Document:

ACH LP 10 years notes

 EXHIBIT 10.37 
 Execution Copy 
 CREDIT AGREEMENT 
 dated as of March 31, 2007 
 among 
 ACH LIMITED PARTNERSHIP 
 (as Borrower)

 - and - 
 CAISSE DE
DÉPÔT ET PLACEMENT DU QUÉBEC 
 (as Administrative Agent) 
 - and - 
 CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC 
 (as initial Lender) 
  
  
 $250,000,000 LOAN

  
  
 McCARTHY TÉTRAULT LLP 

 TABLE OF CONTENTS 
  

					
	 	    	 	  	Page
	1 - INTERPRETATION	  	1
			
	 1.1
	    	Definitions	  	1
	 1.2
	    	Accounting Terms and Calculations	  	9
	 1.3
	    	Time	  	9
	 1.4
	    	Headings and Table of Contents	  	9
	 1.5
	    	Governing Law	  	9
	 1.6
	    	Previous Agreements	  	9
	 1.7
	    	Inconsistency	  	9
		
	2 - THE LOAN	  	10
			
	 2.1
	    	The Loan	  	10
	 2.2
	    	Purpose of Loan	  	10
	 2.3
	    	Availability	  	10
	 2.4
	    	Lender’s Obligation to Fund	  	10
		
	3 - FEES AND INTEREST	  	10
			
	 3.1
	    	Commitment Fees	  	10
	 3.2
	    	Interest on the Loan	  	10
	 3.3
	    	Calculation of Interest Rates	  	11
	 3.4
	    	Interest on Arrears	  	11
		
	4 - REPAYMENT, PREPAYMENT AND CANCELLATION	  	11
			
	 4.1
	    	Repayment on Maturity Date	  	11
	 4.2
	    	Mandatory Prepayments	  	11
	 4.3
	    	Optional Prepayments	  	12
	 4.4
	    	Redeployment Costs	  	12
	 4.5
	    	Payments to the Lenders	  	12
	 4.6
	    	Time of Payments	  	12
	 4.7
	    	Payments Net of Taxes	  	12
		
	5 - ACCOUNTS	  	13
			
	 5.1
	    	Automation Account	  	13
	 5.2
	    	Maintenance Account	  	13
	 5.3
	    	Debt Service Account	  	14
		
	6 - CONDITIONS PRECEDENT	  	15
			
	 6.1
	    	Conditions Precedent to the Loan	  	15
	 6.2
	    	Waiver of Conditions Precedent	  	16
	 6.3
	    	Early Termination of the Commitments	  	16
		
	7 - GUARANTEES IN FAVOUR OF THE LENDERS	  	16

					
	 7.1
	    	Guarantees	  	16
	 7.2
	    	Validity of the Guarantee Agreements	  	17
		
	8 - REPRESENTATIONS AND WARRANTIES	  	17
			
	 8.1
	    	Corporate Existence, Power and Capacity	  	17
	 8.2
	    	Authorization and Validity	  	17
	 8.3
	    	No Breach	  	17
	 8.4
	    	Approvals	  	17
	 8.5
	    	Compliance with Laws and Permits	  	18
	 8.6
	    	Title to Property	  	18
	 8.7
	    	Litigation	  	18
	 8.8
	    	No Default	  	18
	 8.9
	    	Solvency	  	18
	 8.10
	    	Taxes	  	18
	 8.11
	    	Pension Plans	  	19
	 8.12
	    	Restriction on Payments	  	19
	 8.13
	    	No Material Change	  	19
	 8.14
	    	Organizational Structure and Location of Assets	  	19
	 8.15
	    	Financial Statements and Financial Year	  	19
	 8.16
	    	True and Complete Disclosure	  	20
		
	9 - AFFIRMATIVE COVENANTS	  	20
			
	 9.1
	    	General Covenants	  	20
	 9.2
	    	Use of Proceeds	  	21
	 9.3
	    	Revolving Credit Facility	  	21
	 9.4
	    	Subsidiaries	  	21
	 9.5
	    	Further Assurances	  	21
	 9.6
	    	Representations and Warranties	  	21
		
	10 - NEGATIVE COVENANTS	  	22
			
	 10.1
	    	Negative Pledge	  	22
	 10.2
	    	Funded Debt	  	22
	 10.3
	    	Limitations on Fundamental Changes	  	22
	 10.4
	    	Investments and Acquisitions	  	23
	 10.5
	    	Distributions	  	24
	 10.6
	    	Financial Assistance	  	25
	 10.7
	    	Hedging	  	25
	 10.8
	    	Transactions with Related Parties	  	25
	 10.9
	    	Definitive Agreements	  	25
		
	11 - FINANCIAL COVENANT	  	25
			
	 11.1
	    	Debt Service Coverage Ratio	  	25
		
	12 - REPORTING REQUIREMENTS	  	25
			
	 12.1
	    	Annual Reporting	  	25
	 12.2
	    	Other Annual Reporting	  	26
	 12.3
	    	Quarterly Reports	  	26

  

 - ii - 

					
	 12.4
	    	Environmental Reporting	  	26
	 12.5
	    	Reporting from time to time	  	27
	 12.6
	    	Documentation	  	27
		
	13 - EVENTS OF DEFAULT AND REMEDIES	  	27
			
	 13.1
	    	Events of Default	  	27
	 13.2
	    	Remedies	  	28
		
	14 - EQUALITY AMONG LENDERS	  	29
			
	 14.1
	    	Distribution among Lenders	  	29
	 14.2
	    	Payments to the Agent	  	29
	 14.3
	    	Other Security	  	29
	 14.4
	    	Adjustments	  	29
		
	15 - THE AGENT AND THE LENDERS	  	29
			
	 15.1
	    	Appointment of the Agent	  	29
	 15.2
	    	Restrictions on the Powers of the Lenders	  	30
	 15.3
	    	Execution of Guarantee Agreements	  	30
	 15.4
	    	Action by Agent	  	30
	 15.5
	    	Enforcement Measures	  	30
	 15.6
	    	Indemnification	  	30
	 15.7
	    	Liability of the Agent	  	30
	 15.8
	    	Liability of Lenders	  	31
	 15.9
	    	Rights of the Agent as Lender	  	31
	 15.10
	    	Sharing of Information	  	31
	 15.11
	    	Competition	  	31
	 15.12
	    	Successor Agent	  	31
		
	16 - DECISIONS, WAIVERS AND AMENDMENTS	  	32
			
	 16.1
	    	Amendments and Waivers by the Majority Lenders	  	32
	 16.2
	    	Amendments and Waivers by Unanimous Approval	  	32
		
	17 - MISCELLANEOUS	  	33
			
	 17.1
	    	Books and Accounts	  	33
	 17.2
	    	Determination	  	33
	 17.3
	    	Prohibition on Assignment by Borrower	  	33
	 17.4
	    	Assignments and Participations	  	33
	 17.5
	    	Notes	  	34
	 17.6
	    	No Waiver	  	34
	 17.7
	    	Set-off	  	34
	 17.8
	    	Indemnification	  	34
	 17.9
	    	Mitigation of costs	  	35
	 17.10
	    	Inconsistency	  	35
	 17.11
	    	No Liability of Limited Partners	  	35
	 17.12
	    	Corrections of Errors	  	35
	 17.13
	    	Communications	  	36
	 17.14
	    	Counterparts	  	36

  

 - iii - 

					
	18 - NOTICES	  	36
			
	 18.1
	    	Sending of Notices	  	36
	 18.2
	    	Receipt of Notices	  	36
		
	19 - FRENCH LANGUAGE VERSION	  	36
		
	SCHEDULE “A”	  	1
		
	 FORM OF DEPOSITARY AGREEMENT
	  	1
		
	SCHEDULE “B”	  	2
		
	 COMPLIANCE CERTIFICATE
	  	2
		
	SCHEDULE “C”	  	3
		
	 FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT
	  	3
		
	SCHEDULE “D”	  	
		
	 ADDRESSES FOR NOTICE PURPOSES
	  	

  

 - iv - 

 CREDIT AGREEMENT 
 THIS AGREEMENT is made as of March 31, 2007 among ACH LIMITED PARTNERSHIP, a limited
partnership established under the laws of the Province of Manitoba (the “Borrower”), CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC, as administrative agent for the Lenders (in such capacity, the
“Agent”) and CAISSE DE DÉPÔT ET PLACEMENT DU
QUÉBEC as initial Lender. 
 RECITALS 
  

	A.	The Borrower has requested that the initial Lender make available to the Borrower a ten-year term loan in the principal amount of $250,000,000. 

  

	B.	The initial Lender is willing to make such Loan available to the Borrower and the Agent has agreed to act in such capacity, on the terms and subject to the conditions set out in
this Agreement. 

 THEREFORE, the parties agree as follows: 
 1 - INTERPRETATION 
  

	1.1	Definitions 

 In this Agreement, unless the
context otherwise requires, the following terms have the respective meanings set out below (and all such terms that are defined in the singular have the corresponding meaning in the plural and vice versa): 
 “ACCC” means Abitibi-Consolidated Company of Canada or any successor thereof; 
 “ACI” means Abitibi-Consolidated Inc. or any successor thereof; 
 “Affiliate” means, with respect to a Person, any other Person that directly or indirectly Controls, or is Controlled by, or is under
common Control with, that Person; 
 “Automation Account” means the account to be established by the Borrower with the
Depositary pursuant to Section 5.1; 
 “Automation Program Completion Date” means the date on which the Automation
Project has been completed and is capable of being used for the purposes it is intended, the whole in accordance with the terms of the Purchase Agreement; 
 “Automation Project” means the project providing for the automation of the hydroelectric generating plants and dams to be acquired by the Borrower pursuant to the Transaction in order that they may be
remotely controlled by the Borrower from a central control location, the whole as described in the Purchase Agreement; 

 “Business Day” means a day on which banks are open for business in Montreal and Toronto,
excluding Saturday and Sunday; 
 “CDPQ” means Caisse de dépôt et placement du Québec; 
 “Commitment” means, with respect to each Lender, its proportion (expressed as a percentage or as an amount, as the case may be) of the
Loan, as specified opposite its name on the signature pages of this Agreement, subject however to any readjustment resulting from an assignment of Commitment made pursuant to this Agreement; 
 “Change of Control” means the acquisition, directly or indirectly, by a Person (or a Person and its Affiliates or a Person acting in
concert with other Persons) of more than 50% in value of the equity of the Borrower or of shares of the GP carrying more than 50% of all of the voting rights attached to the shares of the GP entitling the holders thereof to vote in all
circumstances, provided that, for greater certainty, neither a change of control of ACI or ACCC or their respective successors and assigns nor the acquisition by any of them or any of their Affiliates of the equity of the Borrower or the shares of
the GP will constitute a Change of Control; 
 “Control” (including any correlative term) means the possession, directly or
indirectly, of the power to direct or cause the direction of management or policies of a Person (whether through ownership of securities or partnership or trust interests, by contract or otherwise); without limiting the generality of the foregoing
(i) a Person is deemed to Control a corporation if such Person (or such Person and its Affiliates) holds outstanding shares of the corporation carrying votes in sufficient number to elect a majority of the board of directors of the corporation,
(ii) a Person is deemed to Control a partnership if such Person (or such Person and its Affiliates) holds more than 50% in value of the equity of the partnership, (iii) a Person is deemed to Control a trust if such Person (or such Person
and its Affiliates) holds more than 50% in value of the beneficial interests in the trust, and (iv) a Person that Controls another Person is deemed to Control any Person controlled by that other Person; 
 “Credit Documents” means this Agreement, any Guarantee Agreement and any other present and future document relating to any of the
foregoing, as amended, supplemented or restated from time to time, including for greater certainty the escrow agreements for the various reserve accounts referred to in Article 5; 
 “Credit Parties” means the Borrower, the GP and each Guarantor; 
 “Debt Service Account” means the escrow account to be established by the Borrower with the Depositary pursuant to Section 5.3;

 “Debt Service Coverage Ratio” means the ratio of (i) EBITDA less maintenance capital expenditures and cash taxes for
the period in respect of which EBITDA has been calculated to (ii) the sum of Interest Expense and mandatory repayments on Funded Debt for the same period (with however the amounts in (ii) being annualized until December 31, 2007 in
the same manner as provided in the last paragraph of the definition of EBITDA); 
  

 - 2 - 

 “Debt Service Reserve Requirement” means, at any time, an amount equal to
three-month’s interest payments on the Loan (such amount to be calculated using the outstanding amount of the Loan at the relevant time); 
 “Default” means any event or circumstance which constitutes an Event of Default or which, with the lapse of time, the giving of a notice or both, would constitute an Event of Default; 
 “Definitive Agreements” means: 
  

	 	(a)	the Limited Partnership Agreement governing the rights and obligations of the partners of the Borrower; 

  

	 	(b)	the Operations, Maintenance and Services Agreement dated as of March 31, 2007 between ACCC and the Borrower, with the intervention of Abitibi-Consolidated Hydro Inc., pursuant
to which the Borrower appoints and retains ACCC as operator to provide certain services; 

  

	 	(c)	the Unitholders’ Agreement dated as of April 2, 2007 between ACCC and CDP Investissements Inc. relating to certain rights and obligations of ACCC and CDP Investissements
Inc. as limited partners of the Borrower; 

  

	 	(d)	the Shareholders’ Agreement dated as of April 2, 2007 between ACCC, CDPQ and the GP relating to certain rights and obligations of ACCC and CDPQ as shareholders of the GP;

  

	 	(e)	the Purchase Agreement; 

  

	 	(f)	the Participation Agreement dated as of March     , 2007 between the Borrower and Independent Electricity System Operator relating to the participation by
the Borrower in the IESO system; 

  

	 	(g)	the Electricity Supply Agreement dated as of March 31, 2007 between the Borrower and ACCC pursuant to which the Borrower agrees to supply electricity power to ACCC; and

  

	 	(h)	the Nominee Agreements between the Borrower and each of the Nominees pursuant to which the Nominees agree to hold legal title to the hydroelectric generating plants and dams of the
Borrower for and on behalf of the Borrower; 

 “Depositary” means Canadian Imperial Bank of Commerce or any
other replacement financial institution selected by the Borrower and acceptable to the Majority Lenders; 
 “Distributable Cash”
means, for any financial quarter, funds generated by the operations of the Borrower that are permitted to be distributed pursuant to the provisions of the Limited Partnership Agreement (as same reads on date hereof); 
  

 - 3 - 

 “Distribution” means any payment in cash or in kind that provides an income or a return
on, or constitutes a distribution or redemption or other retirement of, the equity or capital of a Person (other than by way of the issuance of new equity interests); 
 “Dollar” and the symbol “$” mean lawful money of Canada; 
 “EBITDA”
means the net income of the Borrower (calculated on a consolidated basis) for the rolling four-quarter period ending on the date EBITDA is determined (or, to calculate Excess Cash Flow, for the relevant financial quarter), increased by the sum
of the following items, to the extent such items have been deducted in calculating net income: 
  

	 	(a)	Interest Expense; 

  

	 	(b)	amortization and depreciation; 

  

	 	(c)	current or deferred income taxes; and 

  

	 	(d)	losses from extraordinary, unusual or non-recurring items decreased by, to the extent the following gains have been added in calculating net income, gains from extraordinary,
unusual or non-recurring items; 

 provided (i) that until the end of the fourth quarter period ending on December 31, 2007, EBITDA will
be calculating by annualizing the results of the business acquired pursuant to the Transaction since January 1, 2007 and (ii) if any other business is acquired during any four-quarter period, the financial results of such business will be
included in the calculation of EBITDA for that period as if such business had been acquired on the first day of said period; 
 “Environmental Laws” will mean all laws, rules and regulations, and any orders or legally binding policies, in each case as now or hereafter in effect, relating to the regulation or protection of human health, safety or the
environment or to emissions, discharges, releases or threatened releases of pollutants, contaminants, chemicals or toxic or hazardous substances or wastes into the indoor or outdoor environment, including, without limitation, ambient air, soil,
surface water, ground water, wetlands, land or subsurface strata, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of pollutants, contaminants, chemicals or toxic or
hazardous substances or wastes; 
 “Event of Default” means any of the events set out in Section 13.1; 
 “Free Cash Flow” means, in respect of any financial quarter, EBITDA for such financial quarter less (i) maintenance capital
expenditures, (ii) cash Interest Expense and (iii) cash taxes; 
 “Funded Debt” means, with respect to a Person,
and without duplication: 
  

	 	(a)	indebtedness of such Person for monies borrowed or raised or for the borrowings of commodities, including any indebtedness represented by a note, bond, debenture or other similar
instrument of such Person; 

  

 - 4 - 

	 	(b)	reimbursement obligations of such Person arising from bankers’ acceptances, letters of credit or letters of guarantee or similar instruments; 

  

	 	(c)	indebtedness of such Person for the deferred purchase price of property or services, other than for consumable non-capital goods and services purchased in the ordinary course of
business, including arising under any conditional sale or title retention agreement; 

  

	 	(d)	the capitalized portion of the obligations of such Person under capital leases; 

  

	 	(e)	the discounted present value of the total obligations of such Person under synthetic leases and sale and leaseback transactions; 

  

	 	(f)	the aggregate amount for which shares or other interests in the capital of such Person that are redeemable at fixed dates or intervals or at the option of the holder thereof may be
redeemed; and 

  

	 	(g)	Guarantees or Liens granted by such Person in respect of Funded Debt of another Person; 

 all as is required to be disclosed in the financial statements or notes thereto of such Person in accordance with GAAP; 
 “Funded Debt to Capitalization Ratio” means the ratio of Funded Debt to the sum of Funded Debt and equity (with equity being deemed to be in an amount of $190,000,000 for the foregoing purposes);

 “GAAP” means, until the Borrower has delivered a notice of change to the Agent, generally accepted accounting principles
in Canada which are in effect from time to time and, from the first financial quarter following such notice, generally accepted accounting principles in the United States of America which are in effect from time to time; 
 “GP” means Abitibi-Consolidated Hydro Inc., the general partner of the Borrower or any successor thereof; 
 “Government of Canada Bond Yield” means an annual interest rate equal to: 
  

	 	(a)	with respect to the determination of the rate applicable to the Loan pursuant to Section 3.2, the yield determined by the Agent as being the interpolation between the
arithmetic average of the bid side semi-annual yields to maturity of the 4.00% Government of Canada bonds due June 1, 2016 published by RBC Dominion Securities Inc. and by BMO Capital Markets on Bloomberg at 10:00 am on the Business Day
immediately preceding the day of the closing of the Transaction and the arithmetic average of the bid side semi-annual yields to maturity of the 4.00% Government of Canada bonds due June 1, 2017 published by RBC Dominion Securities Inc. and by
BMO Capital Markets at 10:00 am on Bloomberg on the Business Day immediately preceding the day of the closing of the Transaction, and 

  

 - 5 - 

	 	(b)	for the purposes of the calculation of any Redeployment Costs, the yield determined by the Agent as being the arithmetic average of the bid side yields to maturity of the most
actively traded issue of non-callable Government of Canada bonds with interest compounded semi-annually and having a term to maturity as close as possible, but not longer, than the unexpired term of the Loan, as published on Bloomberg or otherwise
announced by RBC Dominion Securities Inc. and by BMO Capital Markets (or if any of them do not then publish such yields, by another respectable bond dealer selected in replacement by the Agent) on the third Business Day immediately preceding the
date of the repayment to which such Redeployment Costs relate; 

 “Guarantee” means any obligation, contingent
or not, directly or indirectly guaranteeing any liability or indebtedness of any Person or protecting a creditor of such Person from a loss in respect of any such liability or indebtedness or having the same economic effect; 
 “Guarantee Agreement” means any agreement evidencing the Guarantees to be provided by the Guarantors to the Agent and the Lenders
pursuant to Article 7; 
 “Guarantors” means all present and future Subsidiaries of the Borrower; 
 “Impermissable Qualification” means, as to any report or opinion of any independent auditor, a “going concern” or like
qualification or exception or any material qualification or exception as to the scope of the audit; 
 “Interest Expense”
means, for any period, the aggregate of all items properly classified as interest expense (whether expensed or capitalized) as determined for such period in accordance with GAAP (net of interest earnings) including the imputed interest component
for any element of Funded Debt which would be classified as interest expense under GAAP (calculated using an interest rate determined under GAAP), but excluding: (i) any amount, such as amortization of debt discount and issue expenses, which
would qualify as depreciation and amortization expense, (ii) arrangement and commitment fees in respect of the Loan, and (iii) the amount reflected in income for such period in respect of gains (or losses) attributable to translation of
Funded Debt denominated in a currency other than Dollars; 
 “Lenders” means Caisse de dépôt et placement du
Québec and any other Person that becomes a Lender pursuant to an assignment made in accordance with this Agreement; 
 “Lien” means any security interest, mortgage, hypothec, lien, right of preference, pledge, assignment by way of security or any other agreement or encumbrance of any nature that secures the performance of an obligation, and
a Person is deemed to own subject to a Lien any property or assets that it has acquired or holds subject to the interest of a vendor or lessor under any conditional sale agreement, capital or synthetic lease or similar agreement (other than an
operating lease) relating to such property or assets; 
  

 - 6 - 

 “Limited Partnership Agreement” means the Amended and Restated Limited Partnership
Agreement dated as of March 30, 2007 between ACCC and the GP governing the rights and obligations of the partners of the Borrower, as amended and supplemented from time to time; 
 “Loan” means the term loan referred to in Section 2.1; 
 “Maintenance Account” means the escrow account to be established by the Borrower with the Depositary pursuant to Section 5.1;

 “Majority Lenders” means any group of Lenders whose Commitments
amount in the aggregate to more than 50% of the total amount of the Loan (or 66  2/3% if one Lender holds more than 50% of the
Commitments), provided that if there are not more than two Lenders the term “Majority Lenders” will mean these two Lenders; 
 “Material Adverse Change” means any change, condition, event or occurrence which, when considered individually or together with other changes, conditions, events or occurrences, could reasonably be expected to have a
Material Adverse Effect; 
 “Material Adverse Effect” means (i) a material adverse effect on the financial condition,
business, operations, assets or liabilities of the Credit Parties taken as a whole, (ii) a material adverse effect on the ability of the Credit Parties to perform their obligations under the Credit Documents, or, (iii) a material
impairment of the rights or remedies of the Lenders under any Credit Document, but excluding in each case the loss by the Borrower of any of its customers (including ACI or any of its Subsidiaries), a general decline in electricity prices and
general operating losses; 
 “Maturity Date” means the tenth anniversary date of the date of this Agreement, provided that
if such date falls on a day which is not a Business Day, then the applicable date will be the immediately preceding Business Day; 
 “Net Tangible Assets” means, at any time, the aggregate of all assets of the Borrower less (i) current liabilities (other than Funded Debt classified as a current liability) and (ii) goodwill, in each case, as
appearing on the Borrower’s consolidated financial statements and determined in accordance with GAAP; 
 “Nominees”
means ACH Kenora Inc., ACH Norman Inc., ACH Fort Frances Inc., ACH Sturgeon Falls Inc., ACH Calm Lake Inc., ACH Twin Falls Inc., ACH Iroquois Falls Inc. and ACH Island Falls Inc. or any successor thereof; 
 “Permitted Liens” means: 
  

	 	(a)	Liens imposed or arising by operation of law (including for greater certainty tax and construction Liens), in each case, in respect of obligations not yet due or which have been
postponed or are being contested in good faith and by appropriate proceedings to the extent that adequate reserves are maintained; 

  

 - 7 - 

	 	(b)	pledges or deposits made in the ordinary course of business in connection with bids or tenders made by the Borrower and the Guarantors or to comply with the requirements of any law
or regulation or any public utility’s policy or requirement applicable to their business or assets; 

  

	 	(c)	judgment Liens for which an appeal has been made or in respect of which revision has been sought and a suspension of execution has been obtained pending the appeal or the revision;

  

	 	(d)	Liens securing obligations incurred in connection with the purchase or the lease of any property (or any renewal, extension or replacement thereof), provided that any such Lien
charges only the property purchased or leased and for an amount not in excess of the related obligation and that the aggregate of all outstanding amounts secured by such Liens does not at any time exceed $1,000,000; and 

  

	 	(e)	Liens on property acquired after the date hereof by the Borrower or a Guarantor, provided that such Liens and the obligations secured thereby were created and incurred
(respectively) prior to and not in anticipation of such acquisition and that the aggregate of all outstanding amounts secured by such Liens does not at any time exceed $1,000,000; 

 “Person” means any natural person, corporation, company, partnership, joint venture, unincorporated organization, trust or any other
entity; 
 “Prime Rate” means, for any day, the annual rate of interest announced by —
(or any successor thereof) as being its reference rate then in effect for determining interest rates for commercial loans denominated in Dollars made in Canada; 
 “Purchase Agreement” means the Asset Purchase Agreement dated March 31, 2007 between ACCC, as vendor, and the Borrower, as purchaser; 
 “Redeployment Costs” means, in respect of any repayment of principal on the Loan, the positive amount, if any, equal to the difference
between: 
  

	 	(a)	the amount obtained by discounting the amount of the repayment (the “Repaid Amount”) and all remaining payments of interest to become due on the Repaid Amount from the
date of repayment to the Maturity Date, the whole as determined by the Agent and in accordance with accepted financial practice at a discount factor (calculated on a monthly equivalent basis) equal to the Government of Canada Bond Yield at the time
of the repayment plus 0.75%, and 

  

	 	(b)	the Repaid Amount; 

 “Subordinated Debt” means any Funded Debt which has no scheduled principal repayment or final maturity falling before the 90th day following the Maturity Date and which is fully subordinated to and ranks after the indebtedness under the Loan pursuant to a subordination agreement satisfactory to the Majority Lenders ; 
  

 - 8 - 

 “Subsidiary” means a Person who is under the Control of another Person; 
 “Transaction” means the acquisition by the Borrower from ACI and certain of its Subsidiaries of eight hydroelectric generating plants
and dams (and related assets) located in the Province of Ontario as described in the Purchase Agreement; 
 1.2 Accounting Terms and Calculations

 Unless otherwise provided, (i) terms and expressions of an accounting or financial nature have the respective meanings given to
such terms and expressions under GAAP, (ii) calculations must be made in accordance with GAAP insofar as applicable, and (iii) financial statements must be calculated on a consolidated basis of the Borrower; 
 1.3 Time 
 Except where otherwise indicated in
this Agreement, any reference to time means local time in Montreal. 
 1.4 Headings and Table of Contents 
 The headings and the Table of Contents are inserted for convenience of reference only and do not affect the construction or interpretation of this
Agreement. 
 1.5 Governing Law 
 This Agreement is governed by and construed in accordance with laws of the Province of Quebec and the laws of Canada applicable therein. 
 1.6
Previous Agreements 
 This Agreement supersedes any previous agreement in connection with the Loan. 
 1.7 Inconsistency 
 In the event of
inconsistency between this Agreement and any other Credit Document, the provisions of this Agreement must be accorded precedence. 
  

 - 9 - 

 2 - THE LOAN 
 2.1 The Loan 
 Each Lender individually agrees
to make available to the Borrower a term loan (collectively, the “Loan”) in a principal amount not to exceed its Commitment set out opposite its name on the signature pages of this Agreement. The collective Commitments of the Lenders to
make the Loan aggregate to the principal amount of $250,000,000. 
 2.2 Purpose of Loan 
 The Borrower will use the Loan to (i) finance in part the payment of the purchase price and related expenses payable pursuant to the Transaction,
(ii) to initially fund the Debt Service Account, and (iii) fund the Automation Account. 
 2.3 Availability 
 The Loan will be disbursed by one single advance to be made on the closing of the Transaction or if closing of the Transaction does not occur on a
Business Day, on the next Business Day. After such disbursement, any unused portion of the Loan will cease to be available. The Loan will not revolve and any amount prepaid or repaid may not be re-borrowed. 
 2.4 Lender’s Obligation to Fund 
 Each
Lender’s obligation to fund the Loan is limited to such Lender’s Commitment under the Loan. The obligations of the Lenders hereunder are not solidary and are not joint and several, and no Lender is responsible for the obligations of any
other Lender. 
 3 - FEES AND INTEREST 
 3.1 Commitment Fees 
 The Borrower must pay,
concurrently with the execution of this Agreement, the commitment fees specified in the commitment letter executed by the Borrower prior to the date of this Agreement. 
 3.2 Interest on the Loan 
 The Loan will bear interest from its disbursement until the Maturity
Date at an annual interest rate equal to the Government of Canada Bond Rate, plus 3.00%. The Borrower must pay the interest semi-annually in arrears on the last Business Day of September and March of each year, commencing on September 28, 2007.

  

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 3.3 Calculation of Interest Rates 
  

	(a)	Any interest rate is calculated daily on the basis of a 365-day year. 

  

	(b)	For the purposes of the Interest Act (Canada) only, the annual rate of interest equivalent to a rate otherwise calculated under this Agreement is equal to the rate so
calculated multiplied by the actual number of days included in a given year and divided by 365 days. 

 3.4 Interest on Arrears 

  

	(a)	Any amount in principal which has not been paid on the Maturity Date and any other amount (in interest or otherwise) which is not paid when due will bear interest at the Prime Rate
increased by 3.00%. 

  

	(b)	Interest on arrears is compounded monthly and is payable on demand. 

 4 - REPAYMENT, PREPAYMENT AND CANCELLATION 
 4.1 Repayment on Maturity Date 
 The Borrower must repay in full the outstanding principal amount of the Loan and pay
all other amounts owing under the Loan on the Maturity Date. 
 4.2 Mandatory Prepayments 
  

	 	(a)	On the second Business Day following the receipt by any Credit Party of any net cash proceeds from any voluntary or compulsory disposition of assets to a Person other than the
Borrower or any Guarantor, or of any net cash proceeds of insurance covering the loss of assets (other than accounts receivable), the Borrower must give to the Lenders a notice of such receipt and make a prepayment on the Loan in an amount equal to
“X” minus “Y”. In this formula, “X” is the amount of such proceeds less the portion of same that has been used or reserved by the Borrower or any Guarantor to purchase, repair or improve assets of a similar nature and
“Y” is the portion of same that the Borrower elects to exclude from the prepayment (provided that the aggregate of all amounts so excluded must not exceed $ 1,000,000 per financial year), in each case as specified in the notice. For
greater certainty, the Borrower will have no obligation to give said notice in any instance where the result of “X” minus “Y” is not a positive amount (due to an election made by it pursuant to the previous sentence).

  

	 	(b)	 If any amount reserved for the purchase, repair or improvement of assets in accordance with Section 4.2(a) has not been used for such purposes within a 365-day
period from the receipt of the related proceeds, then the Borrower must give notice thereof to the Lenders and make a prepayment to each of the Lenders pro rata to 

  

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their Commitments in an amount equal to the amount not so used, except if the Borrower elects to exclude same from the prepayment in accordance with
Section 4.2(a). 

 4.3 Optional Prepayments 
 The Borrower may at any time make prepayments on the Loan. Any such prepayment must be in a multiple of $100,000 with a minimum of $5,000,000, is subject
to the Borrower giving a three-Business Day prior notice to each Lender and must be made to the Lenders pro rata their Commitments. 
 4.4
Redeployment Costs 
  

	(a)	In the event of any prepayment pursuant to Section 4.3 or any other repayment made prior to the Maturity Date (including a repayment made further to the Loan having become due
and payable pursuant to Section 13.2), the Borrower must also pay Redeployment Costs in respect of such prepayment or repayment. 

  

	(b)	Notwithstanding the foregoing, no Redeployment Costs will be payable in respect of a mandatory prepayment made under Section 4.2 or a repayment occurring further to a demand
under Section 13.2 which is made solely as the result of a Change of Control. 

 4.5 Payments to the Lenders 
 Unless otherwise provided in the Credit Documents, all payments to be made by the Borrower must be made directly to each of the Lenders pro rata to
their Commitments (unless an Event of Default has occurred and is continuing in which case such payments must be made to the Agent). 
 4.6 Time of
Payments 
 Any payment that is due on a day that is not a Business Day may be made on the next Business Day but will bear interest
until received in full. All payments must be made in funds which are immediately available on the date on which payment is due. 
 4.7 Payments Net of
Taxes 
  

	 	(a)	 If the Borrower, the Agent or any Lender is compelled by law to make any withholding or deduction due to any tax or if a Lender is liable to pay tax in respect of
any payment due or made by the Borrower, the Borrower must pay to the Agent or such Lender such additional amount as may be necessary in order that the payment actually received be equal to the payment which otherwise would have been received in the
absence of such withholding or deduction or tax (including in the absence of any additional withholding or deduction or tax in 

  

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respect of any additional amount payable pursuant to this Section). However, this Section 4.7 will not apply in respect of any tax on the overall net
income or the capital of a Lender. 

  

	 	(b)	Notwithstanding Section 4.7(a), the Borrower will not be required to pay any such additional amounts in respect of taxes to any Lender who is not a Canadian qualified lender,
unless (i) the Borrower has consented to such Lender benefiting from Section 4.7(a) or (ii) after the occurrence of and during the continuance of an Event of Default. For the purpose hereof, “Canadian qualified lender” means
a Lender who (i) is not a “non-resident” within the meaning of the Income Tax Act (Canada), or (ii) is an “authorized foreign bank” within the meaning of the Bank Act (Canada) but only in respect of
amounts paid or credited hereunder in respect of its “Canadian banking business” within the meaning of the Income Tax Act (Canada). 

 5 - ACCOUNTS 
 5.1 Automation Account 
 In accordance with the terms and conditions of the Purchase Agreement, the Borrower will establish with the Depositary an account entitled
“Automation Reserve Account” (the “Automation Account”). The Borrower will cause to be deposited $18,000,000 in such Automation Account (the “Automation Requirement”) on the first Business Day following
the closing of the Transaction and, until the Automation Completion Date, withdrawals from such account will be subject to the terms of the Purchase Agreement. Any remaining balance in the Automation Account after the Automation Completion Date has
occurred may be remitted to ACCC (or according to its instructions) in accordance with the terms of the Purchase Agreement upon delivery to the Lenders of a copy of the Certificate of Completion provided for in the Purchase Agreement. 
 5.2 Maintenance Account 
  

	 	(a)	Within six months from the date of this Agreement, the Borrower will establish with the Depositary an account entitled “Maintenance Capital Expenditure Reserve Account”
(the “Maintenance Account”) and enter into with the Agent and the Depositary a depositary agreement concerning such account, in the form attached hereto as Schedule “ A ” (the “Depositary Agreement”). The
Borrower will cause to be deposited and kept at all times $1,700,000 in the Maintenance Account (the “Maintenance Requirement”); 

  

	 	(b)	 The Borrower will make withdrawals from the Maintenance Account only where and to the extent that the Borrower does not expect to have for the financial quarter of
the withdrawal sufficient Free Cash Flow (calculated for the foregoing purpose only without deductive capital expenditures) to pay maintenance capital expenditures. Any withdrawal must be used to pay maintenance capital 

  

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expenditures. Following any such withdrawal, the Borrower will deposit, within 45 days from the end of each subsequent financial quarter, all Free Cash Flow
(less any portion thereof required to be deposited for the relevant quarter in the Debt Service Account) until the credit balance in the Maintenance Account becomes equal to the Maintenance Requirement. 

  

	 	(c)	Following however the delivery of a stop notice pursuant to the terms and conditions of the Depositary Agreement, the Borrower will only be entitled to require withdrawals from the
Maintenance Account to fund maintenance capital expenditures acceptable to the Agent; such withdrawals will then be subject to the Agent’s consent further to its review of the Borrower’s request detailing the maintenance capital
expenditures to be funded with such withdrawal. The Agent will be entitled to give a stop notice only if a Default has occurred and is continuing. 

 5.3 Debt Service Account 
  

	 	(a)	The Borrower will establish with the Depositary an account entitled “Debt Service Reserve Account” (the “Debt Service Account”) and enter into with the
Agent and the Depositary Agreement concerning such account. The Borrower will cause to be deposited in the Debt Service Account on the Business Day following the closing of the Transaction an amount sufficient to meet the Debt Service Reserve
Requirement. Thereafter, if at the end of any financial quarter of the Borrower, the credit balance in the Debt Service Account is less than the Debt Service Reserve Requirement, the Borrower will deposit, within 45 days from the end of such
financial quarter, all Free Cash Flow for such quarter until the credit balance in the Debt Service Account becomes equal to the Debt Service Reserve Requirement. 

  

	 	(b)	The Borrower may make withdrawals from the Debt Service Account if it does not expect that the Excess Cash Flow for the financial quarter of the withdrawal (calculated for such
purposes only without deducting Interest Expense) will be sufficient to make the next interest payment on the Loan. 

  

	 	(c)	Provided that no Default has occurred and is continuing and to the extent that from time to time the credit balance in the Debt Service Account exceeds the then applicable Debt
Service Reserve Requirement, the Borrower may also withdraw the amount of such excess. For greater certainty, no withdrawal will be made if a Default has occurred and is continuing. 

  

	 	(d)	Following however the delivery of a stop notice pursuant to the terms and conditions of the Depositary Agreement, the Borrower will no longer be entitled to make withdrawals from
the Debt Service Account and the Agent will be entitled to debit the Debt Service Account and to apply the amounts so debited to indebtedness owing under the Credit Documents. 

  

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 6 - CONDITIONS PRECEDENT 
 6.1 Conditions Precedent to the Loan 
 The
Borrower may not obtain the disbursement of the Loan until the following conditions precedent have been fulfilled to the satisfaction of the Lenders: 
  

	 	(a)	all fees and expenses owing by the Borrower to the Agent and the Lenders at the time of execution of this Agreement (including legal fees incurred until such time) must have been
paid in full; 

  

	 	(b)	the Transaction must have been completed; 

  

	 	(c)	the Borrower must have established a revolving credit facility with Canadian Imperial Bank of Commerce in an aggregate principal amount of not more than $15,000,000;

  

	 	(d)	the Borrower must have established the accounts referred to in Sections 5.1 and 5.3; 

  

	 	(e)	the Agent and the Lenders must have received, in form and substance satisfactory to them, each of the following documents: 

  

	 	(i)	a copy of the constitutive documents of each of the Credit Parties; 

  

	 	(ii)	a certificate of good standing in respect of each of the Credit Parties; 

  

	 	(iii)	a copy of the documents evidencing the authority and attesting to the authenticity of the signatures of the Persons acting on behalf of each of the Credit Parties;

  

	 	(iv)	the Guarantee Agreement required to be executed by the Guarantors pursuant to Article 7; 

  

	 	(v)	the Depositary Agreement to be entered into pursuant to Article 5; 

  

	 	(vi)	a copy of each of the Definitive Agreements; 

  

	 	(vii)	audited annual financial statements of the business acquired through the Transaction for each of the financial years ending December 31, 2004 and December 31, 2005 and the
unaudited financial statements of the business acquired through the Transaction for the financial year ending December 31,2006; 

  

	 	(viii)	 a projection of the statement of earnings and balance sheet (prepared by the GP) of the Credit Parties for each of their financial years ending 

  

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December 31, 2007, December 31, 2008, December 31, 2009, December 31, 2010 and December 31, 2011, together with
financial covenant calculations; 

  

	 	(ix)	a compliance certificate in the form set out in Schedule “B” (together with supporting documents, flow of funds information and other calculations) based on the
projections for the financial year ending December 31, 2007, and confirming a Funded Debt to Capitalization Ratio not exceeding 60%; 

  

	 	(x)	a certificate evidencing the insurance coverage required to be maintained by the Credit Parties pursuant to this Agreement; 

  

	 	(xi)	an officer’s certificate with respect to the governmental and regulatory approvals and third party consents required to be obtained for the Transaction;

  

	 	(xii)	legal opinions addressed to the Agent and the Lenders from counsel to the Credit Parties and the Agent as to corporate matters and the validity and enforceability of the Credit
Documents; and 

  

	 	(xiii)	Lien searches with respect to the movable (personal) property of the Credit Parties. 

 6.2 Waiver of Conditions Precedent 
 The conditions precedent provided for in this Article are
for the sole benefit of the Lenders. The Lenders may waive such conditions precedent, in whole or in part, with or without conditions, without prejudice to any other or future rights that they might have against the Borrower or any other Person.

 6.3 Early Termination of the Commitments 
 If all of the conditions precedent provided for in this Article have not been previously fulfilled or waived, the Lenders’ Commitments will terminate on June 30, 2007. 
 7 - GUARANTEES IN FAVOUR OF THE LENDERS

 7.1 Guarantees 
 Each of the
Guarantors must guarantee in favour of the Agent the performance of all obligations of the Borrower under the Loan pursuant to a guarantee agreement in form and substance satisfactory to the Lenders (a “Guarantee Agreement”). 

 

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 7.2 Validity of the Guarantee Agreements 
 Each Guarantee Agreement must remain valid and in force at all times and be accompanied by such corporate documents, legal opinions and Lien searches as
the Lenders may reasonably require. 
 8 - REPRESENTATIONS AND
WARRANTIES 
 The Borrower represents and warrants that: 
 8.1 Corporate Existence, Power and Capacity 
 Each of the Credit Parties 
  

	 	(a)	is a Person validly existing and in good standing under the laws of the jurisdiction of its organization; 

  

	 	(b)	has all requisite corporate or other power necessary to own its assets and carry on its business as now being or as proposed to be conducted; and 

  

	 	(c)	is qualified to do business and is in good standing in all jurisdictions in which the nature of the business conducted by it makes such qualification necessary.

 8.2 Authorization and Validity 
 Each of the Credit Parties has all necessary power, authority and legal right to execute and deliver the Credit Documents to which it is a party and has duly authorized, executed and delivered such Credit Documents.
The obligations of each of the Credit Parties under the Credit Documents to which it is a party constitute legal, valid and binding obligations of such party. 
 8.3 No Breach 
 The execution and delivery of the Credit Documents and the performance by the Credit Parties of their
respective obligations thereunder and the completion of the Transaction do not, and will not conflict with, result in a breach of or require any consent (other than those that have been obtained) under, (i) their constitutive documents or
by-laws, (ii) any applicable law or regulation, (iii) any order, injunction or judgment of any court or governmental authority or agency, or (iv) any Definitive Agreement or material agreement to which any of the Credit Parties is a
party or by which it or any of its property is bound. 
 8.4 Approvals 
 No authorization, approval or consent of, nor any filings or registration with, any governmental or regulatory authority or agency, is necessary for the
execution, delivery or performance by each of the Credit Parties of the Credit Documents to which it is a party or to ensure the legality, validity or enforceability thereof. 
  

 - 17 - 

 8.5 Compliance with Laws and Permits 
 Each of the Credit Parties (i) is in compliance in all material respects with all laws and regulations applicable to it and its business and assets,
including Environmental Laws, and (ii) holds all material permits, licenses, approvals, consents and other authorizations required under all such laws and regulations to own its assets and to carry on its business as now being or as proposed to
be conducted, except where non-compliance therewith or the absence thereof would not reasonably be expected to have a Material Adverse Effect. 
 8.6
Title to Property 
 The property and assets of the Credit Parties, taken as a whole, are not subject to title defects or
restrictions which could materially and adversely impair their value or normal use. The Credit Parties own or have rights of use for all of their material property and assets (including intellectual property) which are necessary to carry on their
businesses, except where the failure to own or have such rights would not reasonably be expected to have a Material Adverse Effect. 
 8.7
Litigation 
 There are no legal or arbitration proceedings, or any proceedings by or before any governmental or regulatory
authority or agency, or, to the best of its knowledge, any claim or investigation by any such authority or agency or under Environmental Laws, or any labour dispute or unfair labour practice complaint, now pending or, to the best of its knowledge,
threatened against any of the Credit Parties or any of their property or rights that, if adversely determined, could have a Material Adverse Effect. 
 8.8 No Default 
 No Default has occurred and is continuing. 
 8.9 Solvency 
 Each of the Credit Parties is
solvent. 
 8.10 Taxes 
 Each of
the Credit Parties has filed all income tax returns and all other tax returns and paid all taxes (other than those not yet delinquent or contested in good faith) that are required to be filed or paid by them. The charges, accruals and reserves on
the books of the Credit Parties in respect of taxes and other governmental charges are adequate. 
  

 - 18 - 

 8.11 Pension Plans 
 Each pension plan and other employee benefit plan of the Credit Parties is in compliance in all material respects with the provisions of any applicable law or regulation and none of the Credit Parties has any material
unfunded liability under any registered or regulated pension plan on an ongoing or termination basis, except where non-compliance therewith or such unfunded liability would not reasonably be expected to have a Material Adverse Effect. 
 8.12 Restriction on Payments 
 None of the
Guarantors is subject to any law, regulation, agreement or other legal impediment that prohibits, restricts or imposes any condition upon the ability of any such Subsidiary to pay Distributions or to make or repay loans or advances, except for laws
of general application providing that the declaration or payment of Distributions by a Person are subject to such Person being in compliance with solvency or other similar requirements. 
 8.13 No Material Change 
 There has been no Material Adverse Change between December 31,
2005 and the date of this Agreement. 
 8.14 Organizational Structure and Location of Assets 
 The Corporate Structure Chart delivered to the Lenders concurrently with the execution of this Agreement indicates (a) the jurisdiction of
organization of each Credit Party, (b) each Person holding ownership interests in such party, (c) the nature of the ownership interests held by each such Person and the percentage of ownership of such party represented by such ownership
interests, and (d) the exact name and any predecessor name of each Credit Party. The registered and chief executive offices of each Credit Party is located in the Province of Quebec and the location of the tangible assets of each Credit Party
is in the Province of Ontario. 
 8.15 Financial Statements and Financial Year 
 The financial statements and balance sheet delivered to the Agent and the Lenders pursuant to clauses 6.1(e)(vii) and 6.1(e)(viii) are complete and
correct and fairly present on a pro forma basis the result of operations and balance sheet of the Borrower as at their stated dates, all in accordance with GAAP. The Borrower will not have on the completion of the Transaction any material
contingent liabilities, liabilities for taxes, unusual forward or long-term commitments or unrealized or anticipated losses from any unfavourable commitments that are not disclosed in the balance sheet delivered to the Agent and the Lenders pursuant
to clause (viii) of Section 6.1(e). The financial year of each of the Credit Parties ends on December 31 of each year. 
  

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 8.16 True and Complete Disclosure 
 The information, reports, financial statements and documents furnished or to be furnished by or on behalf of the Credit Parties to the Agent or any Lender
in connection with the negotiation, preparation, execution, delivery or performance of the Credit Documents, when taken as a whole, do not and will not contain any untrue statement of material fact or omit to state any material fact necessary to
make the statements therein, in light of the circumstances under which they were made, not misleading. 
 9 - AFFIRMATIVE
COVENANTS 
 9.1 General Covenants 
 The Borrower will, and will cause each of the other Credit Parties to: 
  

	 	(a)	Legal Existence – preserve and maintain its (i) legal existence and (ii) all of its material rights, privileges and licenses, except where the absence of such
rights, privileges and licenses would not reasonably be expected to have a Material Adverse Effect and except as otherwise permitted by Section 10.3; 

  

	 	(b)	Legal Compliance – comply in all material respects with the requirements of all laws and regulations applicable to it and its business and property (including
Environmental Laws) and with all orders of governmental or regulatory authorities, except where non-compliance therewith would not reasonably be expected to have a Material Adverse Effect; 

  

	 	(c)	Payment of Taxes – pay and discharge all taxes, assessments and governmental charges or levies imposed on it or on its income or profits or on any of its property prior
to the date on which penalties or interest attach thereto, except for any such tax, assessment, charge or levy the payment of which is being contested in good faith and by proper proceedings and against which adequate reserves are being maintained;

  

	 	(d)	Maintenance of Property – maintain all property used or useful in its business in good working order and condition, ordinary wear and tear excepted, except for such
property which is no longer necessary for the operations and business of the Credit Parties; 

  

	 	(e)	Material Agreements – perform its obligations under and preserve and maintain in force all Definitive Agreements to which it is a party and any other agreement to which
it is a party that is necessary for or material for the operations and business of the Credit Parties, except where the non-performance of such obligations or the non-preservation or maintenance in force of such Definitive Agreement or other
agreements would not be expected to result in a Default or have a Material Adverse Effect; 

  

 - 20 - 

	 	(f)	Insurance – insure and keep insured by financially sound and reputable insurers all property of a character usually insured by Persons engaged in the same or similar
business against loss or damage of the kinds and in the amounts customarily insured against by such Persons and carry such other insurance as is usually carried by such Persons; 

  

	 	(g)	Records – keep adequate records and books of account, in which complete entries will be made in accordance with GAAP; and 

  

	 	(h)	Access – permit representatives of any Lender, upon reasonable prior notice and during normal business hours, to examine, copy and make extracts from its books and
records, to inspect any of its properties or assets, and to discuss its business and affairs with its officers and auditors. 

 9.2 Use
of Proceeds 
 The Borrower will use the proceeds of the Loan only for the purposes permitted under this Agreement. 
 9.3 Revolving Credit Facility 
 The Borrower
will use its commercially reasonable efforts in order to benefit at all times from a revolving credit facility for general corporate purposes in a principal amount of not less than $5,000,000 and not greater than $15,000,000. The Borrower will not
use such facility to fund Distributions. 
 9.4 Subsidiaries 
 The Borrower will cause each of its Subsidiaries to be at all times be a wholly-owned Subsidiary of the Borrower. 
 9.5
Further Assurances 
 The Borrower will, and will cause each of the other Credit Parties to cooperate with the Agent and the
Lenders and execute such further instruments and documents as the Agent or the Lenders may reasonably request to carry out to its satisfaction the transactions contemplated by the Credit Documents. 
 9.6 Representations and Warranties 
 The
Borrower will ensure that all representations made in this Agreement are true and correct at all times, except for representations made as of a date expressly stated therein. 
  

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 10 - NEGATIVE COVENANTS 
 The Borrower covenants and agrees that: 
 10.1
Negative Pledge 
 None of the Credit Parties will create, incur, assume or suffer to exist any Lien on their present and future
property or assets except for Permitted Liens. 
 10.2 Funded Debt 
 None of the Credit Parties will create, incur, assume or permit to exist any Funded Debt other than: 
  

	 	(a)	Funded Debt owing to the Agent and the Lenders under the Credit Documents; 

  

	 	(b)	Funded Debt among the Borrower and the Guarantors; 

  

	 	(c)	Funded Debt of the Borrower arising from a revolving credit facility referred to in Section 9.3 in an aggregate amount not exceeding $15,000,000; 

  

	 	(d)	Subordinated Debt; and 

  

	 	(e)	other Funded Debt in an aggregate amount for all Credit Parties at any time not exceeding $10,000,000. 

 10.3 Limitations on Fundamental Changes 
 None of the Credit Parties will: 
  

	 	(a)	enter into any transaction of merger, consolidation or amalgamation, or liquidate, wind up or dissolve itself, except that any Guarantor may merge or amalgamate with any other
Guarantor if not less than 20 days prior notice of the merger or amalgamation is given to the Agent and provided that the following conditions are fulfilled: 

  

	 	(i)	no Default occurs as a result of the merger or amalgamation; 

  

	 	(ii)	the surviving or amalgamated entity must be a Guarantor and must execute and deliver to the Agent all such documents as may be necessary or advisable to confirm that such entity is
bound as successor of the merging or amalgamating entities by all Credit Documents to which such entities were parties; and 

  

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	 	(iii)	the Agent has been provided prior to the merger or amalgamation with satisfactory evidence of compliance with the requirements of clauses (i) and (ii) including such
certificates, documents and legal opinions as the Agent or the Lenders may reasonably request; 

  

	 	(b)	sell, lease, transfer or otherwise dispose of, in one transaction or a series of related transactions to any Person (in each case, a “disposition”), any property except
for the following dispositions (in each case, provided that no Default occurs as a result of the disposition): 

  

	 	(i)	any sale of electricity in the ordinary course of business or any disposition of property which is obsolete, unusable or worn-out equipment or of equipment replaced in the ordinary
course of business; 

  

	 	(ii)	any disposition among the Guarantors or in favour of the Borrower, provided that the conditions of paragraph (a) above are fulfilled in the case of a disposition of any
material part of the assets of the transferor (to the extent applicable and adapted as if the disposition were a merger and the transferee were the surviving entity) and provided further that if the disposition relates to substantially all of the
property or assets of the transferor, the latter may wind-up or dissolve itself after completion of such disposition; and 

  

	 	(iii)	other dispositions of property (other than a Facility (as defined in the Limited Partnership Agreement) where the book value of the property disposed, together with the book value
of all property disposed pursuant to this clause in the aggregate since the date of this Agreement does not exceed 10% of the Net Tangible Assets of the Borrower as at the end of the financial quarter of the Borrower in which the Transaction has
occurred, provided that the disposition is made for a consideration at least equal to the fair market value of the related property; or 

  

	 	(iv)	carry on any business, directly or indirectly, other than the business to be carried on by the Credit Parties as a result of the Transaction or similar businesses and activities
ancillary or related thereto. 

 10.4 Investments and Acquisitions 
 None of the Credit Parties will, directly or indirectly: 
  

	 	(a)	make any investment in any Person (other than an investment in the Borrower or a Guarantor or cash equivalent investments made for cash management purposes) or make any acquisition
of business either by way of purchase of assets or shares or otherwise, unless such Person or the business acquired is in the same line of business as currently carried on by the Credit Parties or in an ancillary or related line of business and
provided that: 

  

	 	(i)	the aggregate amount of any such investments and acquisitions in any financial year does not exceed $40,000,000 for all Credit Parties; 

  

 - 23 - 

	 	(ii)	a description of the proposed investment or acquisition must be supplied to the Lenders within reasonable time prior to the closing of the proposed transaction, such description to
be accompanied with a due diligence report prepared by the Borrower on the proposed transaction together with such related financial statements and projections as the Majority Lenders may reasonably require; and 

  

	 	(iii)	a pro forma compliance certificate in the form of Schedule “B” giving effect to the investment or acquisition must be supplied to the Lenders concurrently with the
closing of the transaction, such certificate to also specify the EBITDA of the Person in which the investment is made or of the business acquired through the acquisition (with such EBITDA being greater than zero); 

  

	 	(b)	make any private or public tender offer for the shares or securities of another Person whose governing body has not approved such offer (“hostile take-over”); or

  

	 	(c)	make any investment or acquisition if a Default exists at such time or would result from such investment or acquisition. 

 10.5 Distributions 
  

	 	(a)	None of the Credit Parties will make any Distribution if an Event of Default exists or could result from such Distribution (other than a direct or indirect Distribution to the
Borrower or a Guarantor). In addition, 

  

	 	(i)	Distributions in respect of any financial quarter may not exceed the Distributable Cash for such quarter and the aggregate of undistributed Distributable Cash for previous financial
quarters; 

  

	 	(ii)	Distributions in respect of any financial quarter may not exceed 50% of the sum of the Distributable Cash for such quarter and the aggregate of undistributed Distributable Cash for
previous financial quarters, if the Debt Service Coverage Ratio is less than 1.75:1 at the end of the financial quarter in respect of which the Distribution is intended to be made; and 

  

	 	(iii)	No Distributions will be made if the Debt Service Coverage Ratio is less than 1.50:1 at the end of the financial quarter preceding the date of the intended Distribution.

  

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 10.6 Financial Assistance 
 None of the Credit Parties will provide financial assistance (whether by way of loan, Guarantee or otherwise) to any Person, except for (i) financial assistance at any time not exceeding in the aggregate $100,000
and (ii) financial assistance among the Borrower and the Guarantors. 
 10.7 Hedging 
 None of the Credit Parties will enter into any hedging agreement or any other derivative contract for speculative purposes (provided that hedging of an
underlying risk and unwinding of contracts will not be considered speculative for such purposes). 
 10.8 Transactions with Related Parties 

 None of the Credit Parties will engage in any material transactions with any related party (except for transactions among them) on terms
and conditions not less favourable in any material respect to the relevant Credit Party than those that could be obtained on an arm’s length basis from unrelated third parties. For the purposes of this Section 10.8, (i) related party
means, with respect to a Person, another Person that Controls or is Controlled by or is under common Control with the relevant Person, and (ii) the definition of Control must be read replacing 51% by 20%. 
 10.9 Definitive Agreements 
 The Borrower will
not consent to the early termination of, or to any material amendment to, or waive any of its material rights under, any Definitive Agreement if any such termination, amendment or waiver would reasonably be expected to result in a Default or have a
Material Adverse Effect. 
 11 - FINANCIAL COVENANT 
 11.1 Debt Service Coverage Ratio 
 The Borrower
must maintain at all times a Debt Service Coverage Ratio of not less than 1.40:1. 
 12 - REPORTING
REQUIREMENTS 
 12.1 Annual Reporting 
 The Borrower will deliver to the Agent, for distribution to the Lenders, as soon as available and, in any event, within 90 days after the end of each
financial year of the Borrower, the audited annual financial statements of the Borrower for such year, on a consolidated basis accompanied by an audit report with no Impermissible Qualification, with a comparison to budget. 
  

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 12.2 Other Annual Reporting 
 The Borrower will deliver to the Agent, for distribution to the Lenders, within 90 days after the beginning of each financial year of the Borrower, its operating and capital budget for such financial year, showing
four quarters. 
 12.3 Quarterly Reports 
 The Borrower will deliver to the Agent, for distribution to the Lenders, as soon as possible and, in any event within 60 days after the end of each financial quarter of the Borrower (including the fourth quarter): 
  

	 	(a)	the unaudited financial statements of the Borrower for the relevant financial quarter on a consolidated basis, together with a comparison to the corresponding quarter of the
previous financial year; 

  

	 	(b)	a compliance certificate relating to the covenants herein in the form of Schedule “B” (with sufficient details to reconcile the financial statements with the calculation
base of financial covenants and to verify that Distributions have been in compliance with Section 10.5); 

  

	 	(c)	until the Automation Program Completion Date, a certificate describing the progress of the Automation Project (including an update of the budget of such project), with sufficient
details to reconcile the balance in the Automation Account with the expenditures made and remaining to be made in connection with the Automation Project. 

 12.4 Environmental Reporting 
 The Borrower will promptly notify the Agent whenever the
Borrower: 
  

	 	(a)	becomes aware of any material release of any hazardous substance not in compliance with Environmental Laws applicable to the Credit Parties or their assets; or

  

	 	(b)	receives any notice of the commencement of any material judicial or administrative proceeding or investigation alleging a violation of any Environmental Law by any Credit Party or
with respect to its assets. 

  

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 12.5 Reporting from time to time 
 The Borrower will promptly notify the Agent of any Default and any change in the Control of the Borrower and will deliver to the Agent, for distribution
to the Lenders, a copy of any auditor letter highlighting issues or deficiencies that, if not addressed or corrected, could result in a Material Adverse Change. The Borrower will also furnish to each Lender all information, documents and records and
allow any enquiry, study, audit or inspection that the Majority Lenders may reasonably request in connection with the business, financial condition, property, assets or prospects of the Credit Parties, or to verify compliance with the obligations of
any of the Credit Parties under any Credit Document. 
 12.6 Documentation 
 Any document to be delivered by the Borrower under this Agreement must be delivered to the Agent at its address specified in Schedule “D”
(unless such document is sent by electronic mail) in a sufficient number of copies for delivery to each the Lenders and promptly upon receipt by the Agent, must be forwarded to the Lenders by the Agent. 
 13 - EVENTS OF DEFAULT AND REMEDIES 
 13.1 Events of Default 
 The occurrence of one
or more of the following events constitutes an event of default (“Event of Default”) under the Credit Documents: 
  

	 	(a)	the Borrower defaults in the payment when due of any amount owing under the Loan in respect of principal, or defaults for more than three Business Days in the payment of any other
amount owing under a Credit Document; 

  

	 	(b)	a Credit Party (i) fails to make a payment or payments exceeding in the aggregate $5,000,000 in respect of any indebtedness (other than the Loan), when and as due, or
(ii) is in default under any agreement or agreements relating to indebtedness (other than the Loan) exceeding $5,000,000 in the aggregate if the effect of such default is to accelerate or to permit the acceleration of such indebtedness and, in
each case, such failure or default continues after the applicable notice or grace period, if any; 

  

	 	(c)	any representation, warranty or certification made or deemed made by a Credit Party in any Credit Document proves to be false or misleading as of the time made in any material
respect and such breach continues unremedied for a period of 30 days; 

  

	 	(d)	any of the provisions of Articles 7 and 11 is not complied with; 

  

 - 27 - 

	 	(e)	any of the covenants contained in Article 10 and Article 12 is not complied with and such failure remains unremedied for 10 days; 

  

	 	(f)	a Credit Party becomes unable to pay its debts generally as such debts become due or is adjudicated bankrupt or insolvent or ceases to carry on its business;

  

	 	(g)	a Credit Party (i) applies for or consents to or is the subject of an order for the appointment of a receiver, interim receiver or trustee (or any Person performing similar
functions) in respect of itself or of all or a substantial part of its assets, (ii) makes a general assignment for the benefit of its creditors, (iii) takes advantage of any law relating to bankruptcy, insolvency, reorganization, liquidation,
dissolution, arrangement or winding-up, or (iv) takes any action for the purpose of effecting any of the foregoing; 

  

	 	(h)	a proceeding (or any similar action) is commenced against a Credit Party seeking (i) its bankruptcy, reorganization, liquidation, dissolution, arrangement or winding-up, or similar
relief, (ii) the appointment of a receiver, interim receiver or trustee (or any Person performing similar functions) in respect of itself or of all or any substantial part of its assets, or (iii) the seizure or the attachment of, or the enforcement
of remedies on, any part of its assets having a value of more than $5,000,000, and, in each case, such proceeding (or similar action) is not dismissed or withdrawn after a period of 60 days for movable or personal property or 90 days for immovable
or real property, provided that such grace period will apply only if such proceeding (or action) is diligently contested in good faith and does not disrupt the business or normal operations of the Credit Party concerned; 

  

	 	(i)	a Credit Party defaults in the performance of any of its other obligations under a Credit Document and such default continues unremedied for a period of 30 days after notice by the
Agent to the Borrower; 

  

	 	(j)	a Change of Control; or 

  

	 	(k)	a Material Adverse Change. 

 13.2 Remedies 
 If an Event of Default occurs and is continuing, the Agent may, on giving a notice to the Borrower: 
  

	 	(a)	terminate the right of the Borrower to use the Loan; 

  

	 	(b)	declare all indebtedness of the Borrower under the Credit Documents to be immediately payable and demand immediate payment of the whole or part thereof; and

  

 - 28 - 

	 	(c)	exercise all of the rights and remedies of the Lenders including their rights and remedies under any Credit Document; 

 provided that all indebtedness of the Borrower under the Credit Documents will automatically become due and payable without any notice upon the occurrence of any of the
Events of Default specified in Sections 13.1(f), 13.1(g) and 13.1(h). 
 14 - EQUALITY AMONG
LENDERS 
 14.1 Distribution among Lenders 
 Any payment received by a Lender or the Agent on account of the Loan, including any amount received through the exercise of any right of set-off and the
enforcement of any Guarantee, must be distributed among the Lenders proportionately to the amount of the indebtedness due to them hereunder and which is then payable. 
 14.2 Payments to the Agent 
 All payments made to the Agent on account of any indebtedness
owing to Lenders hereunder will be deemed to have been made to the Agent for the rateable benefit of the applicable Lenders. 
 14.3 Other Security

 No Lender may take any Lien or Guarantee in connection with the Loan except in accordance with Article 7. 
 14.4 Adjustments 
 If, at any time, the ratio
of principal amount owing to a Lender under the Loan to the aggregate amount owing to the Lenders under the Loan is not proportional to such Lender’s Commitment under the Loan, expressed as a percentage, the Agent may (and will, at the request
of any Lender or after a demand made pursuant to Section 13.2(b)), make from time to time such adjustments as may be necessary in order that the indebtedness owing the Lenders under the Loan be in the proportions of their Commitments and the
Lenders will make all such payments as the Agent may direct to give full effect to such adjustments. The Borrower will be bound by such adjustments. 
 15 - THE AGENT AND THE LENDERS 
 15.1
Appointment of the Agent 
 Each Lender irrevocably appoints the Agent to exercise on its behalf the rights and powers delegated to
the Agent hereunder and authorizes the Agent to take any action necessary for the performance of its duties. Whenever acting in such capacity, the Agent represents and binds all Lenders. 
  

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 15.2 Restrictions on the Powers of the Lenders 
 No Lender may exercise individually the rights and powers delegated to the Agent, including the enforcement of remedies after the occurrence of an Event
of Default. 
 15.3 Execution of Guarantee Agreements 
 The Agent is authorized to act on behalf of the Lenders in connection with and to execute in their name any Guarantee Agreement. 
 15.4 Action by Agent 
 The duties of the Agent are limited to those specifically conferred upon it in the Credit
Documents. Except as otherwise provided, the Agent is not required to exercise any discretion or to take any action under the Credit Documents, unless the Agent has been so required by the Majority Lenders (or by all Lenders where the consent of all
Lenders is required). In no event, will the Agent be required to exercise any right or power, if in its judgment, doing so would contravene any Credit Document or applicable law or where the Agent determines that the indemnity provided in
Section 15.6 may not be available or adequate. 
 15.5 Enforcement Measures 
 Any legal proceedings and enforcement measures on behalf of the Lenders will be taken by the Agent; at the Agent’s request, all Lenders must join the
Agent in such proceedings or enforcement measures. 
 15.6 Indemnification 
 Each Lender will indemnify the Agent (and its directors, officers, employees and agents), proportionately to its respective Commitment, from and against
all losses suffered or liabilities or expenses incurred by the Agent of any kind or nature when exercising its rights and powers, save any losses, liabilities or expenses resulting from the gross negligence or wilful malfeasance of the Agent (or its
directors, officers, employees or agents). 
 15.7 Liability of the Agent 
 The Agent will only be liable to the Lenders for gross negligence or wilful malfeasance, and will have no liability as a consequence of a failure of any
Person to fulfil its obligations or any action authorized by the Majority Lenders (or by all Lenders where the consent of all Lenders is required). The Agent will be entitled to assume that there exists no Default, unless the Agent has been notified
in writing of the existence of a Default. 
  

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 15.8 Liability of Lenders 
 Each Lender acknowledges that it has been and will continue to be solely responsible for making its own independent appraisal and investigation of the financial condition of the Borrower and any other Credit Party,
and for the assessment of the risks arising from the Loan. No Lender may rely on the Agent in this regard nor will the Agent be responsible for ensuring the validity or enforceability of any Credit Document. 
 15.9 Rights of the Agent as Lender 
 In its
capacity as Lender, the Agent has the same rights as the other Lenders and may exercise such rights independently of its role as Agent; unless the context otherwise requires, the expression “Lender” also refers to the Lender which is the
Agent. 
 15.10 Sharing of Information 
  

	(a)	The Lenders may share with each other any information held by them regarding the financial condition, business or property of the Credit Parties or relating to matters contemplated
by the Credit Documents. The Lenders may also provide such information on a confidential and need-to-know basis to any financial institution which is an assignee or a prospective assignee of Commitments or a participant or a prospective participant
in the Loan. 

  

	(b)	The Agent may disclose to any agency or organization that assigns standard identification numbers to Loan such basic information describing the Loan as is necessary to assign unique
identifiers (and, if requested, supply a copy of this Agreement), it being understood that the Person to whom such disclosure is made will be informed of the confidential nature of such information and instructed to make available to the public only
such information as such person normally makes available in the course of its business of assigning identification numbers. In addition, the Agent may provide to Loan Pricing Corporation or other recognized publishers of information for circulation
in the loan market information of the type customarily provided by financial institutions to Loan Pricing Corporation. 

 15.11
Competition 
 Subject to the other provisions of this Agreement, the Agent and each of the Lenders may enter into other
transactions with any Credit Party and they are not required to notify each other of such transactions. 
 15.12 Successor Agent 
 The Agent may resign by giving notice thereof to the Borrower and to the Lenders. The Agent may also be replaced by the Majority Lenders following the
failure by the Agent to 

  

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perform its obligations under this Agreement. The resignation or replacement of the Agent will be effective 30 days after the appointment by the Majority
Lenders of a successor Agent from among the Lenders. Promptly after being so appointed, any successor Agent must give notice thereof to the Borrower and the Lenders. From the effective date of its appointment, any successor Agent will be vested with
all the rights, powers and duties of the Agent under the Credit Documents. 
 16 - DECISIONS, WAIVERS
AND AMENDMENTS 
 16.1 Amendments and Waivers by the Majority Lenders 
 Subject to the other provisions of this Article 16, the provisions of the Credit Documents may be amended or waived, and consents thereunder may be given,
only by an instrument signed by the Agent, with the approval of the Majority Lenders, and in the case of an amendment, also signed by the relevant Credit Parties. 
 16.2 Amendments and Waivers by Unanimous Approval 
 Except as otherwise expressly provided in this Agreement, an
amendment, waiver or consent that relates to any of the following matters must be made or given by an instrument signed by the Agent, with the approval of all Lenders, and in the case of an amendment, also signed by the relevant Credit Parties:

  

	 	(a)	the extension of the maturity date of the Loan; 

  

	 	(b)	any increase in the amount of the Loan or in the Commitment of any Lender; 

  

	 	(c)	any postponement of the due date, any subordination or any reduction of any amount payable hereunder; 

  

	 	(d)	any reduction of any interest rate or fee; 

  

	 	(e)	the release or subordination of the rights of the Agent or Lenders under any Guarantee Agreement; and 

  

	 	(f)	the provisions of Sections 6.1 and 17.8, any Event of Default provided in Sections 13.1(a), 13.1(f), 13.1(g) and 13.1(h), the provisions of Articles 14, 15 and 16 and the definition
of the “Majority Lenders”. 

  

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 17 - MISCELLANEOUS 
 17.1 Books and Accounts 
 The Agent will keep
books and accounts evidencing the transactions made pursuant to this Agreement. Absent manifest error, such books and accounts will be deemed to represent accurately such transactions and the indebtedness of the Borrower under the Loan. 

17.2 Determination 
 In the absence of
manifest error, any determination made by the Agent of the amounts payable hereunder will be conclusive and binding upon the Lenders and the Borrower. 
 17.3 Prohibition on Assignment by Borrower 
 The Borrower may not assign its rights, or the amounts to be received by
it, under this Agreement. 
 17.4 Assignments and Participations 
  

	(a)	A Lender (the “Assignor”) may assign, in whole or in part, its Commitment (including outstanding advances owing to it) to any Person who makes, purchases or otherwise
invests in commercial loans in the course of its business (the “Assignee”). The assignment must be made in an instrument substantially in the form of Schedule “C”. The Assignor must pay to the Agent, for its own account, an
assignment fee of $3,500. When the assignment becomes effective, the Assignee will become a Lender and will benefit from the rights and be liable for the obligations of the Assignor, proportionally to the assigned Commitment, and, to the same
extent, the Assignor will be released from its obligations. The Assignor and the Assignee will be liable for all expenses incurred by the Agent in connection with such assignment. 

  

	(b)	Except if made in favour of an Affiliate of the Assignor or after a Default has occurred and is continuing, no partial assignment of a Commitment may be made if the portion thereof
intended to be assigned is less than $5,000,000. 

  

	(c)	Concurrently with any assignment in favour of an Assignee who is not, at the time of the assignment, party to this Agreement, each Credit Party must confirm that the Assignee is
entitled to the benefit of the Guarantee Agreements. 

  

	(d)	Each assignment by a Lender is subject to the prior consent of the Agent and, if made at a time when no Default is continuing, to the prior consent of the Borrower (which consents
will not be unreasonably withheld). However, no such consent will be required if the Assignee is a Lender or an Affiliate of a Lender. 

  

 - 33 - 

	(e)	Sections (a) to (d) do not apply to a participation that a Lender may grant to another financial institution provided that no such participation will release any Lender of
its obligations under the Credit Documents. 

 17.5 Notes 
 At the request of a Lender, the Borrower will execute in favour of such Lender a note evidencing its indebtedness to such Lender under this Agreement.

 17.6 No Waiver 
 The omission by
the Agent or any Lender to exercise any of its rights will not be deemed to be a waiver of the exercise of any such right subsequently. The omission by the Agent or any Lender to notify the Borrower of the occurrence of a Default will not be deemed
to be a waiver of the right of the Agent or of such Lender to avail itself of such Default. 
 17.7 Set-off 
 The Agent and each Lender are authorized, if an Event of Default has occurred and is continuing, to set off and to apply any and all deposits held for the
Credit Parties against any amount due and payable by the Borrower under the Credit Documents. The Agent or the Lender concerned will promptly notify the Borrower of any such application of payment. 
 17.8 Indemnification 
  

	(a)	The Borrower must pay on demand the amount of all reasonable costs and expenses (including legal and other professional fees) incurred by the Agent in connection with the Loan and
the preparation, negotiation, execution and administration of the Credit Documents, as well as the reasonable costs and expenses incurred by the Agent or the Lenders in connection with the enforcement of, or the preservation of any rights under, any
Credit Document. 

  

	(b)	If any law, regulation, administrative decision or guideline or decision of a Court (i) increases the cost of the Loan for any Lender or (ii) reduces the income receivable
by any Lender from the Loan (including, without limitation, by reason of the imposition of reserves, taxes or requirements as to the capital adequacy of such Lender but in no event by reason of taxes on the overall net income of a Lender), such
Lender may send to the Borrower a statement indicating the amount of such additional cost or reduction of income; in the absence of manifest error, this statement will be conclusive evidence of the amount of such additional cost or reduction of
income and the Borrower must pay forthwith said amount to such Lender. 

  

	(c)	 In addition to Redeployment Costs, the Borrower must pay on demand the amount of any other cost or loss, if any, suffered by a Lender as a result of the repayment
of the Loan 

  

 - 34 - 

	 	 
before maturity, irrespective of the cause of such repayment (including a repayment resulting from a demand for payment after the occurrence of an Event of
Default). In the absence of manifest error, a statement prepared by the affected Lender indicating the amount of such cost or other loss and the method by which same was calculated will be binding and conclusive. 

  

	(d)	The Borrower must indemnify the Agent, the Lenders, their Affiliates and their respective officers, directors, employees and agents and hold them harmless from and against all
losses, liabilities, claims, damages or expenses (including the costs to defend any claim) suffered or incurred by or made against any of them in any manner whatsoever arising from or related to the Credit Documents or the transactions contemplated
thereby (including as a result of any Default or any claim under Environmental Laws in connection with the operations of, or any property owned or operated by, any Credit Party). 

 17.9 Mitigation of costs 
 Each Lender will use
its best efforts to avoid any additional cost or reduction of income for which the Borrower is required to indemnify such Lender pursuant to Section 17.8(b). However, nothing herein will require any Lender to take any action which would cause
such Lender to incur any expense which would not materially reduce any amount to be received pursuant to Section 17.8(b) or which the Lender determines in its sole judgment to be inadvisable for regulatory, competitive or internal management
reasons. The Borrower will reimburse any Lender for any such expense incurred by such Lender in taking any action pursuant to this Section 17.9. 
 17.10 Inconsistency 
 In the event of inconsistency between this Agreement and any other Credit Document, the
provisions of this Agreement must be accorded precedence. 
 17.11 No Liability of Limited Partners 
 The obligations of the Borrower under any Credit Documents will not be personally binding upon, nor will resort be had to, the property of any of the
limited partners of the Borrower, their heirs, successors and assigns. 
 17.12 Corrections of Errors 
 The Agent is authorized to correct any typographical error or other error of an editorial nature in this Agreement and to substitute such corrected text
in the counterparts of this Agreement, provided that such corrections do not modify the meaning or the interpretation of this Agreement and provided that copies of the corrected texts are remitted to each party. 
  

 - 35 - 

 17.13 Communications 
 The Agent is entitled to rely in its dealings with the Borrower upon any instruction or notice which the Agent believes in good faith to have been given by a Person authorized to give such instruction or notice or to
make the applicable transaction. 
 17.14 Counterparts 
 This Agreement may be executed in any number of counterparts, all of which taken together constitute one and the same instrument. A party may execute this Agreement by signing any counterpart. 
 18 - NOTICES 
 18.1 Sending of Notices 
 Unless otherwise provided, any notice to be given to a party in connection with this
Agreement will be given in writing and will be given by personal delivery, by a reputable delivery service, by telecopier or (except for any notice pursuant to Article 13) by electronic mail, addressed to the recipient at its address specified in
Schedule “D” hereof or at such other address as may be notified by such party to the others pursuant to this Article. 
 18.2 Receipt of
Notices 
 Any notice given by personal delivery or by a delivery service will be conclusively deemed to have been given at the time
of such delivery and, if given by telecopier or by electronic mail, on the day of transmittal if before 3:00 p.m. on a Business Day, or on the following Business Day if such transmission occurs on a day which is not a Business Day or after 3:00 p.m.
on a Business Day. If the telecopy or electronic transmission system suffers any interruptions by way of a strike, slow-down, a force majeure, or any other cause, a party giving a notice must do so using another means of communication not
affected by the disruption. 
 19 - FRENCH LANGUAGE VERSION

 The parties acknowledge and agree that (i) they will execute a French
version of this Agreement by no later than the 30th day following the date of this Agreement (or such later date as the parties may agree to) and
that (ii) upon the execution of the French version, both the French version and this English version of this Agreement will be read and construed as, and will together constitute, one and the same agreement, with neither one of such versions
having precedence over the other in the interpretation of this Agreement. Prior to the execution by the parties of the French version, the Borrower will request counsel to the Lenders to issue a 
 favourable legal opinion addressed to the parties, confirming that the French version constitutes a complete and accurate translation of the English version. 

 

 - 36 - 

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

			
	 ACH LIMITED PARTNERSHIP by its general partner
 Abitibi-Consolidated Hydro Inc.

		
	Per:	 	 

		
	Per:	 	 

	
	ABITIBI-CONSOLIDATED HYDRO INC., acting for itself, and acknowledging that by executing this Agreement it is
jointly and solidarity liable for all obligations of the Borrower under the Credit Documents
		
	Per:	 	 

		
	Per:	 	 

  

 - 37 - 

			
	 CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC, as
 Agent

		
	Per:	 	 

		 	Catherine Brossard
		 	Directrice Investissement
		
	Per:	 	 

		 	James B. McMullan
		 	Vice President
	
	(the names and signatures of the Lenders are on the next page)

  

 - 38 - 

									
	 Lenders
	  	Commitment Amounts
(in Dollars)	  	Percentage	 
	 CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
	  	$	250,000,000	  	100	%
				
	 Per:
	  	

	  			  		
		  	 Catherine Brossard
 Directrice
Investissement;
	  			  		
				
	 Per:
	  	

	  			  		
		  	 James B. McMullan
 Vice President
	  			  		

  

 - 39 - 

 DEPOSITARY AGREEMENT 
  

			
	March 31,2007	  	
		
	Canadian Imperial Bank of Commerce	  	Caisse de dépôt et placement du Québec
	c/o CIBC World Markets	  	Centre CDP Capital
	Credit Capital Markets	  	1000, place Jean-Paul Riopelle
	BCE Place, 8th Floor	  	Montréal, Qc
	161 Bay Street	  	H2Z 2B3
	Toronto, ON M5J2S8	  	
		  	Attention: Vice President, Infrastructure Debt
	Attention: Executive Director	  	

 Dear Sirs/Mesdames: 
 Re: ACH Limited Partnership / Debt Service Account and Maintenance Account 
 ACH Limited Partnership (the “Customer”) has
entered into or will enter into a $250,000,000 term loan with Caisse de depôt et placement du Québec, as agent (the “Agent”) pursuant to which the Customer has agreed to establish a Debt Service Account and a Maintenance
Account, the whole pursuant to a credit agreement dated as of March 31, 2007 (as amended, restated or otherwise modified from time to time (the “Credit Agreement”)). 
 The Customer maintains an account no. — (Maintenance Account) and account no. — (Debt Service Account) (collectively, the “Accounts”)
with Canadian Imperial Bank of Commerce (“CIBC”) at its — branch (the “Branch of Account”) into which the Customer will make deposits from time to time. 
 In order for the Customer to comply with the requirements of the Credit Agreement, the Customer requests that CIBC acknowledge and agree with the Customer and the Agent
for their benefit, as follows: 
  

	1.	Establishment of the Accounts 

 CIBC has established
and will maintain the Accounts in the name of the Customer, subject to the rights of the Agent as provided for in this Agreement. 
  

	2.	Withdrawals 

 Except as otherwise provided for in
this Agreement, CIBC will be entitled to operate the Accounts in the normal course of its business with the Customer and CIBC will be permitted to honour all withdrawals, debit memos, cheques, payment orders, wire transfers, items and other forms of
payment in accordance with the applicable banking resolutions, authorizations and agreements governing the operation of the Accounts. 
  

	3.	Authorizations and Directions to CIBC 

 CIBC is
authorized and directed that upon receipt of a notice from the Agent instructing CIBC to block the Accounts (a “Stop Notice”), CIBC will block the Accounts and (except as otherwise provided for in section 5 of this Agreement) CIBC will
accept only the instructions of the Agent with respect to permitting withdrawals from or the debiting of fees, charges and other amounts to the Accounts. The authorization contained in this section 3 is irrevocable unless the Agent will deliver to
CIBC a written notice (with a copy to the Customer) withdrawing the Stop Notice, whereupon the Customer will again have control over the Accounts. 

	4.	Fees 

 The Customer agrees that it is responsible to
pay CIBC for all fees, charges and expenses relating to the establishment and operation of the Accounts (including CIBC’s reasonable legal fees) and all other normal and customary fees, charges and expenses for services that may be provided to
the Customer by CIBC, including but not limited to, debit fees and other normal and customary charges, fees and expenses in connection with wire transfers, business banking services and the operation of the Accounts (all such amounts referred to as
“Fees”). 
  

	5.	Operation of Accounts After Receipt of Stop Notice 

  

	 	(a)	From and after receipt by CIBC of a Stop Notice and until this Agreement is terminated or until CIBC receives a written notice withdrawing the Stop Notice, whichever occurs first,
CIBC will not make any charge, debit or offset against any cheques, drafts or other items received for deposit in the Accounts or against any amounts in an Account, provided that CIBC retains the right, at all times, to debit an Account for the
amount of any Fees, any cheques or other forms of payment deposited in such Account and subsequently returned to CIBC unpaid for any reason (whether in accordance with the rules of the Canadian Payment Association or otherwise), any required
adjustment due to clerical error or calculation error and any other debit that CIBC would process against the Accounts in the ordinary course of operating the Accounts (all such amounts referred to as “Chargeback Amounts”).

  

	 	(b)	If debiting an Account for any Fees or Chargeback Amounts creates a debit balance in an Account, CIBC will be entitled to offset any cheques, drafts or any other forms of payment
(including cash deposits received) for deposit in such Account against that debit balance. 

  

	 	(c)	Despite any other term of this Agreement, CIBC will have the right to act in accordance with its standard procedures, policies and practices and to debit each Account upon receipt
of and in accordance with any third party demand, including, but not limited to, any court order, notice of garnishment, execution, seizure or governmental direction to pay which is received by CIBC. CIBC agrees to provide the Customer and the Agent
with notice and the details of any such third party deemed forthwith upon receipt thereof. 

  

	6.	Statements/Advices 

 CIBC will provide the Customer
and, at the request of the Agent, the Agent with monthly statements of account, debit and credit advices and copies of all relevant communications issued or received by CIBC in the normal course of operating the Accounts. 
  

	7.	Liability 

 CIBC undertakes to perform only those
duties that are expressly set forth in this Agreement. The Customer and the Agent agree that CIBC will not be liable for any act or omission taken or made by CIBC or its directors, officers, employees or agents in connection with this Agreement
other than for acts or omissions constituting gross negligence or willful malfeasance of CIBC. In the case of gross negligence or willful malfesance with any act or omission taken or made by CIBC under this Agreement, CIBC will be liable for no more
than the actual damages directly caused by such gross negligence or willful malfesance. In no event will CIBC be liable for any indirect, special or consequential damages even if informed of the possibility of such damages or for any losses or
delays resulting from acts of god, computer malfunctions, interruption of communication facilities, labour difficulties, legal impediments beyond CIBC’s control that expressly limit CIBC’s power under this Agreement or other causes beyond
CIBC’s control. 

	8.	Indemnity 

 The Customer agrees to indemnify and
save CIBC harmless from and against any and all liabilities, obligations, losses, damages, claims (including, without limitation, any third party claims), penalties, actions, judgments, suits, costs, reasonable expenses or disbursements of any kind
or nature whatsoever (including, without limitation, reasonable legal fees) sustained or incurred by CIBC as a result of entering into this Agreement or the performance by CIBC of any of its obligations hereunder, including, without limitation,
complying with any Stop Notice, except for any liability, loss, damage or expense resulting from CIBC’s gross negligence or willful malfesance. 
  

	9.	No Duty to Inquire 

 Any notice or instruction
purporting to be given by the Agent under this Agreement will be conclusive authority for CIBC to act in accordance with that notice or instruction. CIBC is not obliged or required to monitor any requirements or obligations of the Customer pursuant
to this Agreement and has no duty to question any notice or instruction provided by the Agent to CIBC. The Customer authorizes CIBC to act on any such notice or instruction and waives any claim or action against CIBC in connection therewith.

  

	10.	Termination/Closing of the Accounts 

 CIBC may
terminate this Agreement for any reason by providing thirty (30) days’ prior written notice to the Customer and the Agent. CIBC may also terminate this Agreement effective immediately if any proceeding in bankruptcy, receivership,
liquidation or insolvency is commenced against the Customer or its property or if the Customer becomes insolvent, commits any act of bankruptcy, ceases to do business as a going concern, or seeks any arrangement or compromise with its creditors
under any statute or otherwise upon written notice to the Agent and the Customer. CIBC may close an Account in accordance with its usual banking practice and upon written notice to the Customer and the Agent provided that, upon the Agent’s
instructions, CIBC will transfer all funds in the applicable Account to the Agent. 
 The Agent may terminate this Agreement by providing ten
(10) days’ prior written notice to the Customer and CIBC. 
  

	11.	Assignment 

 The Customer will not have the right to
assign this Agreement. The Agent may assign this Agreement to a successor agent in accordance with the provisions of the Credit Agreement provided that the prior consent of CIBC is obtained, which consent will not be unreasonably withheld or
delayed. CIBC may assign its rights and obligations under this Agreement, without the approval of the Agent or the Customer, to an affiliate of CIBC or any entity which acquires all or substantially all of assets of CIBC or to any subsidiary or
affiliate or successor in a merger, amalgamation or acquisition of CIBC. 
  

	12.	CIBC is not a Fiduciary or Trustee 

 Nothing in this
Agreement constitutes CIBC as a trustee or a fiduciary in respect of either the Customer or the Agent. The Customer and the Agent agree that CIBC will have no other obligations in respect of the Accounts or the funds held in the Accounts except for
those obligations set out in this Agreement. 
  

	13.	Notices 

 All notices, including, without
limitation, Stop Notice, statements of account, debit and credit advices, returned items, general correspondence and termination notices, may be sent by the parties to this Agreement to the following addresses, or to such other address as any party
receiving notices will designate to the other parties, in writing from time to time: 

			
	ACH Limited Partnership:
	1155 Metcalfe Street, Suite 800
	Montréal, Québec H3B 5H2
		
	Attention:	  	Treasury
	Fax:	  	(514) 394-2267
	
	Canadian Imperial Bank of Commerce:
	c/o CIBC World Markets
	Credit Capital Markets
	BCE Place, 8th Floor
	161 Bay Street
	Toronto, Ontario M5J 2S8
		
	Attention:	  	Syndication Agency
	Fax:	  	(416) 956-3830
	
	The Agent:
	Caisse de dépôt et placement du Québec
	Centre CDP Capital
	1000, place Jean-Paul Riopelle
	Montréal, QC H2Z 2B3
		
	Attention:	  	Vice President, Infrastructure Debt
	Fax:	  	(514) 847-2493

 The Stop Notice referred to in section 3 of this Agreement will be sent to CIBC and the Customer by
certified mail, return receipt requested or by overnight or local delivery courier. All notices provided for under this Agreement will be effective when actually received by the addressee, except for faxes which are effective when the addressee
telephonically confirms receipt to the sender. 
  

	14.	Modification 

 This Agreement and the
authorization contained herein may not be changed, modified or waived orally. 
  

	15.	Conflicts 

 In the event of any conflict or
inconsistency between this Agreement and any banking resolution or account operation agreement governing the Accounts, this Agreement will prevail. 
  

	16.	Survival 

 The obligations of the Customer and the
Agent under sections 7, 8 and 9 of this Agreement will survive termination of this Agreement. 
  

	17.	Governing Law 

 This Agreement will be governed by
and construed in accordance with the laws of the Province of Québec and the laws of Canada applicable therein. 
 [The next page is
the signature page] 

 [Signature page to the Depositary Agreement] 
  

			
	ACH LIMITED PARTNERSHIP, by ACH GP Inc., its sole general partner
		
	By:	 	  

	Title:	 	
		
	By:	 	  

	Title:	 	

 ACKNOWLEDGED AND AGREED AS OF THE DATE FIRST WRITTEN ABOVE 
  

							
	CANADIAN IMPERIAL BANK OF COMMERCE	 	CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
				
	By:	 	  
	 	By:	 	  

	Title:	 		 	Title:	 	
				
	By:	 	  
	 	By:	 	  

	Title:	 		 	Title:	 	

 Schedule “B”  
 COMPLIANCE CERTIFICATE 
 [ Date ] 
 [Name and address of Agent] 
 RE: Credit Agreement
dated March 31,2007 
 Reference is made to the above-mentioned Credit Agreement entered into between the Lenders mentioned therein,
the Agent and ACH Limited Partnership, as Borrower. I am an authorized representative of the general partner of the Borrower and I hereby certify in such capacity that, to the best of my knowledge but after reasonable enquiry, the representations
and warranties set forth in the Credit Agreement are still true and correct in all material respects and that no Default has occurred and is continuing. 
 I also certify that, on the last day of the last financial quarter of the Borrower: 
  

	1.	the Debt Service Coverage Ratio of the Borrower was — to 1.00; 

  

	2.	[The Distributable Cash for such quarter was $— and the undistributed portion of Distributable Cash relating to previous financial
quarters was $—]; 

  

	3.	[Information describing the hedging positions of the Borrower as at that date]. 

  

	4.	the Free Cash Flow was $—. 

  

	5.	the credit balance in the Debt Service Reserve Account was $—, in the Maintenance Account was $— and in the
Automation Account was $—. 

 The details of the calculation of such amounts and ratio are
set forth in the annex attached hereto. 
  

	
	  

	[Authorized representative]

  

 - 2 - 

 Schedule “C” 
 FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT 
 ASSIGNMENT AND ASSUMPTION AGREEMENT
entered into in —, on this      day of             , — between
                                        
(the “Assignor”) and
                                        
(the “Assignee”). 
 WHEREAS a credit agreement has been entered into as of March 31, 2007 among ACH Limited
Partnership, as Borrower, Caisse de depôt et de placement du Québec, as Agent, and the Lenders (as amended and supplemented from time to time, the “Credit Agreement”); 
 WHEREAS the Assignor is a Lender under the Credit Agreement; 
 WHEREAS, as provided in the Credit Agreement, the Assignor has Commitments in respect of the Loan in a total Dollar amount of $            ;

 WHEREAS a Lender may assign, in whole or in part, its Commitments with respect to the Loan to any other financial institution
pursuant to Section 17.4 of the Credit Agreement; 
 WHEREAS the Assignor proposes to assign to the Assignee all of its rights
under the Credit Agreement in respect of a portion of the Assignor’s Commitments, such assigned portion to be in the amount of $             (the “Assigned Amount”),
together with a 
 corresponding portion of the advances owed to the Assignor, and the Assignee proposes to accept such assignment and assume the
corresponding obligations of the Assignor; 
 NOW, THEREFORE, the parties hereto agree as follows: 
  

	1.	Definitions 

 Capitalized terms used but not defined
herein have the meanings assigned to them in the Credit Agreement. 
  

	2.	Assignment 

 The Assignor hereby assigns and sells
to the Assignee all of the rights of the Assignor (the “Assigned Rights”) under the Credit Agreement to the extent of the Assigned Amount. 
  

	3.	Assumption 

 The Assignee hereby accepts such
assignment and assumes all of the obligations of the Assignor (the “Assigned Obligations”) under the Credit Agreement to the extent of the Assigned Amount, including, for greater certainty, the corresponding portion of the amount of the
Loan made available to the Borrower by the Assignor and still in effect on the Effective Date (as hereinafter defined). 
  

 - 3 - 

	4.	Effective Date 

 This Agreement will come into
effect on                      (the “Effective Date”). 
  

	5.	Rights and Obligations of the Parties 

 Upon the
execution and delivery of this Agreement by the Assignor and the Assignee, the consent hereto by the Borrower (if required under the Credit Agreement) and the Agent: 
  

	 	i)	the Assignee will, as of the Effective Date, have the rights and be obligated to perform the obligations of a Lender under the Credit Agreement with Commitments in respect of the
Loan in a total amount equal to the Assigned Amount; 

  

	 	ii)	the Commitments of the Assignor in respect of the Loan will, as of the Effective Date, be reduced by like amounts and the Assignor will be released from its obligations under the
Credit Agreement to the extent of the Assigned Obligations which are assumed by the Assignee; and 

  

	 	iii)	the Assignee will, as of the Effective Date, be bound by and entitled to the full benefit of the Credit Agreement and of the other Credit Documents (including the Guarantee
Agreements) to same extent of the Assigned Rights and Assigned Obligations as if it were an original party thereto. 

  

	6.	Payments 

 From the Effective Date, the Agent will
make all payments in respect of the Assigned Rights to the Assignee, whether such amounts have accrued prior to or after the Effective Date. The Assignor and the Assignee will make directly between themselves their own arrangements relating to the
payment by the Assignee to the Assignor of the price of assignment or to the payment of adjustments (if any) on account of interest and fees accrued prior to or after the Effective Date. 
  

	7.	Non-Reliance on Assignor 

 The Assignor makes no
representation in connection with, and will have no responsibility with respect to the solvency or financial condition of any Credit Party or any other Person party to the Credit Documents, or the validity and enforceability of the obligations of
any such Person. The Assignee acknowledges that it has, independently and without reliance on the Assignor, and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this
Agreement and will continue to be responsible for making its own independent appraisal of the financial condition of the Credit Parties. 
  

 - 4 - 

 Schedule “D”  
 ADDRESSES FOR NOTICE PURPOSES 
  

							
	ACH LIMITED PARTNERSHIP	  	CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC, as
Agent and as Lender
		
	1155 Metcalfe Street, Suite 800	  	Centre CDP Capital
	Montréal, Québec H3B 5H2	  	1000, place Jean-Paul Riopelle
		  		  	Montréal, QC H2Z 2B3
	Attention:	  	Treasury	  	Canada
	Fax:	  	(514) 394-2267	  	
		  		  	Attention:	  	Vice President, Infrastructure
		  		  	Debt	  	
		  		  	Fax:	  	(514) 847-2493Amendment to Rights Agreement

 Exhibit 4.1 
 AMENDMENT TO RIGHTS AGREEMENT 
 This AMENDMENT TO
RIGHTS AGREEMENT (this “Amendment”), dated as of April 8, 2008, is made and entered into by and between Iomega Corporation, a Delaware corporation (the
“Company”), and American Stock Transfer & Trust Co., as rights agent (the “Rights Agent”). Capitalized terms not otherwise defined in this Amendment shall have the meaning ascribed to such terms in the
Rights Agreement (as defined below). 
 WHEREAS, the Company and the Rights Agent previously entered
into that certain Rights Agreement, dated as of July 29, 1999 (the “Rights Agreement”), as amended by that certain First Amendment to Rights Agreement, dated December 12, 2007 (the “First Amendment”);

 WHEREAS, the First Amendment has been terminated in connection with the termination of the Share
Purchase Agreement, by and among the Company, Great Wall Technology Company Limited, a PRC company, ExcelStor Group Limited, a Cayman Islands company, ExcelStor Holdings Limited, a British Virgin Islands company, ExcelStor Great Wall Technology
Limited, a Cayman Islands company, and Shenzhen ExcelStor Technology Limited, a PRC company; 
 WHEREAS,
the Company proposes to enter into an Agreement and Plan of Merger (the “Merger Agreement”) with EMC Corporation, a Massachusetts corporation (“Parent”), and Emerge Merger Corporation, a Delaware corporation and a
wholly owned subsidiary of Parent (“Merger Sub”), pursuant to which: (i) Merger Sub will commence a cash tender offer (the “Offer”) to purchase all of the outstanding shares of the Company’s common stock,
par value $0.03-1/3 per share (the “Common Stock”); (ii) following the consummation of the Offer, Merger Sub will merge with and into the Company with the Company surviving as a wholly owned subsidiary of Parent (the
“Merger”); and (iii) in connection with the Offer and the Merger, certain directors and executive officers of the Company, in their respective capacities as stockholders of the Company, will enter Tender and Voting Agreements
with Parent (the “Tender and Voting Agreements” and, collectively with the Merger Agreement, the “Transaction Documents”); 
 WHEREAS, the Board of Directors of the Company has determined that, in connection with the execution of the Merger Agreement, it is necessary and desirable to amend the Rights
Agreement to exempt, among other things, the Merger Agreement, the Tender and Voting Agreements, the execution thereof and the transactions contemplated thereby, including, without limitation, the Offer and the Merger, from the application of the
Rights Agreement, in each case as set forth in this Amendment; and 
 WHEREAS, (i) Section 27
of the Rights Agreement provides that the Company may, in its sole and absolute discretion, supplement or amend any provision of the Rights Agreement; (ii) pursuant to the terms of the Rights Agreement and in accordance with Section 27
thereof, the Company has directed that the Rights Agreement should be amended and supplemented as set forth in this Amendment prior to the execution of the Transaction Documents; and (iii) pursuant to Section 27 of the Rights Agreement, an
appropriate officer of the Company has delivered a certificate to the Rights Agent stating that this Amendment complies with the terms of Section 27 of the Rights Agreement. 

 NOW, THEREFORE, in consideration of the premises and the mutual agreements herein set forth, the
parties hereby agree as follows: 
  

	 	1.	Amendments to Rights Agreement. 

  

	 	(a)	The definition of “Acquiring Person” in Section 1(a) of the Rights Agreement is amended by inserting the following as a new paragraph at the end of such definition:

 “Notwithstanding anything in this Section 1(a) that might otherwise be deemed to the contrary, none of EMC
Corporation, a Massachusetts corporation (“Parent”), Emerge Merger Corporation, a Delaware corporation and a wholly-owned subsidiary of Parent (“Merger Sub”), or any of their respective Affiliates or Associates, either
individually, collectively or in any combinations, shall be deemed to be or become an “Acquiring Person” solely by virtue of, or as a result of (i) the execution and delivery of the Agreement and Plan of Merger, dated as of
April 8, 2008, by and among the Company, Parent and Merger Sub (including any amendment or supplement thereto, the “Merger Agreement”) or the Tender and Voting Agreements (collectively with the Merger Agreement, the “Transaction
Documents”), or (ii) the announcement, commencement, performance or consummation of the transactions contemplated by the Transaction Documents, including, without limitation, the Offer or the Merger (each as defined in the Merger
Agreement) (the foregoing actions being referred to as the “Permitted Events”).” 
  

	 	(b)	The definition of “Stock Acquisition Date” in Section 1(bb) of the Rights Agreement is amended to add the following sentence at the end thereof:

 “Notwithstanding anything in this Agreement that might otherwise be deemed to the contrary, a Stock Acquisition Date
shall not be deemed to have occurred solely by virtue of, or as a result of, any Permitted Event, the public announcement thereof or the actual knowledge of an executive officer of the Company that a Permitted Event has occurred.” 

 

	 	(c)	Section 3(a) of the Rights Agreement is amended to add the following sentence at the end thereof: 

 “Notwithstanding anything in this Agreement that might otherwise be deemed to the contrary, a Distribution Date shall not be deemed to have occurred
solely by virtue of, or as the result of, any Permitted Event.” 
 2. Officer’s Certificate. By executing this Amendment
below, the undersigned duly appointed officer of the Company certifies that this Amendment has been executed and delivered in compliance with the terms of Section 27 of the Rights Agreement. 
 3. Interpretation. The term “Agreement” as used in the Rights Agreement shall be deemed to refer to the Rights Agreement as amended
hereby. 

 4. Severability. If any term, provision, covenant or restriction of this Amendment is held by a
court of competent jurisdiction to be invalid, void or unenforceable, the parties hereto shall negotiate in good faith in an attempt to agree to another provision (instead of the provision held to be invalid, illegal or unenforceable) that is valid,
legal and enforceable and carries out the parties’ intentions to the greatest lawful extent under this Amendment, it being understood that the remaining provisions shall at all times remain in full force and effect and shall in no way be
affected, impaired or invalidated. 
 5. Waiver of Notice. The Rights Agent and the Company hereby waive any notice requirement
under the Rights Agreement pertaining to the matters covered by this Amendment. 
 6. Effectiveness. This Amendment shall be deemed
effective as of the date first written above. Except as expressly amended herein, all other terms and conditions of the Rights Agreement shall remain in full force and effect. Without limiting the foregoing, the Rights Agent shall not be subject to,
nor required to interpret or comply with, or determine if any Person has complied with, any Transaction Document even though reference thereto may be made in this Amendment and the Rights Agreement. 
 7. Termination. Notwithstanding anything to the contrary set forth herein, this Amendment shall terminate and be of no further force or effect in
the event of the termination of the Merger Agreement for any reason. 
 8. Governing Law. This Amendment shall be deemed a contract
made under the laws of the State of Delaware, and for all purposes of this Amendment shall be governed by and construed in accordance with the laws of such State applicable to contracts made and to be performed entirely within such State.

 9. Counterparts. This Amendment may be executed in any number of counterparts (including by facsimile), each of which shall be an
original and all of which shall constitute one and the same document. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

 IN WITNESS WHEREOF, the parties have
caused this Amendment to be duly executed as of the day and year first above written. 
  

									
	Attest:	 		 	IOMEGA CORPORATION
					
	By:	 	 /s/ Ron S. Zollman
	 		 	By:	 	 /s/ Jonathan S. Huberman

	Name:	 	Ron S. Zollman	 		 	Name:	 	Jonathan S. Huberman
	Title:	 	General Counsel and Secretary	 		 	Title:	 	Chief Executive Officer
			
	Attest:	 		 	 AMERICAN STOCK TRANSFER & TRUST CO.,
 as Rights Agent

					
	By:	 	 /s/ Carlos Pinto
	 		 	By:	 	 /s/ Herbert J. Lemmer

	Name:	 	Carlos Pinto	 		 	Name:	 	Herbert J. Lemmer
	Title:	 	Vice President	 		 	Title:	 	Vice President

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