements of the Canadian Borrower or a Restricted Subsidiary providing for indemnification, adjustment of purchase
price or similar obligations, in each case, incurred or assumed in connection with the acquisition or disposition of any business,
assets or a Subsidiary, other than guarantees of Indebtedness incurred by any Person acquiring or disposing of all or any portion
of such business, assets or a Subsidiary for the purpose of financing such acquisition; provided, however, that

 

(i) such
Indebtedness is not to be reflected on the balance sheet of the Canadian Borrower or any Restricted Subsidiary prepared in accordance
with GAAP (contingent obligations referred to in a footnote to financial statements and not otherwise reflected on the balance
sheet will not be deemed to be reflected on such balance sheet for purposes of this clause (f)(i)) and

 

    148

     

    

 

(ii) any
Permitted Refinancing Indebtedness incurred to Refinance (in whole or in part) such Indebtedness;the
maximum assumable liability in respect of all such Indebtedness shall at no time exceed the gross proceeds including non-cash proceeds
(the Fair Market Value of such non-cash proceeds being measured at the time received and without giving effect to any subsequent
changes in value) actually received by the Canadian Borrower and
the Restricted Subsidiaries in connection with such disposition;

 

(k) (i)
Indebtedness of Holdings or any Restricted Subsidiary incurred to finance a Permitted Acquisition or similar Investment permitted
under Section 6.05; provided that; 

 

(A) subject
to Section 1.06, before and after giving pro forma effect thereto, no Event of Default under Sections 7.01(b), (c), (h) or (i)
has occurred and is continuing,

 

(B) subject
to Section 1.06, after giving pro forma effect to the incurrence of any such Indebtedness, to such acquisition and any Specified
Transaction to be consummated in connection therewith, Holdings and the Restricted
Subsidiaries shall be in compliance on a pro forma basis with a Total Leverage Ratio, as such ratio
is calculated as of the last day of the Test Period most recently ended on or prior to the date of such incurrence, as if such
incurrence, acquisition and Specified Transaction had occurred on the first day of such Test Period of either (x) not greater than
4.50 to 1.00 or (y) not greater than the Total Leverage Ratio immediately prior to giving pro forma effect to all such incurrences
and such other transactions,

 

(C) the
terms of such Indebtedness do not provide for any scheduled repayment (including at maturity), mandatory repayment, redemption,
repurchase, defeasance, similar payment or sinking fund obligation prior to the Final Maturity Date, other than customary prepayments,
repurchases, redemptions, defeasances or similar payments of, or offers to prepay, redeem, repurchase, defease or similarly pay
upon, a change of control, asset sale event or casualty or condemnation event or on account of the accumulation of excess cash
flow and customary acceleration rights upon an event of default,

 

(D) (x)
the Equity Interests of such acquired Person are pledged to the Collateral Agent to the extent required under Section 5.10 and
(y) such acquired Person executes a supplement to each of the Guarantee, the Security Agreements and the Pledge Agreements (or
alternative guarantee and security arrangements in relation to the Obligations), in each case to the extent required under 5.10,
and

 

(E) at
the time any such Indebtedness is incurred, the aggregate principal amount of all Indebtedness Incurred by Non-Subsidiary Loan
Parties pursuant to, and outstanding under, this Section 6.01(k), after giving pro forma effect to such Incurrence and other transactions
and the use of the proceeds thereof, shall not exceed (a) the greater of (x) $300.0 million and (y) 6.5% of Total Assets of Holdings
and its Subsidiaries (measured as of the date of incurrence based upon the Section 5.04 Financials most recently delivered on or
prior to such date of incurrence) minus (b) the sum of the aggregate amount of (i) any
Indebtedness incurred or assumed prior to such time pursuant to Section 6.01(A)(j) that is outstanding at such time and that was
used to acquire, or was assumed in connection with the acquisition of, capital stock and/or assets in respect of which guarantees,
pledges and security have not been given pursuant to Section 5.10 and (ii) any Indebtedness incurred by any Restricted Subsidiary
that is not a Guarantor pursuant to Section 6.01(A)(i) or (s); and 

 

(g) Indebtedness
(including Indebtedness related to a Sale Leaseback) or preferred stock of the Canadian Borrower to a Restricted Subsidiary; provided
that any such Indebtedness owing to a Restricted Subsidiary that is not a Guarantor is subordinated in right of payment to the
Obligations; provided, further that any subsequent issuance or transfer of any Capital Stock or any other event which results in
any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness
(except to the Canadian Borrower or another Restricted Subsidiary) shall be deemed in each case to be an incurrence of such Indebtedness;

 

(h) Indebtedness
(including Indebtedness related to a Sale Leaseback) or preferred stock of a Restricted Subsidiary to the Canadian Borrower or
another Restricted Subsidiary; provided that

 

    149

     

    

 

(i) any
such Indebtedness is made pursuant to an intercompany note, and

 

(ii) any
Permitted Refinancing Indebtedness incurred to Refinance (in whole or in part) such Indebtedness;if
a Guarantor incurs such Indebtedness owing to a Restricted Subsidiary that is not a Guarantor such Indebtedness is subordinated
in right of payment to the Guarantee of such Guarantor; provided, further that any subsequent transfer of any such Indebtedness
(except to the Canadian Borrower or another Restricted Subsidiary) shall be deemed in each case to be an incurrence of such Indebtedness;

 

(i) Indebtedness
or preferred stock of Restricted Subsidiaries that are not Guarantors; provided, however, that the aggregate principal amount of
Indebtedness or liquidation preference of preferred stock incurred under this clause (i), when aggregated with the principal amount
of all other Indebtedness then outstanding and incurred pursuant to this clause (i) and any refinancings in respect of any of the
foregoing (including any Refinancing Indebtedness incurred pursuant to clause (n) below), does not exceed the greater of $120,000,000
and 2.75% of Total Assets at the time of incurrence; provided, further that the aggregate principal amount (or liquidation preference)
of Indebtedness incurred or preferred stock issued pursuant to this clause (i) together with such amounts incurred or issued by
Restricted Subsidiaries that are not Guarantors pursuant to the first paragraph of this Section 6.01 and clauses (a) and (o) of
the definition of Permitted Debt and any Refinancing Indebtedness in respect of the foregoing incurred pursuant to clause (n) below)
shall not exceed the greater of $300,000,000 and 6.5% of Total Assets at any one time outstanding; 

 

(j) (x)
Swap Obligations entered into for bona fide (non-speculative) business purposes and (y) Indebtedness in respect of Cash Management
Obligations;

 

(k) (l)
Indebtednessobligations in respect of performance
bonds, bid bonds, appeal bonds,and
surety bonds and completion guarantees and similar obligations not in connection with money borrowed,
in each case provided by the Canadian Borrower or any
Restricted Subsidiary in the ordinary course of business, including those incurred
to secure health, safety, environmental and regulatory obligations in the ordinary course of businessguarantees
or obligations of the Canadian Borrower or any Restricted Subsidiary with respect to letters of credit supporting such performance,
bid, appeal or surety obligations (in each case other than for an obligation for money borrowed);

 

(l) (m)
(i) Indebtedness incurred in connection with any Permitted Sale Leaseback (provided
that the Net Cash Proceeds thereof are promptly applied to the extent required by Section 2.12(c)) and (ii) any refinancing,
refunding, renewal or extension of any Indebtedness specified in subclause (i) above;or
preferred stock of the Borrowers or any Guarantor not otherwise permitted hereunder in an aggregate principal amount or liquidation
preference of 100% of the net cash proceeds received by the Canadian Borrower since the Measurement Date from the issue or sale
of Equity Interests of the Canadian Borrower or cash contributed to the capital of the Canadian Borrower (in each case, other than
Excluded Contributions or sales of Equity Interests to the Canadian Borrower or any of its Subsidiaries) as determined in accordance
with clauses (B)(1) and (B)(2) of the definition of Applicable Amount to the extent such net cash proceeds or cash have not been
applied pursuant to such clauses to make Restricted Payments or to make other Investments, payments or exchanges pursuant to Section
6.06(b) or to make Permitted Investments (other than Permitted Investments specified in clauses (1), (2) and (3) of the definition
thereof) and (ii) Indebtedness or preferred stock of the Borrowers or any Guarantor not otherwise permitted hereunder in an aggregate
principal amount or liquidation preference, which when aggregated with the principal amount and liquidation preference of all other
Indebtedness or preferred stock then outstanding and incurred pursuant to this clause (l)(ii) together with any Refinancing Indebtedness
in respect thereof incurred pursuant to clause (n) below, does not at any one time outstanding exceed the greater of (x) $200,000,000
or (y) 4.5% of Total Assets as
of the time of incurrence (it being understood that any Indebtedness or preferred stock incurred pursuant to this clause (l)(ii)
shall cease to be deemed incurred or outstanding for purposes of this clause (l)(ii) but shall be deemed incurred for the purposes
of the first paragraph of this Section 6.01 from and after the first date on which the Borrowers or such Guarantor could have incurred
such Indebtedness under the first paragraph of this Section 6.01 without reliance on this clause (l)(ii));

 

(n) additional
Indebtedness; provided that the aggregate amount of Indebtedness incurred and then outstanding
pursuant to this clause (n) shall not at the time of incurrence thereof exceed the greater of (x) $200.0 million and
(y) 4.5% of Total Assets of Holdings and its Subsidiaries (measured
as of the date of incurrence based upon the Section 5.04 Financials most recently delivered on or prior to such date of incurrence);

 

    150

     

    

 

(m) (o)
Indebtedness (including Finance Lease Obligations)or
preferred stock incurred in connection with project financings and Export Financingsexport
credit financings (it being understood that the Canadian Borrower may determine in good faith the purpose for which
Indebtedness was incurred) and any refinancing, refunding, renewal or extension of any such Indebtedness; provided that
the aggregate amount of Indebtedness or preferred stock incurred
pursuant to this clause (o) at the time of incurrencem)
together with any Refinancing Indebtedness in respect thereof incurred pursuant to clause (n) below shall not exceed
the greater of (x) $1.0 billion and (y) 17.6% of Total Assets of Holdings and its Subsidiaries
(measured as of the date of incurrence based upon the Section 5.04 Financials most recently delivered on or prior to such date
of incurrence)$700,000,000 and 15.1% of Total Assets
at any time outstanding;

 

(n) (p)
Indebtedness in respect of the Senior Notes and any Permitted Refinancing of the Senior Notes; provided
that with respect to any Permitted Refinancing of the Senior Notes, clause (b) of the definition of “Permitted Refinancing”
need not be satisfied if such modified, refinanced, refunded, renewed
or extended Indebtedness has a Weighted Average Life to Maturity equal to or longer than the Weighted Average Life to Maturity
of the Term B-4 Loans;the incurrence by the Canadian
Borrower or any Restricted Subsidiary of Indebtedness or preferred stock which serves to refund or refinance any Indebtedness or
preferred stock incurred as permitted under the first paragraph of this Section 6.01 and clauses (b), (c), (d), (i), (l)(b) and
(m) above, this clause (n) and clause (o) below or any Indebtedness or preferred stock issued to so refund or refinance such Indebtedness
or preferred stock including additional Indebtedness or preferred stock incurred to pay accrued but unpaid interest, dividends,
premiums (including tender premiums), defeasance costs, underwriting discounts, fees, costs and expenses (including original issue
discount, upfront fees or similar fees) incurred in connection with such refinancing (the “Refinancing Indebtedness”)
prior to its respective maturity; provided, however, that such Refinancing Indebtedness

 

(i) has
a Weighted Average Life to Maturity at the time such Refinancing Indebtedness is incurred that is not less than the remaining Weighted
Average Life to Maturity of the Indebtedness being refunded or refinanced,

 

(ii) to
the extent such Refinancing Indebtedness refinances Subordinated Indebtedness, such Refinancing Indebtedness is subordinated to
the Obligations or such Guarantee at least to the same extent as the Indebtedness being refinanced or refunded; provided that this
subclause (ii) need not be satisfied if
the amount of such Refinancing Indebtedness shall not exceed the Applicable
Amount (it being understood that if amounts available under the Applicable Amount are used to refinance such Subordinated Indebtedness,
then the Applicable Amount shall be reduced by such amount), and

 

(iii) shall
not include

 

(A) Indebtedness
of a Subsidiary of the Canadian Borrower that refinances Indebtedness of the Canadian Borrower,

 

(B) Indebtedness
of a Subsidiary of the Canadian Borrower that is not a Guarantor or a Borrower that refinances Indebtedness of a Guarantor or a
Borrower or

 

(C) Indebtedness
of the Canadian Borrower or a Restricted Subsidiary that refinances Indebtedness of an Unrestricted Subsidiary;

 

(o) (i) Indebtedness
or preferred stock of Persons that are acquired by the Canadian Borrower or any Restricted Subsidiary or consolidated, amalgamated
or merged with or into or wound up into a Restricted Subsidiary in accordance with the terms of this Agreement, provided that
in the case of this clause (o)(i) immediately and after giving effect to such acquisition, amalgamation, consolidation, winding
up or merger either (A) the Canadian Borrower would be permitted to incur at least $1.00 of additional Indebtedness pursuant to
the Total Leverage Ratio set forth in the first paragraph of this Section 6.01 or (B) the Canadian Borrower’s Total Leverage
Ratio is less than or equal to the amount thereof immediately prior to such acquisition, amalgamation or merger; or

 

    151

     

    

 

(ii) Indebtedness
or preferred stock incurred in connection with or in contemplation of the acquisition of Persons that are acquired by the Canadian
Borrower or any Restricted Subsidiary or consolidated, amalgamated or merged with or into or wound up into a Restricted Subsidiary
in accordance with the terms of this Agreement; provided that in the case of this subclause (ii) immediately after giving effect
to such acquisition, consolidation, amalgamation or merger either (A) the Canadian Borrower would be permitted to incur at least
$1.00 of additional Indebtedness pursuant to the Total Leverage Ratio set forth in the first paragraph of this Section 6.01 or
(B) the Canadian Borrower’s Total Leverage Ratio is less than or equal to the amount thereof immediately prior to such acquisition,
consolidation, amalgamation or merger;

 

provided,
that the principal amount of any such Indebtedness and liquidation preference of any such preferred stock of any Restricted Subsidiaries
that are not Guarantors permitted to remain outstanding pursuant to this subclause (o) together with the aggregate principal amount
of Indebtedness incurred and liquidation preference of preferred stock issued in each case by Restricted Subsidiaries that are
not Guarantors pursuant to the first paragraph of this Section 6.01, subclause (i) above or any Refinancing Indebtedness incurred
pursuant to clause (n) above in respect of amounts incurred or issued by Restricted Subsidiaries that are not Guarantors under
this clause (o) or the first paragraph of this Section 6.01 and clauses (a) and (i) of the definition of Permitted Debt shall not
exceed an amount of the greater of $300,000,000 and 6.50% of Total Assets at any one time outstanding; 

 

(p) Indebtedness
arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient
funds in the ordinary course of business, provided that such Indebtedness is extinguished within two Business Days of its
incurrence;

 

(q)  (i)
Indebtedness consisting of Mezzanine Securities issued pursuant to Section 6.12(h)(a) (or existing on the Amendment No. 2 Effective
Date) and (ii) any refinancings of the foregoing so long as (x) the principal amount of such refinancing shall not exceed the principal
amount of such Mezzanine Securities being refinanced together with any accrued interest and fees (including any amendment or consent
fees thereon) and (y) such refinancing shall, as determined by the Canadian Borrower in good faith, have terms material to the
interests of the Lender no materially less advantageous to the Lenders than the existing terms of the such Mezzanine Securities
being refinanced; Indebtedness of the Canadian Borrower
or any Restricted Subsidiary supported by a Letter of Credit, in a principal amount not in excess of the stated amount of such
Letter of Credit; 

 

(r) Permitted
Additional Debt to the extent that the Net Cash Proceeds therefrom are applied (x) to the prepayment of Term Loans
in accordance with Section 2.12(c) or (y) permanently reduce Revolving
R-2 Facility Commitments or Extended Revolving Credit Commitments in the manner set forth in Section 2.09; 

 

(s) Indebtedness
of Non-Subsidiary Loan Parties; provided that, at the time of the incurrence thereof and
after giving pro forma effect to such incurrence and other transactions and the use of the proceeds thereof, the aggregate outstanding
principal amount of Indebtedness outstanding in reliance on this Section 6.01(s) shall not exceed (a) the greater of (x) $300.0
million and (y) 6.5% of Total Assets of Holdings and its Subsidiaries (measured as of the date of incurrence based upon the Section
5.04 Financials most recently delivered on or prior to such date of incurrence) minus (b)
the sum of the aggregate amount of (i) any Indebtedness incurred or assumed prior to such time pursuant to Section 6.01(A)(j) or
(k) that is outstanding at such time and that was used to acquire, or was assumed in connection with the acquisition of, capital
stock and/or assets in respect of which guarantees, pledges and security have not been given pursuant to Section 5.10 and (ii)
any Indebtedness incurred by any Restricted Subsidiary that is not a Guarantor pursuant to Section 6.01(A)(i);

 

(t) Indebtedness
of Holdings or any Restricted Subsidiary consisting of (i) obligations to pay insurance premiums or (ii) take or pay obligations
contained in supply agreements, in each case arising in the ordinary course of business and not in connection with the borrowing
of money;

 

(u) (i)
Indebtedness representing deferred compensation to officers, directors, managers, employees, consultants or independent contractors
of Holdings (or any parent entity thereof), the Borrowers and the other Restricted Subsidiaries incurred in the ordinary course
of business and (ii) Indebtedness consisting of obligations of Holdings (or any parent entity thereof), the Borrowers or the other
Restricted Subsidiaries under deferred compensation to their officers, directors, managers, employees, consultants or independent
contractors or other similar arrangements Incurred by such Persons in connection with the Transactions, Permitted Acquisitions
or any other Investment expressly permitted under Section 6.05

 

    152

     

    

 

(i) any
guarantee by the Borrowers or a Guarantor of Indebtedness or other obligations of any Restricted Subsidiary so long as the incurrence
of such Indebtedness incurred by such Restricted Subsidiary is permitted under the terms of this Agreement, 

 

(ii) any
guarantee by a Restricted Subsidiary of Indebtedness of the Borrowers or any Guarantor; provided that such guarantee is incurred
in accordance with Section 6.10;

 

(s) (v)
Cash Management Obligations and other Indebtedness in respect of cash management services, netting services, automatic clearing
house arrangements, employees’ credit or purchase cards, overdraft protections and similar arrangements and otherwise in
connection with deposit accounts and repurchase agreements permitted under Section 6.05; and(i)
Mezzanine Securities issued pursuant to Section 6.12(b)(xii)(A) or existing as of the Measurement Date, including pay-in-kind interest
payments issued thereon, in each case in accordance with the terms of the Mezzanine Securities as in effect on the Measurement
Date; and (ii) any refinancings of the foregoing so long as (x) the principal amount of such refinancing shall not exceed the principal
amount of such Mezzanine Securities being refinanced together with any accrued interest and fees (including any amendment or consent
fees thereon) and (y) such refinancing shall, as determined by the Canadian Borrower in good faith, have terms material to the
interests of the Lenders no materially less advantageous to the Lenders than the existing terms of such Mezzanine Securities being
refinanced; and

 

(t) (w)
the incurrence of additional Indebtedness or other obligations by Holdingsthe
Canadian Borrower not otherwise permitted under this Section 6.01; provided that such Indebtedness or other obligations
(x) satisfy the definition of Dividend Obligations, (y) do not bear any interest (in the form of accretion, PIK, cash or otherwise)
and (z) shall not result in a decline in the rating of the Term B-5
Loans or the corporate family rating of HoldingsCanadian
Borrower by any Rating Agency by at least one notch in the gradation of the rating scale (e.g., + or –
for S&P or 1, 2 and 3 for Moody’s) or of the credit outlook with respect thereto from such Rating Agency’s rating
of the Loans or the corporate family rating of HoldingsCanadian
Borrower.

 

(B) The
Loan Parties will not issue any Disqualified Capital Stock except to the extent it is treated as Indebtedness and otherwise permitted
under this Section 6.01.

 

For purposes of determining
compliance with this Section 6.01, in the event that an item of Indebtedness meets the criteria
of more than one of the categories of Indebtedness described in clauses (A)(a) through (A)(w) above, the Canadian Borrower shall,
in its sole discretion, classify and reclassify or later divide, classify
or reclassify all or a portion of such item of Indebtedness (or any portion thereof) in a manner
that complies with this Section 6.01 and will only be required to include the amount and type
of such Indebtedness in one or more of the above clauses; provided
that all Indebtedness outstanding under the Loan Documents and any Credit Agreement Refinancing Indebtedness Incurred to
Refinance (in whole or in part) such Indebtedness will be deemed to have been incurred in reliance only on the exception set forth
in Section 6.01(a). The accrual of interest, the accretion of accreted value and the payment of interest in the form of additional
Indebtedness shall not be deemed to be an incurrence of Indebtedness for purposes of this Section 6.01. At
the time of incurrence, the Canadian Borrower will be entitled to divide and classify an item of Indebtedness
in more than one of the types of Indebtedness described in the paragraphs above.6.01:

 

(i) in
the event that an item of Indebtedness or preferred stock meets the criteria of more than one of the categories of permitted Indebtedness
or preferred stock described in clauses (a) through (t) above or is entitled to be incurred pursuant to the first paragraph of
this Section 6.01, the Canadian Borrower, in its sole discretion, will classify or reclassify such item of Indebtedness or preferred
stock (or any portion thereof) and will only be required
to include the amount and type of such Indebtedness or preferred
stock in one of the above clauses;

 

(ii) at
the time of incurrence, the Canadian Borrower will be entitled to divide
and classify an item of Indebtedness or preferred stock in
more than one of the types of Indebtedness or preferred stock described above; 

 

    153

     

    

 

(iii) the
principal amount of Indebtedness or preferred stock outstanding under any clause of this Section 6.01 shall be determined after
giving effect to the application of proceeds of any such Indebtedness or preferred stock; and

 

(iv) the
U.S. dollar equivalent principal amount of Indebtedness or preferred stock denominated in a foreign currency shall be calculated
based on the relevant currency exchange rate in effect on the date such Indebtedness or preferred stock was incurred, in the case
of term debt, or first committed or first incurred (whichever yields the lower U.S. dollar equivalent), in the case of revolving
credit debt; provided that (x) if such Indebtedness or preferred stock is incurred to refinance other Indebtedness or preferred
stock denominated in the same foreign currency, and such refinancing would cause the applicable U.S. dollar-denominated restriction
to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar-denominated
restriction shall be deemed not to have been exceeded so long as the principal amount in such currency of such refinancing Indebtedness
or preferred stock does not exceed the principal amount in such currency of such Indebtedness or preferred stock being refinanced,
plus the aggregate amount of accrued but unpaid interest, dividends, premiums (including tender premiums), defeasance costs,
underwriting discounts, fees, costs and expenses (including original issue discount, upfront fees or similar fees) incurred in
connection with such refinancing and (y) if such Indebtedness or preferred stock is incurred to refinance other Indebtedness or
preferred stock denominated in a different currency from the Indebtedness or preferred stock being refinanced, the principal amount
of any such Indebtedness or preferred stock shall be calculated based on the currency exchange rate applicable to the currencies
in which such respective Indebtedness or preferred stock is denominated that is in effect on the date of such refinancing.

 

Accrual
of interest, the accretion of accreted value, the accretion or amortization of original issue discount and the payment of interest
or dividends in the form of additional Indebtedness or preferred stock will not be deemed to be an incurrence of Indebtedness or
preferred stock for purposes of this Section 6.01. If Indebtedness or preferred stock originally incurred in reliance upon a percentage
of Total Assets under this covenant is being refinanced and such refinancing would cause the maximum amount of Indebtedness or
preferred stock thereunder to be exceeded at such time, then such refinancing will nevertheless be permitted thereunder and such
additional Indebtedness or preferred stock will be deemed to have been incurred under the applicable provision so long as the principal
amount or liquidation preference of such refinancing Indebtedness or preferred stock does not exceed the principal amount or liquidation
preference of Indebtedness or preferred stock being refinanced plus amounts permitted by the next sentence. Any Indebtedness or
preferred stock permitted to be incurred to refinance Indebtedness or preferred stock above shall be permitted to include additional
Indebtedness or preferred stock incurred to pay accrued but unpaid interest, dividends, premiums (including tender premiums), defeasance
costs, underwriting discounts, fees, costs and expenses (including original issue discount, upfront fees or similar fees) incurred
in connection with such refinancing.

 

Section
6.02 Limitation on Liens. HoldingsThe
Canadian Borrower will not, and will not permit any of the Restricted
Subsidiaries toSubsidiary
to, directly or indirectly, create, incur, assume or suffer to exist any Lien upon
any property or assets of any kind (real or personal, tangible or intangible) of Holdings or any Restricted Subsidiary, whether(except
Permitted Liens) of any kind (any such Lien, the “Initial Lien”) that secures any obligations under any Indebtedness
of the Canadian Borrower or a Restricted Subsidiary against or on any asset or property now owned or hereafter acquired,
except: by the Canadian Borrower or any such Restricted
Subsidiary, or any income or profits therefrom, or assign or convey any right to receive income therefrom, except, in the case
of any assets that do not constitute Collateral, any Initial Lien if the Secured Obligations of the Canadian Borrower or such
Restricted Subsidiary (as applicable), if any, are secured equally and ratably with or prior to such Initial Liens. 

 

    154

     

    

 

(a) Liens
arising under (i) the Loan Documents, including Liens which secure the Secured Obligations, (ii) the Permitted Additional Debt
Documents securing Permitted Additional Debt Obligations permitted to be Incurred under Section 6.01 (provided
that such Liens do not extend to any assets that are not Collateral) and (iii) the documentation governing any Credit Agreement
Refinancing Indebtedness (provided that such Liens do not extend to any assets that are
not Collateral); provided that, (A) in the case of Liens described in subclause (ii) or
(iii) above securing Permitted Additional Debt Obligations or Credit Agreement Refinancing Indebtedness that constitute, or are
intended to constitute, First Lien Obligations, the applicable Permitted Additional Debt Secured Parties or parties to such Credit
Agreement Refinancing Indebtedness (or a representative thereof on behalf of such holders) shall have entered into with the Collateral
Agent a Customary Intercreditor Agreement which agreement shall provide that the Liens on the Collateral securing such Permitted
Additional Debt Obligations or Credit Agreement Refinancing Indebtedness shall have the same priority ranking as the Liens on the
Collateral securing the Secured Obligations (but without regard to control of remedies) and (B) in the case of Liens described
in subclause (ii) or (iii) above securing Permitted Additional Debt Obligations or Credit Agreement Refinancing Indebtedness that
do not constitute, or are not intended to constitute, First Lien Obligations, the applicable Permitted Additional Debt Secured
Parties or parties to such Credit Agreement Refinancing Indebtedness (or a representative thereof on behalf of such holders) shall
have entered into a Customary Intercreditor Agreement with the Collateral Agent which agreement shall provide that the Liens on
the Collateral securing such Permitted Additional Debt Obligations or Credit Agreement Refinancing Indebtedness, as applicable,
shall rank junior in priority to the Liens on the Collateral securing the Secured Obligations and any other First Lien Obligations.
Without any further consent of the Lenders, the Administrative Agent and the Collateral Agent shall be authorized to negotiate,
execute and deliver on behalf of the Secured Parties any Customary Intercreditor Agreement or any amendment (or amendment and restatement)
to the Collateral Documents or a Customary Intercreditor Agreement to the extent necessary to effect the provisions contemplated
by this Section 6.02(a);

 

(b) Permitted
Liens;

 

(c) (i)
Liens securing Indebtedness permitted pursuant to Section 6.01(A)(f) (including the interests of vendors and lessors under conditional
sale and title retention agreements); provided that (A) such Liens attach concurrently
with or within 270 days after the acquisition, lease, repair, replacement, restoration, construction, expansion or improvement
(as applicable) of the property subject to such Liens or the making of the applicable Capital Expenditures, (B) other than the
property financed (including insurance proceeds) by such Indebtedness, such Liens do not at any time encumber any property, except
for replacements thereof and accessions and additions to such property and ancillary rights thereto and the proceeds and the products
thereof and customary security deposits, related contract rights and payment intangibles and other assets related thereto and (C)
with respect to Finance Lease Obligations, such Liens do not at any time extend to, or cover any assets (except for accessions
and additions to such assets, replacements and products thereof and customary security deposits, related contract rights and payment
intangibles), other than the assets subject to such Finance Lease Obligations and ancillary rights thereto; provided
that individual financings of equipment provided by one lender may be cross collateralized to other financings of equipment
provided by such lender and (ii) Liens securing Indebtedness permitted pursuant to Section 6.01(A)(o); provided
that such Liens attach at all times only to the assets so financed
(including satellite, launch and related revenue contracts and insurance proceeds);

 

(d) Liens
existing on the Amendment No. 2 Effective Date and listed on Schedule 6.02 or pursuant
to agreements in existence on the Amendment No. 2 Effective Date and listed on Schedule 6.02 or,
to the extent not listed in such Schedule, such property or assets have a fair market value that does not exceed $3.0 million in
the aggregate;

 

(e) the
modification, Refinancing, replacement, extension or renewal (or successive modifications, Refinancings, replacements, extensions
or renewals) of any Lien permitted by clauses (a) through (d) above and clauses (f) or (g) of this Section 6.02 upon or in the
same assets theretofore subject to such Lien, or the replacement, extension or renewal of the Indebtedness secured thereby, other
than (i) after-acquired property that is affixed or incorporated into the property covered by such Lien, (ii) after-acquired property
subject to a Lien securing Indebtedness permitted under Section 6.01, the terms of which Indebtedness require or include a pledge
of after-acquired property (it being understood that such requirement shall not be permitted to apply to any property to which
such requirement would not have applied but for such acquisition) and (iii) other additions to such property and ancillary rights
thereto and the proceeds and the products thereof and customary security deposits, related contract rights and payment intangibles
and other assets related thereto;

 

    155

     

    

 

(f) Liens
existing on the assets, or Equity Interests, of any Person that becomes a Restricted Subsidiary (including by designation as a
Restricted Subsidiary), or existing on assets acquired, pursuant to a Permitted Acquisition or other Investment permitted under
Section 6.05 or Section 6.06 to the extent the Liens on such assets secure Indebtedness permitted by Section 6.01(j); provided
that such Liens attach at all times only to the same assets that such Liens attached to (other than (i) after-acquired
property that is affixed or incorporated into the property covered by such Lien, (ii) after-acquired property subject to a Lien
securing Indebtedness permitted under Section 6.01(j), the terms of which Indebtedness require or include a pledge of after-acquired
property (it being understood that such requirement shall not be permitted to apply to any property to which such requirement would
not have applied but for such acquisition) and (iii) the proceeds and products thereof), and secure only, the same Indebtedness
or obligations (or any Permitted Refinancing Indebtedness incurred to Refinance such Indebtedness permitted by Section 6.01) that
such Liens secured, immediately prior to such Permitted Acquisition or other Investment, as applicable;

 

(g) [Reserved];

 

(h) additional
Liens so long as the aggregate principal amount of the obligations so secured does not at the time of incurrence thereof exceed
the greater of (x) $150.0 million and (y) 3.25% of Total Assets of Holdings and its Subsidiaries (measured as of the date of incurrence
based upon the Section 5.04 Financials most recently delivered on or prior to such date of incurrence); provided
that, if such Liens are consensual Liens on Collateral (other than on cash and Cash Equivalents), then the holders of the
Indebtedness or other obligations secured thereby (or a representative or trustee on their behalf) shall enter into a Customary
Intercreditor Agreement providing that the Liens on the Collateral securing such Indebtedness or other obligations shall rank junior
to the Liens on the Collateral securing the Obligations. Without any further consent of the Lenders, the Administrative Agent and
the Collateral Agent shall be authorized to negotiate, execute and deliver on behalf of the Secured Parties any Customary Intercreditor
Agreement or any amendment (or amendment and restatement) to the Security Documents or a Customary Intercreditor Agreement to the
extent necessary to effect the provisions contemplated by this Section 6.02(h); and

 

(i) other
Liens; provided that, (a) immediately after giving effect to the incurrence of Indebtedness,
if any, (i) (x) secured by such Liens ranking equally and ratably with the Liens securing the Secured Obligations, on a pro
forma basis after giving effect to the incurrence and application of the proceeds of such Indebtedness, the
First Lien Leverage Ratio shall be less than or equal to 3.50 to 1.00 or (y) secured by Liens that are subordinated to the Liens
securing the Secured Obligations or secured by assets that do not constitute Collateral, on a pro forma
basis after giving effect to the incurrence and application of the proceeds of such Indebtedness, the Senior Secured Leverage
Ratio shall be less than or equal to 4.25 to 1.00 and (ii) no Event of Default shall exist or would result therefrom, (b) the Indebtedness
or other obligations secured by such Lien are otherwise permitted by this Agreement, (c) subject to clauses (a)(i)(x) and (y) above,
as applicable, such Liens may rank equally and ratably with or subordinated to the Liens granted hereunder (provided
that, if such Liens are consensual Liens on Collateral (other than on cash and Cash Equivalents), then the holders of the
Indebtedness or other obligations secured thereby (or a representative or trustee on their behalf) shall enter into a Customary
Intercreditor Agreement; without any further consent of the Lenders, the Administrative Agent and the Collateral Agent shall be
authorized to negotiate, execute and deliver on behalf of the Secured Parties any Customary Intercreditor Agreement or any amendment
(or amendment and restatement) to the Security Documents or a Customary Intercreditor Agreement to the extent necessary to effect
the provisions contemplated by this Section 6.02(i)), (d) other than with respect to Indebtedness described in the proviso to (e)
below, the maturity date of such Indebtedness shall not be earlier than the Final Maturity Date, (e) the Weighted Average Life
to Maturity of such Indebtedness shall not be shorter than the Weighted Average Life to Maturity of Term B-4 Loans at the time
of such incurrence; provided that (x) up to $150.0 million of such Indebtedness, less
the amount, if any, of Incremental Term Loans incurred pursuant to the exception set forth in the proviso of Section 2.21(c)(i)
and (y) in connection with Export Financings, in each case, may have a shorter Weighted Average Life to Maturity than the then
outstanding Term B-4 Loans; and (f) either (1) the financial maintenance covenants and prepayment provisions applicable to such
Indebtedness during the period ending on the Final Maturity Date shall be no more restrictive than those applicable to the then
outstanding Loans or (2) if the financial maintenance covenants and prepayment provisions applicable to such Indebtedness are more
restrictive during the period ending on the Final Maturity Date than those applicable to the then outstanding Loans, then the financial
covenant and prepayment provisions then in effect for the outstanding Loans shall automatically be changed to those more restrictive
provisions applicable to such Indebtedness, effective upon the incurrence of such Indebtedness;

 

    156

     

    

 

(j) Liens
with respect to property or assets of any Non-Subsidiary Loan Party securing Indebtedness of a Non-Subsidiary Loan Party permitted
under Section 6.01(s); 

 

(k) Liens
arising out of any license, sublicense or cross-license of intellectual property permitted under Section 6.04;

 

(l) Liens
securing Indebtedness or other obligations of Holdings or a Restricted Subsidiary in favor of Holdings or any Restricted Subsidiary;
and 

 

(m) Liens
securing Swap Agreements submitted for clearing in accordance with applicable law.

 

Section
6.03 Limitation on Fundamental ChangesMerger,
Consolidation or Sale of All or Substantially All Assets. Except as expressly permitted
by Section 6.04 or 6.05 and except as described in the recitals hereof, Holdings will not, and will not permit any of the Restricted
Subsidiaries to, enter into any merger, consolidation or amalgamation, or liquidate, wind-up or dissolve itself (or suffer any
liquidation or dissolution), or convey, sell, lease

 

(a) The
Canadian Borrower may not consolidate, amalgamate or merge with or into or wind up into (whether or not the Canadian Borrower is
the surviving Person), or sell, assign, transfer, lease,
convey or otherwise dispose of, all or substantially all of
its business units, assets or other properties, except thatproperties
or assets in one or more related transactions, to any Person unless:(a) 

 

(i) any
Subsidiary of Holdings or any other Person (other than Holdings) may be merged, amalgamated or consolidated with or into the Canadian
Borrower or the Canadian Borrower may dispose of all or substantially all of its business units, assets and other properties; provided
that (i) the Canadian Borrower shall be the continuing, resulting or surviving Person (or the Person formed by, resulting
from, continuing from or surviving any such consolidation, amalgamation or merger) in the case of a merger, amalgamation or consolidation
or, in the case of a merger, amalgamation or consolidation where the Canadian Borrower is not the continuing or surviving Person
(or the Person formed by or continuing from or surviving any such consolidation, amalgamation or merger), the Person formed by
or surviving any such merger or consolidation or the amalgamated entity after giving effect thereto (in each case if other than
the Canadian Borrower) or in connection with a disposition of all or substantially all of the Canadian Borrower’s assets,
the transferee of such assets or properties, shall, in each case, be an entity organized or existing under the laws of Canada,
any province or territory thereof, the United States, any state thereof, the District of Columbia or any territory thereof (the
Canadian Borrower or such Person, as the case may be, being herein referred to as the “Successor Canadian
Borrower”), (ii) the Successor Canadian Borrower (if other than the Canadian Borrower) shall expressly
assume all the obligations of the Canadian Borrower under this Agreement and the other Loan Documents pursuant to a supplement
hereto or thereto in form reasonably satisfactory to the Administrative Agent, and (iii) if such merger, amalgamation, consolidation
or disposition involves the Canadian Borrower and a Person that, prior to the consummation of such merger, amalgamation, consolidation,
or disposition, is not a Restricted Subsidiary of Holdings (or in the case of clause (H), a Guarantor) (A) no Event of Default
under Sections 7.01(b), (c), (h) or (i) has occurred and is continuing on the date of such merger, amalgamation, consolidation
or disposition or would result from the consummation of such merger, amalgamation, consolidation or disposition, (B) each Guarantor,
unless it is the other party to such merger, amalgamation, consolidation or disposition or unless the Successor Canadian Borrower
is the Canadian Borrower, shall have confirmed by a supplement to the Guarantee that its Guarantee shall apply to the Successor
Canadian Borrower’s obligations under this Agreement, (C) each Subsidiary grantor and each Subsidiary pledgor, unless it
is the other party to such merger, amalgamation, consolidation or disposition or unless the Successor Canadian Borrower is the
Canadian Borrower, shall have by a supplement to the Loan Documents confirmed that its obligations thereunder shall apply to the
Successor Canadian Borrower’s obligations under this Agreement, (D) each mortgagor of a Mortgaged Property, unless it is
the other party to such merger, amalgamation, consolidation or disposition or unless the Successor Canadian Borrower is the Canadian
Borrower, shall have by an amendment to or restatement of the Mortgage confirmed that its obligations thereunder shall apply to
the Successor Canadian Borrower’s obligations under this Agreement, (E) the Canadian Borrower shall have delivered to the
Administrative Agent an officer’s certificate stating that such merger, amalgamation, consolidation or disposition and any
supplements to the Loan Documents preserve the enforceability of the Guarantee and the perfection of the Liens on the Collateral
under the Security Documents, (F) if reasonably requested by the Administrative Agent, the Canadian Borrower shall be required
to deliver to the Administrative Agent an opinion of counsel to the effect that such merger, amalgamation, consolidation or disposition
does not breach or result in a default under this Agreement or any other Loan Document, (G) such merger, amalgamation, consolidation
or disposition shall comply with all the conditions set forth in the definition of the term “Permitted Acquisition”
or is otherwise permitted under Section 6.05 and (H) the Canadian Borrower shall have delivered to the Administrative Agent such
“know your customer” information reasonably requested by the Administrative Agent, which request shall be consistent
in scope with the “know your customer” information delivered for the Canadian Borrower prior to the Amendment No. 2
Effective Date; provided, further, that, if the
foregoing are satisfied, the Successor Canadian Borrower (if other than the Canadian Borrower) will succeed to, and be substituted
for, the Canadian Borrower under this Agreement (provided, further,
that, in the event of a disposition of all or substantially all of the Canadian Borrower’s assets or property to a Successor
Canadian Borrower (which is not the Canadian Borrower) as set forth above and notwithstanding anything to the contrary in Section
9.04(a), if the original Canadian Borrower retains any assets or property other than immaterial assets or property after such disposition,
such original Canadian Borrower shall remain obligated as a co-Borrower along with the Successor Canadian Borrower hereunder);the
Canadian Borrower is the surviving, resulting or continuing Person, or the Person formed by, continuing or resulting from or surviving
any such consolidation, amalgamation, merger or winding up (if other than the Canadian Borrower) or to which such sale, assignment,
transfer, lease, conveyance or other disposition will have been made is a corporation, limited liability company or partnership
organized or existing under the laws of Canada, any province or territory thereof, the United States, any state thereof or the
District of Columbia (such Person, as the case may be, being herein called the “Successor Company”); provided that,
if the Successor Company is a limited liability company or partnership, then such Successor Company shall have a co-borrower that
is a corporation organized or existing under the laws of Canada, any province or territory thereof, the United States, any state
thereof or the District of Columbia;

 

    157

     

    

 

(ii) any
Subsidiary of Holdings or any other Person (other than Holdings) may be merged, amalgamated or consolidated with or into the U.S.
Borrower or the U.S. Borrower may dispose of all or substantially all of its business units, assets and other properties; provided
that (i) the U.S. Borrower shall be the continuing, resulting or surviving Person (or the Person formed by or continuing
from, resulting from or surviving any such consolidation, amalgamation or merger) in the case of a merger, amalgamation or consolidation
or, in the case of a merger, amalgamation or consolidation where the U.S. Borrower is not the continuing, resulting or surviving
Person (or the Person formed by or continuing from, resulting from or surviving any such consolidation, amalgamation or merger),
the Person formed by, resulting from or surviving any such merger or consolidation or the amalgamated entity after giving effect
thereto (in each case if other than the U.S. Borrower) or in connection with a disposition of all or substantially all of the U.S.
Borrower’s assets, the transferee of such assets or properties, shall, in each case, be an entity
organized or existing under the laws of Canada, any province or territory thereof,
the United States, any state thereof, the District of Columbia or any territory thereof (the U.S. Borrower or such Person, as the
case may be, being herein referred to as the “Successor U.S. Borrower”),
(ii) the Successor U.S. Borrower (if other than the U.S. Borrower) shall expressly assume all the obligations of the U.S. Borrower
under this Agreement and the other Loan Documents pursuant to a supplement hereto or thereto in form reasonably satisfactory to
the Administrative Agent, and (iii) if such merger, amalgamation, consolidation or disposition involves the U.S. Borrower and a
Person that, prior to the consummation of such merger, amalgamation, consolidation, or disposition, is not a Restricted Subsidiary
of Holdings (or in the case of clause (H), a Guarantor) (A) no Event of Default under Sections 7.01(b), (c), (h) or (i) has occurred
and is continuing on the date of such merger, amalgamation, consolidation or disposition or would result from the consummation
of such merger, amalgamation, consolidation or disposition, (B) each Guarantor, unless it is the other party to such merger, amalgamation,
consolidation or disposition or unless the Successor U.S. Borrower is the U.S. Borrower, shall have confirmed by a supplement to
the Guarantee that its Guarantee shall apply to the Successor U.S. Borrower’s obligations under this Agreement, (C) each
Subsidiary grantor and each Subsidiary pledgor, unless it is the other party to such merger, amalgamation, consolidation or disposition
or unless the Successor U.S. Borrower is the U.S. Borrower, shall have by a supplement to the Loan Documents confirmed that its
obligations thereunder shall apply to the Successor U.S. Borrower’s obligations under this Agreement, (D) each mortgagor
of a Mortgaged Property, unless it is the other party to such merger, amalgamation, consolidation or disposition or unless the
Successor U.S. Borrower is the U.S. Borrower, shall have by an amendment to or restatement of the Mortgage confirmed that its obligations
thereunder shall apply to the Successor U.S. Borrower’s obligations under this Agreement, (E) the Canadian Borrower shall
have delivered to the Administrative Agent an officer’s certificate stating that such merger, amalgamation, consolidation
or disposition and any supplements to the Loan Documents preserve the enforceability of the Guarantee and the perfection of the
Liens on the Collateral under the Security Documents, (F) if reasonably requested by the Administrative Agent, the Canadian Borrower
shall be required to deliver to the Administrative Agent an opinion of counsel to the effect that such merger, amalgamation, consolidation
or disposition does not breach or result in a default under this Agreement or any other Loan Document, (G) such merger, amalgamation,
consolidation or disposition shall comply with all the conditions set forth in the definition of the term “Permitted
Acquisition” or is otherwise permitted under Section 6.05 and (H) the Canadian Borrower shall have delivered
to the Administrative Agent such “know your customer” information reasonably requested by the Administrative Agent,
which request shall be consistent in scope with the “know your customer” information delivered for the U.S. Borrower
prior to the Amendment No. 2 Effective Date; provided, further,
that, if the foregoing are satisfied, the Successor U.S. Borrower (if other than the U.S. Borrower) will succeed to, and be substituted
for, the U.S. Borrower under this Agreement (provided, further,
that, in the event of a disposition of all or substantially all of the U.S. Borrower’s assets or property to a Successor
U.S. Borrower (which is not the U.S. Borrower) as set forth above and notwithstanding anything to the contrary in Section 9.04(a),
if the original U.S. Borrower retains any assets or property other than immaterial assets or property after such disposition, such
original U.S. Borrower shall remain obligated as a co-Borrower along with the Successor U.S. Borrower hereunder);the
Successor Company, if other than the Canadian Borrower, expressly assumes all the obligations of the Canadian Borrower under this
Agreement pursuant to joinder documentation in form and substance reasonably satisfactory to the Administrative Agent;

 

    158

     

    

 

(b) Holdings
may merge, amalgamate or consolidate with or into any other Person (other than the Canadian Borrower) or, in connection with a
Qualified IPO, liquidate into the issuing entity, or otherwise dispose of all or substantially all of its assets and property;
provided that (i) Holdings shall be the continuing, resulting or surviving Person (or
the Person formed by or continuing from or surviving any such consolidation, amalgamation or merger) or, in the case of a merger,
amalgamation or consolidation where Holdings is not the continuing, resulting or surviving Person (or the Person formed by or continuing
from, resulting from or surviving any such consolidation, amalgamation or merger) or where Holdings has been liquidated, or in
connection with a disposition of all or substantially all of its assets, the Person formed by, resulting from or surviving any
such merger, amalgamation or consolidation or the Person into which Holdings has been liquidated or to which Holdings has transferred
such assets shall, in each case, be an entity organized or existing under laws of Canada, any province or territory thereof, the
United States, any state thereof, the District of Columbia or any territory thereof (Holdings or such Person, as the case may be,
being herein referred to as the “Successor Holdings”), (ii) the Successor
Holdings (if other than Holdings) shall expressly assume all the obligations of Holdings under this Agreement and the other applicable
Loan Documents pursuant to a supplement hereto or thereto in form reasonably satisfactory to the Administrative Agent, (iii) each
Subsidiary Guarantor, unless it is the other party to such merger, amalgamation, consolidation, liquidation or disposition or unless
the Successor Holdings is Holdings, shall have confirmed by a supplement to the Guarantee that its Guarantee shall apply to the
Successor Holdings’ obligations under this Agreement, (iv) each Subsidiary grantor and each Subsidiary pledgor, unless it
is the other party to such merger, amalgamation, consolidation, liquidation or disposition or unless the Successor Holdings is
Holdings, shall have by a supplement to the applicable Loan Documents confirmed that its obligations thereunder shall apply to
the Successor Holdings’ obligations under this Agreement, (v) each mortgagor of a Mortgaged Property, unless it is the other
party to such merger, amalgamation, consolidation, liquidation or disposition or unless the Successor Holdings is Holdings, shall
have by an amendment to or restatement of the applicable Mortgage confirmed that its obligations thereunder shall apply to the
Successor Holdings’ obligations under this Agreement, (vi) Holdings shall have delivered to the Administrative Agent an officer’s
certificate stating that such merger, amalgamation, consolidation, liquidation or disposition and any supplements to the Loan Documents
preserve the enforceability of the Guarantee and the perfection of the Liens on the Collateral under the Security Documents, (vii)
the Successor Holdings shall, immediately following such merger, amalgamation, consolidation, liquidation or disposition, directly
or indirectly, own all Subsidiaries owned by Holdings immediately prior to such merger, amalgamation, consolidation, liquidation
or disposition and (viii) if reasonably requested by the Administrative Agent, an opinion of counsel shall be required to be provided
to the effect that such merger, amalgamation, consolidation, liquidation, or disposition does not breach or result in a default
under this Agreement or any other Loan Document; provided, further,
that if the foregoing are satisfied, the Successor Holdings (if other than Holdings) will succeed to, and be substituted for, Holdings
under this Agreement.

 

    159

     

    

 

(c) Holdings
or any Subsidiary of the Borrowers or any other Person may be merged, amalgamated or consolidated with or into one or more Restricted
Subsidiaries of the Borrowers or any Restricted Subsidiary may dispose of all or substantially all of its business units, assets
and other properties; provided that (i) a Restricted Subsidiary shall be the continuing,
resulting or surviving Person (or the Person formed by or continuing from, resulting from or surviving any such consolidation,
amalgamation or merger) in the case of a merger or consolidation or, in the case of a merger, amalgamation or consolidation where
a Restricted Subsidiary is not the continuing, resulting or surviving Person (or the Person formed by or continuing from, resulting
from or surviving any such consolidation, amalgamation or merger), the Person formed by, resulting from or surviving any such merger
or consolidation or the amalgamated entity after giving effect thereto (in each case if other than a Restricted Subsidiary) or
in connection with a disposition of all or substantially all of a Restricted Subsidiary’s assets, the transferee of such
assets or properties, shall, in each case, be an entity organized or existing under the laws of Canada, any province or territory
thereof, the United States, any state thereof, the District of Columbia or any territory thereof (the Restricted Subsidiary or
such Person, as the case may be, being herein referred to as the “Successor Entity”)
and (ii) the Successor Entity (if other than a Restricted Subsidiary) shall expressly assume all the obligations of a Restricted
Subsidiary under this Agreement and the other Loan Documents pursuant to a supplement hereto or thereto in form reasonably satisfactory
to the Administrative Agent, (iii) in the case of any merger, amalgamation or consolidation involving one or more Guarantors, if
a Guarantor is not the continuing, resulting or surviving corporation or the Person formed by, resulting from or surviving any
such merger, amalgamation or consolidation, either (x) such Person shall execute a supplement to the applicable Loan Documents
in order to become a Guarantor and pledgor, mortgagor and grantor of Collateral for the benefit of the Secured Parties, as applicable,
or (y) such merger, amalgamation or consolidation shall be deemed to be an “Investment” and subject to the limitations
set forth in Section 6.5 and (iv) if such merger, amalgamation, consolidation or disposition involves a Restricted Subsidiary and
a Person that, prior to the consummation of such merger, amalgamation, consolidation, or disposition, is not a Restricted Subsidiary
of the Borrowers (A) no Event of Default under Sections 7.01(b), (c), (h) or (i) has occurred and is continuing on the date of
such merger, amalgamation, consolidation or disposition or would result from the consummation of such merger, amalgamation, consolidation
or disposition, (B) the Canadian Borrower shall have delivered to the Administrative Agent an officer’s certificate stating
that such merger, amalgamation, consolidation or disposition and any supplements to the Loan Documents preserve the enforceability
of the Guarantee and the perfection of the Liens on the Collateral under the Security Documents, (C) if reasonably requested by
the Administrative Agent, the Canadian Borrower shall be required to deliver to the Administrative Agent an opinion of counsel
to the effect that such merger, amalgamation, consolidation or disposition does not breach or result in a default under this Agreement
or any other Loan Document and (D) such merger, amalgamation, consolidation or disposition shall comply with all the conditions
set forth in the definition of the term “Permitted Acquisition”; provided,
further, that, if the foregoing are satisfied, the Successor Entity (if other than a Restricted
Subsidiary) will succeed to, and be substituted for, the Restricted Subsidiary under this Agreement;

 

(d) any
Restricted Subsidiary that is not a Guarantor may (i) merge, amalgamate or consolidate with or into any other Restricted Subsidiary
and (ii) dispose of any or all of its assets (upon voluntary liquidation or otherwise) to the Canadian Borrower or any other Restricted
Subsidiary of Holdings;

 

(iii) immediately
after such transaction no Default or Event of Default exists;

 

(iv) immediately
after giving pro forma effect to such transaction, as if such transaction had occurred at the beginning of the applicable Test
Period, (A) the Successor Company would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Total Leverage
Ratio test set forth in the first paragraph of Section 6.01 or (B) the Total Leverage Ratio for the Successor Company and the Restricted
Subsidiaries would be equal to or less than such Total Leverage Ratio for the Canadian Borrower and the Restricted Subsidiaries
immediately prior to such transaction;

 

    160

     

    

 

(v) each
Guarantor, unless it is the other party to the transactions described above, in which case clause (2) of the second to last paragraph
of this Section 6.03(a) shall apply, shall have confirmed in writing that its Guarantee shall apply to such Person’s obligations
under this Agreement; and

 

(vi) the
Canadian Borrower shall have delivered to the Administrative Agent an officer’s certificate and opinion of counsel, each
stating that such consolidation, amalgamation, merger, winding up, sale, assignment, transfer, lease, conveyance or other disposition
and such supplemental indentures, if any, comply with this Agreement.

 

For
purposes of this Section 6.03, any Indebtedness of the Successor Company which was not Indebtedness of the Canadian Borrower immediately
prior to the transaction shall be deemed to have been incurred in connection with such transaction.

 

The
Successor Company will succeed to, and be substituted for, the Canadian Borrower under this Agreement (and all references to the
Canadian Borrower will be deemed references to the Successor Company, unless the context otherwise requires) and the Canadian Borrower
will automatically be released and discharged from its obligations under this Agreement. For purposes of the foregoing, the transfer
(by lease, assignment, sale or otherwise, in a single transaction or series of transactions) of all or substantially all of the
properties or assets of one or more Restricted Subsidiaries, the Equity Interests of which constitute all or substantially all
of the properties and assets of the Canadian Borrower will be deemed to be the transfer of all or substantially all of the properties
and assets of the Canadian Borrower.

 

(b) Subject
to Section 10.09 hereof, no Guarantor nor the U.S. Borrower will, and the Canadian Borrower will not permit any Guarantor or the
U.S. Borrower to, consolidate, amalgamate or merge with or into or wind up into (whether or not such Guarantor or the U.S. Borrower
is the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties
or assets in one or more related transactions to, any Person unless:

 

(A) (i)
(x) such Guarantor or the U.S. Borrower, as applicable, is the surviving, resulting or continuing Person or (y) the Person formed
by, continuing or resulting from or surviving any such consolidation, amalgamation, merger or winding up (if other than such Guarantor
or the U.S. Borrower, as applicable) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have
been made is a corporation, limited liability company or partnership organized
or existing under the laws of Canada, any province or territory thereof (except
that in the case of the U.S. Borrower, such surviving Person shall be organized or existing under the laws of the United States,
any state thereof, the District of Columbia, or any territory thereof) (such Guarantor or the U.S. Borrower or such Person, as
the case may be, being herein called the “Successor Person”) (provided that, in the case of this subclause (y),
if the Guarantor or U.S. Borrower, as applicable, that is not the Successor Person of such transaction (a “Non-Successor
Person”) had, immediately prior to such transaction, been formed, organized or existing under the laws of a jurisdiction
other than those referenced immediately above and/or existed in or was organized as a legal entity other than a corporation, limited
liability company or partnership, then the Successor Person of such transaction may be formed, organized or existing under the
laws of the same jurisdiction as such Non-Successor Person had then been and may be of the same corporate or other organizational
type as such Non-Successor Person had then been);

 

(vii) the
Successor Person, if other than such Guarantor or the U.S. Borrower, as applicable, expressly assumes all the obligations of such
Guarantor or the U.S. Borrower, as applicable, under this Agreement and, in the case of a Guarantor, such Guarantor’s Guarantee,
pursuant to joinder documentation in form and substance reasonably satisfactory to the Administrative Agent;

 

(viii) immediately
after such transaction no Default or Event of Default exists; and

 

(ix) the
Canadian Borrower shall have delivered to the Administrative Agent an officer’s certificate and opinion or counsel, each
stating that such consolidation, merger, winding up, sale, assignment, transfer, lease, conveyance or other disposition and such
supplemental indentures, if any, comply with this Agreement; or

 

    161

     

    

 

(B) in
the case of a Guarantor, the transaction is made in compliance with Section 6.04.

 

Subject
to Section 10.09 hereof, the Successor Person will succeed to, and be substituted for, such Guarantor or the U.S. Borrower, as
applicable, under this Agreement and such Guarantor’s Guarantee (and references to such Guarantor or the U.S. Borrower, as
applicable, will be deemed references to the Successor Person, unless the context requires otherwise), as applicable, and such
Guarantor will automatically be released and discharged from its obligations under this Agreement and such Guarantor’s Guarantee.
Notwithstanding the foregoing, any Guarantor may merge into, amalgamate or consolidate with, wind up into or sell, assign, transfer,
lease, convey or otherwise dispose of all or part of its properties and assets to another Guarantor or the Canadian Borrower.

 

Notwithstanding
anything to the contrary in this Agreement:

 

(e)
(1) any Guarantor
may sell, lease,Restricted Subsidiary may consolidate,
amalgamate with, merge into or transfer or otherwise dispose of any or all
or part of its properties
and assets (upon voluntary liquidation or otherwise) to the Canadian
Borrower or any other Guarantor;

 

(f) the
Transactions and any Permitted Change of Control may be consummated; provided that if
any such Permitted Change of Control involves the merger, amalgamation or consolidation of the Canadian Borrower, the U.S. Borrower
or Holdings shall comply with the requirements set forth in Section 6.03(a)(i) or (ii) or (b), as applicable;(2) the
Canadian Borrower, the U.S. Borrower or any Guarantor may merge or amalgamate with an Affiliate of the Canadian Borrower solely
for the purpose of reincorporating the Canadian Borrower, the U.S. Borrower or such Guarantor in another jurisdiction of the United
States or Canada so long as the amount of Indebtedness of the Canadian Borrower and the Restricted Subsidiaries is not increased
thereby; and

 

(g) any
Guarantor may (i) merge, amalgamate or consolidate with or into any Guarantor, (ii) merge, amalgamate or consolidate with or into
any other Restricted Subsidiary which is not a Guarantor; provided that, if such Guarantor
is not the continuing, resulting or surviving entity, such merger, amalgamation or consolidation shall be deemed to be an “Investment”
and subject to the limitations set forth in Section 6.05 and (iii) dispose of any or all of its assets (upon voluntary liquidation
or otherwise) to the Canadian Borrower, the U.S. Borrower or any Guarantor;

 

(h) Holdings,
Interco and/or the(3) The Canadian Borrower
and any of its direct or indirect parent companies, if any,
may combine (whether by consolidation, amalgamation, merger or otherwise) (the “Amalgamation”)
if the direct or indirect beneficial owners of Holdings’the
Canadian Borrower’s Voting Stock and the resulting or continuing entity’s Voting Stock are the persons set
forth in clauses (a)(i), (ii), (iii), (xix)
(as it relates to clause (a)(i), (ii) or (iii)), or (bxi)
of the definition of “Permitted InvestorsHolders”
and the aggregate principal amount of Indebtedness of the resulting or continuing entity is no greater than that of the Canadian
Borrower immediately prior thereto or is permitted to be incurred under Section 6.01 (for the
avoidance of doubt, such Amalgamation has occurred with the Canadian Borrower being the continuing entity); and6.01.

 

(i) any
Restricted Subsidiary may liquidate or dissolve if (x) the Canadian Borrower determines in good faith that such liquidation or
dissolution is in the best interests of the Canadian Borrower and is not materially disadvantageous to the Lenders and (y) to the
extent such Restricted Subsidiary is a Loan Party, any assets or business not otherwise disposed of or transferred in accordance
with Section 6.04 or 6.05, or, in the case of any such business, discontinued, shall be transferred to, or otherwise owned or conducted
by, another Loan Party after giving effect to such liquidation or dissolution.

 

(c) Upon
any consolidation, amalgamation, merger or winding up, or any sale, assignment, transfer, lease, conveyance or disposition of all
or substantially all of the assets or properties of the Canadian Borrower, U.S. Borrower or any Guarantor in accordance with Sections
6.03(a) and 6.03(b) hereof, the successor Person formed by such consolidation or into which the Canadian Borrower, U.S. Borrower
or such Guarantor, as the case may be, is merged or would up into or the successor Person to which such sale, assignment, transfer,
lease, conveyance or disposition is made, shall succeed to, and be substituted for, and may exercise every right and power of,
the Canadian Borrower, U.S. Borrower or such Guarantor, as the case may be, under this Agreement or the Guarantees, as the case
may be, with the same effect as if such successor Person had been named as the Canadian Borrower, U.S. Borrower or such Guarantor,
as the case may be, herein or the Guarantees, as the case may be. When a successor Person assumes all obligations of its predecessor
hereunder or the Guarantees, as the case may be, such predecessor shall be released from all obligations; provided that in the
event of a lease, the predecessor shall not be released from the payment of principal and interest or other obligations under this
Agreement or the Guarantees, as the case may be.

 

    162

     

    

 

Section
6.04 Limitation on Sale of Assets. Holdings
will not, and will not permit any of the Restricted Subsidiaries
to, (i) convey, sell, lease, assign, transfer or otherwise dispose of any of its property, business or assets (including receivables
and leasehold interests), whether now owned or hereafter acquired (other than any such sale, transfer, assignment or other disposition
resulting from any casualty or condemnation, of any assets of Holdings or the Restricted Subsidiaries) or (ii) sell to any Person
(other than a Borrower or a Guarantor) any shares owned by it of any Restricted Subsidiary’s capital stock or issue to any
Person (other than Holdings or any Restricted Subsidiary) any shares of any Restricted Subsidiary’s capital stock, other
than the issuance of additional Equity Interests of non-Wholly Owned Subsidiaries to a third party (provided
that after giving effect to the issuance thereof, Holdings directly or indirectly owns not less than the
percentage of equity in such entity that it owned immediately prior to such issuance) (collectively, a “disposition”),
except that:

 

The
Canadian Borrower will not, and will not permit any Restricted
Subsidiary to, cause, make or suffer to exist an Asset Sale, unless:

 

(a) Holdings
and the Restricted Subsidiaries may sell, lease, assign, transfer, license, abandon, allow the expiration or lapse of, or otherwise
dispose of, the following: (i) obsolete, worn-out, damaged, uneconomic, no longer commercially desirable, used or surplus assets,
rights and properties and other assets, rights and properties that are held for sale or no longer used, useful or necessary for
the operation of Holdings and its Subsidiaries’ business, (ii) inventory, equipment, service agreements, product sales, securities
and goods held for sale or other immaterial assets in the ordinary course of business, (iii) cash and Cash Equivalents in the ordinary
course of business and (iv) books of business, client lists or related goodwill in connection with the departure of related employees
or producers in the ordinary course of business;the
Canadian Borrower or such Restricted Subsidiary, as the case may be, receives consideration at the time of such Asset Sale at least
equal to the Fair Market Value (measured at the time of contractually agreeing to such Asset Sale) of the assets sold or otherwise
disposed of; and

 

(b) Holdings
and the Restricted Subsidiaries may sell, transfer or otherwise dispose of assets (other than Satellite Assets) for fair value;
provided that (i) the total non-cash consideration received since the Amendment No. 2
Effective Date in respect of sales, transfers and dispositions for which less than 75% of such consideration consisted of cash
or Cash Equivalents shall not exceed the greater of $120.0 million and 2.75% of Total Assets of Holdings and its Subsidiaries (measured
as of the date of disposition based upon the Section 5.04 Financials most recently delivered on or prior to such date of disposition)
(it being agreed that there is no such limitation on the amount of non-cash consideration received in respect of any such sale,
transfer or other disposition made pursuant to this clause (b) if at least 75% of the consideration in respect thereof consists
of cash consideration or Cash Equivalents and that the cash consideration and Cash Equivalents in a sale, transfer or other disposition
may be less than 75% so long as the deficiency is less than the then unused portion of such $120.0 million and 2.75% of Total Assets
of Holdings and its Subsidiaries (measured as of the date of disposition based upon the Section 5.04 Financials most recently delivered
on or prior to such date of disposition) amount), (ii) to the extent applicable, the Net Cash Proceeds thereof to Holdings and
its Restricted Subsidiaries are promptly applied to the prepayment and/or commitment reductions as provided for in Section 2.12(c)
and (iii) after giving effect to any such sale, transfer or other disposition,
and assuming the consummation thereof, no Event of Default shall have occurred and be continuing
(other than with respect to a sale, transfer or other disposition made pursuant to a legally binding commitment entered into at
a time when no Event of Default existed or would have resulted from such sale, transfer or other disposition);except
in the case of a Permitted Asset Swap, at least 75% of the consideration therefor received by the Canadian Borrower or such Restricted
Subsidiary, as the case may be, is in the form of cash or Cash Equivalents; provided that the amount of:

 

    163

     

    

 

(c) Holdings
and the Restricted Subsidiaries may make sales of assets to Holdings or to any Restricted Subsidiary (except that Satellite Assets
may not be sold or transferred to any non-Guarantor pursuant to this clause (c)); provided that
with respect to any such sales to Restricted Subsidiaries that are not Guarantors either (1) (i) such sale, transfer or disposition
shall be for fair value and (ii) the total non-cash consideration received since the Amendment No. 2 Effective Date in respect
of such sales, transfers and dispositions for which less than 50% of such consideration consisted of cash shall not exceed the
greater of (x) $150.0 million and (y) 3.25% of the Total Assets of Holdings and its Subsidiaries (measured as of the date of sale
based upon the Section 5.04 Financials most recently delivered on or prior to such date of sale) (it being agreed that there is
no such limitation on the amount of non-cash consideration received in respect of any such sale, transfer or other disposition
made pursuant to this subclause (c) if at least 50% of the consideration in respect thereof consists of cash consideration or Cash
Equivalents and that the cash consideration and Cash Equivalents in a sale, transfer or other disposition may be less than 50%
so long as the deficiency is less than the then unused portion of such the greater of (x) $150.0 million and (y) 3.25% of the Total
Assets of Holdings and its Subsidiaries (measured as of the date of sale based upon the Section 5.04 Financials most recently delivered
on or prior to such date of sale) amount) or (2) such sale, transfer or disposition is permitted by Section 6.05(g);

 

(d) Holdings
and its Restricted Subsidiaries may effect any transaction permitted by Section 6.03, 6.05 (other than Section 6.05(k) or (m))
or 6.06;

 

(e) Holdings
and its Restricted Subsidiaries may lease, or sublease, any real property or personal property in the ordinary course of business;

 

(f) Holdings
and its Restricted Subsidiaries may sell or transfer or otherwise dispose of Satellite Assets or consummate a Permitted Sale Leaseback,
in each case other than in the ordinary course of business; provided that (i) the fair
market value of the proceeds of all such transactions does not exceed the greater of (x) $1.0 billion and (y) 22.5% of the Total
Assets of Holdings and its Subsidiaries (measured as of the date of disposition based upon the Section 5.04 Financials most recently
delivered on or prior to such date of disposition), (ii) such Net Cash Proceeds are promptly applied to the prepayment and/or commitment
reductions as provided for in Section 2.12 and (iii) at least 90% of the consideration received pursuant to this clause (f) must
consist of cash or Cash Equivalents;

 

(g) dispositions
of property to the extent that (i) such property is exchanged for credit against the purchase price of similar replacement property
and (ii) the proceeds of any such disposition are promptly applied to the purchase price of such replacement property;

 

(h) dispositions
of Cash Equivalents;

 

(i) dispositions
of accounts receivable in connection with the collection or compromise thereof in the ordinary course of business;

 

(j) dispositions
of assets listed on Schedule 6.04;

 

(k) dispositions
of Investments in joint ventures to the extent required by, or made pursuant to customary buy/sell arrangements between, the joint
venture parties set forth in joint venture arrangements and similar binding arrangements;

 

(l) dispositions
of property subject to Casualty Events upon receipt of the Net Cash Proceeds of such Casualty Event;

 

(m) dispositions
consisting of leasing transponders in the ordinary course of business (including end of life leases);

 

(n) other
dispositions of property for consideration in any single transaction or related series of transactions, not in excess of $25.0
million from any individual transaction and the aggregate consideration for all dispositions pursuant to this Section 6.04(n) shall
not exceed the greater of (x) $50.0 million and (y) 1.0% of the Total Assets of Holdings and its Subsidiaries (measured as of the
date of disposition based upon the Section 5.04 Financials most recently delivered on or prior to such date of disposition);

 

    164

     

    

 

(o) contractual
arrangements under long-term contracts with customers entered into by Holdings and
the Restricted Subsidiaries in the ordinary course of business which are treated as sales for accounting purposes; provided
that there is no transfer of title in connection with such contractual arrangement;

 

(p) other
dispositions made by Restricted Subsidiaries that are not the Borrowers or Guarantors in an aggregate amount not in excess of the
greater of (x) $25.0 million and (y) 0.5% of the Total Assets of Holdings and its Subsidiaries (measured as of the date of disposition
based upon the Section 5.04 Financials most recently delivered on or prior to such date of disposition); 

 

(q) Holdings
and the Restricted Subsidiaries may (i) enter into non-exclusive licenses, sublicenses or cross-licenses of intellectual property
including in connection with a research and development agreement in which the other party receives a license to intellectual property
that results from such agreement, (ii) exclusively license, sublicense or cross-license intellectual property if done in the ordinary
course of business of the Borrower and its Restricted Subsidiaries or consistent with past practice and (iii) assign, lease, sublease,
license or sublicense any real or personal property or terminate or allow to lapse any such assignment, lease, sublease, license
or sublicense, other than any intellectual property, in the ordinary course of business or consistent with past practice; and 

 

(r) Holdings
and the Restricted Subsidiaries may unwind or terminate any Swap Agreement or Cash Management Agreement and allow for the expiration
of any options agreement with respect to any real property or personal property.

 

(i) For
purposes of clauses (b), (c) and (f), the following consideration shall be deemed to be cash consideration: (A) any
liabilities (as shown on Holdingsthe
Canadian Borrower’s, or such Restricted Subsidiary’s,
most recent balance sheet provided hereunder or in the footnotes thereto or ifor
in the footnotes thereto or if incurred, accrued or incurredincreased
subsequent to the date of such balance sheetssheet,
such liabilities that would have been shown
on Holdings’ or such Restricted Subsidiary’s balance sheet or in the footnotes thereto as if such accrual or incurrencereflected
on the Canadian Borrower’s or such Restricted Subsidiary’s balance sheet or in the footnotes thereto if such incurrence,
accrual or increase had taken place on or prior to the date of such balance sheet, as determined in
good faith by the Canadian Borrower) of Holdingsthe
Canadian Borrower or suchany
Restricted Subsidiary, other than liabilities that are by their terms subordinated to thein
right of payment in cash ofto
the Obligations, that are assumed by the transferee with respect to the applicable disposition
and for which Holdingsof any such assets (or are directly
associated with such assets and are otherwise extinguished in connection with the transactions relating to such Asset Sale) and
for which the Canadian Borrower and all of the Restricted Subsidiaries
shall have been validlyunconditionally
released by all applicable creditors or
their representatives in writing shall be deemed to be cash or Cash Equivalents and
(B) any securities, notes or other obligations received
by Holdings or such Restricted Subsidiary from such transferee that are converted by Holdings or such Restricted Subsidiary into
cash or Cash Equivalents (to the extent of the cash or Cash Equivalents received) within 180
days following the closing of the applicable disposition shall be deemed to be cash or Cash Equivalents.,

 

(ii) any
notes or other obligations or
securities or assets received by the Canadian Borrower or such Restricted Subsidiary from such transferee that are converted by
the Canadian Borrower or such Restricted Subsidiary into cash or Cash Equivalents, or by their terms are required to be satisfied
for cash or Cash Equivalents (to the extent of the cash or Cash Equivalents received), in each case, within
180 days following the closing of such Asset Sale, and

 

(iii) any
Designated Non-cash Consideration received by the Canadian Borrower or any Restricted Subsidiary in such Asset Sale having an
aggregate Fair Market Value, taken together with all other Designated Non-cash Consideration received pursuant to this subclause
(iii) that is at that time outstanding, not to exceed an amount equal to the greater of $120,000,000 or 2.75% of Total Assets
at the time of the receipt of such Designated Non-cash Consideration, with the Fair Market Value of each item of Designated Non-cash
Consideration being measured at the time received and without giving effect to subsequent changes in value, shall be deemed to
be Cash Equivalents for purposes of this provision and for no other purpose.

 

    165

     

    

 

Section
6.05 Limitation on Investments[Reserved].
  . Holdings will not, and will not permit any
of the Restricted Subsidiaries to, make any Investment in, any Person, except:

 

(a) extensions
of trade credit and asset purchases (including purchases of transponders, orbital slots and ground equipment, and including purchases
of inventory, intellectual property, supplies, material or equipment
or other similar assets), the lease or sublease (other than Finance Lease Obligations) of any asset and
the licensing or sublicensing or contribution of intellectual property pursuant to joint marketing arrangements with other Persons,
in each case in the ordinary course of business;

 

(b) Cash
Equivalents;

 

(c) loans
and advances to officers, directors and employees of Holdings or any of its Subsidiaries (i) in
an aggregate principal amount, after giving pro forma effect to the making of any such loan or advance, the aggregate principal
amount of all loans and advances outstanding under this clause (c)(i) shall not exceed the greater of $10.0 million and
0.25% of Total Assets of Holdings and its Subsidiaries (measured as of the date of such loan or
advance based upon the Section 5.04 Financials most recently delivered on or prior to such date of such loan or advance), (ii)
for reasonable and customary business related travel expenses, entertainment expenses, moving
expenses and similar expenses or payroll expenses, in each case incurred in the ordinary course
of business or consistent with past practice and (iii) to finance the purchase of Equity Interests of Holdings (or any parent entity
thereof); provided that the amount of such loans and advances
used to acquire such Equity Interests shall be contributed in cash as common equity;

 

(d) Investments
existing on the Amendment No. 2 Effective Date and listed on Schedule 6.05 and any extensions, renewals or reinvestments thereof,
so long as the aggregate amount of all Investments pursuant to this clause (d) is not increased at any time above the amount of
such Investments existing on the Amendment No. 2 Effective Date;

 

(e) Investments
received in connection with the bankruptcy or reorganization of suppliers or customers and in settlement of delinquent obligations
of, and other disputes with, customers arising in the ordinary course of business;

 

(f) Investments
to the extent that payment for such Investments is made solely with capital stock of Holdings or a Borrower;

 

(g) Investments
in (i) any Guarantor, the Canadian Borrower and the U.S. Borrower and (ii) in Restricted Subsidiaries that are not Guarantors (provided
that such entity was a Subsidiary immediately prior to such Investment), in the case of this clause (g)(ii), in an aggregate
amount such that, after giving pro forma effect to the making of any such Investment, the principal amount of all Investments outstanding
under this clause (g)(ii) shall not exceed the greater of $180.0 million and 4.0% of Total Assets of Holdings and its Subsidiaries
(measured as of the date of investment based upon the Section 5.04 Financials most recently delivered on or prior to such date
of investment);

 

(h) [Reserved];

 

(i) Investments
constituting Permitted Acquisitions; provided that the aggregate amount of Permitted Acquisition
Consideration relating to all such Permitted Acquisitions made or provided by the Canadian Borrower, the U.S. Borrower or any Subsidiary
Guarantor to acquire any Restricted Subsidiary that does not become a Subsidiary Guarantor or merge, consolidate or amalgamate
into the Canadian Borrower, the U.S. Borrower or a Subsidiary Guarantor or any assets that shall not, immediately after giving
pro forma effect to such Permitted Acquisition, be owned by the Canadian Borrower, the U.S. Borrower or a Subsidiary Guarantor,
shall not exceed an aggregate amount, measured at the time such Investment is made and after giving pro forma effect to such Investment,
equal to the sum of (i) the greater of (x) $300.0 million and (y) 6.5% of Consolidated Total Assets of Holdings and its Subsidiaries
(measured as of the date of such transaction based upon the Section 5.04 Financials most recently delivered on or prior to the
date of such transaction) and (ii) the Applicable Amount at such time;

 

    166

     

    

 

(j) Investments
(including Investments in Minority Investments, Unrestricted Subsidiaries, joint ventures or similar entities that do not constitute
Restricted Subsidiaries), in each case, as valued at the fair market value of such Investment at the time each such Investment
is made, in an amount that, at the time such Investment is made, would not exceed the Applicable Amount at such time;

 

(k) Investments
constituting non-cash proceeds of sales, transfers and other dispositions of assets to the extent permitted by Section 6.04(b)
or (c);

 

(l) Investments
made to repurchase or retire common stock of the Canadian Borrower (or to make payments to Holdings to enable it to retire common
stock of Holdings) owned by any present, future or former employee, officer, director or consultant pursuant to any employee stock
ownership plan, key employee stock ownership plan, director benefit plan, consulting agreement or employment agreement of Holdings
or any Restricted Subsidiary when taken together with dividends made in accordance with Section 6.06(b), does not exceed the greater
of (x) $25.0 million and (y) 0.5% of Consolidated Total Assets of Holdings and its Subsidiaries (measured as of the date of such
transaction based upon the Section 5.04 Financials most recently delivered on or prior to the date of such transaction);

 

(m) Investments
permitted under Section 6.04 or Section 6.06;

 

(n) Swap
Agreements entered into for bona fide (non-speculative) business purposes; 

 

(o) additional
Investments so long as, subject to Section 1.06, (x) no Event of Default shall have occurred and be continuing or would result
therefrom and (y) after giving pro forma effect to such Investment, Holdings and the Restricted Subsidiaries would be in compliance,
on a pro forma basis, with a Total Leverage Ratio, as such ratio is calculated as of the last day of the Test Period most recently
ended on or prior to the date of the making of such Investment, as if such Investment and any other transactions being consummated
in connection therewith occurred on the first day of such Test Period, of no greater than 3.50:1.00; 

 

(p) Investments
to the extent that the payment for such Investments is made solely with the Equity Interests (other than Disqualified Capital Stock)
of Holdings (or any parent entity thereof) or a Borrower;

 

(q) Investments
consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit
in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled
account debtors and other deposits, prepayments and other credits to suppliers in the ordinary course of business; and

 

(r) Investments
which are guarantees permitted under Section 6.01.

 

Section
6.06 Limitation on DividendsRestricted
Payments. Holdings will not pay any dividends (other than dividends payable
solely in its capital stock) or return any capital to its stockholders or make any other distribution, payment or delivery of
property or cash to its stockholders in their capacity as such, or redeem, retire, purchase or otherwise acquire, directly or
indirectly, for consideration, any shares of any class of its capital stock or the capital stock of any direct or indirect parent
now or hereafter outstanding (or any options or warrants or stock appreciation rights issued with respect to any of its capital
stock), or set aside any funds for any of the foregoing purposes, or permit any of the Restricted Subsidiaries to purchase or
otherwise acquire for consideration (other than in connection with an Investment permitted by Section 6.05) any shares of any
class of the capital stock of Holdings or the Canadian Borrower, now or hereafter outstanding (or any options or warrants or stock
appreciation rights issued with respect to any of its capital stock) (all of the foregoing “dividends”):(a)
The Canadian Borrower will not, and will not permit any Restricted Subsidiary to, directly or indirectly:

 

    167

     

    

 

(a) Holdings
may redeem in whole or in part any of its capital stock or preferred stock for another class of capital stock or preferred stock

 

(i) declare
or pay any dividend or make any distribution on account of the Canadian Borrower’s or any Restricted Subsidiary’s Equity
Interests, including any dividend or distribution payable on account of the Canadian Borrower’s or any Restricted Subsidiary’s
Equity Interests in connection with any merger or consolidation other than:

 

(A) dividends
or distributions by the Canadian Borrower payable in Equity Interests (other than Disqualified
Capital Stock) of the Canadian Borrower or in options, warrants
or other rights to purchase such Equity Interests, or

 

(B) dividends
or distributions by a Restricted Subsidiary so long as, in the case of any dividend or distribution payable on or in respect of
any class or series of securities issued by a Subsidiary other than a Wholly Owned Subsidiary, the Canadian Borrower or a Restricted
Subsidiary receives at least its pro rata share of such dividend or distribution in accordance with its Equity Interests in such
class or series of securities;

 

(ii) purchase,
redeem, defease or otherwise acquire or retire for value any Equity Interests of the Canadian Borrower or any direct or indirect
parent of the Canadian Borrower, including any dividend or distribution payable in connection with any merger, amalgamation or
consolidation;

 

(iii) make
any principal payment on, or redeem, repurchase, defease or otherwise acquire or retire for value in each case, prior to any scheduled
repayment, sinking fund payment or maturity, any Subordinated Indebtedness, other than the purchase, repurchase or other acquisition
of Subordinated Indebtedness purchased in anticipation of satisfying a sinking fund obligation, principal installment or final
maturity, in each case due within one year of the date of purchase, repurchase or acquisition; or

 

(iv) make
any Restricted Investment 

 

(all
such payments and other actions set forth in clauses (i) through (iv) above being collectively referred to as “Restricted
Payments”), unless, at the time of such Restricted Payment:

 

(1) no
Default or Event of Default shall have occurred and be continuing or would occur as a consequence thereof; 

 

(2) the
Canadian Borrower can incur at least $1.00 of additional Indebtedness pursuant to the provisions of the first paragraph of Section
6.01; and

 

(3) such
Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Canadian Borrower and its Restricted
Subsidiaries after the Measurement Date (including Restricted Payments permitted by Sections 6.06(b)(i), (b)(v) and (b)(xvii),
but excluding all other Restricted Payments permitted by Section 6.06(b)), is less than the Applicable Amount.

 

(b)
 The foregoing provisions will not prohibit:

 

(i) the
payment of any dividend or distribution or the consummation of any irrevocable redemption within 60 days after the date of declaration
thereof or the giving of such irrevocable notice, as applicable,
if, at the date of declaration or the giving of such notice, such payment would have complied with the provisions of this Agreement
(assuming, in the case of a redemption payment, the giving of the notice of such redemption payment would have been deemed to be
a Restricted Payment at such time);

 

(ii) the
redemption, repurchase, retirement, defeasance or other acquisition of any Equity Interests (“Retired Capital
Stock”), as the case may be, or rights to acquire its capital stock or preferred stock
or with proceeds from substantially concurrent equity contributions or issuances of new shares of its capital stock (“Refunding
Capital Stock”) or preferred stock, as the case may be; provided that
such other class of capital stock or preferred stock is not Disqualified Capital
Stock and contains terms and provisions at least as advantageous to the Lenders in all respects
material to their interests (as determined in good faith by the Canadian Borrower) as those contained in the capital stock or preferred
stock, as the case may be, redeemed thereby, and provided further
that such new issuance of capital stock does not increase the Applicable Amount; or
Subordinated Indebtedness of the Canadian Borrower, in exchange for, or out of the proceeds of the substantially concurrent sale
(other than to a Restricted Subsidiary) of, Equity Interests of the Canadian Borrower (in each case, other than any Disqualified
Capital Stock) (“Refunding Capital Stock”);

 

    168

     

    

 

(iii) the
redemption, repurchase, defeasance, exchange or other acquisition or retirement of Subordinated Indebtedness of the Canadian Borrower
or any Restricted Subsidiary made by exchange for, or out of the proceeds of the substantially concurrent sale of, new Indebtedness
of the Canadian Borrower or any Restricted Subsidiary which is incurred in compliance with Section 6.01 so long as:

 

(A) the
principal amount (or accreted value, in the case of Indebtedness issued at a discount) of such new Indebtedness does not exceed
the principal amount (or accreted value, if applicable) of the Subordinated Indebtedness being so redeemed, repurchased, acquired,
defeased, exchanged or retired, plus the amount of any reasonable fees, expenses and premium incurred or paid in connection with
such redemption, repurchase, acquisition, defeasance, exchange or retirement and the incurrence of such new Indebtedness;

 

(B) such
new Indebtedness is subordinated to the Obligations at least to the same extent as such Subordinated Indebtedness so redeemed,
repurchased, defeased, exchanged, acquired or retired; provided that this subclause (B) need not be satisfied if (1) such new Indebtedness
can be incurred pursuant to the first paragraph of Section 6.01 or (2) the amount of such new Indebtedness shall not exceed the
Applicable Amount (it being understood that if amounts available under the Applicable Amount are used to redeem, repurchase, defease,
exchange, acquire or retire such Subordinated Indebtedness, then the Applicable Amount shall be reduced by such amounts);

 

(C) such
new Indebtedness has a final scheduled maturity date equal to or later than the final scheduled maturity date of the Subordinated
Indebtedness being so redeemed, repurchased, defeased, exchanged, acquired or retired;

 

(D) such
new Indebtedness has a Weighted Average Life to Maturity at the time incurred which is not less than the shorter of (1) the remaining
Weighted Average Life to Maturity of the Subordinated Indebtedness being so redeemed, repurchased, defeased, exchanged, acquired
or retired and (2) the Weighted Average Life to Maturity that would result if all payments of principal on the Indebtedness being
so redeemed, repurchased, defeased, acquired or retired that were due on or after the date one year following the Final Maturity
Date were instead due on such date one year following the Final Maturity Date; and

 

(E) the
obligor of such Indebtedness does not include any Person (other than the Borrowers or any Guarantor) that is not an obligor of
the Indebtedness being so redeemed, repurchased, defeased, exchanged, acquired or retired;

 

    169

     

    

 

(iv) (b)
Holdings may acquire, purchase, repurchase, redeem, acquire or retire shares of its Qualified Capital Stock (or any options or
warrants or stock appreciation rights issued with respect to any of its Qualified Capital Stock) held by past, present or future
officers, directors and employees of or consultants to Holdings and its Subsidiaries, so long as such repurchase is pursuant to,
and in accordance with the terms of, management and/or employee stock plans, stock subscription agreements or shareholder agreements,
employment agreements or consulting agreements; provided that the aggregate amount of
all cash paid in respect of all such shares of Qualified Capital Stock (or any options or warrants or stock appreciation or similar
rights issued with respect to any such Qualified Capital Stock) so redeemed, acquired, retired or repurchased does not exceed the
sum of (i) $15.0 million in any calendar year (which shall increase to $30.0 million in any calendar year following the consummation
of a Qualified IPO); notwithstanding the foregoing, 100% of the unused amount of payments in respect of this Section 6.06(b)(i)
(before giving pro forma effect to any carry forward) up to a maximum of $30.0 million (which shall increase to $60.0 million following
the consummation of a Qualified IPO), may be carried forward toa
Restricted Payment to pay for the repurchase, redemption, retirement, defeasance or other acquisition of Equity Interests of the
Canadian Borrower or any of its direct or indirect parent companies held by any future, present or former employee, director, officer
or consultant of the Canadian Borrower, any of its Subsidiaries or any of its direct or indirect parent companies pursuant to any
management equity plan or stock option plan or any other management or employee benefit plan or agreement; provided, however, that
the aggregate Restricted Payments made under this subclause (iv) do not exceed in any calendar year $15,000,000 (which shall increase
to $30,000,000 subsequent to the consummation of a Qualified IPO) with unused amounts in any calendar year in an amount not to
exceed $30,000,000 (which shall increase to $60,000,000 subsequent to the consummation of a Qualified IPO) being carried over to
the succeeding calendar years and utilized to make payments pursuant to this Section
6.06(b) plus (ii) all proceeds obtained by any parent entity of Holdings (and contributed
to Holdings or the Canadian Borrower) or Holdings or the Borrower after the Closing Date from the sale of such Qualified Capital
Stock to other future, current or former officers, managers, consultants, employees, directors and independent contractors (or
their respective Controlled Investment Affiliates or Immediate Family Members) in connection with any plan or agreement referred
to above in this clause (b) plus (iii) all net cash proceeds obtained from any key-man
life insurance policies received by Holdings or any of;
provided, further that such amount in any calendar year may be increased by an amount (without duplication of any increase in respect
of any other calendar year) not to exceed:

 

(A) the
cash proceeds from the sale of Equity Interests of the Canadian Borrower and, to the extent contributed to the Canadian Borrower,
Equity Interests of any of the Canadian Borrower’s direct or indirect parent companies, in each case to members of management,
directors or consultants of the Canadian Borrower, any of its Subsidiaries or any of its direct or indirect parent companies that
occurs or occurred after the Measurement Date, to the extent the cash proceeds from the sale of such Equity Interests have not
otherwise been applied to the payment of Restricted Payments by virtue of clause (B)(3) of the definition of the term “Applicable
Amount”; plus

 

(B) the
cash proceeds of key man life insurance policies received by the Canadian Borrower (or any direct or indirect parent company of
the Canadian Borrower to the extent contributed to the Canadian Borrower) and its Restricted Subsidiaries (or
any parent entity of Holdings to the extent contributed to Holdings the Canadian Borrower) after the Closing Date less
(iv) the amount of any previous dividends made pursuant to clauses (ii) and (iii) of this Section 6.06(b); and provided,
further, that, the cancellation of Indebtedness owing to Holdings or any Restricted Subsidiary
from any future, current or former employees, officers, managers, directors, consultants or independent contractors (or their respective
Controlled Investment Affiliates or Immediate Family Members) of any parent entity of Holdings, Holdings or any of the Restricted
Subsidiaries in connection with a redemption, acquisition, retirement or repurchase of its Qualified Capital Stock will not be
deemed to constitute a dividend for purposes of this Agreement ;after
the Measurement Date; less

 

(C) the
amount of any Restricted Payments previously made since the Measurement Date pursuant to clauses (A) and (B) of this clause (iv);

 

and
provided, further that cancellation of Indebtedness owing to the Canadian Borrower, U.S. Borrower or any Guarantor
from members of management of the Canadian Borrower, any of its direct or indirect parent companies or any Restricted Subsidiary
in connection with a repurchase of Equity Interests of the Canadian Borrower or any of its direct or indirect parent companies
will not be deemed to constitute a Restricted Payment for purposes of this Section 6.06 or any other provision of this Agreement;

 

(c) Holdings
may engage in actions otherwise prohibited by this Section 6.06 in an amount that, at the time such dividend is made, would not
exceed the Applicable Amount at such time, so long as after giving pro forma effect to such dividend, Holdings and the Restricted
Subsidiaries would be in compliance, on a pro forma basis, with a Total Leverage Ratio, as such ratio is calculated as of the last
day of the Test Period most recently ended on or prior to the date of the making of such dividend, as if such dividend and any
other transactions being consummated in connection therewith occurred on the first day of such Test Period, of no greater than
4.50:1.00 and provided that no default or Event of Default exists or would exist after
giving effect thereto;

 

    170

     

    

 

(d)
Holdings may declare and pay dividends and/or distributions in accordance with Section 6.12(h), provided
that no default or Event of Default exists or would exist after giving effect thereto;

 

(e)
Holdings may pay dividends and/or make distributions (including repurchases of Qualified Capital Stock) to the holders of preferred
Equity Interests to the extent of any cash contribution in Holdings or from the cash proceeds of Qualified Capital Stock (provided
that such new equity does not increase the Applicable Amount);

 

(v)
the declaration and payment of dividends or distributions to holders of any class or series of Disqualified Capital Stock of the
Canadian Borrower or any other Restricted Subsidiary issued in accordance with Section 6.01 to the extent such dividends are included
in the definition of Cumulative Interest Expense;

 

(vi)
repurchases of Equity Interests deemed to occur upon exercise of stock options or warrants if such Equity Interests represent a
portion of the exercise price or taxes payable in respect of such options or warrants;

 

(vii)
Restricted Payments that are made with Excluded Contributions;

 

(viii)
the repurchase, redemption or other acquisition of Equity Interests deemed to occur in connection with paying cash
in lieu of fractional shares in connection with any dividend (including in connection with the exercise of warrants, options or
other securities convertible into or exchangeable for Equity Interests), share split, reverse share split or combination thereof
or any acquisition or other Investment and to
honor any conversion request by a holder of convertible Indebtedness
and make cash payments in lieu of fractional shares in connection with any such conversion and may make payments on convertible
Indebtedness in accordance with its terms;

 

(ix)
[reserved];

 

(x)
(f) Holdings may make and pay Dividends:the
Canadian Borrower making and paying dividends:

 

(A)
(i) for any taxable period ending
after the Amendment No. 2 Effective Date for which Holdingsthe
Canadian Borrower is a member of a consolidated, combined, unitary or aggregate income tax group (a “Tax Group”)
of which a direct or indirect parent company of Holdingsthe
Canadian Borrower is the common parent, the proceeds of which shall be used to pay (or to make dividends to allow any
parent entity of Holdingsthe
Canadian Borrower to pay) any income Tax liability of such Tax Group in respect of taxable income attributable to Holdingsthe
Canadian Borrower and its applicable Subsidiaries,
but not in excess of the Tax liability that Holdingsthe
Canadian Borrower would incur if it filed tax returns as the parent of a Tax Group for itself and its applicable
Subsidiaries (and net of any payment already made and to be made by Holdingsthe
Canadian Borrower or any of its Restricted Subsidiaries to a taxing authority to satisfy such Tax liability); provided
that a dividend attributable to any Taxes attributable to an Unrestricted Subsidiary shall be permitted only to the extent such
Unrestricted Subsidiary distributed cash to Holdingsthe
Canadian Borrower or its Restricted Subsidiaries for such purpose, ;
provided further that with respect to any taxable period or portion thereof ending prior to the Measurement Date, payments pursuant
to this clause (A) shall be permitted only to the extent relating to Tax adjustments that arise after the Measurement Date as a
result of audits or other Tax proceedings; 

 

    171

     

    

 

(B)
(ii) the proceeds of which shall be used to pay (or to make dividends
to allow any parent entity of Holdingsthe
Canadian Borrower to pay) its operating expenses incurred in the ordinary course (including related to maintenance of
organizational existence), general administrative costs and other overhead costs and expenses (including customary
salary, bonus and other benefits payable to present or former officers and employees of any parent entity and administrative,
legal, accounting, professional and similar fees and expenses provided by third parties, including Holdingthe
Canadian Borrower’s proportionate share of such amount relating to such parent entity being a public company,
if applicable), plus any indemnification claims made by employees, managers, consultants, independent contractors, directors
or officers of any parent entity of Holdings, the
Canadian Borrower; and

 

(C)
(iii) the proceeds of which shall be used to pay (or to make dividends
to allow any parent entity of Holdingsthe
Canadian Borrower to pay) franchise, excise and similar taxes and other fees, taxes
and expenses, in each case, required to maintain its (or any of its parent entities’) corporate or other legal existence,
and;

 

(iv)
the proceeds of which shall be used to pay (or to make dividends to allow any parent entity of Holdings to pay) monitoring or management
or similar fees or transaction fees and reimbursement of out-of-pocket costs,
expenses and indemnities, in each case to any Permitted Investor;

 

(xi)
Restricted Payments made to fund payments made in accordance with Sections 6.12(b)(vii) or 6.12(b)(xii); and

 

(xii)
(g) Holdings may pay dividends within 60 days after the date of declaration thereof
or the giving of such irrevocable notice thereof, as applicable, if, at the
date of declaration or the giving of such notice, such payment would have complied with the provisions of this Section
6.06; 

 

(h)
Holdings shall be permitted to make dividends consisting of Excluded Contributions;(i) Holdings or the Canadian Borrower, as applicable,
may makethe declaration and payment of dividends
or distributions to, or repurchase or redeemredemption
of shares from, itsthe
equity holders of the Canadian Borrower in an amount per
annum equal to the greater of (x) 6.0% per annum of
the net proceeds received by Holdings or the Canadian Borrower, as applicable,
from any Qualified IPO and (y) 5.0% per annum of the
Market Capitalization, provided that no default or Event
of Default exists or would exist after giving effect thereto; ;

 

(xiii)
(j) Holdings may make additional dividends so long as, subject to Section 1.06, (x)
no Event of Default shall have occurred and be continuing or would result therefrom and (y) after giving pro forma effect to such
dividend, Holdings and the Restricted Subsidiaries would be in compliance, on a pro forma basis, with a Total Leverage Ratio, as
such ratio is calculated as of the last day of the Test Period most recently ended on or prior to the date of the making of such
dividend, as if such dividend and any other transactions being consummated in connection therewith occurred on the first day of
such Test Period, of no greater than 3.25 to 1.00; the
prepayment, repurchase, redemption or other retirement or defeasance of the Mezzanine Securities at any time, so long as no Default
or Event of Default has occurred and is continuing;

 

(k)
Holdings may (or may make dividends to allow any parent entity of Holdings to) (i) pay cash
in lieu of fractional shares in connection with any dividend (including in connection with the exercise of warrants, options or
other securities convertible into or exchangeable for Equity Interests), share split, reverse share split or combination thereof
or any acquisition or other Investment and (ii) honor any conversion
request by a holder of convertible Indebtedness and make cash payments in lieu of fractional shares in connection with any such
conversion and may make payments on convertible Indebtedness in accordance with its terms;

 

(xiv)
Investments in Unrestricted Subsidiaries having an aggregate Fair Market Value, taken together with all other Investments made
pursuant to this subclause (xiv) that are at that time outstanding, not to exceed the greater of $500,000,000 and 11% of Total
Assets at the time of such Investment (with the Fair Market Value of each Investment being measured at the time made and without
giving effect to subsequent changes in value); plus, to the extent such amounts are not otherwise applied to clause (B)(4) of the
definition of the term “Applicable Amount,” the amount of any returns (including dividends, payments, interest, distributions,
returns of principal, profits on sale, repayments, income and similar amounts) on or in respect of such Investments;

 

    172

     

    

 

(xv)
the distribution, as a dividend or otherwise, of shares of Capital Stock of, or Indebtedness owed to the Canadian Borrower or a
Restricted Subsidiary by, Unrestricted Subsidiaries (other than Unrestricted Subsidiaries, the primary assets of which are cash
and/or Cash Equivalents); 

 

(xvi)
any Investment in respect of an Unrestricted Subsidiary Support Transaction;

 

(xvii)
other Restricted Payments, so long as on a pro forma basis after giving effect to such Restricted Payment and the incurrence of
any related Indebtedness, the Total Leverage Ratio for the Test Period immediately preceding such date shall be less than or equal
to 3.25 to 1.00;

 

(xviii)
(l) Holdings may pay (or may make dividends to allow any parent entity of Holdings
to pay) dividends in an amount equal topayments by the
Canadian Borrower or any Restricted Subsidiary in respect of withholding or similar taxes payable or expected to be
payable by any future, current or former employee, director, manager, consultant or independent contractor (or any of their respective
Immediate Family Members) of any Holdings, any parent entity of Holdings,immediate
family members (which, for the avoidance of doubt, shall
mean with respect to any individual, such individual’s estate, heirs, legatees, distributees, child, stepchild, grandchild
or more remote descendant, parent, stepparent, grandparent, spouse, former spouse, qualified domestic partner, sibling, niece,
nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law (including adoptive relationships),
any person sharing an individual’s household (other than an unrelated tenant or employee) and any trust, partnership or other
bona fide estate-planning vehicle the only beneficiaries of which are any of the foregoing individuals or any private foundation
or fund that is controlled by any of the foregoing individuals or any donor-advised fund of which any such individual is the donor))
of the Canadian Borrower, any parent entity of the Canadian Borrower or any other Subsidiary of
Holdings in connection with the exercise or vesting of Equity Interests or other equity awards or any repurchases,
redemptions, acquisitions, retirements or withholdings of Equity Interests in connection with any exercise of Equity Interests
or other equity options or warrants or the vesting of Equity Interests or other equity awards if such Equity Interests represent
all or a portion of the exercise price of, or withholding obligation with respect to, such options or, warrants or other Equity
Interests or equity awards;

 

(xix)
(m) Holdings may paythe
payment, on or after the Measurement Date, of one or more dividends to the shareholders and/or option holders of Holdingsthe
Canadian Borrower in an aggregate amount not to exceed $400.0 million10,000,000;

 

(xx)
(n) the repayment, redemption, repurchase, defeasance, exchange or
other acquisition or retirement of Dividend Obligations (excluding the payment of any interest (in the form of accretion, PIK,
cash or otherwise), expenses or premium related thereto); and

 

(o)
Holdings may pay dividends on director voting preferred shares

 

(xxi)
payment of dividends by the Canadian Borrower on Director Voting Preferred Shares in an amount not to exceed $50,000
per year.

 

For
purposes of determining compliance with this Section 6.06, in the event that a proposed Restricted Payment or Investment (or a
portion thereof) meets the criteria of more than one of the categories of Restricted Payments described in the preceding clauses
(i) through (xxi) above and/or one or more of the clauses contained in the definition of Permitted Investments, or is entitled
to be made pursuant to the first paragraph of this covenant the Canadian Borrower shall be entitled to divide or classify (or
later divide, classify or reclassify in whole or in part
in its sole discretion) such Restricted Payment or Investment (or portion thereof) among such subclauses (i) through (xxi) and
such first paragraph and/or one or more of the clauses contained in the definition of Permitted Investments, in a manner that otherwise
complies with this Section 6.06.

 

    173

     

    

 

The
Canadian Borrower will not permit any Unrestricted Subsidiary to become a Restricted Subsidiary except pursuant to the definition
of “Unrestricted Subsidiary.” For purposes of designating any Restricted Subsidiary as an Unrestricted Subsidiary,
all outstanding Investments by the Canadian Borrower and its Restricted Subsidiaries (except to the extent repaid) in the Subsidiary
so designated will be deemed to be Restricted Payments in an amount determined as set forth in the last sentence of the definition
of “Investment.” Such designation will be permitted only if a Restricted Payment in such amount would be permitted
at such time, whether pursuant to the this Section 6.06 or the definition of Permitted Investments, and if such Subsidiary otherwise
meets the definition of an Unrestricted Subsidiary. Unrestricted Subsidiaries will not be subject to any of the restrictive covenants
set forth in this Agreement and will not guarantee the Obligations.

 

Section
6.07 Limitations on Subordinated Debt[Reserved].

 

(a)
Holdings will not, and will not permit any Restricted Subsidiary to, prepay, repurchase or redeem or otherwise retire or defease
any Subordinated Indebtedness prior to any scheduled date therefor (it being understood that payments of regularly scheduled interest,
fees, expenses and indemnification obligations shall be permitted); provided, however,
that (a) so long as no Event of Default has occurred and is continuing, (x) Holdings, the Borrowers or any Restricted Subsidiary
may prepay, repurchase or redeem Subordinated Indebtedness (i) for an aggregate price not in excess of the Applicable Amount at
the time of such prepayment, repurchase or redemption, or (ii) with the proceeds of Indebtedness that is (1) Subordinated Indebtedness
permitted by Section 6.01 and with terms material to the interests of the Lenders not materially less advantageous (as determined
in good faith by the Canadian Borrower) to the Lenders than those of such Subordinated Indebtedness being refinanced or (2) permitted
by and incurred pursuant to Section 6.01(A)(i) or 6.01(A)(p), and any Permitted Refinancing thereof, and (y) Holdings, the Borrowers
or any Restricted Subsidiary may prepay, repurchase or redeem or otherwise retire or defease any Subordinated Indebtedness so long
as, after giving pro forma effect to such prepayment, repurchase, redemption, defeasance, acquisition or other payment, Holdings
would be in compliance, on a pro forma basis, with a Total Leverage Ratio, calculated as of the last day of the Test Period most
recently ended on or prior to the date of any such payment, as if such prepayment, repurchase, redemption, defeasance, acquisition
or other payment and any other transactions being consummated in connection therewith occurred on the first day of such Test Period,
of no greater than 3.25:1.00, after giving pro forma effect thereto. In addition, Holdings, the Borrowers or any Restricted Subsidiary
may prepay, repurchase or redeem Subordinated Indebtedness (a) with the proceeds of any Permitted Refinancing Indebtedness in respect
of such Indebtedness and (b) by converting or exchanging any such Indebtedness to Equity Interests of Holdings or any of its parent
entities.

 

(b)
Holdings and its Restricted Subsidiaries will not amend or modify any Subordinated Indebtedness (including the subordination provisions
thereof) to the extent that any such amendment or modification would be adverse to the Lenders in any material respect as determined
in good faith by the Canadian Borrower.

 

Notwithstanding
the foregoing and for the avoidance of doubt, nothing in this Section 6.07 shall prohibit (i) the repayment, prepayment, repurchase,
redemption or other payment of intercompany subordinated Indebtedness owed among the Holdings, the Borrowers and/or the Restricted
Subsidiaries, unless an Event of Default has occurred and is continuing and the Canadian Borrower has received a notice from the
Collateral Agent instructing it not to make or permit Restricted Subsidiaries to make any such repayment or prepayment or (ii)
substantially concurrent transfers of credit positions in connection with intercompany debt restructurings so long as such Indebtedness
is permitted by Section 6.01 after giving pro forma effect to such transfer.

 

Section
6.08 Limitations on Sale Leasebacks[Reserved].
Holdings will not, and will not permit any of the
Restricted Subsidiaries to, enter into or effect any Sale Leasebacks, other than Permitted Sale Leasebacks, while any Obligations
are outstanding and such sales shall all be subject to the provisions of Section 6.04(f).

 

Section
6.09 First Lien Leverage Ratio. Solely with respect to the Revolving R-23
Facility and subject to the following proviso, beginning with the Test Period ending December 31, 2016,
Holdings2019, the Canadian Borrower will
not permit the First Lien Leverage Ratio as of the last day of any Test Period to be greater than 5.75:1.00; provided,
however, that Holdingsthe
Canadian Borrower shall be required to be in compliance with this Section 6.09 with respect to any Test Period only
if the sum of (A) the aggregate principal amount of all Revolving R-23
Facility Loans and Swingline Loans plus (B) the aggregate L/C Obligations (other than (i) those cash collateralized
in an amount equal to the stated amount thereof and (ii) without duplication of amounts described in clause (i) above, L/C Obligations,
the aggregate stated amount of which do not exceed $1.0 million1,000,000),
in each case outstanding on the last day of such Test Period, exceeds $1.00.an
amount equal to 35.0% of the Revolving R-3 Committed Amount. 

 

    174

     

    

 

Section
6.10 [Reserved]Limitation
on Guarantees of Indebtedness by Restricted Subsidiaries.

 

SECTION
6.11 [Reserved].

 

SECTION
6.12 Transactions with Affiliates. Holdings will not,
andThe Canadian Borrower will not permit
any of the Restricted Subsidiaries to conduct any transactions with any of its Affiliates (other
than Holdings or its Restricted Subsidiaries) on terms that are not substantially as favorable to Holdings or such Restricted
Subsidiary as it would obtain in a comparable arm’s-length transaction with a Person that is not an Affiliate; provided
that the foregoing restrictions shall not apply toRestricted
Subsidiary, other than a Guarantor, to guarantee the payment of the Senior Notes, the Senior Secured Notes or any Public Debt
issued by the Canadian Borrower or a Restricted Subsidiary, unless:

 

(a) customary
fees paid to members of the Board of Directors of Holdings and the Subsidiaries;such
Restricted Subsidiary within 30 days executes and delivers a Guarantee of the Obligations by such Restricted Subsidiary, except
that with respect to a guarantee of Indebtedness of any Canadian Borrower or any Guarantor if such Indebtedness is by its express
terms subordinated in right of payment to the Obligations or such Guarantor’s Guarantee, any such guarantee of such Restricted
Subsidiary with respect to such Indebtedness shall be subordinated in right of payment to such Restricted Subsidiary’s Guarantee
substantially to the same extent as such Indebtedness is subordinated to the Obligations or such Guarantor’s Guarantee;

 

(b) transactions
permitted by Section 6.05(c) or (k) or Section 6.06 or 6.07;such
Guarantee shall provide that such Restricted Subsidiary waives and will not in any manner whatsoever claim or take the benefit
or advantage of, any rights of reimbursement, indemnity or subrogation or any other rights against the Canadian Borrower or any
other Restricted Subsidiary as a result of any payment by such Restricted Subsidiary under its Guarantee until all amounts then
due and payable by the Borrowers with respect to the Senior Notes and the Senior Secured Notes shall have been paid in full; and

 

(c) [reserved];such
Restricted Subsidiary shall have delivered to the Administrative Agent an officer’s certificate stating that all conditions
precedent providing for or relating to the Guarantee of the Obligations by such Restricted Subsidiary have been complied with;

 

(d)
the Transactions and payment of fees and expenses relating thereto and the payment of Permitted Change of Control Costs and the
consummation of any Permitted Change of Control;

 

(e)

 

provided
that this Section 6.10 shall not be applicable to any guarantee of any Restricted Subsidiary that existed at the time such Person
became a Restricted Subsidiary and was not incurred in connection with, or in contemplation of, such Person becoming a Restricted
Subsidiary. The Canadian Borrower may elect, in its sole discretion, to cause any Subsidiary that is not otherwise required to
be a Guarantor to become a Guarantor, in which case such Subsidiary shall not be required to comply with the 30 day period described
in clause (a) above.

 

Each
Guarantee shall be released in accordance with the provisions of Section 10.09 of this Agreement.

 

Section
6.11 [Reserved].

 

Section
6.12 Limitations on Transactions with Affiliates.
(a) The Canadian Borrower will not, and will not permit any Restricted Subsidiary to, make any payment to, or sell, lease, transfer
or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or
amend any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate
of the Canadian Borrower (each of the foregoing, an “Affiliate Transaction”) in any one or series of related transactions
involving aggregate payments or consideration in excess of $15,000,000, unless:

 

(i)
such Affiliate Transaction is on terms that are not materially less favorable to the Canadian Borrower or the relevant Restricted
Subsidiary than those that could have been obtained in a comparable transaction by the Canadian Borrower or such Restricted Subsidiary
with an unrelated Person (or, in the event that there are no comparable transactions involving Persons who are not Affiliates of
the Canadian Borrower or the relevant Restricted Subsidiary to apply for comparative purposes, is otherwise on terms that, taken
as a whole, the Canadian Borrower has determined to be fair to the Canadian Borrower or the relevant Restricted Subsidiary), and

 

    175

     

    

 

(ii)
the Canadian Borrower delivers to the Administrative Agent (x) with respect to any Affiliate Transaction or series of related Affiliate
Transactions involving aggregate payments or consideration in excess of $35,000,000, a resolution adopted by the majority of the
Board of Directors of the Canadian Borrower (and a majority of the Independent Directors) approving such Affiliate Transaction
and set forth in an officer’s certificate certifying that such Affiliate Transaction complies with clause (i) above and (y)
with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate payments or consideration
in excess of $75,000,000, a written opinion of a Nationally Recognized Independent Financial Advisor stating that such Affiliate
Transaction meets the requirements of clause (i).

 

(b)
The foregoing provisions will not apply to the following:

 

(i)
transactions between or among the Canadian Borrower or any of the Restricted Subsidiaries; provided that in the case of non-wholly
owned Restricted Subsidiaries, no Affiliate of the Canadian Borrower (other than another Restricted Subsidiary) owns more than
10% of the Equity Interests in such Restricted Subsidiary;

 

(ii)
(x) Restricted Payments permitted by Section 6.06 and (y) Permitted Investments;

 

(iii)
the payment of reasonable and customary fees paid to, and indemnities provided on behalf of, and ordinary course employment
and severance agreements entered into the ordinary course of business or in connection with a
Permitted Change of Control;

 

(f)
payment of customary fees and reasonable out-of-pocket expenses to, and indemnities provided on behalf of directors, officers and
employees of Holdings and its Restricted Subsidiaries in the ordinary course of business;with,
officers, directors, employees or consultants of the Canadian Borrower, any of its direct or indirect parent companies or any Restricted
Subsidiary;

 

(iv)
transactions in which the Canadian Borrower or any Restricted Subsidiary, as the case may be, delivers to the Administrative Agent
a letter from a Nationally Recognized Independent Financial Advisor stating that such transaction is fair to the Canadian Borrower
or such Restricted Subsidiary from a financial point of view or meets
the requirements of clause (a) of the preceding paragraph;

 

(v)
other than in respect of the Consulting Services Agreement (which is addressed in clause (12) below), any agreement as in effect
as of the Measurement Date, or any amendment thereto (so long as any such agreement, together with all amendments thereto, taken
as a whole, is not more disadvantageous as determined by the Canadian Borrower to the Lenders in any material respect than the
agreement in effect as of the Measurement Date) or any transactions contemplated thereby;

 

(vi)
the existence of, or the performance by the Canadian Borrower or any of its Restricted Subsidiaries of its obligations under the
terms of, any stockholders agreement (including any registration rights agreement or purchase agreement related thereto) to which
it is a party as of the Measurement Date and any similar agreements which it may enter into thereafter; provided, however, that
the existence of, or the performance by the Canadian Borrower or any Restricted Subsidiary of obligations under any future amendment
to any such existing agreement or under any similar agreement entered into after the Measurement Date shall only be permitted by
this subclause (vi) to the extent that the terms of any such agreement, together with all amendments thereto, taken as a whole,
or new agreement are not more disadvantageous as determined by the Canadian Borrower to the Lenders or the Canadian Borrower and
its Restricted Subsidiaries in any material respect than the agreement in effect as of the Measurement Date;

 

    176

     

    

 

(vii)
any payments of tax distributions in accordance with Section 3.7 of the Ancillary Agreement that do not exceed $2,000,000 per calendar
year and any payments of tax distributions in accordance with Section 6.06(b)(x)(A);

 

(viii)
any transaction with a joint venture or similar entity which would constitute an Affiliate Transaction solely because the Canadian
Borrower or a Restricted Subsidiary owns an equity interest in or otherwise controls such joint venture or similar entity; provided
that no Affiliate of the Canadian Borrower or any of its Subsidiaries other than the Canadian Borrower or a Restricted Subsidiary
shall have a beneficial interest in such joint venture or similar entity;

 

(ix)
the issuance of Equity Interests (other than Disqualified Capital Stock) of the Canadian Borrower to any Person;

 

(x)
(g) transactions pursuant to agreements in existence on the Amendment No. 2 Effective
Date and set forth on Schedule 6.12 or any amendment thereto to the extent such amendment
is not adverse to the Lenders in any material respect as determined in good faith by the Canadian Borrowerpayments
or loans (or cancellation of loans) to employees or consultants of the Canadian Borrower, any of its direct or indirect parent
companies or any Restricted Subsidiary which are approved by a majority of the Board of Directors of the Canadian Borrower in good
faith;

 

(h)
(i) payments

 

(xi)
any Spectrum Repurposing;

 

(xii)
(A) the annual fee of $5,000,000 to be paid to Loral of fees underpursuant
to the Consulting Services Agreement not
to exceed $5.0 million per yearas in effect on the Measurement
Date, which fee may be payable in the form of cash
or Mezzanine Securities, (ii) reimbursement payments under the Consulting AgreementB)
reimbursements for payments to non-affiliated
third parties incurred by Loral, PSP or other affiliatesmade
by any Permitted Holders on behalf of Holdings the
Canadian Borrower and/or its Restricted Subsidiaries pursuant
to the Consulting Services Agreement not to exceed $2.0 million2,000,000
in the aggregate perin
any calendar year, (iiiC)
payment for services rendered under the Consulting Agreement as in effect on the Amendment No.
2 Effective Date not to exceed $5.0 million per year and approved by a majority of the disinterested directors of HoldingsServices
Agreement as in effect on the Measurement Date not to exceed $5,000,000 per calendar year to the extent such payments are approved
by the Independent Directors in accordance with the provisions of the Consulting Agreement
as in effect on the Amendment No. 2 Effective Date, (iv) the payment to any BuyerServices
Agreement as in effect on the Measurement Date and (D) the payment to any purchaser who purchases all or a majority of the Equity
Interests of the Canadian Borrower in accordance with the terms of this Agreement (and such purchase does not result in a Change
of Control and a Rating Decline) of reasonable management, monitoring, consulting and advisory fees, indemnities and
related expenses, as reasonably determined by the Canadian Borrower and the Buyer (provided
that if the amount of such management, monitoring, consulting and advisory fees shall have been posted to the Lenders and
the Required Lenders shall not have objected to such amount within five Business Days after such posting, then such amount shall
be deemed to be reasonable)such purchaser
in an aggregate amount pursuant to this clause (ivd)
not to exceed 2% of Consolidated EBITDA in any year and (v) payments (including reimbursement
of out-of-pocket fees and expenses) by Holdings and any Restricted Subsidiaries to the Buyer or any other Permitted Investor made
for any management, monitoring, consulting, advisory, financial, underwriting or placement services or in respect of investment
banking activities (including in connection with acquisitions or divestitures, whether or not consummated) or management, monitoring,
consulting or advisory fees, which payments are approved by the majority of the members of the Board of Directors of Holdings or
a majority of the disinterested members of the Board of Directors of Holdings, in good faith;

 

    177

     

    

 

(i)
(x) transactions approved by a majority of the disinterested members (who are not an officer, employee, director or appointee of
Loral and its Affiliates to the extent Loral or its Affiliates are a party to such transaction) of Holdings’ Board of Directors
in which Holdings or any Restricted Subsidiary delivers to the Administrative Agent a letter from a nationally recognized investment
banking, appraisal or accounting firm stating that such transaction is fair to Holdings or
such Restricted Subsidiary from a financial point of view or (y)(1) transactions on terms that
are not materially less favorable to Holdings or the relevant Restricted Subsidiary than those that could have been obtained in
a comparable transaction by Holdings or such Restricted Subsidiary with a Person that is not an Affiliate or (2), in the event
that there are no comparable transactions involving Persons that are not Affiliates, on terms that Holdings has determined to be
fair, taken as a whole, to Holdings or the relevant Restricted Subsidiary as certified to the Administrative Agent in a certificate
of a Responsible Officer of the Borrowers; provided that
with respect to any transaction or series of transactions involving aggregate payments or consideration in excess of US$75.0 million,
Holdings or any Restricted Subsidiary shall deliver to the Administrative Agent a letter from a nationally recognized investment
banking, appraisal or accounting firm stating that such transaction meets, as applicable, the requirements of clause (y)(1) or,
to the extent such transaction is entered into pursuant to clause (y)(2), that such transaction is on terms that are fair, taken
as a whole, to Holdings or the relevant Restricted Subsidiary; and 

 

(j)
;

 

(xiii)
any Unrestricted Subsidiary Support Transaction;

 

(xiv)
pledges of Equity Interests of Unrestricted Subsidiaries;

 

(xv)
transactions permitted by, and complying with, the provisions of Section 6.03;

 

(xvi)
any contribution of capital to the Canadian Borrower;

 

(xvii)
(A) transactions with customers, clients, suppliers or purchasers or sellers of goods or services, or transactions otherwise relating
to the purchase or sale of goods or services, in each case in the ordinary course of business and otherwise in compliance with
the terms of this Agreement, which are fair to the Canadian Borrower and its Restricted Subsidiaries in the reasonable determination
of the Board of Directors or the senior management of the Canadian Borrower, or are on terms at least as favorable as might reasonably
have been obtained at such time from an unaffiliated party or (B) transactions with joint ventures or Unrestricted Subsidiaries
entered into in the ordinary course of business; and

 

(xviii)
the incurrence by Holdingsthe
Canadian Borrower of Dividend Obligations and payments of interest and principal related thereto;

 

(k)
transactions (or series of related transactions) involving aggregate payments or consideration or fair market value of not more
than $15.0 million.

 

Section
6.13 [Reserved].Limitation
on Activities of the U.S. Borrower. The U.S. Borrower may not hold any material assets, become liable for any material
obligations, engage in any trade or business, or conduct any business activity, other than (1) the issuance of its Equity Interests
to the Canadian Borrower or any Restricted Subsidiary of the Canadian Borrower that is a Wholly Owned Subsidiary, (2) the incurrence
of Indebtedness as a co-obligor or guarantor, as the case may be, of the Senior Notes or the Senior Secured Notes, the Obligations
and any other Indebtedness that is permitted to be incurred by the Canadian Borrower under Section 6.01; provided that the net
proceeds of such Indebtedness are not retained by the U.S. Borrower, and (3) activities incidental thereto. Neither the Canadian
Borrower nor any Restricted Subsidiary shall engage in any transactions with the U.S. Borrower in violation of the immediately
preceding sentence. 

 

Section
6.14 [Reserved]. Limitations
on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries

 

    178

     

    

 

SECTION
6.15 [Reserved]. .
The Canadian Borrower will not, and will not permit any Restricted Subsidiary to, directly or indirectly, create or otherwise
cause or suffer to exist or become effective any consensual encumbrance or consensual restriction on the ability of any such Restricted
Subsidiary to:

 

(a)
(1) pay dividends or make any other distributions to the Canadian Borrower or any Restricted Subsidiary:

 

(x)
on its Capital Stock, or

 

(y)
with respect to any other interest or participation in, or measured by, its profits, or

 

(i)
pay any Indebtedness owed to the Canadian Borrower or any Restricted Subsidiary;

 

(b)
make loans or advances to the Canadian Borrower or any Restricted Subsidiary; or

 

(c)
sell, lease or transfer any of its properties or assets to the Canadian Borrower or any Restricted Subsidiary, 

 

except
(in each case) for such encumbrances or restrictions existing under or by reason of:

 

(i)
contractual encumbrances or restrictions in effect on the Measurement Date, including pursuant to the Senior Notes, and contractual
encumbrances or restrictions in effect on the Amendment No. 6 Effective Date pursuant to the Senior Secured Notes;

 

(ii)
this Agreement and Guarantees;

 

(iii)
purchase money obligations and Finance Lease Obligations for property acquired in the ordinary course of business that impose restrictions
of the nature discussed in clause (c) above on the property so acquired or leased;

 

(iv)
applicable law or any applicable rule, regulation or order; 

 

(v)
any agreement or other instrument of a Person acquired by the Canadian Borrower or any Restricted Subsidiary in existence at the
time of such acquisition (but not created in contemplation thereof), which encumbrance or restriction is not applicable to any
Person, or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired;

 

(vi)
contracts for the sale of assets, including customary restrictions with respect to a Subsidiary pursuant to an agreement that has
been entered into for the sale or disposition of all or substantially all of the Capital Stock or assets of such Subsidiary;

 

(vii)
Secured Indebtedness otherwise permitted to be incurred pursuant to Section 6.01 and Section 6.02 that limit the right of the debtor
to dispose of the assets securing such Indebtedness;

 

(viii)
restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of
business;

 

(ix)
customary provisions in joint venture agreements and other similar agreements;

 

(x)
customary provisions contained in leases and other agreements entered into in the ordinary course of business;

 

(xi)
other Indebtedness of the Canadian Borrower or any Restricted Subsidiary that is incurred subsequent to the Measurement Date pursuant
to Section 6.01; provided that such encumbrances or restrictions (A) are no less favorable to the Canadian Borrower or such Restricted
Subsidiary, taken as a whole, than those included in this Agreement (as determined by the Canadian Borrower in good faith) or (B)
will not materially affect the Borrowers’ ability to make anticipated principal or interest payments pursuant to this Agreement
(as determined by the Canadian Borrower in good faith); and

 

    179

     

    

 

(xii)
any encumbrances or restrictions of the type referred to in clauses (a), (b) and (c) above imposed by any amendments, modifications,
restatements, renewals, increases, supplements, refundings, replacements or refinancings of
the contracts, instruments or obligations referred to in subclauses
(i) through (xi) above, provided that such amendments, modifications, restatements, renewals, increases, supplements, refundings,
replacements or refinancings are, as determined by the Canadian Borrower in good faith, not materially more restrictive with respect
to such encumbrance and other restrictions than those prior to such amendment, modification, restatement, renewal, increase, supplement,
refunding, replacement or refinancing.

 

Section
6.15 SECTION 6.16 Fiscal Year. HoldingsThe
Canadian Borrower will not, and will not permit any of the Restricted Subsidiaries to change its fiscal year-end to
a date other than December 31.

 

SECTION
6.17 No Further Negative Pledge

 

Section
6.16 Changes in Business. Holdings
will not, and will not permit any of the Restricted Subsidiaries to enter into any agreement, instrument, deed or lease which
prohibits or limits the ability of any Loan Party to create, incur, assume or suffer to exist any Lien upon any of their respective
properties or revenues, whether now owned or hereafter acquired, or which requires the grant of any security for an obligation
if security is granted for another obligation, except the following: (1) this Agreement and the other Loan Documents; (2) covenants
in documents creating Liens permitted by Section 6.02 prohibiting further Liens on the properties encumbered thereby (and any
document governing any secured Permitted Refinancing Indebtedness with respect thereto); (3) documentation with respect to the
Senior Notes in effect on the Amendment No. 2 Effective Date and listed on Schedule 6.17; (4) any other agreement that does not
restrict in any manner (directly or indirectly) Liens created pursuant to the Loan Documents on any Collateral securing the Secured
Obligations and does not require the direct or indirect granting of any Lien securing any Indebtedness or other obligation by
virtue of the granting of Liens on or pledge of property of any Loan Party to secure the Secured Obligations; (5) any prohibition
or limitation that (a) exists pursuant to applicable Requirements of Law, (b) consists of customary restrictions and conditions
contained in any agreement relating to the sale of any property permitted under Section 6.04 pending the consummation of such
sale, (c) restricts subletting or assignment of leasehold interests contained in any lease governing a leasehold interest of Holdings
or a Subsidiary, (d) exists in any agreement in effect at the time such Subsidiary becomes a Subsidiary of Holdings, so long as
such agreement was not entered into in contemplation of such person becoming a Subsidiary or (e) is imposed by any amendments
or refinancings that are otherwise permitted by the Loan Documents of the
contracts, instruments or obligations referred to in clause (3) or (5)(d); (6) arise pursuant
to agreements entered into with respect to any sale, transfer, lease, license or other disposition permitted by Section 6.04,
including customary restrictions with respect to a Subsidiary of Holdings pursuant to an agreement that has been entered into
for the sale, transfer, lease, license, or other disposition of the Equity Interests of such Subsidiary, and applicable solely
to assets under such sale, transfer, lease or other disposition; or (7) represent Indebtedness of a Non-Subsidiary Loan Party
to the extent such Indebtedness is permitted by Section 6.01; provided
that such amendments and refinancings are no more materially restrictive (as determined in good faith by the Canadian
Borrower) with respect to such prohibitions and limitations than those prior to such amendment or refinancing.The
Canadian Borrower will not, and will not permit any of its Restricted Subsidiaries to, engage in any business other than the Permitted
Business.

 

SECTION
6.18 Anti-Terrorism Laws and Anti-Money Laundering Laws.
Holdings will not, and will not permit any of its Subsidiaries to:

 

(a)
Directly or indirectly, (i) knowingly conduct any business or engage in making or receiving any contribution of funds, goods or
services to or for the benefit of any Person described in Sections 3.21(b)(i) through (iv), (ii) knowingly deal in, or otherwise
engage in any transaction relating to, any property or interests in property blocked pursuant to the Executive Order or any other
Anti-Terrorism Law, or (iii) knowingly engage in or conspire to engage in any transaction that evades or avoids, or has the purpose
of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law or Anti-Money Laundering
Law except where such conduct is not reasonably likely to expose Lenders to liability (and the Loan Parties shall deliver to the
Lenders any certification or other evidence requested from time to time by any Lender in its reasonable discretion, confirming
the Loan Parties’ compliance with this Section 6.18).

 

    180

     

    

 

(b)
Cause or permit any of the funds of such Loan Party that are used to repay the Loans or to reimburse L/C Disbursements to be derived
from any unlawful activity with the result that the making of the Loans or issuance of Letters of Credit would be in violation
of any Requirement of Law, except where such repayment will not result in a violation by the Lenders and would not reasonably be
likely to expose Lenders to liability.

 

SECTION
6.19 Embargoed Person. To the extent consistent with Canadian law, Holdings will not, and will not
permit any of its Subsidiaries to cause or permit:

 

(a)
any of the funds or properties of the Loan Parties that are used to repay the Loans to constitute property of, or be beneficially
owned directly or indirectly by, any Person subject to sanctions or trade restrictions under United States law that is identified
on (i) the list of “Specially Designated Nationals and Blocked Persons”
maintained by OFAC and/or on any other similar list maintained by OFAC pursuant to any authorizing
statute including, but not limited to, the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701 et
seq. and TWEA, or any executive order or Requirement of Law promulgated thereunder (“Embargoed
Person” or “Embargoed Persons”) or (ii) the Executive
Order and any related enabling legislation or implementing regulations except where this will not result in a violation by the
Lenders and would not reasonably be likely to expose Lenders to liability; or

 

(b)
any Embargoed Person to have any direct or indirect interest or benefit of any nature whatsoever in the Loan Parties except where
this will not result in a violation by the Lenders and would not reasonably be likely to expose Lenders to liability.

 

SECTION
6.20 Change in Business. Holdings will not, and will
not permit any of its Restricted Subsidiaries to, engage in any business other than the Permitted Business.

 

ARTICLE
VII

 

EVENTS
OF DEFAULT

 

Section
7.01 Events of Default. In case of the happening of any of the following events (“Events of Default”):

 

(a) any representation
or warranty made or deemed made by Holdingsthe
Canadian Borrower or any other Loan Party in any Loan Document, or any representation, warranty or material statement
contained in any report, certificate, financial statement or other instrument furnished in connection with or pursuant to any Loan
Document, shall prove to have been false or misleading in any material respect when so made, deemed made or furnished by Holdingsthe
Canadian Borrower or any other Loan Party;

 

(b) default shall be
made in the payment of any principal of any Loan or the reimbursement with respect to any L/C Disbursement when and as the same
shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or by acceleration thereof
or otherwise;

 

(c) default shall be
made in the payment of any interest on any Loan or on any L/C Disbursement or in the payment of any Fee (other than an amount referred
to in (b) above) due under any Loan Document, when and as the same shall become due and payable, and such default shall continue
unremedied for a period of five Business Days;

 

    181

     

    

 

(d) default shall be
made in the due observance or performance by Holdingsthe
Canadian Borrower or any of the Restricted Subsidiaries of any covenant, condition or agreement contained in Section
5.01(a) (with respect to Holdings or the Borrowers), 5.05(a), 5.08 or in Article
VI (subject to the cure rights contained in Section 7.02);

 

(e) default shall be
made in the due observance or performance by Holdingsthe
Canadian Borrower or any of the Restricted Subsidiaries of any covenant, condition or agreement contained in any Loan
Document (other than those specified in paragraphs (b), (c) and (d) above) and such default shall continue unremedied for a period
of 30 days after written notice thereof from the Administrative Agent to the Canadian Borrower;

 

(f) (i) any event or
condition occurs that (A) results in any Material Indebtedness becoming due prior to its scheduled maturity or (B) enables or permits
(with all applicable grace periods having expired) the holder or holders of any Material Indebtedness or any trustee or agent on
its or their behalf to cause any Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance
thereof, prior to its scheduled maturity; provided that such event or condition remains unremedied or has not been waived
(including in the form of an amendment) by the holders of such Indebtedness or (ii) Holdingsthe
Canadian Borrower or any of the Restricted Subsidiaries shall fail to pay the principal of any Material Indebtedness
at the stated final maturity thereof; provided that this clause (f) shall not apply to secured Indebtedness that becomes
due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness if such sale or transfer
is permitted hereunder and under the documents providing for such Indebtedness; provided, further, that this clause
(f) shall not apply to (A) Indebtedness outstanding under any Swap Agreements that becomes due pursuant to a termination event
or equivalent event under the terms of such Swap Agreements, (B) secured Indebtedness that becomes due as a result of a disposition
or a Casualty Event with respect to the property or assets securing such Indebtedness, (C) Indebtedness that is convertible into
Equity Interests and converts to Equity Interests in accordance with its terms or (D) any Indebtedness permitted to exist or be
incurred under the terms of this Agreement that is required to be repurchased, prepaid, acquired, defeased or redeemed in connection
with any asset sale event, casualty, eminent domain or condemnation event, change of control (without limiting the rights of the
Administrative Agent and the Lenders under Section 7.01(g)), excess cash flow or other customary provision in such Indebtedness
giving rise to such requirement to repurchase, prepay, acquire, defease or redeem in the absence of any default thereunder;

 

(g) there shall have
occurred a Change of Control (other than a Permitted Change of Control);

 

(h) an involuntary
proceeding shall be commenced or an involuntary petition or application shall be filed in a court of competent jurisdiction seeking
(i) relief in respect of Holdings, any Borrower or any of the Material Subsidiaries,
or of a substantial part of the property or assets of Holdings, any Borrower or
any Material Subsidiary, under Title 11 of the United States Code, as now constituted or hereafter amended, or any other federal,
state or Canadian, provincial or other foreign bankruptcy, liquidation, insolvency, receivership or similar law, including the
BIA, CCAA, and WURA, (ii) the appointment of a receiver, trustee, monitor, liquidator, custodian, sequestrator, conservator or
similar official for Holdings, any Borrower or any of the Material Subsidiaries
or for a substantial part of the property or assets of Holdings, any Borrower
or any of the Material Subsidiaries or (iii) the winding-up, dissolution or liquidation of Holdings,
any Borrower or any Material Subsidiary (except, in the case of any Material Subsidiary (other than any Borrower), in a transaction
permitted by Section 6.03); and such proceeding or petition or application shall continue undismissed for 60 days or an order or
decree approving or ordering any of the foregoing shall be entered;

 

(i) Holdings,
any Borrower or any Material Subsidiary shall (i) voluntarily commence any proceeding or file any petition or application
seeking relief under Title 11 of the United States Code, as now constituted or hereafter amended, or any other federal, state or
Canadian, provincial or other foreign bankruptcy, insolvency, receivership or similar law, including the BIA, CCAA, and WURA, (ii)
seek, or consent to, the institution of, or fail to contest in a timely and appropriate manner, any proceeding or the filing of
any petition or application described in paragraph (h) above, (iii) apply for or consent to the appointment of a receiver, trustee,
custodian, monitor, liquidator, sequestrator, conservator or similar official for Holdings,
any Borrower or any of the Material Subsidiaries or for a substantial part of the property or assets of Holdings,
any Borrower or any Material Subsidiary or (iv) file an answer or response admitting the material allegations of
a petition or application filed against it in any such proceeding;

 

    182

     

    

 

(j) the failure by
Holdings, any Borrower or any Material Subsidiary to pay one or more final monetary
judgments (not covered by insurance) aggregating in excess of $110.0 million,110,000,000,
which judgments are not discharged, vacated or effectively waived or stayed for a period of 60 consecutive days, or any action
shall be legally taken by a judgment creditor to levy upon any material assets or properties of Holdings,
any Borrower or any Material Subsidiary to enforce any such judgment;

 

(k) (i) An ERISA Event
(or similar event with respect to a Non-U.S. Pension Plan) shall have occurred; (ii) a trustee shall be appointed by a United States
district court to administer any Plan, (iii) Holdingsthe
Canadian Borrower or any Restricted Subsidiary or any ERISA Affiliate shall have been notified by the sponsor of a Multiemployer
Plan that it has incurred or will be assessed Withdrawal Liability to such Multiemployer Plan and such person does not have reasonable
grounds for contesting such Withdrawal Liability or is not contesting such Withdrawal Liability in a timely and appropriate manner,
(iv) Holdingsthe Canadian
Borrower or any Restricted Subsidiary or any ERISA Affiliate shall have been notified by the sponsor of a Multiemployer
Plan that such Multiemployer Plan is in “endangered” or “critical” status (within the meaning of Section
432 of the Code or Section 305 of ERISA) or is being terminated, within the meaning of Title IV of ERISA, (v) Holdingsthe
Canadian Borrower or any Subsidiary or any ERISA Affiliate shall engage in any “prohibited transaction”
(as defined in Section 406 of ERISA or Section 4975 of the Code) involving any Plan, (vi) any other similar event or condition
shall occur or exist with respect to a Plan, a Non-U.S. Pension Plan or a Multiemployer Plan or (vii) a Canadian Pension Event
shall have occurred with respect to a Canadian Plan; and in each case in clauses (i) through (vii) above, such event or condition,
together with all other such events or conditions under this Section 7.01(k), if any, could reasonably be expected to have a Material
Adverse Effect;

 

(l) (i) any Loan Document
shall for any reason be asserted in writing by Holdings, any Borrower or any Subsidiary
Loan Party not to be a legal, valid and binding obligation of any party thereto, (ii) any security interest or other Lien purported
to be created by any Security Document and to extend to assets that are not immaterial to Holdings,
any Borrower and the Subsidiaries on a consolidated basis shall cease to be, or shall be asserted in writing by any Borrower or
any other Loan Party not to be, a valid and perfected security interest or Lien, respectively, (having the priority required by
this Agreement or the relevant Security Document) in the securities, assets or properties covered thereby, except to the extent
that any such loss of perfection or priority results from the failure of the Collateral Agent to maintain possession of certificates
actually delivered to it representing securities pledged under the Security Documents or to file UCC continuation statements or
PPSA financing charges and except to the extent that such loss is covered by a lender’s title insurance policy and the Administrative
Agent shall be reasonably satisfied with the credit of such insurer or (iii) the Guarantees pursuant to the Loan Documents by Holdings,
any Borrower or the Subsidiary Loan Parties of any of the Obligations shall cease to be in full force and effect (other than in
accordance with the terms thereof), or shall be asserted in writing by Holdings,
any Borrower or any Subsidiary Loan Party not to be in effect or not to be legal, valid and binding obligations;

 

then, subject to Section 7.02, and in every
such event (other than an event with respect to the Canadian Borrower or the U.S. Borrower described in paragraph (h) or (i) above),
and at any time thereafter during the continuance of such event, the Administrative Agent, at the request of the Required Lenders,
shall, by notice to the Canadian Borrower, take any or all of the following actions, at the same or different times: (i) terminate
forthwith the Commitments, (ii) declare the Loans then outstanding to be forthwith due and payable in whole or in part, whereupon
the principal of the Loans (including the face amount of all BAs outstanding) so declared to be due and payable, together with
accrued interest thereon and any unpaid accrued Fees and all other liabilities of the Borrowers accrued hereunder and under any
other Loan Document, shall become forthwith due and payable, without presentment, demand, protest or any other notice of any kind,
all of which are hereby expressly waived by the Borrowers, anything contained herein or in any other Loan Document to the contrary
notwithstanding, (iii) demand cash collateral pursuant to Section 2.05(i) and (iv) exercise, or direct the Collateral Agent to
exercise, any or all rights and remedies under the Security Documents; and, in any event, with respect to the Canadian Borrower
or the U.S. Borrower described in paragraph (h) or (i) above, the Commitments shall automatically terminate, the principal of the
Loans then outstanding (including the face amount of all BAs outstanding), together with accrued interest thereon and any unpaid
accrued Fees and all other liabilities of the Borrowers accrued hereunder and under any other Loan Document, shall automatically
become due and payable and the Administrative Agent shall be deemed to have made a demand for cash collateral to the full extent
permitted under Section 2.05(i), without presentment, demand, protest or any other notice of any kind, all of which are hereby
expressly waived by the Borrowers, anything contained herein or in any other Loan Document to the contrary notwithstanding.

 

    183

     

    

 

Section
7.02 Holders Right to Cure.

 

(a) Notwithstanding
anything to the contrary contained in Section 7.01, in the event that Holdingsthe
Canadian Borrower reasonably expects to fail (or has failed) to comply with the requirements of the Financial Performance
Covenant as of the end of any Test Period, at any time from the end of such Test Period through and until the expiration of the
10th Business Day subsequent to the date the certificate calculating such Financial Performance Covenant is required to be delivered
pursuant to Section 5.04(c), Holdingsthe
Canadian Borrower (or any parent entity thereof) shall have the right to issue Equity Interests (other than Disqualified
Capital Stock) for cash or otherwise receive cash contributions to the capital of Holdingsthe
Canadian Borrower, and, in each case, to contribute any such cash to the capital of the Canadian Borrower (collectively,
the “Cure Right”), and upon the receipt by the Canadian Borrower of such cash (the “Cure Amount”)
pursuant to the exercise by Holdingsthe
Canadian Borrower of such Cure Right and request to the Administrative Agent to effect such recalculation, such Financial
Performance Covenant shall be recalculated giving effect to the following pro forma adjustments:

 

(i) Consolidated
EBITDA shall be increased with respect to such applicable fiscal quarter with respect to which such Cure Amount is received and
any Test Period that includes such fiscal quarter, solely for the purpose of determining whether an Event of Default has occurred
and is continuing as a result of a violation of the Financial Performance Covenant and, subject to clause (iii) below, not for
any other purpose under this Agreement, by an amount equal to the Cure Amount and there shall be no pro forma reduction in Indebtedness
(by netting or otherwise) with the proceeds of any Cure Amount for determining compliance with the Financial Performance Covenant
for the fiscal quarter for which such Cure Amount is deemed applied;

 

(ii) if,
after giving pro forma effect to such increase in Consolidated EBITDA, Holdingsthe
Canadian Borrower shall then be in compliance with the requirements of the Financial Performance Covenant, Holdingsthe
Canadian Borrower shall be deemed to have satisfied the requirements of the Financial Performance Covenant as of the
relevant date of determination with the same effect as though there had been no failure to comply therewith at such date, and the
applicable breach or default of the Financial Performance Covenant that had occurred shall be deemed cured for purposes of this
Agreement; and

 

(iii) Consolidated
First Lien Secured Debt with respect to any Test Period subsequent to the Test Period for which the Cure Amount is deemed applied
that includes such fiscal quarter with respect to which such Cure Amount is received shall be decreased solely to the extent proceeds
of the Cure Amount are applied to prepay any Indebtedness (provided that any such Indebtedness so prepaid shall be a permanent
repayment of such Indebtedness and termination of commitments thereunder) included in the calculation of Consolidated First Lien
Secured Debt.

 

(b) Limitation on
Exercise of Cure Right. Notwithstanding anything herein to the contrary, (i) in each four fiscal-quarter period there shall
be at least two fiscal quarters in which the Cure Right is not exercised, (ii) there shall be no more than five exercises of the
Cure Right and (iii) the Cure Amount shall be no greater than the amount required for purposes of complying with the Financial
Performance Covenant as of the end of such fiscal quarter.

 

ARTICLE
VIII

 

THE AGENTS

 

Section
8.01 Appointment and Authorization of the Agents.

 

(a) Appointment.
Each Lender and L/C Issuer hereby irrevocably appoints, designates and authorizes JPMCB, as Administrative Agent and Collateral
Agent, each of CIBC, BMO Capital Markets Corp., RBC Capital Markets and TD SECURITIES, as Revolving R-2 Facility joint lead arrangers
and bookrunners, JPMCB, Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA and Morgan Stanley Senior Funding, Inc., as
Revolving R-2 Facility co-arrangers, JPMCB, Credit Suisse Securities (USA) LLC, Goldman Sachs USA and Morgan Stanley Senior Funding,
Inc. as Term B-3 Loan Facility joint lead arrangers and bookrunners, CIBC, BMO Capital Markets Corp., RBC Capital Markets and TD
Securities (USA) LLCSECURITIES,
as Term B-3 Loan Facility co-arrangers, in each case in connection with Amendment No. 2, and JPMCB
as sole lead arranger and bookrunner for the Term B-4 Loan Facility in connection with Amendment No. 4
and4, JPMCB, Credit Suisse Loan Funding LLC,
Goldman Sachs Bank USA and Morgan Stanley Senior Funding, Inc. as lead arrangers in connection with Amendment No. 5, and
Goldman Sachs Bank USA, JPMCB, BMO Capital Markets, CIBC, Credit Suisse Loan Funding LLC, Morgan Stanley Senior Funding, Inc.,
RBC Capital Markets, ING Bank N.V., The Bank of Nova Scotia and TD SECURITIES, as joint lead arrangers and bookrunners for the
Revolving R-3 Facility, and JPMCB and Goldman Sachs Bank USA as joint lead arrangers and bookrunners for the Term B-5 Loan Facility
in connection with Amendment No. 6, and each Lender and each L/C Issuer authorizes each such institutions to take such
action on its behalf under the provisions of this Agreement and each other Loan Document and to exercise such powers and perform
such duties as are expressly delegated to it by the terms of this Agreement or any other Loan Document, together with such powers
as are reasonably incidental thereto. Without limiting the foregoing, each Lender and each L/C Issuer hereby authorizes the Collateral
Agent to execute and deliver, and to perform its obligations under, each of the Loan Documents to which the Collateral Agent is
a party, to exercise all rights, powers and remedies that such Agent may have under such Loan Documents and, in the case of the
Security Documents, to act as agent under such Security Documents for the Lenders. Each Swap Counterparty shall be deemed to have
appointed JPMCB, as Collateral Agent, as its agent for the purposes stated herein and the other Loan Documents. Notwithstanding
any provision to the contrary contained elsewhere herein or in any other Loan Document, the Agents shall not have any duties or
responsibilities, except those expressly set forth herein or therein, nor shall the Agents have or be deemed to have any fiduciary
relationship with any Lender or participant, and no implied covenants, functions, responsibilities, duties, obligations or liabilities
shall be read into this Agreement or any other Loan Document or otherwise exist against any Agent. Without limiting the generality
of the foregoing sentence, the use of the term “agent” herein and in the other Loan Documents with reference to any
Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable
Law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative
relationship between independent contracting parties.

 

    184

     

    

 

(b) L/C Issuers.
Each L/C Issuer shall act on behalf of the Revolving R-23
Facility Lenders with respect to any Letters of Credit issued by it and the documents associated therewith, and each L/C Issuer
shall have all of the benefits and immunities (i) provided to the Administrative Agent in this Article VIII with respect to any
acts taken or omissions suffered by such L/C Issuer in connection with Letters of Credit issued by it or proposed to be issued
by it and the applications and agreements for letters of credit pertaining to such Letters of Credit as fully as if the term “Administrative
Agent” as used in this Article VIII and in the definition of “Agent-Related Person” included the L/C Issuer with
respect to such acts or omissions, and (ii) as additionally provided herein with respect to the L/C Issuer.

 

(c) Instructions
of Required Lenders. Without limiting an Agent’s right to exercise the discretion granted hereunder or under any other
Loan Document, as to any matters not expressly provided for by this Agreement and the other Loan Documents (including enforcement
or collection), (i) the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be
required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions
of the Required Lenders, and such instructions shall be binding upon all Lenders and each L/C Issuer, (ii) the Collateral Agent
shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and
shall be fully protected in so acting or refraining from acting) upon the instructions of the Required Lenders, and such instructions
shall be binding upon the Lenders; provided, however, that neither the Administrative Agent nor the Collateral Agent
shall be required to take any action that (x) the Administrative Agent or the Collateral Agent in good faith believes exposes it
to personal liability unless such Agent receives an indemnification satisfactory to it from the Lenders and the L/C Issuers with
respect to such action or (y) is contrary to any Loan Document or applicable Law. Each of the Administrative Agent and the Collateral
Agent agrees to give to each other Agent and each Lender and each L/C
Issuer prompt notice of each notice given to it by any Loan Party pursuant to the terms of this Agreement or the other Loan Documents.

 

(d) Agency Duties
Limited to Applicable Classes. Neither the Administrative Agent nor the Collateral Agent assumes or shall be deemed to have
assumed any obligation other than as expressly set forth herein and in the other Loan Documents or any other relationship as the
agent, fiduciary or trustee of or for any Lender, L/C Issuer or holder of any other Secured Obligation.

 

    185

     

    

 

(e) Quebec Appointment.
Without limiting the foregoing, each Lender, acting for itself and on behalf of all other present and future Secured Parties, hereby
irrevocably appoints and authorizes the Collateral Agent (and any successor acting as Collateral Agent) to act as hypothecary representative
(fondé de pouvoir) (within the meaning of Article 2692 of the Civil Code of Québec) for all present and future
creditors of the obligations secured by each deed of hypothec referred to below (in such capacity the “Attorney”)
in order to hold any hypothec granted under the laws of the Province of Quebec as security for the Secured Obligations or for any
debenture, bond or other title of indebtedness that may be issued and secured pursuant to a deed of hypothec and to exercise such
rights and duties as are conferred upon a fondé de pouvoir under any such deed of hypothec and applicable laws (with
the power to delegate any such rights or duties). Moreover, without prejudice to such appointment and authorization to act as Attorney,
each Lender, for itself and for all other present and future Secured Parties, hereby irrevocably appoints and authorizes the Collateral
Agent (and any successor acting as Collateral Agent) (in such capacity, the “Custodian”) to act as agent and
custodian for and on behalf of the Lenders and the other Secured Parties to hold and to be the sole registered holder of any bond,
debenture or other title of indebtedness which may be issued under or secured by any deed of hypothec, the whole notwithstanding
Section 32 of the Act respecting the special powers of legal persons (Quebec) or any other applicable law. In this respect:
(i) the Custodian shall keep a record indicating the names and addresses of, and the pro rata portion of the obligations and indebtedness
secured by any pledge of any such bond, debenture or other title of indebtedness and owing to each Lender and each other Secured
Party, and (ii) each Lender and each other Secured Party will be entitled to the benefits of any charged property covered by any
deed of hypothec and will participate in the proceeds of realization of any such charged property, the whole in accordance with
the terms hereof. The execution prior to the Amendment No. 2 Effective Date by the Collateral Agent, as fondé de pouvoir
of any deed of hypothec or as Custodian of any other security documents made pursuant to the laws of the Province of Quebec, is
hereby ratified and confirmed.

 

Each of the Attorney
and the Custodian shall: (a) have the sole and exclusive right and authority to exercise, except as may be otherwise specifically
restricted by the terms hereof, all rights and remedies given to the Attorney and the Custodian (as applicable) pursuant to any
deed of hypothec, pledge agreement, applicable laws or otherwise, (b) benefit from and be subject to all provisions hereof with
respect to the Collateral Agent, including, without limitation, all such provisions with respect to the liability or responsibility
to and indemnification by the Lenders, and (c) be entitled to delegate from time to time any of its powers or duties under any
deed of hypothec or pledge agreement on such terms and conditions as it may determine from time to time. Any person who becomes
a Secured Party shall be deemed to have consented to and confirmed: (i) the Attorney as hypothecary representative (fondé
de pouvoir) as aforesaid and to have ratified, as of the date it becomes a Secured Party, all actions taken by the Attorney
in such capacity, and (ii) the Custodian as the agent and custodian as aforesaid and to have ratified, as of the date it becomes
a Secured Party, all actions taken by the Custodian in such capacity.

 

In the event of the
appointment of a successor Collateral Agent, such successor Collateral Agent shall also act as successor Attorney under each deed
of hypothec referred to above without any further agreement, action or other formality (subject to, prior to the successor Attorney
exercising the rights relating to a hypothec created under any such deed of hypothec, the publication by registration of a notice
of replacement in the applicable registers in accordance with the terms of Article 2692 of the Civil Code of Québec).

 

Section
8.02 Delegation of Duties. The Administrative Agent and the Collateral Agent may execute any of its duties hereunder
or under the other Loan Documents by or through agents, employees or attorneys-in-fact and shall be entitled to advice of counsel
and other consultants or experts concerning all matters pertaining to such duties. The Administrative Agent and the Collateral
Agent shall not be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it in the absence
of gross negligence or willful misconduct.

 

Section
8.03 Exculpatory Provisions. No Agent-Related Person shall be (i) liable for any action lawfully taken or omitted
to be taken by any of them under or in connection herewith or in connection with any of the other Loan Documents or the transactions
contemplated hereby or thereby (except for its own gross negligence or willful misconduct in connection with its duties expressly
set forth herein) or (ii) responsible in any manner to any of the Lenders or participants for any recitals, statements, representations
or warranties made by any of the Loan Parties contained herein or in any of the other Loan Documents or in any certificate, report,
document, financial statement or other written or oral statement referred to or provided for in, or received by an Agent under
or in connection herewith or in connection with the other Loan Documents, or enforceability or sufficiency therefor of any of
the other Loan Documents, or for any failure of any Loan Party to perform its obligations hereunder or thereunder. No Agent-Related
Person shall be under any obligation to any Lender or participant or be required to ascertain or inquire as to the performance
or observance of any of the terms, conditions, provisions, covenants or agreements contained herein or therein or as to the use
of the proceeds of the Loans or the use of the Letters of Credit or of the existence or possible existence of any Default or Event
of Default or to inspect the properties, books or records of the Loan Parties or any Affiliate thereof. The
Administrative Agent shall not be responsible or have any liability for, or have any duty to ascertain, inquire into, monitor
or enforce, compliance with the provisions hereof relating to Disqualified Lenders and Net Short Lenders. Without limiting the
generality of the foregoing, the Administrative Agent shall not (x) be obligated to ascertain, monitor or inquire as to whether
any Lender or prospective Lender is a Disqualified Lender or a Net Short Lender or (y) have any liability with respect to or arising
out of any assignment of Loans, or disclosure of confidential information to, any Disqualified Lender, or any direction or instruction
given to the Administrative Agent by any Net Short Lender. 

 

    186

     

    

 

Section
8.04 Reliance on Communications.

 

(a) Each Agent shall
be entitled to rely, and shall be fully protected in relying, upon any writing, communication, signature, resolution, representation,
notice, consent, certificate, affidavit, letter, telegram, facsimile, telex or telephone message, electronic mail message, statement
or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper
Person or Persons, and upon advice and statements of legal counsel (including counsel to any Loan Party), independent accountants
and other experts selected by such Agent. Each Agent shall be fully justified in failing or refusing to take any action under any
Loan Document unless it shall first receive such advice or concurrence of the Required Lenders as it deems appropriate and, if
it so requests, it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense which
may be incurred by it by reason of taking or continuing to take any such action. Each Agent shall in all cases be fully protected
in acting, or in refraining from acting, under this Agreement or any other Loan Document in accordance with a request or consent
of the Required Lenders (or such greater number of Lenders as may be expressly required hereby in any instance) and such request
and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders.

 

(b) For purposes of
determining compliance with the conditions specified in Section 4.01, each Lender that has signed this Agreement shall be deemed
to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented
to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such
Lender prior to the proposed Amendment No. 2 Effective Date specifying its objection thereto.

 

Section
8.05 Notice of Default. No Agent shall be deemed to have knowledge or notice of the occurrence of any Default, except
with respect to defaults in the payment of principal, interest and fees required to be paid to the Agent for the account of the
Lenders, unless the Agent shall have received written notice from a Lender or any Borrower referring to this Agreement, describing
such Default and stating that such notice is a “notice of default.” The Administrative Agent will notify the Lenders
of its receipt of any such notice. The Administrative Agent shall take such action with respect to such Default as may be directed
by the Required Lenders in accordance with Article VII; provided, however, that unless and until the Administrative
Agent has received any such direction, the Administrative Agent may (but shall not be obligated to) take such action, or refrain
from taking such action, with respect to such Default as it shall deem advisable or in the best interest of the Lenders.

 

Section
8.06 Credit Decision; Disclosure of Information by Administrative Agent; No Reliance on Arrangers’ or Agents’
Customer Identification Program.

 

(a) Independent
Credit Decision. Each Lender acknowledges that no Agent-Related Person has made any representation or warranty to it, and that
no act by the Administrative Agent hereafter taken, including any consent to and acceptance of any assignment or review of the
affairs of any Loan Party or any Affiliate thereof, shall be deemed to constitute any representation or warranty by any Agent-Related
Person to any Lender as to any matter, including whether Agent-Related Persons have disclosed material information in their possession.
Each Lender represents to the Administrative Agent that it has, independently and without reliance upon any Agent-Related Person
and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the
business, prospects, operations, property, financial and other condition and creditworthiness of the Loan Parties and their respective
Subsidiaries, and all applicable bank or other regulatory Laws relating to the transactions contemplated hereby, and made its own
decision to enter into this Agreement and to extend credit to any Borrower and the other Loan Parties hereunder. Each Lender also
represents that it will, independently and without reliance upon any Agent-Related Person and based on such documents and information
as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking
action under this Agreement and the other Loan Documents, and to make such investigations as it deems necessary to inform itself
as to the business, prospects, operations, property, financial and other condition and creditworthiness of any Borrower and the
other Loan Parties. Except for notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative
Agent herein, the Agents and the Joint Lead Arrangers shall not have any duty or responsibility to provide any Lender with any
credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness
of any of the Loan Parties or any of their respective Affiliates which may come into the possession of any Agent-Related Person.

 

    187

     

    

 

(b) U.S. Patriot
Act Customer Identification Programs. Each Lender acknowledges and agrees that neither such Lender nor any of its Affiliates,
participants or assignees may rely on the Joint Lead Arranger or any Agent to carry out such Lender’s, Affiliate’s,
participant’s or assignee’s customer identification program or other obligations required or imposed under or pursuant
to the U.S. Patriot Act or the regulations thereunder, including the regulations
contained in 31 C.F.R. 103.121 (as hereafter amended or replaced, the “CIP Regulations”), or any other Anti-Terrorism
LawLaws and Anti-Money
Laundering Laws, or the Beneficial Ownership Regulation, including any programs involving any of the following items
relating to or in connection with any of the Loan Parties, their Affiliates or agents, the Loan Documents or the transactions hereunder
or contemplated hereby: (i) any identification procedures; (ii) and recordkeeping; (iii) comparisons with government lists, (iv)
customer notices; or (v) other procedures required under the CIP Regulations,
the Beneficial Ownership Regulation or such other Laws.

 

Section
8.07 Indemnification. Whether or not the transactions contemplated hereby are consummated, the Lenders agree
to indemnify each Agent-Related Person (to the extent not reimbursed by or on behalf of any Loan Party and without limiting the
obligation of the Borrowers and the other Loan Parties to do so), ratably according to their respective Commitments (or if the
Commitments have expired or been terminated, in accordance with the respective principal amounts of outstanding Loans and Participation
Interests of the Lenders), from and against any and all indemnified liabilities which may at any time (including, without limitation,
at any time following payment in full of the Secured Obligations) be imposed on, incurred by or asserted against any Agent-Related
Person; provided that no Lender shall be liable for the payment to any Agent-Related Person of any portion of such indemnified
liabilities resulting from such Agent-Related Person’s gross negligence or willful misconduct (as determined by a court
of competent jurisdiction by a final and non-appealable judgment); provided, however, that no action taken in accordance
with the directions of the Required Lenders shall be deemed to constitute gross negligence or willful misconduct for purposes
of this Section 8.07; provided, further, that to the extent that a L/C Issuer is entitled to indemnification under
this Section 8.07 solely in its capacity and role as L/C Issuer, only the Revolving R-23
Facility Lenders shall be required to indemnify such L/C Issuer in accordance with this Section 8.07. Without limitation
of the foregoing, each Lender shall reimburse the Administrative Agent and the Collateral Agent upon demand for its ratable share
of any costs or out-of-pocket expenses (including Attorney Costs) incurred by the Administrative Agent or the Collateral Agent
in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through
negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement,
any other Loan Document or any document contemplated by or referred to herein, to the extent that the Administrative Agent or
the Collateral Agent is not reimbursed for such expenses by or on behalf of any Borrower or any other Loan Party. The agreements
in this Section 8.07 shall survive the payment of the Secured Obligations and all other obligations and amounts payable hereunder
and under the other Loan Documents and the resignation of the Administrative Agent and the Collateral Agent.

 

Section
8.08 Agents in Their Individual Capacity. JPMCB and its Affiliates may make loans to, issue letters of credit
for the account of, accept deposits from, acquire Equity Interests in and generally engage in any kind of banking, trust, financial
advisory, underwriting or other business with each of the Loan Parties and their respective Affiliates as though JPMCB were not
the Administrative Agent, an L/C Issuer, the Swingline Lender, or the Collateral Agent hereunder or under another Loan Document
and without notice to or consent of the Lenders. The Lenders acknowledge that, pursuant to such activities, JPMCB or its Affiliates
may receive information regarding any Loan Party or its Affiliates (including information that may be subject to confidentiality
obligations in favor of such Loan Party or such Affiliate) and acknowledge that the Administrative Agent and the Collateral Agent
shall be under no obligation to provide such information to them. With respect to its Loans, JPMCB shall have the same rights
and powers under this Agreement as any other Lender and may exercise such rights and powers as though it were not the Administrative
Agent, an L/C Issuer, the Swingline Lender or a Collateral Agent, and the terms “Lender” and “Lenders”
include JPMCB in its individual capacity.

 

    188

     

    

 

Section
8.09 Successor Agents. Each of the Administrative Agent and the Collateral Agent may resign as Administrative
Agent (as to one or more Classes) or Collateral Agent, as applicable, upon 30 days’ notice to the Lenders and the Borrowers;
provided that any such resignation by JPMCB shall also constitute its resignation as L/C Issuer and Swingline Lender. If
the Administrative Agent and/or Collateral Agent becomes a Defaulting Lender, then such Administrative Agent or Collateral Agent,
as the case may be, may be removed as the Administrative Agent or Collateral Agent, as the case may be, at the reasonable request
of the Canadian Borrower and the Required Lenders. Upon any such resignation or removal, the Required Lenders of the applicable
Class or Classes shall have the right, in consultation with the Borrowers, to appoint a successor Administrative Agent, which
shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. Upon
any such resignation or removal, the Required Lenders shall have the right, in consultation with the Borrowers, to appoint a successor
Collateral Agent, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in
the United States. If no successor Agent shall have been so appointed, and shall have accepted such appointment, within 30 days
after the retiring Agent’s giving of notice of resignation, then the retiring Agent may, on behalf of the Lenders of the
applicable Class or Classes, appoint a successor Administrative Agent or Collateral Agent, as the case may be, selected from among
the Lenders, and meeting the qualifications set forth above. In any case, such appointment shall be subject to the prior written
approval of the Borrowers (which approval may not be unreasonably withheld and shall not be required upon the occurrence and during
the continuance of an Event of Default). Upon the acceptance of any appointment as Administrative Agent or Collateral Agent by
a successor Agent, such successor Agent shall succeed to, and become vested with, all the rights, powers, privileges and duties
of the retiring Agent, and the retiring Agent shall be discharged from its duties and obligations under this Agreement and the
other Loan Documents. Prior to any retiring Agent’s resignation hereunder as Administrative Agent or Collateral Agent, the
retiring Agent shall take such action as may be reasonably necessary to assign to the successor Agent its rights as Administrative
Agent or Collateral Agent, as the case may be, under the Loan Documents. After such resignation, the retiring Agent shall continue
to have the benefit of this Article VIII as to any actions taken or omitted to be taken by it while it was an Agent under
this Agreement and the other Loan Documents. Upon the acceptance of its appointment as successor Agent hereunder, the Person acting
as such successor Agent shall succeed to all the rights, powers and duties of the retiring Agent (and, if applicable, L/C Issuer
and Swingline Lender) and the respective terms “Administrative Agent,” “L/C Issuer,” “Swingline
Lender,” and “Collateral Agent” shall mean such successor Administrative Agent, L/C Issuer, Swingline
Lender or Collateral Agent, and the retiring Administrative Agent’s appointment, powers and duties as Administrative Agent
shall be terminated, the retiring L/C Issuer’s and Swingline Lender’s rights, powers and duties as such shall be terminated
and the retiring Collateral Agent’s rights, powers and duties as such shall be terminated shall be terminated, without any
other or further act or deed on the part of such retiring Administrative Agent, L/C Issuer, Swingline Lender, Collateral Agent
or any other Lender, other than the obligation of the successor L/C Issuer to issue letters of credit in substitution for the
Letters of Credit, if any, outstanding at the time of such succession or to make other arrangements satisfactory to the retiring
L/C Issuer to effectively assume the obligations of the retiring L/C Issuer with respect to such Letters of Credit. After any
retiring Administrative Agent’s or Collateral Agent’s resignation hereunder as Administrative Agent or Collateral
Agent, as applicable, the provisions of this Article VIII and Sections 9.05 and 9.24 shall inure to its benefit as to any actions
taken or omitted to be taken by it while it was Administrative Agent or Collateral Agent under this Agreement. If no successor
administrative agent has accepted appointment as Administrative Agent by the date which is 30 days following a retiring or removed
Administrative Agent’s notice of resignation or removal, the retiring Administrative Agent’s resignation or removal
shall nevertheless thereupon become effective and the Lenders shall perform all of the duties of the Administrative Agent hereunder
until such time, if any, as the Required Lenders appoint a successor agent as provided for above. If no successor Collateral Agent
has accepted appointment as Collateral Agent by the date which is 30 days following a retiring or removed Collateral Agent’s
notice of resignation or removal, the retiring or removed Collateral Agent’s resignation or removal shall nevertheless thereupon
become effective and the Lenders shall perform all of the duties of the Collateral Agent hereunder until such time, if any, as
the Required Lenders appoint a successor agent as provided for above.

 

    189

     

    

 

Any resignation or
replacement of JPMCB as Administrative Agent pursuant to this Section shall also constitute its resignation or replacement as L/C
Issuer and Swingline Lender. If JPMCB resigns or is replaced as L/C Issuer, it shall retain all the rights, powers, privileges
and duties of the L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation
or replacement as L/C Issuer and all L/C Obligations with respect thereto, including the right to require the Lenders to make Revolving
R-23 Facility
Loans or fund risk participations in Unpaid Drawings. After such resignation or replacement, JPMCB shall not be required to issue
additional Letters of Credit or amend or renew Existing Letters of Credit or issue additional Swingline Loans. If JPMCB resigns
as Swingline Lender, it shall retain all the rights of the Swingline Lender provided for hereunder with respect to Swingline Loans
made by it and outstanding as of the effective date of such resignation, including the right to require the Lenders to make Revolving
R-23 Facility
Loans or fund risk participations in outstanding Swingline Loans. Upon the appointment by the Canadian Borrower of a successor
L/C Issuer or Swingline Lender hereunder (which successor shall in all cases be a Lender other than a Defaulting Lender), (a) such
successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer or
Swingline Lender, as applicable, (b) the retiring L/C Issuer and Swingline Lender shall be discharged from all of their respective
duties and obligations hereunder or under the other Loan Documents, and (c) the successor L/C Issuer shall issue letters of credit
in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory
to JPMCB to effectively assume the obligations of JPMCB with respect to such Letters of Credit.

 

Section
8.10 Administrative Agent May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation,
bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to any Loan Party, the
Administrative Agent (irrespective of whether the principal of any Loan or L/C Obligation shall then be due and payable as herein
expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the
Borrowers) shall be entitled and empowered, by intervention in such proceeding or otherwise:

 

(i) to file
and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C Obligations
and all other Secured Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in
order to have the claims of the Lenders and the Administrative Agent (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts
due the Lenders and the Administrative Agent under Sections 2.12 and 9.24) allowed in such judicial proceeding; and

 

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

 

and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender
to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of
such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses,
disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative
Agent under Sections 2.13 and 9.05.

 

Nothing contained herein
shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any
plan of reorganization, arrangement, adjustment or composition affecting the Secured Obligations or the rights of any Lender or
to authorize the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding.

 

Section
8.11 Collateral and Guaranty Matters.

 

(a) Actions Taken
by Agents or Required Lenders. Each Lender and each L/C Issuer agrees that any action taken by the Collateral Agent or the
Required Lenders (or, where required by the express terms of this Agreement, a greater or lesser proportion of the Lenders) in
accordance with the provisions of this Agreement or of the other Loan Documents, and the exercise by the Collateral Agent or Required
Lenders (or, where so required, such greater or lesser proportion) of the powers set forth herein or therein, together with such
other powers as are reasonably incidental thereto, shall be authorized and binding upon all of the Lenders, L/C Issuers, Secured
Parties. Without limiting the generality of the foregoing, (i) the Administrative Agent shall have the sole and exclusive right
and authority to act as the disbursing and collecting agent for the Lenders and the L/C Issuers with respect to all payments and
collections arising in connection herewith and with the CollateralSecurity
Documents, (ii) the Collateral Agent shall have the sole authority to (A) execute and deliver each CollateralSecurity
Document and accept delivery of each such agreement delivered by Holdings, the
Borrowers or any of its Subsidiaries, (B) act as Collateral Agent for the Lenders, the L/C Issuers, the Secured Parties for purposes
of the perfection of all security interests and Liens created by such agreements and all other purposes stated therein; provided,
however, that the Collateral Agent hereby appoints, authorizes and directs each Lender and L/C Issuer to act as collateral
sub-agent for the Collateral Agent, the Lenders and the L/C Issuers for purposes of the perfection of all security interests and
Liens with respect to the Collateral, including any deposit accounts maintained by a Loan Party with, and cash and Cash Equivalents
held by, such Lender or such L/C Issuer, (C) manage, supervise and otherwise deal with the Collateral, (D) take such action as
is necessary or desirable to maintain the perfection and priority of the security interests and Liens created or purported to be
created by the CollateralSecurity
Documents and (E) except as may be otherwise specifically restricted by the terms hereof or of any other Loan Document, exercise
to the exclusion of the Financeother
Secured Parties all remedies given to the Collateral Agent, the Lenders, the L/C Issuers, and
the other LoanSecured
Parties with respect to the Collateral under the Loan Documents relating thereto, applicable law or otherwise.

 

    190

     

    

 

(b) Certain Actions
in Respect of Security Interests and Guarantees. The Lenders irrevocably authorize the Administrative Agent or Collateral Agent,
as applicable, at its option and in its discretion:

 

(i) to release
or subordinate any Lien or release any Guarantor, in each case, to the extent permitted or required pursuant to Section 9.18 and
to take any other action, approved, authorized or ratified in writing by the Required Lenders in accordance with Section 9.08;
and

 

(ii) in connection
with the incurrence by the Borrowers or any Restricted Subsidiary of any Indebtedness that is secured by Liens permitted by Section
6.02clauses (6) (to the extent securing Indebtedness
incurred under clause (a), (h) or (i) or,
with respect to the Senior Secured Notes, (b) of the definition of Permitted Debt) or (29) of the definition of Permitted Liens,
at the request of Canadian Borrower, the Administrative Agent (including in its capacity as “collateral agent” under
the Loan Documents) agrees to execute and deliver a Customary Intercreditor Agreement and any amendments, amendments and restatements,
restatements or waivers of or supplements thereto. In connection with any such amendment, restatement, waiver, supplement or other
modification, the Loan Parties shall deliver such officers’ certificates and supporting documentation as the Administrative
Agent may reasonably request. The Lenders hereby authorize the Administrative Agent to take any action contemplated by the preceding
sentence, and any such amendment, amendment and restatement, restatement, waiver of or supplement to or other modification of any
such Loan Document shall be effective notwithstanding the provisions of Section 9.08.

 

(c) Upon request by
the Administrative Agent at any time, the Required Lenders will confirm in writing the authority of the Administrative Agent or
the Collateral Agent, as applicable, to take any action permitted under this Section 8.11.

 

Section
8.12 Other Agents; Arrangers and Managers. None of the Lenders or other Persons identified on the facing page or
signature pages of this Agreement as a “co-syndication agent,” “documentation
agent,” “co-documentation agent,” “co-agent,” “joint book runner,” “book manager,”
“lead manager,” “arranger,” “joint lead arranger” or “co-arrangerSyndication
Agent,” “Joint Book Runner,” or “Joint Lead Arranger” shall have any right, power, obligation,
liability, responsibility or duty under this Agreement other than, in the case of such Lenders, those applicable to all Lenders
as such. Without limiting the foregoing, none of the Lenders or other Persons so identified shall have or be deemed to have any
fiduciary relationship with any Lender. Each Lender acknowledges that it has not relied, and will not rely, on any of the Lenders
or other Persons so identified in deciding to enter into this Agreement or in taking or not taking action hereunder.

 

Section
8.13 Certain ERISA Matters.

 

(a)
Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the
date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the
Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrowers or any other Loan Party, that
at least one of the following is and will be true:

 

(i)
such Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit
Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the
Letters of Credit, the Commitments or this Agreement,

 

    191

     

    

 

(ii)
the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined
by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance
company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts),
PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption
for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into,
participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement,

 

(iii)
(A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part
VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter
into, participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance
into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement
satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender,
the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation
in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or

 

(iv)
such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion,
and such Lender.

 

(b)
In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a
Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding
clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y)
covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for
the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other
Loan Party, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender’s
entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this
Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement,
any Loan Document or any documents related hereto or thereto).

 

ARTICLE
IX

 

MISCELLANEOUS

 

Section
9.01 Notices.

 

(a) General.
Unless otherwise expressly provided herein, all notices and other communications provided for hereunder or any other Loan Document
shall be in writing (including by facsimile transmission). All such written notices shall be mailed, faxed or delivered to the
applicable address, facsimile number or electronic mail address, as follows:

 

(i) if to
the Borrowers, the Administrative Agent, the L/C Issuer or the Swingline Lender, to the address, facsimile number or electronic
mail address specified for such Person on Schedule 9.01 or to such other address, facsimile number or electronic mail address
as shall be designated by such party in a notice to the other parties; and

 

(ii) if to
any other Lender, to the address, facsimile number or electronic mail address specified in its Administrative Questionnaire or
to such other address, facsimile number or electronic mail address as shall be designated by such party in a notice to the Borrowers,
the Administrative Agent, the L/C Issuer and the Swingline Lender.

 

    192

     

    

 

All such notices and other communications
shall be deemed to be given or made upon the earlier to occur of (i) actual receipt by the relevant party hereto and (ii) (A) if
delivered by hand or by courier, when signed for by or on behalf of the relevant party hereto; (B) if delivered by mail, four (4)
Business Days after deposit in the mails, postage prepaid; (C) if delivered by facsimile, when sent and receipt has been confirmed;
and (D) if delivered by electronic mail, when delivered; provided that notices and other communications to the Administrative
Agent, the L/C Issuer and the Swingline Lender pursuant to Article 2 shall not be effective until actually received by such Person.
In no event shall a telephone or voice-mail message be effective as a notice, communication or confirmation hereunder.

 

(b) Effectiveness
of Facsimile Documents and Signatures. Loan Documents may be transmitted and/or signed by facsimile. The effectiveness of any
such documents and signatures shall, subject to applicable Law, have the same force and effect as manually signed originals and
shall be binding on all Loan Parties, the Agents and the Lenders. The Administrative Agent may also require that any such documents
and signatures be confirmed by a manually signed original thereof; provided that the failure to request or deliver the same
shall not limit the effectiveness of any facsimile document or signature.

 

(c) Reliance by
Agents and Lenders. The Administrative Agent and the Lenders shall be entitled to rely and act upon any notices (including
telephonic Borrowing Requests and Swingline Borrowing Requests) purportedly given by or on behalf of the Borrowers even if (i)
such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of
notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Borrowers
shall indemnify each Agent-Related Person and each Lender from all losses, costs, expenses and liabilities resulting from the reliance
by such Person on each notice purportedly given by or on behalf of the Borrowers in accordance with Section 9.05.

 

Section
9.02 Survival of Agreement. All covenants, agreements, representations and warranties made by the Loan Parties
herein, in the other Loan Documents and in the certificates or other instruments prepared or delivered in connection with or pursuant
to this Agreement or any other Loan Document shall be considered to have been relied upon by the Lenders and each L/C Issuer and
shall survive the making by the Lenders of the Loans, the execution and delivery of the Loan Documents and the issuance of the
Letters of Credit, regardless of any investigation made by such persons or on their behalf, and shall continue in full force and
effect as long as the principal of or any accrued interest on any Loan or L/C Disbursement or any Fee or any other amount payable
under this Agreement or any other Loan Document is outstanding and unpaid or any Letter of Credit is outstanding and so long as
the Commitments have not been terminated. Without prejudice to the survival of any other agreements contained herein, indemnification
and reimbursement obligations contained herein (including pursuant to Sections 2.16, 2.17, 2.18 and 9.05) shall survive the payment
in full of the principal and interest hereunder, the expiration of the Letters of Credit and the termination of the Commitments
or this Agreement.

 

Section
9.03 Binding Effect. This Agreement shall become effective when it shall have been executed by each of the
Loan Parties and the Administrative Agent and when the Administrative Agent shall have received copies hereof which, when taken
together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit
of the applicable Loan Party, each L/C Issuer, the Administrative Agent and each Lender and their respective permitted successors
and assigns.

 

Section
9.04 Successors and Assigns.

 

(a) The provisions
of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns
permitted hereby (including any Affiliate of any L/C Issuer that issues any Letter of Credit), except that (i) other than as permitted
by Section 6.03, no Borrower may assign or otherwise transfer any of its rights or obligations hereunder without the prior written
consent of each Lender (and any attempted assignment or transfer by a Borrower without such consent shall be null and void) and
(ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section. 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 (including any Affiliate of any L/C Issuer that issues any Letter of Credit), Loan Participants
(to the extent provided in paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the Related Parties
of each of the Agents, each L/C Issuer and the Lenders) any legal or equitable right, remedy or claim under or by reason of this
Agreement.

 

    193

     

    

 

(b)

 

(i) Subject
to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more assignees all or a portion of its
rights and obligations under this Agreement (including all or a portion of its Commitment and/or the Loans at the time owing to
it) with the prior written consent (such consent not to be unreasonably withheld or delayed) of:

 

(A) the Canadian
Borrower; provided that no consent of the Canadian Borrower shall be required for an assignment (x) of any Term Loan to
a Lender or an Affiliate of a Lender or an Approved Fund (unless increased costs would result therefrom), (y) of any Term Loan,
Revolving R-23
Facility Commitment and/or Revolving R-23
Facility Loan by Goldman Sachs Bank USA to Goldman Sachs Lending Partners LLC or (z) if an Event of Default under Sections 7.01(b),
(c), (h) or (i) has occurred and is continuing, any other assignee (provided that any liability of the Borrowers to an assignee
that is an Approved Fund or Affiliate of the assigning Lender under Section 2.16, 2.17 or 2.18 shall be limited to the amount,
if any, that would have been payable hereunder by such Borrower in the absence of such assignment, except to the extent the assignee’s
entitlement to a greater payment results from a Change in Law after the assignment); provided, further, that the
Canadian Borrower shall be deemed to have consented to any assignment of a Term Loan unless it shall object to such assignment
by written notice to the Administrative Agent within ten Business Days after having received notice of such assignment; provided,
further, that it shall be understood that, without limitation, the Canadian Borrower shall have the right to withhold its
consent to any assignment if, in order for such assignment to comply with applicable law, the Canadian Borrower would be required
to obtain the consent of, or make any filing or registration with, any Governmental Authority; and

 

(B) the Administrative
Agent; provided that no consent of the Administrative Agent shall be required for an assignment of (i) a Revolving R-23
Facility Commitment and/or Revolving R-23
Facility Loan to an assignee that is a Lender with a Revolving R-23
Facility Commitment and/or Revolving R-23
Facility Loan immediately prior to giving effect to such assignment, or (ii) a Term Loan to a Lender, an Affiliate of a Lender
or Approved Fund immediately prior to giving effect to such assignment or (iii) of Loans to any Purchasing Borrower Party or any
Affiliated Lender; and

 

(C) in the
case of an assignment of Revolving R-23
Facility Loans and/or Commitments, the L/C Issuer; provided that no consent of the L/C Issuer shall be required for an assignment
of (i) a Revolving R-23
Facility Commitment and/or Revolving R-23
Facility Loan to an assignee that is a Lender with a Revolving R-23
Facility Commitment and/or Revolving R-23
Facility Loan, immediately prior to giving effect to such assignment, or (ii) of Loans to any Affiliated Lender.

 

Notwithstanding
the foregoing or anything to the contrary set forth herein, any assignment of any Loans to a Purchasing Borrower Party or any Affiliated
Lender shall also be subject to the requirements of Section 9.04(e).

 

(ii) Assignments
shall be subject to the following additional conditions:

 

(A) except
in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund or an assignment of the entire remaining
amount of the assigning Lender’s Commitment, the amount of the commitment of the assigning Lender subject to each such assignment
(determined as of the date the Assignment and Acceptance with respect to such assignment is delivered to the Administrative Agent)
shall not be less than (x) $5.0 million,5,000,000,
in the case of Revolving R-23
Facility Commitments or Revolving R-23
Facility Loans and (y) $1.0 million1,000,000
in the case of Term Loans, unless each of the Canadian Borrower and the Administrative Agent otherwise consent; provided
that multiple contemporaneous assignments by Approved Funds may be aggregated for the purpose of compliance with clauses (x) and
(y) above; and further provided that no such consent of the Canadian Borrower shall be required if an Event of Default under
paragraph (b), (c), (h) or (i) of Section 7.01 has occurred and is continuing; and

 

    194

     

    

 

(B) each partial
assignment shall be made as an assignment of a proportionate part of the assigning Lender’s rights and obligations being
so assigned under this Agreement; and

 

(C) the parties
to each assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance, together with a processing
and recordation fee of $3,500.3,500;
and

 

(D)
no assignment shall be made to any Disqualified Lender, it being understood that the Administrative Agent and any Lender may share
the list of Disqualified Lenders with any Lender or potential Lender at any time in their sole discretion.

 

(iii) Subject
to acceptance and recording thereof pursuant to paragraphs (b)(i) and (b)(iv) of this Section, from and after the effective date
specified in each Assignment and Acceptance, the assignee thereunder shall be a party hereto and, to the extent of the interest
assigned by such Assignment and Acceptance, have the rights and obligations of a Lender under this Agreement, and the assigning
Lender hereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations
under this Agreement (and, in the case of an Assignment and Acceptance covering all of the assigning Lender’s rights and
obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits
of Sections 2.16, 2.17, 2.18 and 9.05). Any assignment or transfer by a Lender of rights or obligations under this Agreement that
does not comply with this Section 9.04 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 paragraph (c) of this Section.

 

(iv) The
Administrative Agent, acting for this purpose as a non-fiduciary agent of the Borrowers, shall maintain at one of its offices a
copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders,
and the Commitment of, and principal amount (and stated interest) of the Loans and L/C Disbursements owing to, each Lender pursuant
to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and
the Borrowers, the Agents, each L/C Issuer and the Lenders shall treat each person whose name is recorded in the Register pursuant
to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register
shall be available for inspection by the Borrowers and any Lender (solely with respect to its own outstanding Loans and Commitments),
at any reasonable time and from time to time upon reasonable prior notice.

 

(v) Upon
its receipt of a duly completed Assignment and Acceptance executed by an assigning Lender and an assignee and any written consent
to such assignment required by paragraph (b) of this Section, the Administrative Agent acting for itself and, in any situation
wherein the consent of the Canadian Borrower is not required, the Canadian Borrower shall accept such Assignment and Acceptance
and record the information contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless
it has been recorded in the Register as provided in this paragraph.

 

(c)

 

(i) Any Lender
may, without the consent of the Canadian Borrower, the Administrative Agent, any L/C Issuer or any Swingline Lender, sell participations
to one or more banks or other entities (a “Loan Participant”) in all or a portion of such Lender’s rights
and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it); provided,
that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible
to the other parties hereto for the performance of such obligations and (C) the Borrowers, the Agents, each L/C Issuer 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 agreement or instrument (oral or written) pursuant to which a Lender sells such a participation shall
provide that such Lender shall retain the sole right to enforce this Agreement and the other Loan Documents and to approve any
amendment, modification or waiver of any provision of this Agreement and the other Loan Documents; provided that (x) such
agreement or instrument may provide that such Lender will not, without the consent of the Loan Participant, agree to any amendment,
modification or waiver described in Section 9.04(a)(i) or clauses (i), (ii), (iii), (iv) or (v) of the first proviso to Section
9.08(b) that affects such Loan Participant and (y) no other agreement (oral or written) with respect to such participation may
exist between such Lender and such Loan Participant. Subject to paragraph (c)(ii) of this Section, each of the Borrowers agree
that each Loan Participant shall be entitled to the benefits of Sections 2.16, 2.17 and 2.18 (subject to the requirements and limitations
therein, including the requirements under Section 2.18(e))
to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section
(provided that any documentation required pursuant to Section 2.18(e)
shall be provided solely to the participating Lender). Each Lender that sells a participation shall, acting solely for
this purpose as a non-fiduciary agent of the Borrowers, maintain a register on which it enters the name and address of each Loan
Participant and the principal and interest amounts of each Loan Participant’s interest in the Loans held by it (the “Participant
Register”). The entries in the Participant Register shall be conclusive, absent manifest error, and such Lender shall
treat each Person whose name is recorded in the Participant Register as the owner of such Loan or other obligation hereunder for
all purposes of this Agreement notwithstanding any notice to the contrary. To the extent permitted by law, each Loan Participant
also shall be entitled to the benefits of Section 9.06 as though it were a Lender; provided such Loan Participant agrees
to be subject to Section 2.18(c2.19(e)
as though it were a Lender.

 

    195

     

    

 

(ii) A Loan
Participant shall not be entitled to receive any greater payment under Section 2.16, 2.17 or 2.18 than the applicable Lender would
have been entitled to receive with respect to the participation sold to such Loan Participant, except to the extent that the entitlement
to any greater payment results from any Change in Law after the Person becomes a Loan Participant, unless the sale of the participation
to such Loan Participant is made with the Canadian Borrower’s prior written consent.

 

(d) Any Lender may
at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations
of such Lender, including (i) any pledge or assignment to secure obligations to a Federal Reserve Bank or central bank and (ii)
in the case of any Lender that is an Approved Fund, any pledge or assignment to any holders of obligations owed, or securities
issued, by such Lender including to any trustee for, or any other representative of, such holders, and this Section shall not apply
to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest
shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party
hereto.

 

(e)

 

(i) Notwithstanding
anything else to the contrary contained in this Agreement, any Lender may assign all or a portion of its Term Loans to any Purchasing
Borrower Party or any Affiliated Lender in accordance with Section 9.04(b) (which assignment, if to a Purchasing Borrower Party,
will not, except for purposes of making the calculations set forth in Section 2.12(d), constitute a prepayment of Loans for any
purposes of this Agreement and the other Loan Documents); provided that:

 

(A) with respect
to any assignment to a Purchasing Borrower Party, no Event of Default has occurred or is continuing or would result therefrom;

 

(B) with respect
to any such assignment to a Purchasing Borrower Party, either (x) such Purchasing Borrower Party shall offer to all Lenders within
any Class of Term Loans (but not, for the avoidance of doubt, to every Class) to buy the Term Loans within such Class on a pro
rata basis based on the then outstanding principal amount of all Term Loans of such Class, pursuant to procedures to be reasonably
agreed between the Administrative Agent and the Canadian Borrower or (y) such assignment shall be effected pursuant to an open
market purchase;

 

(C) the assigning
Lender and Purchasing Borrower Party or Non-Debt Fund Affiliate purchasing such Lender’s Term Loans, as applicable, shall
execute and deliver to the Administrative Agent an assignment agreement substantially in the form of Exhibit Q or such other form
as shall be reasonably acceptable to the Canadian Borrower and the Administrative Agent (an “Affiliated Lender Assignment
and Acceptance”) in lieu of an Assignment and Acceptance;

 

    196

     

    

 

(D) for the
avoidance of doubt, Lenders shall not be permitted to assign Revolving R-23
Facility Commitments, Revolving R-23
Facility Loans, Extended Revolving Credit Commitments or Extended Revolving Credit Loans to any Purchasing Borrower Party or any
Affiliated Lender;

 

(E) any Term
Loans assigned to any Purchasing Borrower Party shall be automatically and permanently cancelled upon the effectiveness of such
assignment and will thereafter no longer be outstanding for any purpose hereunder;

 

(F) no Purchasing
Borrower Party may use the proceeds from Revolving R-23
Facility Loans, Extended Revolving Credit Loans or Swingline Loans to purchase any Term Loans;

 

(G) no Term
Loan may be assigned to a Non-Debt Fund Affiliate pursuant to this Section 9.04(e) if, after giving pro forma effect to such assignment,
Non-Debt Fund Affiliates in the aggregate would own in excess of 25% of the Term Loans of any Class then outstanding (determined
as of the time of such purchase); and

 

(H) any purchases
or assignments of Loans by a Purchasing Borrower Party or a Non-Debt Fund Affiliate made through “dutch auctions” shall
(i) be conducted pursuant to procedures to be established by the applicable “auction agent” that are consistent with
this Section 9.04(e) and are otherwise reasonably acceptable to the Canadian Borrower and (ii) require that such Person clearly
identify itself as a Purchasing Borrower Party or an Affiliated Lender, as the case may be, in any assignment and acceptance agreement
executed in connection with such purchases or assignments.

 

(ii) Notwithstanding
anything to the contrary in this Agreement, no Non-Debt Fund Affiliate shall have any right to (A) attend (including by telephone)
any meeting or discussions (or portion thereof) among the Administrative Agent, the Collateral Agent or any Lender to which representatives
of the Loan Parties are not invited, (B) receive any information or material prepared by the Administrative Agent, the Collateral
Agent or any Lender or any communication by or among the Administrative Agent, the Collateral Agent and/or one or more Lenders,
except to the extent such information or materials have been made available to any Loan Party or its representatives (and in any
case, other than the right to receive notices of prepayments and other administrative notices in respect of its Loans required
to be delivered to Lenders pursuant to Sections 2 of this Agreement) or (C) make or bring (or participate in, other than as a passive
participant in or recipient of its pro rata benefits of) any claim, in its capacity as a Lender, against the Administrative Agent
or the Collateral Agent with respect to any duties or obligations or alleged duties or obligations of such Agent under the Loan
Documents or to challenge such Agent’s attorney-client privilege.

 

(iii) By
its acquisition of Term Loans, a Non-Debt Fund Affiliate shall be deemed to have acknowledged and agreed that if a case under the
U.S. Bankruptcy Code is commenced against any Loan Party, such Loan Party shall seek (and each Non-Debt Fund Affiliate shall consent)
to provide that the vote of any Non-Debt Fund Affiliate (in its capacity as a Lender) with respect to any plan of reorganization
or liquidation of such Loan Party shall not be counted except that such Non-Debt Fund Affiliate’s vote (in its capacity as
a Lender) may be counted to the extent any such plan of reorganization or liquidation proposes to treat the Obligations held by
such Non-Debt Fund Affiliate in a manner that is less favorable to such Non-Debt Fund Affiliate than the proposed treatment of
similar Obligations held by Lenders that are not Affiliates of the Canadian Borrower; each Non-Debt Fund Affiliate hereby irrevocably
appoints the Administrative Agent (such appointment being coupled with an interest) as such Non-Debt Fund Affiliate’s attorney-in-fact,
with full authority in the place and stead of such Non-Debt Fund Affiliate and in the name of such Non-Debt Fund Affiliate (solely
in respect of Loans and participations therein and not in respect of any other claim or status such Non-Debt Fund Affiliate may
otherwise have) from time to time in the Administrative Agent’s discretion to take any action and to execute any instrument
that the Administrative Agent may deem reasonably necessary to carry out the provisions of this clause (iii).

 

(iv) Any
Lender may assign all or a portion of the Term Loans of any Class (but not any Revolving R-23
Facility Commitments, Revolving R-23
Facility Loans, Extended Revolving Credit Loans or Extended Revolving Credit Commitments) held by it to a Debt Fund Affiliate in
accordance with Section 9.04(b).

 

    197

     

    

 

(f) Notwithstanding
any provision to the contrary, any Lender may assign to one or more wholly owned special purpose funding vehicles (each, an “SPV”)
all or any portion of its funded Loans (without the corresponding Commitment), without the consent of any Person or the payment
of a fee, by execution of a written assignment agreement in a form agreed to by such assigning Lender and such SPV, and may grant
any such SPV the option, in such SPV’s sole discretion, to provide the Borrowers all or any part of any Loans that such assigning
Lender would otherwise be obligated to make pursuant to this Agreement. Such SPVs shall have all the rights which a Lender making
or holding such Loans would have under this Agreement, but no obligations. Any such assigning Lender shall remain liable for all
its original obligations under this Agreement, including its Commitment (although the unused portion thereof shall be reduced by
the principal amount of any Loans held by an SPV). Notwithstanding such assignment, the Administrative Agent and the Canadian Borrower
may deliver notices to such assigning Lender (as agent for the SPV) and not separately to the SPV unless the Administrative Agent
and the Canadian Borrower are requested in writing by the SPV to deliver such notices separately to it. Notwithstanding anything
herein to the contrary, (i) neither the grant to the SPV nor the exercise by any SPV of such option will increase the costs or
expenses or otherwise change the obligations of the Borrower under this Agreement and the other Loan Documents, except, in the
case of Sections 2.16, 2.17 or 2.18, where (A) the increase or change results from a changeChange
in any applicable lawLaw
after the SPV becomes an SPV and the assigning Lender notifies the Canadian Borrower in writing of such increase or change no later
than ninety (90) days after such change in applicable law
becomes effectiveChange in Law or (B) the
grant was made with the Canadian Borrower’s prior written consent, (ii) the assigning Lender shall for all purposes, including
the approval of any amendment, waiver or other modification of any provision of any Loan Document and the receipt of any notices
provided by the Administrative Agent and the Canadian Borrower (as agent for the SPV) remain the Lender of record hereunder and
(iii) no SPV shall be liable for any indemnity or similar payment obligation under this Agreement (all liability for which shall
remain with the assigning Lender). The Canadian Borrower shall, at the request of any such assigning Lender, execute and deliver
to such Person as such assigning Lender may designate, a promissory note, substantially in the form of Exhibit E-1 or E-2,
as applicable, in the amount of such assigning Lender’s original promissory note to evidence the Loans of such assigning
Lender and related SPV.

 

Section
9.05 Expenses; Indemnity.

 

(a) The Canadian Borrower
agrees to pay all reasonable out-of-pocket expenses (including Other Taxes) incurred
by the Administrative Agent in connection with the preparation of this Agreement and the other Loan Documents or the administration
of this Agreement and by the Joint Lead Arrangers and their affiliates in connection with the syndication of the Commitments (including
expenses incurred prior to the Closing Date in connection with due diligence and the reasonable fees, disbursements and the charges
for no more than one counsel in each jurisdiction where Collateral is located) or in connection with any amendments, modifications
or waivers of the provisions hereof or thereof (whether or not the Transactions hereby contemplated shall be consummated) or incurred
by the Agents and any Lender in connection with the enforcement or protection of their rights in connection with this Agreement
and the other Loan Documents, in connection with the Loans made or the Letters of Credit issued hereunder, including the reasonable
fees, charges and disbursements of Cahill Gordon & Reindel llp, counsel for the
Administrative Agent, and Osler, Hoskin & Harcourt LLP, special Canadian counsel to the Administrative Agent, and, in connection
with any such enforcement or protection, the reasonable fees, charges and disbursements of one other counsel (including the reasonable
allocated costs of internal counsel if a Lender elects to use internal counsel in lieu of outside counsel) for the Agents, any
L/C Issuer or all Lenders (but no more than one such counsel for all Lenders).

 

    198

     

    

 

(b) Each Borrower agrees
to indemnify the Agents, each L/C Issuer, each Lender and each of their respective affiliates, directors, trustees, officers, employees,
advisors and agents (each such person being called an “Indemnitee”) against, and to hold each Indemnitee harmless
from, any and all losses, claims, damages, liabilities and related expenses, including reasonable counsel fees, charges and disbursements,
incurred by or asserted against any Indemnitee arising out of, in any way connected with, or as a result of (i) any claim, litigation,
investigation or proceeding relating to any of the foregoing, whether or not any Indemnitee is a party thereto, (ii) the execution
or delivery of this Agreement or any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance
by the parties hereto and thereto of their respective obligations thereunder or the consummation of the Transactions and the other
transactions contemplated hereby and (iii) the use of the proceeds of the Loans or the use of any Letter of Credit; provided
that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities
or related expenses (ix)
result from the gross negligence, willful misconduct, bad faith or material breach of its obligations under the terms of this Agreement
or any other Loan Document (as determined in a final and non-appealable judgment of a court of competent jurisdiction) of such
Indemnitee (treating, for this purpose only, any Agent, any Joint Lead Arranger, any L/C Issuer, any Lender and any of their respective
Related Parties as a single Indemnitee), (iiy)
do not result from any act or omission by any Borrower, its subsidiaries or any of their respective officers, directors, employees,
agents, advisors or other representatives or (iiiz)
result from any claim, litigation, investigation or proceeding that is brought by an Indemnitee solely against one or more other
Indemnitees (and not by one or more Indemnitees against the Administrative Agent or any Joint Lead Arranger in such capacity).
Subject to and without limiting the generality of the foregoing sentence, each Borrower agrees to indemnify each Indemnitee against,
and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including reasonable
counsel or consultant fees, charges and disbursements, incurred by or asserted against any Indemnitee arising out of, in any way
connected with, or as a result of (A) any Environmental Claim related in any way to Holdingsthe
Canadian Borrower or any of the Subsidiaries, or (B) any actual or alleged presence, Release or threatened Release of
Hazardous Materials at, under, on or from any Mortgaged Property or any property owned, leased or operated by any predecessor of
Holdingsthe Canadian
Borrower or any of the Subsidiaries; provided that such indemnity shall not, as to any Indemnitee, be available
to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction
by final and nonappealable judgment to have resulted from the gross negligence, willful misconduct, bad faith or material breach
(as determined in a final and nonappealable judgment of a court of competent jurisdiction) of such Indemnitee or any of its Related
Parties. The provisions of this Section 9.05 shall remain operative and in full force and effect regardless of the expiration of
the term of this Agreement, the consummation of the transactions contemplated hereby, the repayment of any of the Obligations,
the invalidity or unenforceability of any term or provision of this Agreement or any other Loan Document, or any investigation
made by or on behalf of any Agent, any L/C Issuer or any Lender. All amounts due under this Section 9.05 shall be payable on written
demand therefor accompanied by reasonable documentation with respect to any reimbursement, indemnification or other amount requested.

 

(c) Unless an Event
of Default shall have occurred and be continuing, each Borrower shall be entitled to assume the defense of any action for which
indemnification is sought hereunder with counsel of its choice at its expense (in which case any Borrower shall not thereafter
be responsible for the fees and expenses of any separate counsel retained by an Indemnitee except as set forth below); provided,
however, that such counsel shall be reasonably satisfactory to each such Indemnitee. Notwithstanding a Borrower’s
election to assume the defense of such action, each Indemnitee shall have the right to employ separate counsel and to participate
in the defense of such action, and each Borrower shall bear the reasonable fees, costs and expenses of such separate counsel, if
(i) the use of counsel chosen by a Borrower to represent such Indemnitee would present such counsel with a conflict of interest;
(ii) the actual or potential defendants in, or targets of, any such action include both any Borrower and such Indemnitee and such
Indemnitee shall have reasonably concluded that there may be legal defenses available to it that are different from or additional
to those available to a Borrower (in which case a Borrower shall not have the right to assume the defense or such action on behalf
of such Indemnitee); (iii) either Borrower shall not have employed counsel reasonably satisfactory to such Indemnitee to represent
it within a reasonable time after notice of the institution of such action; or (iv) a Borrower shall authorize in writing such
Indemnitee to employ separate counsel at such Borrower’s expense. The Borrowers will not be liable under this Agreement for
any amount paid by an Indemnitee to settle any claims or actions if the settlement is entered into without such Borrower’s
consent, which consent may not be withheld or delayed unless such settlement is unreasonable in light of such claims or actions
against, and defenses available to, such Indemnitee.

 

(d) This Section 9.05
shall not apply to Taxes, other than (i) as expressly provided in Section 9.05(a) with respect
to Other Taxes, which shall not be duplicative with any amounts paid pursuant to Section 2.18, or (ii) Taxes in
respect of losses, claims, damages, liabilities and related expenses indemnifiable under Section 9.05(b) arising out of any non-Tax
claim.

 

    199

     

    

 

Section
9.06 Right of Set-off. If an Event of Default shall have occurred and be continuing, each Lender, each L/C
Issuer and each of their respective Affiliates, is hereby authorized at any time and from time to time, to the fullest extent
permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any
time held and other indebtedness (including Swap Obligations) at any time held and owing by such Lender, such L/C Issuer, their
respective Affiliates and such Swap Counterparties to or for the credit or the account of Holdingsthe
Canadian Borrower or any Subsidiary against any of and all the obligations of Holdingsthe
Canadian Borrower or any Subsidiary then due and owing under this Agreement or any other Loan Document held by such
Lender, such L/C Issuer, their respective Affiliates and such Swap Counterparties, irrespective of whether or not such Lender,
such L/C Issuer, their respective Affiliates or such Swap Counterparties shall have made any demand under this Agreement or such
other Loan Document and although the obligations may be unmatured. The rights of each Lender, each L/C Issuer, each of their respective
Affiliates and each Swap Counterparty under this Section 9.06 are in addition to other rights and remedies (including other rights
of set-off) that such Lender, such L/C Issuer, their respective Affiliates and such Swap Counterparties may have.

 

Section
9.07 Applicable Law. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (OTHER THAN LETTERS OF CREDIT AND AS EXPRESSLY
SET FORTH IN OTHER LOAN DOCUMENTS) SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

 

Section
9.08 Waivers; Amendment.

 

(a) No failure or delay
of the Administrative Agent, any L/C Issuer or any Lender in exercising any right or power hereunder or under any Loan Document
shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance
of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or
power. The rights and remedies of the Administrative Agent, each L/C Issuer and the Lenders hereunder and under the other Loan
Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision
of this Agreement or any other Loan Document or consent to any departure by Holdings,
any Borrower or any other Loan Party therefrom shall in any event be effective unless the same shall be permitted by paragraph
(b) below, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given.
No notice or demand on Holdings, any Borrower or any other Loan Party in any case
shall entitle such person to any other or further notice or demand in similar or other circumstances.

 

(b) Except as otherwise
set forth herein or in any other Loan Documents, neither this Agreement nor any other Loan Document nor any provision hereof or
thereof may be waived, amended or modified except (x) in the case of this Agreement, pursuant to an agreement or agreements in
writing entered into by the Borrowers and the Required Lenders and (y) in the case of any other Loan Document, pursuant to an agreement
or agreements as provided for therein; provided, however, that no such agreement shall

 

(i) decrease
or forgive the principal amount of, or extend the final maturity of, or decrease the rate of interest on, any Loan or any L/C Disbursement,
without the prior written consent of each Lender adversely affected thereby; provided that (x) a waiver of any condition
precedent set forth in Section 4 or waiver or amendment of any Default, Event of Default or mandatory prepayment shall not constitute
a reduction or forgiveness of principal and (y) and any amendment to the financial definitions in this Agreement shall not constitute
a reduction in the rate of interest,

 

(ii) increase
or extend the Commitment of any Lender or decrease the Fees or other fees of any Lender without the prior written consent of each
Lender adversely affected thereby (it being understood that waivers or modifications of conditions precedent, covenants, Defaults
or Events of Default or of a mandatory reduction in the aggregate Commitments shall not constitute an increase of the Commitments
of any Lender),

 

(iii) extend
or waive any scheduled amortization payment or extend any date on which payment of interest on any Loan or any L/C Disbursement
is due, without the prior written consent of each Lender adversely affected thereby,

 

(iv) amend
or modify the provisions of Section 2.19(c) in a manner that would by its terms alter the pro rata sharing of payments required
thereby, without the prior written consent of each Lender adversely affected thereby,

 

    200

     

    

 

(v) amend
or modify the provisions of this Section or reduce the percentages specified in the definition of the terms “Required Lenders,”
“Majority Lenders” or any other provision hereof specifying the number or percentage of Lenders required to waive,
amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the prior written consent
of each Lender adversely affected thereby (it being understood that, with the consent of the Required Lenders, additional extensions
of credit pursuant to this Agreement may be included in the determination of the Required Lenders on substantially the same basis
as the Loans and Commitments are included on the Amendment No. 2 Effective Date),

 

(vi) subject
to any applicable Customary Intercreditor Agreement, effect any waiver, amendment or modification to release all or substantially
all value of the Collateral or all or substantially all value of the Guarantees, taken as a whole, given by Guarantors under the
applicable Security Document, without the prior written consent of each of the Lenders (provided, for the avoidance of doubt,
this provision shall not limit those releases that are made pursuant to Section 9.18 in connection with transactions permitted
by this Agreement),

 

(vii) effect
any amendment that by its terms directly adversely affects the rights in respect of payments or collateral of Lenders participating
in any Facility (to the extent such Lenders are entitled to such payments or collateral) differently from those of Lenders participating
in other Facilities, without the consent of majority lenders participating in the adversely affected Facility (it being agreed
that the Required Lenders may waive, in whole or in part, any prepayment or Commitment reduction required by Section 2.12 so long
as the application of any prepayment or Commitment reduction still required to be made is not changed),

 

provided, further, that no
such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent or a L/C Issuer hereunder
without the prior written consent of the Administrative Agent or such L/C Issuer acting as such at the effective date of such agreement,
as applicable. Each Lender shall be bound by any waiver, amendment or modification authorized by this Section 9.08 and any consent
by any Lender pursuant to this Section 9.08 shall bind any assignee of such Lender. This Agreement and all other Loan Documents
may be amended or modified without the consent or signature of the Loan Parties (other than the Borrowers) and, after giving effect
to each such amendment and modification, all Loan Documents shall continue in full force and effect except no such amendment, waiver
or modification to Article X of this Agreement or any other Loan Document to which such Loan Party is a party may be effective
without the consent of such Loan Party. Holdings, theThe
Canadian Borrower and the Administrative Agent may, without the input or consent of the other Lenders, effect technical changes
to this Agreement that are required in connection with a Permitted Change of Control.
Termination Event. 

 

(c) Without the consent
of any Lender, the Loan Parties and the Administrative Agent and/or Collateral Agent may (in their respective sole discretion,
or shall, to the extent required by any Loan Document) enter into any amendment, modification or waiver of any Loan Document, or
enter into any new agreement or instrument, to effect the granting, perfection, protection, expansion or enhancement of any security
interest in any Collateral or additional property to become Collateral for the benefit of the Secured Creditors, or as required
by local law to give effect to, or protect any security interest for the benefit of the Secured Creditors, in any property or so
that the security interests therein comply with applicable law.

 

(d) Without the consent
of any Lender, the Canadian Borrower and the Administrative Agent and/or Collateral Agent may (in their respective sole discretion)
enter into any amendment or modification of any Loan Document to cure any ambiguity, omission, defect or inconsistency (including,
without limitation, amendments, supplements or waivers to any of the Security Documents, guarantees, intercreditor agreements or
related documents executed by any Loan Party or any other Subsidiary in connection with this Agreement if such amendment, supplement
or waiver is delivered in order to cause such Security Documents, guarantees, intercreditor agreements or related documents to
be consistent with this Agreement and the other Loan Documents), so long as, in each case, the Lenders shall have received at least
five Business Days’ prior written notice thereof and the Administrative Agent shall not have received, within five Business
Days of the date of such notice to the Lenders, a written notice from the Required Lenders stating that the Required Lenders object
to such amendment.

 

(e) Notwithstanding
the foregoing, this Agreement may be amended (or amended and restated) with the written consent of the Required Lenders, the Administrative
Agent, Holdings and the Borrowers (a) to add one or more additional credit facilities
to this Agreement and to permit the extensions of credit from time to time outstanding thereunder and the accrued interest and
fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the Term Loans and
the Revolving R-23
Facility Loans and the accrued interest and fees in respect thereof and (b) to include appropriately the Lenders holding such credit
facilities in any determination of the Required Lenders.

 

    201

     

    

 

(f) In addition, notwithstanding
the foregoing, this Agreement may be amended with the written consent of the Administrative Agent, Holdings,
the Borrowers and the Lenders providing the relevant Replacement Term Loans to permit the refinancing of all outstanding
Term Loans (“Refinanced Term Loans”) with replacement term loan tranches hereunder which shall be Loans hereunder
(“Replacement Term Loans”); provided that (ai)
the aggregate principal amount of such Replacement Term Loans shall not exceed the aggregate principal amount of such Refinanced
Term Loans, (bii)
the Applicable Margin for such Replacement Term Loans shall not be higher than the Applicable Margin for such Refinanced Term Loans,
(ciii) the
Weighted Average Life to Maturity of such Replacement Term Loans shall not be shorter than the Weighted Average Life to Maturity
of such Refinanced Term Loans at the time of such refinancing and (div)
all other terms applicable to such Replacement Term Loans shall be substantially identical to, or less favorable to the Lenders
providing such Replacement Term Loans than, those applicable to such Refinanced Term Loans, except to the extent necessary to provide
for covenants and other terms applicable to any period after the latest final maturity of the Term Loans in effect immediately
prior to such refinancing.

 

(g) Notwithstanding
anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent
hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender
may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Commitment of such
Lender may not be increased or extended without the consent of such Lender (if being understood that a waiver of any condition
precedent set forth in Section 4.01 or 4.02 or the waiver of any Default, Event of Default or mandatory prepayment shall not constitute
an extension or increase of any Commitment of any Lender) and (y) any waiver, amendment or modification requiring the consent of
all Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely than other affected Lenders
shall require the consent of such Defaulting Lender.

 

(h) Notwithstanding
the foregoing, the Administrative Agent and the Collateral Agent may, without the consent of any Lender, enter into any amendment
to the Security Documents or a Customary Intercreditor Agreement contemplated by Section 6.02(a)
or 6.02(h) or 6.02(i)hereby.

 

Notwithstanding
anything to the contrary herein, in connection with any determination as to whether the requisite Lenders have directed or required
the Administrative Agent to exercise any rights or remedies under Article VII (or under any other Loan Document), any Lender (other
than (x) any Lender that is a Regulated Bank and (y) any Revolving R-3 Facility Lender) that, as a result of its interest in any
total return swap, total rate of return swap, credit default swap or other derivative contract (other than any such total return
swap, total rate of return swap, credit default swap or other derivative contract entered into pursuant to bona fide market making
activities), has a net short position that is at least 5% short with respect to the Loans and/or Commitments (each, a “Net
Short Lender”) shall, unless the Canadian Borrower otherwise elects (in its sole discretion), have no right, in its capacity
as a Lender, to direct or require the Administrative Agent to exercise any rights or remedies under Article VII (or under any other
Loan Document) and shall be deemed, in its capacity as a Lender, to have directed or required the Administrative Agent to exercise
any rights or remedies under Article VII (or under any other Loan Document) in the same proportion as the allocation of voting
with respect to such matter by Lenders who are not Net Short Lenders. 

 

    202

     

    

 

For
purposes of determining whether a Lender has a “net short position” on any date of determination: (i) derivative contracts
with respect to the Loans and Commitments and such contracts that are the functional equivalent thereof shall be counted at the
notional amount thereof in Dollars, (ii) notional amounts in other currencies shall be converted to the Dollar Equivalent thereof
by such Lender in a commercially reasonable manner consistent with generally accepted financial practices and based on the prevailing
conversion rate (determined on a mid-market basis) on the date of determination, (iii) derivative contracts in respect of an index
that includes any of the Canadian Borrower or other Loan Parties or any instrument issued or guaranteed by any of the Canadian
Borrower or other Loan Parties shall not be deemed to create a short position with respect to the Loans and/or Commitments, so
long as (x) such index is not created, designed, administered or requested by such Lender and (y) the Canadian Borrower and other
Loan Parties and any instrument issued or guaranteed by any of the Canadian Borrower or other Loan Parties, collectively, shall
represent less than 5% of the components of such index, (iv) derivative transactions that are documented using either the 2014
ISDA Credit Derivatives Definitions or the 2003 ISDA Credit Derivatives Definitions (collectively, the “ISDA CDS Definitions”)
and for which the Canadian Borrower or any other Loan Party is designated as a “Reference Entity” under the terms of
such derivative transactions shall be deemed to create (x) a short position with respect to the Loans and/or Commitments if such
Lender is a protection buyer or the equivalent thereof for such derivative transaction and (y) a long position with respect to
the Loans and/or Commitments if such Lender is a protection seller or the equivalent thereof for such derivative transaction, (v)
credit derivative transactions or other derivatives transactions not documented using the ISDA CDS Definitions shall be deemed
to create (x) a short position with respect to the Loans and/or Commitments if such transactions are functionally equivalent to
a transaction that offers the Lender protection in respect of the Loans or the Commitments, or as to the credit quality of any
of the Canadian Borrower or other Loan Parties and (y) a long position with respect to the Loans and/or Commitments if such transactions
are functionally equivalent to a transaction pursuant to which the Lender provides protection in respect to the Loans or the Commitments,
or as to the Credit Quality of the Canadian Borrower or other Loan Parties, other than, in each case, as part of an index so long
as (1) such index is not created, designed, administered or requested by such Lender and (2) the Canadian Borrower and other Loan
Parties and any instrument issued or guaranteed by any of the Canadian Borrower or other Loan Parties, collectively, shall represent
less than 5% of the components of such index, (vi) any bond, loan or other credit instrument issued or guaranteed by the Canadian
Borrower or any other Loan Party and held by the relevant Lender shall be deemed to create a long position equal to the outstanding
principal balance in respect of such instrument, and (vii) any ownership interest in the equity of the Canadian Borrower or any
other Loan Party held by the relevant Lender shall be deemed to create a long position equal to the higher of (A) the current market
value and (B) the price at which the Lender purchased such equity position. In connection with any such determination, each Lender
shall promptly notify the Administrative Agent in writing that it is a Net Short Lender, or shall otherwise be deemed to have represented
and warranted to the Canadian Borrower and the Administrative Agent that it is not a Net Short Lender (it being understood and
agreed that the Canadian Borrower and the Administrative Agent shall be entitled to rely on each such representation and deemed
representation). 

 

Section
9.09 Interest Rate Limitation. Notwithstanding anything herein to the contrary, and without limiting Sections
2.14(f)(ii) through (iv), if at any time the applicable interest rate, together with all fees and charges that are treated as
interest under applicable law (collectively, the “Charges”), as provided for herein or in any other document
executed in connection herewith, or otherwise contracted for, charged, received, taken or reserved by any Lender or any L/C Issuer,
shall exceed the maximum lawful rate (the “Maximum Rate”) that may be contracted for, charged, taken, received
or reserved by such Lender in accordance with applicable law, the rate of interest payable hereunder, together with all Charges
payable to such Lender or such L/C Issuer, shall be limited to the Maximum Rate; provided that such excess amount shall
be paid to such Lender or such L/C Issuer on subsequent payment dates to the extent not exceeding the legal limitation.

 

Section
9.10 Entire Agreement. This Agreement, the other Loan Documents and the agreements regarding certain Fees
referred to herein constitute the entire contract between the parties relative to the subject matter hereof. Any previous agreement
among or representations from the parties or their Affiliates with respect to the subject matter hereof is superseded by this
Agreement and the other Loan Documents except as expressly set forth in such agreement. Notwithstanding the foregoing, the Fee
Letter and any other fee letter related to the Transactions shall survive the execution and delivery of this Agreement and remain
in full force and effect. Nothing in this Agreement or in the other Loan Documents, expressed or implied, is intended to confer
upon any party other than the parties hereto and thereto any rights, remedies, obligations or liabilities under or by reason of
this Agreement or the other Loan Documents.

 

Section
9.11 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN
CONNECTION WITH THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT
OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION,
SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO
THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION 9.11.

 

    203

     

    

 

Section
9.12 Severability. In the event any one or more of the provisions contained in this Agreement or in any other
Loan Document should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the
remaining provisions contained herein and therein shall not in any way be affected or impaired thereby. The parties shall endeavor
in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect
of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

Section
9.13 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall constitute
an original but all of which, when taken together, shall constitute but one contract, and shall become effective as provided in
Section 9.03. Delivery of an executed counterpart to this Agreement by facsimile transmission shall be as effective as delivery
of a manually signed original.

 

Section
9.14 Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference
only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting,
this Agreement.

 

Section
9.15 Jurisdiction; Consent to Service of Process.

 

(a) Each party hereto
hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of any New York State
court or federal court of the United States of America sitting in New York City, and any appellate court from any thereof, in any
action or proceeding arising out of or relating to this Agreement or the other Loan Documents, or for recognition or enforcement
of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any
such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such federal
court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

 

(b) Each party hereto
hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which
it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement
or the other Loan Documents in any New York State or federal court. Each of the parties hereto hereby irrevocably waives, to the
fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such
court.

 

(c) Each Loan Party
party hereto irrevocably and unconditionally appoints Corporation Service Company, with an office on the Amendment No. 2 Effective
Date at 80 State Street, Albany, NY (Albany County) 12207-2543, and its successors hereunder (the “Process Agent”),
as its agent to receive on behalf of each such Loan Party and its property all writs, claims, process, and summonses in any action
or proceeding brought against it in the State of New York. Such service may be made by mailing or delivering a copy of such process
to the respective Loan Party in care of the Process Agent at the address specified above for the Process Agent, and such Loan Party
irrevocably authorizes and directs the Process Agent to accept such service on its behalf. Failure by the Process Agent to give
notice to the respective Loan Party, or failure of the respective Loan Party, to receive notice of such service of process shall
not impair or affect the validity of such service on the Process Agent or any such Loan Party, or of any judgment based thereon.
Each Loan Party party hereto covenants and agrees that it shall take any and all reasonable action, including the execution and
filing of any and all documents, that may be necessary to continue the designation of the Process Agent above in full force and
effect, and to cause the Process Agent to act as such. Each Loan Party hereto further covenants and agrees to maintain at all times
an agent with offices in New York City to act as its Process Agent. Nothing herein shall in any way be deemed to limit the ability
to serve any such writs, process or summonses in any other manner permitted by applicable law. Corporation Service Company consents
to serve as such agent.

 

    204

     

    

 

Section
9.16 Confidentiality. Each of the Lenders, each L/C Issuer and the Administrative Agent agrees that it shall
maintain in confidence any information relating to Holdingsthe
Canadian Borrower and the other Loan Parties furnished to it by or on behalf of Holdingsthe
Canadian Borrower or the other Loan Parties (other than information that (a) has become generally available to the
public other than as a result of a disclosure by such party, (b) has been independently developed by such Lender, such L/C Issuer
or the Administrative Agent without violating this Section 9.16 or (c) was available to such Lender, such L/C Issuer or the Administrative
Agent from a third party having, to such person’s knowledge, no obligations of confidentiality to Holdingsthe
Canadian Borrower or any other Loan Party) and shall not reveal the same other than to its directors, trustees, officers,
employees and advisors with a need to know or to any person that approves or administers the Loans on behalf of such Lender (so
long as each such person shall have been instructed to keep the same confidential in accordance with this Section 9.16), except:
(A) to the extent necessary to comply with law or any legal process or the requirements of any Governmental Authority, the National
Association of Insurance Commissioners or of any securities exchange on which securities of the disclosing party or any Affiliate
of the disclosing party are listed or traded, (B) as part of normal reporting or review procedures to, or as requested in connection
with the exercise of its regulatory authority by, any Governmental Authorities or the National Association of Insurance Commissioners,
(C) to its parent companies, Affiliates, agents, advisors or auditors (so long as each such person shall have been instructed
to keep the same confidential in accordance with this Section 9.16), (D) to any prospective assignee (other
than any Disqualified Lender) of, or prospective Loan Participant in, any of its rights under this Agreement (so long
as such person shall have been instructed to keep the same confidential in accordance with this Section 9.16), (E) to any direct
or indirect contractual counterparty in Swap Agreements or such contractual counterparty’s professional advisor (so long
as such contractual counterparty or professional advisor to such contractual counterparty agrees to be bound by the provisions
of this Section) and (F) in connection with the enforcement of its rights and exercise of remedies under the Loan Documents in
any litigation or proceeding relating thereto, to the extent such disclosure is reasonably necessary in connection with such litigation
or proceeding (provided that the Canadian Borrower shall be given notice thereof and a reasonable opportunity to seek a
protective court order with respect to such information prior to such disclosure (it being understood that the refusal by a court
to grant such a protective order shall not prevent the disclosure of such information thereafter)).

 

Section
9.17 Conversion of Currencies.

 

(a) If, for the purpose
of obtaining judgment in any court, it is necessary to convert a sum owing hereunder in one currency into another currency, each
party hereto agrees, to the fullest extent that it may effectively do so, that the rate of exchange used shall be that at which
in accordance with normal banking procedures in the relevant jurisdiction the first currency could be purchased with such other
currency on the Business Day immediately preceding the day on which final judgment is given.

 

(b) The obligations
of each Borrower in respect of any sum due to any party hereto or any holder of the obligations owing hereunder (the “Applicable
Creditor”) shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than
the currency in which such sum is stated to be due hereunder (the “Agreement Currency”), be discharged only
to the extent that, on the Business Day following receipt by the Applicable Creditor of any sum adjudged to be so due in the Judgment
Currency, the Applicable Creditor may in accordance with normal banking procedures in the relevant jurisdiction purchase the Agreement
Currency with the Judgment Currency; if the amount of the Agreement Currency so purchased is less than the sum originally due to
the Applicable Creditor in the Agreement Currency, such Borrower agrees, as a separate obligation and notwithstanding any such
judgment, to indemnify the Applicable Creditor against such loss. The obligations of the Borrowers contained in this Section 9.17
shall survive the termination of this Agreement and the payment of all other amounts owing hereunder.

 

Section
9.18 Release of Liens and Guarantees. In the event that (x)
any Loan Party conveys, sells, leases, assigns, transfers or otherwise disposes of all or any portion of any of its
assets (including the Equity Interests of any Loan Party) to a person that is not (and is not required to become) a Loan Party
in a transaction not prohibited by this Agreement, or (y) any Initial
Lien on any assets of a Loan Party which results in a Lien on such assets being granted to secure the Secured Obligations pursuant
to the last clause of Section 6.02 shall be discharged, the Liens granted to the Collateral Agent by the Loan Parties
on any such assets or Equity Interests shall automatically be released, and the Administrative Agent shall promptly (and the Lenders
hereby authorize the Administrative Agent to) take such action and execute any such documents as may be reasonably requested by
Holdings or the Borrowers and at the Canadian Borrower’s expense to evidence
and confirm the release of Liens created by any Loan Document in respect of such assets or Equity Interests, and, in the case
of a disposition of the Equity Interests of any Subsidiary Loan Party in a transaction permitted by Section 6.03 or 6.04 and as
a result of which such Subsidiary Loan Party would cease to be a Subsidiary, or in the case that a Subsidiary is designated as
an Unrestricted Subsidiary in accordance with this Agreement, or is otherwise not required to be a Guarantor pursuant to Section
5.10(e), such Subsidiary Loan Party’s obligations under its Guarantee and the Loan Documents shall automatically be terminated
and the Administrative Agent shall promptly (and the Lenders hereby authorize the Administrative Agent to) take such action and
execute any such documents as may be reasonably requested by Holdings or the
Borrowers and at the Canadian Borrower’s expense to evidence and confirm the release of such Subsidiary Loan Party’s
obligations under its Guarantee and the Loan Documents. For the avoidance of doubt, the pledge
of Equity Interests of the Canadian Borrower and Interco shall automatically be released upon the consummation of the Amalgamation.

 

    205

     

    

 

In addition, the Administrative
Agent and the Collateral Agent agree (and the Lenders hereby authorize
the Administrative Agent and the Collateral Agent) to take such actions as are reasonably requested by Holdings
or the Borrowers (including the execution and delivery of such documents as Borrowers may reasonably request to
evidence the release or subordination of Liens and Guarantees contemplated hereby and in accordance with the Loan Documents) and
at the Canadian Borrower’s expense:

 

(a) to terminate
the Liens and security interests created by the Loan Documents (1) when all the Obligations (other than (A) contingent indemnification
obligations not yet accrued and payable and (B) those Secured Obligations constituting Cash Management ContractsAgreements
or Swap Agreements) are paid in full and all Commitments are terminated and all Letters of Credit are either terminated or cash
collateralized in full or such other arrangements reasonably satisfactory to the Administrative Agent and the L/C Issuer shall
have been made, (2) on assets or property that constitutes “Excluded Collateral” (as such term is defined in the Security
Agreement), (3) on assets or property that is excluded pursuant to Section 5.10 or the definition of “Collateral and Guarantee
Requirements”, (4) to the extent the property constituting Collateral is owned by any Guarantor, upon the release of such
Guarantor from its obligations under the Guarantee and Loan Documents or (5,
(5) on each Mortgaged Property set forth on Annex 1(f) to Amendment No. 6, in each case in reliance on the Loan Parties’
representation in the Perfection Certificate dated as of the Amendment No. 6 Effective Date that such properties are not owned
or ground leased real properties with a Fair Market Value in excess of $10,000,000, (6) on each Brazilian law governed Quota Pledge
Agreement existing on the Amendment No. 6 Effective Date in favor of the Collateral Agent for the benefit of the Secured Creditors,
subject in all respects to the execution, delivery and filing with all governmental authorities required to perfect the Liens thereunder,
in each case on the date of such release, of each Brazilian law governed Quota Pledge Agreement set forth on Annex 5 to Amendment
No. 6 within the time period set forth on such Annex or (7) otherwise, if approved, authorized or ratified in writing
in accordance with Section 9.08;

 

(b) notwithstanding
anything to the contrary contained herein or in any other Loan Document, upon the reasonable request of the Canadian Borrower in
connection with any Liens permitted by the Loan Documents, the Collateral Agent shall (without notice to, or vote or consent of,
any Secured Party) take such actions as shall be required to release (or subordinate if a junior Lien held by the Collateral Agent
is permitted under the documents relating to the Lien permitted under Section 6.02) any Lien on any property to or held by the
Collateral Agent under any Loan Document to the holder of any Lien on such property that is permitted under Section 6.02 (including
any agreement entered into among the Collateral Agent, the Canadian Borrower and Cancom Alta Holdings Inc. (the “Cancom
Agreement”) and agreements to implement and recognize any Lien permitted under clause (u26)
of the definition of Permitted Lien). In addition, notwithstanding anything to the contrary contained herein or in any other Loan
Document, upon reasonable request of the Canadian Borrower, the Administrative Agent and the Collateral Agent shall (without notice
to, or vote or consent of, any Secured Party) enter into subordination or intercreditor agreements with respect to Indebtedness
to the extent the Administrative Agent or Collateral Agent is otherwise contemplated herein as a party to such subordination or
intercreditor agreements; and

 

(c) to release
any Guarantor from its obligations under the Loan Documents if such Person ceases to be a Restricted Subsidiary as a result of
a transaction or designation permitted hereunder.

 

The Collateral Agent
shall be entitled to release its Lien on any Satellite subject to any Lien permitted under clause (u26)
of the definition of Permitted Lien, any non-disturbance agreement or the Cancom Agreement if a Governmental Authority requires
it or the Lenders to perform any obligations under the relevant non-disturbance, revenue or condosat agreement. Any representation,
warranty or covenant contained in any Loan Document relating to any such Equity Interests, asset or subsidiary of Holdingsthe
Canadian Borrower shall no longer be deemed to be made once such Equity Interests or asset is so conveyed, sold, leased,
assigned, transferred or disposed of. The Administrative Agent also agrees to enter into any Customary Intercreditor Agreement
in the circumstances and on those terms contemplated by this Agreement and to take such actions (and execute all documents) as
are reasonably requested by the Borrowers in connection with such Customary Intercreditor Agreement.

 

    206

     

    

 

Section
9.19 Patriot Act. Each Lender subject to the Patriot Act,
the Beneficial Ownership Regulation or PCTFA hereby notifies the Borrowers that pursuant to the requirements of the
Patriot Act, the Beneficial Ownership Regulation or PCTFA,
as applicable, it is required to obtain, verify and record information that identifies the BorrowersLoan
Parties and other information that will allow such Lender to identify the BorrowersLoan
Parties in accordance with the ActPatriot
Act, the Beneficial Ownership Regulation or PCTFA, as applicable.

 

Section
9.20 Regulatory Matters. The Lenders and the Collateral Agent hereby agree that they will not take action
pursuant to the Security Documents which would constitute or result in an assignment or a change of control of the FCC Licenses,
ISED Authorizations or other governmental permits, licenses, or other authorizations now held by or to be issued to the Canadian
Borrower or any of its subsidiaries, that would require prior notice to or approval from a Governmental Authority, without first
providing such notice or obtaining such prior approval. The Canadian Borrower agrees to take any action which any Lender may reasonably
request in order to obtain from the FCC, U.S. Department of Justice, ISED, CRTC or any other relevant Governmental Authority such
approval as may be necessary to enable the Lenders to exercise the full rights and benefits granted to the Lenders pursuant to
this Agreement, including the use of the Canadian Borrower’s best efforts to assist in obtaining the approval of the FCC,
U.S. Department of Justice, ISED, CRTC or any other relevant Governmental Authority for any action or transaction contemplated
by the Security Documents for which such approval is required by law and specifically, without limitation, upon request, to prepare,
sign and file with the FCC, U.S. Department of Justice, ISED, CRTC or any other relevant Governmental Authority the assignor’s
or transferor’s and licensee’s portions of any application or applications for consent to the assignment or transfer
of control of any FCC, U.S. Department of Justice, ISED, CRTC or other governmental construction permit, license or other authorization
that may be necessary or appropriate under the rules of the FCC, U.S. Department of Justice, ISED, CRTC or such other Governmental
Authority for approval of any sale or transfer of control of the Collateral pursuant to the exercise of the Collateral Agent’s
and the Lenders’ rights and remedies under the Security Documents. The Canadian Borrower further consents, subject to obtaining
any necessary approvals, to the assignment or transfer of control of any FCC, U.S. Department of Justice, CRTC, ISED Authorizations
or other governmental construction permit, license, or other authorization to operate to a receiver, trustee, or similar official
or to any purchaser of the Collateral pursuant to any public or private sale, judicial sale, foreclosure, or exercise of other
remedies available to the Collateral Agent or Lenders as permitted by applicable law.

 

Notwithstanding anything
herein or in any of the Loan Documents to the contrary, prior to the occurrence of an Event of Default and the consent of the FCC,
U.S. Department of Justice, ISED, CRTC and of any other applicable Governmental Authority to the assignment or transfer of control
of FCC Licenses, ISED Authorizations, CRTC approvals or other governmental permits, licenses, or other authorizations, including
those of any other Governmental Authority, this Agreement, the Security Documents and the transactions contemplated
hereby and thereby do not and will notmay
not be effectuated if and to the extent they would constitute, create, or have the effect of constituting or creating
directly or indirectly, actual or practical ownership of any FCC Licenses, ISED Authorizations, CRTC approvals or other governmental
permits, licenses or other authorizations, including those of any other
Governmental Authority, by the Secured Creditors, the Collateral Agents or the Administrative Agent or control, affirmative
or negative, direct or indirect, by Lenders, the Secured Creditors, the Collateral Agent or the Administrative Agent over the management
or any other aspect of the operation of any FCC Licenses, ISED Authorizations, CRTC approvals or other governmental permits, licenses,
or other authorizations, including those of any other Governmental Authority.

 

The exercise of rights
by the Lenders under the Security Documents is subject to the provisions of Schedule 1.01(b).

 

    207

     

    

 

Section
9.21 Application of Proceeds.

 

(a) All moneys collected
by the Collateral Agent upon any sale or other disposition of any Collateral, together with all other moneys received by the Collateral
Agent under any Security Document, shall be applied as follows:

 

(i) first,
to the payment of all amounts owing the Collateral Agent for (x) any and all sums advanced by the Collateral Agent in order to
preserve the Collateral or preserve its security interest and other Liens in the Collateral, (y) the reasonable expenses of retaking,
holding, preparing for sale or lease, selling or otherwise disposing of or realizing on the Collateral, or of any exercise by the
Collateral Agent of its rights under this Agreement or any Security Document, together with reasonable attorneys’ fees and
court costs, in each case, in the event of any proceeding for the collection or enforcement of any indebtedness, obligations, or
liabilities of Holdingsthe
Canadian Borrower or its Subsidiaries and after an Event of Default shall have occurred and be continuing and (z) all
amounts paid by the Collateral Agent for which the Collateral Agent is indemnified by Holdingsthe
Canadian Borrower or any of its Subsidiaries and for which the Collateral Agent is entitled to reimbursement pursuant
to Section 9.05 or the indemnification provisions contained in the Security Documents;

 

(ii) second,
to the extent proceeds remain after the application pursuant to the preceding clause (i), to the payment of all amounts owing to
any Agent for (x) all amounts paid by such Agent for which such Agent is indemnified by Holdingsthe
Canadian Borrower or any of its Subsidiaries and for which such Agent is entitled to reimbursement pursuant to Section
9.05 or the indemnification provisions contained in the Security Documents and (y) all amounts owing to any Agent pursuant to any
of the Loan Documents in its capacity as such;

 

(iii) third,
to the extent proceeds remain after the application pursuant to the preceding clauses (i) and (ii), an amount equal to the outstanding
Primary Obligations shall be paid to the Secured Creditors as provided in Section 9.21(d), with each Secured Creditor receiving
an amount equal to its outstanding Primary Obligations or, if the proceeds are insufficient to pay in full all such Primary Obligations,
its Pro Rata Share of the amount remaining to be distributed;

 

(iv) fourth,
to the extent proceeds remain after the application pursuant to the preceding clauses (i) through (iii), inclusive, an amount equal
to the outstanding Secondary Obligations shall be paid to the Secured Creditors as provided in Section 9.21(d), with each Secured
Creditor receiving an amount equal to its outstanding Secondary Obligations or, if the proceeds are insufficient to pay in full
all such Secondary Obligations, its Pro Rata Share of the amount remaining to be distributed; and

 

(v) fifth,
to the extent proceeds remain after the application pursuant to the preceding clauses (i) through (iv), inclusive, and following
the termination of this Agreement and the Security Documents, to Holdingsthe
Canadian Borrower or its relevant Subsidiary or to whomever may be lawfully entitled to receive such surplus.

 

(b) When payments to
Secured Creditors are based upon their respective Pro Rata Shares, the amounts received by such Secured Creditors shall be applied
(for purposes of making determinations under this Section 9.21 only) (i) first, to their Primary Obligations and (ii) second, to
their Secondary Obligations. If any payment to any Secured Creditor of its Pro Rata Share of any distribution would result in overpayment
to such Secured Creditor, such excess amount shall instead be distributed in respect of the unpaid Primary Obligations or Secondary
Obligations, as the case may be, of the other Secured Creditors, with each Secured Creditor whose Primary Obligations or Secondary
Obligations, as the case may be, have not been paid in full to receive an amount equal to such excess amount multiplied by a fraction
the numerator of which is the unpaid Primary Obligations or Secondary Obligations, as the case may be, of such Secured Creditor
and the denominator of which is the unpaid Primary Obligations or Secondary Obligations, as the case may be, of all Secured Creditors
entitled to such distribution.

 

(c) Each of the Secured
Creditors, by their acceptance of the benefits of the Security Documents, agrees and acknowledges that if the Lenders receive a
distribution on account of undrawn amounts with respect to Letters of Credit issued under this Agreement (which shall only occur
after all outstanding Revolving R-23
Facility Loans and unreimbursed L/C Disbursements have been paid in full), such amounts shall be paid to the Administrative Agent
and held by it, for the equal and ratable benefit of the Lenders, as cash security for the repayment of all obligations owing to
the Lenders as such. If any amounts are held as cash security pursuant to the immediately preceding sentence, then upon the termination
of all outstanding Letters of Credit, and after the application of all such cash security to the repayment of all obligations owing
to the Lenders after giving effect to the termination of all such Letters of Credit, if there remains any excess cash, such excess
cash shall be returned by the Administrative Agent to the Collateral Agent for distribution in accordance with Section 9.21(a).

 

    208

     

    

 

(d) All payments required
to be made hereunder shall be made (x) if to the Lenders, to the Administrative Agent for the account of the Lenders and (y) if
to the Swap Counterparties, to the trustee, paying agent or other similar representative (each, a “Representative”)
for the Swap Counterparties or, in the absence of such a Representative, directly to the Swap Counterparties.

 

(e) For purposes of
applying payments received in accordance with this Section 9.21, the Collateral Agent shall be entitled to rely upon (i) the Administrative
Agent and (ii) the Representative or, in the absence of such a Representative, upon the Swap Counterparties for a determination
(which the Administrative Agent, each Representative and the Swap Counterparties agree (or shall agree) to provide upon request
of the Collateral Agent) of the outstanding Primary Obligations and Secondary Obligations owed to the Secured Parties. Unless it
has received written notice from a Lender or a Swap Counterparty to the contrary, the Administrative Agent and each Representative,
in furnishing information pursuant to the preceding sentence, and the Collateral Agent, in acting hereunder, shall be entitled
to assume that no Secondary Obligations are outstanding.

 

(f) It is understood
that Holdingsthe Canadian
Borrower and the other Loan Parties shall remain jointly and severally liable to the extent of any deficiency between
the amount of the proceeds of the Collateral and the aggregate amount of the Secured Obligations (other than (A) contingent indemnification
obligations not yet accrued and payable and (B) those Secured Obligations constituting Cash Management ContractsAgreements
or Swap Agreements).

 

Section
9.22 Withholding Tax. (a) To the extent required by any applicable
law, the Administrative Agent may withhold from any payment to any Lender under any Loan Document an amount equivalent to any
applicable withholding Tax. If the forms or other documentation required by Section 2.18(e) are not delivered to the Administrative
Agent, then the Administrative Agent may withhold from any payment to any Lender not providing such forms or other documentation,
a maximum amount of the applicable withholding Tax..

 

(a)
(b) If the Internal Revenue Service, Canada Revenue Agency or any authority
of the United States of America, Canada or any other jurisdiction asserts a claim that the Administrative Agent did not properly
withhold Tax from amounts paid to or for the account of any Lender (for
any reason (including because the appropriate form was not delivered or was not properly executed, or
because such Lender failed to notify the Administrative Agent of a change in circumstances that rendered the exemption from, or
reduction of, withholding Tax ineffective, or for any other reason), or if the
Administrative Agent reasonably determines that a payment was made to a Lender pursuant to any Loan Document without deduction
of applicable withholding Tax from such payment, such Lender shall indemnify the Administrative Agent (to the extent that the Administrative
Agent has not already been reimbursed and without limiting the obligation of any applicable Loan Party to do so) fully for all
amounts paid, directly or indirectly, by the Administrative Agent as Tax or otherwise, including penalties and interest, together
with all expenses incurred, including legal expenses, allocated staff costs and any out of pocket expenses,
whether or not such Tax was correctly or legally imposed or asserted. A certificate as to the amount of such payment
or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each
Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under
this Agreement or any other Loan Document against any amount due to the Administrative Agent under this Section 9.22.

 

(b)
(c) The agreements in this Section 9.22 shall survive the resignation
of the Administrative Agent, the replacement of any Lender, the termination of this Agreement, the termination of the Commitments
and the repayment, satisfaction or discharge of all other Obligations.

 

(c)
(d) For the avoidance of doubt, the term “Lender,” for
purposes of this Section 9.22, shall include any Swingline Lender and any L/C Issuer.

 

Section
9.23 Intercreditor Agreement Authorization. Each Lender hereby agrees that it will be bound by, and will take
no actions contrary to, the provisions of any Customary Intercreditor Agreement contemplated by
Section 6.02.hereby. Each Lender authorizes
and instructs the Administrative Agent and the Collateral Agent to enter into any Customary Intercreditor Agreement on behalf
of such Lender and to take all actions (and execute all documents) required (or deemed advisable) by the Administrative Agent
or the Collateral Agent in accordance with the terms of such Customary Intercreditor Agreement.

 

    209

     

    

 

Section
9.24 Obligations of the Borrowers Joint and Several. With respect to the Term B-45
Loans made hereunder, each of the Canadian Borrower and the U.S. Borrower hereby acknowledges that such Loans are made
for the benefit of each of the Canadian Borrower and the U.S. Borrower and, in consideration thereof, agrees to be jointly and
severally liable with each other for such Loans and the Obligations related thereto.

 

Section
9.25 Acknowledgement and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the
contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto
acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability
is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to,
and acknowledges and agrees to be bound by:

 

(a) the application
of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable
to it by any party hereto that is an EEA Financial Institution; and

 

(b) the effects of
any Bail-in Action on any such liability, including, if applicable:

 

(i) a reduction
in full or in part or cancellation of any such liability;

 

(ii) a conversion
of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent
undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments
of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other
Loan Document; or

 

(iii) the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution
Authority.

 

Section
9.26 Acknowledgement Regarding Any Supported QFCs.
To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Swap Agreements or any other agreement
or instrument that is a QFC (such support “QFC Credit Support” and each such QFC a “Supported QFC”), the
parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under
the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with
the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and
QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in
fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United
States):

 

In
the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding
under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any
interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported
QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective
under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and
rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party
or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights
under the Loan Documents that might otherwise apply to such supported QFC or any QFC Credit Support that may be exercised against
such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S.
Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state
of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties
with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or
any QFC Credit Support.

 

    210

     

    

 

ARTICLE
X

 

GUARANTEE

 

Section
10.01 The Guarantee. Holdings, U.S. Borrower and each other Subsidiary Guarantor
(the “The Guarantors”)
hereby, jointly and severally guarantee, as a primary obligor and not as a surety to each Secured Party and their
respective successors and assigns, the prompt payment in full when due (whether at stated maturity, by required prepayment, declaration,
demand, by acceleration or otherwise) of the principal of and interest (including any interest, fees, costs or charges that would
accrue but for the provisions of the Title 11 of the United States Code or other applicable bankruptcy or insolvency legislation
after any bankruptcy or insolvency petition under Title 11 of the United States Code, the BIA, the CCAA, the WURA or other applicable
bankruptcy or insolvency legislation) on the Loans made by the Lenders to, and the promissory notes held by each Lender of, the
Borrowers, all Secured Obligations of the Borrowers and the other Loan Parties under Permitted Swap Agreements and all other Secured
Obligations from time to time owing to the Secured Parties by any Loan Party under any Loan Document or pursuant to any agreement
as described in clause (c) of the definition of “Secured Obligations,” in each case strictly in accordance with the
terms thereof (such obligations being herein collectively called the “Guaranteed Obligations”).The Guarantors
hereby jointly and severally agree that if the Borrowers or other Guarantor(s) shall fail to pay in full when due (whether at
stated maturity, by acceleration or otherwise) any of the Guaranteed Obligations, the Guarantors will promptly pay the same in
cash, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the
Guaranteed Obligations, the same will be promptly paid in full when due (whether at extended maturity, by acceleration or otherwise)
in accordance with the terms of such extension or renewal.

 

Section
10.02 Obligations Unconditional. The obligations of the Guarantors under Section 10.01 shall constitute a
guaranty of payment and to the fullest extent permitted by applicable law, are absolute, irrevocable and unconditional, joint
and several, irrespective of the value, genuineness, validity, regularity or enforceability of the Guaranteed Obligations of the
Borrowers under this Agreement, the promissory notes, if any, or any other agreement or instrument referred to herein or therein,
or any substitution, release or exchange of any other guarantee of or security for any of the Guaranteed Obligations, and, irrespective
of any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a surety or
Guarantor (except for payment in full). Without limiting the generality of the foregoing, it is agreed that the occurrence of
any one or more of the following shall not alter or impair the liability of the Guarantors hereunder which shall remain absolute,
irrevocable and unconditional under any and all circumstances as described above:

 

(i) at any
time or from time to time, without notice to the Guarantors, the time for any performance of or compliance with any of the Guaranteed
Obligations shall be extended, or such performance or compliance shall be waived;

 

(ii) any
of the acts mentioned in any of the provisions of this Agreement or the promissory notes, if any, or any other agreement or instrument
referred to herein or therein shall be done or omitted;

 

(iii) the
maturity of any of the Guaranteed Obligations shall be accelerated, or any of the Guaranteed Obligations shall be amended in any
respect, or any right under the Loan Documents or any other agreement or instrument referred to herein or therein shall be amended
or waived in any respect or any other guarantee of any of the Guaranteed Obligations or any security therefor shall be released
or exchanged in whole or in part or otherwise dealt with;

 

(iv) any
Lien or security interest granted to, or in favor of, L/C Issuer or any Lender or Agent as security for any of the Guaranteed Obligations
shall fail to be perfected; or

 

(v) the release
of any other Guarantor pursuant to Section 10.09.

 

    211

     

    

 

The Guarantors hereby
expressly waive diligence, presentment, demand of payment, protest and all notices whatsoever, and any requirement that any Secured
Party exhaust any right, power or remedy or proceed against any Borrower under this Agreement or the promissory notes, if any,
or any other agreement or instrument referred to herein or therein, or against any other person under any other guarantee of, or
security for, any of the Guaranteed Obligations. The Guarantors waive any and all notice of the creation, renewal, extension, waiver,
termination or accrual of any of the Guaranteed Obligations and notice of or proof of reliance by any Secured Party upon this Guarantee
or acceptance of this Guarantee, and the Guaranteed Obligations, and any of them, shall conclusively be deemed to have been created,
contracted or incurred in reliance upon this Guarantee, and all dealings between the Borrowers and the Secured Parties shall likewise
be conclusively presumed to have been had or consummated in reliance upon this Guarantee. This Guarantee shall be construed as
a continuing, absolute, irrevocable and unconditional guarantee of payment without regard to any right of offset with respect to
the Guaranteed Obligations at any time or from time to time held by Secured Parties, and the obligations and liabilities of the
Guarantors hereunder shall not be conditioned or contingent upon the pursuit by the Secured Parties or any other person at any
time of any right or remedy against any Borrower or against any other person which may be or become liable in respect of all or
any part of the Guaranteed Obligations or against any collateral security or guarantee therefor or right of offset with respect
thereto. This Guarantee shall remain in full force and effect and be binding in accordance with and to the extent of its terms
upon the Guarantors and the successors and assigns thereof, and shall inure to the benefit of the Secured Parties, and their respective
successors and assigns, notwithstanding that from time to time during the term of this Agreement there may be no Guaranteed Obligations
outstanding.

 

Section
10.03 Reinstatement. The obligations of the Guarantors under this Article X shall be automatically reinstated
if and to the extent that for any reason any payment by or on behalf of the Borrowers or other Loan Party in respect of the applicable
Guaranteed Obligations is rescinded or must be otherwise restored by any holder of any of the applicable Guaranteed Obligations,
whether as a result of any proceedings in bankruptcy or reorganization or otherwise.

 

Section
10.04 Subrogation; Subordination. Each Guarantor hereby agrees that until the indefeasible payment and satisfaction
in full in cash of all applicable Guaranteed Obligations and the expiration and termination of the Commitments of the Lenders
under this Agreement it shall waive any claim and shall not exercise any right or remedy, direct or indirect, arising by reason
of any performance by it of its guarantee in Section 10.01, whether by subrogation or otherwise, against any Borrower or any other
Guarantor of any of the applicable Guaranteed Obligations or any security for any of the applicable Guaranteed Obligations. Any
Indebtedness of any Loan Party permitted pursuant to Section 6.01clauses
(Ag)
or (b)h)
of the definition of Permitted Debt shall be subordinated to such Loan Party’s Obligations in the manner set
forth in the Intercompany Note evidencing such Indebtedness.

 

Section
10.05 Remedies. The Guarantors jointly and severally agree that, as between the Guarantors and the Lenders,
the obligations of either Borrower under this Agreement, the promissory notes, if any, and any other agreement or instrument referred
to herein or therein may be declared to be forthwith due and payable as provided in Article VII (and shall be deemed to have become
automatically due and payable in the circumstances provided in said Article VII) for purposes of Section 10.01, notwithstanding
any stay, injunction or other prohibition preventing such declaration (or such obligations from becoming automatically due and
payable) as against the Borrowers and that, in the event of such declaration (or such obligations being deemed to have become
automatically due and payable), such obligations (whether or not due and payable by the Borrowers) shall forthwith become due
and payable by the applicable Guarantors for purposes of Section 10.01.

 

Section
10.06 Instrument for the Payment of Money. Each Guarantor hereby acknowledges that the guarantee in this Article
X constitutes an instrument for the payment of money, and consents and agrees that any Lender or Agent, at its sole option, in
the event of a dispute by such Guarantor in the payment of any moneys due hereunder, shall have the right to bring a motion-action
under New York CPLR Section 3213.

 

Section
10.07 Continuing Guarantee. The guarantee in this Article X is a continuing guarantee of payment, and shall
apply to all applicable Guaranteed Obligations whenever arising.

 

    212

     

    

 

Section
10.08 General Limitation on Guarantee Obligations. In any action or proceeding involving any state corporate
limited partnership or limited liability company law, or any applicable state, federal or foreign bankruptcy, insolvency, reorganization
or other law affecting the rights of creditors generally, if the obligations of any Guarantor under Section 10.01 would otherwise
be held or determined to be void, voidable, invalid or unenforceable, or subordinated to the claims of any other creditors, on
account of the amount of its liability under Section 10.01, then, notwithstanding any other provision to the contrary, the amount
of such liability shall, without any further action by such Guarantor, any Loan Party or any other person, be automatically limited
and reduced to the highest amount that is valid and enforceable and not subordinated to the claims of other creditors as determined
in such action or proceeding. Each Guarantor that makes a payment under
its Guarantee will be entitled upon payment in full of all guaranteed Obligations under this Agreement to a contribution from
each other Guarantor in an amount equal to such other Guarantor’s pro rata portion of such payment based on the respective
net assets of all of the Guarantors at the time of such payment determined in accordance with GAAP, each such claim or right being
subordinated to the Obligations.

 

Section
10.09 Release of Guarantors. If, in compliance with the terms and provisions of the Loan Documents, all or
substantially all of the Equity Interests or property of any Guarantor are sold or otherwise transferred (by merger, amalgamation
or otherwise) (a “Transferred Guarantor”) to a person or persons, none of which is Holdings,
Borrowers or a Restricted Subsidiary, such
Transferred Guarantor shall, upon the consummation of such sale or transfer, automatically be released from its obligations under
this Agreement (including under Section 9.05 hereof) and its obligations to pledge and grant any Collateral owned by it pursuant
to any Security Document and, in the case of a sale of all or substantially all of the Equity Interests of the Transferred Guarantor,
the pledge of such Equity Interests to the Collateral Agent pursuant to the Security Documents shall automatically be released,
and the Collateral Agent shall take such actions as are necessary or reasonably requested by the Canadian Borrower to evidence
and confirm each release described in this Section 10.09 in accordance with the relevant provisions of the Security Documents
and with Section 9.18 hereof.

 

Section
10.10 Brazilian Guarantors. To the extent concerning Brazilian Guarantors,
each Guarantor hereby expressly waives the legal benefits provided for in articles 333 (sole paragraph), 366, 827, 828, 831, 834,
835, 837, 838 and 839 of Law 10,406/2002 (the “Brazilian Civil Code”) and articles 130 and 794 of Law 13,105/2015
(the “Brazilian Code of Civil Procedure”), until the payment and satisfaction in full of all applicable Guaranteed
Obligations and the expiration and termination of the Commitments of the Lenders under this Agreement.

 

[Signature Pages Intentionally Omitted]

 

    213

     

    

 

Schedule
2.01

 

Commitments

 

Revolving
R-3 Facility Commitments

 

	Revolving R-3 Facility Lender	 	Revolving R-3 Facility Commitment	 	 	Revolving R-3 Commitment Percentage	 
	JPMorgan Chase Bank, N.A.	 	$	45,000,000.00	 	 	 	22.500000000	%
	Goldman Sachs Bank USA	 	$	25,000,000.00	 	 	 	12.500000000	%
	Bank of Montreal	 	$	15,000,000.00	 	 	 	7.500000000	%
	Canadian Imperial Bank of Commerce	 	$	15,000,000.00	 	 	 	7.500000000	%
	Credit Suisse AG, Toronto Branch	 	$	15,000,000.00	 	 	 	7.500000000	%
	Morgan Stanley Senior Funding, Inc.	 	$	15,000,000.00	 	 	 	7.500000000	%
	Royal Bank of Canada	 	$	15,000,000.00	 	 	 	7.500000000	%
	ING Bank N.V.	 	$	15,000,000.00	 	 	 	7.500000000	%
	The Bank of Nova Scotia	 	$	15,000,000.00	 	 	 	7.500000000	%
	The Toronto-Dominion Bank	 	$	15,000,000.00	 	 	 	7.500000000	%
	Laurentian Bank of Canada	 	$	10,000,000.00	 	 	 	5.000000000	%
	TOTAL:	 	$	200,000,000.00	 	 	 	100.000000000	%

 

Term
B-5 Loan Commitments

 

	Term B-5 Lender	 	Term B-5 Loan Commitment	 
	JPMorgan Chase Bank, N.A.	 	$	1,908,500,000.00	 

 

     

     

    

 

Schedule
2.04

 

Swingline
Commitments

 

	Swingline Lender	 	Swingline Commitment	 
	Bank of Montreal	 	$	15,000,000.00	 

 

     

     

    

 

Schedule
3.01

 

Organization

 

None.

  

     

     

    

 

Schedule
3.07

 

Title
to Properties; Possession Under Leases

 

The
liens, charges, encumbrances or restrictions contained in the licenses, leases and other agreements listed below.

 

Declaration
of Trust by Telesat International Limited in favour of APT Satellite Company Limited regarding Telstar 18VANTAGE dated February
5, 2016.

 

Letter
Agreement between Telesat International Limited and APT Satellite Company Limited regarding Telstar 18VANTAGE dated December 31,
2015.

 

Management
Agreement between Telesat International Limited and APT Satellite Company Limited regarding Telstar 18VANTAGE dated December 23,
2015.

 

Marketing
Agreement between Telesat International Limited and APT Satellite Company Limited regarding Telstar 18VANTAGE dated December 31,
2015.

 

Orbital
Slot Sublicense Agreement between Telesat International Limited and APT Satellite Company Limited regarding Telstar 18VANTAGE
dated December 31, 2015.

 

Satellite
Transponder Agreement between Telesat International Limited and APT Satellite Company Limited regarding Telstar 18VANTAGE dated
December 23, 2015.

  

     

     

    

 

Schedule
3.09

 

Litigation

 

Telesat
Canada

 

Provincial
Income Allocation

 

Notices
of Objection have been filed against Ontario reassessments issued in October 2008 with respect to a provincial income allocation
audit of the taxation years ended December 31, 2002 and 2003. The 2002 reassessment totaled CAD186,767, while the 2003 reassessment
totaled CAD735,408. Waivers have been signed with respect to this issue.

 

2009
Transfer Pricing Audit

 

In
November 2018, the Canada Revenue Agency (‘CRA’) assessed Telesat Canada (‘Telesat’) for the taxation
year ended December 31, 2009 for an additional $25,487,614 of taxable income regarding the allocation of proceeds received on
the disposition of Telstar 10. Telesat was assessed $6,577,534 including interest and penalties. Telesat paid 50% of this amount
in December 2018 and filed a Notice of Objection.

 

2012
Transfer Pricing Audit

 

In
November 2018, the Canada Revenue Agency (‘CRA’) assessed Telesat Canada (‘Telesat’) for the taxation
year ended December 31, 2012 for an additional $7,012,566 relating to Telesat’s transactions with its subsidiary Telesat
(IOM) Limited. Telesat was assessed $2,441,055 including interest and penalties. In December 2018, Telesat paid 50% of this balance
outstanding and filed a Notice of Objection.

 

Telesat
Brasil Capacidade de Satélites Ltda.

 

Telesat
Brasil Capacidade de Satélites Ltda. (“TBCS”) was originally assessed R$2,826,708 for the taxation year ended
December 31, 2003 in unpaid FUST based upon ANATEL’s estimate of TBCS’s revenues for the period. TBCS challenged the
assessment at the administrative level and filed a motion against the claim. The alleged FUST amount owing as at October 2018
was R$4,731,913.

 

TBCS
was assessed for failing to withhold ICMS relative to communication services for the period June 2004 to December 2008. The amount
including unpaid tax, accrued interest and penalties totaled approximately R$20,481,265 as at October 2019. TBCS was subsequently
assessed for the period 2009 to 2012 for the same issue for an amount totaling approximately R$78,620,814 as at October 2019 and
lastly in July 2019 covering the period from 2014 to 2018 for an amount totaling approximately R$105,452,684. Administrative challenges
were filed against all assessments.

 

In
November 2011, TBCS was assessed for unpaid PIS/COFINS and CIDE relating to the period January 2007 to December 2008. The amounts
including unpaid tax, accrued interest and penalties at October 2019 were R$6,545,881 and R$6,099,200 respectively. Administrative
defenses have been filed against these assessments.

 

The
inclusion of items on this Schedule shall not be deemed to be an admission that such item represents an exception or material
fact, event or circumstance or that such item could be reasonably expected to have a Material Adverse Effect or that any Loan
Party or any Subsidiary has any liability in respect of claims made in such item.

  

     

     

    

 

Schedule
5.10(e)

 

Certain
Subsidiaries and Property

 

Subsidiaries:

 

		1.	Telesat
                                         Network Services Holdings L.L.C. (Delaware)
	 	 	 

		2.	Telesat
                                         Asia Pacific Satellite (HK) Limited
	 	 	 

		3.	Telesat
                                         Network Services GmbH

 

     

     

    

 

Schedule
6.01

 

Indebtedness

 

None.

 

     

     

    

 

Schedule
6.02

 

Liens

 

With
regard to the Mt. Jackson property, all matters of record which a Title Policy would show, including Liens fitting the description
of clause (r) of the definition of “Permitted Liens” and the Memorandum of Lease dated November 23, 1993, recorded
in Liber 694 Page 362 of the official records of the clerk of the circuit court of Shenandoah County, Virginia (which has been
terminated and for which there is no unrelated third-party occupant of the premises).

 

Security
Agreement dated January 1, 2010 between Bell ExpressVu Inc. and Telesat Canada re Nimiq 6.

 

Security
Agreement dated August 30, 2011 between Shaw Satellite G.P. and Telesat Canada re Anik G1.

 

Consent
and Non-Disturbance Agreement dated May 31, 2012 among Shaw Satellite G.P., JPMorgan Chase Bank, N.A., and Telesat Canada re Anik
F2.

  

     

     

    

 

Schedule
6.06

 

Investments

 

US$420
million cash investment in 10680451 Canada Inc., and its subsidiaries, in connection with the development of the LEO constellation.

 

     

     

    

 

ANNEX
1(f)

 

Mortgaged
Properties to be Released

 

		1.	Vancouver
                                         Teleport – 457 Industrial Avenue, Vancouver, British Columbia

		2.	Fort
                                         McMurray Teleport – 280 MacKay Crescent, Fort McMurray, Alberta

		3.	Saskatoon
                                         Teleport – 3135 Highway 219 (Lorne Avenue), Saskatoon, Saskatchewan

		4.	(i)
                                         Toronto Teleport - 6 Leslie Street South, Toronto, Ontario and (ii) 1601 Telesat Court,
                                         Ottawa, Ontario (Expired Leased Property)

 

     

     

    

 

ANNEX
5

 

Post-Closing
Matters

 

The
Administrative Agent shall have received:

 

		(a)	not
                                         later than one hundred twenty (120) days after the Amendment No. 6 Effective Date (unless
                                         waived or extended by the Administrative Agent in its sole discretion), the following
                                         documents, duly executed and registered with the competent Registries of Deeds and Documents:
                                         (i) a Brazilian law governed Quota Pledge Agreement among Telesat Brazil Holdings LLC,
                                         Telesat International, L.L.C., TMF Brasil Administração e Gestão
                                         de Ativos Ltda. and the Administrative Agent, as collateral agents, and, as intervening
                                         party, Telesat Space Participações Ltda.; (ii) a Brazilian law governed
                                         Quota Pledge Agreement among Telesat Space Participações Ltda., Telesat
                                         Brazil Holdings LLC, TMF Brasil Administração e Gestão de Ativos
                                         Ltda. and the Administrative Agent, as collateral agents, and, as intervening party,
                                         Telesat Brasil Capacidade de Satélites Ltda.; (iii) a Brazilian law governed Quota
                                         Pledge Agreement among Telesat Canada, Telesat Brazil Holdings LLC, TMF Brasil Administração
                                         e Gestão de Ativos Ltda. and the Administrative Agent, as collateral agents, and,
                                         as intervening party, Telesat Brasil Ltda.; and (iv) a Brazilian law governed Quota Pledge
                                         Agreement among Telesat Brasil Ltda., Telesat Brazil Holdings LLC, TMF Brasil Administração
                                         e Gestão de Ativos Ltda. and the Administrative Agent, as collateral agents, and,
                                         as intervening party, Telesat Serviços de Telecomunicação Ltda.
                                         (“Brazilian Quota Pledge Agreements”)

 

		(b)	not
                                         later than one hundred twenty (120) days after the Amendment No. 6 Effective Date (unless
                                         waived or extended by the Administrative Agent in its sole discretion), amendments to
                                         the articles of association of Telesat Space Participações Ltda., Telesat
                                         Brasil Capacidade de Satélites Ltda., Telesat Brasil Ltda. and Telesat Serviços
                                         de Telecomunicação Ltda. (the “Brazilian Guarantors”)
                                         reflecting the pledge created under the Brazilian Quota Pledge Agreements duly executed
                                         and registered with the relevant Trade Boards;

 

		(c)	as
                                         soon as practicable after execution and registration of the documents listed in clauses
                                         (a) and (b) above, a customary opinion letter of Ulhôa Canto, Rezende e Guerra-Advogados,
                                         counsel to the Brazilian Guarantors.

 

		(d)	not
                                         later than fifteen (15) days after the Amendment No. 6 Effective Date (or such later
                                         date as the Administrative Agent may agree in its sole and reasonable discretion), the
                                         Borrowers shall deliver to the Collateral Agent (or its permitted designee) a stock certificate
                                         representing the shares of The SpaceConnection, Inc. pledged by Telesat Satellite Holdings
                                         Corporation pursuant to the Security Documents and related stock power.Exhibit 4.2

 

 

	 

 

 

 

 

 

 

 

 

 

 

HILLTOP SECURITIES INC.

 

Issuer

 

 

The
Bank of New York Mellon

Trustee

 

 

 

 

 

 

INDENTURE

 

Dated as of December 6, 2019

 

 

 

 

SECURED COMMERCIAL PAPER NOTES, SERIES 2019-2

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	Article I.	DEFINITIONS AND CONSTRUCTION	2
	Section 1.01	Definitions	2
	Section 1.02	Rules of Construction	7
	Section 1.03	Supplements Controlling	8
	Article II.	THE SERIES 2019-2 CP NOTES	8
	Section 2.01	Form Generally	8
	Section 2.02	Denominations	8
	Section 2.03	Execution, Authentication and Delivery	8
	Section 2.04	Authenticating Agent	9
	Section 2.05	Registration of and Limitations on Transfer and Exchange of Series 2019-2 CP Notes	10
	Section 2.06	Mutilated, Destroyed, Lost or Stolen Series 2019-2 CP Notes	13
	Section 2.07	Persons Deemed Owners	14
	Section 2.08	Appointment of Paying Agent	14
	Section 2.09	Access to List of Series 2019-2 CP Noteholders’ Names and Addresses	14
	Section 2.10	Cancellation	15
	Section 2.11.	Book Entry Series 2019-2 CP Notes	15
	Section 2.12	Notices to Clearing Agency	16
	Section 2.13.	Definitive Series 2019-2 CP Notes	16
	Section 2.14	Series 2019-2 CP Note Issuance Procedures	16
	Section 2.15	Payment of Interest and Principal; Optional Redemption	19
	Section 2.16	CUSIP Numbers	21
	Article III.	REPRESENTATIONS AND COVENANTS OF ISSUER	21
	Section 3.01	Representations and Warranties of the Issuer	21
	Section 3.02	General Covenants of the Issuer	23
	Section 3.03	Collateral Maintenance; Substitution; Trustee Daily Collateral Reports	24
	Section 3.04	Money for Series 2019-2 CP Note Payments to Be Held in Trust	24
	Section 3.05	Unclaimed Funds	25
	Section 3.06	Successor Substituted	26
	Section 3.07	Authorized Representative	26
	Article IV.	SATISFACTION AND DISCHARGE	26
	Section 4.01	Satisfaction and Discharge	26
	Section 4.02	Application of Trust Money	27
	Article V.	DEFAULTS AND REMEDIES	27
	Section 5.02	Acceleration of Maturity; Rescission and Annulment	28
	Section 5.03	Collection of Indebtedness and Suits for Enforcement by Trustee	29
	Section 5.04	Remedies	30
	Section 5.05	Optional Preservation of Trust Assets	31
	Section 5.06	Trustee May Enforce Claims Without Possession of Notes	32
	Section 5.07	Limitation on Suits	32
	Section 5.08	Unconditional Rights of Series 2019-2 CP Noteholders to Receive Principal and Interest	33
	Section 5.09	Restoration of Rights and Remedies	33

 

    	 	ii	 

     

    

 

	Section 5.10	Rights and Remedies Cumulative	33
	Section 5.11	Delay or Omission Not Waiver	33
	Section 5.12	Rights of Series 2019-2 CP Noteholders to Direct Trustee	33
	Section 5.13	Waiver of Past Defaults	34
	Section 5.14	Undertaking for Costs	34
	Section 5.15	Waiver of Stay or Extension Laws	35
	Section 5.16	Sale of Trust Assets	35
	Section 5.17	Action on Notes	35
	Section 5.18	Limited Rights of Certain Series 2019-2
CP Noteholders	36
	Article VI.	THE TRUSTEE	36
	Section 6.01	Duties of Trustee	36
	Section 6.02	Notice of Event of Default	38
	Section 6.03	Rights of Trustee	38
	Section 6.04	Not Responsible for Recitals or Issuance
of Notes	40
	Section 6.05	May Hold Notes	40
	Section 6.06	Money Held in Trust	40
	Section 6.07	Compensation, Reimbursement and Indemnification	40
	Section 6.08	Replacement of Trustee	41
	Section 6.09	Successor Trustee by Merger	42
	Section 6.10	Appointment of Co-Trustee or Separate
Trustee	42
	Section 6.11	Eligibility; Disqualification	43
	Section 6.12	Representations and Covenants of Trustee	43
	Section 6.13	Trustee as Paying Agent, Registrar and
Authenticating Agent	44
	Section 6.14	Liability in Agent Capacity	44
	Article VII.	SERIES 2019-2 CP NOTEHOLDERS’ LIST AND REPORTS BY INDENTURE TRUSTEE AND ISSUER	45
	Section 7.01	Issuer to Furnish Trustee Names and Addresses
of Series 2019-2 CP Noteholders	45
	Section 7.02	Preservation of Information; Communications
to Series 2019-2 CP Noteholders	45
	Article VIII.	ACCOUNTS, ACCOUNTING AND RELEASES	46
	Section 8.01	Collection of Money	46
	Section 8.02	Distributions	46
	Section 8.03	Release of Trust Assets, Etc	46
	Section 8.05	Establishment of Note Account	47
	Article IX.	SUPPLEMENTAL INDENTURES	47
	Section 9.01	Supplemental Indentures Without Consent
of Series 2019-2 CP Noteholders	47
	Section 9.02	Supplemental Indentures with Consent of
Series 2019-2 CP Noteholders	48
	Section 9.03	Execution of Supplemental Indentures	49
	Section 9.04	Effect of Supplemental Indenture	49
	Section 9.05	Reference in Series 2019-2 CP Notes to Supplemental Indentures	49
	Article X.	MISCELLANEOUS	50
	Section 10.01	Form of Documents Delivered to Trustee	50
	Section 10.02	Acts of Series 2019-2 CP Noteholders	50
	Section 10.03	Notices, Etc. to Trustee, Issuer and Issuer	51

 

    	 	iii	 

     

    

 

	Section 10.04	Notices to Series 2019-2 CP Noteholders; Waiver	53
	Section 10.05	Alternate Payment and Notice Provisions	53
	Section 10.06	Effect of Headings and Table of Contents	53
	Section 10.07	Successors and Assigns	54
	Section 10.08	Separability	54
	Section 10.09	Benefits of Indenture	54
	Section 10.10	Legal Holidays	54
	Section 10.11	Governing Law	54
	Section 10.12	Counterparts	55
	Section 10.13	Issuer Obligation	55
	Section 10.14	No Petition	55
	Section 10.15	Force Majeure	55

	EXHIBIT A- FORM OF MASTER SERIES 2019-2 CP NOTE	55
	EXHIBIT B - FORM OF INVESTOR REPRESENTATION LETTERS FOR SERIES 2019-2 CP NOTES--QIB/QP	1
	EXHIBIT C - FORM OF NOTICE OF EXCLUSIVE CONTROL	3
	EXHIBIT D - FORM OF ISSUANCE NOTICE	1
	EXHIBIT E - FORM OF DAILY COLLATERAL REPORT	2
	EXHIBIT F - FORM OF COLLATERAL ACCOUNT CONTROL AGREEMENT	1
	 	 	 

    	 	iv	 

     

    

 

This INDENTURE is dated
as of December 6, 2019 (as amended, supplemented or restated from time to time, this “Indenture”), between HILLTOP
SECURITIES INC., a corporation organized under the laws of the State of Delaware (the “Issuer”), and THE BANK
OF NEW YORK MELLON, a New York banking corporation, as indenture trustee (the “Trustee”).

 

WITNESSETH:

 

WHEREAS, Trustee and
Issuer each have executed a Letter of Representations (the “Letter of Representations”, which term shall include
the procedures referred to therein) with the Issuer and the initial Clearing Agency, The Depository Trust Company (“DTC”)
and a Certificate Agreement (the “Certificate Agreement”) with DTC which establish, among other things, the
procedures to be followed by Trustee in connection with the issuance and custody of Book-Entry Series 2019-2 CP Notes.

 

WHEREAS, The Bank of
New York Mellon, as Securities Intermediary and, in its capacity as Trustee hereunder, as Secured Party, and Issuer, as Pledgor,
each have executed a Collateral Account Control Agreement, dated as of the date hereof, whereby the Securities Intermediary established
and maintained the Collateral Account (as defined herein).

 

NOW THEREFORE, in consideration
of the mutual agreements herein contained, and of other good and valuable consideration, the receipt and adequacy of which are
hereby acknowledged, the parties hereto agree as follows:

 

GRANTING CLAUSES

 

To secure payment and
performance of the Series 2019-2 CP Notes and other obligations of the Issuer under this Indenture, the Issuer hereby unconditionally
grants, transfers, assigns, sets over, pledges and conveys to the Trustee, as Trustee and Secured Party, for the exclusive benefit
of it and the Holders of the Series 2019-2 CP Notes, subject to the terms of this Indenture and the Collateral Account Control
Agreement (pursuant to which the Securities Intermediary will take instructions from the Pledgor or the Secured Party, as specified
therein) a continuing security interest in and a lien on all of the Issuer's right, title and interest in and to all assets held
by the Securities Intermediary pursuant to the Collateral Account Control Agreement, including without limitation (a) all investment
property held in the Collateral Account whether now or hereafter existing, including all payments of principal and interest received,
collected or otherwise recovered on such investment property and all other proceeds received in respect of such investment property,
(b) all cash, instruments or other property that are held or required to be deposited in the Collateral Account, including all
investments made with funds in the Collateral Account, and (c) all proceeds of the conversion, voluntary or involuntary, of any
of the foregoing into cash or other liquid assets, including, without limitation, all insurance proceeds and condemnation awards
(collectively, the “Collateral”).

 

The foregoing
Grants are made in trust to secure the Series 2019-2 CP Notes equally and ratably without prejudice, priority or distinction
between any Series 2019-2 CP Note and any other Series 2019-2 CP Notes, except as expressly provided in this Indenture and to
secure (i) the payment of all amounts due on the Series 2019-2 CP Notes in accordance with their terms, (ii) the payment of
all other sums payable under this Indenture and (iii) compliance with the provisions of this Indenture, all as provided
herein (the “Secured Obligations”).

 

     

     

    

 

The Trustee acknowledges
such Grants, accepts the trusts hereunder in accordance with the provisions of this Indenture and agrees to perform the duties
herein required to the end that the interests of the Holders of the Series 2019-2 CP Notes may be adequately and effectively protected.

 

Article I.

DEFINITIONS AND CONSTRUCTION

 

		Section 1.01	Definitions.

 

As used in this Indenture and unless otherwise
defined herein, capitalized terms used in this Indenture shall have the meanings assigned to them in the Collateral Account Control
Agreement, the form of which is attached hereto as Exhibit F.

 

“Act”
or “Act of the Series 2019-2 CP Noteholders” has the meaning specified in Section 10.02 of this Indenture.

 

“Affiliate”
means, with respect to a particular Person, (a) any Person that, directly or indirectly, is in control of, is controlled by, or
is under common control with, such Person, or (b) any Person who is a director or officer or general partner (i) of such Person,
(ii) of any subsidiary of such Person, or (iii) of any Person described in clause (a) above. For purposes of this definition, control
of a Person shall mean the power, direct or indirect, (i) to vote 5% or more of the securities having ordinary voting power to
elect the directors of such Person, or (ii) to direct or cause the direction of the management and policies of such Person whether
by contract or otherwise.

 

“Authorized
Representative” has the meaning specified in Section 3.07 of this Indenture.

 

“Basic Documents”
means this Trust Indenture and the Collateral Account Control Agreement.

 

“Book Entry
Series 2019-2 CP Notes” means beneficial interests in Notes designated as “Book Entry Series 2019-2 CP Notes”
in this Indenture, ownership and transfers of which shall be evidenced or made through book entries by a Clearing Agency as described
in Section 2.11; provided, that after the occurrence of a condition whereupon Definitive Series 2019-2 CP Notes are to be issued
to Note Owners, such Book Entry Series 2019-2 CP Notes shall no longer be “Book Entry Series 2019-2 CP Notes.”

 

“Business
Day” means any day on which the Trustee and the appropriate depositories are open for business.

 

“Clearing
Agency” means an organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act,
as amended. As of the Closing Date, the Clearing Agency shall be The Depository Trust Company.

 

    	 	2	 

     

    

 

“Clearing
Agency Participant” means a broker, dealer, bank, other financial institution or other Person for whom from time to time
a Clearing Agency effects book entry transfers and pledges of securities deposited with the Clearing Agency.

 

“Closing Date”
means each date of issuance of Series 2019-2 CP Notes.

 

“Collateral”
has the meaning specified in the Granting Clauses herein.

 

“Collateral
Account” means a custodial account, established and maintained by the Securities Intermediary under the Collateral Account
Control Agreement.

 

“Collateral
Account Control Agreement” means, the Collateral Account Control Agreement, dated as of December 6, 2019, among The Bank
of New York Mellon as Trustee, as Secured Party and, The Bank of New York Mellon, as Securities Intermediary, and the Issuer, as
Pledgor, as the same may be amended, supplemented, restated or otherwise modified from time to time.

 

“Corporate
Trust Office” means the principal office of the Trustee at which at any particular time its corporate trust business
shall be administered, which office at the date of the execution of this Indenture is located at

 

The Bank of
New York Mellon

240 Greenwich
Street, Floor 7E

New York, New
York, 10286

Attention:       SPV
Admin – Anna Marrone

 

“Daily Collateral
Report” means a report provided by the Trustee pursuant to Section 3.03, containing the information required in Exhibit
E hereto.

 

“Definitive
Series 2019-2 CP Note” means a Series 2019-2 CP Note in the form of a registered, physical certificated security issued
or endorsed directly to the Holder thereof.

 

“Designated
Officer” shall mean an officer of the Trustee charged with the administration of this Indenture.

 

“Dollars”,
“$” or “U.S. $” means United States dollars and, where the context requires, means Dollars
paid and/or held in the form of cash monies or dollar-denominated commercial deposit accounts.

 

“DTC”
has the meaning specified in the Preamble to this Indenture.

 

“Eligible
Collateral” has the meaning specified in Article 1 and Schedule I of the Collateral Account Control Agreement.

 

“Event of
Default” has the meaning specified in Section 5.01 of this Indenture.

 

    	 	3	 

     

    

 

“Interest
Accrual Period” means, with respect to any interest-bearing Series 2019-2 CP Notes, on any Interest Payment Date,
the period from and including the preceding Interest Payment Date (or, in the case of the first Payment Date occurring after
the related Closing Date, such Closing Date) to and excluding such Payment Date, in each case calculated on the basis of
actual number of days over 360 days, subject to Section 10.10.

 

“Interest
Payment Date” means, with respect to any interest-bearing Note, the fifteenth day of each calendar month or, if such
fifteenth day is not a Business Day, the next succeeding Business Day, commencing December 2019.

 

“Investment
Company Act” means the Investment Company Act of 1940, as amended from time to time.

 

“Issuance
Notice” means the notice required to be provided by the Issuer to the Trustee pursuant to Section 2.14(c) of this Indenture.

 

“Issuer”
means Hilltop Securities Inc., a Delaware corporation.

 

“Lien”
means any security interest, mortgage, deed of trust, pledge, hypothecation, assignment, participation or equity interest, deposit
arrangement, encumbrance, lien (statutory or other), preference, priority or other security agreement or preferential arrangement
of any kind or nature whatsoever, including, without limitation, any conditional sale or other title retention agreement, any financing
lease having substantially the same economic effect as any of the foregoing, and includes the filing of any financing statement
under the UCC (other than any such financing statement filed for informational purposes only) or comparable law of any jurisdiction
to evidence any of the foregoing.

 

“Majority
of Series 2019-2 CP Noteholders” or “Majority Series 2019-2 CP Noteholders”, means the Holders of
Series 2019-2 CP Notes evidencing in the aggregate more than 50% of the Outstanding amount of the Series 2019-2 CP Notes.

 

“Margin Percentage”
shall have the meaning specified in Article I of the Collateral Account Control Agreement.

 

“Margin Value”
shall have the meaning specified in Article 1 of the Collateral Account Control Agreement.

 

“Margin Value
Deficiency” means the excess of the Obligation Amount over the Margin Value.

 

“Master Series
2019-2 CP Note” has the meaning specified in Section 2.01 of this Indenture.

 

“Maturity
Date” means, as to each Series 2019-2 CP Note, the Maturity Date set forth on the face thereof; provided, however, the
Maturity Date of a Series 2019-2 CP Note shall not be greater than 270 days or less than 14 days after the related Closing Date;
and further provided that a Maturity Date must be on a Business Day.

 

“Note Account”
means the account of that name established pursuant to Section 8.05 of this Indenture.

 

    	 	4	 

     

    

 

“Notice of
Exclusive Control” has the meaning set forth in Article 1 of the Collateral Account Control Agreement.

 

‘Obligation
Amount” has the meaning specified in Article 1 of the Collateral Account Control Agreement.

 

“Officer’s
Certificate” means a certificate signed by the Chief Executive Officer, the President, the Chief Financial Officer, the
Treasurer or any Assistant Treasurer of the relevant party and delivered to the Trustee.

 

“Opinion of
Counsel” means a written opinion of counsel reasonably acceptable to the party to whom the opinion is directed, who may
be counsel for or an employee of the Person providing the opinion.

 

“Outstanding”
as of any date of determination and with respect to Series 2019-2 CP Notes, refers to all Series 2019-2 CP Notes theretofore authenticated
and delivered under this Indenture, except:

 

		(i)	Series 2019-2 CP Notes theretofore cancelled or delivered for cancellation, as specified in this
Indenture;

 

		(ii)	Series 2019-2 CP Notes or portions thereof for which payment or redemption money in the necessary
amount has been theretofore deposited as specified in this Indenture;

 

		(iii)	Series 2019-2 CP Notes in exchange for or in lieu of which other Series 2019-2 CP Notes have been
authenticated and delivered pursuant to this Indenture, unless proof is presented to the Trustee that any such Series 2019-2 CP
Notes are held by a holder in due course; and

 

		(iv)	Series 2019-2 CP Notes alleged to have been destroyed, lost or stolen and for which replacement
Series 2019-2 CP Notes have been issued as provided for in this Indenture.

 

“Paying Agent”
means any paying agent appointed pursuant to Section 2.08 of this Indenture, and shall initially be the Trustee.

 

“Payment Date”
means each Interest Payment Date, if any, and each Maturity Date.

 

“Permitted
Lien” means with respect to the Collateral, Liens in favor of the Trustee pursuant to this Indenture.

 

“Person”
means any legal person, including any individual, corporation, partnership, limited liability company, joint venture, association,
joint-stock company, trust, unincorporated organization, governmental entity or other entity of similar nature.

 

“Prospective
Owner” means any person required to provide Exhibit B-1 or Exhibit B-2 in connection with a proposed acquisition of Series
2019-2 CP Notes.

 

    	 	5	 

     

    

 

“Record Date”
means the Business Day immediately preceding a Payment Date or Interest Payment Date (with respect to any interest-bearing Note).

 

“Relevant
UCC State” means each jurisdiction in which the filing of a UCC financing statement is necessary to perfect the ownership
interest of the Issuer pursuant to the security interest granted to the Issuer or the Trustee.

 

“Secured Obligations”
has the meaning assigned in the granting clauses of this Indenture.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

“Securities
Intermediary” has the meaning specified in the Collateral Account Control Agreement.

 

“Series 2019-2
CP Note Interest” means, with respect to any interest-bearing Series 2019-2 CP Note, the interest payable in respect
of such Series 2019-2 CP Notes (as calculated in accordance with Section 2.15 hereof and payable pursuant to Section 8.02 of this
Indenture), including any interest remaining unpaid from any prior Interest Payment Date.

 

“Series 2019-2
CP Note Principal” means principal payable in respect of the Series 2019-2 CP Notes pursuant to Section 8.02 of this
Indenture.

 

“Series 2019-2
CP Note Rate” means with respect to each Series 2019-2 CP Note, the rate set by the Issuer at the time of issuance thereof,
which rate shall be communicated to the Trustee by the Issuer in its Issuance Notice.

 

“Series 2019-2
CP Note Register” means the register maintained pursuant to Section 2.05(a) of this Indenture, providing for the registration
of the Series 2019-2 CP Notes and transfers and exchanges thereof.

 

“Series 2019-2
CP Noteholder or Holder” means the Person in whose name a Series 2019-2 CP Note is registered in the Series 2019-2 CP
Note Register.

 

“Series 2019-2
CP Notes” means the Issuer’s Secured Commercial Paper Notes, Series 2019-2, issued pursuant to Section 2.01 of
this Indenture and authenticated by the Trustee substantially in the form attached hereto as Exhibit A.

 

“Series 2019-2
CP Note Owner or Owner” means with respect to a Book Entry Series 2019-2 CP Note, the Person that is the beneficial owner
of such Book Entry Series 2019-2 CP Note, as reflected on the books of the Clearing Agency or on the books of a Person maintaining
an account with such Clearing Agency (directly as a Clearing Agency Participant or as an indirect participant, in each case in
accordance with the rules of such Clearing Agency), and with respect to a Definitive Series 2019-2 CP Note, the Person that is
the registered owner of such Series 2019-2 CP Note as reflected in the Note Register.

 

“Transfer”
means to transfer, sell, exchange, pledge, hypothecate, participate, or otherwise assign, in whole or in part.

 

    	 	6	 

     

    

 

“Transfer
Agent and Registrar” has the meaning specified in Section 2.05 of this Indenture.

 

“Trustee”
means The Bank of New York Mellon, in its capacity as indenture trustee under this Indenture, or any successor trustee appointed
as provided therein.

 

“UCC”
means the Uniform Commercial Code, as amended from time to time, as in effect in the applicable jurisdiction.

 

		Section 1.02	Rules of Construction.

 

Except as otherwise
expressly provided in this Indenture or unless the context otherwise clearly requires:

 

		(a)	Defined terms include, as appropriate, all genders and the plural as well as the singular. References
to designated articles, sections, and other subdivisions of this Indenture, such as “Section 2.04(a),” refer to the
designated article, section, or other subdivision of this Indenture as a whole and to all subdivisions of the designated article,
section, or other subdivision. The words “herein,” “hereof,” “hereto,” “hereunder”
and other words of similar import refer to this Indenture as a whole and not to any particular article, section, or other subdivision
of this Indenture.

 

		(b)	Any term that relates to a document or a statute, rule or regulation includes any amendments, modifications,
supplements or any other changes that may have occurred since the document, statute or rule came into being, including changes
that occur after the date of this Indenture.

 

		(c)	Any party may execute any of its obligations under this Indenture either directly or through others,
and the right to cause something to be done rather than doing it directly shall be implicit in every requirement under this Indenture;
provide that any such party shall remain responsible to the other party hereto for the proper performance of its obligations hereunder.

 

		(d)	The term “including” and all its variations mean “including but not limited to.”
Except when used in conjunction with the word “either,” the word “or” is always used inclusively (for example,
the phrase “A or B” means “A or B or both,” not “either A or B but not both”).

 

		(e)	All accounting terms used in an accounting context shall be construed in accordance with generally
accepted accounting principles as in effect in the United States. Capitalized terms used in this Indenture without definition that
are defined in the Uniform Commercial Code are used in this Indenture as defined in the Uniform Commercial Code.

 

		(f)	In the computation of a period of time from a specified date to a later specified date, the word
“from” means “from and including” and the words “to” or “until” mean “to
but excluding.”

 

    	 	7	 

     

    

 

		Section 1.03	Supplements Controlling.

 

If a conflict exists
between the provisions of this Indenture and any Supplement, the provisions of the Supplement shall be controlling.

 

Article II.

 

THE SERIES 2019-2 CP NOTES

 

		Section 2.01	Form Generally.

 

The Notes shall be designated
as the “Hilltop Securities Inc. Secured Commercial Paper Notes, Series 2019-2.” The Notes, together with the Trustee’s
certificate of authentication, shall be in substantially the forms 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 officers
executing such Series 2019-2 CP Notes, as evidenced by their execution of the Series 2019-2 CP Notes. Any portion of the text of
any Series 2019-2 CP Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Series
2019-2 CP Note.

 

The Definitive Series
2019-2 CP Notes and the global certificate (“Master Series 2019-2 CP Note”) representing the Book Entry Series 2019-2
CP 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 Series 2019-2 CP Notes, as evidenced by their execution
of such Series 2019-2 CP Notes.

 

Each Series 2019-2 CP
Note shall be dated the date of its authentication. The terms of the Series 2019-2 CP Notes set forth in Exhibit A are part of
the terms of this Indenture.

 

		Section 2.02	Denominations.

 

The Series 2019-2 CP
Notes shall be issued in minimum amounts of $250,000 and integral multiples of $1,000 in excess thereof. Series 2019-2 CP Notes
shall be issued without coupons attached.

 

		Section 2.03	Execution, Authentication and Delivery.

 

Each Series 2019-2
CP Note shall be executed by manual or facsimile signature by an Authorized Representative of the Issuer and shall be authenticated
by the Trustee at the written direction of an Authorized Representative of the Issuer.

 

Series 2019-2 CP Notes
bearing the manual or facsimile signature of an individual who was, at the time when the signature was affixed, authorized to sign
on behalf of the Issuer shall not be rendered invalid notwithstanding the fact that the individual ceased to be so authorized prior
to the authentication and delivery of the Series 2019-2 CP Notes or does not hold that office at the date of issuance of the Series
2019-2 CP Notes.

 

    	 	8	 

     

    

 

No Series 2019-2 CP
Note shall be entitled to any benefit under this Indenture or be valid for any purpose unless a certificate of authentication appears
on the Series 2019-2 CP Note substantially in the form provided for in this Indenture executed by the Trustee by the manual signature
of a duly authorized signatory. The certificate of authentication upon any Series 2019-2 CP Note shall be conclusive evidence,
and the only evidence, that that Series 2019-2 CP Note has been duly authenticated and delivered.

 

The Issuer will from
time to time to the extent it determines to issue Definitive Series 2019-2 CP Notes, furnish to the Trustee an adequate supply
of Series 2019-2 CP Notes. Definitive Series 2019-2 CP Notes, if any, shall be in substantially the form agreed upon by the Issuer
and the Trustee and shall be serially numbered and shall have been executed by manual or facsimile signature of an Authorized Representative
(as hereafter defined), but shall otherwise be uncompleted. Book-Entry Series 2019-2 CP Notes shall be represented by a single
Master Series 2019-2 CP Notes substantially in the form attached hereto as Exhibit A and which shall be executed by manual or facsimile
signature by an Authorized Representative in accordance with the Letter of Representations. Pending receipt of instructions pursuant
to this Agreement, the Trustee will hold the Master Series 2019-2 CP Note in safekeeping for the account of the Issuer or the Clearing
Agency, as the case may be, in accordance with Trustee’s customary practice and the requirements of the Certificate Agreement.

 

Each Definitive Series
2019-2 CP Note or Master Series 2019-2 CP Note delivered to the Trustee shall be accompanied by a letter from the Issuer, as the
case may be, identifying the Definitive Series 2019-2 CP Note or Master Series 2019-2 CP Note(s) transmitted therewith, and the
Trustee shall acknowledge receipt of such Definitive Series 2019-2 CP Note(s) or Master Series 2019-2 CP Note(s) on the copy of
such letter or pursuant to some other form of written receipt deemed appropriate by the Trustee at the time of delivery to the
Trustee of such Definitive Series 2019-2 CP Note(s) or Master Series 2019-2 CP Note(s). Pending the issuance of Definitive Series
2019-2 CP Notes as provided in Section 2.13 of this Indenture, all Definitive Series 2019-2 CP Notes and Master Series 2019-2 CP
Note(s) delivered to the Trustee shall be held by the Trustee for the account of the Issuer or the Clearing Agency, as the case
may be, for safekeeping in accordance with the Trustee’s customary practice and the requirements of the Certificate Agreement.

 

		Section 2.04	Authenticating Agent.

 

		(a)	The Trustee may appoint authenticating agents (who must be Designated Officers of the Trustee)
for the Series 2019-2 CP Notes. Any authenticating agent shall be authorized to act on behalf of the Trustee in authenticating
the Series 2019-2 CP Notes in connection with the issuance, delivery, registration of transfer, exchange or repayment of the Series
2019-2 CP Notes. Whenever reference is made in this Indenture to the authentication of Series 2019-2 CP Notes by the Trustee or
the Trustee's certificate of authentication, that reference includes authentication on behalf of the Trustee by an authenticating
agent and a certificate of authentication executed on behalf of the Trustee by an authenticating agent. Each authenticating agent
must be acceptable to the Issuer.

 

    	 	9	 

     

    

 

		(b)	Any institution succeeding to the corporate agency business of an authenticating agent shall continue
to be an authenticating agent without the execution or filing of any power or any further act on the part of the Trustee or the
authenticating agent.

 

		(c)	An authenticating agent may at any time resign by giving written notice of resignation to the Trustee
and to the Issuer. The Trustee may at any time terminate the agency of an authenticating agent by giving notice of termination
to that authenticating agent and to the Issuer.

 

		(d)	The Issuer agrees to pay to each authenticating agent from time to time reasonable compensation
for its services under this Section.

 

		(e)	The provisions of Sections 6.01 and 6.04 shall be applicable to any authenticating agent.

 

		(f)	Pursuant to an appointment made under this Section, the Series 2019-2 CP Notes may be endorsed
using, in lieu of or in addition to the Trustee's certificate of authentication, an alternative certificate of authentication in
substantially the following form:

 

“This is one
of the Series 2019-2 CP Notes described in the within-mentioned Indenture.

 

	 	 	 
	 	 	as Authenticating Agent for the Trustee
	 	 	 
	 	By:	 
	 	 	Authorized Signatory”
	 	 	 
	 	Dated:	 

 

		Section 2.05	Registration of and Limitations on Transfer and Exchange
of Series 2019-2 CP Notes.

 

(a)           The
Issuer shall cause to be kept a register (the “Series 2019-2 CP Note Register”) in which, subject to such reasonable
regulations as it may prescribe and the restrictions on transfers of the Series 2019-2 CP Notes as provided herein, a transfer
agent and registrar (the “Transfer Agent and Registrar”) shall provide for the registration of the Series 2019-2
CP Notes and of transfers and exchanges of the Series 2019-2 CP Notes. The Transfer Agent and Registrar shall initially be the
Trustee, and the Series 2019-2 CP Note Register shall initially be kept at the office of the Trustee. Unless the context requires
otherwise, any reference in this Indenture to the Transfer Agent and Registrar shall include any co-transfer agent and registrar
appointed by the Trustee.

 

    	 	10	 

     

    

 

The Trustee
shall be permitted to resign as Transfer Agent and Registrar upon 30 days' written notice to the Issuer and the Series 2019-2
CP Noteholders; provided, however, that such resignation shall not be effective and the Trustee shall continue
to perform its duties as Transfer Agent and Registrar until the Issuer at its own expense has appointed a successor Transfer
Agent and Registrar reasonably acceptable to the Trustee. If, after the date hereof, a Person other than the Trustee is
appointed by the Issuer as Transfer Agent and Registrar, the Issuer shall give the Trustee prompt written notice of that
appointment and of the location, and any change in the location, of the Series 2019-2 CP Note Register. The Trustee may
inspect the Series 2019-2 CP Note Register at all reasonable times and obtain copies of it, and the Trustee may conclusively
rely upon a certificate executed by the Transfer Agent and Registrar as to the names, addresses and taxpayer identification
numbers of the Series 2019-2 CP Noteholders and the principal balances and numbers of the Series 2019-2 CP Notes.

 

Upon surrender for
registration of transfer of any Series 2019-2 CP Note at any office or agency of the Transfer Agent and Registrar maintained for
such purpose, the Issuer shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Series 2019-2 CP Notes in any authorized denominations of like aggregate principal balance.

 

At the option of a
Series 2019-2 CP Noteholder, Series 2019-2 CP Notes may be exchanged for other Series 2019-2 CP Notes in any authorized denominations
of like aggregate principal balance, upon surrender of the Series 2019-2 CP Notes to be exchanged at any office or agency of the
Transfer Agent and Registrar maintained for such purpose. Whenever any Series 2019-2 CP Note is so surrendered for exchange, the
Issuer shall execute, and the Trustee shall authenticate and deliver, the Series 2019-2 CP Notes which the Series 2019-2 CP Noteholder
making the exchange is entitled to receive.

 

All Series 2019-2 CP
Notes issued upon any registration of transfer or exchange of Series 2019-2 CP Notes shall evidence the same obligations and the
same debt, and their Holders shall be entitled to the same rights and privileges under this Indenture, as the surrendered Series
2019-2 CP Notes or the Holders thereof, as applicable.

 

Every Series 2019-2
CP Note presented or surrendered for registration of transfer or exchange shall be duly endorsed by, or be accompanied by (i) a
written instrument of transfer in a form satisfactory to the Transfer Agent and Registrar and duly executed by, its Holder or any
attorney-in-fact thereof duly authorized in writing, (ii) any representation letters or certifications required by the
Series 2019-2 CP Notes and (iii) any other documents reasonably required by the Transfer Agent and Registrar. Each Series 2019-2
CP Noteholder must satisfy all transfer restrictions set forth in the Series 2019-2 CP Notes.

 

Each Series 2019-2
CP Note shall be registered at all times as herein provided, and any transfer or exchange of such Series 2019-2 CP Note shall be
valid for purposes hereunder only upon registration of such transfer or exchange by the Transfer Agent and Registrar as provided
herein. Payments on any Payment Date shall be made to Series 2019-2 CP Noteholders of record on the immediately preceding Record
Date.

 

No service charge shall
be made for any registration of transfer or exchange of Series 2019-2 CP Notes, but the Transfer Agent and Registrar or any co-transfer
agent and registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection
with any transfer or exchange of the Series 2019-2 CP Notes.

 

    	 	11	 

     

    

 

(b)      
The Transfer Agent and Registrar shall at all times maintain in The City of New York, an office or offices or agency or
agencies where Series 2019-2 CP Notes may be surrendered for registration of transfer or exchange.

 

(c)       The
Series 2019-2 CP Notes are “restricted securities” within the meaning of Rule 144(a)(3) under the Act and may be offered,
sold, delivered or transferred (including, without limitation, by pledge or hypothecation) only to Qualified Institutional Buyers
(“QIBs”) and Qualified Purchasers (“QPs”) (each, as defined in Exhibit B hereto), in each case purchasing
for their own account. The Indenture Trustee shall have no obligation or responsibility to determine or monitor whether or not
a Prospective Owner or Holder is a QIB or Qualified Purchaser. Each Series 2019-2 CP Note shall bear a restrictive legend to the
foregoing effect substantially in the form of the legends on the face of the form of Series 2019-2 CP Note at Exhibit A.

 

(d)       Each
Prospective Owner shall represent and warrant in writing in substantially the form set forth in Exhibit B-1 or B-2, as applicable,
to the Issuer, Indenture Trustee and the Series 2019-2 CP Note Registrar and any of their respective successors that:

 

(i)       Such
Person is duly authorized to purchase such Series 2019-2 CP Notes and its purchase of investments having the characteristics of
such Series 2019-2 CP Notes is authorized under, and not directly or indirectly in contravention of, any law, charter, trust instrument
or other operative document, investment guidelines or list of permissible or impermissible investments that is applicable to the
investor; and

 

(ii)       Such
Person understands that each holder of such Series 2019-2 CP Note, by virtue of its acceptance thereof, assents to the terms, provisions
and conditions of this Indenture.

 

(e)       Each
Prospective Owner of a Series 2019-2 CP Note shall represent and warrant in writing, in substantially the form set forth in Exhibit
B-1 or B-2, as applicable, as applicable, to the Issuer, the Indenture Trustee and the Series 2019-2 CP Note Registrar and any
of their respective successors that:

 

(i)       Such
Person is (1) a QIB and is acquiring such Series 2019-2 CP Note for its own account or for the account of one or more QIBs for
whom it is authorized to act or (2) a Qualified Purchaser; and

 

(ii)       Such
Person understands that such Series 2019-2 CP Notes have not been registered under the Securities Act, and that, if in the future
it decides to offer, resell, pledge or otherwise transfer such Series 2019-2 CP Notes, such Series 2019-2 CP Notes may be offered,
resold, pledged or otherwise transferred only to a person whom the seller reasonably believes is a QIB that is purchasing such
Notes for its own account or for the account of a QIB, in each case in compliance with the requirements of this Indenture.

 

(f)       In
the event that a Series 2019-2 CP Note is transferred to a Person that does not meet the requirements of this Section 2.05, such
transfer shall be of no force and effect, shall be void ab initio, and shall not operate to transfer any rights to such Person,
notwithstanding any instructions to the contrary to the Issuer, the Trustee or any intermediary; and neither the Indenture Trustee
nor the Issuer shall make any payments on such Note for as long as such Person is the Series 2019-2 CP Noteholders of such Series
2019-2 CP Note.

 

    	 	12	 

     

    

 

 

(g)           Each
Holder of a Series 2019-2 CP Note (or Note Owner) desiring to effect such a transfer shall, and does hereby agree to, indemnify
the Issuer and the Trustee against any liability that may result if the transfer is not so exempt or is not made in accordance
with federal and state securities laws and any other restrictions specified in this Section 2.05. Each holder of a Book-Entry Series
2019-2 CP Note shall be deemed to have consented to such transfer restrictions.

 

(h)           The
Trustee shall cause each Series 2019-2 CP Note to contain a legend substantially similar to the applicable legend provided in Exhibit
A hereto stating that transfer of such Notes is subject to certain restrictions as set forth herein.

 

(i)            Any
purported transfer of a Series 2019-2 CP Note (or any interest therein) not in accordance with this Section 2.05 shall be null
and void and shall not be given effect for any purpose hereunder.

 

(j)            Neither
the Trustee nor the Issuer will have the ability to monitor transfers of the Series 2019-2 CP Notes while they are in book-entry
form and neither will have any liability for transfers of Book-Entry Series 2019-2 CP Notes in violation of any of the transfer
restrictions described in this Section 2.05.

 

Section 2.06          Mutilated, Destroyed,
Lost or Stolen Series 2019-2 CP Notes.

 

If (a) the Trustee
receives evidence to its reasonable satisfaction of the destruction, loss or theft of any Series 2019-2 CP Note, and there is delivered
to the Trustee such security or indemnity as may be required by it to hold the Issuer, the Transfer Agent and Registrar and the
Trustee harmless or (b) any mutilated Series 2019-2 CP Note is surrendered to the Trustee, then, in the absence of notice to the
Issuer, the Transfer Agent and Registrar or the Trustee that the Series 2019-2 CP Note has been acquired by a bona fide purchaser,
the Issuer shall execute, and the Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed,
lost or stolen Series 2019-2 CP Note, a replacement Series 2019-2 CP Note of like tenor (including the same date of issuance) and
principal amount, bearing a number not contemporaneously outstanding.

 

However, if the mutilated,
destroyed, lost or stolen Series 2019-2 CP Note shall have become or within seven days shall be due and payable, or shall have
been selected or called for redemption, instead of issuing a replacement Series 2019-2 CP Note, the Issuer may pay the Series 2019-2
CP Note without its surrender, except that any mutilated Series 2019-2 CP Note shall be surrendered. If a bona fide purchaser of
the original Series 2019-2 CP Note in lieu of which a replacement Series 2019-2 CP Note was issued (or payment was made) presents
for payment the original Series 2019-2 CP Note, the Issuer and the Trustee shall be entitled to recover the replacement Series
2019-2 CP Note (or the payment) from the Person to whom it was delivered or any Person taking the replacement Series 2019-2 CP
Note from the Person to whom the replacement Series 2019-2 CP Note was delivered or any assignee of that Person, except a bona
fide purchaser.

 

Upon the
issuance of any replacement Series 2019-2 CP Note under this Section, the Issuer may require the payment by the Holder of the
Series 2019-2 CP Note of a sum sufficient to cover any tax or other governmental charge that may be imposed on that issuance
and any other reasonable expenses (including the fees and expenses of the Trustee or the Transfer Agent and Registrar)
connected with that issuance.

 

    	 	13	 

     

    

 

Every replacement Series
2019-2 CP Note issued pursuant to this Section in replacement of any mutilated, destroyed, lost or stolen Series 2019-2 CP Note
shall constitute complete and indefeasible evidence of a claim against the Issuer secured by the lien of this Indenture, as if
originally issued, whether or not the destroyed, lost or stolen Series 2019-2 CP Note shall be found at any time, and shall be
entitled to all the benefits of this Indenture equally and proportionately with any other duly issued Series 2019-2 CP Notes.

 

The provisions of this
Section are exclusive and shall preclude all other rights and remedies regarding the replacement or payment of mutilated, destroyed,
lost or stolen Series 2019-2 CP Notes.

 

Section 2.07           Persons Deemed Owners.

 

Prior to due presentation
for registration of transfer of any Series 2019-2 CP Note, the Issuer, the Trustee and any agent of the Issuer or the Trustee shall
treat the Person in whose name any Series 2019-2 CP Note is registered as the owner of that Series 2019-2 CP Note for the purpose
of receiving distributions pursuant to the terms herein and for all other purposes whatsoever. Neither the Issuer, the Trustee,
nor any agent of the Issuer or the Trustee shall be affected by any notice to the contrary.

 

Section 2.08          Appointment of Paying
Agent.

 

The Trustee shall always
be a Paying Agent for the Series 2019-2 CP Notes (and the Trustee hereby accepts its appointments as a Paying Agent hereunder).
The Issuer may appoint additional Paying Agents and may vary or terminate the appointment of any Paying Agent other than the Trustee.
Any additional Paying Agent appointed by the Issuer shall be a bank or other financial institution which, on the date of appointment,
has short-term debt ratings of at least “P-1” from Moody’s and “A-1” from Standard &
Poor's.

 

Notice of all changes
in the identity or specified office of a Paying Agent shall be delivered promptly to the Series 2019-2 CP Noteholders by the Issuer.

 

Section 2.09          Access to List of Series
2019-2 CP Noteholders' Names and Addresses.

 

(a)           The
Transfer Agent and Registrar shall furnish or cause to be furnished to the Issuer, the Trustee, any Owner or any Paying Agent requesting
it a list of the names and addresses of the Series 2019-2 CP Noteholders within five Business Days after receipt by the Transfer
Agent and Registrar of a written request therefor from that Person; provided, however, that in the case of a person claiming to
be an Owner requesting a list of such names and addresses the Transfer Agent and Registrar shall not furnish such list until the
Issuer shall have authorized release of such list and the Trustee shall have no liability for such release or the identity of the
requesting person.

 

(b)           Every
Series 2019-2 CP Noteholder, by receiving and holding a Series 2019-2 CP Note, agrees that none of the Issuer, the Trustee,
the Transfer Agent and Registrar nor any of their respective agents and employees shall be held accountable for the
disclosure of any information as to the names and addresses of the Series 2019-2 CP Noteholders pursuant to clause (a)
above.

 

    	 	14	 

     

    

 

Section 2.10          Cancellation.

 

All Series 2019-2 CP
Notes surrendered for payment, registration of transfer, exchange, or redemption shall be delivered to the Trustee and promptly
canceled by it in accordance with its customary procedures. The Issuer may at any time deliver to the Trustee for cancellation
any Series 2019-2 CP Notes previously authenticated and delivered that the Issuer may have acquired in any lawful manner. All Series
2019-2 CP Notes so delivered shall be promptly canceled by the Trustee in accordance with its customary procedures. No Series 2019-2
CP Notes shall be authenticated in lieu of or in exchange for any Series 2019-2 CP Notes canceled as provided in this Section,
except as expressly permitted by this Indenture. All canceled Series 2019-2 CP Notes held by the Trustee shall be disposed of by
it in its customary manner unless the Issuer directs by a timely order that they be returned to it. Promptly upon the written request
of the Issuer, Trustee shall cancel and return to the Issuer issued Certificated Series 2019-2 CP Notes in its possession at the
time of such request.

 

Section 2.11.         Book Entry Series 2019-2
CP Notes.

 

The Series 2019-2 CP
Notes will be issued in the form of typewritten Notes or Master Series 2019-2 CP Notes representing Book Entry Series 2019-2 CP
Notes, to be delivered to, or to the Trustee, as custodian for, the Clearing Agency, by, or on behalf of, the Issuer. The Book
Entry Series 2019-2 CP Notes shall be registered initially on the Note Register in the name of Cede & Co., the nominee of the
Clearing Agency, and no Owner of Book Entry Series 2019-2 CP Notes thereof will receive a Definitive Series 2019-2 CP Note representing
such Series 2019-2 CP Note Owner’s interest in such Book-Entry Note, except as provided in Section 2.13. Unless and until
definitive, fully registered Notes (the “Definitive Series 2019-2 CP Notes”) have been issued to such Owners of Book
Entry Series 2019-2 CP Notes pursuant to Section 2.13:

 

(i)           the
provisions of this Section shall be in full force and effect;

 

(ii)          the
Note Registrar, the Trustee and the Issuer 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 Book Entry Series 2019-2 CP Notes and the giving of instructions or
directions hereunder) as the sole holder of the Book Entry Series 2019-2 CP Notes, and shall have no obligation to the Owners of
Book Entry Series 2019-2 CP Notes;

 

(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 Owners of Book Entry Series 2019-2 CP Notes shall be exercised only through the Clearing Agency and shall be
limited to those established by law and agreements between such Owners of Book Entry Series 2019-2 CP Notes and the Clearing
Agency and/or the Clearing Agency Participants pursuant to the Note Depository Agreement. Unless and until Definitive Series
2019-2 CP Notes are issued pursuant to Section 2.13, neither the Trustee nor the Note Registrar shall register any transfer
of a beneficial interest in a Book-Entry Note; and the initial Clearing Agency will make book entry transfers among the
Clearing Agency Participants and receive and transmit payments of principal of and interest on the Book Entry Series 2019-2
CP Notes to such Clearing Agency Participants; and

 

    	 	15	 

     

    

 

(v)          whenever
this Indenture requires or permits actions to be taken based upon instructions or directions of Holders of Notes evidencing a specified
percentage of the Outstanding balance of the Notes, the Clearing Agency shall be deemed to represent such percentage only to the
extent that it has received instructions to such effect from Owners of Book Entry Series 2019-2 CP Notes and/or Clearing Agency
Participants owning or representing, respectively, such required percentage of the beneficial interest in the Book Entry Series
2019-2 CP Notes and has delivered such instructions to the Trustee.

 

Section 2.12          Notices to Clearing
Agency.

 

Whenever a notice or
other communication to the Series 2019-2 CP Noteholders is required under this Indenture, unless and until Definitive Series 2019-2
CP Notes shall have been issued to such Owners of Book Entry Series 2019-2 CP Notes pursuant to Section 2.13, the Trustee shall
give all such notices and communications specified herein to be given to Owners of Book Entry Series 2019-2 CP Notes to the Clearing
Agency, and shall have no obligation to such Series 2019-2 CP Noteholders.

 

Section 2.13.         Definitive Series 2019-2
CP Notes.

 

If (i) the Clearing
Agency is no longer willing or able to properly discharge its responsibilities with respect to the Book Entry Series 2019-2 CP
Notes and the Issuer is unable to locate a qualified successor or (ii) after the occurrence of an Event of Default hereunder, Series
2019-2 CP Note Owners of the Book Entry Series 2019-2 CP Notes representing beneficial interests aggregating at least a majority
of the Outstanding Balance of the Book Entry Series 2019-2 CP Notes advise 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 Series 2019-2 CP Note Owners, then
the Clearing Agency shall notify all Owners of Book Entry Series 2019-2 CP Notes, the Trustee and the Note Registrar of the occurrence
of any such event and of the availability of Definitive Series 2019-2 CP Notes to Owners of Book Entry Series 2019-2 CP Notes requesting
the same. Upon surrender to the Note Registrar of the typewritten Notes representing the Book Entry Series 2019-2 CP Notes by the
Clearing Agency, accompanied by registration instructions, the Issuer shall execute and the Note Registrar shall authenticate the
Definitive Series 2019-2 CP Notes in accordance with the instructions of the Clearing Agency. None of the Issuer, the Note Registrar,
or the 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 Series 2019-2 CP Notes, the Trustee and the Issuer shall recognize
the Holders of such Definitive Series 2019-2 CP Notes as Noteholders.

 

Section 2.14          Series 2019-2 CP Note
Issuance Procedures.

 

(a)           On
the initial Closing Date, the Issuer shall execute and the Trustee shall authenticate and deliver the Master Series 2019-2
CP Note, which shall not contain a specified principal amount but shall represent the entire amount of Series 2019-2 CP Notes
Outstanding from time to time hereunder; provided that the maximum principal aggregate amount of the Series 2019-2 CP Notes
shall not exceed $200,000,000 at any time. The Master Series 2019-2 CP Note shall be held by Trustee as Issuing Agent and
custodian for the Depository.

 

    	 	16	 

     

    

 

(b)          From
time to time during the term of this Indenture and subject to the terms and conditions hereof, and upon the Trustee’s timely
receipt of written or telecopy instructions, notice transmitted directly to the Trustee’s computers or in such manner as
the Trustee then employs as its normal business practice (collectively, “Instructions”), not later than 5:00 p.m.,
New York City time, on a Business Day, from an Authorized Representative, on the day immediately preceding the day of issuance
( to be followed up by the Issuer’s entry in the “MMI/OIS” system (or any successor to such system) not later
than 11:00 a.m., New York City time on the day of issuance) of any Definitive Series 2019-2 CP Notes (in the case of instructions
from an Authorized Representative) the Trustee shall withdraw the respective Definitive Series 2019-2 CP Notes from safekeeping
and in accordance with the Instructions so received, take the following actions with respect to each such Definitive Series 2019-2
CP Notes:

 

(i)           date
each such Definitive Series 2019-2 CP Notes the date of issuance thereof (which shall be a Business Day) and insert the maturity
date thereof (provided that the Authorized Representative shall ensure that such date is a Business Day and that it shall not
less than 14 days or more than 270 days from the date of issue) and the face amount (provided that the Authorized Representative
shall ensure that such face amount is not less than $250,000) thereof in figures;

 

(ii)          authenticate
(by countersigning) each such Definitive Series 2019-2 CP Notes in the appropriate space provided thereon; and

 

(iii)         deliver
in the Borough of Manhattan south of Chambers Street each such Definitive Series 2019-2 CP Notes to the person designated by such
Authorized Representative against Payment in immediately available funds of the principal amount of Series 2019-2 CP Notes.

 

(c)           In
the case of Book-Entry Series 2019-2 CP Notes, from time to time during the term of this Indenture and subject to the terms and
conditions hereof, and upon the Trustee’s timely receipt of written or telecopy instructions, notice transmitted directly
to the Trustee’s computers or in such a manner as the Trustee then employs as its normal business practices, and confirmed
by the Issuer by the submission of an Issuance Notice, not later than 5:00 p.m., New York City time, on a Business Day, from an
Authorized Representative, on the day immediately preceding the day of issuance ( to be followed up by the Issuer’s entry
in the “MMI/OIS” system (or any successor to such system) not later than 11:00 a.m., New York City time on the day
of issuance) of any Book-Entry Series 2019-2 CP Notes (in the case of instructions from an Authorized Representative) the Trustee
shall give issuance instructions for the issuance of Book-Entry Series 2019-2 CP Notes to the Clearing Agency in a manner set forth
in, and take other actions as are required by, the Letter of Representations and the Certificate Agreement. Instructions for the
issuance of Book-Entry Series 2019-2 CP Notes shall include the following information with respect to each Book-Entry Series 2019-2
CP Note:

 

(i)            the date of issuance
of each such Book-Entry Series 2019-2 CP Note (which shall be a Business Day);

 

    	 	17	 

     

    

 

(ii)           the maturity date
of each such Book-Entry Series 2019-2 CP Note (provided that the Authorized Representative shall ensure that such date is a Business
Day and that it shall not be less than 14 days or more than 270 days from the date of issue);

 

 (iii)          the face amount (provided that the Authorized Representative shall ensure that such face amount is not less than $250,000) in figures; and

 

 (iv)          the Interest Rate or discount factor.

 

Notwithstanding the
foregoing, instructions with respect to Book-Entry Series 2019-2 CP Notes to be issued on the date of this Agreement shall be provided
not later than 9:00 a.m., New York City time, on the date of issuance to be followed up by the Issuer’s entry in the “MMI/OIS”
system not later than 11:00 a.m., New York City time on the day of issuance.

 

(d)           Trustee
shall send a report (by telecopy or other means permitted hereunder) except if otherwise provided to the Issuer on a monthly basis
of the Trustee’s issuance of Series 2019-2 CP Notes under this Section 2.14, including the maturity date and face amounts
of each Series 2019-2 CP Note issued.

 

(e)           Instructions
must be received by the Trustee by 5:00 p.m., New York City time, on a Business Day, on the day immediately preceding the day of
issuance, for physical issuance or for book-entry issuance ( to be followed up by the Issuer’s entry in the “MMI/OIS”
system (or any successor to such system) not later than 11:00 a.m., New York City time on the day of issuance).

 

(f)           The
Issuer understands that although Trustee has been instructed to deliver Series 2019-2 CP Notes against payment, delivery of Series
2019-2 CP Notes may, in accordance with the custom prevailing in the commercial paper market, be made before receipt of payment
in immediately available funds. Therefore, once Trustee has delivered a Series 2019-2 CP Note as instructed by the Issuer, the
Issuer shall bear the risk that a Series 2019-2 CP Note purchaser fails to remit payment for the Series 2019-2 CP Note. Trustee
shall have no liability to the Issuer for any failure or inability on the part of a purchaser to make payment for Series 2019-2
CP Notes. Nothing in this Agreement shall require Trustee to purchase any Series 2019-2 CP Note or expend its own funds for the
purchase price of a Series 2019-2 CP Note or Series 2019-2 CP Notes.

 

(g)           Except
as may otherwise be provided in the Letter of Representations, if at any time the Issuer instructs Trustee to cease issuing Definitive
Series 2019-2 CP Notes and to issue only Book-Entry Series 2019-2 CP Notes, the Trustee agrees that all Series 2019-2 CP Notes
will be issued as Book-Entry Series 2019-2 CP Notes and that no Definitive Series 2019-2 CP Notes shall be exchanged for Book-Entry
Series 2019-2 CP Notes unless and until the Trustee have received written instructions from an Authorized Representative to the
contrary.

 

(h)           It
is understood that Trustee is not under any obligation to assess or review the financial condition or credit worthiness of
any person to or for whose account Trustee is instructed to deliver a Series 2019-2 CP Note pursuant to instructions from an
Authorized Representative or to advise the Issuer as to the results of any such appraisal or investigation Trustee may have
conducted on its own or of any adverse information concerning any such person that may in any way have come to
Trustee’s attention.

 

    	 	18	 

     

    

 

(i)            It
is understood that the Clearing Agency may request the delivery of Definitive Series 2019-2 CP Notes in exchange for Book-Entry
Series 2019-2 CP Notes upon the termination of the Clearing Agency’s services pursuant to the Clearing Agency Letter of Representations.
Accordingly, upon such termination, Trustee is authorized to complete and deliver Definitive Series 2019-2 CP Notes in partial
or complete substitution for Book-Entry Series 2019-2 CP Notes of the same face amount and maturity as requested by the Clearing
Agency. Upon the completion or delivery of any such Definitive Series 2019-2 CP Notes, Trustee shall annotate its records regarding
the Master Series 2019-2 CP Note with respect to such Book-Entry Series 2019-2 CP Notes to reflect a corresponding reduction in
the face amount of the Outstanding Book-Entry Series 2019-2 CP Notes. Trustee’s authority to so complete and deliver such
Definitive Series 2019-2 CP Notes shall be irrevocable at all times from the time a Book-Entry Series 2019-2 CP Note is purchased
until the indebtedness evidenced thereby is paid in full.

 

(j)            If
Trustee shall receive instructions (confirmed in writing in accordance with this Indenture) from the Issuer not to issue or deliver
Series 2019-2 CP Notes, until revoked in writing or superseded by further written instructions from the Issuer, Trustee shall not
issue or deliver Series 2019-2 CP Notes, provided, however, that, Trustee shall be required to deliver Series 2019-2 CP Notes in
respect of agreements for the sale of Series 2019-2 CP Notes concluded by an Authorized Representative prior to receipt by the
Authorized Representative of notice of such instructions from the Issuer, if the Authorized Representative shall have confirmed
such delivery to Trustee in writing prior to Trustee’s delivery of the Series 2019-2 CP Notes. For purposes of this Section
(i), Trustee may rely on written notice given or delivered to Trustee by an Authorized Representative as to whether any particular
Series 2019-2 CP Notes are to be issued in respect of such agreements concluded by such Authorized Representative, and Trustee
shall have no obligation to make any other or further investigation.

 

(k)           Each issuance of Series 2019-2 CP Notes hereunder shall be subject to the conditions (to be monitored by the Issuer) that: (i)
each representation, warranty and covenant of the Issuer contained in this Indenture is satisfied on the date of such issuance,
(ii) there shall be no occurrence and continuance of an Event of Default that remains uncured, and (iii) there shall have been
confirmed by the Securities Intermediary to the Trustee, on or prior to 12:00 noon, New York City time, that there is no Margin
Value Deficiency (i.e., the aggregate Series 2019-2 CP Note Principal Outstanding immediately after such issuance, taking into
account any concurrent maturities and redemptions, shall not exceed the Margin Value), and no issuance shall occur unless these
conditions are satisfied. Notwithstanding the foregoing, the confirmation from the Securities Intermediary with respect to Book-Entry
Series 2019-2 CP Notes to be issued on the date of this Agreement shall be provided not later than 3:30 p.m., New York City time,
on the date of issuance, or promptly thereafter.

 

Section 2.15          Payment of Interest
and Principal; Optional Redemption.

 

(a)           Each
Series 2019-2 CP Note shall either (i) be sold at a discount to the face or par amount thereof and not bear interest or (ii)
with respect to any interest-bearing Note, accrue interest at the stated Series 2019-2 CP Note Rate and such interest shall
be payable on each Interest Payment Date. If Series 2019-2 CP Notes are issued with Interest, such Interest shall be computed
on each such Series 2019-2 CP Note on the basis of a 360-day year and the actual number of days elapsed in each Interest
Accrual Period. The principal of the Series 2019-2 CP Notes shall be payable on the related Maturity Date. Notwithstanding
the foregoing, the entire unpaid principal amount of the Series 2019-2 CP Notes shall be due and payable, if not previously
paid, on the date on which an Event of Default shall have occurred and be continuing, if the Trustee, or Majority CP Holders
have declared the Series 2019-2 CP Notes to be immediately due and payable in the manner provided in Section 5.02. All
principal payments on the Series 2019-2 CP Notes shall be made to the Series 2019-2 CP Noteholders entitled thereto.

 

    	 	19	 

     

    

 

(b)           By
10:00 a.m., New York City time, on each Payment Date, Issuer shall transfer to Paying Agent for deposit in the Note Account immediately
available funds at least equal to the sum of any Series 2019-2 CP Note Interest and the aggregate principal amount of all Series
2019-2 CP Notes maturing on such Payment Date. In the event Issuer fails to make the payment by such time, the Trustee may provide
DTC with a “refusal to pay” notice. Paying Agent shall then pay on the Payment Date to each holder of the Series 2019-2
CP Notes (which may, in the case of Book-Entry Series 2019-2 CP Notes held by Paying Agent pursuant to the Certificate Agreement,
be the Clearing Agency or a nominee of the Clearing Agency), (i) Series 2019-2 CP Note Interest, if any, and (ii) the principal
amount of all Series 2019-2 CP Notes maturing on such Payment Date that are presented to Paying Agent for payment at or prior to
3:00 p.m., New York City time, on such day (or if presented after 3:00 p.m., New York City time, then on the next succeeding Business
Day) to the extent of funds available in the Note Account. Upon payment by Paying Agent as aforesaid, Paying Agent shall mark Definitive
Series 2019-2 CP Note(s) presented as paid, cancel such Definitive Series 2019-2 CP Note(s) and dispose of such cancelled Definitive
Series 2019-2 CP Notes in accordance with Section 2.10 of this Indenture. After payment of any matured Book-Entry Series 2019-2
CP Note, Paying Agent shall also annotate its records to reflect the remaining aggregate Outstanding principal amount of Book-Entry
Series 2019-2 CP Notes in accordance with the Letter of Representations.

 

(c)           Any
Series 2019-2 CP Note Interest and principal payable on the Maturity Date of any Definitive Series 2019-2 CP Note shall be paid
on the applicable Payment Date (to the extent of funds available in the Note Account) to the Person in whose name such Series 2019-2
CP Note is registered on the Record Date by check mailed first-class postage prepaid to such Person’s address as it appears
on the Note Register on such Record Date or, upon written request made to the Paying Agent with a copy to the Trustee, if the Trustee
is not the Paying Agent, at least five Business Days prior to the related Record Date, by the Holder of a Series 2019-2 CP Note
by wire transfer in immediately available funds to an account specified in the request and at the expense of such Series 2019-2
CP Noteholder.

 

(d)           Upon
the request of a Series 2019-2 CP Noteholder, the Issuer may agree to (but in no event shall Issuer be required to) redeem some
or all of such Noteholder’s Series 2019-2 CP Notes. If the Issuer agrees to such a redemption, the Issuer shall immediately
notify the Trustee of the particular Series 2019-2 CP Notes to be redeemed, including the related Maturity Date (and the new redemption
date), the principal amount of the redemption and the CUSIP number. The Trustee and the Issuer shall agree upon the procedures
to be followed to execute such redemption request. For all purposes hereunder, the redemption date shall be deemed to be the new
Maturity Date for such Series 2019-2 CP Notes so redeemed.

 

    	 	20	 

     

    

 

Section 2.16           CUSIP Numbers.

 

The Issuer in issuing
the Series 2019-2 CP Notes may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP”
numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is
made as to the correctness of such numbers either as printed on the Series 2019-2 CP Notes or as contained in any notice of a redemption
and that reliance may be placed only on the other identification numbers printed on the Series 2019-2 CP Notes, and any such redemption
shall not be affected by any defect in or omission of such numbers. The Issuer will promptly notify the Trustee in writing of any
change in the “CUSIP” numbers.

 

Article III.

REPRESENTATIONS AND COVENANTS OF ISSUER

 

Section 3.01          Representations and
Warranties of the Issuer--General. The Issuer hereby represents and warrants to the Trustee and the Series 2019-2 CP Noteholders,
as of the Closing Date:

 

		(a)	Organization and Good Standing. The Issuer is
a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and has full power,
authority and legal right to own its properties and conduct its business as such properties are presently owned and such business
is presently conducted, and to execute, deliver and perform its obligations under this Indenture and the Collateral Account Control
Agreement and to execute and deliver to the Trustee the Series 2019-2 CP Notes pursuant hereto.

 

		(b)	Due Authorization; Enforceability. The execution
and delivery of this Indenture and the Collateral Account Control Agreement have been duly authorized by the Issuer by all necessary
action on its part. This Indenture, and the Collateral Account Control Agreement each constitutes the legal, valid and binding
obligation of the Issuer, enforceable against it in accordance with its terms, except as enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereinafter in effect, affecting the enforcement
of creditors’ rights in general and except as such enforceability may be limited by general principles of equity (whether
considered in a proceeding at law or in equity).

 

		(c)	No Conflicts. The execution, delivery and performance
of this Indenture and the Collateral Account Control Agreement, the execution and delivery of the Notes, and the performance of
the transactions contemplated under the Basic Documents by the Issuer, do not (i) contravene its Articles of Incorporation or
any other agreements pursuant to which it is organized, (ii) violate any provision of, or require any filing (except for the filings
under the UCC required by this Agreement, each of which has been duly made and is in full force and effect), registration, consent
or approval under, any law, rule, regulation, order, writ, judgment, injunction, decree, determination or award presently in effect
having applicability to the Issuer, except for such filings, registrations, consents or approvals as have already been obtained
and are in full force and effect, (iii) result in a breach of or constitute a default or require any consent under any indenture or loan or credit agreement or any other agreement, lease or instrument to which the Issuer is a party or by which it or its properties may be bound or affected except those as to which a consent or waiver has been obtained and is in full force and effect and an executed copy of which has been delivered to the Trustee, or (iv) result in, or require, the creation or imposition of any Lien upon or with respect to any of the properties now owned or hereafter acquired by the Issuer other than as specifically contemplated by this Agreement.

 

    	 	21	 

     

    

 

		(d)	Use of Proceeds. No proceeds of the issuance of
any Series 2019-2 CP Note will be used by the Issuer to purchase or carry any margin security within the meaning of, or otherwise
contravene or conflict with any of, Regulations T, U or X of the Board of Governors of the Federal Reserve System.

 

		(e)	Certain Security Interest Representations.The
Issuer further represents and warrants as follows with respect to the security interest in the Collateral granted to the Trustee
hereunder:

 

 (i)           This Agreement creates a valid and continuing security interest (as defined in the UCC) in the Collateral pledged hereunder in favor of the Trustee, which security interest is prior to all other Liens and is enforceable as such as against creditors of and purchasers from the Issuer.

 

 (ii)          The Issuer has taken or caused to be taken all steps necessary to perfect the security interest against the Collateral.

 

 (iii)         At the time of conveyance hereunder the Issuer owned and had good and marketable title to the Collateral free and clear of any Lien, claim or encumbrance of any Person (other than Permitted Liens and Liens, if any, which by their terms are released in full upon conveyance hereunder).

 

 (iv)         The Issuer has caused the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the grant of the Collateral to the Trustee hereunder.

 

 (v)          Other than the transfer to the Trustee pursuant to this Agreement, and any Liens or encumbrances which by their terms or otherwise are released in full upon conveyance hereunder, the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Collateral. The Issuer has not authorized the filing of and is not aware of any financing statements against the Issuer that include a description of collateral covering the Collateral Notes other than any financing statement relating to the transfers hereunder or that has been or is being terminated or that relates to a Lien that is or was released in full upon or prior to the transfer hereunder. The Issuer is not aware of any judgment or tax lien filings against the Issuer.

 

For the purposes
of the representations and warranties contained in this Section 3.01 and made by the Issuer on the initial Closing Date,
“Series 2019-2 CP Notes” shall mean the Series 2019-2 CP Notes issued on such Closing Date. The representations
and warranties set forth in this Section 3.01 shall survive the grant and assignment of the respective Collateral to the
Trustee. The Issuer hereby represents and warrants to the Trustee, as of each Closing Date that the representations and
warranties of the Issuer set forth in this Section 3.01 are true and correct as of such date. Upon discovery by the Issuer of
a breach of any of the foregoing representations and warranties, the Issuer shall give written notice to the Series 2019-2 CP
Noteholders, within two (2) Business Days following such discovery.

 

    	 	22	 

     

    

 

Section 3.02           General Covenants of
the Issuer.

 

The Issuer
hereby covenants that:

 

		(a)	Preservation of Legal Existence. It will preserve
and maintain its legal existence, rights, franchises and privileges in the jurisdiction of its formation, and qualify and remain
qualified in good standing in each jurisdiction in which the ownership or lease of property or the conduct of its business requires
such qualification, licenses or approvals.

 

		(b)	Reporting Requirements.  Unless the Trustee (upon
written direction of a Majority of Series 2019-2 CP Noteholders) shall otherwise consent in writing:

 

(i)            Event
of Default. As soon as possible, and in any event within five Business Days after the Issuer has knowledge of the occurrence
of any Event of Default, the Issuer shall furnish to the Trustee and the Trustee shall furnish to the Series 2019-2 CP Noteholders
a written statement of an Authorized Representative of the Issuer describing such event and the action that the Issuer proposes
to take with respect thereto, in each case in reasonable detail.

 

(ii)           Financial
Statements. For so long as any Series 2019-2 CP Notes remain outstanding, the Issuer shall furnish to the Trustee and the Trustee
shall furnish to the Series 2019-2 CP Noteholders the Issuer’s audited financial statements.

 

(iii)          Additional
Information. For so long as any Series 2019-2 CP Notes remain outstanding, the Issuer may furnish to securities analysts
and prospective investors, in each case, upon their request, the Issuer’s audited financial statements as well as all information
required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act

 

		(c)	Issuer’s Covenants and Agreements. The Issuer
will duly observe and perform all covenants and agreements of the Issuer set forth in this Indenture and the Collateral Account
Control Agreement.

 

		(d)	Security Interests. Except for the grants and
assignments hereunder, the Issuer will not sell, pledge, assign or transfer to any other Person, or grant, create, incur, assume
or suffer to exist any Lien (other than a Permitted Lien), on any Collateral, whether now existing or hereafter created or arising,
or any interest therein; the Issuer will immediately notify the Trustee of the existence of any Lien (other than a Permitted Lien)
on any Collateral; and the Issuer shall defend the right, title and interest of the Trustee in, to and under the Collateral, whether
now existing or hereafter created or arising, against all claims of third parties claiming through or under the Issuer, including,
but not limited to, the filing of any continuation statements required by applicable law.

 

    	 	23	 

     

    

 

Upon discovery by an
Authorized Representative of the Issuer of a breach of any of the foregoing covenants, the Issuer shall give written notice to
the other parties hereto, and to the Series 2019-2 CP Noteholders, within two Business Days following such discovery. Upon receipt
by a Designated Officer of the Trustee of written notice of a breach of any of the foregoing covenants, the Trustee shall give
written notice to the other parties to hereto, and to the Series 2019-2 CP Noteholders, within two Business Days following receipt
of such written notice.

 

Section 3.03          Collateral Maintenance;
Substitution; Trustee Daily Collateral Reports.

 

On the initial Closing
Date, the Issuer shall have deposited in the Collateral Account, Eligible Collateral with a Margin Value of not less than the Obligation
Amount. On each Business Day thereafter, Securities Intermediary will determine the Margin Value of the Collateral, in accordance
with Article III of the Collateral Account Control Agreement.

 

If at the opening of
any Business Day the Margin Value of Eligible Collateral is less than the Obligation Amount, the Issuer shall, by the close of
business on such Business Day, deliver to Securities Intermediary for deposit into the Collateral Account an amount of Collateral
at least equal to the Margin Deficiency in the manner specified in Article III of the Collateral Account Control Agreement.

 

Assuming that Securities
Intermediary has not received a Notice of Exclusive Control (in the form of Exhibit C hereto) from the Trustee, as Secured Party,
pursuant to Section 5.04, and provided that there shall not be a Collateral Deficiency immediately after any substitution referred
to herein, the Issuer shall be permitted at any time prior to 3:30 p.m. New York City time during any Business Day, to substitute
new Eligible Collateral for existing Eligible Collateral in the Collateral Account having at least the same market value as the
Eligible Collateral for which the substitution is made held; provided however that on any Business Day on which new Series 2019-2
CP Notes are being issued, no such substitutions shall be permitted after 12:00 noon New York City time. Such substitutions shall
be effectuated by the Securities Intermediary upon receipt of Oral or Written Instructions of the Issuer in the manner specified
in Article III of the Collateral Account Control Agreement.

 

The Trustee shall obtain
from the Securities Intermediary’s data base, Access Edge, the information needed to prepare and shall prepare and deliver
a Daily Collateral Report on each Business Day to the Issuer. The Daily Collateral Report shall be made available through GCT Investor
Reporting to beneficial owners of the Series 2019-2 CP Notes requesting such access.

 

Section 3.04          Money for Series 2019-2
CP Note Payments to Be Held in Trust.

 

The Issuer will cause
each Paying Agent other than the Trustee to execute and deliver to the Trustee an instrument in which that Paying Agent agrees
with the Trustee that it will, and the Trustee hereby agrees in its capacity as Paying Agent, subject to the provisions of this
Section, that it will:

 

(i)            hold all sums held by it for
the payment of amounts due on the Series 2019-2 CP Notes in trust for the benefit of the Persons entitled to them until those
sums are paid to the Persons entitled to them or otherwise disposed of as provided in this Indenture, and pay those sums to
the Persons entitled to them as provided in this Indenture;

 

    	 	24	 

     

    

 

 (ii)           give the Issuer and the Trustee notice of any default by the Issuer in the making of any payment required to be made on the Series 2019-2 CP Notes of which it has received written notice;

 

 (iii)          at any time during the continuance of any payment default on the Series 2019-2 CP Notes, upon the written request of the Trustee, forthwith pay to the Trustee all sums held in trust by it for the payment of Notes;

 

 (iv)          immediately resign as a Paying Agent and forthwith pay to the Trustee all sums held by it in trust for the payment of Series 2019-2 CP Notes if at any time it ceases to meet the standards required to be met for a Paying Agent at the time of its appointment; and

 

(v)           withhold from any payments made by it on any Series 2019-2 CP
Notes of any applicable withholding taxes imposed on them and comply with any applicable withholding reporting
requirements.

 

To obtain the satisfaction
and discharge of this Indenture or for any other purpose, the Issuer may at any time in writing direct any Paying Agent to pay
to the Trustee all sums held in trust by the Paying Agent. Those sums shall be held by the Trustee upon the same trusts as those
upon which they were held by the Paying Agent. Upon that payment by any Paying Agent to the Trustee, that Paying Agent shall be
released from all further liability regarding that money.

 

Section 3.05          Unclaimed Funds.

 

On the request of the
Issuer, any money deposited with the Trustee or any Paying Agent, or then held by the Issuer, in trust for the payment of the principal
of or interest on any Series 2019-2 CP Note and remaining unclaimed for two years after it has become due and payable shall be
paid to the Issuer. The Holder of the Series 2019-2 CP Note on which payment was due shall thereafter look only to the Issuer for
payment as an unsecured general creditor. All liability of the Trustee or the Paying Agent regarding that trust money to the extent
so paid to the Issuer shall thereupon cease. The Trustee or the Paying Agent, before being required to make any payment, may at
the expense of the Issuer cause to be published once, in a newspaper of general circulation published in the English language and
customarily published on each Business Day in New York, New York and in the city in which the principal corporate trust office
of the Trustee is located, notice that such money remains unclaimed and that, after a date specified therein, which shall be not
less than 30 days from the date of the publication, any unclaimed balance of that money then remaining will be repaid to the Issuer.
The Trustee may also adopt and employ, at the expense of the Issuer, any other reasonable means of notification of a release of
payment (including mailing notice of the release to Series 2019-2 CP Noteholders whose Series 2019-2 CP Notes have been called
but have not been surrendered for redemption or whose right to monies payable but not claimed is determinable from the records
of any Paying Agent, such notice to be mailed to the last address of record of each such Series 2019-2 CP Noteholder).

 

    	 	25	 

     

    

 

 

Section 3.06     Successor Substituted.

 

Upon any consolidation
or merger or any transfer of the assets of the Issuer substantially as an entirety, the Person formed by or surviving the consolidation
or merger (if other than the Issuer) or the Person to which the transfer is made 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 that Person had been named as
the Issuer. The entity that was the Issuer prior to the transfer shall be released from its obligations under this Indenture as
Issuer immediately upon the effectiveness of the transfer, but shall not be released from any obligations or liabilities to the
Trustee or the Series 2019-2 CP Noteholders arising prior to such effectiveness.

 

Section 3.07     Authorized Representative

 

The Issuer has furnished to the Trustee,
and from time to time thereafter may furnish to the Trustee and shall furnish to you upon the Trustee’s request, certificates
(“Incumbency Certificates”) of a responsible officer of the Issuer certifying the incumbency and specimen signatures
of officers or agents of the Issuer authorized to execute Series 2019-2 CP Notes on behalf of the Issuer by manual or facsimile
signature and/or to take other action hereunder on behalf of the Issuer (each an “Authorized Representative”).
Until the Trustee has received a subsequent incumbency certificate of the Issuer, the Trustee is entitled to conclusively rely
on the last such certificate delivered to the Trustee for purposes of determining the Authorized Representatives. The Trustee shall
not have any responsibility to the Issuer to determine by whom or by what means a facsimile signature may have been affixed on
the Series 2019-2 CP Notes, or to determine whether any facsimile or manual signature resembles the specimen signature(s) filed
with the Trustee by a duly authorized officer of the Issuer. Any Series 2019-2 CP Note bearing the manual or facsimile signature
of a person who is an Authorized Representative on the date such signature is affixed shall be binding on the Issuer after the
authentication thereof by Trustee notwithstanding that such person shall have died or shall have otherwise ceased to hold his office
on the date such Series 2019-2 CP Note is countersigned or delivered to the Trustee.

 

Article IV.

 

SATISFACTION AND DISCHARGE

 

Section 4.01     Satisfaction and Discharge.

 

This Indenture shall
cease to be of further effect with respect to the Series 2019-2 CP Notes, except as to (a) rights of registration of transfer and
exchange, (b) substitution of mutilated, destroyed, lost or stolen Notes, (c) the rights of Series 2019-2 CP Noteholders to receive
payments of principal of and interest on the Notes, (d) the rights and immunities of the Trustee under this Indenture, including
the rights of the Trustee under Section 6.07 and the obligations of the Trustee under Section 4.02 and (e) the rights of Series
2019-2 CP Noteholders as beneficiaries of this Indenture regarding property deposited under Section 4.02 with the Trustee and payable
to any of them, and the Trustee shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with
respect to those Series 2019-2 CP Notes, on demand of and at the expense of the Issuer, when either:

 

    26

     

    

 

		(i)   All Series 2019-2 CP Notes theretofore authenticated
and delivered have been delivered to the Trustee for cancellation (other than (A) Series 2019-2 CP Notes that have been destroyed,
lost, or stolen and that have been replaced or paid as provided in Section 2.06 and (B) Series 2019-2 CP Notes for whose full
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 4.02); or

		 	 

		(ii)	     (A)       the Issuer
has deposited or caused to be deposited with the Trustee all other sums payable hereunder by the Issuer; and

 

(B)       the
Issuer has delivered to the Trustee an Officer's Certificate of the Issuer stating that all amounts payable under this Indenture
to the Series 2019-2 CP Noteholders have been paid.

 

Notwithstanding the
satisfaction and discharge of this Indenture or the earlier resignation or removal of the Trustee, the obligations of the Issuer
to the Trustee under Section 6.07 and of the Trustee to the Series 2019-2 CP Noteholders under Section 4.02 shall survive such
satisfaction and discharge.

 

Section 4.02     Application of Trust
Money.

 

All monies deposited
with the Trustee pursuant to Section 4.01 shall be held in trust and applied by it in accordance with the provisions of the Series
2019-2 CP Notes and this Indenture to make payments of all sums due and to become due on the Series 2019-2 CP Notes for principal
and interest to the Series 2019-2 CP Noteholders for whose payment the monies have been deposited with the Trustee. These payments
may be made either directly or through any Paying Agent, as the Trustee may determine. These monies need not be segregated from
other funds except to the extent required herein.

 

Article V.

 

DEFAULTS AND REMEDIES

 

Section 5.01     Events
of Default.

 

		(a)	The occurrence of any one of the following shall constitute a default (each an “Event of
Default”) by Issuer hereunder: (i) if Issuer shall fail to pay any (A) Series 2019-2 CP Note Principal, within five (5) days
after the date on which such payment shall become due and payable, or declared due and payable, or (B) Series 2019-2 CP Note Interest,
if any, within five (5) days after the date on which such payment of interest shall become due and payable, or declared due and
payable; (ii) if Issuer shall fail to pledge additional Collateral as required under Section 3.03 hereof; (iii) if Issuer shall
default in the performance or observance of any other of its obligations under this Indenture or the Collateral Account Control
Agreement and such default shall remain uncured for a period of fifteen (15) days after notice from Trustee; (iv) if any representation,
warranty, statement, report or certificate made or delivered by Issuer or any of its officers, employees or agents, to the Trustee
or Series 2019-2 CP Noteholders as required hereunder, is not true and correct in any material respect when made or deemed made;
(v) if Issuer shall (A) become insolvent, (B) not be paying its debts generally as
such debts become due, (C) make an assignment for the benefit of creditors or cause or suffer any of their respective assets to
come within the possession of any receiver, trustee or custodian, (D) have a petition filed by or against Issuer under the Bankruptcy
Reform Act of 1978, as amended, or any similar law or regulation, (E) have any of its assets attached, seized or levied upon, or
(F) otherwise become the subject of any insolvency or creditor enforcement proceedings, provided however, that any involuntary
petition or other proceeding against Issuer shall not be an Event of Default unless an order for relief is entered or such proceeding
remains undismissed for at least sixty (60) days; or (vi) if this Indenture, any Series 2019-2 CP Note, or the Collateral Account
Control Agreement, shall cease to be in full force and effect, shall be declared null and void, shall be revoked or terminated
or shall be subject to any contest by Issuer as to their validity and/or enforceability, for any reason, or if Issuer shall for
any reason deny any further liability to the Series 2019-2 CP Noteholders hereunder and thereunder.

 

    27

     

    

 

		(b)	Within five days after the occurrence of an Event of Default described in Section 5.01(iii) thorough
(vi), the Issuer shall deliver to the Trustee written notice in the form of an Officer's Certificate stating the particulars of
any event that with the giving of notice or the lapse of time or both would become an Event of Default, its status, and what action
the Issuer is taking or proposes to take regarding the event.

 

		(c)	Upon the occurrence and during the continuance of any Event of Default, Issuer may not request
the issuance of any additional Series 2019-2 CP Notes under this Indenture, and Trustee may then forthwith cease authenticating
and issuing any additional Series 2019-2 CP Notes under this Indenture without any notice to Issuer.

 

Section 5.02     Acceleration of Maturity;
Rescission and Annulment.

 

		(a)	If an Event of Default in clause (v)(C), (D), (E) or (F) of the definition thereof shall occur,
the unpaid principal amount of the Notes, together with accrued and unpaid interest on the Series 2019-2 CP Notes through the date
of acceleration, shall become immediately due and payable and no notice to such effect from the Issuer, any Series 2019-2 CP Noteholder
or any other Person to the Trustee shall be required. Upon the occurrence and during the continuance of an Event of Default described
in Sections 5.01(i) or (ii), and upon the receipt of any notice of an Event of Default pursuant to Section 5.01(b), the Majority
Series 2019-2 CP Noteholders may declare all the Series 2019-2 CP Notes to be immediately due and payable by a notice in writing
to the Issuer and to the Trustee. Upon any such declaration the unpaid principal amount of the Notes, together with accrued and
unpaid interest on the Series 2019-2 CP Notes through the date of acceleration, shall become immediately due and payable.

 

		(b)	If at any time a declaration of acceleration of maturity has been made but before a judgment or
decree for payment of the money due has been obtained by the Trustee as provided in this Article, the Majority Series 2019-2 CP
Noteholders may rescind and annul the declaration and its consequences by written notice to the Issuer and the Trustee if:

 

		(i)	     the Issuer has paid or deposited with the Trustee a sum sufficient to pay:

 

    28

     

    

 

1)      all
payments of principal of and interest on the Series 2019-2 CP Notes and all other amounts that would then be due under this Indenture
or upon the Series 2019-2 CP Notes if the Event of Default giving rise to the acceleration had not occurred; and

 

2)      all
sums paid or advanced by the Trustee and the reasonable compensation, expenses, disbursements and advances of the Trustee and their
respective agents and outside counsel; and

 

		(ii)     all Events of Default, other than the nonpayment of the principal of the Series 2019-2 CP Notes
that has become due solely by such acceleration, have been cured or waived as provided in Section 5.14.

 

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 Trustee.

 

The Issuer covenants
that upon the acceleration of the maturity of the Series 2019-2 CP Notes pursuant to Section 5.02 and the demand of the Trustee,
the Issuer will immediately pay to the Trustee for the benefit of the Series 2019-2 CP Noteholders the whole amount then due and
payable on the Series 2019-2 CP Notes for principal and interest, with interest upon the overdue principal and, to the extent that
payments of such interest shall be legally enforceable, upon overdue installments of interest, in the order set forth herein and,
in addition thereto, any further amount necessary to cover the costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel.

 

If the Issuer fails
to pay these amounts forthwith upon the demand of the Trustee, the 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 the proceeding to judgment or final
decree, and may enforce the same against the Issuer and collect the monies adjudged or decreed to be payable in the manner provided
by law.

 

If an Event of Default
occurs and is continuing, the Trustee may, in its discretion and subject to the provisions of Section 5.02, Section 5.12 and Section
6.01, proceed to protect and enforce its rights and the rights of the Series 2019-2 CP Noteholders under this Indenture by whatever
appropriate proceedings the Trustee may deem necessary to protect and enforce any of those rights, whether for the specific enforcement
of any covenant or agreement contained in the Collateral Account Control Agreement or in aid of the exercise of any power granted
in this Indenture, or to enforce any other proper remedy or legal or equitable right vested in the Trustee by law.

 

If proceedings relating
to the Issuer under Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency, or other
similar law are pending, or if a receiver, assignee, or trustee in bankruptcy or reorganization, liquidator, sequestrator, or
similar official has been appointed for or taken possession of the Issuer or its property, or if any other comparable judicial
proceedings relating to the Issuer or the creditors or property of the Issuer are pending, then regardless of whether the principal
of any Series 2019-2 CP Notes shall then be payable by their terms or by declaration or otherwise and regardless of whether the
Trustee has made any demand pursuant to this Section, the Trustee shall be entitled and empowered, by intervention in the proceedings
or otherwise:

 

    29

     

    

 

		(a)	to file and prove a claim for the whole amount of principal and interest owing and unpaid on the
Series 2019-2 CP Notes, and to file any other papers or documents that may be appropriate to have the claims of the Trustee and
of the Series 2019-2 CP Noteholders allowed in any proceedings relating to the Issuer upon the Notes, or to the creditors or property
of the Issuer,

 

		(b)	to vote on behalf of the Series 2019-2 CP Noteholders in any election of a trustee or a standby
trustee in any arrangement, reorganization, liquidation, or other bankruptcy or insolvency proceedings or in any election of any
Person performing similar functions in comparable proceedings, and

 

		(c)	to collect any monies or other property payable or deliverable on any such claims, and to distribute
all amounts received on the claims of the Series 2019-2 CP Noteholders and of the Trustee on their behalf,

 

and any trustee, receiver, liquidator,
custodian, or other similar official is authorized by each of the Series 2019-2 CP Noteholders to make payments to the Trustee,
and, if the Trustee consents to payments going directly to the Series 2019-2 CP Noteholders, to pay to the Trustee such amounts
as shall be sufficient to cover reasonable compensation to the Trustee, each predecessor Trustee, and their respective agents,
attorneys, and counsel, and all other expenses and liabilities incurred (including attorneys' fees and expenses), and all advances
made, by the Trustee and each predecessor Trustee except as shall have been determined to have been caused by its own gross negligence
or willful misconduct.

 

Nothing herein contained
shall be deemed to authorize the Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Series 2019-2
CP Noteholders any plan of reorganization, arrangement, adjustment, or composition affecting the Series 2019-2 CP Notes or the
rights of any Series 2019-2 CP Noteholder, or to authorize the Trustee to vote regarding the claim of any Series 2019-2 CP Noteholder
in any such proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or Person performing similar functions.

 

In any proceedings
involving this Indenture or the Series 2019-2 CP Notes the Trustee shall represent all the Series 2019-2 CP Noteholders, and it
shall not be necessary to make any Series 2019-2 CP Noteholders parties to the proceedings.

 

Section 5.04     Remedies.

 

		(a)	If an Event of Default has occurred and is continuing and the maturity of the Series 2019-2 CP
Notes has been accelerated, the Trustee shall immediately provide to the Securities Intermediary a Notice of Exclusive Control
in the form of Exhibit C hereto, after which Trustee shall have sole and exclusive authority to issue Oral and Written Instructions
with respect to the Collateral Account, and, subject to Section 5.05, Section 5.12 and Article VI hereof, shall do one or more
of the following:

 

    30

     

    

 

		(i)     institute proceedings in its own name and as trustee for an express trust for the collection of
all amounts then payable on the Series 2019-2 CP Notes or under this Indenture (whether by declaration or otherwise), enforce any
judgment obtained, and collect from the Collateral Account securing the Series 2019-2 CP Notes monies adjudged due;

 

		(ii)     only if so instructed in writing by all Series 2019-2 CP Noteholders, sell or liquidate all or
a portion of the Collateral at one or more public or private sales called and conducted in accordance with Section 5.16 to the
extent permitted by law; provided, however, that if the proceeds of such sale or liquidation distributable to the
Series 2019-2 CP Noteholders are insufficient to discharge in full all amounts then due and unpaid upon the Series 2019-2 CP Notes
for principal and interest, the Trustee shall not proceed with such sale or liquidation unless the Holders of 100% of the Series
2019-2 CP Notes (other than any Series 2019-2 CP Notes then held by the Issuer or any Affiliate thereof) consent in writing thereto;

 

		(iii)	     institute proceedings from time to time for the complete or partial foreclosure of this Indenture
with respect to the Collateral; and

 

		(iv)     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 Trustee or the Series 2019-2 CP Noteholders under this Indenture.

 

For the purpose of determining the sufficiency
or insufficiency in clause (ii) above, the Trustee shall be provided by the Series 2019-2 CP Noteholders with and may conclusively
rely upon an opinion of an independent investment banking or accounting firm of national reputation as to the feasibility of the
proposed action and as to the sufficiency of the Collateral for these purposes.

 

		(b)	The proceeds of the sale or other liquidation of the Collateral shall be distributed as follows:

 

1)       first,
to the Trustee, any indemnities hereunder, all sums paid or advanced by the Trustee and the reasonable compensation, expenses,
disbursements and advances of the Trustee and its respective agents and outside counsel; and.

 

2)       second,
to the payments of principal of and interest on the Series 2019-2 CP Notes and all other amounts then due under this Indenture
or upon the Series 2019-2 CP Notes.

 

		(c)	The Trustee may fix a record date and payment date for any payment to Series 2019-2 CP Noteholders
pursuant to this Section. At least 15 days before that record date, the Trustee shall mail to each Series 2019-2 CP Noteholder
and the Issuer a notice that states the record date, the payment date and the amount to be paid.

 

Section 5.05     Optional Preservation
of Trust Assets.

 

If the Series
2019-2 CP Notes have been declared to be payable under Section 5.02 following an Event of Default and the declaration and its
consequences have not been rescinded and annulled, the Trustee may, but need not, elect to maintain possession of the
Collateral. It is the intent of the parties to this Indenture and the Series 2019-2 CP Noteholders that all principal of and
interest on the Series 2019-2 CP Notes be paid in full when due. The Trustee shall take direction from 100% of the Series
2019-2 CP Noteholders in determining whether to maintain possession of the Collateral, and may rely upon an opinion of an
independent investment banking or accounting firm of national reputation addressed to the Trustee as to the feasibility of
the proposed action and as to the sufficiency of the Collateral for these purposes.

 

    31

     

    

 

Section 5.06     Trustee May Enforce
Claims Without Possession of Notes.

 

All rights of action
and claims under this Indenture or the Series 2019-2 CP Notes may be prosecuted and enforced by the Trustee without the possession
of any of the Series 2019-2 CP Notes or their production in any proceeding relating to them. Any proceeding instituted by the Trustee
shall be brought in its own name as Trustee. Any recovery of judgment shall, after provision for the payment of the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Series
2019-2 CP Noteholders and any other parties entitled thereto upon which the judgment has been obtained.

 

Section 5.07     Limitation on Suits.

 

No Series 2019-2 CP
Noteholder shall have any right to institute any proceedings, judicial or otherwise, regarding this Indenture, or for the appointment
of a receiver or trustee, or for any other remedy under this Indenture, unless:

 

		(a)	the Majority Series 2019-2 CP Noteholders have made written request to the Trustee to institute
the proceeding in its own name as Trustee;

 

		(b)	those Series 2019-2 CP Noteholders have previously given written notice to the Trustee of a continuing
Event of Default;

 

		(c)	those Series 2019-2 CP Noteholders have offered to the Trustee indemnity satisfactory to it against
the costs, expenses, and liabilities to be incurred in compliance with their request;

 

		(d)	the Trustee for 60 days after its receipt of that notice, request and offer of indemnity has failed
to institute appropriate proceedings; and

 

		(e)	no direction inconsistent with the written request has been given to the Trustee during the 60-day
period by the Majority Series 2019-2 CP Noteholders.

 

No one or more Series
2019-2 CP Noteholders may in any manner whatever under any provision of this Indenture affect, disturb, or prejudice the rights
of any other Series 2019-2 CP Noteholder or obtain or seek to obtain priority or preference over any other Series 2019-2 CP Noteholder
or enforce any right under this Indenture, except in the manner provided in this Indenture and for the equal and ratable benefit
of all the Series 2019-2 CP Noteholders.

 

If the Trustee
receives conflicting or inconsistent requests and indemnity from two or more groups of Series 2019-2 CP Noteholders, each
representing less than Majority Series 2019-2 CP Noteholders, the Trustee in its sole discretion may determine what action,
if any, shall be taken, notwithstanding any other provisions of this Indenture; provided, however, that the Trustee shall be
under no obligation to act until it is directed by the Majority Series 2019-2 CP Noteholders.

 

    32

     

    

 

Section 5.08     Unconditional Rights
of Series 2019-2 CP Noteholders to Receive Principal and Interest.

 

Notwithstanding any
other provision in this Indenture, each Series 2019-2 CP Noteholder shall have the absolute and unconditional right to receive
payment of the principal of and interest on its Series 2019-2 CP Note as that principal and interest becomes due and payable and
to institute suit for the enforcement of that payment. This right shall not be impaired without the consent of the affected Series
2019-2 CP Noteholder.

 

Section 5.09     Restoration of Rights
and Remedies.

 

If the Trustee or any
Series 2019-2 CP Noteholder has instituted any proceeding to enforce any right or remedy under this Indenture and that proceeding
has been discontinued or abandoned, or has been determined adversely to the Trustee or to the Series 2019-2 CP Noteholder, then
the Issuer, the Trustee, and the Series 2019-2 CP Noteholder shall, subject to any determination in that proceeding, be restored
to their former positions under this Indenture, and thereafter all rights and remedies of the Trustee and the Series 2019-2 CP
Noteholders shall continue as though no proceeding had been instituted.

 

Section 5.10     Rights and Remedies
Cumulative.

 

No right, remedy, power,
or privilege herein conferred upon or reserved to the Trustee or to the Series 2019-2 CP Noteholders is intended to be exclusive
of any other right, remedy, power, or privilege. Every right, remedy, power, or privilege shall be cumulative and in addition to
every other right, remedy, power, or privilege given under this Indenture or now or hereafter existing at law or in equity or otherwise.
The assertion or exercise of any right, remedy, power, or privilege shall not preclude any other further assertion or the exercise
of any other appropriate right, remedy, power, or privilege.

 

Section 5.11     Delay or Omission Not
Waiver.

 

No failure to exercise
and no delay in exercising, on the part of the Trustee or of any Series 2019-2 CP Noteholder or other Person, any right, remedy,
power, or privilege upon any Event of Default shall impair that right, remedy, power, or privilege or constitute a waiver of it
or of the Event of Default or an acquiescence in the Event of Default. Every right, remedy, power, or privilege given by this Article
or by law to the Trustee or to the Series 2019-2 CP Noteholders may be exercised as often as may be deemed expedient by the Trustee
or by the Series 2019-2 CP Noteholders, as the case may be.

 

Section 5.12     Rights of Series 2019-2
CP Noteholders to Direct Trustee.

 

Majority Series 2019-2
CP Noteholders may direct the time, method, and place of conducting any proceeding for any remedy available to the Trustee regarding
the Series 2019-2 CP Notes or exercising any trust or power conferred on the Trustee regarding the Notes.

 

    33

     

    

 

Notwithstanding the
foregoing and subject to Section 6.01:

 

		(a)	the Trustee may decline any direction if the Trustee, after being advised by counsel, determines
that the action so directed is in conflict with any rule of law or with this Indenture, and

 

		(b)	the Trustee may decline any direction if the Trustee in good faith, by a Designated Officer of
the Trustee, determines that the proceedings so directed would be illegal or involve the Trustee in personal liability or be unjustly
prejudicial to Series 2019-2 CP Noteholders not parties to that direction.

 

Section 5.13     Waiver of Past Defaults.

 

Prior to the declaration
of the acceleration of the maturity of the Series 2019-2 CP Notes as provided in Section 5.02 (except in the case of subsection
(a)(ii) below), Majority Series 2019-2 CP Noteholders may, on behalf of all the Series 2019-2 CP Noteholders, waive in writing
any past default on the Series 2019-2 CP Notes and its consequences, except:

 

		(a)	a default in the payment of the principal or interest on any Series 2019-2 CP Note (which may be
waived only with the consent of all of the Series 2019-2 CP Noteholders), or

 

		(b)	regarding any of the provisions under Section 9.02 that cannot be modified or amended without the
consent of the Series 2019-2 CP Noteholder of each outstanding Series 2019-2 CP Note affected.

 

Upon any written waiver,
the default shall cease to exist, and any Event of Default arising from it shall be deemed to have been cured for every purpose
of this Indenture. No such waiver shall extend to any subsequent or other default or impair any right consequent to it.

 

Section 5.14     Undertaking for Costs.

 

All parties to this
Indenture agree, and each Series 2019-2 CP Noteholder by its acceptance of a Series 2019-2 CP Note shall be deemed to have agreed,
that in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action
taken, suffered, or omitted by it as Trustee, any court may in its discretion require the filing by any party litigant in the suit
of an undertaking to pay the costs of the suit, and that the court may in its discretion assess reasonable costs, including reasonable
attorneys' fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims
or defenses made by that party litigant. The provisions of this Section shall not apply to any suit instituted by the Trustee,
to any suit instituted by the Majority Series 2019-2 CP Noteholders (in compliance with Section 5.07), or to any suit instituted
by any Series 2019-2 CP Noteholder for the enforcement of the payment of the principal or interest on any Series 2019-2 CP Note
on or after the Payment Date on which the principal or interest was due (or, in the case of redemption, on or after the applicable
redemption date).

 

    34

     

    

 

Section 5.15     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
adversely affect the covenants or the performance of this Indenture. 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 Trustee, but will suffer and permit the execution of every such power as though no such law
had been enacted.

 

Section 5.16     Sale of Trust Assets.

 

		(a)	The method, manner, time, place, and terms of any sale of all or any portion of the Collateral
pursuant to Section 5.04 shall be commercially reasonable. Any sale of the Collateral by the Trustee shall be deemed to have been
commercially reasonable. The Trustee may from time to time postpone any sale by public announcement made at the time and place
of the sale.

 

		(b)	In any sale of all or any portion of the Collateral pursuant to Section 5.04, any Series 2019-2
CP Noteholder may bid for and purchase the property offered for sale, and upon compliance with the terms of the sale may hold,
retain, and possess and dispose of the property, without further accountability, and may, in paying the purchase money for the
property, deliver any outstanding Series 2019-2 CP Notes or claims for interest on the Series 2019-2 CP Notes in lieu of cash up
to the amount that shall, upon distribution of the net proceeds of the sale, be payable thereon, and those Series 2019-2 CP Notes,
if the amounts so payable are less than the amount due on the Notes, and such Series 2019-2 CP Notes shall be returned to the Series
2019-2 CP Noteholder after being appropriately stamped to show partial payment.

 

		(c)	The Trustee may bid for and acquire any portion of the Collateral securing the Series 2019-2 CP
Notes in a public sale, and may pay all or part of the purchase price by crediting against amounts owing to the Trustee under this
Indenture, including, without limitation, the costs, charges and expenses incurred by the Trustee in connection with the sale notwithstanding
the provisions of Section 6.07.

 

		(d)	The Trustee shall execute and deliver an appropriate instrument of conveyance transferring its
interest in any portion of the Collateral upon its sale. In addition, the Trustee is hereby irrevocably appointed the agent and
attorney-in-fact of the Issuer to transfer and convey its interest in any portion of the Collateral upon its sale, and
to take all action necessary to effect its sale. No purchaser or transferee of any portion of the Issuer's interest in the Collateral
shall be bound to ascertain the Trustee's authority, inquire into the satisfaction of any conditions precedent, or see to the application
of any monies.

 

Section 5.17     Action on Notes.

 

The Trustee's
right to seek and recover judgment on the Series 2019-2 CP Notes or under this Indenture shall not be affected by the seeking
or obtaining of or application for any other relief under this Indenture. Neither the Lien of this Indenture nor any rights
or remedies of the Trustee or the Series 2019-2 CP Noteholders shall be impaired by the recovery of any judgment by the
Trustee against the Issuer or by the levy of any execution under that judgment upon any portion of the Trust Assets or upon
any of the assets of the Issuer. Any money or property collected by the Trustee shall be applied as specified in Section 5.04
of this Indenture.

 

    35

     

    

 

Section 5.18     Limited Rights of Certain
Series 2019-2 CP Noteholders.

 

Neither the Issuer
or any Affiliate thereof as Holders of any Series 2019-2 CP Notes issued pursuant to this Indenture related thereto shall have
any rights to direct the Trustee to take any action in respect of the Series 2019-2 CP Notes pursuant to this Indenture, unless
the Issuer or Affiliate owns 100% of the outstanding Series 2019-2 CP Notes or no Series 2019-2 CP Notes are then outstanding.

 

Article VI.

 

THE TRUSTEE

 

Section 6.01     Duties of Trustee.

 

		(a)	If an Event of Default has occurred and is continuing and the Trustee has received written notice
of that Event of Default, the Trustee shall, before receiving directions from Majority Series 2019-2 CP Noteholders, exercise the
rights and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent Person
would exercise or use under the circumstances in the conduct of his own affairs.

 

		(b)	The 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 Trustee. In the absence
of willful misconduct or negligence on its part, the Trustee may conclusively rely (as to their truth and correctness) and shall
be fully protected in relying upon certificates or opinions furnished to the Trustee and conforming to the requirements of this
Indenture.

 

		(c)	The Trustee, upon receipt of any resolutions, certificates, statements, opinions, reports, documents,
orders; or other instruments furnished to the Trustee that are specifically required to be furnished pursuant to any provision
of this Indenture, shall review them to determine whether they substantially conform to the requirements of this Indenture (but
need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein).

 

		(d)	No provision of this Indenture shall be construed to relieve the Trustee from liability for its
own negligent action, its own negligent failure to act, or its own willful misconduct, except that:

 

		(i)	     this subsection shall not be construed to limit the effect of subsection (b) of this Section;

 

    36

     

    

 

		(ii)      the Trustee shall not be liable for any error of judgment made in good faith by a Designated Officer
of the Trustee unless the Trustee was negligent in ascertaining the pertinent facts; and

 

		(iii)     the Trustee shall not be liable for any action taken, suffered or omitted to be taken by it in
good faith in accordance with this Indenture or at the direction of Majority Series 2019-2 CP Noteholders relating to the time,
method and place of conducting any proceeding for any remedy available to the Trustee, or for exercising any trust or power conferred
upon the Trustee, under this Indenture. The Trustee shall not be liable for any action taken, suffered, or omitted to be taken
by it in good faith at the direction of the Issuer or at the direction of the requisite number of Series 2019-2 CP Noteholders.

 

		(e)	No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise
incur any financial liability in the performance of any of its duties under this Indenture or in the exercise of any of its rights
or powers.

 

		(f)	The Trustee shall have no power to vary the Collateral, including (i) accepting any substitute
Collateral, (ii) adding any other investment, obligation, or security to the Collateral or (iii) withdrawing investments from the
Collateral Notwithstanding the foregoing or any other provision to the contrary in this Indenture, if the Trustee shall receive
a direction from (i) 100% of the Series 2019-2 CP Noteholders (including the Issuer or an Affiliate to vary the Collateral in accordance
with Section 5.18) or (ii) from the Issuer if no Series 2019-2 Notes are then outstanding, the Trustee shall be authorized to vary
the Collateral in accordance with such direction.

 

		(g)	The Trustee shall have no responsibility or liability for investment losses on the Collateral.
The Trustee shall not be responsible for the existence, genuineness or value of any of the Collateral or for the validity, perfection,
priority or enforceability of the Liens in any of the Collateral, whether impaired by operation of law or by reason of any action
or omission to act on its part hereunder, except to the extent such action or omission constitutes gross negligence, bad faith
or willful misconduct on the part of the Trustee, for the validity or sufficiency of the Collateral or any agreement or assignment
contained therein, for the validity of the title of the Issuer to the Collateral, for insuring the Collateral or for the payment
of taxes, charges, assessments or Liens upon the Collateral or otherwise as to the maintenance of the Collateral. The Trustee shall
have no duty to ascertain or inquire as to the performance or observance of any of the terms of this Indenture or any other document
by the Issuer

 

		(h)	For all purposes under this Indenture, the Trustee shall not be deemed to have notice or knowledge
of any Event of Default unless a Designated Officer of the Trustee has received written notice of it. For the purposes of determining
the Trustee's responsibility and liability under this Indenture, any reference to an Event of Default shall be construed to refer
only to such event of which the Trustee is deemed to have notice as described in this subsection.

 

    37

     

    

 

		(i)	The Trustee shall have no duty or responsibility for
the preparation, filing, continuation or correctness of any financing statement or for the validity or perfection of any lien
or security interest.

		 	 

		(j)	Delivery of any reports or information by the Trustee
shall not constitute actual or constructive knowledge of any condition or information specified therein.

		 	 

		(k)	Any intellectual property created or generated in the
preparation of Daily Collateral Reports shall, as between the Trustee and Issuer, be owned by the Trustee, and Issuer shall have
no rights with respect thereto.

 

Section 6.02     Notice of Event of Default.

 

Upon the occurrence
of any Event of Default of which a Designated Officer of the Trustee has received written notice, the Trustee shall transmit by
mail notice of the occurrence of the event to all Series 2019-2 CP Noteholders as their names and addresses appear on the Series
2019-2 CP Note Register within 5 days after it receives such written notice of the event.

 

Section 6.03     Rights of Trustee.

 

		(a)	The Trustee may conclusively rely and shall fully be protected in acting or refraining from acting
upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, note
or other document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties;

 

		(b)	Whenever in the administration of this Indenture the Trustee deems it desirable that a matter be
proved or established prior to taking, suffering or omitting any action, the Trustee (unless other evidence is specifically prescribed)
may, in the absence of willful misconduct on its part, conclusively rely upon an Officer's Certificate of the Issuer;

 

		(c)	As a condition to the taking, suffering or omitting of any action by it, the Trustee may consult
with counsel, and the advice of counsel or any opinion of counsel shall be full and complete authorization and protection in respect
of any action taken, suffered or omitted by it in good faith and in reliance thereon;

 

		(d)	The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by
this Indenture or to honor the request or direction of any of the Series 2019-2 CP Noteholders pursuant to this Indenture, unless
the Series 2019-2 CP Noteholders shall have offered to the Trustee reasonable security or indemnity satisfactory to it against
the costs, expenses and liabilities that might be incurred by it in compliance with the request or direction;

 

		(e)	The Trustee shall not be bound to make any investigation into the matters stated in any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, note or other document,
but the Trustee, in its discretion, may make any further inquiry or investigation into those matters that it deems appropriate,
and, if the Trustee determines to inquire further, it shall be entitled to examine the books, records and premises of the Issuer, personally
or by agent or attorney at the expense of the Issuer and shall incur no liability of any kind by reason of such inquiry or investigation;

 

    38

     

    

 

		(f)	The Trustee may execute any of the trusts or powers under this Indenture or perform any duties
under this Indenture either directly or through agents, attorneys, custodians or nominees and the Trustee shall not be responsible
for (i) any misconduct or negligence on the part of any agent, attorney, custodians or nominees appointed with due care by it or
(ii) the supervision of those agents, attorneys, custodians or nominees appointed with due care;

 

		(g)	The Trustee shall not be liable for any actions taken, suffered or omitted by it in good faith
and believed by it to be authorized or within the discretion or rights conferred upon the Trustee by this Indenture;

 

		(h)	The Trustee shall not be liable for any actions taken, suffered or omitted by it in good faith
based upon instructions or notices contemplated in this Indenture which the Trustee reasonably believed in good faith to have been
given by an Authorized Representative; and

 

		(i)	The rights, privileges, protections, immunities and benefits given to the Trustee, including, without
limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder,
and each agent, custodian and other Person employed to act hereunder.
	 	 	 

		(j)	The Bank of New York Mellon, in whatever capacity acting, shall have no liability whatsoever for
the action or inaction of any Clearing Agency.
	 	 	 

		(k)	Trustee is authorized to utilize any generally recognized pricing information service (including
brokers and dealers of securities) or may rely on prices provided by the Securities Intermediary in order to perform its valuation
responsibilities hereunder, and the parties hereto agree that Trustee shall not be liable for any loss, damage or expense (including
attorney’s fees) incurred as a result of errors or omissions of any such pricing information service, broker or dealer, or
in any prices provided by the Securities Intermediary.
	 	 	 

		(l)	Unless the Trustee receives written notice of an error or omission related to financial information
or disbursements provided to Series 2019-2 CP Noteholders within ninety days of Series 2019-2CP Noteholders' receipt of the same,
the Trustee shall have no liability in connection with such and, absent direction by the requisite percentage of Series 2019-2
CP Noteholders entitled to direct the Trustee, no further obligations in connection thereof.
	 	 	 

		(m)	It is understood by the parties hereto other than the Trustee that the sole recourse of the
                                                               parties hereto other than the Trustee in respect of the obligations hereunder and under the other documents contemplated
                                                               thereby and related thereto to which it is a party shall be to the assets held hereunder and to the parties hereto other than
                                                               the Trustee. In addition, the Trustee is entering into this Indenture and the other documents contemplated thereby and
                                                               related thereto to which it is a party solely in its capacity as trustee under this Indenture and in its Agent Capacity and
                                                               not in its individual capacity (except as expressly stated herein) and in no case shall the Trustee (or any Person acting as
                                                               successor trustee under this Indenture) be personally
liable for or on account of any of the statements, representations, warranties, covenants or obligations stated to be those of
the Issuer hereunder or thereunder, all such liability, if any, being expressly waived by the parties hereto and any person claiming
by, through or under such party, provided, however, that the Trustee (or any such successor trustee) shall be personally liable
hereunder and thereunder for its own negligence or willful misconduct, to the extent expressly covenanted or made in its individual
capacity. The provisions of this Section shall survive the termination of this Indenture.

 

    39

     

    

 

Section 6.04     Not Responsible for
Recitals or Issuance of Notes.

 

The recitals contained
in this Indenture and in the Notes, except the certificate of authentication of the Trustee, shall be taken as the statements of
the Issuer, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representation as to the validity
or sufficiency of this Indenture, the Notes, or any related document. The Trustee shall not be accountable for the use or application
by the Issuer of the proceeds from the Notes.

 

Section 6.05     May Hold Notes.

 

The Trustee, any Paying
Agent, any Transfer Agent and Registrar, or any other agent of the Issuer, in its individual or any other capacity, may become
the owner or pledgee of Series 2019-2 CP Notes and may otherwise deal with the Issuer with the same rights it would have if it
were not Trustee, Paying Agent, Transfer Agent and Registrar, or other agent.

 

Section 6.06     Money Held in Trust.

 

Any money held by the
Trustee in trust under this Indenture need not be segregated from any other funds held by the Trustee in trust under this Indenture
except to the extent required by this Indenture. The Trustee shall be under no liability for interest on any money received by
it under this Indenture except as otherwise agreed upon in writing by the Trustee.

 

Section 6.07     Compensation, Reimbursement
and Indemnification.

 

		(a)	The Issuer agrees:

 

		(i)	      to pay the Trustee the Trustee fees set forth in the Trustee Fee Letter;

 

		(ii)     except as otherwise expressly provided in this Indenture, to reimburse the Trustee upon its request,
and in accordance with the Trustee Fee Letter, for all expenses, disbursements, and advances incurred or made by the Trustee pursuant
to this Indenture (including all costs and expenses incurred by the Trustee exercising any remedies under this Indenture and the
reasonable compensation and the expenses and disbursements of its agents and counsel, except any such expense, disbursement, or
advance that shall be determined to have been caused by its own negligence or willful misconduct); and

 

		(iii)    to indemnify the Trustee, its officers, directors, employees, and agents against any loss, liability,
expense, damage, or injury suffered or sustained without negligence or willful misconduct on its part, arising in connection with
the acceptance or administration of this trust, including the
costs and expenses of defending itself against any claim or liability from the exercise or performance of any of its powers or
duties under this Indenture.

 

    40

     

    

 

		(b)	The Trustee hereby agrees not to cause the filing of a petition in bankruptcy against the Issuer
for the non-payment to the Trustee of any amounts provided by this Section until at least one year and one day after the payment
in full of all the Series 2019-2 CP Notes issued under this Indenture.

 

		(c)	When the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 5.01(a)(v)
or Section 5.01(a)(vi), the expenses (including the reasonable charges and expenses of its counsel) and the compensation for the
services are intended to constitute expenses of administration under any applicable Federal or state bankruptcy, insolvency or
other similar law.

 

		(d)	The provisions of this Section shall survive the termination of this Indenture.

 

Section 6.08     Replacement of Trustee.

 

No resignation or removal
of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor
Trustee pursuant to this Section. The Trustee may resign at any time upon 60 days' written notice to the Issuer. Majority Series
2019-2 CP Noteholders may remove the Trustee with or without cause by so notifying the Trustee and may appoint a successor Trustee.
The Issuer shall remove the Trustee if:

 

		(i)	      the Trustee fails to satisfy Section 6.11;

 

		(ii)     the Trustee is adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property
shall be appointed, or any public officer takes charge of the Trustee or its property or its affairs for the purpose of rehabilitation,
conservation, or liquidation; or

 

		(iii)	    the Trustee otherwise becomes legally unable to act.

 

If the Trustee resigns
or is removed or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to as the
retiring Trustee), the Issuer shall promptly appoint a successor Trustee satisfactory to the Series 2019-2 CP Noteholders.

 

A successor Trustee
shall deliver a written acceptance of its appointment to the retiring Trustee and the Issuer. Thereupon the resignation or removal
of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers, and duties of the
Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to the Series 2019-2 CP Noteholders.
The retiring Trustee, upon payment of its charges hereunder, shall promptly transfer all property held by it as Trustee to the
successor Trustee.

 

If a successor Trustee
does not take office within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee (at the expense of the
Issuer), the Issuer or Majority Series 2019-2 CP Noteholders may petition any court of competent jurisdiction for the appointment
of a successor Trustee.

 

    41

     

    

 

 

If the Trustee fails
to satisfy Section 6.11, any Series 2019-2 CP Noteholder may petition any court of competent jurisdiction for the removal of the
Trustee and the appointment of a successor Trustee.

 

Notwithstanding the
replacement of the Trustee pursuant to this Section, the Issuer's obligations under Section 6.07 shall continue for the benefit
of the removed or retiring Trustee.

 

Section 6.09      Successor Trustee by
Merger.

 

If the 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 Trustee if that corporation or banking association is otherwise qualified and eligible under Section 6.11. The
Trustee shall provide the Issuer and all Series 2019-2 CP Noteholders prior written notice of any such transaction.

 

If any Series 2019-2
CP Notes have been authenticated but not delivered at the time a successor to the Trustee by merger, conversion, consolidation,
or transfer succeeds to the trusts created by this Indenture, the successor to the Trustee may adopt the certificate of authentication
of the predecessor Trustee and deliver the Series 2019-2 CP Notes so authenticated.

 

Any successor to the
Trustee may authenticate Series 2019-2 CP Notes in the name of the successor Trustee and those certificates of authentication shall
have the full force that it is anywhere provided in the Series 2019-2 CP Notes or in this Indenture that certificates of authentication
of the Trustee shall have.

 

Section 6.10      Appointment of Co-Trustee
or Separate Trustee.

 

		(a)	Notwithstanding any other provisions of this Indenture, at any time, for the purpose of meeting
any legal requirement of any jurisdiction in which any part of the Collateral may at the time be located, the Trustee may execute
and deliver all instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or
separate trustees, of any part of the Collateral, and to vest in those Persons, in such capacity and for the benefit of the Series
2019-2 CP Noteholders, title to any part of the Collateral and, subject to the other provisions of this Section, the powers, duties,
obligations, rights and trusts as the Trustee may consider necessary or desirable. No co-trustee or separate trustee under
this Indenture shall be required to meet the terms of eligibility as a successor trustee under Section 6.11 and no notice to Series
2019-2 CP 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
                                                         Trustee shall be conferred or imposed upon and exercised or performed by the Trustee and the separate trustee or
                                                         co-trustee jointly (the separate trustee or co-trustee is not authorized to act separately without the Trustee
                                                         joining in the act), except to the extent that under any law of any jurisdiction in which any particular acts are to be
                                                         performed the Trustee is incompetent or unqualified
to act, in which event the rights, powers, duties, and obligations shall be performed singly by the separate trustee or co-trustee,
but solely at the direction of the Trustee;

 

    42

     

    

 

		(ii)	      no trustee under this Indenture shall be personally liable by reason of any act or omission of
any other trustee; under this Indenture; and

 

		(iii)	     the Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee.

 

		(c)	Any notice, request, or other writing given to the 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 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 Trustee. Every instrument of appointment shall be filed with the Trustee.

 

		(d)	Any separate trustee or co-trustee may at any time constitute the Trustee its agent or attorney-in-fact
with full power and authority to do any lawful act under 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 Trustee, without the appointment of a new or successor trustee.

 

Section 6.11      Eligibility; Disqualification.

 

The Trustee shall have
a combined capital and surplus of at least $500,000,000 as set forth in its most recently filed report of condition.

 

Section 6.12      Representations and
Covenants of Trustee.

 

The Trustee represents,
warrants and covenants that:

 

		(i)      it is a banking corporation duly organized and validly existing under the laws of the State of
New York;

 

		(ii)      it has full power and authority to deliver and perform this Indenture and has taken all necessary
action to authorize the execution, delivery, and performance by it of this Indenture and the Collateral Account Control Agreement;
and

 

		(iii)     each of this Indenture and the Collateral Account Control Agreement has been duly executed and
delivered by the Trustee and constitutes its legal, valid and binding obligation enforceable in accordance with its terms, except
to the extent the enforcement thereof may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditor's
rights generally and subject also to the availability of equitable remedies if equitable remedies are sought.

 

    43

     

    

 

Section 6.13      Limitation of Liability.

 

It is understood by
the parties hereto other than The Bank of New York Mellon ("BNYM") that the sole recourse of the parties hereto other
than BNYM in respect of the obligations of the Indenture hereunder and under the other documents contemplated thereby and related
thereto to which it is a party shall be to the Trust Assets and to the parties hereto other than BNYM. In addition, BNYM as Trustee
is entering into this Indenture and the other documents contemplated thereby and related thereto to which it is a party solely
in its capacity as trustee under the Indenture and not in its individual capacity (except as expressly stated herein) and in no
case shall the Trustee (or any Person acting as successor trustee under the Indenture) be personally liable for or on account of
any of the statements, representations, warranties, covenants or obligations stated to be those of the Issuer hereunder or thereunder,
all such liability, if any, being expressly waived by the parties hereto and any person claiming by, through or under such party,
provided, however, that the Trustee (or any such successor trustee) shall be personally liable hereunder and thereunder for its
own negligence or willful misconduct. The provisions of this Section shall survive the termination of the Indenture.

 

 

Section 6.14      Trustee as Paying Agent,
Registrar and Authenticating Agent.

 

Where the Trustee shall
act in the capacity of Paying Agent, Registrar, Authenticating Agent and issuing agent (collectively, the “Agent Capacity”),
neither the Trustee nor its officers, employees or agents shall be liable for any act or omission thereunder, except in the case
of a judicial determination of its own gross negligence or willful misconduct as described in Section 6.14 in this Indenture. The
duties and obligations of the Trustee in its Agent Capacity and those of its officers and employees shall be determined by the
express provisions of this Indenture, and the Trustee and its officers, employees and agents shall be responsible for the performance
of only such duties and obligations as are specifically set forth herein and therein, and no implied covenants shall be read into
any such document against the Trustee or its officers, employees or agents. Neither the Trustee or its officers, employees or agents
shall be required to ascertain whether any issuance or sale of Series 2019-2 CP Note(s) (or any amendment or termination of this
Indenture) has been duly authorized or is in compliance with any other agreement, ordinance, resolution or other undertaking or
document to which the Issuer is a party or by which it or its property may be bound (whether or not the Trustee is a party to such
other agreement).

 

Section 6.15      Liability in Agent Capacity.

 

The Issuer hereby
indemnifies and holds the Trustee in its Agent Capacity, and its employees and any of its officers and agents harmless, from and
against, and the Trustee in its Agent Capacity shall not be liable for, any and all losses, liabilities (including liabilities
for penalties), actions, suits, judgments, demands, damages, costs and expenses of any nature (including, without limitation,
interest and reasonable attorneys’ fees, expenses, and the allocable costs of in-house legal services) arising out of or
resulting from the exercise of its rights and/or the performance of its duties (or those of its agents and employees) hereunder;
provided, however,that the Issuer shall not be liable to indemnify or pay the Trustee with respect to any loss, liability, action,
suit, judgment, demand, damage, cost or expense that shall be determined to have been caused by the Trustee’s own gross
negligence or willful misconduct or that of its officers or employees. The foregoing indemnity includes, but is not limited to,
any action taken or omitted to be taken by the Trustee in its Agent Capacity upon electronically transmitted instructions (authorized
herein) received by it from, or believed by it in good faith to have been given by, the proper person or persons. The provisions
of this Section 6.14 shall survive (i) the Trustee’s resignation or removal in its Agent Capacity and (ii) the termination
of this Indenture.

 

    44

     

    

 

In no event shall the
Trustee in its Agent Capacity be responsible or liable for any failure or delay in the performance of its obligations hereunder
arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages,
accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions,
loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee
shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon
as practicable under the circumstances.

 

In no event shall the
Trustee, whether as Trustee or in its Agent Capacity be responsible or liable for special, indirect, or consequential loss or damage
of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of
the likelihood of such loss or damage and regardless of the form of action.

 

Article VII.

 

SERIES 2019-2 CP NOTEHOLDERS' LIST AND REPORTS BY INDENTURE TRUSTEE AND ISSUER

 

Section 7.01     Issuer to Furnish Trustee
Names and Addresses of Series 2019-2 CP Noteholders.

 

Within five days after
each Record Date, the Transfer Agent and Registrar, at the direction of the Issuer, will cause to be furnished to the Trustee a
list, in such form as the Trustee may reasonably require, of the names, addresses and taxpayer identification numbers of the Series
2019-2 CP Noteholders as they appear on the Series 2019-2 CP Note Register as of that Record Date. At any other time the Trustee
may request the Issuer to furnish, on ten days' written notice, a list of similar form and content as of a date not more than 10
days prior to the time the list is furnished. So long as the Trustee is the Transfer Agent and Registrar, the Issuer shall not
be required to furnish such lists and the Trustee shall furnish to the Issuer such list upon ten days' written request.

 

Section 7.02     Preservation of Information;
Communications to Series 2019-2 CP Noteholders.

 

		(a)	The Trustee shall preserve, in as current a form as is reasonably practicable, the names,
                                                               addresses and taxpayer identification numbers of the Series 2019-2 CP Noteholders contained in the most recent list furnished
                                                               to the Trustee under Section 7.01 and the names, addresses and taxpayer identification numbers of the Series 2019-2 CP
                                                               Noteholders received by the Trustee in its
capacity as Transfer Agent and Registrar. The Trustee may destroy any list furnished to it under Section 7.01 upon receipt of a
new list so furnished.

 

    45

     

    

 

		(b)	If any Series 2019-2 CP Noteholder applies in writing to the Trustee stating that it desires to
communicate with other Series 2019-2 CP Noteholders regarding their rights under this Indenture or under the Notes, then the Trustee
shall, within five Business Days after the receipt of the application, afford that Series 2019-2 CP Noteholder access to the information
preserved at the time by the Trustee in accordance with subsection (a) of this Section.

 

		(c)	If any Owner applies in writing to the Trustee stating that it desires to communicate with other
Owners regarding their rights under this Indenture or under the Notes, then the Trustee shall, within five Business Days after
the receipt of the application, afford that Owner access to the information preserved at the time by the Trustee in accordance
with subsection (a) of this Section; provided, however, that in the case of a person claiming to be an Owner requesting such information,
the Trustee shall not furnish such information until the Issuer shall have authorized release of such information and the Trustee
shall have no liability for such release or the identity of the requesting person

 

Article VIII.

 

ACCOUNTS, ACCOUNTING AND RELEASES

 

Section 8.01     Collection of Money.

 

Except as otherwise expressly provided in
this Indenture, the Trustee may demand payment or delivery of, and 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 Trustee pursuant to this
Indenture. The Trustee shall hold all such money and property received by it in trust for the Series 2019-2 CP Noteholders and
shall apply such property and money as provided in this Indenture.

 

Section 8.02     Distributions.

 

On each Payment Date,
the Trustee shall, in accordance with Section 2.15 of this Indenture, distribute to the Series 2019-2 CP Noteholders payments due
thereunder.

 

Section 8.03     Release of Trust Assets,
Etc..

 

		(a)	Subject to the payment of its fees and expenses, the Trustee, when required by the Basic Documents
shall, execute instruments to release property from the Lien of this Indenture, or convey the Trustee's interest in the same. No
party relying upon an instrument executed by the Trustee as provided in this Article shall be bound to ascertain the Trustee's
authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies.

 

		(b)	Upon written direction of an Authorized Representative of the Issuer, the Trustee shall, at such
time as there are no Series 2019-2 CP Notes outstanding, release and transfer, without recourse, all of the Collateral
that secured the Series 2019-2 CP Notes (other than any cash held for the payment of the Series 2019-2 CP Notes pursuant to Section
4.02).

 

    46

     

    

 

Section 8.05     Establishment of Note
Account.

 

The Trustee, for the
benefit of the Series 2019-2 CP Noteholders, shall establish and maintain with a separate segregated trust account (the “Note
Account”), bearing a designation clearly indicating that the funds therein are held for the benefit of the Series 2019-2
CP Noteholders.

 

Section
8.06.    Assets Uninvested.

 

Any amounts held in
the Note Account or otherwise held hereunder shall be held uninvested without liability for interest.

 

Article IX.

 

SUPPLEMENTAL INDENTURES

 

Section 9.01    Supplemental
Indentures Without Consent of Series 2019-2 CP Noteholders.

 

		(a)	The Issuer and the Trustee, when authorized by a written direction of an Authorized Representative
of the Issuer, may enter into one or more indentures supplemental to this Indenture, in form satisfactory to the Trustee, for any
of the following purposes:

 

		(i)       to correct or amplify the description of any property subject to the Lien of this Indenture, or
better to assure, convey and confirm to the Trustee any property 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 Section 3.06, of another Person to the Issuer, and
the assumption by the successor of the covenants of the Issuer herein and in the Series 2019-2 CP Notes;

 

		(iii)     to add to the covenants of the Issuer, for the benefit of the Series 2019-2 CP 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 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 to make any other provisions with
respect to matters arising under this Indenture or in any supplemental indenture so long as the interests of any Series 2019-2
CP Noteholder are not adversely affected; or

 

		(vi)     to evidence the acceptance of the appointment under this Indenture of a successor trustee and to
add to or change any of the provisions of this Indenture necessary to facilitate the administration
of the trusts under this Indenture by more than one trustee, pursuant to the requirements of Article VI.

 

    47

     

    

 

The Trustee is 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)	The Issuer and the Trustee, when authorized by a written direction of an Authorized Representative
of the Issuer, may also enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to,
or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the
Series 2019-2 CP Noteholders under this Indenture; provided that such action will not, as evidenced by an Opinion of Counsel
of the Issuer, delivered and acceptable to the Trustee, adversely affect in any material respect the interests of any Series 2019-2
CP Noteholder.

 

Section 9.02     Supplemental Indentures
with Consent of Series 2019-2 CP Noteholders.

 

The Issuer and the
Trustee, when authorized by a written direction of an Authorized Representative of the Issuer, also may, with the consent of a
Majority of Series 2019-2 CP Noteholders, by an Act of the Series 2019-2 CP Noteholders delivered to the Issuer and the Trustee,
enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, changing in any manner or
eliminating any of the provisions of this Indenture or of modifying in any manner the rights of those Series 2019-2 CP Noteholders
under this Indenture. However, no such supplemental indenture shall, without the consent of each Series 2019-2 CP Noteholder affected
thereby:

 

		(i)       change the due date of any installment of principal of or interest on any Series 2019-2 CP Note,
or reduce the principal amount of any Series 2019-2 CP Note, the interest rate on any Series 2019-2 CP Note or the redemption price
of any Series 2019-2 CP Note or change any place of payment where, or the coin or currency in which, any Series 2019-2 CP Note
or any interest on it is payable;

 

		(ii)      impair the right to institute suit for the enforcement of the provisions of this Indenture requiring
the application of funds, as provided in Article V, to the payment of any amount due on the Series 2019-2 CP Notes on or after
the respective due dates thereof (or, in the case of redemption, on or after the redemption date);

 

		(iii)     reduce the percentage that constitutes “Majority Series 2019-2 CP Noteholders” or the
consent requirements of the Holders 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
as provided for in this Indenture;

 

		(iv)     reduce the percentage of the aggregate outstanding amount of any Notes, the consent of the Holders
of which is required to direct the Trustee to sell or liquidate the Collateral if the proceeds of such sale would be insufficient
to pay the principal amount and accrued but unpaid interest on the outstanding Notes;

 

    48

     

    

 

		(v)     decrease the percentage of the aggregate principal amount of the Series 2019-2 CP Notes required
to amend the sections of this Indenture that specify the applicable percentage of the aggregate principal amount of the Series
2019-2 CP Notes necessary to amend this Indenture;

 

		(vi)     modify or alter the provisions of this Indenture regarding the voting of Series 2019-2 CP Notes
held by the Issuer or any Affiliate thereof;

 

		(vii)     permit the creation of any Lien ranking prior to or on a parity with the Lien of this Indenture
on any part of the Collateral for any Series 2019-2 CP Notes or, except as otherwise permitted or contemplated herein, terminate
the Lien of this Indenture on any Collateral assets or deprive any Series 2019-2 CP Noteholder of the security provided by the
Lien of this Indenture; or

 

		(vi)     to provide for the termination or replacement of any external credit enhancement in accordance
with the provisions hereto.

 

Promptly after the
execution by the Issuer and the Trustee of any supplemental indenture pursuant to this Section, the Trustee shall mail to the Series
2019-2 CP Noteholders to which that supplemental indenture relates written notice provided to the Trustee by the Issuer setting
forth in general terms the substance of that supplemental indenture. The failure of the Trustee to mail any such notice, or any
defect therein, shall not in any way impair or affect the validity of that supplemental indenture.

 

Section 9.03     Execution of Supplemental
Indentures.

 

In executing, or accepting
the additional trusts created by, any supplemental indenture permitted by this Article or the modification thereby of the trusts
created by this Indenture, the Trustee shall be provided with, and (subject to Sections 6.01 and 6.03) shall be fully protected
in relying upon, an Opinion of Counsel and an Officer’s Certificate stating that the execution of such supplemental indenture
is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any supplemental indenture
that affects the Trustee's own rights, duties, liabilities or immunities under this Indenture or otherwise.

 

Section 9.04     Effect of Supplemental
Indenture.

 

Upon the execution
of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and that supplemental
indenture shall form a part of this Indenture for all purposes, and every Holder of Series 2019-2 CP Notes theretofore or thereafter
authenticated and delivered hereunder shall be bound thereby.

 

Section 9.05     Reference in Series
2019-2 CP Notes to Supplemental Indentures.

 

Notes
authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may bear a notation in
form as to any matter provided for in that supplemental indenture. If the Issuer so determines, new Series 2019-2 CP Notes so
modified as to conform, in the opinion of the Issuer, to that supplemental indenture may be prepared and executed by the
Issuer and authenticated and delivered by the Trustee in exchange for outstanding Notes.

 

    49

     

    

 

Article X.

MISCELLANEOUS

 

Section 10.01     Compliance Certificates
and Opinions.

 

Upon any application
or request by the Issuer to the Trustee to take any action under any provision of this Indenture (other than the initial authentication
of the Series 2019-2 CP Notes), the Issuer shall furnish to the Trustee such certificates and opinions as may be required hereunder.
Each such certificate or opinion shall be given in the form of an Officer’s Certificate, if to be given by an officer of
the Issuer or an Opinion of Counsel, if to be given by counsel, and shall comply with the requirements set forth in this Indenture.

 

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 individual signing such certificate or opinion has read such condition or
covenant 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 individual, he or she has made such examination or
investigation as is necessary to enable him or her to express an informed opinion as to whether or not such condition or covenant
has been complied with; and

 

		(iv)	a statement as to whether, in the opinion of each such individual, such condition or covenant has
been complied with.

 

Section 10.02     Form of Documents Delivered
to 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 those matters in one or several documents.

 

Any certificate
or opinion of an Authorized Representative 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 Representative or Opinion of 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 Issuer or the Issuer, stating that the information with respect to those factual matters is in the possession
of such party, unless such Authorized Representative or counsel knows, or in the exercise of reasonable care should know,
that the certificate or opinion or representations with respect to those matters are erroneous.

 

    50

     

    

 

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 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 that certificate or report
(as the case may be), of the facts and opinions stated in that document shall in such case be conditions precedent to the right
of the Issuer to have that application granted or to the sufficiency of that certificate or report. The foregoing shall not, however,
be construed to affect the Trustee's right to rely upon the truth and accuracy of any statement or opinion contained in any such
document as provided in Article VI.

 

Section 10.03     Acts of Series 2019-2
CP Noteholders.

 

		(a)	Any request, demand, authorization, direction, notice, consent, waiver or other action provided
by this Indenture to be given or taken by Series 2019-2 CP Noteholders may be embodied in and evidenced by one or more instruments
of substantially similar tenor signed by those Series 2019-2 CP Noteholders in person or by agent duly appointed in writing and
satisfying any requisite percentages as to minimum number or dollar value of outstanding principal amount represented by those
Series 2019-2 CP Noteholders. Except as herein otherwise expressly provided, any such action shall become effective when such instrument
or instruments are delivered to the 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
Series 2019-2 CP 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 conclusive in favor of the 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 which the Trustee deems sufficient.

 

		(c)	The ownership of Series 2019-2 CP Notes shall be proved by the Series 2019-2 CP Note Register.

 

		(d)	Any request, demand, authorization, direction, notice, consent, waiver, or other action by
                                                               any Series 2019-2 CP Noteholder shall bind the Holder (and any transferee thereof) of every Series 2019-2 CP Note issued upon
                                                               the registration thereof in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done
                                                               by the Trustee or the Issuer in reliance thereon,
whether or not notation of such action is made upon such Note.

 

    51

     

    

 

Section 10.04    Notices, Etc. to Trustee,
Issuer and Issuer.

 

		(a)	Any request, demand, authorization, direction, notice, consent, waiver, or Act of Series 2019-2
CP Noteholders or other documents provided or permitted by this Indenture to be made upon, given or furnished to, or filed with:

 

		(i)	       the Trustee by any Series 2019-2 CP Noteholder or by the Issuer shall be sufficient for every purpose
hereunder (x) if in writing and mailed, first-class postage prepaid, to the address set forth below or (y) if made, given, furnished
or filed in writing to a Designated Officer of the Trustee, by facsimile transmission or by other electronic means acceptable to
the Trustee to or with the Trustee at:

 

	The Bank of New York Mellon
 

	240 Greenwich Street, Floor 7E
	New York, New York 10286
	Attention:     SPV Admin - Anna Marrone
	Telephone: (212) 815-3190
	Facsimile No.: (732) 667-6372
	Email: qsrnysettlements@bnymellon.com

 

In addition, the Trustee agrees
to accept and act upon instructions or directions from the Issuer pursuant to this Indenture sent by unsecured e-mail, pdf, facsimile
transmission or other similar unsecured electronic methods, provided, however, that the Trustee shall have received an incumbency
certificate listing persons designated to give such instructions or directions and containing specimen signatures of such designated
persons, which such incumbency certificate shall be amended and replaced whenever a person is to be added or deleted from the listing.
If the Issuer elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and
the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall
be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the
Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent
with a subsequent written instruction. The Issuer agrees to assume all risks arising out of the use of such electronic methods
to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized
instructions, and the risk or interception and misuse by third parties.

 

		(ii)	      the Issuer by the Trustee or by any Series 2019-2 CP Noteholder shall be sufficient for every purpose
hereunder if in writing and mailed, first-class postage prepaid, to the address set forth below or (y) if made, given, furnished
or filed in writing to the Issuer, by facsimile transmission or by other electronic means acceptable to the Issuer to or with the
Issuer at the address below or at any other address previously furnished in writing to the Trustee by the Issuer.:

 

    52

     

    

 

	Hilltop Securities Inc.
	Attn: Director of Operations
	1201 Elm Street, Suite 3500
	Dallas, Texas 75270
	Telephone: 214-859-5125
	Facsimile: 214-859-6095

 

Section 10.05     Notices to Series 2019-2
CP Noteholders; Waiver.

 

Where this Indenture
provides for notice to Series 2019-2 CP Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein
expressly provided) if in writing and mailed by registered or certified mail or first class postage prepaid or national overnight
courier service to each Series 2019-2 CP Noteholder affected by such event, at the address of that Series 2019-2 CP Noteholder
as it appears on the Series 2019-2 CP 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 Series 2019-2 CP Noteholders is given by mail, neither the failure to
mail such notice, nor any defect in any notice so mailed, to any particular Series 2019-2 CP Noteholder shall affect the sufficiency
of such notice with respect to other Series 2019-2 CP 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, that notice may be waived in writing by any Person entitled to receive such notice, before the
event, and any such waiver shall be the equivalent of that notice.

 

If because of the suspension
of regular mail service, it is impractical to mail notice of any event to Series 2019-2 CP Noteholders when that notice is required
to be given, then any manner of giving that notice that is satisfactory to the Trustee shall be deemed to be a sufficient giving
of that notice.

 

The Issuer shall give
prompt written notice to each Series 2019-2 CP Noteholder of any of the following occurrences: (a) the appointment of a successor
Trustee and (b) the execution of a supplemental indenture pursuant to Article IX.

 

Section 10.06     Alternate Payment and
Notice Provisions.

 

Notwithstanding any
provision of this Indenture or any of the Series 2019-2 CP Notes to the contrary, the Issuer, with the consent of the Trustee,
may enter into any agreement with any Series 2019-2 CP Noteholder providing for a method of payment, or notice by the Trustee or
any Paying Agent to that Series 2019-2 CP Noteholder, that is different from the methods provided for in this Indenture for payments
or notices. The Issuer will furnish to the Trustee a copy of each such agreement and the Trustee will cause payments to be made
and notices to be given in accordance with those agreements.

 

Section 10.07     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.

 

    53

     

    

 

Section 10.08     Successors and Assigns.

 

All covenants and agreements
in this Indenture by the Issuer shall bind its successors and assigns, whether so expressed or not.

 

Section 10.09     Separability.

 

If any provision in
this Indenture or in the Series 2019-2 CP Notes is invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 10.10     Benefits of Indenture.

 

Except as set forth
in Section 10.14, 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, and the Series 2019-2 CP Noteholders, any benefit.

 

Section 10.11     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 Series 2019-2 CP
Notes or this Indenture) payment need not be made on that 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 no interest shall accrue for the period from and after any
such nominal date.

 

Section 10.12     Governing Law.

 

This
Indenture and each Series 2019-2 CP Note shall be construed in accordance with and governed by the laws of the State of New York,
without regard to the conflicts-of-law principles thereof, other than Sections 5-1401 and 5-1402 of the General Obligations
Law, applicable to agreements made and to be performed therein.

 

EACH OF THE ISSUER
AND THE TRUSTEE HEREBY CONSENT TO THE JURISDICTION OF A STATE OR FEDERAL COURT SITUATED IN NEW YORK, NEW YORK IN CONNECTION WITH
ANY SUIT HEREUNDER.

 

EACH OF THE ISSUER
AND THE TRUSTEE HEREBY 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, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY.

 

    54

     

    

 

Section 10.13     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 10.14     Issuer Obligation.

 

No recourse may be
taken, directly or indirectly, with respect to the obligations of the Issuer on the Series 2019-2 CP Notes or under this Indenture
or any certificate or other writing delivered in connection herewith or therewith, against (i) any owner of a membership or other
equity interest in the Issuer or (iii) any manager, partner, owner, beneficiary, agent, officer, director, employee or agent of
the Issuer, or of any holder of a membership or other equity interest in the Issuer.

 

Section 10.15     No Petition.

 

The Trustee, by entering
into this Indenture, and each Series 2019-2 CP Noteholder, by accepting a Note, hereby covenant that they will not at any time
institute against the Issuer, or join in any institution against the Issuer, any bankruptcy, reorganization, arrangement, insolvency
or liquidation proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in connection
with any obligations relating to the Notes, this Indenture, until at least one year and one day after the payment in full of all
Series 2019-2 CP Notes issued under this Indenture.

 

Section 10.16     Force Majeure.

 

In no event shall the
Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused
by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts
of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or
malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall
use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable
under the circumstances.

 

Section 10.17     Foreign Account Tax Compliance
Act (FATCA).

 

In order to comply with applicable
tax laws, rules and regulations (inclusive of directives, guidelines and interpretations promulgated by competent
authorities) in effect from time to time (“Applicable Law”) a foreign financial institution, issuer, trustee,
paying agent, holder or other institution is or has agreed to be subject to related to the Indenture, the Issuer agrees (i)
to provide to The Bank of New York Mellon sufficient information about holders or other applicable parties and/or
transactions (including any modification to the terms of such transactions) so The Bank of New York Mellon can determine
whether it has tax related obligations under Applicable Law, (ii) that The Bank of New York Mellon shall be entitled to make
any withholding or deduction from payments under the Indenture to the extent necessary to comply with Applicable Law for
which The Bank of New York Mellon shall not have any liability, and (iii) to hold harmless The Bank of New York Mellon for
any losses it may suffer due to the actions it takes to comply with such Applicable Law. The terms of this section shall
survive the termination of this Indenture.

 

    55

     

    

 

IN WITNESS WHEREOF,
the Issuer and the Trustee have caused this Indenture to be duly executed by their respective officers thereunto duly authorized,
all as of the day and year first above written.

 

	 	HILLTOP
    SECURITIES INC., as  Issuer
	 	 
	 	 
	 	By:	 /s/ MICHAEL MARZ
	 	Printed Name: Michael
    Marz
	 	Title: Vice Chairman
	 	 
	 	THE
    BANK OF NEW YORK MELLON, as  Trustee
	 	 
	 	 
	 	By: 	/s/ GLENN MCKEEVER
	 	Printed Name: Glenn McKeever
	 	Title: Vice President

 

    56

     

    

 

EXHIBIT A - FORM OF MASTER SERIES 2019-2
CP NOTE

 

 

HILLTOP SECURITIES INC.

SECURED COMMERCIAL PAPER NOTE, SERIES
2019-2

 

THIS MASTER NOTE HAS
NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY
STATE SECURITIES OR BLUE SKY LAW OF ANY STATE. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY TO A PERSON
THAT THE HOLDER REASONABLY BELIEVES IS (I) A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A “QIB”),
PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB, OR (II) A QUALIFIED PURCHASER (“QP”) WITHIN THE MEANING
OF SECTION 2(A)(51) OF THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED, ACTING FOR ITS OWN ACCOUNT OR THE ACCOUNTS OF OTHER SIMILARLY
QUALIFIED PURCHASERS, PURCHASING FOR INVESTMENT AND NOT FOR DISTRIBUTION, SUBJECT TO THE RECEIPT BY THE INDENTURE TRUSTEE OF A
LETTER SUBSTANTIALLY IN THE FORM PROVIDED IN THE INDENTURE.

 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE NOTE REGISTRAR 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), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

    	 	[Exhibit A]	 

     

    

 

HILLTOP SECURITIES INC.

SECURED COMMERCIAL PAPER NOTE, SERIES
2019-2

 

Date of Issuance: December 6,
2019

 

Hilltop
Securities Inc., a corporation organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”),
for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal amount of all Series 2019-2
CP Notes Outstanding at the related Maturity Date therefor, which principal amounts and Maturity Dates shall be as identified on
the Issuing Agent’s records (the “Records”), as Custodian for Cede & Co., in accordance with Section 2.14
of the Indenture, plus Interest on each interest bearing Series 2019-2 CP Note on the related Interest Payment Date as set forth
in the Records. The principal of and interest on the Series 2019-2 CP Notes are payable in such coin or currency of the United
States of America 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 each Series 2019-2 CP Note shall be applied first to interest, if any, due and payable on such Series 2019-2 CP
Note and then to the unpaid principal of such Series 2019-2 CP Note.

 

Reference
is made to the further provisions of the Series 2019-2 CP Notes set forth on the reverse hereof, which shall have the same effect
as though fully set forth on the face of this Master Series 2019-2 CP Note.

 

Unless the
certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this
Series 2019-2 CP Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or
obligatory for any purpose.

 

SEE REVERSE FOR CERTAIN DEFINITIONS

 

    	 	[Exhibit A]	 

     

    

 

IN WITNESS
WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized Signatory as of the date
set forth below.

 

Date: December 6, 2019

 

	 	HILLTOP SECURITIES INC.
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

INDENTURE TRUSTEE’S CERTIFICATE
OF AUTHENTICATION

 

This is
the Master Series 2019-2 CP Note of Hilltop Securities Inc. designated above and referred to in the within-mentioned Indenture.

 

Date: December 6, 2019

 

	 	THE BANK OF NEW YORK MELLON,
    not in its individual capacity but solely as Indenture Trustee,
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    	 	[Exhibit A]	 

     

    

 

[REVERSE OF NOTE]

 

This Master
Series 2019-2 CP Note is being held by the Issuing Agent, as custodian for DTC acting as Depository, and registered in the name
of Cede & Co., a nominee of DTC. This Master Series 2019-2 CP Note represents the Issuer’s obligations under each duly
authorized issue of the Series 2019-2 CP Notes of the Issuer, designated as its Senior Secured Commercial Paper Notes (herein called
the “Series 2019-2 CP Notes”), all issued under an Indenture dated as of December 6, 2019 (such indenture, as supplemented
or amended, is herein called the “Indenture”), between the Issuer and The Bank of New York Mellon, as indenture trustee
(the “Indenture Trustee”, which term includes any successor Indenture Trustee under the Indenture), and as Issuing
Agent and Paying Agent, 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 Holders of the Series 2019-2 CP Notes.
Each of the Series 2019-2 CP Notes represented by this Master Series 2019-2 CP Note shall be issued pursuant to the procedures
set forth in the Indenture, including an identification in the Issuing Agent’s records of the Issuance Date, the Maturity
Date, the Interest Rate, if any, the Discount, if any, and the CUSIP applied to such Series 2019-2 CP Note. All of the Series 2019-2
CP Notes represented by this Master Note are subject to all terms of the Indenture. All terms used in this Master Series 2019-2
CP Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant
to the Indenture, as so supplemented or amended.

 

As described
above, the entire unpaid principal amount of each Series 2019-2 CP Note represented by this Master Series 2019-2 CP Note shall
be due and payable on related Maturity Date set forth in the Records. Notwithstanding the foregoing, the entire unpaid principal
amount of each Series 2019-2 CP Note shall be due and payable on the date on which an Event of Default shall have occurred and
be continuing and the Indenture Trustee or the Majority Noteholders have declared the Series 2019-2 CP Notes to be immediately
due and payable in the manner provided in Section 5.02 of the Indenture. All principal payments on the Series 2019-2 CP Notes shall
be made pro rata to the Series 2019-2 CP Noteholders entitled thereto.

 

Each Series
2019-2 CP Noteholder or Series 2019-2 CP Note Owner, by acceptance of a Series 2019-2 CP Note or, in the case of a Series 2019-2
CP Note Owner, a beneficial interest in a Series 2019-2 CP Note covenants and agrees that no recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer under the Indenture on the Series 2019-2 CP Notes or under any certificate
or other writing delivered in connection therewith, against the Indenture Trustee.

 

The Series
2019-2 CP Notes will not accrue interest. Instead, the Series 2019-2 CP Notes will be sold at a discount representing an interest
factor with payment of the face amount at maturity.

 

    	 	[Exhibit A]	 

     

    

 

Distributions
on each Series 2019-2 CP Note will be made by the Indenture Trustee or Paying Agent by check mailed to the address of the Person
entitled thereto as such name and address shall appear on the Note Register or, upon written request to the Indenture Trustee,
by wire transfer of immediately available funds to the account of the Person entitled thereto as shall appear on the Note Register
without the presentation or surrender of this Note or the making of any notation thereon, at a bank or other entity having appropriate
facilities therefor.

 

This Master
Series 2019-2 CP Note is a direct an unconditional obligation of the Issuer and is secured equally and ratably by certain collections
and recoveries respecting the Collateral, all as more specifically set forth herein and in the Indenture and the Collateral Account
Control Agreement, dated as of December 6, 2019, between the Indenture Trustee, as Secured Party, The Bank of New York Mellon,
as Securities Intermediary and the Issuer, as Pledgor. The Series 2019-2 CP Notes are not insured or guaranteed by the Federal
Deposit Insurance Corporation, the Securities Investor Protection Corporation or any other governmental agency.

 

As provided
in the Indenture and subject to certain limitations therein set forth, the transfer of this Master Series 2019-2 CP Note is registrable
in the Note Register upon surrender of this Master Series 2019-2 CP Note for registration of transfer at the offices or agencies
maintained by the Note Registrar in New York, New York, duly endorsed by, or accompanied by a written instrument of transfer in
form satisfactory to, the Indenture Trustee, duly executed by the holder hereof or such holder’s attorney duly authorized
in writing, and thereupon one or more new Series 2019-2 CP Notes in authorized denominations evidencing the same aggregate undivided
Percentage Interest will be issued to the designated transferee or transferees. As of the date any such Series 2019-2 CP Notes
are issued, the obligations which are evidenced thereby shall no longer be evidenced by this Master Note

 

The Series
2019-2 CP Notes are issuable only as registered Series 2019-2 CP Notes. As provided in the Indenture and subject to certain limitations
therein set forth, the Series 2019-2 CP Notes are exchangeable for new Series 2019-2 CP Notes evidencing the same undivided ownership
interest, as requested by the holder surrendering the same.

 

No service
charge will be made for any such registration of transfer or exchange, but the Note Registrar may require payment of a sum sufficient
to cover any tax or other governmental charge payable in connection therewith.

 

The Issuer,
the Indenture Trustee, the Issuing Agent, the Paying Agent and the Note Registrar, and any agent of any of the foregoing, may treat
the person in whose name this Series 2019-2 CP Note is registered as the owner hereof for all purposes, and none of the foregoing
shall be affected by notice to the contrary.

 

THIS
MASTER SERIES 2019-2 CP NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD
TO THE CONFLICTS OF LAW PRINCIPLES THEREOF, OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW, APPLICABLE TO
AGREEMENTS MADE AND TO BE PERFORMED THEREIN.

 

The obligations
and responsibilities created by the Indenture shall terminate upon the payment to Series 2019-2 CP Noteholders of all amounts required
to be paid to them pursuant to the Indenture and the disposition of all Collateral held by the Securities Intermediary on behalf
of the Trustee.

 

    	 	[Exhibit A]	 

     

    

 

SCHEDULE OF EXCHANGES OF INTERESTS
IN THE MASTER NOTE

 

The following
exchanges of a part of this Master Note for an interest in another Master Note or for an Individual Note, or exchanges of a part
of another Master Note or Individual Note for an interest in this Master Note, have been made:

 

	Date of Exchange	 	Amount of decrease 
in Principal Amount 
of this Master Note	 	Amount of Increase 
in Principal 
Amount of this 
Master Note	 	Principal Amount 
of this Master Note 
following such 
decrease 
(or increase)	 	Signature of 
authorized officer 
of Note Registrar
	 	 	 	 	 	 	 	 	 

 

    	 	[Exhibit A]	 

     

    

 

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: ____________________________________	_________________________________________1
	             ____________________________________	Signature Guaranteed

 

 

 

	1	NOTE: 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.

 

    	 	[Exhibit A]	 

     

    

 

EXHIBIT B - FORM OF INSTITUTIONAL QIB/QP
INVESTOR REPRESENTATION LETTER FOR SERIES 2019-2 CP NOTES

 

	The Bank of New York Mellon
	240 Greenwich Street, Floor 7E
	New York, New York 10286
	Attention:	SPV Admin - Anna Marrone

 

Hilltop Securities Inc.

1201 Elm Street, Suite 3500

Attention: Director of Operations

 

Re: Hilltop Securities Inc. Series 2019-2 CP Notes
issued pursuant to the Indenture, dated as of December 6, 2019, between Hilltop Securities Inc., as Issuer, and The Bank of
New York Mellon, as Indenture Trustee

 

In connection with our initial purchase
of the Series 2019-2 CP Notes, and any future purchases of the Series 2019-2 CP Notes we make while this letter is in effect, the
undersigned (the “Purchaser”) hereby acknowledges, represents to and agrees with Hilltop Securities Inc. (the “Issuer”)
and the Indenture Trustee as follows:

 

(1)            We
understand and acknowledge that the Series 2019-2 CP Notes are “restricted securities” within the meaning of Rule 144(a)(3)
under the Securities Act of 1933, as amended (the “Act”), and that the Issuer is offering the Series 2019-2 CP Notes
only to Qualified Institutional Buyers (as defined in Rule 144A under the Securities Act of 1933, as amended)(“QIBs”)
and Qualified Purchasers (as defined in Section 2(a)(51) of the Investment Company Act of 1940, as amended) (“QPs”).
We represent that we are a QIB and/or QP. “Investments” refers to securities of issuers that are not affiliated with
us, and the amount of Investments referred to above generally refers to the value thereof without regard to the stated or principal
amount.

 

(2)            We
are purchasing the Series 2019-2 CP Notes, and any future purchases of the Series 2019-2 CP Notes covered by this letter will be,
for our own account or for the accounts of one or more QIBs or QPs for which we are acting as a fiduciary or agent, in each case
for investment, and not with a view to, or for offer or sale in connection with any distribution thereof. We will (i) not make
any sale or other transfer of fractional interests in the Series 2019-2 CP Notes to any transferee, and (ii) only make transfers
to QIBs or QPs.

 

(3)            We
acknowledge that the Issuer and the Indenture Trustee and others will rely upon the truth and accuracy of the foregoing
acknowledgements, representations and agreements, in connection with this and any future purchases covered hereby, and agree
that, if any of the acknowledgements, representations or agreements deemed to have been made by our purchase of the Series
2019-2 CP Notes are no longer accurate, we shall promptly notify the addressees; and if we are acquiring any Series 2019-2 CP
Notes as a fiduciary or agent for one or more Persons who qualify as QIBs or QPs, we represent that we have sole investment
discretion with respect to each such Person and that we have full power to make the foregoing acknowledgements,
representations and agreements on behalf of each such Person. Each of the following acknowledgements, representations and
agreements will be deemed to be remade in their entirety for any future purchases we make that are covered by this
letter.

  

    	 	[EXHIBIT B-1]	 

     

    

 

(4)            We
(i) have such knowledge and experience in financial and business matters that we are capable of evaluating the merits and risks
(including for tax, legal, regulatory, accounting and other financial purposes) of our prospective investment in the Series 2019-2
CP Notes, (ii) are financially able to bear such risk, (iii) in making such investment are not relying on the advice or recommendations
of the Issuer or any of their respective affiliates (or any representative of any of the foregoing), and represent that none of
such parties or any of their respective affiliates is acting as a fiduciary or financial or investment adviser for us and (iv)
have determined that an investment in the Series 2019-2 CP Notes is suitable and appropriate for us. We have had access to such
financial and other information concerning the Issuer and the Series 2019-2 CP Notes as we have deemed necessary to make our own
independent decision to purchase the Series 2019-2 CP Notes, including the opportunity, at a reasonable time prior to our purchase
of the Series 2019-2 CP Notes, to ask questions and receive answers concerning the Issuer and the terms and conditions of the offering
of the Series 2019-2 CP Notes.

 

(5)            We
understand that the 2019-2 CP Notes are “restricted securities” within the meaning of Rule 144(a)(3) under the Act,
that there is no trading market for the Series 2019-2 CP Notes and that no assurance can be given as to the liquidity of any trading
market for the Series 2019-2 CP Notes and that it is unlikely that a trading market for the Series 2019-2 CP Notes will develop.
We further understand that any resale of the Series 2019-2 CP Notes may be made only in compliance with Rule 144A to Qualified
Institutional Buyers (within the meaning of Rule 144A under the Act) (“QIBs”) we will not resell the Series 2019-2
CP Notes to any persons who are not QIB. Accordingly, we are prepared to hold the Series 2019-2 CP Notes for an indefinite period
of time or until the Maturity Date.

 

(6)            The
Series 2019-2 CP Notes were not offered or sold to us by any form of general solicitation or advertising, including but not limited
to:

 

(a)            any
advertisement, article, notice or other communication published in any newspaper, magazine or similar media or broadcast over television
or radio; or

 

(b)            any
seminar or meeting whose attendees were invited by any general solicitation or general advertising.

 

(7)            We
understand and agree that in making decisions as to whether to purchase or sell the Series 2019-2 CP Notes, we must rely on our
own examination of the Issuer and the terms of the Series 2019-2 CP Notes and that the Issuer shall not be deemed to make any recommendation
regarding the amounts of any investment in the Series 2019-2 CP Notes or the suitability of an investment in the Series 2019-2
CP Notes by us. We have carefully reviewed the Offering Memorandum, dated as of December 6, 2019, and we acknowledge that (i) the
Issuer of the Series 2019-2 CP Notes is Hilltop Securities Inc., (ii) our registered representative at Hilltop Securities Inc.
in connection with this purchase is an employee of Hilltop Securities Inc., (iii) Hilltop Securities Inc. will compensate our registered
representative with a commission that is determined by reference to the dollar amount of the Series 2019-2 CP Notes we are purchasing
from you and (iv) we are aware that the relationships referred to above pose a potential conflict of interest.

 

    	 	[EXHIBIT B-1]	 

     

    

 

(8)            We
are the beneficial owner of at least $250,000 of the Series 2019-2 CP Notes and hereby request access to the Daily Collateral
Reports pursuant to Section 3.03 of the Indenture and any other notices required under the Indenture to be sent to the mailing
address set forth in the signature page. We agree that any such reports shall be received by us as confidential and will not be
disseminated to any other person or organization.

 

We understand that this letter shall continue
in effect and apply to any purchases of the Series 2019-2 CP Notes that are sold pursuant to the Offering Memorandum, dated as
of December 6, 2019 and that if any of the acknowledgements, representations or agreements deemed to have been made upon each
purchase of the Series 2019-2 CP Notes are no longer accurate, we shall promptly notify the addressees.

 

Capitalized terms used but not defined
herein shall have the meanings assigned to such terms in the Indenture.

 

 

 

	Date:_______________________________	________________________
	 	(Name of Purchaser)

 

 

	By:_________________________________
	Printed
	Name:______________________________
	Title:_______________________________

 

Mailing Address of Purchaser

 

    	 	[EXHIBIT B-1]	 

     

    

 

EXHIBIT C - FORM OF NOTICE OF EXCLUSIVE
CONTROL

 

	The Bank of New York Mellon
	240 Greenwich Street, Floor 7E
	New York, New York 10286
	Attention:	Broker Dealer Services

 

Re: Hilltop Securities Inc. Series 2019-2
CP Notes

 

We hereby instruct
you pursuant to Section 5.04 (a) of the Indenture, dated as of December 6, 2019 (as supplemented or amended, the “Indenture”),
between Hilltop Securities Inc., as Issuer, and The Bank of New York Mellon, as indenture trustee, and Article III, Section 5 of
the Collateral Account Control Agreement, dated as of December 6, 2019 (as supplemented or amended, the “Control Agreement”)
among the undersigned, as Securities Intermediary and Secured Party and Hilltop Securities Inc., as Pledgor, that (i) an uncured
Event of Default has occurred and is continuing under Section 5.01 of the Indenture, (ii) you (A) shall not follow any instructions
or entitlement orders of Pledgor with respect to the Collateral or the Collateral Account held by you for Pledgor, and (B) unless
and until otherwise expressly instructed by the undersigned, shall exclusively follow the entitlement orders and instructions of
the undersigned with respect to the Collateral or the Collateral Account.

 

	Very truly yours,
	 
	The Bank of New York Mellon, not in its individual
	capacity but solely as Indenture Trustee
	 
	By: _________________________________
	Authorized Signatory

 

    	 	[Exhibit C]	 

     

    

 

EXHIBIT D - FORM OF ISSUANCE NOTICE

 

	The Bank of New York Mellon
	240 Greenwich Street, Floor 7E
	New York, New York 10286
	Attention:	SPV Admin - Anna Marrone

 

Re: Hilltop Securities Inc., Series 2019-2
CP Notes $200,000,000

 

The undersigned, an
Authorized Representative of Hilltop Securities Inc., does hereby request The Bank of New York Mellon, as Issuing Agent under the
Indenture, dated as of December 6, 2019 (as supplemented or amended, the “Indenture”), between Hilltop Securities Inc.,
as Issuer, and The Bank of New York Mellon, as Indenture Trustee, Issuing Agent and Paying Agent, to issue pursuant to Section
2.14 of the Indenture, Series 2019-2 CP Notes as follows:

 

Unless otherwise defined
herein, capitalized terms used in this request shall have the meanings assigned to them in the Indenture and the Collateral Account
Control Agreement, dated as of December 6, 2019, by and between the Issuer, as Pledgor, and The Bank of New York Mellon, as Securities
Intermediary and the Indenture Trustee, as Secured Party.

 

Date of Issuance: __________________

 

Type of Transaction:

(should specify either Free Delivery or Delivery vs. Payment)

 

DTC Participant#

 

Type of Series 2019-2 CP Note:

 

For Discount:

 

	Maturity Date	Principal Amount	Discount Rate
	 	 	 
	 	 	 
	 	 	 

 

You are requested to increase the principal
amount of the Series 2019-2 CP Notes Outstanding on your Master Series 2019-2 CP Note Records to the aggregate principal amount
of $________________.

 

Pursuant to Section 2.14 of the Indenture,
the undersigned hereby certifies that:

 

    	 	[Exhibit D]
	 

     

    

 

(i)               After
the issuance of the Series 2019-2 CP Notes as hereby requested, and the retirement of any Series 2019-2 CP Notes maturing concurrently
with the issuance requested hereunder, the aggregate principal amount of the Series 2019-2 CP Notes will not exceed $200,000,000;

 

(ii)               The term to Maturity of the Series 2019-2 CP Notes as hereby requested is not less than 14 days and does not exceed 270
days;

 

(iii)              To the actual knowledge of the Issuer, no Event of Default has occurred and is now continuing;

 

(iv)              Each representation, warranty and covenant of the Issuer contained in the Indenture is satisfied as of the date hereof,
and

 

(v)               After the issuance of the Series 2019-2 CP Notes as hereby requested, and the retirement of any Series 2019-2 CP Notes maturing
concurrently with the issuance requested hereunder, there is no Margin Value Deficiency (i.e., the aggregate Series 2019-2 CP Note
Principal Outstanding immediately after the requested issuance shall not exceed the Margin Value).

 

Dated: ___________________

 

 

Hilltop Securities Inc.

 

 

By: _________________________________

Authorized Representative

 

    	 	[Exhibit F]
	 

     

    

 

EXHIBIT E - FORM OF DAILY COLLATERAL
REPORT

 

Intentionally Omitted

 

    	 	[Exhibit E]
	 

     

    

 

EXHIBIT F - FORM OF COLLATERAL ACCOUNT
CONTROL AGREEMENT

 

 

 

 

COLLATERAL ACCOUNT CONTROL AGREEMENT

(U.S. Securities)

 

AGREEMENT, dated as
of December 6, 2019 among Hilltop Securities Inc. (“Pledgor”), The Bank of New York Mellon, as Indenture Trustee
(“Secured Party”) and The Bank of New York Mellon (“Securities Intermediary”).

 

W I T N E S S E T H :

 

WHEREAS, Secured Party
and Pledgor have entered into that certain Indenture dated as of December 6, 2019 (the “Indenture”) pursuant
to which Pledgor agreed to pledge to Secured Party for the benefit of the Series 2019-2 CP Noteholders (as defined below) the Collateral
(as defined below) in order to secure the repayment of Pledgor’s obligations to the Series 2019-2 CP Noteholders;

 

WHEREAS, Secured Party
and Pledgor have requested Securities Intermediary to hold the Collateral and to perform certain other functions as more fully
described herein; and

 

WHEREAS, Securities
Intermediary has agreed to act on behalf of Secured Party and Pledgor in respect of Collateral delivered to Securities Intermediary
by Pledgor for the benefit of the Secured Party, subject to the terms hereof.

 

NOW THEREFORE, in consideration
of the mutual promises set forth hereafter, the parties hereto agree as follows:

 

ARTICLE I

DEFINITIONS

 

Whenever used in this
Agreement, the following words shall have the meanings set forth below:

 

1.          “Account”
shall mean a custodial account established and maintained pursuant to this Agreement in which Collateral shall be deposited by
Pledgor and pledged to Secured Party and any demand deposit account established and maintained in connection therewith.

 

2.          “Authorized
Person” shall be any person, whether or not an officer or employee of Secured Party or Pledgor, duly authorized by
Secured Party or Pledgor, respectively, to give Oral and/or Written Instructions on behalf of Secured Party or Pledgor,
respectively, such persons to be designated in a Certificate of Authorized Persons which contains a specimen signature of
such person.

 

    	 	[EXHIBIT F]
	 

     

    

 

3.          “Business
Day” shall mean any day on which Securities Intermediary and the appropriate Depositories are open for business.

 

4.          “Collateral”
shall mean the cash, financial assets and all proceeds thereof held in the Account.

 

5.          “Data
Providers” shall mean, without limitation, pricing vendors, analytics providers, brokers and dealers providing Market
Data to Securities Intermediary.

 

6.          “Data
Terms Website” shall mean http://bnymellon.com/products/assetservicing/vendoragreement.pdf or any successor website
the address of which is provided by Securities Intermediary to Pledgor and Secured Party.

 

7.          “Daily
Collateral Report” shall mean a report in a form as agreed between the Indenture Trustee and the Pledgor containing
the information required in Exhibit E to the Indenture.

 

8.          “Depository”
shall mean the Treasury/Reserve Automated Debt Entry System maintained at The Federal Reserve Bank of New York for receiving and
delivering securities, The Depository Trust Company and any other U.S. domestic clearing corporation within the meaning of Section
8-102 of the UCC or otherwise authorized to act as a securities depository or clearing agency, and their respective successors
and nominees.

 

9.          “Eligible
Collateral” shall mean cash, and the types of securities and other financial assets designated as Eligible Collateral
on Schedule I attached hereto.

 

10.       “Indenture”
shall mean the Indenture (as amended, supplemented or restated from time to time).

 

11.       “Indenture
Trustee” shall mean the Secured Party, as indenture trustee under the Indenture.

 

10.       “Margin
Percentage” shall mean the percentage indicated on Schedule I with respect to specific types of Eligible Collateral,
as Schedule I may be amended from time to time.

 

11.       “Margin
Value” shall mean the amount obtained by dividing the Market Value of the Collateral by the applicable Margin Percentage.

 

12.       “Market
Data” shall mean, without limitation, prices, security identifiers, valuations, bond ratings, indicative data, classification
data, offering memoranda, and observable and non-observable information and assumptions.

 

    	 	[Exhibit F]
	 

     

    

 

13.       “Market
Value of Eligible Collateral” means with respect
to any financial asset as of any date, the sum of (i) the market value of such financial asset as made available to Securities
Intermediary by a Data Provider which Securities Intermediary uses generally for pricing such financial asset, and (ii) accrued
but unpaid income, if any, on the particular financial asset (to the extent not included therein). Market values provided by Securities
Intermediary’s Data Providers will be the most recently available closing bid price (usually from the previous Business
Day), except that for certain financial assets it will be a same day price if available. In the case of cash, the face amount
shall be deemed the Market Value. For the avoidance of doubt, nothing herein shall prohibit Securities Intermediary from contacting
Pledgor to obtain Market Data concerning financial assets other than price in order to assist Securities Intermediary’s
Data Providers in determining Market Value. Securities Intermediary’s application of Market Values hereunder shall at all
times be subject to its Clearance and Collateral Management Division – Pricing, Indicative Data and Other Disclosures, which
are available upon request.

 

14.       “Notice
of Exclusive Control” shall mean a written notice given by Secured Party to Securities Intermediary that Secured Party
is exercising sole and exclusive control of the Collateral.

 

15.       “Obligation Amount”
shall mean as of any Business Day, the principal amount of the Series 2019-2 CP Notes outstanding pursuant to the Indenture, as
reported to Securities Intermediary pursuant to Article III, Paragraph 1 hereof.

 

16.       “Oral
Instructions” shall mean verbal instructions received by Securities Intermediary.

 

17.       “Series 2019-2 CP Notes”
shall mean the Issuer’s senior, secured, commercial paper notes issued pursuant to the Indenture.

 

18.       “UCC”
shall mean the Uniform Commercial Code as in effect in the State of New York.

 

19.       “Written
Instructions” shall mean written communications received by
Securities Intermediary via S.W.I.F.T., letter, facsimile transmission, email or other method or system specified by Securities
Intermediary as available for use in connection with this Agreement.

 

The terms “entitlement
holder”, “entitlement order”, “financial asset”, “proceeds”, “security”,
“security entitlement” and “securities intermediary” shall have the meanings set forth in
Articles 8 and 9 of the UCC.

 

    	 	[Exhibit F]
	 

     

    

 

ARTICLE II

APPOINTMENT AND STATUS OF SECURITIES
INTERMEDIARY;

ACCOUNT

 

1.       Appointment.
Secured Party and Pledgor each hereby appoints Securities Intermediary to perform its duties as hereinafter set forth and authorizes
Securities Intermediary to hold Collateral in the Account in registered form in its name or the name of its nominees. Securities
Intermediary hereby accepts such appointment and agrees to establish and maintain the Account and appropriate records identifying
the Collateral in the Account as pledged by Pledgor to Secured Party. Pledgor hereby authorizes Securities Intermediary to comply
with all Oral and Written Instructions, including entitlement orders, originated by Secured Party with respect to the Collateral
without further consent or direction from Pledgor or any other party.

 

2.       Status
of Securities Intermediary. The parties agree that Securities Intermediary is a securities intermediary, and intend that all
securities held in the Account shall be treated as financial assets. This Agreement is intended by Secured Party and Pledgor to
grant “control” of the Account to the Secured Party for purposes of perfection of Secured Party’s security interest
in the Collateral (granted pursuant to the Indenture) pursuant to Article 8 and Article 9 of the UCC, and Securities Intermediary
hereby acknowledges that it has been advised of Pledgor’s grant to the Secured Party of a security interest in the Account.
Securities Intermediary makes no representation or warranties with respect to the creation or enforceability of any security interest
in the Account or the Collateral.

 

3.       Use
of Depositories. Secured Party and Pledgor hereby authorize Securities Intermediary to utilize Depositories to the extent possible
in connection with its performance hereunder. Collateral held by Securities Intermediary in a Depository will be held subject to
the rules, terms and conditions of such Depository. Where Collateral is held in a Depository, Securities Intermediary shall identify
on its records as belonging to Pledgor and pledged to Secured Party a quantity of securities as part of a fungible bulk of securities
held in Securities Intermediary’s account at such Depository. Securities deposited in a Depository will be represented in
accounts which include only assets held by Securities Intermediary for its customers.

 

ARTICLE III

COLLATERAL SERVICES

 

1.       Obligation
Amount; Collateral Eligibility. On each Business Day, Pledgor shall provide Written Instructions to Securities
Intermediary on or before the opening of business on such Business Day, indicating the Obligation Amount adjusted to remove
any Series 2019-2 CP Notes maturing or being redeemed on such Business Day for which payment has been received (separately
identifying the amount of Series 2019-2 CP Notes being issued on such Business Day, if any) with a copy to Secured Party, and
Pledgor agrees, on the same Business Day, to deliver or cause to be delivered to Securities Intermediary for deposit in the
Account Eligible Collateral whose Margin Value is an amount not less than the Obligation Amount as described in Section 2
below. Securities Intermediary shall determine that the Collateral to be transferred to the Account constitutes Eligible
Collateral and verify that the Margin Value of the Eligible Collateral is not less than the Obligation Amount. Securities
which do not constitute Eligible Collateral shall not be transferred to the Account.

 

    	 	[Exhibit F]
	 

     

    

 

2.       Marks
to Market. Securities Intermediary shall mark-to-market the value of the Eligible Collateral in accordance with the following
provisions. If at the opening of any Business Day the Margin Value of Eligible Collateral is less than the Obligation Amount, Pledgor
agrees to deliver to Securities Intermediary for deposit in the Account upon notice from Securities Intermediary and prior to close
of business on such Business Day, additional Eligible Collateral (“Additional Collateral”) in an amount such
that the Margin Value of Eligible Collateral, including such Additional Collateral, equals or exceeds the Obligation Amount. Securities
Intermediary shall determine that all Additional Collateral to be transferred to the Account constitutes Eligible Collateral. Any
Additional Collateral which does not constitute Eligible Collateral shall not be transferred to the Account. If after the close
of trading on any Business Day the Margin Value of Eligible Collateral is greater than the Obligation Amount, Securities Intermediary
is authorized to transfer from the Account Eligible Collateral in an amount equal to such excess in accordance with Oral or Written
Instructions from Pledgor.

 

3.       Substitutions.
Until Securities Intermediary receives a Notice of Exclusive Control from Secured Party, Securities Intermediary is authorized
to act upon any Oral or Written Instructions from Pledgor to substitute other Eligible Collateral (“Substitute Eligible
Collateral”) for any Collateral then held in the Account, provided that the aggregate Margin Value of the Substitute
Eligible Collateral is not less than the aggregate Margin Value of the Collateral being substituted. Pledgor covenants that on
any Business Day on which new Series 2019-2 CP Notes are being issued it will not substitute collateral after 12:00 noon and that
on a Business Day other than one on which Series 2019-2 CP Notes are being issued it will not substitute collateral after 3:30
p.m.; provided, however, that Securities Intermediary shall have no duty to ensure that Pledgor complies with the terms
of the covenant contained in this sentence.

 

4.       Payment
of Proceeds. Until Securities Intermediary receives a Notice of Exclusive Control, Securities Intermediary shall transfer to
Pledgor (whether by credit to Pledgor’s clearing account at Securities Intermediary or otherwise) all proceeds received by
it with respect to the Collateral. After Securities Intermediary’s receipt of a Notice of Exclusive Control, Securities Intermediary
shall credit to the Account all proceeds received by it with respect to the Collateral.

 

5.       Notice
of Exclusive Control. Until Securities Intermediary receives a Notice of Exclusive Control, Securities Intermediary is authorized
to act upon Pledgor’s Oral or Written Instructions with respect to the Account and Collateral. Secured Party may, subject
to the terms of the Indenture, exercise sole and exclusive control of the Account and the Collateral held therein at any time by
delivering to Securities Intermediary a Notice of Exclusive Control. Upon receipt of a Notice of Exclusive Control, and a reasonable
time to put it into effect, Securities Intermediary shall, unless prohibited by law, regulation, court order or other legal impediment,
act in accordance with the Oral or Written Instructions (including entitlement orders) solely from Secured Party with respect to
the Account. Delivery of such Oral or Written Instructions shall constitute a representation and warranty by the Secured Party
that Securities Intermediary’s compliance therewith does not violate any law, regulation, court order or other legal impediment
or the terms of the Indenture or any other agreement between Pledgor and Secured Party.

 

    	 	[Exhibit F]
	 

     

    

 

6.       Subordination
of Lien and Set-off. The parties agree that any security interest in or lien on, or right of set-off with respect to any of
the Collateral that Securities Intermediary may now or in the future may have is hereby subordinated to the security interest of
Secured Party under the Indenture, except to the extent of any fees, charges, expenses, overdrafts or other indebtedness to Securities
Intermediary incurred in connection with Securities Intermediary’s performance hereunder and the maintenance and operation
of the Account, for which Securities Intermediary shall have a prior claim to the Collateral.

 

7.       Statements.
Securities Intermediary shall furnish Pledgor and Secured Party with advices of transactions affecting the Account and monthly
Account statements. Each of Pledgor and Secured Party may elect to receive advices and statements electronically through the Internet
to an email address specified by it for such purpose. By electing to use the Internet for this purpose, each of Pledgor and Secured
Party acknowledges that such transmissions are not encrypted and therefore are insecure. Each of Pledgor and Secured Party further
acknowledges that there are other risks inherent in communicating through the Internet such as the possibility of virus contamination
and disruptions in service, and agrees that Securities Intermediary shall not be responsible for any loss, damage or expense suffered
or incurred by Pledgor, Secured Party, or any person claiming by or through Pledgor or Secured Party as a result of the use of
such methods. On each Business Day, Securities Intermediary agrees to make available to the Indenture Trustee sufficient information
to enable the Indenture Trustee to cause to be prepared and delivered by email to the Pledgor the Daily Collateral Report.

 

8.       Notice
of Adverse Claims. Upon receipt of written notice of any lien, encumbrance or adverse claim against the Account or any portion
of the Collateral carried therein, Securities Intermediary shall use reasonable efforts to notify Secured Party and Pledgor as
promptly as practicable under the circumstances.

 

ARTICLE IV

GENERAL TERMS AND CONDITIONS

 

1.       Standard
of Care; Indemnification. (a) Except as otherwise expressly provided herein, Securities Intermediary shall not be liable for
any costs, expenses, damages, liabilities or claims, including attorneys’ fees (“Losses”) incurred by
or asserted against Pledgor or Secured Party, except those Losses arising out of the negligence or willful misconduct of Securities
Intermediary. Securities Intermediary shall have no liability whatsoever for the action or inaction of any Depository. In no event
shall Securities Intermediary be liable for special, indirect or consequential damages, or lost profits or loss of business, arising
in connection with this Agreement.

 

(b)       Secured
Party and Pledgor agree, jointly and severally, to indemnify Securities Intermediary and hold Securities Intermediary
harmless from and against any and all Losses sustained or incurred by or asserted against Securities Intermediary by reason
of or as a result of any action or inaction, or arising out of Securities Intermediary’s performance hereunder,
including reasonable fees and expenses of counsel incurred by Securities Intermediary in a successful defense of claims by
Pledgor or Secured Party; provided, that Pledgor and Secured Party shall not indemnify Securities Intermediary for those
Losses arising out of Securities Intermediary’s negligence or willful misconduct. This indemnity shall be a continuing
obligation of Pledgor and Secured Party, their respective successors and assigns, notwithstanding the termination of this
Agreement.

 

    	 	[Exhibit F]
	 

     

    

 

2.       No
Obligation Regarding Quality of Collateral. Without limiting the generality of the foregoing, Securities Intermediary shall
be under no obligation to inquire into, and shall not be liable for, any Losses incurred by Pledgor, Secured Party or any other
person as a result of the receipt or acceptance of fraudulent, forged or invalid Collateral, or Collateral which otherwise is not
freely transferable or deliverable without encumbrance in any relevant market.

 

3.       No
Responsibility Concerning Indenture. Pledgor and Secured Party hereby agree that, notwithstanding references to the
Indenture in this Agreement, Securities Intermediary has no interest in, and no duty, responsibility or obligation with respect
to, the Indenture (including without limitation, no duty, responsibility or obligation to monitor Pledgor’s or Secured Party’s
compliance with the Indenture or to know the terms of the Indenture).

 

4.       No
Duty of Oversight. Securities Intermediary is not at any time under any duty to supervise the investment of, or to advise or
make any recommendation for the purchase, sale, retention or disposition of any Collateral.

 

5.       Advice
of Counsel. Securities Intermediary may, with respect to questions of law, obtain the advice of counsel and shall be fully
protected with respect to anything done or omitted by it in good faith in conformity with such advice.

 

6.       No
Collection Obligations. Securities Intermediary shall be under no obligation to take action to collect any amount payable on
Collateral in default, or if payment is refused after due demand and presentment.

 

7.       Fees
and Expenses. Pledgor agrees to pay to Securities Intermediary the fees as may be agreed upon from time to time. Pledgor shall
reimburse Securities Intermediary for all costs associated with transfers of Collateral to Securities Intermediary and records
kept in connection with this Agreement. Pledgor shall also reimburse Securities Intermediary for out-of-pocket expenses
which are a normal incident of the services provided hereunder.

 

8.       Effectiveness
of Instructions; Reliance; Risk Acknowledgements; Additional Terms. (a) Subject to the terms below, Securities Intermediary
shall be entitled to rely upon any Written or Oral Instructions actually received by Securities Intermediary and reasonably believed
by Securities Intermediary to be duly authorized and delivered. Secured Party and Pledgor each agrees (i) to forward to Securities
Intermediary Written Instructions confirming its Oral Instructions by the close of business of the same day that such Oral Instructions
are given to Securities Intermediary, and (ii) the fact that such confirming Written Instructions are not received or that contrary
Written Instructions are received by Securities Intermediary shall in no way affect the validity or enforceability of transactions
authorized and effected by Securities Intermediary pursuant to its Oral Instructions.

 

    	 	[Exhibit F]
	 

     

    

 

(b)       If
Securities Intermediary receives Written Instructions which appear on their face to have been transmitted via (i) computer facsimile,
email, the Internet or other insecure electronic method, or (ii) secure electronic transmission containing applicable authorization
codes, passwords and/or authentication keys, Secured Party and Pledgor each understands and agrees that Securities Intermediary
cannot determine the identity of the actual sender of such Written Instructions and that Securities Intermediary shall conclusively
presume that such Written Instructions have been sent by an Authorized Person. Secured Party and Pledgor shall be responsible for
ensuring that only its Authorized Persons transmit such Written Instructions to Securities Intermediary and that all of its Authorized
Persons treat applicable user and authorization codes, passwords and/or authentication keys with extreme care.

 

(c)       Secured
Party and Pledgor each acknowledges and agrees that it is fully informed of the protections and risks associated with the various
methods of transmitting Written Instructions to Securities Intermediary and that there may be more secure methods of transmitting
Written Instructions than the method(s) selected by it. Secured Party and Pledgor each agrees that the security procedures (if
any) to be followed in connection with its transmission of Written Instructions provide to it a commercially reasonable degree
of protection in light of its particular needs and circumstances.

 

(d)       If
Secured Party or Pledgor elects to transmit Written Instructions through an on-line communication system offered by Securities
Intermediary, the use thereof shall be subject to the terms and conditions set forth in Appendix I hereto, unless otherwise agreed
in writing. If Secured Party or Pledgor elects (with Securities Intermediary’s prior consent) to transmit Written
Instructions through an on-line communications service owned or operated by a third party, it agrees that Securities Intermediary
shall not be responsible or liable for the reliability or availability of any such service.

 

9.       Inspection.
Upon reasonable request and provided Securities Intermediary shall suffer no significant disruption of its normal activities, Secured
Party or Pledgor shall have access to Securities Intermediary’s books and records relating to the Account during Securities
Intermediary’s normal business hours. Upon reasonable request, copies of any such books and records shall be provided to
Secured Party or Pledgor at its expense.

 

10.     Account
Disclosure. Securities Intermediary is authorized to supply any information regarding the Account which is required by any
law or governmental regulation now or hereafter in effect.

 

11.     Force
Majeure. Securities Intermediary shall not be responsible or liable for any failure or delay in the performance of its obligations
under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including
without limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances; sabotage; epidemics; riots;
interruptions, loss or malfunctions of utilities, computer (hardware or software) or communications service; accidents; labor disputes;
acts of civil or military authority; governmental actions; inability to obtain labor, material, equipment or transportation.

 

    	 	[Exhibit F]
	 

     

    

 

12.       Market
Data Supplied By Data Providers. (i) Pledgor and Secured Party agree that in performing its duties hereunder Securities Intermediary
shall rely upon Market Data supplied by Data Providers. Securities Intermediary makes no representations or warranties with respect
to the accuracy of any Market Data, shall have no duty to monitor the same, and shall not be liable for any Losses incurred as
a result of errors or omissions in any Market Data.

 

(ii) Market Data may
be the intellectual property of the Data Providers, which may impose additional terms and conditions upon Pledgor’s and Secured
Party’s use of the Market Data. The additional terms and conditions can be found on the Data Terms Website. Pledgor and Secured
Party agree to those terms as posted in the Data Terms Website from time to time.

 

13.       No
Implied Duties. Securities Intermediary shall have no duties or responsibilities whatsoever except such duties and responsibilities
as are specifically set forth in this Agreement, and no covenant or obligation shall be implied against Securities Intermediary
in connection with this Agreement.

 

ARTICLE V

MISCELLANEOUS

 

1.       Termination.
This Agreement shall terminate upon (a) Securities Intermediary’s receipt of Written Instructions from Secured Party expressly
stating that Secured Party no longer claims any security interest in the Collateral and Securities Intermediary’s subsequent
transfer of the Collateral from the Account pursuant to Pledgor’s Written Instructions, (b) transfer of the Collateral to
Secured Party subsequent to Securities Intermediary’s receipt of a Notice of Exclusive Control, or (c) by any party upon
not less than thirty (30) days prior written notice of termination to the other parties, provided that termination pursuant to
(c) above shall not affect or terminate Secured Party’s security interest in the Collateral. Upon termination pursuant to
(c) above, Securities Intermediary shall follow such reasonable Written Instructions of Secured Party concerning the transfer of
Collateral. Except as otherwise provided herein, all obligations of the parties to each other hereunder shall cease upon termination
of this Agreement.

 

2.       Certificates
of Authorized Persons. Secured Party and Pledgor agree to furnish to Securities Intermediary a new Certificate of Authorized
Persons in the event of any change in the then present Authorized Persons. Until such new Certificate is received, Securities Intermediary
shall be fully protected in acting upon Written Instructions of such present Authorized Persons.

 

3.       Notices.
(a) Any notice or other instrument in writing, authorized or required by this Agreement to be given to Securities Intermediary,
shall be sufficiently given if addressed to Securities Intermediary and received by it at its offices at 95 Christopher Columbus
Drive, Jersey City, New Jersey 07302, Attention: Broker/Dealer Services, or at such other place as Securities Intermediary may
from time to time designate in writing. Notices required to be given by Securities Intermediary to any other party hereunder also
may be given through an online portal or other electronic means made available by Securities Intermediary in connection with this
Agreement.

 

    	 	[Exhibit F]
	 

     

    

 

(b)       Any
notice or other instrument in writing, authorized or required by this Agreement to be given to Secured Party shall be
sufficiently given if addressed to Secured Party and received by it at its offices at 240 Greenwich Street, Floor 7E, New
York, NY 10286, Attention: Corporate Trust Administration, Dealing & Trading,
or at such other place as Secured Party may from time to time designate in writing.

 

(c)       Any
notice or other instrument in writing, authorized or required by this Agreement to be given to Pledgor shall be sufficiently given
if addressed to Pledgor and received by it at its offices at the address below or at such other place as Pledgor may from time
to time designate in writing:

 

Hilltop Securities Inc.

1201 Elm Street, Suite 3500

Dallas, TX 75270

Attention: Mike Edge, Chief Financial
Officer

Mike.Edge@hilltopsecurities.com

(214) 859-9343

 

4.       Cumulative
Rights; No Waiver. Each and every right granted to Securities Intermediary hereunder or under any other document delivered
hereunder or in connection herewith, or allowed it by law or equity, shall be cumulative and may be exercised from time to time.
No failure on the part of Securities Intermediary to exercise, and no delay in exercising, any right will operate as a waiver thereof,
nor will any single or partial exercise by Securities Intermediary of any right preclude any other future exercise thereof or the
exercise of any other right.

 

5.       Severability;
Amendments; Assignment. In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable
in any jurisdiction, the validity, legality and enforceability of the remaining provisions shall not in any way be affected thereby.
This Agreement may not be amended or modified in any manner except by a written agreement executed by the parties hereto. This
Agreement shall extend to and shall be binding upon the parties hereto, and their respective successors and assigns; provided,
however, that this Agreement shall not be assignable by any party without the written consent of the other parties.

 

6.       Governing
Law; Jurisdiction; Waiver of Immunity; Jury Trial Waiver. This Agreement and the Account shall be governed by and construed
in accordance with the substantive laws of the State of New York, without regard to conflicts of laws principles thereof. Secured
Party, Pledgor and Securities Intermediary hereby consent to the jurisdiction of a state or federal court situated in New York
City, New York in connection with any dispute arising hereunder. To the extent that in any jurisdiction Secured Party or Pledgor
may now or hereafter be entitled to claim, for itself or its assets, immunity from suit, execution, attachment (before or after
judgment) or other legal process, Secured Party and Pledgor each irrevocably agrees not to claim, and hereby waives, such immunity.
Secured Party, Pledgor and Securities Intermediary each hereby irrevocably waives any and all rights to trial by jury in any legal
proceeding arising out of or relating to this Agreement.

 

    	 	[Exhibit F]
	 

     

    

 

7.       No
Third Party Beneficiaries. In performing hereunder, Securities Intermediary is acting solely on behalf of Secured Party and
Pledgor and no contractual or service relationship shall be deemed to be established hereby between Securities Intermediary and
any other person.

 

8.       Headings.
Section headings are included in this Agreement for convenience only and shall have no substantive effect on its interpretation.

 

9.       USA
PATRIOT Act Notice. Secured Party and Pledgor each hereby acknowledges that Securities Intermediary is subject to federal
laws, including the Customer Identification Program (CIP) requirements under the USA PATRIOT Act and its implementing regulations,
pursuant to which Securities Intermediary must obtain, verify and record information that allows Securities Intermediary to identify
Secured Party and Pledgor. Accordingly, prior to opening an Account hereunder Securities Intermediary will ask Secured Party and
Pledgor to provide certain information including, but not limited to, name, physical address, tax identification number and other
information that will help Securities Intermediary to identify and verify Secured Party’s and Pledgor’s identity such
as organizational documents, certificate of good standing, license to do business, or other pertinent identifying information.

 

10.       Centralized
Functions; Use of Data. The Bank of New York Mellon Corporation is a global financial organization that provides services to
clients through its affiliates and subsidiaries in multiple jurisdictions (the “BNY Mellon Group”). The BNY
Mellon Group may centralize functions, including audit, accounting, risk management, marketing, legal, compliance, sales, administration,
product communication, relationship management, storage, compilation and analysis of customer-related data, and other functions
(the “Centralized Functions”) in one or more affiliates, subsidiaries and third-party service providers. Solely in
connection with the Centralized Functions, each of Pledgor and Secured Party consents to the disclosure of, and authorizes Securities
Intermediary to disclose, information regarding Pledgor and Secured Party and the Account (“Customer-Related Data”)
to the BNY Mellon Group and to its third-party service providers who are required to maintain the confidentiality of such information.
In addition, the BNY Mellon Group may aggregate Customer-Related Data with other data collected and/or calculated by the BNY Mellon
Group, and the BNY Mellon Group will own all such aggregated data, provided that the BNY Mellon Group shall not distribute the
aggregated data in a format that identifies Customer-Related Data with either Pledgor or Secured Party.

 

12.       Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts
shall, together, constitute only one instrument.

 

    	 	[Exhibit F]
	 

     

    

 

IN WITNESS WHEREOF,
Secured Party, Pledgor and Securities Intermediary have caused this Agreement to be executed by their respective officers, thereunto
duly authorized, as of the day and year first above written.

 

	 	THE BANK OF NEW YORK MELLON,
	solely as	 
	 	Indenture Trustee and
    not in its individual capacity
	 	 
	 	By: _______________________________
	 	Name:
	 	Title:       

 

	 	HILLTOP SECURITIES INC.
	 	 
	 	 
	 	By: _______________________________
	 	Name: Michael Marz
	 	Title: Vice Chairman

 

	 	THE BANK OF NEW YORK MELLON,
    solely as Securities Intermediary and not in its individual capacity
	 	 
	 	 
	 	By: _______________________________
	 	Name:
	 	Title:

 

    	 	[Exhibit F]
	 

     

    

 

SCHEDULE I

 

ELIGIBLE COLLATERAL

 

Intentionally Omitted

 

    	 	[Exhibit F]
	 

     

    

 

APPENDIX I

 

ELECTRONIC SERVICES TERMS AND CONDITIONS

 

1.       License;
Use. (a) This Appendix I shall govern use by Pledgor and/or Secured Party (each, a “Customer”) of electronic
communications, information delivery, portfolio management and banking services provided by The Bank of New York Mellon and its
affiliates (“BNYM”), such as The Bank of New York Mellon WorkbenchTM and The Bank of New York Mellon CA$H-Register
Plus®, and any computer software, proprietary data and documentation provided by BNYM to Customer in connection
therewith (collectively, the “Electronic Services”). In the event of any conflict between the terms of this
Appendix I and the main body of this Agreement with respect to Customer’s use of the Electronic Services, the terms of this
Appendix I shall control.

 

(b) BNYM grants to
Customer a personal, nontransferable and nonexclusive license to use the Electronic Services to which Customer subscribes solely
for the purpose of transmitting instructions and information (“Written Instructions”), obtaining reports, analyses
and statements and other information and data, making inquiries and otherwise communicating with BNYM in connection with the Customer’s
relationship with BNYM. Customer shall use the Electronic Services solely for its own internal and proper business purposes and
not in the operation of a service bureau. Except as set forth herein, no license or right of any kind is granted to Customer with
respect to the Electronic Services. Customer acknowledges that BNYM and its suppliers retain and have title and exclusive proprietary
rights to the Electronic Services, including any trade secrets or other ideas, concepts, know-how, methodologies, and information
incorporated therein and the exclusive rights to any copyrights, trade dress, look and feel, trademarks and patents (including
registrations and applications for registration of either), and other legal protections available in respect thereof. Customer
further acknowledges that all or a part of the Electronic Services may be copyrighted or trademarked (or a registration or claim
made therefor) by BNYM or its suppliers. Customer shall not take any action with respect to the Electronic Services inconsistent
with the foregoing acknowledgments, nor shall Customer attempt to decompile, reverse engineer or modify the Electronic Services.
Customer may not copy, distribute, sell, lease or provide, directly or indirectly, the Electronic Services or any portion thereof
to any other person or entity without BNYM’s prior written consent. Customer may not remove any statutory copyright notice
or other notice included in the Electronic Services. Customer shall reproduce any such notice on any reproduction of any portion
of the Electronic Services and shall add any statutory copyright notice or other notice upon BNYM’s request.

 

(c) Portions of the
Electronic Services may contain, deliver or rely on data supplied by third parties (“Third Party Data”), such as pricing
data and indicative data, and services supplied by third parties (“Third Party Services”) such as analytic and accounting
services. Third Party Data and Third Party Services supplied hereunder are obtained from sources that BNYM believes to be reliable
but are provided without any independent investigation by BNYM. BNYM and its suppliers do not represent or warrant that the Third
Party Data or Third Party Services are correct, complete or current. Third Party Data and Third Party Services are proprietary
to their suppliers, are provided solely for Customer’s internal use, and may not be reused, disseminated or redistributed
in any form. Customer shall not use any Third Party Data in any manner that would act as a substitute for obtaining a license for
the data directly from the supplier. Third Party Data and Third Party Services should not be used in making any investment decision.
BNYM AND ITS SUPPLIERS ARE NOT RESPONSIBLE FOR ANY RESULTS OBTAINED FROM THE USE OF OR RELIANCE UPON THIRD PARTY DATA OR THIRD
PARTY SERVICES. BNYM’s suppliers of Third Party Data and Services are intended third party beneficiaries of this Section
1(c) and Section 5 below.

 

(d) Customer understands
and agrees that any links in the Electronic Services to Internet sites may be to sites sponsored and maintained by third parties.
BNYM make no guarantees, representations or warranties concerning the information contained in any third party site (including
without limitation that such information is correct, current, complete or free of viruses or other contamination), or any products
or services sold through third party sites. All such links to third party Internet sites are provided solely as a convenience to
Customer and Customer accesses and uses such sites at its own risk. A link in the Electronic Services to a third party site does
not constitute BNYM’s endorsement, authorisation or sponsorship of such site or any products and services available from
such site.

 

2.       Equipment.
Customer shall obtain and maintain at its own cost and expense all equipment and services, including but not limited to communications
services, necessary for it to utilize and obtain access to the Electronic Services, and BNYM shall not be responsible for the reliability
or availability of any such equipment or services.

 

3.       Proprietary
Information. The Electronic Services, and any proprietary data (including Third Party Data), processes, software, information
and documentation made available to Customer (other than which are or become part of the public domain or are legally required
to be made available to the public) (collectively, the “Information”), are the exclusive and confidential property
of BNYM or its suppliers. However, for the avoidance of doubt, reports generated by Customer containing information relating to
its account(s) (except for Third Party Data contained therein) are not deemed to be within the meaning of the term “Information.”
Customer shall keep the Information confidential by using the same care and discretion that Customer uses with respect to its own
confidential property and trade secrets, but not less than reasonable care. Upon termination of the Agreement or the licenses granted
herein for any reason, Customer shall return to BNYM any and all copies of the Information which are in its possession or under
its control (except that Customer may retain reports containing Third Party Data, provided that such Third Party Data remains subject
to the provisions of this Appendix). The provisions of this Section 3 shall not affect the copyright status of any of the Information
which may be copyrighted and shall apply to all information whether or not copyrighted.

 

4.       Modifications.
BNYM reserves the right to modify the Electronic Services from time to time. Customer agrees not to modify or attempt to modify
the Electronic Services without BNYM’s prior written consent. Customer acknowledges that any modifications to the Electronic
Services, whether by Customer or BNYM and whether with or without BNYM’s consent, shall become the property of BNYM.

 

5.       NO
REPRESENTATIONS OR WARRANTIES; LIMITATION OF LIABILITY. BNYM AND ITS MANUFACTURERS AND SUPPLIERS MAKE NO WARRANTIES OR
REPRESENTATIONS WITH RESPECT TO THE ELECTRONIC SERVICES OR ANY THIRD PARTY DATA OR THIRD PARTY SERVICES, EXPRESS OR IMPLIED,
IN FACT OR IN LAW, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY, NON-INFRINGEMENT AND FITNESS FOR A PARTICULAR
PURPOSE. CUSTOMER ACKNOWLEDGES THAT THE ELECTRONIC SERVICES, THIRD PARTY DATA AND THIRD PARTY SERVICES ARE PROVIDED “AS
IS.” TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT SHALL BNYM OR ANY SUPPLIER BE LIABLE FOR ANY
DAMAGES, WHETHER DIRECT, INDIRECT SPECIAL, OR CONSEQUENTIAL, WHICH CUSTOMER MAY INCUR IN CONNECTION WITH THE ELECTRONIC
SERVICES, THIRD PARTY DATA OR THIRD PARTY SERVICES, EVEN IF BNYM OR SUCH SUPPLIER KNEW OF THE POSSIBILITY OF SUCH DAMAGES. IN
NO EVENT SHALL BNYM OR ANY SUPPLIER BE LIABLE FOR ACTS OF GOD, MACHINE OR COMPUTER BREAKDOWN OR MALFUNCTION, INTERRUPTION OR
MALFUNCTION OF COMMUNICATION FACILITIES, LABOR DIFFICULTIES OR ANY OTHER SIMILAR OR DISSIMILAR CAUSE BEYOND THEIR REASONABLE
CONTROL.

 

    	 	[Exhibit F]
	 

     

    

 

6.       Security;
Reliance; Unauthorized Use; Funds Transfers.  BNYM will establish security procedures to be followed in connection with
the use of the Electronic Services, and Customer agrees to comply with the security procedures. Customer understands and agrees
that the security procedures are intended to determine whether instructions received by BNYM through the Electronic Services are
authorized but are not (unless otherwise specified in writing) intended to detect any errors contained in such instructions. Customer
will cause all persons utilizing the Electronic Services to treat any user and authorization codes, passwords, authentication keys
and other security devices with the highest degree of care and confidentiality. Upon termination of Customer’s use of the
Electronic Services, Customer shall return to BNYM any security devices (e.g., token cards) provided by BNYM. BNYM is hereby irrevocably
authorized to comply with and rely upon on Written Instructions and other communications, whether or not authorized, received by
it through the Electronic Services. Customer acknowledges that it has sole responsibility for ensuring that only Authorized Persons
use the Electronic Services and that to the fullest extent permitted by applicable law BNYM shall not be responsible nor liable
for any unauthorized use thereof or for any losses sustained by Customer arising from or in connection with the use of the Electronic
Services or BNYM’s reliance upon and compliance with Written Instructions and other communications received through the Electronic
Services. With respect to instructions for a transfer of funds issued through the Electronic Services, when instructed to credit
or pay a party by both name and a unique numeric or alpha-numeric identifier (e.g. ABA number or account number), the BNYM, its
affiliates, and any other bank participating in the funds transfer, may rely solely on the unique identifier, even if it identifies
a party different than the party named. Such reliance on a unique identifier shall apply to beneficiaries named in such instructions
as well as any financial institution which is designated in such instructions to act as an intermediary in a funds transfer. It
is understood and agreed that unless otherwise specifically provided herein, and to the extent permitted by applicable law, the
parties hereto shall be bound by the rules of any funds transfer system utilized to effect a funds transfer hereunder.

 

7.       Acknowledgments.
BNYM shall acknowledge through the Electronic Services its receipt of each Written Instruction communicated through the Electronic
Services, and in the absence of such acknowledgment BNYM shall not be liable for any failure to act in accordance with such Written
Instruction and Customer may not claim that such Written Instruction was received by BNYM. BNYM may in its discretion decline to
act upon any instructions or communications that are insufficient or incomplete or are not received by BNYM in sufficient time
for BNYM to act upon, or in accordance with such instructions or communications.

 

8.       Viruses.
Customer agrees to use reasonable efforts to prevent the transmission through the Electronic Services of any software or
file which contains any viruses, worms, harmful component or corrupted data and agrees not to use any device, software, or routine
to interfere or attempt to interfere with the proper working of the Electronic Services. 

 

9.       Encryption.
Customer acknowledges and agrees that encryption may not be available for every communication through the Electronic Services,
or for all data. Customer agrees that BNYM may deactivate any encryption features at any time, without notice or liability to Customer,
for the purpose of maintaining, repairing or troubleshooting its systems.

 

10.    On-Line
Inquiry and Modification of Records. In connection with Customer’s use of the Electronic Services, BNYM may, at Customer’s
request, permit Customer to enter data directly into a BNYM database for the purpose of modifying certain information maintained
by BNYM’s systems, including, but not limited to, change of address information. To the extent that Customer is granted such
access, Customer agrees to indemnify and hold BNYM harmless from all loss, liability, cost, damage and expense (including attorney’s
fees and expenses) to which BNYM may be subjected or which may be incurred in connection with any claim which may arise out of
or as a result of changes to BNYM database records initiated by Customer.

 

11.       Agents.
Customer may, on advance written notice to the BNYM, permit its agents and contractors (“Agents”) to access and use
the Electronic Services on Customer’s behalf, except that the BNYM reserves the right to prohibit Customer’s use of
any particular Agent for any reason. Customer shall require its Agent(s) to agree in writing to be bound by the terms of the Agreement,
and Customer shall be liable and responsible for any act or omission of such Agent in the same manner, and to the same extent,
as though such act or omission were that of Customer. Each submission of a Written Instruction or other communication by the Agent
through the Electronic Services shall constitute a representation and warranty by the Customer that the Agent continues to be duly
authorized by the Customer to so act on its behalf and the BNYM may rely on the representations and warranties made herein in complying
with such Written Instruction or communication. Any Written Instruction or other communication through the Electronic Services
by an Agent shall be deemed that of Customer, and Customer shall be bound thereby whether or not authorized. Customer may, subject
to the terms of this Agreement and upon advance written notice to the Bank, provide a copy of the Electronic Service user manuals
to its Agent if the Agent requires such copies to use the Electronic Services on Customer’s behalf. Upon cessation of any
such Agent’s services, Customer shall promptly terminate such Agent’s access to the Electronic Services, retrieve from
the Agent any copies of the manuals and destroy them, and retrieve from the Agent any token cards or other security devices provided
by BNYM and return them to BNYM

 

    	 	[Exhibit F]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00302-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00302-of-00352.parquet"}]]