Document:

EX-4.4

 Exhibit 4.4 

US$1,500,000,000 (OR EQUIVALENT) 

EXTENDIBLE REVOLVING - TERM CREDIT FACILITY 
  

 
 AMENDED AND
RESTATED CREDIT AGREEMENT 
 AMONG 

OVINTIV CANADA ULC 
 (as
Borrower) 
 AND 

OVINTIV INC. 
 (as
Guarantor) 
 AND 

THE FINANCIAL AND OTHER INSTITUTIONS NAMED HEREIN 

FROM TIME TO TIME IN THEIR 

CAPACITIES AS LENDERS 

(as Lenders) 
 AND

 ROYAL BANK OF CANADA 

(as Agent) 
 Dated as of
January 27, 2020 
  
  

RBC CAPITAL MARKETS 

JPMORGAN CHASE BANK, N.A., TORONTO BRANCH 

CANADIAN IMPERIAL BANK OF COMMERCE 

TD SECURITIES 
 CITIBANK,
N.A., CANADIAN BRANCH 
 (as Joint-Lead Arrangers and Joint Bookrunners) 

AND 
 BMO CAPITAL MARKETS

 THE BANK OF NOVA SCOTIA 

(as Joint-Lead Arrangers) 

AND 
 BANK OF MONTREAL

 THE BANK OF NOVA SCOTIA 

(as Documentation Agents) 

Norton Rose Fulbright Canada LLP 

Blake, Cassels & Graydon LLP 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE 1	 	 DEFINITIONS
	  	 	1	 
	1.1	 	 Definitions
	  	 	1	 
	1.2	 	 Headings and Table of Contents
	  	 	24	 
	1.3	 	 References
	  	 	24	 
	1.4	 	 Rules of Interpretation
	  	 	24	 
	1.5	 	 Generally Accepted Accounting Principles
	  	 	24	 
	1.6	 	 Changes in GAAP or Accounting Policies
	  	 	24	 
	1.7	 	 Schedules
	  	 	25	 
	1.8	 	 Certain Matters Related to Ratings Explained
	  	 	25	 
	1.9	 	 Amendment and Restatement
	  	 	27	 
	1.10	 	 Divisions
	  	 	27	 
			
	ARTICLE 2	 	 REPRESENTATIONS AND WARRANTIES
	  	 	27	 
	2.1	 	 Representations and Warranties
	  	 	27	 
	2.2	 	 Deemed Representation and Warranty Upon Drawdown
	  	 	30	 
	2.3	 	 Deemed Representation and Warranty Upon Conversion or Rollover
	  	 	30	 
	2.4	 	 Nature of Representations and Warranties
	  	 	30	 
			
	ARTICLE 3	 	 THE CREDIT FACILITY
	  	 	30	 
	3.1	 	 Obligations of the Lenders
	  	 	30	 
	3.2	 	 Purpose/Certain Acquisitions
	  	 	31	 
	3.3	 	 Drawdowns
	  	 	32	 
	3.4	 	 LIBOR Loans
	  	 	32	 
	3.5	 	 Bankers’ Acceptances
	  	 	33	 
	3.6	 	 Agent’s Duties re Bankers’ Acceptances
	  	 	34	 
	3.7	 	 Letters of Credit
	  	 	35	 
	3.8	 	 Conversion Option
	  	 	39	 
	3.9	 	 Rollover Option
	  	 	40	 
	3.10	 	 Notice and Additional Repayment Requirements
	  	 	40	 
	3.11	 	 Pro-Rata Treatment of Borrowings
	  	 	41	 
	3.12	 	 Extension of Maturity Date
	  	 	42	 
	3.13	 	 Increase in Credit Facility
	  	 	46	 
			
	ARTICLE 4	 	 REPAYMENT AND CANCELLATION
	  	 	46	 
	4.1	 	 Repayment of Borrowings
	  	 	46	 
	4.2	 	 Exchange Rate Fluctuations
	  	 	47	 
	4.3	 	 Cancellation of Syndicated Commitments
	  	 	47	 
	4.4	 	 Evidence of Indebtedness
	  	 	48	 
			
	ARTICLE 5	 	 PAYMENT OF INTEREST AND FEES
	  	 	48	 
	5.1	 	 Payment of Interest on Prime Loans
	  	 	48	 
	5.2	 	 Payment of Interest on USBR Loans
	  	 	48	 
	5.3	 	 Payment of Interest on LIBOR Loans
	  	 	48	 
	5.4	 	 Stamping Fees for Bankers’ Acceptances
	  	 	49	 
	5.5	 	 Issuance Fees for Letters of Credit
	  	 	49	 
	5.6	 	 Adjustments
	  	 	49	 

  
 - ii - 

							
	5.7	 	 Interest on Overdue Amounts
	  	 	50	 
	5.8	 	 Standby Fees
	  	 	50	 
	5.9	 	 Agency Fees
	  	 	50	 
	5.10	 	 Maximum Rate Permitted by Law
	  	 	50	 
	5.11	 	 Interest Act
	  	 	51	 
	5.12	 	 Nominal Rates; No Deemed Reinvestment
	  	 	51	 
	5.13	 	 Interest on Prepayments and Repayments
	  	 	51	 
			
	ARTICLE 6	 	 PAYMENTS
	  	 	51	 
	6.1	 	 Time and Place of Payment
	  	 	51	 
	6.2	 	 Currency of Payment
	  	 	52	 
	6.3	 	 Payments Free and Clear
	  	 	52	 
	6.4	 	 Account Debit Authorization
	  	 	53	 
			
	ARTICLE 7	 	 CONDITIONS PRECEDENT
	  	 	53	 
	7.1	 	 Conditions Precedent to Effectiveness
	  	 	53	 
	7.2	 	 Conditions Precedent to all Drawdowns
	  	 	54	 
	7.3	 	 Conditions Precedent to Conversion or Rollover
	  	 	55	 
	7.4	 	 Waiver
	  	 	55	 
			
	ARTICLE 8	 	 COVENANTS OF THE OBLIGORS
	  	 	55	 
	8.1	 	 Affirmative Covenants of the Obligors
	  	 	55	 
	8.2	 	 Negative Covenants of the Obligors
	  	 	58	 
	8.3	 	 Actions in Respect of Subsidiaries
	  	 	60	 
			
	ARTICLE 9	 	 EVENTS OF DEFAULT
	  	 	60	 
	9.1	 	 Events of Default
	  	 	60	 
	9.2	 	 Occurrence of an Event of Default
	  	 	63	 
	9.3	 	 Lenders’ Right to Suspend the Borrowings
	  	 	63	 
	9.4	 	 Remedies Cumulative
	  	 	63	 
	9.5	 	 Set-Off
	  	 	64	 
	9.6	 	 Cash Coverage Account
	  	 	64	 
	9.7	 	 Application and Sharing of Payments Following Acceleration
	  	 	65	 
			
	ARTICLE 10	 	 CHANGE OF CIRCUMSTANCES
	  	 	65	 
	10.1	 	 Market Disruption
	  	 	65	 
	10.2	 	 Increased Costs or Reduced Income or Return Due to Change in Law
	  	 	70	 
	10.3	 	 Illegality
	  	 	71	 
	10.4	 	 Designation of Different Lending Office
	  	 	72	 
			
	ARTICLE 11	 	 PAYMENT OF EXPENSES AND INDEMNITIES
	  	 	73	 
	11.1	 	 Payment of Expenses
	  	 	73	 
	11.2	 	 General Indemnity
	  	 	73	 
			
	ARTICLE 12	 	 THE AGENT AND THE LENDERS
	  	 	74	 
	12.1	 	 Authorization of Agent
	  	 	74	 
	12.2	 	 Responsibility of Agent
	  	 	74	 
	12.3	 	 Acknowledgement of Lenders
	  	 	75	 
	12.4	 	 Rights and Obligations of Each Lender
	  	 	75	 
	12.5	 	 Determinations by Lenders
	  	 	75	 
	12.6	 	 Notices between the Lenders, the Agent and the Borrower
	  	 	76	 
	12.7	 	 Agent’s Duty to Deliver Documents Obtained from Borrower
	  	 	76	 
	12.8	 	 Arrangements for Borrowings
	  	 	76	 
	12.9	 	 Arrangements for Repayment of Borrowings
	  	 	76	 
	12.10	 	 Repayment by Lenders to Agent
	  	 	77	 
	12.11	 	 Adjustments Among Lenders
	  	 	77	 
	12.12	 	 Lenders’ Consents to Waivers, Amendments, etc.
	  	 	78	 
	12.13	 	 Reimbursement of Agent’s Expenses
	  	 	79	 
	12.14	 	 Reliance by Agent on Notices, etc.
	  	 	80	 
	12.15	 	 Relations with Borrower
	  	 	80	 

  
 - iii - 

							
	12.16	 	 Successor Agent
	  	 	80	 
	12.17	 	 Change of Schedule I Reference Bank
	  	 	81	 
	12.18	 	 Indemnity of Agent
	  	 	81	 
	12.19	 	 Cash Collateral and Withholding from a Defaulting Lender
	  	 	81	 
	12.20	 	 Funding if there is a Defaulting Lender
	  	 	82	 
	12.21	 	 Amendment to this Article 12
	  	 	84	 
			
	ARTICLE 13	 	 GUARANTEE
	  	 	84	 
	13.1	 	 Guarantee
	  	 	84	 
	13.2	 	 No Subrogation
	  	 	85	 
	13.3	 	 Amendments, etc. With Respect to the Obligations; Waiver of Rights
	  	 	85	 
	13.4	 	 Guarantee Absolute and Unconditional
	  	 	85	 
	13.5	 	 Reinstatement
	  	 	86	 
	13.6	 	 Not Affected by Bankruptcy
	  	 	86	 
			
	ARTICLE 14	 	 NOTICES
	  	 	87	 
	14.1	 	 Method of Giving Notice
	  	 	87	 
	14.2	 	 Change of Address
	  	 	87	 
	14.3	 	 Deemed Receipt
	  	 	87	 
			
	ARTICLE 15	 	 GOVERNING LAW AND JUDGMENT CURRENCY
	  	 	87	 
	15.1	 	 Governing Law
	  	 	87	 
	15.2	 	 Jurisdiction
	  	 	87	 
	15.3	 	 Judgment Currency
	  	 	88	 
			
	ARTICLE 16	 	 MISCELLANEOUS
	  	 	88	 
	16.1	 	 Exchange and Confidentiality of Information
	  	 	88	 
	16.2	 	 Severability
	  	 	90	 
	16.3	 	 Amendments and Waivers
	  	 	90	 
	16.4	 	 Survival of Representations
	  	 	90	 
	16.5	 	 Whole Agreement
	  	 	90	 
	16.6	 	 Term of Agreement
	  	 	90	 
	16.7	 	 Time of Essence
	  	 	90	 
	16.8	 	 Substitution of Lender
	  	 	91	 
	16.9	 	 Successors and Assigns
	  	 	91	 
	16.10	 	 AML Legislation and “Know Your Client” Requirements
	  	 	93	 
	16.11	 	 Platform
	  	 	93	 
	16.12	 	 Waiver of Jury Trial
	  	 	94	 
	16.13	 	 Electronic Communications
	  	 	94	 
	16.14	 	 Counterparts
	  	 	94	 
	16.15	 	 Acknowledgement and Consent to Bail-In of EEA Financial Institutions
	  	 	94	 

  
 - iv - 

 SCHEDULES 
  

			
	 Schedule “A” -        
	  	 Notice of Drawdown, Repayment or Cancellation of Commitment

	 Schedule “B” -
	  	 Notice of Drawdown by way of Bankers’ Acceptances

	 Schedule “C” -
	  	 Notice of Conversion

	 Schedule “D” -
	  	 Notice of Rollover

	 Schedule “E” -
	  	 Request for Extension

	 Schedule “F” -
	  	 Compliance Certificate

	 Schedule “G” -
	  	 Negative Pledge

	 Schedule “H” -
	  	 Power of Attorney – Bankers’ Acceptances

	 Schedule “I” -
	  	 Lender Transfer Agreement

	 Schedule “J” -
	  	 Commitments

  
 - v - 

 THIS AMENDED AND RESTATED CREDIT AGREEMENT is dated as of January 27, 2020. 

AMONG: 
 OVINTIV CANADA ULC, a
corporation continued under the laws of the Province of British Columbia, having an office in Calgary, Alberta, Canada (the “Borrower”) 

AND 
 OVINTIV INC., a corporation
incorporated under the laws of the State of Delaware, having its executive office in Denver, Colorado, United States of America (the “Guarantor”) 

AND 
 each of the financial and other
institutions named on Schedule “J” from time to time, in their capacities as Lenders 
 AND 

ROYAL BANK OF CANADA, a Canadian chartered bank having its head office in Toronto, Ontario, Canada, in its capacity from time to time as
administrative agent of the Lenders hereunder (in such capacity, the “Agent”) 
 WHEREAS Encana, certain of the
Lenders and the Agent are parties to the Existing Credit Agreement; 
 AND WHEREAS, pursuant to the Reorganization, Encana will
continue and be re-named as the Borrower and become a Wholly-Owned Subsidiary of the Guarantor; 

AND WHEREAS the Borrower has requested and the Lenders have agreed to amend and restate the Existing Credit Agreement upon the terms
and conditions, and in the form, of this Agreement; 
 NOW THEREFORE, in consideration of the premises, the mutual covenants and for
other good and valuable consideration, the receipt of which is hereby acknowledged, the parties agree as follows: 
 ARTICLE 1 

DEFINITIONS 
  

	1.1	 Definitions 

In this Agreement: 

“Acceleration Notice” has the meaning ascribed thereto in Section 9.2; 

“Accounts” means the accounts and records established by the Agent to record the Borrower’s liability to each of the
Lenders in respect of the Borrowings and other Loan Indebtedness owing by the Borrower to each of the Lenders hereunder in accordance with Section 4.4; 

“Additional Compensation” has the meaning ascribed to that term in Section 10.2; 

 “Administrative Questionnaire” means an administrative questionnaire in the
form supplied by the Agent; 
 “Affiliate” means any Person which, directly or indirectly, controls, is controlled by or is
under common control with another Person; and, for the purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” or “under common control with”) means the power to direct or
cause the direction of the management and policies of any Person, whether through the ownership of shares or other economic interests, the holding of voting rights or contractual rights or otherwise; 

“Agent” means Royal when acting in its capacity as agent hereunder, and includes any successor agent appointed pursuant to
Section 12.16; 
 “Agent’s Account for Payments” means: 

 

	 	(i)	 for all payments in Canadian Dollars, the following account maintained by the Agent at its Toronto main branch,
to which payments and transfers are to be effected as follows: 

 Royal Bank of Canada 

Swift Address: ROYCCAT2 

Favour:
/00002-266-760-8 

RBC Agency Services Group 

Toronto, Ontario 
 Ref: Ovintiv
Canada ULC 
  

	 	(ii)	 for all payments in US Dollars, the following account maintained by the Agent at its Toronto main branch, to
which payments and transfers are to be effected as follows: 

 JPMorgan Chase Bank, New York, New York 

ABA 021000021, Swift code: CHASUS33 

Swift Address: ROYCCAT2 

Beneficiary: Favour:
/00002-408-919-9 

RBC Agency Services Group 

Toronto, Ontario 
 Ref: Ovintiv
Canada ULC 
 or such other places or accounts in Canada as may be stipulated by the Agent from time to time and notified in writing to the
Borrower and the Lenders; 
 “Agent’s Branch of Account” means: 

Royal Bank of Canada 
 RBC
Agency Services Group 
 Royal Bank Plaza 

P.O. Box 50, 200 Bay Street 

12th Floor, South Tower, 

Toronto, Ontario 
 M5J 2W7 

Fax: (416) 842-4023 

or such other office or branch of the Agent in Canada as the Agent may from time to time advise the Borrower and the Lenders in writing; 

  
 - 2 - 

 “Agreement” or “Credit Agreement” means this agreement,
including Schedules “A” to “J” inclusive, and any further amendments or supplements to it; 
 “AML
Legislation” has the meaning given to it in Section 16.10; 
 “Anti-Corruption Laws” means all laws, rules,
and regulations of Sanctions Authorities that apply to the Borrower and its Subsidiaries from time to time concerning or relating to bribery of government officials or public corruption; 

“Applicable Law” means, with respect to any Person, property, transaction or event, and whether or not having the force of
law, all applicable provisions of laws, statutes, regulations, rules, guidelines, by-laws, treaties, orders, policies, judgments, decrees and official directives of Governmental/Judicial Bodies or Persons
acting under the authority of any Governmental/Judicial Body; 
 “Applicable Pricing Margin” means, with respect to any
applicable Borrowing or the standby fees payable under Section 5.8, a rate per annum set forth opposite the applicable Debt Rating: 
  

									
	 Level
	  	 

Debt Rating
(S&P/Moody’s/Fitch)
	  	Bankers’ Acceptances
/ LIBOR Loans /
Letters of Credit
(in bps)	  	Prime Loans
/ USBR
Loans
(in bps)	  	

Standby Fee
(in bps)
	1	  	A/A2/A or higher	  	80	  	0	  	16
	2	  	A-/A3/A-	  	100	  	0	  	20
	3	  	BBB+/Baa1/BBB+	  	120	  	20	  	24
	4	  	BBB/Baa2/BBB	  	145	  	45	  	29
	5	  	BBB-/Baa3/BBB-	  	170	  	70	  	34
	6	  	Lower than Level 5, or unrated by each of S&P, Moody’s and Fitch	  	225	  	125	  	45

 provided that, in each case, as applicable: 

 

	 	(i)	 if at any time the Guarantor has three Debt Ratings and the Debt Rating assigned by any one Rating Agency is
lower than the Debt Rating assigned by any other Rating Agency, then such lowest Debt Rating (the “Disregarded Debt Rating”) shall be disregarded for the purposes of this definition; provided that if the Debt Rating assigned by any two
Rating Agencies is the same and is lower than the Debt Rating assigned by the third Rating Agency, then only one of the two lowest Debt Ratings shall be treated as the Disregarded Debt Rating; 

 

	 	(ii)	 if at any time the Guarantor has either (A) two Debt Ratings, or (B) three Debt Ratings but one is a
Disregarded Debt Rating, and if at any time the Debt Rating assigned by one Rating Agency differs from the Debt Rating assigned by the other Rating Agency by only one rating subcategory, then the Applicable Pricing Margin shall be the applicable
rate per annum set forth opposite the higher of the two Debt Ratings; 

  

	 	(iii)	 if at any time the Guarantor has either (A) two Debt Ratings, or (B) three Debt Ratings but one is a
Disregarded Debt Rating, and if at any time the Debt Rating assigned by one Rating Agency differs from the Debt Rating assigned by the other Rating Agency by two or more rating subcategories, then the Applicable Pricing Margin shall be the average
of the applicable rates per annum set forth opposite those two Debt Ratings; 

  
 - 3 - 

	 	(iv)	 the Applicable Pricing Margin for Bankers’ Acceptances and Letters of Credit shall be determined on the
date of issuance and shall be subject to adjustment in accordance with Section 5.6; 

  

	 	(v)	 with respect to Letters of Credit which are not characterized as Direct Credit Substitutes (as determined by
the Fronting Bank, acting reasonably), the Applicable Pricing Margin shall be 662/3% of the applicable rates described above; provided that
if any such Letter of Credit is determined by the Office of the Superintendent of Financial Institutions Canada to be a Direct Credit Substitute after the issuance thereof, the Applicable Pricing Margin shall be adjusted to 100% of the applicable
rates described above with retroactive effect to the date of issuance and the incremental issuance fee payable for the period from the date of issuance to the date of such determination shall be payable on the first Business Day of the next Fiscal
Quarter; and 

  

	 	(vi)	 if any or all of S&P, Moody’s and Fitch ceases to carry on the business of providing ratings of the
long term debt of corporate borrowers based on creditworthiness assessments, then the provisions of Section 1.8 (and not Level 6 pricing) shall apply; 

“BA Equivalent Loan” means, in relation to a Drawdown of, Conversion into or Rollover of, Bankers’ Acceptances, a
Borrowing advanced by a Non-Acceptance Lender pursuant to Section 3.5(f) as part of such Drawdown, Conversion or Rollover; 

“BA Suspension Notice” has the meaning given to it in Section 10.1(b)(ii); 

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

“Bail-In Legislation” means, with respect to any EEA Member Country implementing
Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In
Legislation Schedule; 
 “Bankers’ Acceptance” means either a depository bill, as defined by the Depository Bills
and Notes Act (Canada), or a blank non-interest bearing bill of exchange, as defined by the Bills of Exchange Act (Canada), in either case drawn by the Borrower and accepted by a Lender as a
bankers’ acceptance, as evidenced by the Lender’s endorsement thereof at the request of the Borrower pursuant to Section 3.3, 3.8 or 3.9; 

“basis point” or “bp” means one one-hundredth of a percent; 

“Beneficial Ownership Certification” means a certification regarding beneficial ownership or control as required by the
Beneficial Ownership Regulation; 
 “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230; 

“Borrower” means Ovintiv Canada ULC, an unlimited liability corporation continued under the laws of British Columbia and any
successor thereto permitted pursuant to Section 8.2(c); 
 “Borrower’s Accounts” means, for all payments in
Canadian Dollars, account no. 100-994-3, and, for all payments in US Dollars, account
no. 400-284-6, in each case maintained by the Borrower with the Agent at the Agent’s Main Branch in Calgary, Alberta, or such other account or accounts
maintained by the Borrower with the Agent as the Borrower may from time to time designate and advise the Agent in writing; 

  
 - 4 - 

 “Borrowing” means (i) an advance by way of Prime Loans, (ii) an
advance by way of USBR Loans, (iii) an advance by way of LIBOR Loans, (iv) an acceptance of drafts or Depository Bills to become Bankers’ Acceptances having the same issuance and maturity dates (or BA Equivalent Loans made in lieu
thereof) or (v) an issuance of any Letter(s) of Credit, in each case made pursuant to a Notice of Drawdown, Notice of Conversion or Notice of Rollover, or as a result of applying Section 3.4(a), 3.5(g) or 3.7(d); 

“Borrowing Conversion Date” means the date on which the Borrower has elected, pursuant to Section 3.8, or is deemed
pursuant to Section 3.4(a) or 3.5(g) to have elected, to convert a Borrowing (or a portion thereof) to another type of Borrowing; 

“Borrowing Rollover Date” means the date on which the Borrower has elected, pursuant to Section 3.9, (i) to Rollover
a LIBOR Loan (or a portion thereof) for a further LIBOR Interest Period, (ii) to Rollover a Bankers’ Acceptance (or a BA Equivalent Loan made in lieu thereof) (or a portion thereof) to a new Bankers’ Acceptance (or a BA Equivalent
Loan in lieu thereof), or (iii) to Rollover a Letter of Credit (or a portion thereof) to a new or extended Letter of Credit; 

“Bow Office Lease” means, collectively and individually, the Headlease, the Sublease and the Encana Indemnity and all
amendments, supplements, renewals, extensions, replacements and restatements of any of the foregoing and any other agreements entered into pursuant to any of the foregoing relating to The Bow office tower or any properties ancillary thereto. For
purposes of this definition, “Headlease” means, collectively, the lease made as of the 7th day of February, 2007 between EDP (as landlord) and Encana Leasehold Limited Partnership (“ELLP”) (as tenant), as assigned
by EDP to Centre Street Trust pursuant to an assignment and assumption agreement dated the 8th day of February, 2007 between EDP and Centre Street Trust, as amended pursuant to letter agreements dated December 10, 2007, February 11, 2008,
February 14, 2008 and February 25, 2009 among Centre Street Trust, ELLP and EDP, and as amended by a lease amending agreement made as of April 22, 2009 among, inter alia, Centre Street Trust and ELLP, as same may be further assigned
or amended, restated, superseded, supplemented, extended, replaced or modified from time to time; “Sublease” means the Sublease with respect to a portion of the premises located in The Bow entered into between ELLP as sublandlord
and the Borrower as subtenant dated November 29, 2009 and effective on or about November 30, 2009, as such sublease may be amended, restated, superseded, supplemented, extended, replaced or modified from time to time; and “Encana
Indemnity” means the indemnity entered into by the Borrower and Encana Developments Partnership (“EDP”) dated February 7, 2007, as assigned by EDP to Centre Street Trust pursuant to an assignment and assumption
agreement dated the 8th day of February, 2007 between EDP and Centre Street Trust, as same may be amended, restated, superseded, supplemented, extended, replaced or modified from time to time; 

“Branch of Account” means, with respect to each Lender, the branch or office of such Lender at the address set forth in such
Lender’s Administrative Questionnaire provided to the Agent or such other branch or office in Canada as such Lender may from time to time advise the Borrower and the Agent in writing; provided that, for purposes of delivering any notice
required to be delivered by the Agent to a Lender pursuant to Section 12.8 and for purposes of effecting any payments to a Lender in connection with this Agreement, a Lender may specify to the Borrower and the Agent in writing any other branch
or office of such Lender in Canada, and such branch or office shall thereafter be the Branch of Account of such Lender for such purpose; 

  
 - 5 - 

 “Business Day” means a day, excluding Saturday and Sunday, on which
Canadian chartered banks are open for business in Calgary, Alberta, Canada and Toronto, Ontario, Canada and, in respect of any payments in US Dollars, a day on which banking institutions are also open for business in New York, New York, USA and, if
such matter relates to any determination of LIBOR or a Borrowing or payment in respect of LIBOR Loans, a day on which dealings in US Dollars may be carried on by and between banks in the London interbank market; 

“Canadian Dollars”, “Cdn. Dollar” and the symbol “Cdn. $” each mean
lawful currency of Canada; 
 “Capital Adequacy Guidelines” means the capital adequacy guidelines from time to time issued
by the Office of the Superintendent of Financial Institutions Canada or any other governmental agency or regulatory authority in Canada regulating or having jurisdiction with respect to any Lender; 

“Cash Coverage Account” means an account maintained by the Agent (i) which bears interest for the Borrower’s account
at the rates prevailing at the time of deposit for deposits of similar amounts and for similar terms, (ii) which contains amounts received by the Agent from the Borrower pursuant to Section 3.10(c), 3.10(d), 4.2 or 9.6 and (iii) from
which the Borrower shall have no withdrawal rights or other entitlement to such amounts (except for any accrued interest thereon unless such interest is required to yield the face amount of any Bankers’ Acceptances) to the extent and for so
long as such amounts may be required to satisfy any unmatured or contingent obligations or liabilities of the Borrower to the Agent and the Lenders pursuant to the above sections or are actually used to satisfy any such obligations and liabilities
pursuant to the above sections; and, for the purposes hereof and to the foregoing extent, each such account shall be considered to be the Agent’s or Lender’s account and not the Borrower’s account; 

“CDOR One Month Rate” means, on any day, the annual rate of interest determined by the Agent as being the arithmetic average
of the “BA 1 mth” rate per annum applicable to Canadian Dollar bankers’ acceptances displayed and identified as such on the “Refinitiv Screen Canadian Dollar Offered Rate (CDOR) Page” (or any display substituted therefor) as
at approximately 10:00 a.m. (Toronto time) on such day, or if such day is not a Business Day, then on the immediately preceding Business Day (as adjusted by the Agent in good faith after 10:00 a.m. (Toronto time) to reflect any error in a
posted rate or in the posted average annual rate); provided, however, if such a rate does not appear on the Refinitiv Screen Canadian Dollar Offered Rate (CDOR) Page as contemplated, then CDOR One Month Rate, on any day, shall be the
30 day discount rate quoted to the Agent by the Schedule I Reference Bank (determined as of 10:00 a.m. (Toronto time) on such day) which would be applicable in respect of an issue of one month Bankers’ Acceptances accepted by the
Schedule I Reference Bank and in an aggregate amount of Cdn. $10,000,000, and issued on such day, or if such day is not a Business Day, then on the immediately preceding Business Day; provided further that if and for so long
as the long term debt of the Schedule I Reference Bank is assigned a rating of A2 or lower by Moody’s, the Borrower shall be entitled to designate another Lender for the purposes of determination of CDOR One Month Rate pursuant to the
preceding proviso and CDOR One Month Rate shall be the average of (i) the rate determined in the absence of this proviso and (ii) the aforesaid rate, determined with the designated Lender substituted for the Schedule I Reference Bank;
and provided, further, that if the CDOR One Month Rate would be less than zero on any day, then the CDOR One Month Rate will be deemed to be zero on such day; 

“CDOR Rate” means, on any day, the annual rate of interest determined by the Agent as being the arithmetic average of the
annual yield rates applicable to Canadian Dollar bankers’ acceptances having identical issue and comparable maturity dates as the Bankers’ Acceptances proposed to be issued by the Borrower displayed and identified as such on the

  
 - 6 - 

 
display referred to as the “Refinitiv Screen Canadian Dollar Offered Rate (CDOR) Page” (or any display substituted therefor) as at approximately 10:00 a.m. (Toronto time) on such day,
or if such day is not a Business Day, then on the immediately preceding Business Day (as adjusted by the Agent in good faith after 10:00 a.m. (Toronto time) to reflect any error in a posted rate of interest or in the posted average annual rate of
interest); provided, however, if such a rate does not appear on such Refinitiv Screen Canadian Dollar Offered Rate (CDOR) Page, then the CDOR Rate, on any day, shall be the discount rate quoted to the Agent by the Schedule I Reference Bank
(determined as of 10:00 a.m. (Toronto time) on such day) which would be applicable in respect of an issue of bankers’ acceptances accepted by the Schedule I Reference Bank in a comparable amount and with comparable maturity dates to the
Bankers’ Acceptances proposed to be issued by the Borrower on such day, or if such day is not a Business Day, then on the immediately preceding Business Day; provided that if the CDOR Rate would be less than zero on any day, then the CDOR Rate
will be deemed to be zero on such day; 
 “CDOR Discontinuation Date” has the meaning given to it in Section 10.1(b);

 “Centralized Banking Arrangements” means any centralized banking arrangements entered into by the Borrower and/or any of
its Subsidiaries with any financial institution in the ordinary course of business for the purpose of obtaining cash management services (which arrangements may include, without limitation, the pooling and
set-off of account balances between accounts belonging to different entities, the provision of guarantees or indemnities or the assumption of joint and several liabilities by one or more entities in regard to
obligations of one or more other entities, or other similar arrangements); 
 “Code” means the United States Internal
Revenue Code of 1986, as amended from time to time, and the rules and regulations promulgated thereunder from time to time; 

“Commitment” means, in relation to a Lender, such Lender’s Syndicated Commitment or Fronting Bank Commitment, as the
context may require; 
 “Common Equity Securities” means the securities of a Person which are entitled to share without
limitation in a distribution of the assets of such Person upon any liquidation, dissolution or winding-up of such Person; 

“Compliance Certificate” means a compliance certificate substantially in the form attached hereto as
Schedule “F” executed by any Senior Financial Officer; 
 “Consolidated Capitalization” means, at the end of
a Fiscal Quarter, and as determined on a consolidated basis in accordance with GAAP, the aggregate of: 
  

	 	(i)	 Consolidated Net Worth; and 

 

	 	(ii)	 Consolidated Debt; 

“Consolidated Debt” means, at the end of a Fiscal Quarter and as determined on a consolidated basis in accordance with GAAP,
all Financing Debt of the Guarantor at such time but excluding any Financing Debt referred to in the proviso to the definition of Consolidated Debt to Consolidated Capitalization Ratio; 

  
 - 7 - 

 “Consolidated Debt to Consolidated Capitalization Ratio” means, at the end
of a Fiscal Quarter, the ratio of Consolidated Debt at such date to Consolidated Capitalization at such date; provided that, for the purposes of calculating such ratio, Consolidated Debt shall exclude: 

 

	 	(i)	 any Financing Debt where the Guarantor or a Subsidiary has irrevocably deposited with the proper depository in
trust the necessary cash or marketable debt instruments for the defeasance, redemption or satisfaction of such Financing Debt prior to its scheduled maturity date in accordance with the provisions of the indenture, agreement or other instrument
governing such Financing Debt (and such deposits shall be excluded in any calculation of the Consolidated Tangible Assets); and 

  

	 	(ii)	 any new Financing Debt borrowed or issued for the purpose of repaying or satisfying any existing Financing Debt
prior to its maturity date provided that (A) such existing Financing Debt matures within 12 months of the date on which the new Financing Debt is borrowed or issued, (B) such new Financing Debt will only be excluded to the extent it is
deposited into a segregated account of the Guarantor or the applicable Subsidiary (as certified by the President or a Senior Financial Officer of the Guarantor or the Borrower in an officer’s certificate delivered to the Agent promptly after
such deposit) and (C) such deposits shall be excluded in any calculation of the Consolidated Tangible Assets. Any such deposit and the Guarantor’s or the applicable Subsidiary’s, as the case may be, intention to repay such existing
Financing Debt with such deposit shall be confirmed in each regularly scheduled Compliance Certificate which is delivered prior to repayment of such existing Financing Debt; 

“Consolidated Net Worth” means, at the end of a Fiscal Quarter and as determined in accordance with GAAP on a consolidated
basis for the Guarantor, the consolidated shareholders’ equity as shown on the consolidated balance sheet of the Guarantor (including, for certainty, to the extent included as shareholders’ equity on such balance sheet, preferred
securities and minority interests, but excluding all amounts included in shareholders’ equity attributable to Non-Recourse Assets and without giving effect to the
non-cash ceiling test impairments and other changes in aggregate of US$ 7,746,000,000 as at December 31, 2011 as a consequence of Encana’s adoption of US GAAP); 

“Consolidated Tangible Assets” means, at the end of a Fiscal Quarter and as determined in accordance with GAAP on a
consolidated basis for the Guarantor, the total assets of the Guarantor shown on the consolidated balance sheet of the Guarantor (excluding (i) goodwill, trademarks, copyrights and other similar intangible assets and (ii) Non-Recourse Assets and without giving effect to the non-cash ceiling test impairments and other changes in aggregate of US$10,585,000,000 as at December 31,
2011 as a consequence of Encana’s adoption of US GAAP); provided that Consolidated Tangible Assets shall not include any deposits referred to in either (i) or (ii) of the proviso to the definition of Consolidated Debt to
Consolidated Capitalization Ratio; 
 “Conversion” means a conversion or deemed conversion of one type of Borrowing or a
portion thereof into another type of Borrowing in accordance with the provisions of this Agreement; 
 “Credit Facility”
means the credit facility established pursuant to Section 3.1; 
 “Debt Ratings” means the ratings that have been most
recently announced by S&P, Moody’s and Fitch (or, as applicable under Section 1.8, a Substitute Rating Entity) for any class of senior unsecured non-convertible publicly-held long term debt of
the Guarantor; 
 “Default” means any event or circumstance which, with the giving of notice, lapse of time (or both) or the
fulfillment of any other event or condition (including, for certainty and as applicable, the making of a Borrowing) would become an Event of Default; 

  
 - 8 - 

 “Defaulting Lender” means any Lender, as reasonably determined by
the Agent: 
  

	 	(i)	 that has failed to fund any payment or its portion of any Borrowings required to be made by it hereunder or to
purchase or fund any participation required to be purchased or funded by it hereunder in each case within one (1) Business Day after the date that such funding was required hereunder; 

 

	 	(ii)	 that has notified the Borrower, the Agent or any Lender (verbally or in writing) that it does not intend to or
is unable to comply with any of its funding obligations under this Agreement or has made a public statement to that effect or to the effect that it does not intend to or is unable to fund advances generally under credit arrangements to which it is a
party; 

  

	 	(iii)	 that has failed, within three (3) Business Days after request by the Agent or the Borrower, to confirm
that it will comply with the terms of this Agreement relating to its obligations to fund prospective Borrowings including participations in then outstanding Letters of Credit; 

 

	 	(iv)	 that has otherwise failed to pay over to the Agent or any other Lender any other amount required to be paid by
it hereunder within three (3) Business Days of the date when due, unless the subject of a good faith dispute; 

  

	 	(v)	 in respect of which a Lender Insolvency Event or a Lender Distress Event has occurred in respect of such Lender
or its Lender Parent; 

  

	 	(vi)	 that is generally in default of its obligations under other existing credit or loan documentation under which
it has commitments to extend credit; or 

  

	 	(vii)	 that becomes, or its Lender Parent has become, the subject of a Bail-In
Action; 

 “Depository Bill” has the meaning ascribed thereto in the Depository Bills and Notes Act
(Canada); 
 “Direct Credit Substitutes” has the meaning contemplated within the Capital Adequacy Guidelines; 

“Discount Proceeds” means the net cash proceeds to the Borrower from the sale of Bankers’ Acceptances at the applicable
Discount Rate, before deduction or payment of stamping fees to be paid to the Lenders pursuant to Section 5.4; 
 “Discount
Rate” means: 
  

	 	(i)	 with respect to an issue of Bankers’ Acceptances accepted by a Lender that is a Schedule I Bank:

  

	 	(A)	 in the case of a standard term of one (1) month, two (2) months or three (3) months, the annual
rate of interest determined by the Agent as being the arithmetic average of the yield rates per annum (calculated on a year of 365 days) applicable to Canadian Dollar bankers’ acceptances having identical issue and comparable maturity dates as
the Bankers’ Acceptances proposed to be issued by the Borrower, displayed and identified as such on the “Refinitiv Screen Canadian Dollar Offered Rate (CDOR) Page” (or any display substituted therefor) as at approximately 10:00 a.m.
(Toronto time) on such day, or if such day is not a Business Day, then on the immediately preceding Business Day (as adjusted by the Agent in good faith after 

  
 - 9 - 

	 	
10:00 a.m. (Toronto time) to reflect any error in a posted rate of interest or in the posted average annual rate of interest); provided, however, if such rates do not appear on
such Refinitiv Screen Canadian Dollar Offered Rate (CDOR) Page as contemplated, then the Discount Rate for purposes of this paragraph (i), on any day, shall be the discount rate quoted to the Agent by the Schedule I Reference Bank (determined
as of 10:00 a.m. (Toronto time) on such day) which would be applicable in respect of an issue of Canadian Dollar bankers’ acceptances accepted by the Schedule I Reference Bank having comparable face values and identical issue and
comparable maturity dates as the Bankers’ Acceptances proposed to be issued by the Borrower, and issued on such day, or if such day is not a Business Day, then on the immediately preceding Business Day; provided further that if
and for so long as the long term debt of the Schedule I Reference Bank is assigned a rating of A2 or lower by Moody’s, the Borrower shall be entitled to designate another Lender for the purposes of the determination of Discount Rate
pursuant to the preceding proviso and the Discount Rate for purposes of this paragraph (i) shall be the average of (A) the rate determined in the absence of the proviso and (B) the aforesaid rate, determined with the designated Lender
substituted for the Schedule I Reference Bank; and 

  

	 	(B)	 in the case of any other term: 

 

	 	(1)	 if such term is less than one (1) month, such rate of interest as may be determined by the Agent (acting
reasonably); and 

  

	 	(2)	 if such term is greater than one (1) month, such rate of interest as may be determined by the Agent
(acting reasonably) in accordance with its customary practices by interpolating between the rates of interest determined in accordance with subparagraph (A) above for the immediately shorter and immediately longer standard terms; and

  

	 	(ii)	 with respect to an issue of Bankers’ Acceptances accepted by a Lender that is a Schedule II Bank or a
Schedule III Bank, the lesser of: 

  

	 	(A)	 the arithmetic average of the yield rates per annum (calculated on a year of 365 days) quoted to the Agent by
the Schedule II/III Reference Banks (determined as of 10:00 a.m. (Toronto time) on the date of determination), which rates would be applicable in respect of the purchase by the Schedule II/III Reference Banks of Canadian Dollar bankers’
acceptances accepted by the Schedule II/III Reference Banks having comparable face values and identical issue dates and comparable maturity dates as the Bankers’ Acceptances proposed to be issued by the Borrower, and issued on such day, or if
such day is not a Business Day, then on the immediately preceding Business Day; and 

  

	 	(B)	 the sum of the Discount Rate, determined in accordance with paragraph (i) above, and 10 bps per annum;

 provided that if the Discount Rate as determined above is less than zero on any day, then the Discount Rate shall
be deemed to be zero on such day; 
 “Drawdown” means an advance or deemed advance of funds or other extension of credit in
accordance with the provisions of this Agreement, and for certainty includes the issuance of a Letter of Credit but does not include a Conversion or a Rollover; 

  
 - 10 - 

 “Drawdown Date” means a Business Day, at the expiration of the notice
period specified pursuant to Section 3.3, on which the Borrower obtains a Drawdown; 
 “EEA Financial Institution”
means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a Lender Parent of
an institution described in clause (a) of this definition, or (c) any institution established in an EEA Member Country which is a subsidiary of an institution described in clause (a) or (b) of this definition and is subject to
consolidated supervision with its Lender Parent; 
 “EEA Member Country” means any of the member states of the European
Union, Iceland, Liechtenstein and Norway; 
 “EEA Resolution Authority” means any public administrative authority or any
person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution; 

“Effective Date” means the date on which all conditions in Section 7.1 are satisfied or waived by the Lenders. 

“Encana” means Encana Corporation, a corporation subsisting under the Canada Business Corporations Act prior to the
Reorganization; 
 “Equivalent Amount” in one currency (the “First Currency”) of an amount in
another currency (the “Other Currency”) means, as of the date of determination, the amount of the First Currency which would be required to purchase such amount of the Other Currency at the average exchange rate quoted by the Bank
of Canada at approximately the close of business on the Business Day that such determination is required to be made (or, if such determination is required to be made before close of business on such Business Day, then at approximately close of
business on the immediately preceding Business Day); provided that, in either case, if no such rate is quoted, it shall mean the spot rate of exchange for wholesale transactions quoted by the Agent at approximately noon (Toronto time) on such
date of determination in accordance with its normal practice or, if such date of determination is not a Business Day, on the Business Day immediately preceding such date of determination; 

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

“Event of Default” means any of the occurrences referred to in Section 9.1 if, at the time of, or during the continuance
of any such occurrence, a Borrowing is outstanding; 
 “Excluded Taxes” means: 

 

	 	(i)	 all taxes on, based on, measured by or with respect to the Agent’s or a Lender’s net or gross income,
gains, capital, receipts, franchises, excess profits or conduct of business (unless such taxes are in lieu of any Taxes the Borrower or a Guarantor Subsidiary would otherwise be required to pay hereunder) that are taxes imposed in a jurisdiction or
any political subdivision thereof as a consequence of the Agent or applicable Lender carrying on a trade or business or having a permanent establishment in that jurisdiction or otherwise being organized under the laws of or being a resident in that
jurisdiction; 

  

	 	(ii)	 all U.S. federal withholding Taxes imposed under FATCA, and any Taxes or penalties arising from a Lender’s
failure to properly comply with such Lender’s obligations imposed under the Canada-United States Enhanced Tax Information Exchange Agreement Implementation Act (Canada) or the similar provisions of legislation of any other
jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of FATCA-based reporting in that jurisdiction; and 

  
 - 11 - 

	 	(iii)	 any Taxes imposed on a payment or deemed payment by reason of the recipient not dealing at arm’s length
(within the meaning of the Income Tax Act (Canada)) with the Borrower or being a “specified shareholder” of the Borrower (within the meaning of subsection 18(5) of the Income Tax Act (Canada)) at the time of payment or deemed
payment, or by reason of such recipient not dealing at arm’s length (within the meaning of the Income Tax Act (Canada)) with the Borrower or a “specified shareholder” of the Borrower at the time of payment or deemed payment;

 “Existing Credit Agreement” means the restated credit agreement dated as of July 16, 2015 among
Encana (as predecessor to the Borrower), the Existing Lenders and the Agent, as amended prior to the Effective Date; 
 “Existing
Lenders” means those financial and other institutions which are parties as “Lenders” to the Existing Credit Agreement; 

“Extension Date” has the meaning ascribed to that term in Section 3.12(a); 

“FATCA” means Sections 1471 through 1474 of the Code, as of the Effective Date (or any amended or successor version that is
substantively comparable), any current or future regulations (whether final, temporary or proposed in final form) or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code or any fiscal or
regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code; 

“Fed Funds Rate” means, for any day, the rate per annum calculated by the Federal Reserve Bank of New York, based on such
day’s federal funds transactions by depositary institutions, as determined in such manner as the Federal Reserve Bank of New York shall set forth on its public website from time to time and as published on the next succeeding Business Day by
the Federal Reserve Bank of New York as the federal funds effective rate, or, if such day is not a Business Day, such rate for the immediately preceding Business Day for which the same is published or, if such rate is not so published for any day
that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day on such transactions received by the Agent, acting reasonably; provided that if the Fed Funds Rate would be less than
zero on any day, then the Fed Funds Rate shall be deemed to be zero on such day; 
 “Finance Co.” means Encana Holdings
Finance Corp., an unlimited liability company incorporated under the laws of Nova Scotia, and any successor thereto; 
 “Finance
Lease” means, at any time, any finance lease or other arrangement providing for the right of the lessee thereunder to use property, real or personal, moveable or immovable (whether or not such lease or other arrangement is intended as
security), and in respect of which the present value of the minimum rental commitment or other amounts payable by the lessee thereunder would, in accordance with GAAP, be accounted for as a finance lease on a balance sheet of the lessee thereunder;
provided that any real property leases (including the Bow Office Lease) and any other leases (whether entered into before or after December 31, 2019) that are or would be characterized as operating leases under GAAP as at
December 31, 2019 shall be deemed to be operating leases and shall be excluded from this definition; 
 “Financing
Debt” means, with respect to any Person and at any time, all indebtedness for borrowed money of such Person at such time and specifically includes (without duplication): 

 

	 	(i)	 indebtedness of such Person arising pursuant to bankers’ acceptance facilities, note purchase facilities
and commercial paper programs; 

  
 - 12 - 

	 	(ii)	 indebtedness of such Person for borrowed money evidenced by and owed under a bond, note, debenture or similar
instrument; 

  

	 	(iii)	 all indebtedness of such Person representing the deferred purchase price of any property which, in accordance
with its terms is, or after giving effect to any renewal or extension provisions of such arrangements may be, payable by such Person more than 12 months after the date of acquisition; 

 

	 	(iv)	 the amounts under Finance Leases under which such Person is the lessee which, in accordance with GAAP, are
capitalized on the balance sheet of such Person; 

  

	 	(v)	 indebtedness of such Person arising pursuant to letters of credit or letters of guarantee securing or
supporting any indebtedness referred to in the foregoing parts of this definition and in paragraph (vi) of this definition; and 

  

	 	(vi)	 (y) obligations of such Person under guarantees, indemnities or other contingent obligations securing or
supporting any indebtedness or other obligations of any other Person referred to in the foregoing parts of this definition, and (z) all other obligations of such Person incurred for the purpose of or having the effect of providing financial
assistance to another Person to secure or support any indebtedness or other obligations of any other Person referred to in the foregoing parts of this definition, including endorsements with recourse of bills of exchange constituting or evidencing
any such indebtedness or obligations (other than for collection or deposit in the ordinary course of business); 

provided that Financing Debt of a Person shall not include (A) any Non-Recourse Debt of
such Person, (B) indebtedness under any real property leases (including the Bow Office Lease) and any other leases (whether entered into before or after December 31, 2019) that are or would be characterized as operating leases under GAAP
as at December 31, 2019 and (C) where such Person is a Wholly-Owned Subsidiary, any of the foregoing which is owed to the Guarantor, the Borrower or another Wholly-Owned Subsidiary or owed by the Guarantor or the Borrower to a Wholly-Owned
Subsidiary; 
 “Fiscal Quarter” means the first three (3) months of a Fiscal Year, and each successive period of three
(3) months in such Fiscal Year; 
 “Fiscal Year” means the fiscal year as adopted by the Guarantor from time to time
and which is currently the one year period commencing on January 1 of each year and ending on December 31 of such year; 

“Fitch” means Fitch Ratings Inc., its Affiliates and their respective successors; 

“Fronting Bank Commitment” means, in relation to a Fronting Bank, the amount set forth opposite such Fronting Bank’s name
in the second column on Schedule “J” from time to time, as such Fronting Bank Commitment may hereafter be increased, cancelled , reduced or terminated from time to time pursuant to this Agreement; 

  
 - 13 - 

 “Fronting Banks” means, from time to time, any Lenders selected by the
Borrower and the Agent which have agreed to act as a fronting bank to issue Letters of Credit up to their respective Fronting Bank Commitments; provided that with respect to any particular Letter of Credit issued hereunder, “Fronting
Bank” shall mean the Lender which issued that Letter of Credit; 
 “GAAP” means generally accepted accounting
principles in the United States which are in effect from time to time, unless the Guarantor’s most recent audited annual or unaudited interim financial statements are not prepared in accordance with generally accepted accounting principles in
the United States, in which case GAAP shall mean generally accepted accounting principles in Canada in effect from time to time; 

“Governmental/Judicial Body” means: 
  

	 	(i)	 any government, parliament or legislature, any regulatory or administrative authority, agency, commission or
board (including any board having jurisdiction in respect of pipelines or the oil and gas industry generally) and any other statute, rule or regulation making entity having jurisdiction in the relevant circumstances; 

 

	 	(ii)	 any Person to whom a government, parliament or legislature, any regulatory or administrative authority, agency,
commission or board or any other statute, rule or regulation making entity referred to in paragraph (i) has delegated power or authority under a statute, rule or regulation thereof; and 

 

	 	(iii)	 any judicial, administrative or arbitral court, authority, tribunal or commission having jurisdiction in the
relevant circumstances; 

 “Guarantor” means Ovintiv Inc., a corporation incorporated under the laws of
the State of Delaware and any successor thereto, in its capacity as covenantor and guarantor under this Agreement; 
 “Guarantor
Subsidiary” means, at any time, a Subsidiary which is then guaranteeing the Obligations pursuant to a guarantee in a form acceptable to the Agent (acting reasonably); 

“Interest Date” means, in respect of Borrowings by way of Prime Loans and USBR Loans, the first Business Day of each month;

 “Investment Grade” means a Debt Rating from at least two Rating Agencies of not lower than
BBB- from S&P, Baa3 from Moody’s and BBB- from Fitch (or, if applicable, an equivalent Debt Rating from a Substitute Rating Entity); 

“LC Draft” means any draft, bill of exchange, receipt, acceptance, demand or other request for payment presented to a bank as
provided in a Letter of Credit; 
 “Lender Distress Event” means, in respect of a given Lender, such Lender or its Lender
Parent is subject to a forced liquidation, merger, sale or other change of control supported in whole or in part by guarantees or other support (including, without limitation, the nationalization or assumption of ownership or operating control by
the Government of the United States, Canada or any other Governmental/Judicial Body) or is otherwise adjudicated as, or determined by any Governmental/Judicial Body having regulatory authority over such Lender or Lender Parent or their respective
assets to be, insolvent or bankrupt or deficient in meeting any capital adequacy or liquidity standard of any such Governmental/Judicial Body; provided that a Lender shall not become a Defaulting Lender solely as the result of the acquisition
or maintenance of an ownership interest in such Lender or its Lender Parent (including the exercise of control over such Lender or its Lender Parent through such ownership interest) by a Governmental/Judicial Body or an instrumentality thereof; 

  
 - 14 - 

 “Lender Insolvency Event” means, in respect of a given Lender, such Lender
or its Lender Parent: 
  

	 	(i)	 is dissolved (other than pursuant to a consolidation, amalgamation or merger); 

 

	 	(ii)	 becomes insolvent, is deemed insolvent by Applicable Law or is unable to pay its debts or fails or admits in
writing its inability generally to pay its debts as they become due; 

  

	 	(iii)	 makes a general assignment, arrangement or composition with or for the benefit of its creditors;

  

	 	(iv)	 (A) institutes, or has instituted against it by a regulator, supervisor or any similar Governmental/Judicial
Body with primary insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its incorporation or organization or the jurisdiction of its head or home office, (x) a proceeding pursuant to which such
Governmental/Judicial Body takes control of such Lender’s or Lender Parent’s assets, (y) a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy, insolvency or winding-up law or other similar law affecting creditors’ rights, or (z) a petition is presented for its winding-up or liquidation by it or such regulator, supervisor
or similar Governmental/Judicial Body; or (B) has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy, insolvency or winding-up law
or other similar law affecting creditors’ rights, or a petition is presented for its winding-up or liquidation, and such proceeding or petition is instituted or presented by a Person or entity not
described in clause (A) above and either (x) results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation or
(y) is not dismissed, discharged, stayed or restrained in each case within fifteen (15) days of the institution or presentation thereof; 

  

	 	(v)	 has a resolution passed for its winding-up, official management or
liquidation (other than pursuant to a consolidation, amalgamation or merger); 

  

	 	(vi)	 seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver,
trustee, custodian or other similar official for it or for all or a substantial portion of all of its assets; 

  

	 	(vii)	 has a secured party take possession of all or a substantial portion of all of its assets or has a distress,
execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or
restrained, in each case, within fifteen (15) days thereafter; 

  

	 	(viii)	 causes or is subject to any event with respect to it which, under the Applicable Law of any jurisdiction, has
an analogous effect to any of the events specified in subparagraphs (i) to (vii) above, inclusive; or 

  

	 	(ix)	 takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the
foregoing; 

 “Lender Parent” means any Person that directly or indirectly controls a Lender and, for the
purposes of this definition, “control” shall have the same meaning as set forth in the definition of “Affiliate” contained herein; 

  
 - 15 - 

 “Lenders” means each of the financial and other institutions named on
Schedule “J” hereto as a Lender which has executed this Agreement or, as a Permitted Assignee, an agreement substantially in the form of Schedule “I”, and includes Royal in its capacity as a Lender, but excludes any
such financial or other institution, the Commitment of which has been reduced to zero, and also excludes the Agent in its capacity as the Agent; and “Lender” means any one of such Lenders, as applicable; 

“Lender’s Proportion” means, at any time and from time to time with respect to each Lender: 

 

	 	(i)	 if there has been delivered an Acceleration Notice, or during the continuance of an Event of Default specified
in Section 9.1(b) or 9.1(c), in each such case at a time during which there are Outstandings, the proportion that the amount of such Lender’s Outstandings at such time bears to the amount of the total Outstandings of all Lenders at such
time; and 

  

	 	(ii)	 at any other time, the proportion that the amount of such Lender’s Syndicated Commitment at such time
bears to the Total Syndicated Commitment; 

 “Letter of Credit” means a performance, standby or
documentary letter of credit issued by the Fronting Bank at the request of the Borrower pursuant to Section 3.7; 

“LIBOR” means, with respect to any LIBOR Interest Period applicable to a Borrowing by way of a LIBOR Loan: 

 

	 	(i)	 in the case of a standard LIBOR Interest Period of one (1) month, two (2) months, three
(3) months or six (6) months, the rate of interest per annum, based upon a year of 360 days, (rounded upwards, if necessary, to the next 1/100 of 1%) determined by the Agent to be the offered rate listed on the “LIBOR 01 Page”
(or any display substituted therefor) of Reuter’s Monitor Money Rates Service (or any successor thereto designated by the Agent) that displays the ICE Benchmark Administration Limited (or its successor) Interest Settlement Rate applicable to
such LIBOR Interest Period for purposes of displaying the rates at which US Dollar deposits are offered for deposit in the London interbank market) at approximately 11:00 a.m. London, England time two (2) Business Days prior to the
Drawdown Date, Borrowing Conversion Date or Borrowing Rollover Date, as applicable, for such Borrowing and for the LIBOR Interest Period selected; and 

  

	 	(ii)	 in the case of any other LIBOR Interest Period: 

 

	 	(A)	 if such LIBOR Interest Period is less than one (1) month, such rate of interest as may be determined by
the Agent (acting reasonably); and 

  

	 	(B)	 if such LIBOR Interest Period is greater than one (1) month, such rate of interest as may be determined by
the Agent (acting reasonably) in accordance with its customary practices by interpolating between the rates of interest appearing on the page referred to in subparagraph (i) above for the immediately shorter and immediately longer standard
LIBOR Interest Periods; 

 provided that, (x) if such service is unavailable then LIBOR shall be determined by
the Agent as the rate at which deposits of comparable term and amount are offered by it to prime banks in the London interbank market at or approximately 11:00 a.m. London, England time on such date and (y) if LIBOR as determined above
would be less than zero on any day, then LIBOR shall be deemed to be zero on such day; 

  
 - 16 - 

 “LIBOR Discontinuation Date” has the meaning given to it in
Section 10.1(a)(vi); 
 “LIBOR Interest Date” means: 

 

	 	(i)	 the last day of each LIBOR Interest Period; and 

 

	 	(ii)	 if the Borrower selects a LIBOR Interest Period for a period longer than three (3) months, the dates
falling every three (3) months after the beginning of such LIBOR Interest Period and on the last day of such LIBOR Interest Period; 

“LIBOR Interest Period” means, with respect to a Borrowing by way of a LIBOR Loan, the period commencing with and including
the Drawdown Date, Borrowing Conversion Date or Borrowing Rollover Date, as applicable, as the first day of the LIBOR Interest Period for that Borrowing, and ending on (but, for greater certainty, excluding for the purpose of interest calculation) a
day which is not sooner than the numerically corresponding day one (1) calendar month thereafter and not later than the numerically corresponding day six (6) calendar months thereafter, or such other day as is agreed to by all applicable
Lenders, selected by the Borrower upon giving to the Agent a Notice of Drawdown, Notice of Conversion or Notice of Rollover, as applicable, so long as deposits in US Dollars for such period are readily available to the Lenders in the London
interbank market; provided further that: 
  

	 	(i)	 if any such LIBOR Interest Period commences on a day of a calendar month for which there is no numerically
corresponding day in the calendar month at the end of the LIBOR Interest Period, such LIBOR Interest Period shall end on the last Business Day of such subsequent calendar month; and 

 

	 	(ii)	 if any such LIBOR Interest Period ends on a day which is not a Business Day, such LIBOR Interest Period shall
end the next Business Day unless such Business Day falls in the next calendar month, in which case such LIBOR Interest Period shall end on the immediately preceding Business Day; 

“LIBOR Loans” means the loans made available by the Lenders to the Borrower pursuant to Sections 3.3, 3.8 or 3.9, which
the Borrower has elected to denominate in US Dollars and has agreed to pay interest thereon in accordance with Section 5.3; 

“LIBOR Suspension Notice” has the meaning given to it in Section 10.1(a)(iv); 

“Loan Documents” means this Agreement (including Schedules “G”, “H” and “J”), the letter
agreements referred to in Sections 3.7(g) and 5.9 and, when executed and delivered, Schedules “A”, “B”, “C”, “D”, “E”, “F” and “I”; 

“Loan Indebtedness” means the aggregate, at any time, of: 

 

	 	(i)	 all Outstandings; and 

 

	 	(ii)	 all interest, fees and other amounts payable by the Borrower hereunder or under the other Loan Documents,

 but, for certainty, shall not include contingent obligations under the Loan Documents not then due or owing, including
such obligations under indemnities contained therein; 
 “Loans” means Prime Loans, USBR Loans and LIBOR Loans; 

  
 - 17 - 

 “Majority Lenders” means any Lender or group of Lenders having
Lender’s Proportions, in aggregate, of 50.1% or more; 
 “Margin Stock” has the meaning specified in Regulation U of
the Board of Governors of the Federal Reserve System, as in effect from time to time; 
 “Material Adverse Effect” means any
act, event or condition that has a material adverse effect on (i) the consolidated financial condition and operations of the Guarantor and its Subsidiaries, taken as a whole, (ii) the ability of the Guarantor to pay any amounts owing from
time to time under this Agreement or (iii) the validity or enforceability of this Agreement, provided that in no event shall fluctuations in commodity prices for oil and/or natural gas be regarded as an act, event or condition that in
and of itself has a Material Adverse Effect; 
 “Material Subsidiary” means from time to time (i) the Borrower,
(ii) any other Subsidiary of the Guarantor which, on a consolidated basis for such Subsidiary and its Subsidiaries, has assets which have a value, as reflected on the consolidated balance sheet of the Guarantor most recently delivered to the
Lenders hereunder, in excess of 10% of the value of the consolidated assets of the Guarantor and its Subsidiaries as reflected therein (without giving effect to the non-cash ceiling test impairments and other
changes as at December 31, 2011 as a consequence of Encana’s adoption of US GAAP) and, (iii) any other Subsidiary so designated by the Borrower; 

“Maturity Date” means, with respect to a Commitment, July 15, 2024, as such date may, from time to time, be extended
pursuant to Section 3.12 in respect of such Commitment; 
 “Moody’s” means Moody’s Investors Service, Inc.,
its Affiliates and their respective successors; 
 “Negative Pledge” means the covenants of the Guarantor set forth in
Schedule “G”; 
 “Non-Acceptance Discount Rate” means, for any day, the
simple average of the Discount Rate in paragraph (i) of the definition of Discount Rate and the Discount Rate in paragraph (ii) of such definition; 

“Non-Acceptance Lender” means a Lender which does not accept bankers’ acceptances
in the ordinary course of its business; 
 “Non-Defaulting Lender” means a Lender
that is not a Defaulting Lender; 
 “Non-Guarantor Subsidiary” means, at any time, a
Subsidiary which is not then a Guarantor Subsidiary; 
 “Non-Recourse Assets” means
the Guarantor’s proportion (determined on a consolidated basis in accordance with GAAP) of assets owned directly or indirectly by the Guarantor or any Subsidiary which meet all of the following conditions: (i) the assets represent a
specific Project, whether alone or in association with others, (ii) debt for borrowed money is owed to one or more Non-Recourse Creditor(s), was incurred for the purpose of financing the costs of such
Project and the recourse of such creditors in relation to such debt is limited to the assets of such Project (including equity interests and investments in any Non-Recourse Subsidiary), and (iii) neither
the Guarantor nor any Subsidiary is liable or has issued a guarantee in respect of any such debt, other than any such debt or any such guarantee in respect of which the recourse thereunder is limited to the assets of such Project (including equity
interests and investments in any Non-Recourse Subsidiary); provided that upon all such debt to all such creditors in respect of any such assets being repaid, such assets shall then cease to be Non-Recourse Assets; 

  
 - 18 - 

 “Non-Recourse Creditor” means an
arm’s length creditor whose recourse is limited to Non-Recourse Assets, to the exclusion of any and all other recourse, whether directly or indirectly, by way of guarantees or otherwise, against the
Guarantor or any Subsidiary in respect of any such debt or liability referred to in the definition of Non-Recourse Assets except for non-recourse guarantees and/or non-recourse pledges which are limited in recourse to equity interests and investments in any Non-Recourse Subsidiary; 

“Non-Recourse Debt” means debt incurred for the purpose of financing the costs of a
specific Project and due or otherwise owing to a Non-Recourse Creditor; 
 “Non-Recourse Subsidiary” means a Subsidiary whose material assets are Non-Recourse Assets; 

“Notice of Conversion” means a notice substantially in the form of Schedule “C” to this Agreement, duly
completed with all information necessary to effect a Conversion, given or to be given by the Borrower to the Agent pursuant to this Agreement; 

“Notice of Drawdown” means a notice substantially in the form of Schedule “A” or, in the case of a Drawdown by
way of Bankers’ Acceptances (or BA Equivalent Loans in lieu thereof), Schedule “B” to this Agreement, duly completed with all information necessary to effect a Drawdown, given or to be given by the Borrower to the Agent pursuant
to this Agreement; 
 “Notice of Extension” means a written notice by the Agent, on behalf of some or all of the Lenders for
a period of not more than five (5) years from the Extension Date, to the Borrower pursuant to Section 3.12 extending the then current Maturity Date in respect of the Commitments of such Lenders; 

“Notice of Rollover” means a notice substantially in the form of Schedule “D” to this Agreement, duly completed
with all information necessary to effect a Rollover, given or to be given by the Borrower to the Agent pursuant to this Agreement; 

“Obligations” means, collectively and at any time and from time to time, all of the obligations, indebtedness and liabilities
(present or future, absolute or contingent, matured or not) of the Borrower to the Agent and the Lenders under, pursuant or relating to this Agreement and the other Loan Documents and including all Outstandings and all interest, commissions, legal
and other costs, charges and expenses payable by the Borrower under this Agreement and such other Loan Documents, whether the same are from time to time reduced and thereafter increased or entirely extinguished and thereafter incurred again; 

“Obligors” means, collectively, the Borrower and the Guarantor and “Obligor” means either of them; 

“OFAC” means the Office of Foreign Assets Control of the United States Treasury Department; 

“Outstanding Principal” means, at any time, the Equivalent Amount in US Dollars of the Outstandings at such time disregarding
any due and unpaid interest; 
 “Outstandings” at any time means the aggregate at such time of: 

 

	 	(i)	 the principal amounts outstanding of, and all due and unpaid interest in respect of, Prime Loans;

  
 - 19 - 

	 	(ii)	 the principal amounts outstanding of, and all due and unpaid interest in respect of, USBR Loans and LIBOR
Loans; 

  

	 	(iii)	 the amounts payable at maturity of all outstanding Bankers’ Acceptances and BA Equivalent Loans; and

  

	 	(iv)	 the aggregate undrawn face amount of all outstanding Letters of Credit; 

provided that (A) for the purpose of calculating the Outstandings owing to any Lender at any time, such Lender shall be deemed to
have issued its Lender’s Proportion of all outstanding Letters of Credit for which it has a reimbursement or indemnification obligation in the circumstances contemplated in Section 3.7(d) and (B) where the context requires, the
Outstandings shall mean only those Outstandings owing to a particular Lender; 
 “Permitted Assignee” has the meaning
ascribed thereto in Section 16.9(a); 
 “Person” means a natural person, partnership, corporation, joint stock company,
unlimited liability company, limited liability company, trust, unincorporated association or other entity and, as and when applicable, the heirs, executors, administrators, successors or other legal representative, as the case may be, of such
entity; 
 “Prime Loans” means the loans made available by the Lenders to the Borrower pursuant to Section 3.3, 3.8 or
3.9 with respect to which the Borrower has agreed to pay interest thereon in accordance with Section 5.1 or which are made available to the Borrower by the Lenders as a result of applying Section 3.5(g) or 3.7(d); 

“Prime Rate” means, with respect to outstanding Prime Loans, on any day, the greater of: 

 

	 	(i)	 the annual rate of interest most recently announced from time to time by the Schedule I Reference Bank (and, if
not the Agent, notified to the Agent) as being its reference rate then in effect for determining interest rates on Canadian Dollar denominated commercial loans made by the Schedule I Reference Bank in Canada; and 

 

	 	(ii)	 the annual rate of interest equal to the aggregate of CDOR One Month Rate and 0.75% per annum;

 provided that if all such rates are equal, then the “Prime Rate” shall be the rate specified in
(i) above; 
 “Project” means the acquisition, construction and development of previously undeveloped or newly acquired
assets forming an economic unit capable of generating sufficient cash flow, on the basis of reasonable initial assumptions, to cover the operating costs and debt service required to finance the undertaking relating to such assets over a period of
time which is less than the projected economic life of the assets, and includes any commercial operation for which such assets were so acquired, constructed or developed and which is subsequently carried on with such assets by such economic unit
and, for certainty, includes each such Project which exists at the Effective Date or which is acquired, created or comes into existence after the Effective Date; 

“Public Material Subsidiary” means any Material Subsidiary whose Common Equity Securities have been listed on any stock
exchange at all times since such Material Subsidiary first became a Material Subsidiary; 

  
 - 20 - 

 “Reorganization” means the reorganization of Encana Corporation which
includes: 
  

	 	(i)	 the exchange of common shares of Encana for shares of common stock of the Guarantor resulting in Encana
becoming a Wholly-Owned Subsidiary of the Guarantor; and 

  

	 	(ii)	 the renaming of and continuation and conversion of Encana into the Borrower as an unlimited liability
corporation under the Business Corporations Act (British Columbia), 

 all as more particularly described in the
arrangement and reorganization agreement dated as of October 31, 2019 between Encana and 1847432 Alberta ULC; 
 “Request for
Extension” means a written request by the Borrower to the Agent on behalf of some or all of the Lenders pursuant to Section 3.12 requesting such Lenders to issue a Notice of Extension in respect of the Commitments of such Lenders, in
the form attached as Schedule “E”; 
 “Restricted Subsidiary” has the meaning ascribed thereto in the
Negative Pledge; 
 “Rollover” means: 
  

	 	(i)	 with respect to any LIBOR Loan, the continuation of all or a portion of such Loan for an additional LIBOR
Interest Period subsequent to the initial or any subsequent LIBOR Interest Period applicable thereto; 

  

	 	(ii)	 with respect to any Bankers’ Acceptance (or BA Equivalent Loan made in lieu thereof), the issuance of new
Bankers’ Acceptances (or making of new BA Equivalent Loans) in respect of all or any portion of such Bankers’ Acceptance (or BA Equivalent Loans made in lieu thereof) on the maturity date thereof; and 

 

	 	(iii)	 with respect to any Letter of Credit, the extension or replacement of an existing Letter of Credit in respect
of all or any portion of such Letter of Credit effective on the expiry date thereof including, for certainty, any extension referred to in the proviso in Section 3.9(c); provided that the beneficiary thereof (including any successor or
permitted assigns thereof) remains the same, the maximum amount available to be drawn thereunder is not increased, the currency in which the same is denominated remains the same and the terms upon which the same may be drawn remain the same;

 all in accordance with the provisions of this Agreement; 

“Royal” means Royal Bank of Canada, a Canadian chartered bank; 

“Sanctioned Country” means, at any time, a country or territory which is the subject or target of any Sanctions; 

“Sanctioned Person” means, at any time, any Person listed in any Sanctions-specific list of designated Persons maintained by
OFAC, the United States Department of State, or by the United Nations Security Council, in all cases, to the extent not inconsistent with Applicable Law in Canada; 

“Sanctions” means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by a
Sanctions Authority that are applicable to the Borrower or its Subsidiaries; provided that, with respect to economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by the United Nations Security
Council, to the extent such sanctions or trade embargoes are not inconsistent with Applicable Law in Canada; 

  
 - 21 - 

 “Sanctions Authority” means any of: (i) the federal government of
Canada; (ii) the federal government of the United States of America; (iii) the United Nations Security Council (to the extent not inconsistent with Applicable Law in Canada); or (iv) the respective governmental institutions,
departments and agencies of any of the foregoing, including OFAC and the United States Department of State; and “Sanctions Authorities” means all of the foregoing Sanctions Authorities, collectively; 

“Schedule I Bank” means a bank under Schedule I of the Bank Act (Canada); 

“Schedule I Reference Bank” means Royal, or such other Lender as may from time to time be appointed as the
Schedule I Reference Bank pursuant to Section 12.17; 
 “Schedule II Bank” means a bank under
Schedule II of the Bank Act (Canada); 
 “Schedule II/III Reference Banks” means, other than
Bank of America, N.A., Canada Branch, (i) any two or more Lenders which are Schedule II Banks or Schedule III Banks, as selected from time to time by the Agent and approved by the Borrower, each acting reasonably, and shall include any
other Lender that is a Schedule II Bank or Schedule III Bank selected from time to time by the Agent and approved by the Borrower, each acting reasonably, in substitution for or replacement of any then existing Schedule II/III Reference
Banks, or (ii) if there is only one Schedule II Bank or Schedule III Bank that is a Lender, that Lender alone; 

“Schedule III Bank” means an authorized foreign bank under Schedule III of the Bank Act
(Canada); 
 “Senior Financial Officer” means the Chief Financial Officer, Chief Accounting Officer, Vice-President Finance,
Comptroller, Assistant Comptroller, Treasurer or Assistant Treasurer or any other officer of the Guarantor and/or the Borrower, as applicable, having a similar title or position; 

“S&P” means S&P Global Ratings, a division of S&P Global Inc., its Affiliates and their respective successors;

 “Subsidiary” means, with respect to any Person (“X”) (i) any corporation of which at least a majority of
the outstanding shares having by the terms thereof ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether, at the time, shares of any other class or classes of such corporation might have
voting power by reason of the happening of any contingency, unless the contingency has occurred and then only for as long as it continues) is, at the time, directly, indirectly or beneficially owned or controlled by X or one or more of its
Subsidiaries or by X and one or more of its Subsidiaries, and (ii) any partnership or other entity of which at least a majority of the outstanding income interests or capital interests are at the time directly, indirectly or beneficially
owned or controlled by X or one or more of its Subsidiaries or by X and one or more of its Subsidiaries; provided that unless otherwise expressly provided or the context otherwise requires, references herein to “Subsidiary” or
“Subsidiaries” shall be and shall be deemed to be references to a Subsidiary or Subsidiaries of the Guarantor; 

“Substitute Rating Entity” has the meaning assigned thereto in Section 1.8(b)(i); 

“Syndicated Borrowings” means Borrowings made available by the Syndicated Lenders pursuant to the Syndicated Commitments; 

  
 - 22 - 

 “Syndicated Commitment” means, in relation to a Syndicated Lender, the
amount set forth opposite such Syndicated Lender’s name in the first column on Schedule “J” from time to time, as such Syndicated Commitment may hereafter be increased, cancelled, reduced or terminated from time to time pursuant
to this Agreement; 
 “Syndicated Lenders” means, from time to time, those Lenders then providing Syndicated Commitments;

 “Tax” means all present and future taxes, levies, duties, imposts, stamp and documentary taxes, deductions, charges or
withholdings imposed by any Governmental/Judicial Body, and all liabilities with respect thereto, including all income taxes, capital taxes, excise taxes, financial institution duties, debit taxes and similar levies, and any interest, additions to
tax and penalties imposed with respect to any of the foregoing; 
 “Total Syndicated Commitment” means, at any time, an
amount equal to the aggregate of all of the Syndicated Commitments at such time; 
 “US Base Rate” means, with respect to
outstanding USBR Loans, on any day, the greatest of: 
  

	 	(i)	 the annual rate of interest most recently announced from time to time by the Schedule I Reference Bank (and, if
not the Agent, notified to the Agent) as being its reference rate then in effect for determining interest rates on US Dollar denominated commercial loans made by the Schedule I Reference Bank in Canada; 

 

	 	(ii)	 the annual rate of interest equal to the aggregate of the Fed Funds Rate and 0.75% per annum; and

  

	 	(iii)	 the annual rate of interest equal to the aggregate of the one month LIBOR and 0.75% per annum;

 provided that if all such rates of interest are equal, then the “US Base Rate” shall be the rate
specified in (i) above; 
 “USBR Loans” means the loans made available by the Lenders to the Borrower pursuant to
Section 3.3, 3.8 or 3.9 with respect to which the Borrower has agreed to pay interest thereon in accordance with Section 5.2 or which are made available to the Borrower by the Lenders as a result of applying Section 3.4(a), 3.7(d) or
10.1; 
 “US Dollars” and the symbol “US $” each mean lawful currency of the United States of America; 

“US GAAP” means generally accepted accounting principles in the United States of America in effect from time to time; 

“Wholly-Owned Subsidiary” means (i) any corporation of which 100% of the outstanding shares having by the terms thereof
ordinary voting power to vote with respect to the election of the board of directors of such corporation (irrespective of whether at the time shares of any other class or classes of such corporation might have voting power by reason of the happening
of any contingency, unless the contingency has occurred and then only for so long as it continues) is at the time directly, indirectly or beneficially owned or controlled by the Guarantor or one or more of its Wholly-Owned Subsidiaries or by the
Guarantor and one or more of its Wholly-Owned Subsidiaries, or (ii) any partnership or other entity of which 100% of the outstanding income interests and capital interests is at the time directly, indirectly or beneficially owned or controlled
by the Guarantor or one or more of its Wholly-Owned Subsidiaries or by the Guarantor and one or more of its Wholly-Owned Subsidiaries; and 

  
 - 23 - 

 “Write-Down and Conversion Powers” means with respect to any EEA Resolution
Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers
are described in the EU Bail-In Legislation Schedule. 
  

	1.2	 Headings and Table of Contents 

The headings, the table of contents, and the Article and Section titles are inserted for convenience only and are to be ignored in construing
this Agreement. 
  

	1.3	 References 

All references to Sections, Articles and Schedules are to Sections, Articles and Schedules to this Agreement. The words “hereto”,
“herein”, “hereof”, “hereunder”, “this Agreement” and similar expressions mean and refer to this Agreement as hereafter supplemented or amended. 

 

	1.4	 Rules of Interpretation 

The singular includes the plural and vice versa; “month” means calendar month; and “in writing” or “written”
includes printing, typewriting, or any electronic means of communication capable of being visibly reproduced at the point of reception, including telecopier, telex or telegraph. 

 

	1.5	 Generally Accepted Accounting Principles 

 

	 	(a)	 Unless otherwise defined, each accounting term used in this Agreement has the meaning assigned to it under
GAAP. 

  

	 	(b)	 In calculating the financial tests set forth in Sections 8.1(j) and 8.2(e), such calculations shall be based
upon the Guarantor’s consolidated financial statements for the relevant period. 

  

	1.6	 Changes in GAAP or Accounting Policies 

 

	 	(a)	 If: 

  

	 	(i)	 there occurs a material change in GAAP after the date hereof, including as a result of any future conversion by
the Guarantor from generally accepted accounting principles in the United States to generally accepted accounting principles in Canada (or vice versa); or 

  

	 	(ii)	 the Guarantor or any of its Subsidiaries adopts a material change in an accounting policy in order to more
appropriately present events or transactions in its financial statements; 

 and the above change would require disclosure
under GAAP in the consolidated financial statements of the Guarantor and would cause an amount required to be determined for the purposes of any financial test in Section 8.1(j) or 8.2(e) or any financial term or threshold used in
Section 2.1(c), 8.2(f), the Negative Pledge, Section 9.1 or elsewhere in this Agreement (each a “Financial Covenant/Term”) to be materially different than the amount that would be determined without giving effect to such
change, the Guarantor shall notify the Agent of such change (an “Accounting Change”). Such notice (an “Accounting Change Notice”) shall describe the nature of the Accounting Change, its effect on the current and
immediately prior year’s financial statements in accordance with GAAP and state whether the Guarantor desires to revise the method of calculating one or more of the Financial Covenants/Terms (including the revision of any of the defined terms
used in the determination of such Financial Covenant/Term) in order that amounts determined after 

  
 - 24 - 

 
giving effect to such Accounting Change and the revised method of calculating such Financial Covenant/Term will approximate the amount that would be determined without giving effect to such
Accounting Change and without giving effect to the revised method of calculating such Financial Covenant/Term. The Accounting Change Notice shall be delivered to the Agent within sixty (60) days after the end of the Fiscal Quarter in which the
Accounting Change is implemented or, if such Accounting Change is implemented in the fourth Fiscal Quarter or in respect of an entire Fiscal Year, within 120 days after the end of such period. 

 

	 	(b)	 If, pursuant to the Accounting Change Notice, the Guarantor does not indicate that it desires to revise the
method of calculating one or more of the Financial Covenants/Terms, the Majority Lenders may within thirty (30) days after receipt of the Accounting Change Notice notify the Guarantor that they wish to revise the method of calculating one or
more of the Financial Covenants/Terms in the manner described above. 

  

	 	(c)	 If either the Guarantor or the Majority Lenders so indicate that they wish to revise the method of calculating
one or more of the Financial Covenants/Terms, the Guarantor and the Majority Lenders shall in good faith attempt to agree on a revised method of calculating such Financial Covenants/Terms so as to reflect equitably such Accounting Change with the
desired result that the result of the evaluation of the Guarantor’s financial condition shall be substantially the same after such Accounting Change as if such Accounting Change had not been made. Until the Guarantor and the Majority Lenders
have reached agreement in writing on such revised method of calculation, all amounts to be determined hereunder shall continue to be determined without giving effect to the Accounting Change. For greater certainty, if no notice of a desire to revise
the method of calculating the Financial Covenants/Terms in respect of an Accounting Change is given by either the Guarantor or the Majority Lenders within the applicable time period described above, then the method of calculating the Financial
Covenants/Terms shall not be revised in response to such Accounting Change and all amounts to be determined pursuant to the Financial Covenants/Terms shall be determined after giving effect to such Accounting Change. 

 

	 	(d)	 If a Compliance Certificate is delivered in respect of a Fiscal Quarter or Fiscal Year in which an Accounting
Change is implemented without giving effect to any revised method of calculating any of the Financial Covenants/Terms, and subsequently, as provided above, the method of calculating one or more of the Financial Covenants/Terms is revised in response
to such Accounting Change, the Borrower shall deliver a revised Compliance Certificate. Any Event of Default which arises as a result of the Accounting Change and which is cured by this Section 1.6 shall be deemed to have never occurred.

  

	1.7	 Schedules 

Schedules “A” to “J” are attached to and constitute part of the terms and conditions of this Agreement. 

 

	1.8	 Certain Matters Related to Ratings Explained 

For the purposes hereof: 
  

	 	(a)	 the long term debt of the Guarantor shall not be considered to be “not rated” (or to like effect) by
S&P, Moody’s or Fitch (each, a “Rating Agency”) by reason of such Rating Agency ceasing to carry on the business of providing ratings of the long term debt of corporate borrowers based on creditworthiness assessments. If
two of the Rating Agencies cease carrying on the business of providing ratings of the long term debt of corporate borrowers based on creditworthiness assessments, then for purposes of calculating “Applicable Pricing Margin” and the
definition of “Investment Grade”, the rating of the remaining Rating Agency only shall be utilized; 

  
 - 25 - 

	 	(b)	 if all of the Rating Agencies cease carrying on the business of providing ratings of the long term debt of
corporate borrowers based on creditworthiness assessments, then: 

  

	 	(i)	 the Borrower and the Lenders shall attempt in good faith for a period of 30 days thereafter to determine
substitute definitions for or amendments to the Applicable Pricing Margin and Investment Grade, which may include attempting to agree on some other entity (which may include a debt rating agency or a nationally recognized securities dealer) (a
“Substitute Rating Entity”) to assign a rating to the long term debt of the Guarantor as contemplated in the following paragraph (ii) and to agree, if necessary, on the ratings of such Substitute Rating Entity which most
closely correspond to those in the definitions of Applicable Pricing Margin and Investment Grade, as applicable (“Equivalent Ratings”); and 

  

	 	(ii)	 if by the end of such 30 day period the Borrower and the Lenders have not agreed upon substitute definitions
for or amendments to the Applicable Pricing Margin and Investment Grade, as applicable, pursuant to the preceding paragraph (i), then during a period of 60 days thereafter, the Borrower and the Lenders shall, if such has not already been
accomplished, continue to attempt in good faith to agree on a Substitute Rating Entity and, if applicable, Equivalent Ratings and, if a Substitute Rating Entity has been agreed on, the Guarantor shall attempt to obtain from the Substitute Rating
Entity a rating (“Substitute Rating”) for the long term debt of the Guarantor; 

 it being agreed that:

  

	 	(iii)	 during the 30 day and 60 day periods contemplated in the preceding paragraphs (i) and (ii), or such part
thereof which elapses before an alternate approach is finally established as contemplated in such paragraphs (i) and (ii), the rates applicable from time to time in accordance with the Applicable Pricing Margin and based on the rating
applicable to the long term debt of the Guarantor immediately before the commencement of the 30 day period contemplated in the preceding paragraph (i) shall apply; 

 

	 	(iv)	 if a Substitute Rating Entity and, if applicable, Equivalent Ratings have been agreed on and the Substitute
Rating Entity has established a Substitute Rating for the long term debt of the Guarantor by or before the expiration of the 60 day period contemplated in the preceding paragraph (ii), then thereupon and thereafter the same shall apply and, if
applicable, the Applicable Pricing Margin and the definition of Investment Grade shall be deemed to have been amended to incorporate the Equivalent Ratings in place of the ratings referred to in the Applicable Pricing Margin and the definition of
Investment Grade; provided the Substitute Rating shall be subject to review by the Substitute Rating Entity from time to time (but not more often than once in any 12 month period) at the request of either the Borrower or the Agent given in writing
to the other (any such review to determine whether the Substitute Rating should change to another rating category or, if applicable, Equivalent Rating for the long term debt of the Guarantor) and if any such review results in a change in the
Substitute Rating, then thereupon and thereafter (subject to further reviews as aforesaid) the same shall apply; and 

  

	 	(v)	 if an alternate approach has not been finally established as contemplated in the preceding paragraphs
(i) and (ii) by the expiration of the 60 day period referred to in the preceding paragraph (ii), then the rates applicable from time to time in accordance with the Applicable Pricing Margin and based on the rating applicable to the long term
debt of the Guarantor immediately before the commencement of the 30 day period contemplated in the preceding paragraph (i) shall continue to apply; 

  
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	 	(c)	 a rating assigned by a Rating Agency (or, as applicable, Substitute Rating Entity) shall be, as applicable,
considered to be “lower” than another rating assigned by such Rating Agency (or, as applicable, Substitute Rating Entity) or by the other Rating Agency if it denotes a poorer creditworthiness assessment (for instance, “B” is
lower than “A”); 

  

	 	(d)	 the rating categories and ratings of any Rating Agency or Substitute Rating Entity referred to herein shall
include any equivalent rating category or rating of such Rating Agency or Substitute Rating Entity which replaces the same; and 

  

	 	(e)	 any reference in this Section 1.8 to the long term debt of the Guarantor (or to like effect) shall be
deemed to be a reference to the senior unsecured non-convertible publicly-held long term debt of the Guarantor. 

  

	1.9	 Amendment and Restatement 

The Borrower, the Guarantor, the Agent and the Lenders acknowledge and agree that as of the Effective Date: 

 

	 	(a)	 the provisions of the Existing Credit Agreement are amended, modified and restated in their entirety on the
terms and conditions, and in the form, of this Agreement and, as so amended, modified and restated, are ratified and confirmed; and 

  

	 	(b)	 all rights, obligations and indebtedness which have arisen and remain outstanding under the Existing Credit
Agreement as of the Effective Date including, without limitation, all “Outstandings” as defined in the Existing Credit Agreement and all accrued and unpaid interest thereon, fees and other amounts owing thereunder shall, subject only to
the effect of the amendments and modifications to the Existing Credit Agreement effected by this Agreement, continue in full force and effect as rights, obligations and indebtedness under this Agreement, all in accordance with and subject to the
provisions herein set forth; provided that nothing in this Agreement shall constitute a new loan or loans or the provision of new credit or the effective repayment and readvance or replacement of such “Outstandings” as of the
Effective Date, and the liability of the Borrower in respect of such “Outstandings” shall be and be deemed to be continued under and governed by this Agreement from and after the Effective Date. 

 

	1.10	  Divisions 

For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event
under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original
Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized and acquired on the first date of its existence by the holders of its equity interests at such time. 

ARTICLE 2 

REPRESENTATIONS AND WARRANTIES 
  

	2.1	 Representations and Warranties 

Each of the Guarantor (without any limitation) and the Borrower (whose representations and warranties will be limited to only Sections 2.1(a),
(b), (c), (d) and (j) below) represents and warrants to each of the Lenders and the Agent that: 
  

	 	(a)	 Corporate Existence and Authority: Each Obligor is duly incorporated and each Material Subsidiary is
duly incorporated, amalgamated or otherwise constituted, and each Obligor and each Material Subsidiary is (i) validly existing under the laws of its jurisdiction of incorporation, amalgamation, continuance or constitution, as applicable,
(ii) is duly qualified to carry on business in all jurisdictions in which it carries on any business, except to the extent the failure to be so qualified would not have a Material Adverse Effect, and (iii) has full power and authority to
own its properties and conduct its business as presently conducted; 

  
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	 	(b)	 Necessary Approvals or Consents: No consent, approval, authorization or other action by, and no
publication, notice to or filing or registration with, any Governmental/Judicial Body is required for the execution, delivery and performance by each Obligor of each Loan Document to which it is a party (except such as have already been obtained and
are in full force and effect); 

  

	 	(c)	 Authorization and Constating Documents: Each Obligor has full corporate power and authority to execute,
deliver and perform its obligations under each Loan Document to which it is a party and the execution, delivery and performance thereof have been duly authorized by all necessary corporate action and do not: 

 

	 	(i)	 violate any provision of the articles or by-laws of such Obligor;

  

	 	(ii)	 violate any provision of Applicable Law affecting such Obligor which violation would have a Material Adverse
Effect; 

  

	 	(iii)	 result in a breach of, constitute a default under, or result in the creation of, any encumbrance on any
properties or assets of such Obligor or any of the Material Subsidiaries (in the case of any Material Subsidiaries that are not Wholly-Owned Subsidiaries, to the best knowledge of the Obligors, after due inquiry) or, to the best knowledge of the
Obligors, after due inquiry, of its other Subsidiaries, under any agreement or instrument to which such Obligor or any of its Subsidiaries is a party or by which any such properties or assets of such Obligor or any of its Subsidiaries may be bound
or affected where such breach, default or encumbrance would have a Material Adverse Effect; or 

  

	 	(iv)	 constitute, and would not, with the giving of notice or lapse of time (or both), or the fulfilment of any other
condition, constitute, an event entitling one or more parties (including lessors under Finance Leases), after the expiry of applicable cure periods, to accelerate the payment of any Financing Debt of such Obligor or any of its Subsidiaries where the
amount owed by such Obligor or such Subsidiary after such acceleration in respect of such Financing Debt would exceed the greater of US$200,000,000 and two (2%) percent of Consolidated Net Worth; 

  

	 	(d)	 Enforceability of Agreement: This Agreement is, and each other Loan Document when delivered to any of
the Lenders or the Agent hereunder will be, a legal, valid and binding obligation of the Obligor(s) party thereto, enforceable against such Obligor(s) in accordance with its terms, subject to applicable bankruptcy, insolvency, moratorium,
reorganization and other similar laws affecting creditor’s rights generally, and to the equitable and statutory powers of the courts having jurisdiction; 

 

	 	(e)	 Compliance with Applicable Law: The Guarantor and each Material Subsidiary and their respective business
and operations are in compliance with all Applicable Laws, including environmental laws, have all necessary consents, authorizations, approvals, orders, certificates and permits from, and have made all necessary filings (including tax filings,
subject to good faith contestations) with, all federal, provincial, territorial, state and local authorities to conduct their business, except to the extent that the failure to so comply with such laws, or to have obtained or filed the foregoing,
would not have a Material Adverse Effect; 

  
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	 	(f)	 Litigation and Administrative Proceeding: Except as has been disclosed to the Agent in writing, there
are no actions, suits or proceedings in respect of which process has been duly served upon the Guarantor or any of its Subsidiaries, and to the best knowledge, information and belief of the Guarantor, there are no actions, suits or proceedings
pending or threatened against any Obligor or any of its Subsidiaries, before any Governmental/Judicial Body, which is reasonably likely to be determined adversely and, if determined adversely, would have a Material Adverse Effect;

  

	 	(g)	 Judgments: The Guarantor is not in default of any judgment, order, writ, injunction or decree of any
Governmental/Judicial Body and is, to the best of the knowledge, information and belief of the Guarantor, complying with all decrees, statutes and regulations of any Governmental/Judicial Body, except to the extent that any such default or failure
to comply would not have a Material Adverse Effect; 

  

	 	(h)	 Financial Statements: The most recent audited consolidated financial statements of the Guarantor have
been prepared in accordance with GAAP and present fairly the financial position of the Guarantor as of the date thereof; 

  

	 	(i)	 Adverse Changes: Except as has been disclosed to the Agent in writing since the date of the most recent
audited consolidated financial statements of the Guarantor delivered to the Lenders hereunder, no change in the Guarantor’s financial condition has occurred which would have a material adverse effect on (i) the ability of the Borrower or
the Guarantor, as applicable, to pay any amounts owing from time to time under this Agreement or (ii) the validity or the enforceability of this Agreement; provided that in no event shall fluctuations in commodity prices for oil and/or
natural gas be regarded as a change in the Borrower’s or the Guarantor’s financial condition in and of itself;  

 

	 	(j)	 Pari Passu Ranking: All payment obligations of each Obligor hereunder and any Guarantor
Subsidiary under its guarantee of the Obligations rank at least pari passu in right of payment with the other most senior unsecured indebtedness of such Obligor or such Guarantor Subsidiary, as applicable, for borrowed money;

  

	 	(k)	 No Default: No Default or Event of Default has occurred and is continuing; 

 

	 	(l)	 Accuracy of Information: To the knowledge of the Guarantor, all information, materials and documents
(other than any information expressly disclaimed by any Obligor and forecasts) prepared by any Obligor and delivered to the Agent in connection with this Agreement are true and accurate in all material respects as of the Effective Date except to the
extent that any inaccuracy would not have a Material Adverse Effect; 

  

	 	(m)	 Anti-Corruption Laws and Sanctions: 

 

	 	(i)	 None of the Guarantor or its Material Subsidiaries is a Sanctioned Person or permanently located, organized or
ordinarily resident in a Sanctioned Country; 

  

	 	(ii)	 No part of the proceeds of a Drawdown will be knowingly (as determined at the date of such Drawdown) used
(A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person known by the Guarantor to be in violation of any Anti-Corruption Laws, except to the extent
that any such violation would not have a Material Adverse Effect or adversely affect the Agent or any Lender in any material respect, (B) for the purpose of funding, financing or facilitating any activities or, business or transaction of or
with any Person known to the Guarantor to be a Sanctioned Person, or in any country known to the Guarantor to be a Sanctioned Country, or (C) in any manner that would result in the violation of any Sanctions applicable to the Guarantor or its
Material Subsidiaries, except to the extent that any such violation would not have a Material Adverse Effect or adversely affect the Agent or any Lender in any material respect; and 

  
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	 	(iii)	 Where used in this Section 2.1(m), references to “knowingly” or “known” means the
actual knowledge of the president, chief executive officer, chief financial officer, treasurer or assistant treasurer of the Guarantor; 

  

	 	(n)	 Investment Company: None of the Guarantor or any of its Subsidiaries is an “investment
company”, as such term is defined in the Investment Company Act of 1940, as amended; and 

  

	 	(o)	 Margin Stock: Neither the Guarantor nor any of its Subsidiaries is engaged in the business of extending
credit for the purpose of purchasing or carrying Margin Stock. No proceeds of a Drawdown will be used for a purpose which violates Regulations T, U or X of the Board of Governors of the Federal Reserve System. 

 

	2.2	 Deemed Representation and Warranty Upon Drawdown 

Each Notice of Drawdown given by the Borrower to the Agent shall be deemed to be a representation and warranty by the Guarantor (with respect
to all of the representations and warranties in Section 2.1) and the Borrower (with respect to only those representations and warranties in Sections 2.1 (a), (b), (c), (d) and (j)) to each of the Lenders and the Agent that the
representations and warranties contained in Section 2.1 (other than Section 2.1(l) which is intended to apply only as of the Effective Date) are, as of the date of such notice, and will be, as of the applicable Drawdown Date, true and
correct in all material respects as of each such date. 
  

	2.3	 Deemed Representation and Warranty Upon Conversion or Rollover 

Except as expressly stated otherwise therein (in which case Section 9.3 shall apply), each Notice of Conversion and Notice of Rollover
given by the Borrower to the Agent shall be deemed to be a representation and warranty by the Guarantor to each of the Lenders and the Agent that the representation and warranty contained in Section 2.1(k) is, as of the date of such notice, and
will be, as of the applicable Borrowing Conversion Date or Borrowing Rollover Date, true and correct in all material respects as of such date. 
  

	2.4	 Nature of Representations and Warranties 

The representations and warranties set out in this Agreement, or deemed to be made pursuant hereto, shall survive the execution and delivery of
this Agreement and the making of each Drawdown, Conversion and Rollover hereunder, notwithstanding any investigations or examinations which may be made by the Agent, the Lenders or their legal counsel. Such representations and warranties shall
survive until this Agreement has been terminated and all Loan Indebtedness then owing by the Borrower hereunder have been repaid in full. 

ARTICLE 3 
 THE CREDIT
FACILITY 
  

	3.1	 Obligations of the Lenders 

Relying on each of the representations and warranties set out in Article 2 and subject to the terms and conditions of this Agreement, each
Lender agrees to make Borrowings available to the Borrower in respect of such Lender’s Commitments at the Agent’s Account for Payments up to an aggregate principal amount at any time outstanding not in excess of the amount of its
respective Commitments. 

  
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	3.2	 Purpose/Certain Acquisitions 

 

	 	(a)	 Subject to Section 3.2(b), the Borrower covenants and agrees it will use the Borrowings only for general
corporate purposes (domestic and international), including, without limitation, to support the issuance of commercial paper, acquisitions and working capital, all in accordance with the provisions of this Agreement. 

 

	 	(b)	 In the event the Borrower wishes to utilize proceeds of one or more Borrowings to, or to provide funds to any
Subsidiary to, finance an offer to acquire (which shall include an offer to purchase securities, solicitation of an offer to sell securities, an acceptance of an offer to sell securities, whether or not the offer to sell was solicited, or any
combination of the foregoing) outstanding securities of any Person (the “Target”) which constitutes a “take-over bid” pursuant to applicable securities legislation (a
“Take-over”), then either: 

  

	 	(i)	 prior to or concurrently with delivery to the Agent of any Notice of Drawdown or Notices of Drawdown pursuant
to Section 3.3 requesting one or more Borrowings, the proceeds of which are to be used to finance such Take-over, the Borrower shall provide to the Agent evidence satisfactory to the Agent (acting reasonably) that the board of directors or like
body of the Target, or the holders of the requisite number of securities of the Target as are required to approve such Take-over to ensure the successful completion of such Take-over under Applicable Law, has or have approved, accepted, or
recommended to security holders acceptance of, the Take-over; or 

  

	 	(ii)	 the following steps shall be followed: 

 

	 	(A)	 at least five (5) Business Days prior to the delivery to the Agent of any Notice of Drawdown or Notices of
Drawdown pursuant to Section 3.3 requesting one or more Borrowings intended to be used to finance such Take-over, the President or a Senior Financial Officer of the Borrower shall advise the Agent, who shall promptly advise an appropriate
officer of each Lender of the particulars of such Take-over in sufficient detail to enable each such Lender to determine whether it has a conflict of interest if Borrowings from such Lender are used by the Borrower to finance such Take-over;

  

	 	(B)	 within three (3) Business Days of being so advised, each such Lender shall notify the Agent of such
Lender’s determination as to whether such a conflict of interest exists (such determination to be made by such Lender in the exercise of its sole discretion, having regard to such considerations as it deems appropriate); provided that in
the event such Lender does not so notify the Agent within such three (3) Business Day period, such Lender shall be deemed to have notified the Agent that it has no such conflict of interest; and 

 

	 	(C)	 the Agent shall promptly notify the President or a Senior Financial Officer of the Borrower of each such
Lender’s determination; 

 and in the event that any such Lender has such a conflict of interest (an “Affected
Lender”), then upon the Agent so notifying the Borrower, the Affected Lender shall have no obligation to provide Borrowings to finance such Take-over, notwithstanding any other provision of this Agreement to the contrary; provided
however that each other relevant Lender which has, or is deemed to have, no such conflict of interest (a “Non-Affected Lender”) shall have an obligation, up to the amount of its
Commitment, to provide Borrowings to finance such Take-over, and Borrowings to finance such Take-over shall be provided by each Non-Affected Lender in accordance with the ratio, determined prior to the
provision of any Borrowings to finance such Take-over, that the Commitment of such Non-Affected Lender bears to the aggregate of the Commitments of all the Non-Affected
Lenders. 

  
 - 31 - 

	 	(c)	 If Borrowings are used to finance a Take-over (a “Take-over Loan”) and there are Affected
Lenders, subsequent Borrowings shall be funded firstly by Affected Lenders, and subsequent repayments shall be applied firstly to Non-Affected Lenders, in each case, until such time as the proportion that the
amount of each Non-Affected Lender’s Outstandings bears to the amount of the total Outstandings of all Lenders is equal to such proportion which would have been in effect but for the application of this
Section 3.2. 

  

	3.3	 Drawdowns 

Subject to the provisions of this Agreement, prior to the Maturity Date the Borrower may, upon delivery of a Notice of Drawdown to the Agent in
accordance with the provisions of this Agreement, borrow from, repay to, and reborrow from the Lenders by way of Borrowings up to an amount at any time outstanding not in excess of the amount of the Total Syndicated Commitment from time to time in
effect, by way of: 
  

	 	(a)	 Prime Loans in minimum amounts of Cdn. $10,000,000 and multiples of Cdn. $1,000,000, upon at least same day
prior notice; 

  

	 	(b)	 acceptance of drafts or Depository Bills to constitute Bankers’ Acceptances (or making BA Equivalent Loans
in lieu thereof) in minimum amounts of Cdn. $10,000,000 and multiples of Cdn. $1,000,000, upon at least one (1) Business Day’s prior notice; 

  

	 	(c)	 USBR Loans in minimum amounts of US$10,000,000 and multiples of US$1,000,000, upon at least same day prior
notice; 

  

	 	(d)	 LIBOR Loans in minimum amounts of US$10,000,000 and multiples of US$1,000,000, upon at least three
(3) Business Days’ prior notice; and 

  

	 	(e)	 Letters of Credit in accordance with the provisions of Section 3.7. 

Any Notice of Drawdown to be given by the Borrower pursuant to this Section 3.3 shall be delivered to the Agent at the Agent’s Branch of Account at
or prior to 12:00 noon (Toronto time) on the last day on which such notice can be given. Such Notice of Drawdown shall be substantially in the form of Schedule “A”, in the case of Prime Loans, USBR Loans, LIBOR Loans and Letters of
Credit, and shall be substantially in the form of Schedule “B”, in the case of Bankers’ Acceptances and BA Equivalent Loans. Subject to the provisions of this Agreement, the Lenders shall make Borrowings available to the Borrower
in accordance with Section 12.8. 
  

	3.4	 LIBOR Loans 

  

	 	(a)	 Deemed Conversion of LIBOR Loans: If, with respect to any outstanding Borrowing by way of LIBOR Loans,
the Borrower has not, by 12:00 noon (Toronto time) on the last day of the LIBOR Interest Period applicable thereto, (i) duly elected to convert such Borrowing to another basis of Borrowing under Section 3.8, (ii) duly elected to Rollover
such Borrowing under Section 3.9, or (iii) duly given notice of repayment of such Borrowing under Section 3.10, the Borrower shall be deemed to have elected to convert such LIBOR Loans to USBR Loans on the last day of the LIBOR
Interest Period applicable thereto pursuant to Section 3.8. 

  

	 	(b)	 Other Terms: Each LIBOR Loan shall: 

 

	 	(i)	 subject to availability, have a LIBOR Interest Period selected by the Borrower of not less than one
(1) month and not more than six (6) months, or such other period as is agreed to by all Lenders from time to time; and 

  
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	 	(ii)	 begin and end on a Business Day and not extend beyond the earliest then applicable Maturity Date.

  

	3.5	 Bankers’ Acceptances 

 

	 	(a)	 Acceptance and Purchase of Bankers’ Acceptances: Subject to the terms and conditions of this
Agreement, each Lender agrees to either (i) accept Bankers’ Acceptances issued by the Borrower and requested pursuant to Section 3.3, 3.8 or 3.9 and purchase such Bankers’ Acceptances in accordance with Section 12.8; or,
(ii) if such Lender is a Non-Acceptance Lender, make BA Equivalent Loans in accordance with Sections 3.5(f) and 12.8. 

 

	 	(b)	 Payment: The Borrower agrees to pay the applicable Lender the face amount of each Bankers’
Acceptance accepted by such Lender on its maturity date and hereby waives presentment for payment of such Bankers’ Acceptance by such Lender and agrees not to claim from such Lender any days of grace for the payment at maturity of such
Bankers’ Acceptance, notwithstanding that (if such should be the case) any such Banker’s Acceptance has been unlawfully issued or used or put into circulation fraudulently or without authority, and the Borrower shall indemnify such Lender
against any loss, cost, damage, expense or claim regardless of by whomsoever made, that such Lender may suffer or incur by reason of any fraudulent, unauthorized or unlawful issue or use of any such bankers’ acceptance form, except any
fraudulent, unauthorized or unlawful issue or use of any such bankers’ acceptance form which is caused by the negligence or wilful act or omission of such Lender or any of its officers, employees, agents or representatives or which occurs as a
result of such Lender or any of its officers, employees, agents or representatives failing to use the same standard of care in the custody of such bankers’ acceptance form as it uses in the custody of its own property of a similar nature.

  

	 	(c)	 Other Terms: Each Bankers’ Acceptance shall: 

 

	 	(i)	 subject to availability, have a term selected by the Borrower of not less than one (1) month and not more
than three (3) months, or such other period as is agreed to by all Lenders under the Credit Facility from time to time; 

  

	 	(ii)	 have a maturity date which shall be on a Business Day and not later than the earliest then applicable Maturity
Date; and 

  

	 	(iii)	 be in a form satisfactory to the applicable Lender. 

 

	 	(d)	 Power of Attorney Respecting Bankers’ Acceptances: As a condition precedent to each Lender’s
obligation to accept Bankers’ Acceptances hereunder, the Borrower agrees to the power of attorney annexed hereto as Schedule “H”, enabling such Lender to execute and deliver Bankers’ Acceptances for and on behalf of the Borrower.

  

	 	(e)	 Applicability of DBNA: It is the intention of the parties that all Bankers’ Acceptances accepted by
the Lenders (other than a Lender which elects to accept Bankers’ Acceptances in the form of bills of exchange instead of Depository Bills) under this Agreement shall be issued in the form of a Depository Bill, be deposited with and be made
payable to a “clearing house” (as defined in the Depository Bills and Notes Act (Canada)). The Agent and the Lenders shall effect the following practices and procedures and, subject to the approval of the Majority Lenders, establish
and notify the Borrower and the Lenders of any additional procedures, consistent with the terms of this Agreement and the requirements of the Depository Bills and Notes Act (Canada), as are reasonably necessary to accomplish such intention:

  

	 	(i)	 each Bankers’ Acceptance accepted and purchased by a Lender hereunder shall have marked prominently and
legibly on its face and within its text, at or before the time of issue, the words “This is a depository bill subject to the Depository Bills and Notes Act”; 

  
 - 33 - 

	 	(ii)	 any reference to authentication of such Bankers’ Acceptance will be removed; and 

 

	 	(iii)	 such Bankers’ Acceptance shall not be marked with any words prohibiting negotiation, transfer or
assignment of it or of an interest in it. 

  

	 	(f)	 BA Equivalent Loans: Notwithstanding the foregoing provisions of this Section 3.5, a Non-Acceptance Lender shall, in lieu of accepting and purchasing Bankers’ Acceptances, make a BA Equivalent Loan. The amount of each BA Equivalent Loan shall be equal to the Discount Proceeds which would be
realized from a hypothetical sale of those Bankers’ Acceptances which such Lender would otherwise be required to accept and purchase as part of a Drawdown, Conversion or Rollover of Bankers’ Acceptances. To determine the amount of such
Discount Proceeds, the hypothetical sale shall be deemed to take place at the Non-Acceptance Discount Rate for such Borrowing. Any BA Equivalent Loan shall be made on the relevant Drawdown Date, Borrowing
Conversion Date or Borrowing Rollover Date, as the case may be, and shall remain outstanding for the term of the relevant Drawdown of, Conversion into or Rollover of, Bankers’ Acceptances. Concurrently with the making of a BA Equivalent Loan, a
Non-Acceptance Lender shall be entitled to deduct therefrom an amount equal to the stamping fees which such Lender would otherwise be entitled to receive pursuant to Section 5.4 as part of such Borrowing
if such Borrowing was a Bankers’ Acceptance, based on the amount payable (including interest) on the maturity date of such BA Equivalent Loan. Upon the maturity date for such Bankers’ Acceptances, the Borrower shall pay to each Non-Acceptance Lender in respect of that Non-Acceptance Lender’s BA Equivalent Loan an amount equal to the face amount of the Bankers’ Acceptances which that Non-Acceptance Lender would have accepted and purchased at the Non-Acceptance Discount Rate for such Borrowing had that Non-Acceptance
Lender been a Schedule I Bank, Schedule II Bank or Schedule III Bank. All references in this Agreement to “Borrowings” and “Bankers’ Acceptances” shall, unless otherwise expressly provided herein or unless the context
otherwise requires, be deemed to include BA Equivalent Loans made by a Non-Acceptance Lender as part of a Drawdown of, Conversion into or Rollover of Bankers’ Acceptances. 

 

	 	(g)	 Deemed Conversion of Bankers’ Acceptances: If the Borrower fails to pay the applicable Lender the
face amount of each Bankers’ Acceptance accepted by such Lender on its maturity date as required by Section 3.5(b), or, in the case of a Non-Acceptance Lender which has made a BA Equivalent Loan, to
pay that Non-Acceptance Lender the amount of its BA Equivalent Loan plus interest on the maturity date of that loan as required by Section 3.5(f), then the Agent shall effect a Conversion of that
Borrowing into a Prime Loan of the entire amount of such Borrowing, including all interest due in the case of BA Equivalent Loans, as if the Borrower had given a Notice of Conversion to the Agent to that effect in accordance with Section 3.8.

  

	3.6	 Agent’s Duties re Bankers’ Acceptances 

 

	 	(a)	 Advice to the Lenders: The Agent, promptly following receipt from the Borrower of a Notice of Drawdown
by way of Bankers’ Acceptances, a Notice of Conversion where a Borrowing of another type is to be converted into a Borrowing by way of Bankers’ Acceptances (or BA Equivalent Loans in lieu thereof) or a Notice of Rollover in respect of a
Borrowing by way of Bankers’ Acceptances (or BA Equivalent Loans made in lieu thereof), shall compute the funding details of such Drawdown, Conversion or Rollover (in compliance with Section 3.11(a)) and shall advise each applicable Lender
forthwith of the amount of each issue of Bankers’ Acceptances to be accepted and purchased (or the amount of the BA 

  
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Equivalent Loans to be made in lieu thereof) by such Lender. Prior to 12:00 noon (Toronto time) on the Drawdown Date, Borrowing Conversion Date or Borrowing Rollover Date, as applicable, the
Agent shall provide advice by facsimile to the Borrower and each applicable Lender of the face amount of each issue of Bankers’ Acceptances, the Discount Rate, the Discount Proceeds of sale deliverable in respect thereof and the term thereof,
which term in respect of each Borrowing shall be identical for all applicable Lenders. 

  

	 	(b)	 Completion of Bankers’ Acceptance: Upon receipt of the advice pursuant to Section 3.6(a), each
applicable Lender, other than a Non-Acceptance Lender, is thereupon authorized to execute bankers’ acceptances as the duly authorized attorney of the Borrower, in accordance with the particulars so
advised by the Agent. 

  

	3.7	 Letters of Credit 

 

	 	(a)	 Availability: Subject to the provisions hereof, the relevant Fronting Bank shall issue Letters of Credit
in accordance with Section 3.7(c); provided that, subject to Section 4.2, at no time shall the Equivalent Amount in US Dollars of the aggregate undrawn face amount of all outstanding Letters of Credit issued by all Fronting Banks
exceed US$500,000,000, and at no time shall the Equivalent Amount in US Dollars of the aggregate undrawn face amount of all Letters of Credit issued by the same Fronting Bank exceed its Fronting Bank Commitment. The issuance of each Letter of Credit
shall constitute a Drawdown hereunder and shall reduce the availability of the Credit Facility by the undrawn face amount of such Letter of Credit. 

  

	 	(b)	 Currency and Form: Each Letter of Credit issued pursuant hereto shall be denominated in Cdn. Dollars or
US Dollars and amounts payable thereunder shall be paid in the currency in which such Letter of Credit is denominated. Each Letter of Credit shall have an expiration date not in excess of one year from the date of issue and not later than the
earliest then applicable Maturity Date. Each Letter of Credit issued hereunder shall be in a form satisfactory to the Fronting Bank, acting reasonably and in accordance with its usual and customary practices and shall, unless agreed otherwise by the
Fronting Bank, the Borrower and the Agent with respect to letters of credit, be issued subject to the Uniform Customs & Practice for Documentary Credits, International Chamber of Commerce, Publication No. 600 (the
“UCP”) (or any replacement thereof) or the International Standby Practices ISP, International Chamber of Commerce Publication No. 590 (the “ISP98”) (or any replacement thereof), as selected by the Borrower in
the Notice of Drawdown (or subject to the UCP if no election is made),and shall, unless agreed otherwise by the Fronting Bank, the Borrower and the Agent with respect to letters of guarantee, be issued subject to Uniform Rules for Demand Guarantees,
International Chamber of Commerce, Publication No. 458 (or any replacement thereof). If so requested by the Borrower, any Letter of Credit may have customary automatic extension provisions automatically extending, without amendment, for one
(1) year periods from the expiration date of such Letter of Credit, or any future expiration date, unless, not more than sixty (60) days and not less than thirty (30) days (or such other period of time as may be agreed upon by the
Fronting Bank and the Borrower, each acting reasonably) prior to any expiration date, the Fronting Bank shall notify the beneficiary of such Letter of Credit by registered mail that such Letter of Credit will not be extended for any such additional
period; provided that in no event shall any such extended expiration date be later than the earliest then applicable Maturity Date. 

  

	 	(c)	 Procedure for Issuance and Rollover of Letters of Credit 

 

	 	(i)	 The Borrower may request that the Fronting Bank issue a Letter of Credit pursuant to this Section 3.7 by
delivering a Notice of Drawdown to the Agent pursuant to Section 3.3 and by delivering to the Fronting Bank at the Fronting Bank’s Branch of Account a copy of such Notice of Drawdown together with a letter of credit application and
indemnity in the Fronting Bank’s then customary form (as such form 

  
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may be modified from time to time, the “Letter of Credit Application”), completed to the satisfaction of the Fronting Bank, acting reasonably, together with the proposed form of
such Letter of Credit (which shall comply with the applicable requirements set forth herein) and such other certificates, documents and other papers and information as the Fronting Bank may reasonably request; provided that the terms of the
Letter of Credit Application shall be in addition to and shall not derogate from the terms of this Agreement and provided further that in the event of a conflict between this Agreement and the Letter of Credit Application, this
Agreement shall govern with respect to such conflict (it being acknowledged that a conflict shall not be deemed to exist by reason only that the Letter of Credit Application provides for a matter which this Agreement does not). 

 

	 	(ii)	 Within two (2) Business Days (or such longer period as may be required by the Fronting Bank, acting
reasonably, but in any event not longer than five (5) Business Days) following the date on which the Fronting Bank shall have received the Notice of Drawdown and the Letter of Credit Application including the proposed form of the Letter of
Credit and such additional certificates, documents and other papers and information as the Fronting Bank may have reasonably requested in satisfaction of all conditions to the issuance thereof, the Fronting Bank shall issue such Letter of Credit,
provided that all other conditions precedent contained in this Agreement shall have been met as required thereby. Alternatively, the Fronting Bank may, with the Borrower’s consent (which consent shall not be unreasonably withheld), in
accordance with its customary practices, in lieu of issuing the requested performance, standby or documentary letter of credit or letter of guarantee, cause another bank to issue same against the Fronting Bank’s Letter of Credit which shall be
a counter guarantee or protective letter of credit. 

  

	 	(iii)	 The Borrower may request a Rollover of an existing Letter of Credit by giving a Notice of Rollover to the
Fronting Bank at the Fronting Bank’s Branch of Account at least two (2) Business Days prior to the then current expiry date of such Letter of Credit (provided that the Fronting Bank may accommodate such Rollovers on shorter notice
in its reasonable discretion and a Notice of Rollover shall not be required in the circumstances contemplated in the proviso in Section 3.9(c)). If all conditions precedent contained in this Agreement shall have been met as required thereby,
the Fronting Bank shall promptly issue such extension or replacement of such existing Letter of Credit. 

  

	 	(d)	 Reimbursement or Conversion of Letters of Credit on Presentation; Fronting Bank Indemnity:

  

	 	(i)	 Upon presentation of a Letter of Credit and payment thereunder by the Fronting Bank, the Fronting Bank shall
forthwith notify the Borrower and the Agent of such presentation and payment and the Borrower shall forthwith pay to and reimburse the Fronting Bank for all amounts paid by the Fronting Bank pursuant to such Letter of Credit; provided that if
the Borrower does not fully reimburse the Fronting Bank for such amounts, the Borrower shall be deemed to have effected a Conversion of such Letter of Credit into: (A) a Prime Loan, in the case of a Letter of Credit denominated in Canadian
Dollars; and (B) a USBR Loan, in the case of a Letter of Credit denominated in US Dollars, in each case to the extent of the payment made by the Fronting Bank thereunder and not reimbursed by the Borrower. 

 

	 	(ii)	 (A)    If Section 3.7(d)(i) applies to deem a Conversion to a Loan, each Lender shall,
immediately upon request by the Fronting Bank, pay to the Agent for the account of the Fronting Bank its Lender’s Proportion of such deemed Loan. 

  
 - 36 - 

	 	(B)	 Each Lender shall immediately on demand indemnify the Fronting Bank to the extent of its Lender’s
Proportion of any amount paid or liability incurred by the Fronting Bank under each Letter of Credit issued by it to the extent that the Borrower does not fully reimburse the Fronting Bank therefor. 

 

	 	(C)	 If a Lender does not disburse to the Agent for payment to the Fronting Bank its Lender’s Proportion of any
amount under this Section 3.7(d)(ii), then for the purpose only of any distributions or payments to the Lenders (and not, for greater certainty, for purposes of any obligations of the Lenders), including any distribution or payment with respect
to the Borrower in the event of any enforcement or realization proceedings or any bankruptcy, winding-up, liquidation, arrangement, compromise or composition, the applicable Outstandings owing to such Lender
shall be deemed to be nil and the applicable Outstandings owing to the Fronting Bank shall be increased by the applicable Outstandings owing to such Lender until the amounts owed by the Borrower are outstanding to each Lender in accordance with
their respective Lender’s Proportions determined without regard to this sentence. 

  

	 	(D)	 Notwithstanding that any Lender may assign its rights and obligations under this Agreement, the obligations in
this Section 3.7(d) shall continue as obligations of the Persons who were Lenders at the time each such Letter of Credit was issued, unless the Fronting Bank specifically releases such Lender from such obligations in writing.

  

	 	(e)	 Additional Provisions: 

 

	 	(i)	 Indemnity and No Lender Liability: The Borrower shall indemnify and save harmless the Lenders, the
Fronting Bank and the Agent against all claims, losses, costs, expenses or damages to the Lenders, the Fronting Bank and the Agent arising out of or in connection with any Letter of Credit, the issuance thereof, any payment thereunder or any action
taken by the Lenders, the Fronting Bank or the Agent or any other Person in connection therewith, including, without limitation, all costs relating to any legal process or proceeding instituted by any party restraining or seeking to restrain the
Fronting Bank from accepting or paying any LC Draft or any amount under any such Letter of Credit, except for any of such resulting from the Agent’s, Lenders’ or Fronting Bank’s gross negligence or wilful misconduct. The Borrower also
agrees that the Lenders, the Fronting Bank and the Agent shall have no liability to it for any reason in respect of or in connection with any Letter of Credit, the issuance thereof, any payment thereunder or any other action taken by the Lenders,
the Fronting Bank or the Agent or any other Person in connection therewith, except as a result of the Agent’s, Lenders’ or Fronting Bank’s gross negligence or wilful misconduct. 

 

	 	(ii)	 No Obligation to Inquire: The Borrower hereby acknowledges and confirms to the Fronting Bank that the
Fronting Bank shall not be obliged to make any inquiry or investigation as to the right of any beneficiary to make any claim or request any payment under a Letter of Credit and payment by the Fronting Bank pursuant to a Letter of Credit shall not be
withheld by the Fronting Bank by reason of any matters in dispute between the beneficiary thereof and the Borrower. The sole obligation of the Fronting Bank with respect to Letters of Credit is to cause to be paid any LC Draft drawn or purporting to
be drawn in accordance with the terms of the applicable Letter of Credit and for such purpose the Fronting Bank is only obliged to determine that the LC Draft (including any documents stipulated for production thereunder) purports to comply with the
terms and conditions of the relevant Letter of Credit. 

  
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The Fronting Bank shall not have any responsibility or liability for or any duty to inquire into the form, sufficiency (other than to the extent provided in the preceding paragraph),
authorization, execution, signature, endorsement, correctness (other than to the extent provided in the preceding paragraph), genuineness or legal effect of any LC Draft, certificate or other document presented to it pursuant to a Letter of Credit
and the Borrower unconditionally assumes all risks with respect to the same. The Borrower agrees that it assumes all risks of the acts or omissions of the beneficiary of any Letter of Credit with respect to the use by such beneficiary of the
relevant Letter of Credit. 

  

	 	(iii)	 Obligations Unconditional: The obligations of the Borrower hereunder with respect to all Letters of
Credit shall be absolute, unconditional and irrevocable and shall not be reduced by any event, circumstance or occurrence including, without limitation, any lack of validity or enforceability of a Letter of Credit, or any LC Draft paid or acted upon
by the Fronting Bank or any of its correspondents being fraudulent, forged or invalid or any defenses or claims which the Borrower may have against any beneficiary or transferee of any Letter of Credit. The obligations of the Borrower hereunder
shall remain in full force and effect and shall apply to any alteration to or extension of the expiration date of any Letter of Credit or any Letter of Credit issued to replace, extend or alter any Letter of Credit. 

 

	 	(iv)	 Fronting Bank Actions: Any action, inaction or omission taken or suffered by the Fronting Bank or by any
of the Fronting Bank’s correspondents under or in connection with a Letter of Credit or any LC Draft made thereunder, if in good faith and in conformity with foreign or domestic laws, regulation or customs applicable thereto and the terms of
the Letter of Credit shall be binding upon the Borrower and shall not expose the Fronting Bank or any of its correspondents to any resulting liability to the Borrower. 

 

	 	(f)	 Designation and Termination of Fronting Banks: 

 

	 	(i)	 Subject to Section 3.7(f)(ii)(B), the term of the Fronting Bank Commitment of any Fronting Bank shall be
the same as the term of the Commitment of such Fronting Bank. 

  

	 	(ii)	 In connection with its response to any Request for Extension, a Fronting Bank shall either:

  

	 	(A)	 extend its Fronting Bank Commitment to the Maturity Date specified in such Request for Extension at the same
amount, a lower amount or a higher amount, in each case with the consent of the Agent and the Borrower; or 

  

	 	(B)	 terminate its Fronting Bank Commitment effective on the expiration of its then current Maturity Date.

  

	 	(iii)	 With the consent of the Agent, the Borrower shall be entitled from time to time to: 

 

	 	(A)	 designate any Lender to be a Fronting Bank by providing a written notice of such designation to the Agent
(which notice shall include the consent to such designation by such Lender);or 

  

	 	(B)	 terminate a Lender as a Fronting Bank by providing a written notice of such termination to the Agent;

  
 - 38 - 

 provided that at any one time there shall be no more than five (5) Fronting
Banks which are eligible to issue Letters of Credit under this Section 3.7. 
  

	 	(iv)	 If the Borrower elects to terminate a Fronting Bank as a Fronting Bank pursuant to Section 3.7(f)(iii),
then such Fronting Bank shall no longer be required to issue Letters of Credit or Rollover existing Letters of Credit and, if the Fronting Bank requests in writing, the Borrower shall use its reasonable commercial efforts to replace all outstanding
Letters of Credit issued by such Fronting Bank as soon as practicable with Letters of Credit issued by another Fronting Bank; provided that such Fronting Bank shall remain a Fronting Bank with respect to all outstanding Letters of Credit
issued by it until all such Letters of Credit have been either replaced, expired or been presented for payment and all payments required to be made to such Fronting Bank by the Borrower and/or the other Lenders pursuant to this Section 3.7 as a
result of any payment made under any Letter of Credit issued by such Fronting Bank have been made. 

  

	 	(g)	 Use of Fronting Banks: Subject to the limits in Section 3.7(a), the Borrower shall have the right
to select which Fronting Bank will issue any particular Letter of Credit and may, in its discretion, enter into agreements with or request bids from one or more Fronting Banks relating to fronting bank fees to be charged for Letters of Credit to be
issued hereunder. Each such fronting fee shall be in such amount as may be agreed to between the Borrower and the applicable Fronting Bank, each in its sole discretion. 

 

	3.8	 Conversion Option 

 

	 	(a)	 The Borrower may, during the term of this Agreement, upon giving the Agent a Notice of Conversion in accordance
with the same period of notice set out in Section 3.3 in respect of the type of Borrowing to which any Borrowing is being converted, convert any Borrowing to another type of Borrowing, provided that, subject to Section 3.10:

  

	 	(i)	 Bankers’ Acceptances may be converted only on their maturity dates; 

 

	 	(ii)	 LIBOR Loans may only be converted on the last day of the applicable LIBOR Interest Period;

  

	 	(iii)	 the amount converted represents at least the minimum permitted amount of the resulting Borrowings, as set forth
in Section 3.3; and 

  

	 	(iv)	 Letters of Credit may only be converted in the circumstances contemplated in Sections 3.7(d)(i) and 3.7(d)(ii)
and do not require delivery of a Notice of Conversion. 

  

	 	(b)	 If the Conversion of a Borrowing hereunder involves a change in the currency of such Borrowing, the principal
amount of the Borrowing following the Conversion (the “Converted Borrowing”) shall be the Equivalent Amount, determined as of the date on which a Notice of Conversion in respect of such Conversion is given pursuant to
Section 3.8(c), in the currency of the Converted Borrowing of the whole or the part of the Borrowing being converted. On the Borrowing Conversion Date therefor, the Borrower shall pay to the applicable Lenders the relevant amount being
converted and such Lenders shall in exchange deliver to the Borrower such Equivalent Amount. 

  

	 	(c)	 Notices of Conversion to be given by the Borrower pursuant to this Section 3.8 shall be substantially in
the form of Schedule “C” together with, in the case of a Conversion to a Borrowing by way of Bankers’ Acceptances (or BA Equivalent Loans in lieu thereof), Schedule “B”, and shall be given in the manner provided in
Section 3.3. 

  
 - 39 - 

	3.9	 Rollover Option 

 

	 	(a)	 The Borrower may, during the term of this Agreement, upon giving the Agent a Notice of Rollover in accordance
with the same period of notice set out in Section 3.3 in respect of the type of Borrowing which is being rolled over, (i) Rollover any LIBOR Loan (on the last day of the applicable LIBOR Interest Period) to a new LIBOR Loan for a further
LIBOR Interest Period, (ii) Rollover a Bankers’ Acceptance (on the maturity date of such Bankers’ Acceptance) or a BA Equivalent Loan (on the maturity date of such BA Equivalent Loan) into another Bankers’ Acceptance or BA
Equivalent Loan (as the case may be) or (iii) Rollover any Letters of Credit (on or before the then current expiry date of such Letter of Credit) to an extended or replacement Letter of Credit. 

 

	 	(b)	 The Discount Proceeds of the replacement Bankers’ Acceptances or BA Equivalent Loans (as the case may be)
shall be retained by the Agent to be applied by it to: 

  

	 	(i)	 the stamping fees payable pursuant to Section 5.4 in respect of the replacement Bankers’ Acceptances
or BA Equivalent Loans (as the case may be); and 

  

	 	(ii)	 the principal amount of the maturing Bankers’ Acceptance or BA Equivalent Loan (as the case may be);

 and the Borrower shall pay to the Agent, on the maturity date of the maturing Banker’s Acceptance or BA Equivalent
Loan (as the case may be), an amount equal to the difference between: 
  

	 	(iii)	 the aggregate of the principal amount at maturity of the maturing Bankers’ Acceptance or BA Equivalent
Loan (as the case may be), and the stamping fees payable pursuant to Section 5.4 in respect of the replacement Bankers’ Acceptances or BA Equivalent Loans (as the case may be); and 

 

	 	(iv)	 the Discount Proceeds of the replacement Banker’s Acceptances or BA Equivalent Loans (as the case may be).

  

	 	(c)	 Notices of Rollover to be given by the Borrower pursuant to this Section 3.9 shall be substantially in the
form of Schedule “D” together with, in the case of a Rollover of a Borrowing by way of Bankers’ Acceptances (or BA Equivalent Loans in lieu thereof), Schedule “B”, and shall be given in the manner provided in
Section 3.3; provided that any automatic extension of a Letter of Credit which occurs pursuant to its terms and without any further act on the part of the Fronting Bank shall not require delivery of a Notice of Rollover.

  

	3.10	 Notice and Additional Repayment Requirements 

 

	 	(a)	 Notice: The Borrower shall give the Agent at the Agent’s Branch of Account prior notice of each
repayment of Borrowings (for certainty, other than a repayment solely from funds derived from further Borrowings and other than a reimbursement of a drawing under a Letter of Credit), in accordance with the same period of notice as was required for
such Borrowing, based upon the basis of such Borrowing and the amount being repaid as provided for in Section 3.3, such notice to be substantially in the form of Schedule “A” and to be given in the manner provided in Section 3.3.

  

	 	(b)	 LIBOR Loan Breakage Costs: In the event the Borrower wishes to repay LIBOR Loans comprising a Borrowing
prior to the last day of the applicable LIBOR Interest Period, the Borrower shall so notify the Agent, and provided the Borrower and each Lender which participated in such Borrowing have agreed upon the amount of the indemnity payable to such Lender
pursuant to Section 11.2(e) in respect of such repayment, the Borrower may repay such LIBOR Loans and pay such indemnity and such LIBOR Loans shall not thereafter be deemed to be outstanding as LIBOR Loans hereunder. 

  
 - 40 - 

	 	(c)	 Deposits for Bankers’ Acceptances: In the event the Borrower wishes to prepay Bankers’
Acceptances comprising a Borrowing on a date other than their maturity dates, the Borrower shall so notify the Agent, and, if the Borrower and the Agent have agreed upon the amount to be deposited into a Cash Coverage Account in order to yield on
such maturity date the face amount of such Bankers’ Acceptances, and if such amount has been so deposited with the Agent as prepayment of such Bankers’ Acceptances, such Bankers’ Acceptances shall not thereafter be deemed to be
outstanding as Bankers’ Acceptances hereunder. All such amounts in the Cash Coverage Account shall be applied to satisfy the obligations of the Borrower for the relevant Bankers’ Acceptances on their maturity dates and the Agent is hereby
irrevocably directed by the Borrower to so apply any such amount in the Cash Coverage Account. 

  

	 	(d)	 Cancellation or Deposits for Letters of Credit: In the event the Borrower wishes to prepay any Letter of
Credit comprising a Borrowing prior to the expiry thereof, the Borrower shall so notify the Agent and the Fronting Bank and shall either return such Letter of Credit for cancellation (together with a letter from the beneficiary of such Letter of
Credit which consents to such cancellation) or deposit an amount equal to the undrawn face amount of such Letter of Credit into a Cash Coverage Account with the Agent as cash cover for the Fronting Bank’s contingent obligation under such Letter
of Credit. If such Letter of Credit is returned for cancellation or if an amount equal to the undrawn face amount of such Letter of Credit has been deposited with the Agent as cash cover for such Letter of Credit, such Letter of Credit shall not
thereafter be deemed to be outstanding as a Letter of Credit hereunder. Such cash cover shall be applied to satisfy the obligations of the Borrower for such Letters of Credit as payments are made thereunder and the Agent is hereby irrevocably
directed by the Borrower to so apply any such cash cover. In addition, interest on such deposited amounts at the rate customarily offered by the Agent for deposits of similar amounts shall be for the account of the Borrower and may be withdrawn by
the Borrower. After expiry of the Letters of Credit for which such funds are held and application by the Agent of the amounts in such Cash Coverage Account to satisfy the obligations of the Borrower hereunder with respect to the Letters of Credit
being repaid, any remaining excess in such Cash Coverage Account shall be promptly paid by the Agent to the Borrower. 

  

	3.11	 Pro-Rata Treatment of Borrowings 

 

	 	(a)	 Pro-Rata Borrowings: Except as otherwise provided herein, each
Borrowing and each basis of Borrowing shall be made available by each Lender, and all repayments and reductions in respect thereof, shall be made and applied in a manner so that the Borrowings outstanding hereunder to each such Lender and each basis
of Borrowing made available hereunder by each such Lender will, to the extent practicable, and, subject always to the provisions of this Agreement, thereafter be in the proportions required by the next sentence. The Agent is authorized by the
Borrower and each Lender to determine from time to time the relative amount of Borrowings to be outstanding hereunder to each Lender, each basis of Borrowing to be made available by each Lender and the application of repayments and reductions of
Borrowings to give effect to the provisions of this Agreement, it being the intention that, subject to the other provisions of this Agreement, the Outstandings of each Lender shall be in the same proportion of the total Outstandings of all Lenders
as its Syndicated Commitment is of the Total Syndicated Commitment; provided that no Lender shall, as a result of any such determination, be owed Outstanding Principal in an amount which is in excess of the amount of its Syndicated
Commitment. 

  
 - 41 - 

	 	(b)	 Agent’s Discretion on Allocation: In the event it is not practicable to allocate each basis of
Borrowing in accordance with Section 3.11(a) by reason of the occurrence of the circumstances described in Article 10, or if such allocation would not result in each Lender accepting drafts to become Bankers’ Acceptances such that each
draft so accepted is in a whole multiple of Cdn. $100,000, the Agent is authorized by the Borrower and each Lender to make an allocation, which allocation shall be as set forth in the advice provided by the Agent to the Borrower and each Lender
pursuant to Section 3.6(a) (in the case of an allocation to ensure each Bankers’ Acceptance will be in a multiple of Cdn. $100,000), which the Agent determines in its sole discretion is equitable in the circumstances.

  

	 	(c)	 Further Assurances by Borrower: To the extent reasonably possible, the Borrower and each Lender agrees
to be bound by and to do all things necessary or appropriate to give effect to the provisions of this Section 3.11. 

  

	3.12	 Extension of Maturity Date 

 

	 	(a)	 Request for Extension: The Borrower may, at its option and from time to time (but not more than once in
a calendar year), by delivering to the Agent at the Agent’s Branch of Account an executed Request for Extension, request those Lenders which have not become Non-Extending Lenders pursuant to this
Section 3.12 (except to the extent Section 3.12(h) applies) (in this Section 3.12, the “Requested Lenders”) to issue a Notice of Extension to extend the then current Maturity Date with respect to the Commitments of
such Requested Lenders to a date specified therein, which shall be not later than five years from the date (in this Section 3.12, the “Extension Date”) which is 90 days after the date of such Request for Extension.

  

	 	(b)	 Delivery of Request and Response Thereto: Upon receipt from the Borrower of an executed Request for
Extension, the Agent shall forthwith deliver to each Requested Lender a copy of such request, and each Requested Lender shall, within 30 days after the date the Agent receives such request from the Borrower, advise the Agent in writing as to whether
such Requested Lender will agree to extend the then current Maturity Date in respect of its Commitment; provided that, if any such Requested Lender shall fail to so advise the Agent within such 30 day period, then such Requested Lender shall
be deemed to have denied such Request for Extension. The determination of each Requested Lender as to whether or not to extend the Maturity Date shall be made by each such Requested Lender in its sole discretion. 

 

	 	(c)	 Agent’s Response to the Borrower: Within five days after the expiry of the aforementioned 30 day
period, the Agent shall: 

  

	 	(i)	 if: 

  

	 	(A)	 all Requested Lenders are in agreement with delivering a Notice of Extension; or 

 

	 	(B)	 less than all Requested Lenders are in agreement with delivering a Notice of Extension, but, subject to
Section 3.12(h)(ii), Requested Lenders having Commitments which, in aggregate, represent 662/3% or more of all outstanding Commitments
of all Requested Lenders are in agreement with delivering a Notice of Extension; 

 (each Requested Lender being in
agreement with delivering a Notice of Extension being an “Extending Lender” for the purposes of this Section 3.12), deliver to the Borrower (with a copy to each Extending Lender) a Notice of Extension on behalf of all Extending
Lenders, executed by the Agent and, in the circumstance where not all Requested Lenders are Extending Lenders, advise the Borrower of: 

  
 - 42 - 

	 	(C)	 which Requested Lenders are not in agreement with extending the Maturity Date (in this Section 3.12, each
a “Non-Extending Lender”); and 

  

	 	(D)	 the amount of each Non-Extending Lender’s Commitments and
Outstandings as at such date; or 

  

	 	(ii)	 if neither of the conditions in Sections 3.12(c)(i)(A) and (B) have been met, notify the Borrower that the
Request for Extension has not received the agreement of Requested Lenders which, subject to Section 3.12(h)(ii), have Commitments which, in aggregate, represent at least 662/3% of all outstanding Commitments of all Requested Lenders (including therein the identity of the Requested Lenders which are not in agreement with extending the Maturity Date and the amount of each
such Requested Lender’s Commitments and Outstandings at such date) and has therefore been denied. 

 The failure of
the Agent within the aforementioned five day period to deliver a Notice of Extension, as provided in Section 3.12(c)(i) above, shall be deemed to be notification by the Agent to the Borrower that the Requested Lenders have denied the Request
for Extension, and, in such circumstances, the Maturity Date shall not be extended for any of the Requested Lenders. 
  

	 	(d)	 Extension of Maturity Date: Upon delivery by the Agent to the Borrower of a Notice of Extension pursuant
to Section 3.12(c)(i), the Maturity Date for all Extending Lenders shall be extended to the Maturity Date specified in the relevant Request for Extension. 

 

	 	(e)	 Commitments of Non-Extending Lenders: If in any instance a
Notice of Extension has been delivered in circumstances in which not all of the Requested Lenders are Extending Lenders, then, on or prior to the relevant Extension Date: 

 

	 	(i)	 the Borrower may require any Non-Extending Lender in respect of the
relevant Request for Extension to (and such Non-Extending Lender shall thereupon become obligated to) assign all or part of its rights and obligations under the Loan Documents (for purposes of this
Section 3.12, the “Assigned Interests”) to: 

  

	 	(A)	 any Extending Lenders which have agreed to increase their Commitments and purchase the Assigned Interests; and

  

	 	(B)	 to the extent the Assigned Interests are not assigned to Extending Lenders in accordance with paragraph
(A) above, any financial or other institutions selected by the Borrower and acceptable to the Agent and the Fronting Banks, each acting reasonably. 

The Borrower shall provide the Agent with written notice of its desire to proceed under this Section 3.12(e)(i) (which notice the Agent
shall promptly provide to each Extending Lender), and the Extending Lenders shall be entitled to purchase such of the Assigned Interests as they may request (pro rata, in proportion to the Commitments of those Extending Lenders wishing to
purchase Assigned Interests, or otherwise as such Extending Lenders may agree) by written notice to the Agent and the Borrower within 10 days after receipt of such notice, before any Assigned Interests may be assigned to third party financial or
other institutions. Such assignments, in any event, shall be effective upon: 
  

	 	(C)	 execution of an agreement substantially in the form of Schedule “I”; 

  
 - 43 - 

	 	(D)	 payment to the relevant Non-Extending Lender (in immediately available
funds) by the relevant assignee of an amount equal to the relevant Loan Indebtedness owing to such Non-Extending Lender in regard to the Assigned Interests; 

 

	 	(E)	 payment by the relevant assignee to the Agent (for the Agent’s own account) of the transfer fee
contemplated in Section 16.9; 

  

	 	(F)	 provision satisfactory to such Non-Extending Lender (acting reasonably)
being made for payment at maturity of the face amount of outstanding Bankers’ Acceptances accepted by it in regard to the Assigned Interests and any costs, losses, premiums or expenses incurred by such
Non-Extending Lender by reason of the liquidation or re-deployment of deposits or other funds in respect of LIBOR Loans outstanding hereunder in regard to the Assigned
Interests; and 

  

	 	(G)	 provision satisfactory to such Non-Extending Lender (acting reasonably)
being made for the indemnification, cash collateralization or release of such Non-Extending Lender from its obligations relating to any Letters of Credit which form part of the Assigned Interests, including
its obligations under Section 3.7(d) in regard to the Assigned Interests. 

 Upon such assignment and transfer
becoming effective, the Non-Extending Lender shall have no further right, interest, benefit or obligation hereunder to the extent of the Assigned Interests assigned by that Lender, and each assignee thereof
shall succeed to the position of such Lender to the extent of the portion of the Assigned Interests acquired by such assignee as if the assignee was an original Lender hereunder in regard thereto in the place and stead of such Non-Extending Lender; and 
  

	 	(ii)	 to the extent that the Borrower has not caused any Non-Extending
Lenders in respect of such Request for Extension to assign their respective rights and obligations under the Loan Documents to one or more Extending Lenders and/or other financial or other institutions as provided in paragraph (i) above, the
Borrower may, at its option, notwithstanding any other provisions hereof, but only if no Default or Event of Default then exists, by further notice to the Agent, repay to such Non-Extending Lenders all Loan
Indebtedness owed to such Non-Extending Lenders, without making corresponding repayment to any other Lenders, and make provision satisfactory to each relevant
Non-Extending Lender (acting reasonably) for (A) payment at maturity of the face amount of all outstanding Bankers’ Acceptances accepted by such Non-Extending
Lender, (B) payment of all costs, losses, premiums or expenses incurred by such Non-Extending Lender by reason of a liquidation or re-deployment of deposits or
other funds in respect of all outstanding LIBOR Loans owed to such Non-Extending Lender, and (C) indemnification, cash collateralization or release of such
Non-Extending Lender from its obligations relating to all outstanding Letters of Credit including its obligations under Section 3.7(d). Upon such payments and provisions being made, each such Non-Extending Lender shall cease to be a Lender and its Commitments shall be cancelled and the Total Syndicated Commitment reduced accordingly. 

 

	 	(f)	 Non-Extending Lenders: If the rights and obligations of a Non-Extending Lender under the Loan Documents are not assigned in accordance with Section 3.12(e)(i) or the Loan Indebtedness of a Non-Extending Lender is not repaid in
accordance with Section 3.12(e)(ii), then such Non-Extending Lender shall continue to be obliged to make its Lender’s Proportion of Borrowings available to the Borrower on a revolving basis prior to
the Maturity Date applicable to its Commitments and on such date: 

  

	 	(i)	 the Commitments of such Non-Extending Lender shall be automatically
cancelled and all Loan Indebtedness then owing to such Non-Extending Lender hereunder shall be repaid in full; and 

  
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	 	(ii)	 the Total Syndicated Commitment shall be deemed to be reduced by the amount of such cancelled Syndicated
Commitment; 

 provided that, notwithstanding Section 3.12(e) or any other provision herein, at any time prior
to such Maturity Date, the Borrower may require any Non-Extending Lender to assign all or (subject to Section 16.9(a)) a portion of its rights and obligations under the Credit Facility in the same manner
and subject to the same procedures as are contemplated in Section 3.12(e)(i) above and, upon such assignment becoming effective, each assignee shall be deemed to be an Extending Lender and the Maturity Date applicable to the Assigned Interests
shall be extended to the Maturity Date applicable to the Commitments of the Extending Lenders; and provided, further, that where the proposed Assigned Interests are less than the aggregate Commitments of all of the Non-Extending Lenders, the Borrower shall ensure that the Commitments of all (but not less than all) of the Non-Extending Lenders are assigned or cancelled either (A) by
requiring some or all of the Non-Extending Lenders to (and such Non-Extending Lender shall thereupon become obligated to) assign to the proposed assignee or assignees
the same proportion of their respective Commitments as their respective Commitments bear to the aggregate Commitments of all Non-Extending Lenders or (B) if no Default or Event of Default then exists, by
repaying to some or all of the Non-Extending Lenders all Loan Indebtedness owing hereunder to the Non-Extending Lenders in the same manner as is contemplated in
Section 3.12(e)(ii) above. 
  

	 	(g)	 Further Extensions of the Maturity Date: This Section 3.12 shall apply from time to time to
facilitate successive extensions and requests for extensions of the Maturity Date. The Borrower shall not be entitled to request any action or give any notice under this Section 3.12 or receive any extension of the Maturity Date in respect of
any Commitment so long as there exists a Default or an Event of Default which has not been waived by the Lenders. 

  

	 	(h)	 Extensions from Non-Extending Lenders: The Borrower may, at its
option and from time to time (but only pursuant to the delivery of an executed Request for Extension pursuant to Section 3.12(a)), request any Non-Extending Lender to extend the then current Maturity Date
with respect to the Commitments of such Non-Extending Lender to the proposed Maturity Date requested in such Request for Extension. In these circumstances: 

 

	 	(i)	 the Request for Extension shall expressly refer to such Non-Extending
Lender and shall be provided by the Agent to such Non-Extending Lender; 

  

	 	(ii)	 such Non-Extending Lender shall be included as one of the Requested
Lenders for all purposes of Section 3.12 (except for the purposes of making the percentage calculation contemplated in Sections 3.12(c)(i)(B) or 3.12(c)(ii)); 

 

	 	(iii)	 upon the agreement of such Non-Extending Lender to extend the Maturity
Date and the delivery of the applicable Notice of Extension from the Agent to the Borrower, such Non-Extending Lender shall become an Extending Lender and shall cease to be a
Non-Extending Lender; and 

  

	 	(iv)	 in the event such Non-Extending Lender does not, or is deemed to not,
agree to extend the Maturity Date, Sections 3.12(e) and 3.12(f) shall continue to apply to such Non-Extending Lender as they applied prior to the giving of such Request for Extension. 

  
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	3.13	 Increase in Credit Facility 

The Borrower may, at any time and from time to time, add additional financial institutions hereunder as Lenders and/or, with the consent of the
applicable Lender (which may be given or withheld in its sole discretion), increase the Commitment of such Lender and, in each case, thereby increase the maximum principal amount of the Credit Facility, provided that, at the time of any such
addition or increase: 
  

	 	(a)	 no Default or Event of Default has occurred and is continuing; 

 

	 	(b)	 the Borrower shall have delivered to the Agent: 

 

	 	(i)	 an officer’s certificate of the Borrower confirming the accuracy of (a) above and confirming
(A) its corporate authorization to make such increase, (B) the truth and accuracy of its representations and warranties contained in this Agreement as of such date, and (C) that no consents, approvals or authorizations from any Person
are required for such increase (except as have been unconditionally obtained and are in full force and effect, unamended), each as at the effective date of such increase in the maximum principal amount of the Credit Facility, and attaching a
certified copy of a directors’ resolution of the Borrower authorizing any such increase; and 

  

	 	(ii)	 a legal opinion with respect thereto in form and substance as may be required by the Agent, acting reasonably
(and such opinion shall, inter alia, opine as to the corporate authorization of the Borrower to effect such increase); 

  

	 	(c)	 after giving effect to any such increase, the maximum principal amount of the Credit Facility shall not exceed
US$2,000,000,000; 

  

	 	(d)	 the Agent and the Fronting Banks shall have each consented to such financial institution becoming a Lender or,
in the case of an existing Lender, increasing its Commitment, such consents not to be unreasonably withheld; and 

  

	 	(e)	 concurrently with the addition of a financial institution as an additional Lender or the increase of a
Lender’s Commitment, such financial institution or Lender, as the case may be, shall purchase from each Lender such portion of the Outstandings owed to each Lender as may be required by the Agent, acting reasonably, and as is necessary to
ensure that the Outstandings owed to all Lenders and including therein such additional financial institution and the increased Commitment of any Lender, are in accordance with the Lender’s Proportions of all such Lenders (including the new
financial institution and the increased Commitment of any Lender) and such financial institution shall execute such documentation as is required by the Agent, acting reasonably, to novate such financial institution as a Lender hereunder;
provided that with respect to any portion of such Outstandings which is outstanding by way of Bankers’ Acceptance, the new financial institution or such Lender shall provide an indemnity to the other Lenders (in a form satisfactory to
the other Lenders, acting reasonably) in order to ensure such Bankers’ Acceptances are outstanding in accordance with the new Lender’s Proportions. 

ARTICLE 4 
 REPAYMENT
AND CANCELLATION 
  

	4.1	 Repayment of Borrowings 

 

	 	(a)	 Mandatory Repayment of Borrowings: The Borrower covenants and agrees to repay or otherwise reduce the
Borrowings with the effect and requirement that all Borrowings owing to a Lender shall be repaid on or before the Maturity Date applicable to such Lender. 

  
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	 	(b)	 Application of Payment: Subject to the requirements of Section 4.1(a), in respect of payments to
the Lenders, the Outstandings of each Lender shall be reduced so as to, following such payment, be in the same proportion as the amount of the Syndicated Commitment of such Lender at such time bears to the Total Syndicated Commitment.

  

	4.2	 Exchange Rate Fluctuations 

If, on the last day of any Fiscal Quarter or any LIBOR Interest Period , or on the maturity date of an outstanding Banker’s Acceptance
(each a “Currency Test Date”), the amount of Outstanding Principal owed to any Lender is in excess of the Syndicated Commitment of such Lender and the amount of any funds on deposit or letter of credit or other assurance
satisfactory to the Agent held for or by such Lender pursuant to this Section 4.2 (the amount of the excess being the “Currency Excess”), the Borrower shall, within 10 Business Days of the Currency Test Date, repay or otherwise
reduce a portion of Borrowings owed to such Lender to the extent of the amount of such Currency Excess or provide satisfactory assurance of repayment thereof by depositing funds in an amount equal to the Currency Excess into a Cash Coverage Account
with the Agent on behalf of the relevant Lender, to be dedicated to payment of Borrowings owed to the relevant Lender or provide satisfactory assurance of repayment thereof by way of letter of credit or otherwise as may be acceptable to such Lender,
all to the satisfaction of the Agent. The Agent is hereby directed to apply any such sums on deposit to reduce the Currency Excess by applying such funds to satisfy obligations or liabilities of the Borrower under the Credit Facility to the relevant
Lenders under the Loan Documents in respect of Bankers’ Acceptances (or BA Equivalent Loans made in lieu thereof) on their maturity or LIBOR Loans at the expiration of LIBOR Interest Periods, as applicable, or (subject to compliance with
Sections 3.10(b) and 3.10(c), as applicable), at such earlier time as the Borrower elects. Upon the Currency Excess being eliminated by repayments or by virtue of subsequent changes in the exchange rate for determining the Equivalent Amount in
US Dollars of Borrowings on a Currency Test Date, such funds on deposit, together with interest thereon, or letter of credit or other assurance shall be returned to the Borrower. 

 

	4.3	 Cancellation of Syndicated Commitments 

The Borrower may at any time, at its option and in its sole discretion, upon not less than two (2) Business Days’ prior notice to the
Agent substantially in the form of Schedule “A”, cancel and reduce without penalty all or any portion of (a) the aggregate Syndicated Commitments of those Lenders which are not
Non-Extending Lenders (as defined in Section 3.12), (b) the aggregate Syndicated Commitments of those Lenders which are Non-Extending Lenders (as defined in
Section 3.12), or (c) any combination thereof, in minimum amounts of US$10,000,000 and in multiples of US$1,000,000 thereof, by: 
  

	 	(a)	 in the case of, and to the extent of, the cancellation of all or any portion of the aggregate Syndicated
Commitments of those Lenders which are not Non-Extending Lenders (as defined in Section 3.12), cancelling the Syndicated Commitment of each such Lender in the same proportion of the aggregate amount so
cancelled as the proportion which such Lender’s Syndicated Commitment is of the total Syndicated Commitments of all such Lenders; and 

  

	 	(b)	 in the case of, and to the extent of, the cancellation of all or any portion of the aggregate Syndicated
Commitments of those Lenders which are Non-Extending Lenders (as defined in Section 3.12), cancelling the Syndicated Commitment of each such Lender in the same proportion of the aggregate amount so
cancelled as the proportion which such Lender’s Syndicated Commitment is of the total Syndicated Commitments of all such Lenders; 

provided that (i) on or prior to the last day of such notice period, the Borrower has repaid or reduced the principal amount of Syndicated
Borrowings owing to each relevant Lender in accordance with Section 3.10(a) in an amount equal to the amount by which the Equivalent Amount of such Syndicated Borrowings in US Dollars would otherwise be in excess of such Lender’s
Syndicated Commitment immediately after the reduction of the Total Syndicated Commitment provided for in such notice and (ii) the cancellation of all of the Syndicated Commitment of a Lender shall be deemed to be a cancellation of all other
Commitments of such Lender. Any such notice of cancellation is irrevocable and the amount of the Total Syndicated Commitment so cancelled may not be reinstated. 

  
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	4.4	 Evidence of Indebtedness 

The Agent shall open and maintain on the books at the Agent’s Branch of Account accounts evidencing the Borrower’s liability to the
Agent and each Lender in respect of the Borrowings and other Loan Indebtedness outstanding by the Borrower hereunder. The Agent shall enter therein the amount and currency of such Borrowings, each payment of principal and interest on the Borrowings
and other Loan Indebtedness, and shall record the Bankers’ Acceptances accepted by each Lender, the Letters of Credit issued by each Fronting Bank and all other amounts becoming due to the Agent and each Lender hereunder (and for such purposes
the Agent shall be entitled to rely upon information provided by the Fronting Bank in respect of any Letter of Credit issued by such Lender). The Accounts constitute, in the absence of manifest error, prima facie evidence of the Loan
Indebtedness of the Borrower to the Agent and each Lender pursuant to this Agreement, the date and amount of each Borrowing made available to the Borrower, the date and amount of each payment by the Borrower on account of the Loan Indebtedness owing
hereunder. 
 ARTICLE 5 

PAYMENT OF INTEREST AND FEES 
  

	5.1	 Payment of Interest on Prime Loans 

The Borrower shall pay the Agent, on behalf of each Lender, interest on Prime Loans owed to such Lender in Canadian Dollars at the Agent’s
Account for Payments at a variable rate per annum equal to the Prime Rate plus any Applicable Pricing Margin from time to time. Each change in the fluctuating interest rate for the Prime Loans will take place without notice to the Borrower,
simultaneously with the corresponding change in the Prime Rate. Such interest is payable monthly in arrears on each Interest Date, in respect of the previous calendar month, and shall be calculated on a daily basis, based on the actual number of
days elapsed and a year of 365 days, rounded in accordance with the Agent’s usual practices. If, at any time while Prime Loans are outstanding, the Prime Rate is being determined by reference to the CDOR One Month Rate, the Agent shall promptly
advise the Borrower of such fact. 
  

	5.2	 Payment of Interest on USBR Loans 

The Borrower shall pay to the Agent, on behalf of each Lender, interest on USBR Loans owed to such Lender in US Dollars at the Agent’s
Account for Payments at a variable rate per annum equal to the US Base Rate plus any Applicable Pricing Margin from time to time. Each change in the fluctuating interest rate for the USBR Loans will take place without notice to the Borrower,
simultaneously with the corresponding change in the US Base Rate. Such interest is payable monthly in arrears on each Interest Date, in respect of the previous calendar month, and shall be calculated on a daily basis, based on the actual number of
days elapsed and a year of 365 days, rounded in accordance with Agent’s usual practices. If, at any time while USBR Loans are outstanding, the US Base Rate is being determined by reference to the Fed Funds Rate or the one month LIBOR, the Agent
shall promptly advise the Borrower of such fact. 
  

	5.3	 Payment of Interest on LIBOR Loans 

The Borrower shall pay to the Agent on behalf of each Lender interest on each LIBOR Loan owed to such Lender in US Dollars at the Agent’s
Account for Payments at the rate, expressed on the basis of a 360 day year, equal to the sum of: 
  

	 	(a)	 the LIBOR applicable to such LIBOR Loan for the applicable LIBOR Interest Period; and 

 

	 	(b)	 the Applicable Pricing Margin from time to time. 

A change in the Applicable Pricing Margin will simultaneously cause a corresponding change in the rate of interest payable for a LIBOR Loan.
Each determination by the Agent of the rate of interest applicable to a LIBOR Interest Period shall, in the absence of manifest error, be final, conclusive and binding upon the Borrower and each Lender. Such interest shall be payable in arrears on
each LIBOR Interest Date of 

  
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each LIBOR Interest Period applicable to each LIBOR Loan, for the period commencing on and including, as applicable, the first day of the applicable LIBOR Interest Period or the preceding LIBOR
Interest Date in such LIBOR Interest Period, up to but not including such LIBOR Interest Date, and calculated on a daily basis, based on the actual number of days elapsed divided by 360, rounded in accordance with the Agent’s usual practices.

  

	5.4	 Stamping Fees for Bankers’ Acceptances 

The Borrower shall pay to each Lender stamping fees in Canadian Dollars forthwith upon the acceptance by such Lender of each Bankers’
Acceptance issued by the Borrower hereunder (including, for certainty, any Bankers’ Acceptances issued and accepted pursuant to Section 3.8 or 3.9) at a rate per 365 day period equal to the Applicable Pricing Margin in effect during the
term of such Bankers’ Acceptance, calculated on the face amount of such Bankers’ Acceptance and on the basis of the number of days in the term of such Bankers’ Acceptance divided by 365. Fees payable to the Lenders pursuant to this
Section 5.4 shall be paid in the manner specified in Section 12.8(b)(ii). All fees payable pursuant to this Section 5.4 on any date in respect of any issuance of Bankers’ Acceptances shall be calculated by the Agent and payable
by the Borrower. 
  

	5.5	 Issuance Fees for Letters of Credit 

 

	 	(a)	 The Borrower shall pay to the Agent for the account of the Lenders an issuance fee in respect of each Letter of
Credit issued by the Fronting Bank hereunder calculated at a rate per 365 day period equal to the Applicable Pricing Margin in effect during the term of such Letter of Credit and on the face amount of each such Letter of Credit. The issuance fee
shall be payable quarterly in arrears on the first Business Day of each Fiscal Quarter following the issuance of the relevant Letter of Credit. 

  

	 	(b)	 The Borrower shall pay to the Fronting Bank for its own account a fronting fee forthwith upon the issuance of
each Letter of Credit issued by the Fronting Bank hereunder calculated at a rate per 365 day period equal to the rate agreed to or bid by the Fronting Bank pursuant to Section 3.7(g) and on the face amount of each such Letter of Credit.

  

	 	(c)	 The Borrower shall from time to time pay to the Fronting Bank for its own account its usual and customary fees
(at the then prevailing rates) for the amendment, delivery and administration of letters of credit such as the Letters of Credit. 

  

	 	(d)	 The Borrower shall receive a refund in respect of any issuance fee and fronting fee paid in respect of any
Letter of Credit which is returned to the Fronting Bank for cancellation in accordance with Section 3.10(d) or fully drawn upon prior to the expiry thereof (such refund to be prorated based upon the portion of time that such Letter of Credit
was not outstanding based on the original term thereof); provided that such refund shall only be paid if it exceeds US$1,000 or Cdn.$1,000, as applicable. 

 

	5.6	 Adjustments 

All fees payable under Section 5.4 or 5.5 shall be calculated by the Agent and payable by the Borrower initially on the assumption that
the Debt Ratings at the time of issuance of the applicable Bankers’ Acceptances or Letters of Credit will be maintained during the term thereof. In the event such fees are calculated and paid on such assumption and such Debt Rating is changed
or ceases to be available such as to change the Applicable Pricing Margin (any such change or cessation of a Debt Rating being a “Rating Change”) during the term of any such outstanding Bankers’ Acceptances or Letters of
Credit, the Agent shall recalculate the amount of such fees on the basis of the Applicable Pricing Margin applicable to the period before such Rating Change, and the Applicable Pricing Margin applicable to the period on and after such Rating Change,
and advise the Borrower and the Lenders of the amount of the underpayment or overpayment (if any). In the case of an underpayment, the Borrower shall pay to the Agent on behalf of the Lenders, on the maturity date of such outstanding Bankers’
Acceptances (in the case of Bankers’ Acceptances) or on the next date on which any interest or fee payment is made hereunder (in the case of Letters of Credit), the amount of 

  
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such underpayment, and, in the case of an overpayment, the amount thereof shall be credited against amounts in respect of interest or other amounts accruing hereunder. Changes in the interest
rate payable in respect of Loans as a result of a Rating Change shall be effective on the date of such Rating Change. 
  

	5.7	 Interest on Overdue Amounts 

The Borrower expressly agrees to pay to the Agent on behalf of each Lender, at the Agent’s Branch of Account, on demand, interest on all
overdue amounts outstanding under this Agreement at a variable rate per annum, which shall be adjusted automatically without notice to the Borrower whenever there is a change in the Prime Rate or US Base Rate, as the case may be, which is equal to:

  

	 	(a)	 the Prime Rate plus any Applicable Pricing Margin plus 1% per annum, in respect of amounts due in Canadian
Dollars; and 

  

	 	(b)	 the US Base Rate plus any Applicable Pricing Margin plus 1% per annum, in respect of amounts due in US Dollars;

 and which additional interest the Borrower acknowledges to be commensurate with the increased credit risk to the Lenders in the
circumstances. Such interest on overdue amounts shall be compounded monthly and shall be payable both before and after default, maturity and judgment. 
  

	5.8	 Standby Fees 

The Borrower covenants and agrees to pay to the Agent, on behalf of each Lender at the Agent’s Branch of Account, a standby fee in US
Dollars payable in arrears on the first Business Day of each Fiscal Quarter, in respect of the previous Fiscal Quarter, in an amount equal to the Applicable Pricing Margin on each day in the calculation period, calculated on the amount by which the
Syndicated Commitment of such Lender on such day is in excess of the Outstanding Principal then owing to such Lender on such day. Such standby fees shall be computed from and including the Amendment Effective Date and shall be calculated on a daily
basis and based on a year of 365 days. 
  

	5.9	 Agency Fees 

The Borrower covenants and agrees to pay to the Agent certain fees as set forth in a letter agreement between the Agent and the Borrower
relating to the Agent’s role as agent hereunder. 
  

	5.10	 Maximum Rate Permitted by Law 

 

	 	(a)	 In no event shall any interest or fee to be paid hereunder exceed the maximum rate permitted by applicable law.
In the event any such interest or fee exceeds such maximum rate, such rate shall be reduced to the highest rate recoverable under applicable law. 

  

	 	(b)	 Notwithstanding any provision to the contrary contained herein, in no event shall the aggregate
“interest” (as defined in Section 347 of the Criminal Code (Canada) as the same may be amended, replaced or re-enacted from time to time) payable hereunder exceed the effective annual
rate of interest on the “credit advanced” (as defined in that section) hereunder lawfully permitted under that section and, if any payment, collection or demand pursuant to this Agreement in respect of “interest” (as defined in
that section) is determined to be contrary to the provisions of that section, such payment, collection or demand shall be deemed to have been made by mutual mistake of the Borrower and the Lenders and the amount of such payment or collection shall
be refunded to the Borrower; for purposes hereof the effective annual rate of interest shall be determined in accordance with generally accepted actuarial practices and principles over the term of this Agreement on the basis of annual compounding of
the lawfully permitted rate of interest and, in the event of dispute, a certificate of a Fellow of the Canadian Institute of Actuaries appointed by the Agent will be conclusive for the purposes of such determination. 

  
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	5.11	 Interest Act 

  

	 	(a)	 For the purposes of the Interest Act (Canada), the annual rates of interest to which the rates
determined in accordance with the provisions hereof on the basis of a period of calculation less than a year are equivalent, are the rates so determined (a) multiplied by the actual number of days in the one year period beginning on the first
day of the period of calculation, and (b) divided by the number of days in the period of calculation. 

  

	 	(b)	 Each of the Guarantor and the Borrower confirms that it and any other guarantor of the Obligations
understands and is able to calculate the rate of interest applicable to Borrowings based on the methodology for calculating per annum rates provided in this Agreement. Each of the Guarantor and the Borrower irrevocably agrees not to plead or assert
(and to cause each other guarantor of the Loan Indebtedness to not plead or assert), whether by way of defence or otherwise, in any proceeding relating to this Agreement or any other Loan Document, that the interest payable under this Agreement or
any other Loan Document and the calculation thereof has not been adequately disclosed to the Guarantor, the Borrower and any other guarantor of the Loan Indebtedness as required pursuant to Section 4 of the Interest
Act (Canada) or any other Applicable Law.  

  

	5.12	 Nominal Rates; No Deemed Reinvestment 

The principle of deemed reinvestment of interest shall not apply to any interest calculation under this Agreement; all interest payments to be
made hereunder shall be paid without allowance or deduction for deemed reinvestment or otherwise, before and after maturity, default and judgment. The rates of interest specified in this Agreement are intended to be nominal rates and not effective
rates. Interest calculated hereunder shall be calculated using the nominal rate method and not the effective rate method of calculation. 
  

	5.13	 Interest on Prepayments and Repayments 

At the same time as any repayment or prepayment of principal is made under this Agreement or any Borrowings have been repaid in accordance with
a cancellation of the Commitment pursuant to Section 4.3, the Borrower shall also pay all accrued and unpaid interest on the principal being repaid or prepaid. 

ARTICLE 6 
 PAYMENTS

  

	6.1	 Time and Place of Payment 

Subject to the next sentence, the Borrower shall make all payments pursuant to this Agreement to the Agent on behalf of the Lenders at the
Agent’s Branch of Account in immediately available funds for good value on the day specified for payment. The Borrower shall make all payments owing to a Fronting Bank for its own account at such Lender’s Branch of Account in immediately
available funds for good value on the day specified for payment. Whenever a payment is due to be made on a day which is not a Business Day, the day for payment is the following Business Day and such extension of time shall in such case be included
in the computation of the payment of interest or any other amounts payable hereunder. Receipt by the Agent from the Borrower of funds for value on any day pursuant to this Agreement, as principal, interest, fees or otherwise, shall be deemed to be
receipt of such funds on such day by the Agent or relevant Lenders, as the case may be. 

  
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	6.2	 Currency of Payment 

Borrowings and payments in respect thereof are payable in the currency in which they are denominated. 

 

	6.3	 Payments Free and Clear 

 

	 	(a)	 The Borrower shall make all payments hereunder without set-off or
counterclaim (except as permitted by Sections 9.5 and 12.19), free and clear of, and without deduction for or on account of, any Tax. If any Tax is deducted or withheld from any payments, except any Excluded Taxes, the Borrower shall promptly remit
to the Agent on behalf of the Lenders, as payment of additional interest, the equivalent of the amounts so deducted or withheld together with the relevant official receipts or other evidence satisfactory to the Agent evidencing payment to the
appropriate taxing authority of each such Tax by the Borrower with the intent being that the Lenders shall receive the full amount which would have been received by them had no such deduction or withholding been made. No additional amounts shall be
payable by the Borrower under this Section 6.3(a) with respect to any Taxes which are payable otherwise than by withholding or deduction from payments hereunder. 

 

	 	(b)	 In the event the Borrower has made a payment pursuant to Section 6.3(a), then (i) the relevant Lender
shall take reasonable steps to make such applications or other filings (including for greater certainty, the filing of a Canadian income tax return) so as to obtain a reduction or refund of any such withheld or deducted amounts, and (ii) where
the relevant Lender is thereafter granted or receives a credit, refund or remission in respect of the Tax for which the relevant deduction or withholding was made, such Lender shall refund to the Borrower such amount (if any) as such Lender
determines in good faith will leave such Lender in no worse position than would have been the case if there had never been any obligation to make such deduction or withholding in the first place. For greater certainty, a Lender shall be entitled to
fully recover from the Borrower, as payments of additional interest, all reasonable costs and expenses associated with any applications or other filings prepared as a result of this Section 6.3(b). No Lender shall be obligated to provide to the
Borrower copies of all or any part of its tax returns, financial statements or other corporate financial data by reason of any such matter. 

  

	 	(c)	 If a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed
by FATCA or Canadian equivalent legislation, regulations or other guidance if such Lender were to fail to comply with the applicable reporting requirements of FATCA or Canadian equivalent legislation, regulations or other guidance (including those
contained in Section 1471(b) or 1472(b) of the Code, as applicable, or the Income Tax Act (Canada)), such Lender shall deliver to the Borrower and/or the Agent (as applicable) at the time or times prescribed by Applicable Law and at such
time or times reasonably requested by the Borrower or the Agent such documentation prescribed by Applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the
Borrower or the Agent as may be necessary for the Borrower and the Agent to comply with their obligations under FATCA or Canadian equivalent legislation, regulations or other guidance and to determine that such Lender has complied with such
Lender’s obligations under FATCA or Canadian equivalent legislation, regulations or other guidance (or is exempt from withholding thereunder) or to determine the amount to deduct and withhold from such payment. Each Lender agrees that if any
form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Agent in writing of its legal inability to do so.

  

	 	(d)	 The provisions of this Section 6.3 shall survive the termination of the Agreement and the repayment of the
Borrowings, accrued interest and all other indebtedness of the Borrower to the Agent and the Lenders hereunder. 

  
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	6.4	 Account Debit Authorization 

The Borrower authorizes and directs the Agent, in its discretion, to automatically debit, by mechanical, electronic or manual means, the
Borrower’s Accounts for all amounts payable under this Agreement, including, but not limited to, the repayment of principal and the payment of interest, fees and all charges for the keeping of such bank accounts; provided that the Agent
shall not be obligated to effect any such debit and shall not be liable or responsible for its failure to do so. The Agent shall send the Borrower an invoice for any fees payable under this Agreement at least three (3) Business Days prior to
any such debit and shall provide a confirmation of any upcoming debit for repayment of Borrowings on the same day that the Agent receives notice of such repayment from the Borrower. In the event the Agent debits the Borrower’s Accounts by an
amount in excess of the principal, interest, fees or charges properly due on a day, then forthwith upon the error being discovered, the Agent shall reimburse the Borrower such excess amount with interest thereon from the date of the excess debit
until reimbursement at rates prevailing at the time of the excess debit for deposits of like amount and currency with the Agent. 

ARTICLE 7 
 CONDITIONS
PRECEDENT 
  

	7.1	 Conditions Precedent to Effectiveness 

The effectiveness of this Agreement is subject to the satisfaction of the following conditions: 

 

	 	(a)	 the Agent on behalf of each Lender (or certain Lenders, as indicated below) has received, in form and substance
satisfactory to the Agent (or, in the case of (vi) and (vii) below, each of the Lenders), acting reasonably: 

  

	 	(i)	 a duly executed copy of this Agreement; 

 

	 	(ii)	 a duly executed confirmation of the affiliate guarantee dated March 1, 2019 granted by Newfield
Exploration Company to the Agent and the Lenders with respect to the “Outstandings” as defined therein; 

  

	 	(iii)	 a certificate of the Guarantor confirming that the Reorganization has been completed; 

 

	 	(iv)	 a certified copy of the articles and by-laws of the Borrower;

  

	 	(v)	 a certified copy of the articles and by-laws of the Guarantor;

  

	 	(vi)	 a certificate of existence under the laws of British Columbia in respect of the corporate existence of the
Borrower; 

  

	 	(vii)	 a certificate of existence under the laws of State of Delaware in respect of the corporate existence of the
Guarantor; 

  

	 	(viii)	 a certified resolution of the Board of Directors of the Borrower with respect to this Agreement;

  

	 	(ix)	 a certified resolution of the Board of Directors of the Guarantor with respect to this Agreement;

  

	 	(x)	 an incumbency certificate of the Borrower certifying the name and true signatures of the Borrower’s
officers authorized to sign this Agreement and the other Loan Documents to which the Borrower is a party; 

  
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	 	(xi)	 an incumbency certificate of the Guarantor certifying the name and true signatures of the Guarantor’s
officer authorized to sign this Agreement; 

  

	 	(xii)	 an opinion of Blake, Cassels & Graydon LLP, Canadian counsel to the Borrower and the Guarantor
addressed to the Agent and each Lender; 

  

	 	(xiii)	 an opinion of Paul, Weiss, Rifkind, Wharton & Garrison LLP, U.S. counsel to the Guarantor addressed to
the Agent and each Lender; 

  

	 	(xiv)	 an opinion of Norton Rose Fulbright Canada LLP, counsel to the Lenders, addressed to the Agent and each Lender;

  

	 	(xv)	 all such other agreements, certificates, declarations, opinions and other documents as are reasonably required
by the Agent to confirm or establish the completion or satisfaction of the conditions to the Lenders’ obligations hereunder and of which the Borrower is advised in a timely manner; 

 

	 	(xvi)	 a duly executed withdrawal letter from each of Export Development Canada and ICICI Bank Canada whereby they
cease to be Lenders under and as defined in the Existing Credit Agreement; and 

  

	 	(xvii)	 all documentation and other information regarding the Borrower or the Guarantor requested in connection with
applicable “know your customer” and anti-money laundering rules and regulations, including the AML Legislation, to the extent requested in writing of the Borrower at least 10 days prior to the Effective Date; and 

 

	 	(b)	 the Borrower shall have paid to the Agent for the account of the Agent, the
co-lead arrangers and the Lenders, as applicable, and in a timely manner, all upfront and arrangement fees required to be paid by the Borrower on or before the Effective Date in connection with this Agreement.

 Each Lender hereby authorizes the Agent to confirm to the Borrower on the Effective Date that the conditions precedent set forth in
this Section 7.1 have been satisfied on or prior to the Effective Date, provided such Lender has not advised the Agent in writing prior to such Effective Date that such Lender is not satisfied that the Borrower has complied with such
conditions precedent. 
  

	7.2	 Conditions Precedent to all Drawdowns 

The Lenders’ obligations to make available any Drawdown pursuant to Section 3.3 are subject to and conditional upon the satisfaction
of each of the following terms and conditions: 
  

	 	(a)	 as of each Drawdown Date, those representations and warranties contained in Section 2.1 (other than
Section 2.1(l) which is intended to apply only as of the Effective Date) are true and correct in all material respects with the same effect as if made as of that Drawdown Date; 

 

	 	(b)	 as of each Drawdown Date, no Default or Event of Default has occurred and is continuing or would occur with the
making of the requested Borrowing; and 

  

	 	(c)	 on or before the applicable number of days prior to each Drawdown Date, in accordance with Section 3.3,
the Agent has received a duly executed Notice of Drawdown (in the form of Schedule “A” or “B” as applicable). 

  
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	7.3	 Conditions Precedent to Conversion or Rollover 

The Lenders’ obligations to make any Conversion pursuant to Section 3.8 or to Rollover a Borrowing pursuant to Section 3.9 are
subject to and conditional upon the satisfaction of each of the following terms and conditions (except as expressly provided otherwise in Section 3.7(d)): 
  

	 	(a)	 as of each Borrowing Conversion Date and Borrowing Rollover Date, either (i) no Default or Event of
Default has occurred and is continuing or would occur with the making of the requested Borrowing or (ii) the limitations in Section 9.3 are complied with in respect of such Conversion or Rollover; and 

 

	 	(b)	 on or before the applicable number of days prior to each Borrowing Conversion Date or Borrowing Rollover Date,
in accordance with Section 3.3, the Agent has received a duly executed Notice of Conversion or Notice of Rollover, as applicable. 

  

	7.4	 Waiver 

The terms and conditions of Sections 7.1, 7.2 and 7.3 are inserted for the sole benefit of the Lenders and, subject to Sections 12.12
and 16.3, the Lenders may waive them in whole or in part, with or without terms or conditions in respect of any Borrowing, without prejudicing the Lenders’ rights to assert them in whole or in part in respect of any other Borrowing. 

ARTICLE 8 
 COVENANTS OF
THE OBLIGORS 
  

	8.1	 Affirmative Covenants of the Obligors 

Subject to Section 8.3, each of the Guarantor (without any limitation) and the Borrower (whose affirmative covenants will be limited to
only Sections 8.1(a), (c), (e) and (l)(i) below) covenants with the Agent and each Lender that: 
  

	 	(a)	 Pay Loan Indebtedness: The Borrower shall pay or cause to be paid, duly and punctually, all Loan
Indebtedness due by it under the terms of this Agreement at the times and places and in the manner provided for herein; 

  

	 	(b)	 Payment of Taxes: The Guarantor shall, and shall cause each of its Subsidiaries to, pay or cause to be
paid all Taxes validly levied, assessed or imposed upon: 

  

	 	(i)	 the Guarantor or its Subsidiaries; and 

 

	 	(ii)	 any part of its or their properties, 

as and when the same become due and payable and where the non-payment of which would have a Material
Adverse Effect, except to the extent and for so long as the Guarantor or its Subsidiaries shall contest in good faith its or their obligation to do so diligently in appropriate proceedings, provided such contest would not have a Material
Adverse Effect; 
  

	 	(c)	 Use of Borrowings: The Borrower shall use all Borrowings advanced to it hereunder only for the purposes
described in Section 3.2; 

  

	 	(d)	 Maintenance of Business and Properties: The Guarantor shall, and shall cause each of its Subsidiaries:

  

	 	(i)	 to carry on and conduct its and their business in the ordinary course; and 

  
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	 	(ii)	 to maintain and operate its property in accordance with normal industry practice; 

except that nothing contained in this Section 8.1(d) shall prevent the Guarantor or its Subsidiaries from selling, leasing or otherwise
disposing of any of its or their property to the extent not prohibited by Section 8.2(d), or ceasing to operate any of its or their property or business when, in the opinion of the appropriate officers of the Guarantor or its Subsidiaries, it
shall be advisable and in its or their best interests to do so; 
  

	 	(e)	 Corporate Existence: Subject to Section 8.2(c), each Obligor shall maintain its corporate
existence; 

  

	 	(f)	 Insurance: The Guarantor shall, and shall cause each of its Subsidiaries to, insure and keep insured, or
cause to be insured and kept insured, all of its or their property which is of an insurable nature against such risks, in such amounts and in such manner as is usual in the case of corporations similarly situated and operating generally similar
property and with such reputable insurance companies or associations as it may select; provided that the Guarantor and its Subsidiaries may from time to time adopt other methods or plans of protection, including self-insurance, against such
risks in substitution or partial substitution for the aforesaid insurance if such plans or methods shall, in the opinion of the appropriate senior officers of the Guarantor or its Subsidiaries, be in its or their best interest, and neither the
Guarantor nor any of its Subsidiaries shall be required to keep insured any of its property in respect of which insurance is being provided by others for its benefit; 

 

	 	(g)	 Compliance With Laws: The Guarantor shall, and shall cause each of its Subsidiaries to, comply in all
respects with all Applicable Laws, including environmental laws, rules, regulations and governmental orders and licences, and shall obtain and maintain all environmental permits, applicable to its or their business operations if the failure to so
comply or, as applicable, obtain and maintain such permits would have a Material Adverse Effect; 

  

	 	(h)	 Reporting Requirements: The Guarantor shall: 

 

	 	(i)	 within 95 days after the end of each Fiscal Year, cause to be prepared and delivered to the Agent its
consolidated financial statements comprising the consolidated balance sheet, the consolidated statement of earnings, the consolidated statement of comprehensive income, the consolidated statement of changes in shareholders’ equity and the
consolidated statement of cash flows pertaining to such Fiscal Year, together with the report and opinion of the Guarantor’s independent auditors thereon confirming that such financial statements have been prepared in accordance with GAAP; and,
for clarity, it is acknowledged that the consolidated financial statements of Encana will be provided for the Fiscal Year ending December 31, 2019; 

  

	 	(ii)	 within 65 days after the end of each Fiscal Quarter, except the fourth Fiscal Quarter of the Fiscal Year, cause
to be prepared and delivered to the Agent unaudited consolidated financial statements of the Guarantor comprising the consolidated balance sheet, the consolidated statement of earnings, the consolidated statement of comprehensive income, the
consolidated statement of changes in shareholders’ equity and the consolidated statement of cash flows pertaining to such Fiscal Quarter; and, for clarity, it is acknowledged that the consolidated financial statements of Encana will be provided
for the Fiscal Quarter ending March 31, 2020; 

  

	 	(iii)	 within 65 days after the end of each Fiscal Quarter, except the fourth Fiscal Quarter and within 95 days after
the end of each Fiscal Year, prepare and deliver to the Agent a Compliance Certificate pertaining, as applicable, to the relevant Fiscal Quarter or Fiscal Year; 

  
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	 	(iv)	 promptly upon them becoming available, deliver to the Agent copies of: 

 

	 	(A)	 all reports, notices and proxy statements sent by the Guarantor to its shareholders; and 

 

	 	(B)	 any report of a material change issued by the Guarantor or any of its Material Subsidiaries and which the
Guarantor or such Material Subsidiary is not required by Applicable Law to keep confidential; and 

  

	 	(v)	 with reasonable promptness, provide such other reports and information on the financial condition and business
affairs and operations of the Guarantor and its Subsidiaries as the Agent on behalf of the Lenders may reasonably request from time to time and which the Guarantor or such Subsidiary is not required by contract with a third party or Applicable Law
to keep confidential, 

 provided that any Obligor may satisfy the delivery requirements set forth in this
Section 8.1(h) by sending to the Agent by electronic mail the documents that are to be delivered to the Agent pursuant to this Section 8.1(h), and, in the case of documents delivered pursuant to paragraph (iii) above, the
Borrower promptly executes and delivers to the Agent an originally signed copy of such Compliance Certificate; and further, provided that the Guarantor shall be deemed to have furnished the information required by
Sections 8.1(h)(i), 8.1(h)(ii) and 8.1(h)(iv) if it shall have timely made the same available on “SEDAR” or “EDGAR” and notified the Agent that such information has been posted on “SEDAR” or “EDGAR” and
such information is freely accessible without charge; and further, provided, that if any Lender is unable to access “SEDAR” or “EDGAR”, as applicable, the Guarantor agrees to provide such Lender with paper or
electronic copies of the information required to be furnished pursuant to this Section 8.1(h) promptly following notice (and thereafter so long as such notice remains in effect) from the Agent that such Lender has requested same; and
further, provided that the Agent and the Lenders hereby agree to keep confidential any data or information delivered to the Agent or the Lenders under this Section 8.1(h) which is not already in the public domain; 

 

	 	(i)	 Books and Records: The Guarantor shall, and shall cause each of its Subsidiaries to, keep proper books
of records and accounts in which complete and correct entries will be made of its and their transactions sufficient to enable it to prepare its financial statements in accordance with GAAP; 

 

	 	(j)	 Maintenance of Consolidated Debt to Consolidated Capitalization Ratio: The Guarantor shall maintain, as
of the last day of each Fiscal Quarter, as reported to the Lenders in accordance with Section 8.1(h), a Consolidated Debt to Consolidated Capitalization Ratio which does not exceed 60%; 

 

	 	(k)	 Change of Fiscal Year: In the event the Guarantor changes its Fiscal Year, then as of the end of the
fiscal year which would have been the Fiscal Year but for the change to the Fiscal Year and if so requested by the Agent, the Guarantor shall demonstrate to the Majority Lenders’ reasonable satisfaction that, notwithstanding such change, the
Guarantor is capable of meeting the requirements of Sections 8.1(j) and 8.2(e) had they been based on the Fiscal Year previous to such change; 

  

	 	(l)	 Pari Passu Ranking: 

 

	 	(i)	 Each Obligor shall ensure that all the rights of the Lenders and the Agent for payments of amounts owed by such
Obligor under this Agreement rank at least pari passu in right of payment with all obligations of such Obligor in respect of the other most senior unsecured indebtedness of such Obligor for borrowed money; and 

 

	 	(ii)	 the Guarantor shall ensure that all the rights of the Lenders and the Agent for payments of amounts owed by any
Guarantor Subsidiary under its guarantee of the Obligations rank at least pari passu in right of payment with all obligations of such Guarantor Subsidiary in respect of the other most senior unsecured indebtedness of such Guarantor Subsidiary
for borrowed money; 

  
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	 	(m)	 Certain Changes: Promptly upon any Senior Financial Officer becoming aware of the same, the Guarantor
shall provide each Lender and the Agent with advice and particulars of: 

  

	 	(i)	 other than in respect of any failure to pay any Loan Indebtedness due hereunder, the occurrence of any Default
or Event of Default, and advice as to whether, in the Borrower’s opinion, such event is remediable and, if so, of the steps being taken and proposed to remedy the same; 

 

	 	(ii)	 any advice from S&P, Moody’s or Fitch (or, if applicable, a Substitute Rating Entity under
Section 1.8) that it has changed the Debt Rating assigned by it (including any change in outlook which has been publicly disclosed by such rating entity); and 

 

	 	(iii)	 the occurrence of any event which would have a Material Adverse Effect; and 

 

	 	(n)	 Anti-Corruption Laws and Sanctions: The Guarantor shall maintain in effect and enforce procedures to
ensure compliance by the Guarantor with its representation and warranty in Section 2.1(m)(ii) in respect of any requested Drawdown. 

  

	8.2	 Negative Covenants of the Obligors 

Subject to Section 8.3, each of the Guarantor (without any limitation) and the Borrower (whose negative covenants will be limited to only
Section 8.2(c) below) covenants with the Agent and each Lender that: 
  

	 	(a)	 Negative Pledge: The Guarantor hereby creates in favour of the Lenders the Negative Pledge, the
provisions of which are incorporated herein by this reference and form part of this Agreement, and the Guarantor shall observe and perform its covenants and agreements therein contained; 

 

	 	(b)	 Change in Nature of Business: The Guarantor shall not make any change whereby the nature of the business
carried on by it, on a consolidated basis, would be materially altered; 

  

	 	(c)	 Reorganization of Obligor(s): Except for the amalgamation, consolidation or merger of any Obligor with
one or more Subsidiaries or the transfer of all or substantially all of any Obligor’s undertaking and assets to one or more Subsidiaries, no Obligor shall enter into or participate in any transaction which would result in:

  

	 	(i)	 the amalgamation, consolidation or merger of such Obligor with any other Person; or 

 

	 	(ii)	 the transfer of all or substantially all of such Obligor’s undertaking and assets (determined on a
consolidated basis) to another Person; 

 unless: 

 

	 	(iii)	 in the case of such a transaction involving the Guarantor, the Debt Ratings of the successor or transferee are
Investment Grade (unless the Majority Lenders approve any such transaction where the Debt Ratings of the successor or transferee are not Investment Grade); and 

 

	 	(iv)	 the successor or transferee executes and delivers to the Agent such documents, if any, as may, in the
reasonable opinion of the Agent, be necessary to confirm the assumption by the successor or transferee of the obligations of such Obligor under this Agreement; 

  
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	 	(d)	 Sale of Property and Assets: The Guarantor shall not, and shall not permit any of its Subsidiaries to,
sell, transfer, convey, lease or otherwise dispose of all or any material part of their respective property or assets (other than to the Guarantor or one or more Subsidiaries) if such action would have a Material Adverse Effect;

  

	 	(e)	 Financing Debt of Certain Subsidiaries: The Guarantor shall not permit: 

 

	 	(i)	 the aggregate Financing Debt of all Material Subsidiaries (other than the Borrower) which are Non-Guarantor Subsidiaries, on a consolidated basis; plus, without duplication 

  

	 	(ii)	 the aggregate Indebtedness (as defined in the Negative Pledge) secured by security interests over Restricted
Property (as defined in the Negative Pledge) given by the Guarantor or any Material Subsidiary in favour of Non-Guarantor Subsidiaries which are not Material Subsidiaries; plus, without duplication

  

	 	(iii)	 the aggregate Financing Debt of Finance Co.; plus, without duplication 

 

	 	(iv)	 the amount by which the aggregate Financing Debt of any Subsidiary (other than Finance Co. or a Material
Subsidiary) exceeds an aggregate of US$750,000,000 and which Financing Debt is guaranteed by the Guarantor or any Material Subsidiary (whether directly or indirectly through corporate law applicable to unlimited liability companies);

 to exceed 17.5% of Consolidated Tangible Assets as of the last day of each Fiscal Quarter, as reported to the Lenders in
accordance with Section 8.1(h); provided that, for the purpose of calculating the aggregate Financing Debt referred to in (i) above or the aggregate Indebtedness referred to in (ii) above, there shall be excluded (y) the
Financing Debt of any Public Material Subsidiary or (z) any such Indebtedness secured by security interests over Restricted Property (as defined in the Negative Pledge) of any Public Material Subsidiary for so long as, in regard to any case
referred to in (y) or (z) above, Common Equity Securities of the relevant Public Material Subsidiary are listed on any stock exchange and for 120 days (or such longer period as the Majority Lenders may allow in their sole discretion) after the
date that Common Equity Securities of such Public Material Subsidiary cease to be so listed; and 
  

	 	(f)	 Financial Assistance by Material Subsidiaries: If any Material Subsidiary (other than the
Borrower) or any Subsidiary of a Material Subsidiary (other than the Borrower) gives, grants or becomes subject to any guarantee, indemnity or other form of financial assistance to or in favour of any Person in respect of Financing Debt of the
Guarantor or any other Subsidiary, other than in respect of the Borrowings or any Centralized Banking Arrangements (each such guarantee, indemnity or other form of financial assistance, other than a guarantee, indemnity or other form of financial
assistance in respect of the Borrowings or any Centralized Banking Arrangements, being a “Third Party Guarantee”), then the Guarantor shall ensure that such Material Subsidiary or Subsidiary of a Material Subsidiary duly executes
and delivers to the Agent on behalf of the Lenders a guarantee or other instrument in respect of the Obligations on no less favourable terms, with such changes thereto as may be necessary in the context and acceptable to the Agent, acting
reasonably, so that the obligations thereunder rank at least pari passu with the obligations under such Third Party Guarantee; provided, however, that: 

 

	 	(i)	 a Material Subsidiary or Subsidiary thereof shall be entitled to give, grant or become subject to a Third Party
Guarantee in respect of Financing Debt of wholly-owned Subsidiaries of such Material Subsidiary; and 

  
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	 	(ii)	 a Material Subsidiary or Subsidiary thereof which is a direct or indirect wholly-owned Subsidiary of a Material
Subsidiary shall be entitled to give, grant or become subject to a Third Party Guarantee in respect of Financing Debt of a Material Subsidiary or Subsidiary thereof of which (in either case) it is directly or indirectly a wholly-owned Subsidiary;

 in either case, for so long as such wholly-owned Subsidiaries remain, directly or indirectly, wholly-owned by such
Material Subsidiary, without being required by this Section 8.2(f) to execute and deliver a guarantee or other instrument to the Agent in accordance with the foregoing; and provided further however, that a Subsidiary which is not
a Material Subsidiary need not execute and deliver such a guarantee or other instrument if and for so long as such Subsidiary, together with each other such Subsidiary which has given, granted, or become subject to a Third Party Guarantee and which
has not executed and delivered a guarantee or other instrument to the Agent on behalf of the Lenders hereunder, has assets which have a value, as reflected in the consolidated balance sheet of the Guarantor most recently delivered to the Lenders
hereunder, of 10% or less of the value of the assets of the Guarantor and its Subsidiaries reflected therein (without giving effect to the non-cash ceiling test impairments and other changes as at
December 31, 2011 as a consequence of Encana’s adoption of US GAAP). Any Material Subsidiary that provides a guarantee to the Agent on behalf of the Lenders in accordance with this Section shall also provide such other documents and
certificates as the Agent may reasonably request, and to the extent such Material Subsidiary qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, shall provide to any Lender that so requests a Beneficial
Ownership Certification. If any Subsidiary that provides a guarantee to the Agent on behalf of the Lenders in accordance with this Section is released from its Third Party Guarantee(s) (other than as a result of any payment being made under such
Third Party Guarantee(s)), then, upon the request of the Borrower or such Subsidiary for the release of such guarantee and provided that no Default or Event of Default has occurred and is continuing or would result from such release, such guarantee
shall also be released (and the Agent shall promptly execute such documents and instruments as the Borrower or such Subsidiary may reasonably request to evidence such release). 

 

	8.3	 Actions in Respect of Subsidiaries 

Notwithstanding anything to the contrary provided in Section 8.1 or Section 8.2 whereby an Obligor has covenanted to cause any
Subsidiary to do or not to do any act or thing and such Subsidiary is not a Wholly-Owned Subsidiary, the applicable Obligor(s) shall have complied with its or their covenants in that regard if it shall have used all reasonable efforts to cause such
Subsidiary to comply with the requirements of Sections 8.1 and 8.2 or to remedy any breaches thereof; and with respect to any breach of Section 8.1 or Section 8.2 caused by any Subsidiary acting or failing to act in the manner
required by such Section, such Obligor’s obligation to use its reasonable efforts to prevent or remedy such breach shall only be applicable from and after the date that such Obligor becomes aware of such breach or the date such Obligor becomes
aware such breach may occur, as the case may be; provided that this Section 8.3 shall not apply to (i) the covenants contained in Section 8.2(e) or 8.2(f), or (ii) any covenant if the breach thereof could reasonably be
expected to have a Material Adverse Effect. 
 ARTICLE 9 

EVENTS OF DEFAULT 
  

	9.1	 Events of Default 

Any one or more of the following occurrences is an Event of Default, but only if at the time of or during the continuance of any such
occurrence a Borrowing is outstanding: 
  

	 	(a)	 Failure to Pay Borrowings, Interest or Fees: The Borrower fails to repay within two (2) Business
Days of the due date all or any portion of the Borrowings, or fails to pay within five (5) Business Days of the due date any interest or fees or any other amount due hereunder; 

  
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	 	(b)	 Voluntary Proceedings: The Guarantor or any Material Subsidiary institutes proceedings to be adjudicated
bankrupt or insolvent, or consents to the filing of a bankruptcy or insolvency proceeding against it, or files a petition or answer or consent seeking reorganization, readjustment, arrangement, composition or similar relief under the Companies
Creditors’ Arrangement Act (Canada), the Bankruptcy and Insolvency Act (Canada), or any other bankruptcy or insolvency law or any other similar applicable law, or consents to the filing of any such petition, or consents to the
appointment of a receiver, trustee or assignee in bankruptcy or insolvency of any part of its property (other than Non-Recourse Assets) which is material to the Guarantor and its Subsidiaries taken as a whole,
or makes a general assignment for the benefit of creditors, or becomes insolvent or generally not able to pay its debts as they become due, or admits in writing its inability to pay its debts generally as they become due, or takes any corporate
action to authorize any of the foregoing; provided that an occurrence under this Section 9.1(b) which results from actions taken by a Material Subsidiary which is not the Borrower or a Restricted Subsidiary will not be an Event of
Default if the Guarantor would (in the reasonable opinion of the Majority Lenders as evidenced by their signatures on a confirmation thereof) be able to satisfy the financial tests set forth in Sections 8.1(j) and 8.2(e), calculated as of the
date of such actions taken by such Material Subsidiary (and not as of the last day of the immediately preceding Fiscal Quarter); 

  

	 	(c)	 Bankruptcy Proceedings: A court having jurisdiction enters a decree or order adjudging the Guarantor or
any Material Subsidiary bankrupt or insolvent, or approving as properly filed a petition seeking liquidation, winding-up, reorganization, readjustment, arrangement, composition, protection or similar relief of
the Borrower or a Material Subsidiary under the Companies Creditors’ Arrangement Act (Canada), the Bankruptcy and Insolvency Act (Canada) or any other bankruptcy or insolvency law or any other similar applicable law, or enters a
decree or order for the appointment of a receiver, trustee or assignee in bankruptcy or insolvency of any part of its property (other than Non-Recourse Assets) which is material to the Guarantor and its
Subsidiaries taken as a whole, and any such decree or order remains in force undischarged or unstayed for a period of 60 days or more; provided that an occurrence under this Section 9.1(c) which results from actions taken by or
pertaining to a Material Subsidiary which is not the Borrower or a Restricted Subsidiary will not be an Event of Default if the Guarantor would (in the reasonable opinion of the Majority Lenders as evidenced by their signatures on a confirmation
thereof) be able to satisfy the financial tests set forth in Sections 8.1(j) and 8.2(e), calculated as of the date of such actions of or pertaining to such Material Subsidiary (and not as of the last day of the immediately preceding Fiscal
Quarter); 

  

	 	(d)	 Cross Acceleration of Extended Financing Debt: The Guarantor or any Subsidiary (i) defaults in
making payment when due of any Financing Debt (including all net obligations of the Guarantor or any such Subsidiary pursuant to currency, interest rate and commodity price hedging and swap agreements, but excluding Borrowings) (“Extended
Financing Debt”) in an amount in excess of the greater of US$200,000,000 and two (2%) percent of Consolidated Net Worth and such default is not remedied by the Guarantor or any such Subsidiary or is not waived by the lender or counterparty
in respect of such Extended Financing Debt (including the lessor under any Finance Lease) within two (2) Business Days or any longer grace or cure period that is available under applicable documentation to remedy such default; or
(ii) causes or permits to exist any default or event of default under any agreement or agreements evidencing Extended Financing Debt if such default or event of default results in the acceleration of the payment of an aggregate amount of
Extended Financing Debt in excess of the greater of US$200,000,000 and two (2%) percent of Consolidated Net Worth;  

 

	 	(e)	 Breached Representations and Warranties: Any representation or warranty made by an Obligor in this
Agreement proves to have been incorrect in any material respect when made or deemed to be made hereunder, or any statement made by the Borrower in any Compliance Certificate, when made, proves to have been incorrect in any material respect

  
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and (i) if such representation or warranty is capable of rectification, such representation or warranty remains uncorrected for a period of forty-five (45) days after written notice
from the Agent, or (ii) if such representation or warranty is incapable of rectification, such inaccuracy would have a Material Adverse Effect; 

  

	 	(f)	 Judgments: A final judgment or order (subject to no further right of appeal) is rendered against the
Guarantor or any Material Subsidiary for the payment of money in excess of the greater of US$200,000,000 and two (2%) percent of Consolidated Net Worth (other than any such judgment or order in favour of a lender that is a Non-Recourse Creditor, in respect of which such lender’s recourse pursuant to such judgment or order or otherwise is limited to the specific Project in respect of which the debt which is the subject of such
judgment or order was granted was incurred) and under which enforcement proceedings have commenced and have not been stayed, and which remains undischarged or unstayed for a period of 45 days; provided that any such final judgment or order
rendered only with respect to a Material Subsidiary which is not the Borrower or a Restricted Subsidiary shall not be an Event of Default if the Guarantor would (in the reasonable opinion of the Majority Lenders as evidenced by their signatures on a
confirmation thereof) be able to satisfy the financial tests set forth in Sections 8.1(j) and 8.2(e), calculated as of the date of such final judgment or order (and not as of the last day of the immediately preceding Fiscal Quarter), which tests
shall be conducted after provision has been made for the payment of such final judgment or order;  

  

	 	(g)	 Enforcement of Security: The holder of an encumbrance, a lien or any other security interest lawfully
takes possession of any portion of the property, other than Non-Recourse Assets, of the Guarantor or any Material Subsidiary which is material to the Guarantor and its Subsidiaries taken as a whole, or if a
distress or execution or any similar process is lawfully levied and enforced against any such material property and remains unsatisfied for such period as would permit such property to be sold thereunder; provided that an occurrence under
this Section 9.1(g) which results from the taking possession of any such property owned by a Material Subsidiary which is not the Borrower or a Restricted Subsidiary will not be an Event of Default if the Guarantor would (in the reasonable
opinion of the Majority Lenders as evidenced by their signatures on a confirmation thereof) be able to satisfy the financial tests set forth in Sections 8.1(j) and 8.2(e), calculated as of the date of such taking of possession (and not as of
the last day of the immediately preceding Fiscal Quarter) and having regard to the effect of such taking of possession; 

  

	 	(h)	 Failure to Provide Advice: The Guarantor fails to provide advice and particulars under
Section 8.1(m)(i) when required to do so and such failure remains unremedied for a period of ten (10) Business Days; 

  

	 	(i)	 Failure to Perform Covenants and Agreements: Any Obligor breaches or fails to duly perform any material
covenant or other material term or condition of this Agreement (other than those hereinbefore dealt with in this Section 9.1), and such breach or failure is not remedied within 45 days following receipt by the Borrower of notice to do so from
the Agent, or within such longer period as may be agreed to by the Majority Lenders, having regard to the subject matter of the failure, or, in the case of Sections 8.1(j) and 8.2(e), such breach or failure is not waived by or otherwise dealt with
to the satisfaction of the Majority Lenders as evidenced by their signatures on a confirmation thereof within the time period for delivery of the relevant Compliance Certificate disclosing such breach, or within such longer period as may be agreed
to by the Majority Lenders, having regard to the subject matter of the failure; 

  

	 	(j)	 Agreement Not Enforceable: Except as otherwise contemplated by Article 10, this Agreement or any
material provision thereof shall at any time for any reason cease to be in full force and effect, be declared to be void or voidable or shall be repudiated, or the validity or enforceability thereof shall at any time be contested by any Obligor, or
any Obligor shall deny that it has any or any further liability or obligation thereunder (other than a bona fide defence asserted by the applicable Obligor), or at any time it shall be unlawful or impossible for any Obligor to perform any of
its material obligations hereunder; or 

  
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	 	(k)	 Failure to be Wholly-Owned: If the Borrower shall cease to be a Wholly-Owned Subsidiary of the
Guarantor. 

  

	9.2	 Occurrence of an Event of Default 

Upon the occurrence and during the continuance of an Event of Default, the Agent may, at its option, and shall if so required by the Majority
Lenders, by written notice to the Borrower (an “Acceleration Notice”), declare all or any part of the Outstandings and all other Loan Indebtedness (whether matured or unmatured) of the Borrower to the Lenders under this Agreement
(including the amount of all Bankers’ Acceptances and BA Equivalent Loans, as determined by the Agent acting reasonably) to be due and payable, whereupon the Total Syndicated Commitment and all Fronting Bank Commitments and any right of the
Borrower to any further Borrowing shall terminate and all Loan Indebtedness (whether matured or unmatured) of the Borrower to the Lenders pursuant to this Agreement (including the amount of all Bankers’ Acceptances and BA Equivalent Loans, as
determined by the Agent acting reasonably) shall be immediately due and payable without further demand or other notice of any kind, all of which are expressly waived by the Borrower; provided that upon the occurrence of an Event of Default
specified in Section 9.1(b) or 9.1(c), the Total Syndicated Commitment and all Fronting Bank Commitments and any right of the Borrower to any further Borrowing shall automatically terminate and all Loan Indebtedness (whether matured or
unmatured) of the Borrower to the Lenders pursuant to this Agreement (including the amount of all Bankers’ Acceptances and BA Equivalent Loans, as determined by the Agent acting reasonably) shall be immediately due and payable without further
demand or other notice of any kind, all of which are expressly waived by the Borrower. The Borrower shall pay to the Lenders immediately the amount due and payable pursuant to this Section 9.2, failing which the Lenders or any of them may
pursue their remedies under this Agreement. 
  

	9.3	 Lenders’ Right to Suspend the Borrowings 

Where (x) an occurrence occurs that would otherwise be an Event of Default but is not an Event of Default by reason of the repayment of
Borrowings or because there are no outstanding Borrowings (including, for certainty, because of any cash cover provided pursuant to Section 3.10(c) or 3.10(d)), or (y) a Default or Event of Default exists, or (z) the financial
statements delivered by the Borrower disclose a likely breach of the financial tests in Section 8.1(j) or 8.2(e) which cannot be verified because the relevant Compliance Certificate has not been delivered and in respect of which the Borrower
has not satisfied the Majority Lenders that such breach has been rectified, then, in each such case and notwithstanding anything else contained herein, the obligations of the Lenders to make Borrowings available to the Borrower hereunder which would
increase the total Outstandings shall be suspended and shall remain suspended, and all LIBOR Interest Periods and terms of Bankers’ Acceptances, BA Equivalent Loans and Letters of Credit which commence during such period through Rollovers and
Conversions shall not exceed 1 month, until, as applicable, such occurrence, Default or Event of Default has been remedied or waived and any conditions to the effectiveness (or the continued effectiveness) of such waiver are satisfied or are being
complied with, as applicable. 
  

	9.4	 Remedies Cumulative 

The Borrower expressly agrees that the rights and remedies of the Lenders under this Agreement and each of the Loan Documents delivered by the
Borrower hereunder are cumulative, and in addition to, and not in substitution for, any rights or remedies provided by law; any single or partial exercise by the Lenders of any right or remedy for a default or breach of any term, covenant, condition
or agreement in this Agreement or any Loan Document delivered by the Borrower hereunder does not waive, alter, affect, or prejudice any other right or remedy to which the Lenders may be lawfully entitled for the same default or breach. 

  
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	9.5	 Set-Off 

 

	 	(a)	 In addition to any rights now or hereafter granted under Applicable Law but only to the extent permitted by
Applicable Law and not by way of limitation of any such rights, upon the occurrence and during the continuance of an Event of Default hereunder, without prior notice to the Borrower, the Guarantor or any other Person, such notice being expressly
waived by the Borrower and the Guarantor, the Agent and the Lenders are hereby authorized to set-off and to appropriate and to apply any and all deposits (general and special) and any other indebtedness at any
time held by or owing by the Agent or such Lender to or for the credit of or the account of the Borrower or the Guarantor against and on account of the Obligations notwithstanding whether such Obligations may be contingent or unmatured. The Agent
and the applicable Lenders shall provide the Borrower, the Guarantor, the Agent and each other Lender with prompt notice of the exercise of any of their rights under this Section 9.5. 

 

	 	(b)	 In addition to any rights now or hereafter granted under Applicable Law but only to the extent permitted by
Applicable Law and not by way of limitation of any such rights, while a Lender is a Defaulting Lender pursuant to (i) or (ii) of the definition thereof, or while a Lender Insolvency Event exists with respect to such Lender or its Lender Parent,
the Borrower is hereby authorized without prior notice to such Defaulting Lender or to any other Person, such notice being expressly waived by such Defaulting Lender, to set-off and to apply any and all
deposits (general and special but excluding security deposits) held by such Defaulting Lender (or any Subsidiary of such Defaulting Lender) to or for the credit of or the account of the Borrower (or any Subsidiary of the Borrower) against and on
account of the Borrowings and any accrued interest owing by the Borrower to such Defaulting Lender under this Agreement, regardless of whether the obligations in respect of such deposits or Borrowings are contingent or unmatured. The Borrower shall
provide the Agent and the Defaulting Lender with prompt notice of the exercise of any of its rights under this Section; provided that: 

  

	 	(i)	 any Centralized Banking Arrangements shall take priority over the Borrower’s rights under this Section;

  

	 	(ii)	 prior to receipt of such notice by the Agent, the Agent shall not be obligated to reflect such set-off in the allocation of its payments to Lenders under Article 12; 

  

	 	(iii)	 after receipt of such notice by the Agent, such Defaulting Lender irrevocably authorizes the Agent to rely on
such notice and to allocate payments from the Borrower to the Lenders in a manner which gives effect to such set-off (notwithstanding any provisions in Article 12 to the contrary); and 

 

	 	(iv)	 the Borrower agrees to indemnify the Agent and its Affiliates, directors, officers, agents and employees from
any claims made against any of them by a Defaulting Lender in connection with this Section 9.5(b), all in accordance with Section 11.2 (and for such purposes a claim from a Defaulting Lender shall be deemed to be a third party claim).

  

	9.6	 Cash Coverage Account 

Upon the occurrence of an Event of Default and in addition to any other rights or remedies of the Lenders hereunder, the Borrower, at the
request of the Agent, shall deposit into a Cash Coverage Account with the Agent such amounts as may be required to satisfy obligations or liabilities of the Borrower to the Lenders under the Loan Documents in respect of Bankers’ Acceptances
which have not matured or Letters of Credit which have not been drawn; provided that any such amounts not so deposited by the Borrower shall, at the option of the Lenders, be paid by the Lenders into such Cash Coverage Account and shall be
deemed to constitute, without duplication of any relating Outstandings, a Prime Loan (in respect of amounts denominated in Cdn. Dollars) or a USBR Loan (in respect of amounts denominated in US Dollars). 

  
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	9.7	 Application and Sharing of Payments Following Acceleration 

Except as otherwise agreed to by all of the Lenders in their sole discretion, any sum received by the Agent at any time after delivery of an
Acceleration Notice or after the occurrence of an Event of Default specified in Section 9.1(b) or 9.1(c) which the Agent is obliged to apply in or towards satisfaction of sums due from the Borrower hereunder shall be applied by the Agent
rateably among the Lenders and the Agent in accordance with amounts owed to the Lenders and the Agent in respect of each category of amounts set forth below, each such application to be made in the following order with the balance remaining after
application in respect of each category to be applied to the next succeeding category: 
  

	 	(a)	 Agent’s Fees: firstly, in or towards payment of any fees then due and payable to the Agent and the
Lenders hereunder, including, without limitation, those fees payable pursuant to the letter agreement referred to in Section 5.9; 

  

	 	(b)	 Agent’s and Lenders’ Expenses: secondly, rateably among the Agent and the Lenders in
accordance with amounts owed to the Agent and the Lenders in respect of amounts due and payable as and by way of recoverable expenses hereunder; 

  

	 	(c)	 Interest and Fees: thirdly, rateably among the Lenders in accordance with amounts owed to the Lenders in
respect of amounts due and payable as and by way of interest pursuant to Sections 3.5(f), 5.1, 5.2 and 5.3, fees pursuant to Sections 5.4 and 5.5, adjusting payments pursuant to Section 5.6, interest on overdue amounts pursuant to
Section 5.7 and standby fees pursuant to Section 5.8; 

  

	 	(d)	 Loan Indebtedness (other than Borrowings): fourthly, rateably among the Lenders in accordance with
amounts owed to the Lenders in respect of any amount (other than Borrowings) then due and payable by the Borrower hereunder, other than amounts hereinbefore referred to in this Section 9.7; and 

 

	 	(e)	 Borrowings: fifthly, in or towards repayment to the Lenders of the Borrowings then outstanding hereunder
in accordance with the provisions of Section 12.11. 

 ARTICLE 10 

CHANGE OF CIRCUMSTANCES 
  

	10.1	 Market Disruption 

 

	 	(a)	 Respecting LIBOR Loans: Notwithstanding anything to the contrary herein contained, in the event that, at
any time subsequent to the giving of a notice in respect of a Drawdown, Conversion or Rollover to the Agent by the Borrower with regard to a requested LIBOR Loan, but before the date of the Drawdown, Conversion or Rollover, as the case may be:

  

	 	(i)	 the Agent, acting reasonably, determines that adequate and fair means do not exist for ascertaining the rate of
interest with respect to a requested LIBOR Loan during the ensuing LIBOR Interest Period selected; 

  

	 	(ii)	 the Agent, acting reasonably, determines that deposits are not available in sufficient amounts in the ordinary
course of business in the London, England interbank market at the rate determined hereunder to make, fund or maintain a requested LIBOR Loan during the ensuing LIBOR Interest Period selected; 

 

	 	(iii)	 the Agent (acting reasonably) determines that the making or continuing of the requested LIBOR Loan by the
Lenders has been made impracticable by the occurrence of an event which materially adversely affects the London interbank market generally; or 

  
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	 	(iv)	 the Agent is advised by Lenders holding at least 35% of the Total Syndicated Commitment, by written notice
(each a “LIBOR Suspension Notice”), and such notice is received by the Agent no later than 12:00 noon (Calgary time) on the third Business Day prior to the date of the requested Drawdown, Conversion or Rollover, as the case may be,
that such Lenders, acting reasonably, have determined that the LIBOR to be determined in accordance with this Agreement will not or does not represent the effective cost to such Lenders of US Dollar deposits in such market for the relevant
LIBOR Interest Period; 

 then the Agent shall give notice thereof to the Lenders and the Borrower as soon as possible
after such determination, or receipt of such LIBOR Suspension Notice, as the case may be, and the Borrower shall, within one (1) Business Day after receipt of such notice from the Agent and in replacement of the notice in respect of such
Drawdown, Conversion or Rollover, as the case may be, previously given by the Borrower requesting a LIBOR Loan, give the Agent a Notice of Drawdown or a Notice of Conversion, as the case may be, which specifies the Drawdown of or Conversion into
another type of Borrowing or, if a Notice of Rollover in respect of an outstanding LIBOR Loan was delivered, the Conversion of the relevant LIBOR Loan on the last day of the applicable LIBOR Interest Period into another type of Borrowing which would
not be affected by the notice from the Agent pursuant to this Section 10.1(a). In the event the Borrower fails to give, if applicable, a Notice of Conversion with respect to maturing LIBOR Loans which were the subject of a Notice of Rollover,
such maturing LIBOR Loans shall be converted on the last day of the applicable LIBOR Interest Period into USBR Loans as if a Notice of Conversion had been given to the Agent by the Borrower pursuant to the provisions hereof. In the event the
Borrower fails to give, if applicable, a replacement Notice of Drawdown with respect to a Drawdown originally requested to be by way of a LIBOR Loan, then the Borrower shall be deemed to have requested a Drawdown by way of a USBR Loan in the amount
specified in the original Notice of Drawdown. The Agent shall promptly notify the Borrower if the circumstances giving rise to the LIBOR Suspension Notice no longer exist. 

If at any time the Agent determines (which determination shall be conclusive, absent manifest error) that: 

 

	 	(v)	 the circumstances described in Section 10.1(a)(i) have arisen and such circumstances are unlikely to be
temporary; 

  

	 	(vi)	 the circumstances described in Section 10.1(a)(i) have not arisen, but either (A) the applicable
supervisor or administrator of LIBOR, or (B) a Governmental/Judicial Body having jurisdiction over the Agent, has made a public statement identifying a specific date after which LIBOR shall no longer be used for determining interest rates for
loans (either such date, a “LIBOR Discontinuation Date”); or 

  

	 	(vii)	 a rate other than LIBOR has become a widely recognized benchmark rate for newly originated US Dollar loans
made in Canada, 

 then the Agent and the Borrower shall negotiate in good faith to select a replacement index for LIBOR
and make adjustments to the Applicable Pricing Margin and other related amendments to this Agreement that shall give due consideration to the prevailing market practice for: (A) determining a rate of interest applicable to newly originated
US Dollar loans made in Canada at such time; and (B) transitioning existing loans from LIBOR-based interest rates to loans bearing interest calculated with reference to the new reference rate; provided that, to the extent reasonably
practicable, the all-in interest rate paid by the Borrower under this Agreement based on such replacement index will be substantially equivalent to the all-in interest
rate applicable to LIBOR Loans made hereunder prior to the LIBOR’s replacement (excluding, for certainty, any differences resulting from fluctuations in the Debt Rating). 

  
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 Upon an agreement being reached between the Agent and the Borrower pursuant to the
immediately preceding paragraph, the Agent and the Borrower shall enter into an amendment to this Agreement that gives effect to the replacement reference rate of interest, adjustments to the Applicable Pricing Margin and such other related
amendments as may be appropriate in the discretion of the Agent for the implementation and administration of US Dollar loans bearing interest calculated with reference to the replacement index. Notwithstanding anything to the contrary in this
Agreement or any other Loan Document (including Section 12.12), such amendment shall become effective at 5:00 p.m. (Calgary time) on the fifth Business Day after a copy of the amendment is provided to the Lenders and without any further action
or consent of any other party to this Agreement, unless the Agent receives, on or before such date and time, a written notice from the Majority Lenders stating that such Lenders object to such amendment; provided that, if such replacement reference
rate of interest agreed upon to replace LIBOR would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. 

Until an amendment reflecting the transition to a new reference rate becomes effective as contemplated by this Section, each Drawdown,
Conversion or Rollover of a LIBOR Loan shall continue to bear interest calculated with reference to LIBOR; provided that if the Agent determines (which determination shall be conclusive, absent manifest error) that a LIBOR Discontinuation Date has
occurred, then following the LIBOR Discontinuation Date, until such time as an amending agreement adopting a new reference rate of interest becomes effective as contemplated by this Section: 

 

	 	(viii)	 any requested Drawdown by way of, Conversion into, or Rollover of, LIBOR Loans shall be deemed to be a request
for a US Base Rate Loan in the same principal amount; and 

  

	 	(ix)	 in respect of a maturing LIBOR Loan, in the event the Borrower fails to give, if applicable, a Conversion
Notice with respect thereto specifying the Conversion of such LIBOR Loan on the last day of the applicable LIBOR Interest Period into a Loan other than a LIBOR Loan (and provided a valid notice of repayment has not been delivered to the Agent in
respect thereof), such maturing LIBOR Loan shall be converted on the last day of the applicable LIBOR Interest Period into a US Base Rate Loan as if a valid Conversion Notice had been given to the Agent by the Borrower pursuant to the provisions
hereof. 

 For certainty, upon the occurrence of a LIBOR Discontinuation Date, the US Base Rate shall be determined without
regard to subparagraph (iii) of the definition thereof. 
  

	 	(b)	 Respecting CDOR: If at any time the Agent determines (which determination shall be conclusive, absent
manifest error) that: 

  

	 	(i)	 an interest rate or discount rate is not ascertainable pursuant to the provisions of the definition of
“CDOR Rate” and the inability to ascertain such rate is unlikely to be temporary; 

  

	 	(ii)	 the regulatory supervisor for the administrator of the CDOR Rate screen rate, the Bank of Canada, an insolvency
official with jurisdiction over the administrator for the CDOR Rate, a resolution authority with jurisdiction over the administrator for the CDOR Rate, or a court or an entity with similar insolvency or resolution authority over the administrator
for the CDOR Rate, has made a public statement, or published information, stating that the administrator of the CDOR Rate, has ceased or will cease to provide the CDOR Rate, permanently or indefinitely on a specific date; provided that, at that
time, there is no successor administrator that will continue to provide the CDOR Rate; or 

  
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	 	(iii)	 the administrator of the CDOR Rate screen rate or a Governmental/Judicial Body having jurisdiction over the
Agent or the administrator of the CDOR Rate screen rate has made a public statement identifying a specific date after which the CDOR Rate, or the CDOR Rate screen rate shall no longer be made available, or used for determining the interest rate of
loans or the discount rates for bankers’ acceptances; provided that, at that time, there is no successor administrator that will continue to provide the CDOR Rate, 

(the date of determination or such specific date in the foregoing paragraphs (i) through (iii), the “CDOR Discontinuation
Date”), 
 then the Agent and the Borrower shall negotiate in good faith to select a replacement index rate for the CDOR Rate and
make such spread adjustments thereto and other related amendments to this Agreement that shall give due consideration to the prevailing market practice for: (A) determining a rate of interest applicable to newly originated Canadian Dollar loans
made in Canada at such time and for determining the discount rate for Canadian Dollar bankers’ acceptances issued and accepted in Canada at such time, and (B) transitioning existing loans and bankers’ acceptances from CDOR Rate-based
rates to loans bearing interest and bankers’ acceptances with discount rates calculated with reference to the new reference index rate; provided that, to the extent reasonably practicable, the all-in rate
paid by the Borrower under this Agreement based on such replacement index rate will be substantially equivalent to the all-in rate applicable to Bankers’ Acceptances and a BA Equivalent Loans made
hereunder prior to the replacement of the CDOR Rate (excluding, for certainty, any differences resulting from fluctuations in the Debt Rating). 

Upon an agreement being reached between the Agent and the Borrower pursuant to the immediately preceding paragraph, the Agent and the Borrower
shall enter into an amendment to this Agreement that gives effect to the replacement index rate, adjustments to the Applicable Pricing Margin and such other related amendments as may be appropriate in the discretion of the Agent for the
implementation and administration of Canadian Dollar loans bearing interest or bankers’ acceptances with discount rates calculated with reference to the replacement index rate. Notwithstanding anything to the contrary in this Agreement
(including Section 12.12) or any other Loan Document, such amendment shall become effective at 5:00 p.m. (Calgary time) on the fifth Business Day after a copy of the amendment is provided to the Lenders and without any further action or consent
of any other party to this Agreement, unless the Agent receives, on or before such date and time, a written notice from the Majority Lenders stating that such Lenders object to such amendment; provided that, if such replacement index rate agreed
upon to replace the CDOR Rate shall be less than zero, it shall be deemed to be zero for the purposes of this Agreement. 
 Until an
amendment reflecting the transition to a new reference index rate becomes effective as contemplated by this Section, the discount rate applicable to each Drawdown, Conversion or Rollover of a Bankers’ Acceptance or a BA Equivalent Loan shall
continue to be calculated with reference to the CDOR Rate; provided that if the Agent determines (which determination shall be conclusive, absent manifest error) that a CDOR Discontinuation Date has occurred, then following the CDOR Discontinuation
Date, until such time as an amending agreement adopting such a new reference index rate becomes effective as contemplated by this Section: 
  

	 	(iv)	 any requested Drawdown by way of, Conversion into, or Rollover of, a Bankers’ Acceptance or a BA
Equivalent Loan shall be deemed to be a request for a Prime Loan in the same principal amount; and 

  

	 	(v)	 in respect of a maturing Bankers’ Acceptance or a BA Equivalent Loan, in the event the Borrower fails to
give, if applicable, a Notice of Conversion with respect thereto specifying the Conversion of such Bankers’ Acceptance or BA Equivalent Loan (on the maturity date thereof) into a Borrowing other than a Bankers’ Acceptance or a BA

  
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Equivalent Loan (and provided a valid notice of repayment has not been delivered to the Agent in respect thereof), such maturing Bankers’ Acceptance or BA Equivalent Loan shall be converted
on the maturity date thereof into a Prime Loan as if a valid Notice of Conversion had been given to the Agent by the Borrower pursuant to the provisions hereof. 

For certainty, upon the occurrence of a CDOR Discontinuation Date, the Prime Rate shall be determined without regard to subparagraph
(ii) of the definition thereof. 
  

	 	(c)	 Respecting Bankers’ Acceptances: Notwithstanding anything to the contrary herein contained, if:

  

	 	(i)	 the Agent (acting reasonably), makes a determination, which determination shall be conclusive and binding upon
the Borrower, and notifies the Borrower, that there no longer exists an active market for bankers’ acceptances accepted by the Lenders; or 

  

	 	(ii)	 the Agent is advised by Lenders holding at least 35% of the Total Syndicated Commitment by written notice
(each, a “BA Suspension Notice”) that such Lenders (acting reasonably) have determined that the Discount Rate will not or does not accurately reflect the discount rate which would be applicable to a sale of Bankers Acceptances
accepted by such Lenders in the market for the applicable term; 

 then: 

 

	 	(iii)	 the right of the Borrower to request Bankers’ Acceptances or BA Equivalent Loans from any Lender shall be
suspended until the Agent (acting reasonably) determines that the circumstances causing such suspension no longer exist, and so notifies the Borrower and the Lenders; 

 

	 	(iv)	 any outstanding Notice of Drawdown requesting a Drawdown by way of Bankers’ Acceptances or BA Equivalent
Loans shall be deemed to be a Notice of Drawdown requesting a Borrowing by way of Prime Loans in the amount specified in the original Notice of Drawdown; 

  

	 	(v)	 any outstanding Notice of Conversion requesting a Conversion of a Borrowing into a Borrowing by way of
Bankers’ Acceptances or BA Equivalent Loans shall be deemed to be a Notice of Conversion requesting a Conversion of such Borrowing into a Borrowing by way of Prime Loans; and 

 

	 	(vi)	 any outstanding Notice of Rollover requesting a Rollover of Bankers’ Acceptance or BA Equivalent Loans
shall be deemed to be a Notice of Conversion requesting a Conversion of such Borrowing into a Borrowing by way of Prime Loans. 

The Agent shall promptly notify the Borrower and the Lenders under such Credit Facility of any suspension of the Borrower’s right to
request the Bankers’ Acceptances or BA Equivalent Loans and of any termination of any such suspension or if the circumstances giving rise to such suspension no longer exist. A BA Suspension Notice shall be effective upon receipt of the same by
the Agent if received prior to 12:00 noon (Calgary time) on a Business Day and, if not, then on the next following Business Day, except in connection with a Notice of Drawdown, Notice of Conversion or Notice of Rollover previously received by the
Agent, in which case the applicable BA Suspension Notice shall only be effective with respect to such previously received Notice of Drawdown, Notice of Conversion or Notice of Rollover if received by the Agent prior to 12:00 noon (Calgary time) two
Business Days prior to the proposed Drawdown Date or date of Rollover or Conversion (as applicable) applicable to such previously received Notice of Drawdown, Conversion Notice or Rollover Notice (as applicable). 

  
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	10.2	 Increased Costs or Reduced Income or Return Due to Change in Law 

If any Lender (acting reasonably) makes a determination that the adoption, introduction, implementation or coming into effect of any Applicable
Law, or any change therein, or any change in any existing Applicable Law or in the interpretation, administration or application of any Applicable Law by any Governmental/Judicial Body or any other entity charged with the interpretation or
administration thereof, or the compliance by a Lender with any request or direction (whether or not having the force of law) of any such Governmental/Judicial Body or entity, hereafter: 

 

	 	(a)	 subjects such Lender to, or causes the withdrawal or termination of any previously granted exemption with
respect to, any Tax, or changes the basis of taxation, or increases any existing Tax, on payments of principal, interest, fees or other amounts payable by the Borrower to such Lender under this Agreement (except for Taxes based on the capital or
overall net income or profits of such Lender or, in the case of a Lender which is a Schedule III Bank and without limiting the application of the foregoing part of this exception to such Lender, of any branch thereof); 

 

	 	(b)	 imposes, modifies or deems applicable any reserve, liquidity, cash margin, capital, deposit insurance, special
deposit or similar requirements against assets held by, or deposits in or for the account of, or loans by or to, or any other acquisition of funds by, or drafts (including Bankers’ Acceptances) accepted by an office of, such Lender;

  

	 	(c)	 imposes on such Lender or expects there to be maintained by such Lender any capital adequacy or additional
capital or liquidity requirements in respect of any Borrowings or undrawn Commitments or Fronting Bank Commitments hereunder or any other condition with respect to this Agreement; or 

 

	 	(d)	 imposes on such Lender any other conditions or requirements relevant to this Agreement or the Credit Facility;

 and the result of any of the foregoing shall be to increase the cost to, or reduce the amount of principal, interest, fees or other
amounts received or receivable by, such Lender hereunder or such Lender’s effective return hereunder (without regard to Taxes based on capital or the overall net income or profits of such Lender or, in the case of a Lender which is a
Schedule III Bank and without limiting the application of the foregoing part of this exception to such Lender, of any branch thereof, or the impact thereof) in respect of making, maintaining or funding a Borrowing hereunder or maintaining, as
applicable, its Commitment or Fronting Bank Commitment hereunder, or cause such Lender to make any payment or forego any interest, fees or other amounts hereunder, then the Agent shall give notice thereof to the Borrower as soon as possible after
such determination, and such Lender shall have no further obligation to make Borrowings of the type affected or maintain, as applicable, its Commitment or Fronting Bank Commitment in respect of such type of Borrowings unless prior arrangements
satisfactory to such Lender are made to compensate it as hereinafter provided. Such Lender shall, acting reasonably, determine that amount of money which shall compensate such Lender for such increase in cost, reduction in principal, interest, fees
or other amount received or receivable by such Lender, or such reduction in effective return hereunder, or any payment made or interest, fees or other amounts forgone (herein referred to as “Additional Compensation”).
Notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all regulations, requests, rules, guidelines or directives thereunder or issued in connection therewith and
(ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States, Canadian or other regulatory
authorities, in each case pursuant to Basel III ((i) and (ii) being, the “New Rules”), shall in each case be deemed to be a change in Applicable Law for the purposes of this Section 10.2, regardless of the date enacted,
adopted or issued, in each case (i) to the extent that such New Rules are applicable to a Lender claiming Additional Compensation, (ii) to the extent that such New Rules are materially different from Applicable Laws which are in full force
and effect on the Effective Date and (iii) to the extent that such New Rules are not limited to specific financial institutions only but instead have general application to substantially all banks or their Affiliates which are subject to the
New Rules in question. Upon a Lender having determined 

  
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that it is entitled to Additional Compensation in accordance with the provisions of this Section 10.2, such Lender shall promptly so notify the Borrower and the Agent and shall provide the
Borrower and the Agent with a photocopy of the Applicable Law, rule, guideline, regulation, treaty or official directive (or, if it is impracticable to provide a photocopy, a written summary of the same) and a certificate of a duly authorized
officer of such Lender setting forth the amount of the Additional Compensation and the basis of calculation therefor, which shall be prima facie evidence of the amount of such Additional Compensation, in the absence of manifest error. The
Borrower shall pay to such Lender, within ten (10) Business Days of the giving of such notice by such Lender, such Lender’s Additional Compensation, as additional interest. Each of the Lenders shall be entitled to be paid such Additional
Compensation from time to time to the extent that the provisions of this Section 10.2 are then applicable, notwithstanding that any Lender has previously been paid any Additional Compensation. Each Lender agrees that it will not claim
Additional Compensation from the Borrower under this Section 10.2 (i) if it is not generally claiming similar compensation from its other customers in similar circumstances; or (ii) in respect of any period greater than three
(3) months prior to the delivery of notice in respect thereof by such Lender, unless the adoption, change or other event or circumstance giving rise to the claim for Additional Compensation is retroactive or is retroactive in effect. When
Additional Compensation is payable to a Lender, the Borrower shall have the right, upon at least three Business Days prior written notice to the Agent (unless provided otherwise below), to either: 

 

	 	(a)	 effect a Conversion of such Lender’s Lender’s Proportion of the applicable Borrowing in accordance
with the provisions hereof; or 

  

	 	(b)	 prepay such Lender’s Lender’s Proportion of the principal of such Borrowing together with:

  

	 	(i)	 accrued interest; 

  

	 	(ii)	 such Additional Compensation as may be applicable with respect to such Lender’s Lender’s Proportion
of such Borrowing to the date of such payment; 

  

	 	(iii)	 in the case of LIBOR Loans, all costs, losses, premiums and expenses incurred by such Lender by reason of the
liquidation or re-deployment of deposits or other funds or for any other reason whatsoever resulting from the repayment of such Lender’s Lender’s Proportion of such Borrowing, or any part thereof, on
other than the last day of the applicable LIBOR Interest Period; 

  

	 	(iv)	 in the case of Bankers’ Acceptances accepted by such Lender, such amount as such Lender may, in its
discretion, require be deposited with such Lender in order to yield to that Lender on the maturity date of such Bankers’ Acceptances the face amount thereof; and 

 

	 	(v)	 in the case of Letters of Credit, provision satisfactory to such Lender (acting reasonably) being made for the
indemnification, cash collateralization or release of such Lender from its obligations relating to all outstanding Letters of Credit. 

Subject to Section 12.11, any such Conversion or prepayment need not be pro rata as among the Lenders under the Credit Facility or this Agreement
or otherwise in compliance with Section 3.11. 
  

	10.3	 Illegality 

If a Lender (acting reasonably) makes a determination, which shall be conclusive and binding upon the Borrower, that the adoption, introduction
or coming into effect of any Applicable Law, or any change therein, or any change in any existing Applicable Law or in the interpretation, administration or application of any Applicable Law by any Governmental/Judicial Body or any other entity
charged with the interpretation or administration thereof, or the compliance by a Lender with any request or direction (whether or not having the force of law) of any such Governmental/Judicial Body or entity, hereafter makes it unlawful or
impossible for such Lender to make, fund or maintain a Borrowing hereunder or to comply with, or give effect to, its obligations under this Agreement, such Lender may, by written notice thereof to the Borrower and to the

  
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Agent, declare its obligations under this Agreement in respect of such types of Borrowing to be terminated, whereupon the same shall forthwith terminate, and the Borrower shall, within the time
required by such law (or at the end of such longer period as such Lender at its discretion has agreed), either: 
  

	 	(a)	 effect a Conversion of such Lender’s Lender’s Proportion of such Borrowing in accordance with the
provisions hereof (if such Conversion would resolve the unlawfulness or impossibility); or 

  

	 	(b)	 prepay such Lender’s Lender’s Proportion of the principal of such Borrowing together with:

  

	 	(i)	 accrued interest; 

  

	 	(ii)	 such Additional Compensation as may be applicable with respect to such Lender’s Lender’s Proportion
of such Borrowing to the date of such payment; 

  

	 	(iii)	 in the case of LIBOR Loans, all costs, losses, premiums and expenses incurred by such Lender by reason of the
liquidation or re-deployment of deposits or other funds or for any other reason whatsoever resulting from the repayment of such Lender’s Lender’s Proportion of such Borrowing, or any part thereof, on
other than the last day of the applicable LIBOR Interest Period; 

  

	 	(iv)	 in the case of Bankers’ Acceptances accepted by such Lender, such amount as such Lender may, in its
discretion, require be deposited with such Lender in order to yield to that Lender on the maturity date of such Bankers’ Acceptances the face amount thereof; and 

 

	 	(v)	 in the case of Letters of Credit, provision satisfactory to such Lender (acting reasonably) being made for the
indemnification, cash collateralization or release of such Lender from its obligations relating to all outstanding Letters of Credit. 

Subject to Section 12.11, any such Conversion or prepayment need not be pro rata as among the Lenders under the Credit Facility or this Agreement
or otherwise in compliance with Section 3.11. If any such change shall only affect a portion of such Lender’s obligations under this Agreement which is, in the opinion of such Lender, the Agent and the Borrower, severable from the
remainder of this Agreement so that the remainder of this Agreement may be continued in full force and effect without otherwise affecting any of the obligations of the Agent, the other Lenders or the Borrower hereunder, such Lender shall only
declare its obligations under that portion so terminated. 
  

	10.4	 Designation of Different Lending Office 

If any Lender requests Additional Compensation under Section 10.2, or the Borrower is required to pay any additional amount to the Agent on behalf of any
Lender pursuant to Section 6.3(a), or if any Lender gives a notice pursuant to Section 10.3, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking the Borrowings hereunder or to assign
its rights and obligations hereunder to another of its offices, branches or Affiliates, if, in the reasonable judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 10.2 or
6.3(a), as the case may be, in the future, or eliminate the need for the notice pursuant to Section 10.3, as applicable, and (ii) in each case, would not subject such Lender to any unreimbursed cost or expense and would not otherwise be
disadvantageous in any material respect to such Lender. The Borrower hereby agrees to pay all reasonable and documented out-of-pocket costs and expenses incurred by any
Lender in connection with any such designation or assignment. 

  
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 ARTICLE 11 

PAYMENT OF EXPENSES AND INDEMNITIES 
  

	11.1	 Payment of Expenses 

The Borrower shall: 
  

	 	(a)	 pay all reasonable legal fees and expenses incurred by the Agent in connection with the preparation, execution,
delivery, syndication or operation of this Agreement or the other Loan Documents delivered by the Borrower hereunder, including any subsequent amendment hereto or thereto; and 

 

	 	(b)	 pay to the Agent and each Lender all reasonable expenses incurred in the maintenance, enforcement and
preservation of any of their rights under the Loan Documents delivered by the Borrower hereunder or incurred in respect of any security for the Total Syndicated Commitment provided in accordance with the Negative Pledge, including reasonable legal
fees on a solicitor-client basis and out-of-pocket expenses of counsel to the Agent or such Lender. 

 

	11.2	 General Indemnity 

In addition to any liability of the Borrower to any Lender or the Agent under any other provision hereof, the Borrower shall indemnify each
Lender and the Agent and their respective Affiliates, directors, officers, agents and employees (collectively, in this Section 11.2, the “Indemnified Parties”), and hold each Indemnified Party harmless from and against any
losses, claims, costs, damages or liabilities (including reasonable out-of-pocket expenses and reasonable legal fees on a solicitor and his own client basis) incurred by
the same which arise as a result of or in connection with the Loan Documents including, without limitation, as a result of or in connection with: 
  

	 	(a)	 all third party claims, suits, debts, damages, costs, losses, liabilities, penalties, obligations, judgments,
charges, expenses and disbursements arising in connection with any action, suit or proceeding (whether or not an Indemnified Party is a party or subject thereto) relating to the Borrowings or the Loan Documents, including any environmental claims
relating to the Borrower or any of its Subsidiaries; 

  

	 	(b)	 any cost or expense incurred by reason of the liquidation or
re-deployment in whole or in part of deposits or other funds required by any Lender to fund or maintain any Borrowing as a result of the Borrower’s failure to complete a Drawdown, Conversion or Rollover
hereunder or to make any payment, repayment or prepayment on the date required hereunder or specified by it in any notice given hereunder; 

  

	 	(c)	 subject to permitted Conversions and Rollovers of Bankers’ Acceptances and Letters of Credit hereunder,
the Borrower’s failure to provide for the payment to the Agent for the account of the Lenders of the full principal amount of each Bankers’ Acceptance on its maturity date or the full amount drawn on any Letter of Credit;

  

	 	(d)	 the Borrower’s failure to pay any other amount, including, without limitation, any interest or fee, due
hereunder on its due date after the expiration of any applicable grace or notice periods (subject, however, to the interest obligations of the Borrower hereunder for overdue amounts); 

 

	 	(e)	 the prepayment of any outstanding LIBOR Loan before the last day of the LIBOR Interest Period in respect of
such LIBOR Loan including, without limitation, any and all costs, losses, premiums or expenses incurred by reason of a liquidation or re-deployment of deposits or other funds in respect of LIBOR Loans
outstanding from time to time hereunder; 

  
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	 	(f)	 the prepayment of any outstanding Bankers’ Acceptance before the maturity date of such Bankers’
Acceptance; 

  

	 	(g)	 the Borrower’s failure to give any notice required to be given by it to the Agent or the Lenders
hereunder; 

  

	 	(h)	 the failure of the Borrower to make any other payment due hereunder; 

 

	 	(i)	 any inaccuracy or incompleteness of the Borrower’s representations and warranties contained in Article 2;

  

	 	(j)	 any failure of the Borrower to observe or fulfil its obligations under Article 8; or 

 

	 	(k)	 the occurrence of any Event of Default; 

provided that this Section 11.2 shall not apply to any losses, claims, costs, damages or liabilities of any Indemnified Party claiming indemnity
hereunder to the extent that the same arise by reason of the gross negligence or wilful misconduct of such Indemnified Party. Payment of an amount for which the Borrower is liable under this indemnification shall be made within 30 days from the date
an Indemnified Party makes written demand for payment thereof. The provisions of this Section 11.2 shall survive the termination of the Agreement and the repayment of the obligations of the Borrower hereunder. 

ARTICLE 12 
 THE AGENT
AND THE LENDERS 
  

	12.1	 Authorization of Agent 

Each Lender irrevocably appoints and authorizes the Agent to exercise such powers, perform such duties, take such actions, make such decisions
and determinations and give such consents under the Loan Documents as are required to be exercised, performed, taken, made, given or otherwise carried out by the Agent hereunder or under any other agreement between the Lenders, together with all
powers reasonably incidental thereto. As to any matters not expressly required by this Agreement or by any other agreement between the Lenders to be carried out by the Agent, the Agent is not required to exercise any discretion or take or to refrain
from taking any action except upon the written instructions of the Majority Lenders. Notwithstanding anything to the contrary in this Agreement, the Agent shall not be required to exercise any discretion or to take or to refrain from taking any
action in any manner which is contrary to the Loan Documents, to any other agreement between the Lenders or to Applicable Law. 
  

	12.2	 Responsibility of Agent 

The Agent makes no representation or warranty, and accepts no responsibility, with respect to the due execution, legality, validity,
sufficiency, enforceability or priority of any of the Loan Documents nor with respect to the due execution, legality, validity, sufficiency, enforceability, accuracy or authenticity of any documents, papers, materials or other information furnished
by the Borrower (or any other Person, including the Agent) in connection with the Loan Documents, whether provided before or after the date of this Agreement. The Agent shall incur no liability to the Lenders under or in respect of the Loan
Documents with respect to anything which it may do or refrain from doing in the reasonable exercise of its judgment or which may seem to it to be necessary or desirable in the circumstances, except for its gross negligence or wilful misconduct (as
determined by a final non-appealable judgment of a court of competent jurisdiction). The Agent assumes no responsibility for the payment of any of the Borrowings or other Loan Indebtedness owing hereunder by
the Borrower. 

  
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	12.3	 Acknowledgement of Lenders 

Each Lender acknowledges to the Agent that it has been, and will continue to be, solely responsible for making its own independent appraisal of
and investigation into the financial condition, creditworthiness, environmental soundness, affairs, status and nature of the Borrower and accordingly, each Lender confirms to the Agent that it has not relied, and will not hereafter rely, on the
Agent: 
  

	 	(a)	 Information: to check or inquire on its behalf into the adequacy, accuracy or completeness of any
information provided by the Borrower or in connection with the Loan Documents (whether or not such information has been or is hereafter circulated to such Lender by the Agent); 

 

	 	(b)	 Performance: to inquire as to the performance by the Borrower of its obligations under the Loan
Documents; or 

  

	 	(c)	 Credit Review: to assess or keep under review on its behalf the financial condition, creditworthiness,
environmental soundness, affairs, status or nature of the Borrower. 

  

	12.4	 Rights and Obligations of Each Lender 

The rights and obligations of each Lender under this Agreement are several and no Lender shall be obligated to make Borrowings available to the
Borrower in excess of the amount of such Lender’s Syndicated Commitment. The failure of a Lender to perform its obligations under this Agreement shall neither: 
  

	 	(a)	 No Liability to Other Lenders: result in any other Lender incurring any liability whatsoever; nor

  

	 	(b)	 No Relief from Obligations: relieve the Borrower or any other Lender from their respective obligations
under any Loan Document. 

 Nothing contained herein or in any other Loan Document nor any action taken pursuant hereto or thereto shall
be deemed to constitute the Lenders a partnership, joint venture or any other similar entity. 
  

	12.5	 Determinations by Lenders 

 

	 	(a)	 Lenders’ Determinations: Where the provisions of this Agreement provide that any waiver of, or any
amendment to, any provision of the Loan Documents may be made, or any action, consent or other determination in connection with the Loan Documents may be taken or given, with the consent or agreement of the Majority Lenders, then any such waiver,
amendment, action, consent or determination so made, so taken or so given with the consent or agreement of the Majority Lenders shall be binding on all of the Lenders and all of the Lenders shall cooperate in all ways necessary or desirable to
implement and effect any such waiver, amendment, action, consent or determination consented or agreed to by the Majority Lenders. 

  

	 	(b)	 Deemed Non-Consent: Unless otherwise specifically dealt with in
this Agreement, in the event the Agent delivers a written notice to a Lender requesting advice from such Lender as to whether it consents or objects to any matter in connection with the Loan Documents, then, except as otherwise expressly provided
herein, if such Lender does not deliver to the Agent its written consent or objection to such matter within twenty (20) Business Days of the delivery of such written notice by the Agent to such Lender, such Lender shall be deemed to have
refused its consent thereto upon the expiry of such twenty (20) Business Day period. 

  
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	12.6	 Notices between the Lenders, the Agent and the Borrower 

All notices by the Lenders to the Agent shall be through the Agent’s Branch of Account and all notices by the Agent to a Lender shall be
through such Lender’s Branch of Account. All notices or communications between the Borrower and the Lenders which are required or contemplated pursuant to the Loan Documents shall be given or made through the Agent at the Agent’s Branch of
Account. 
  

	12.7	 Agent’s Duty to Deliver Documents Obtained from Borrower 

The Agent shall promptly deliver to each Lender, at its Branch of Account, such notices, documents, papers, materials and other information as
are furnished by the Borrower to the Agent and which are not (i) notices or information relating solely to the role of the Agent or any Fronting Bank hereunder, or (ii) required to be furnished by the Borrower directly to the Lenders
pursuant to this Agreement. 
  

	12.8	 Arrangements for Borrowings 

 

	 	(a)	 Notices by Agent: Promptly after receipt by the Agent of any Notice of Drawdown, Notice of Conversion or
a Notice of Rollover, the Agent shall advise each relevant Lender of the amount, date and details of each Drawdown, Conversion and Rollover to which such notice relates and of such Lender’s share in each Borrowing, as determined by the Agent in
accordance with the provisions of Sections 12.8(b) and 12.8(c). 

  

	 	(b)	 Drawdowns: Subject to the terms and conditions of this Agreement, on each Drawdown Date in respect of a
Drawdown, in immediately available funds for good value, each Lender will make available to the Borrower: 

  

	 	(i)	 the same proportion of such Borrowing by way of Loans as the amount of such Lender’s Syndicated Commitment
at such time bears to the Total Syndicated Commitment at such time, by forwarding to the Agent at the Agent’s Account for Payments the amount of Loans required to be made available by such Lender; and 

 

	 	(ii)	 the same proportion of such Borrowing by way of Bankers’ Acceptances (by accepting and purchasing such
Bankers’ Acceptances, or, if such Lender is a Non-Acceptance Lender, making BA Equivalent Loans in lieu thereof) as the amount of such Lender’s Syndicated Commitment at such time bears to the Total
Syndicated Commitment at such time, by forwarding to the Agent at the Agent’s Account for Payments the amount of the Discount Proceeds in respect of such Bankers’ Acceptances or BA Equivalent Loans required to be accepted and purchased or
made by such Lender (less the amount of applicable fees payable by the Borrower to such Lender pursuant to Section 3.5(f) or Section 5.4). 

  

	 	(c)	 Conversions and Rollovers: Subject to the terms and conditions of this Agreement, on each Borrowing
Conversion Date and Borrowing Rollover Date in respect of a Conversion or Rollover of a Borrowing, in immediately available funds for good value, each relevant Lender will Convert or Rollover the amount of such Borrowing held by it.

  

	12.9	 Arrangements for Repayment of Borrowings 

 

	 	(a)	 Prior to Acceleration: Prior to the delivery of an Acceleration Notice or the occurrence of an Event of
Default specified in Section 9.1(b) or 9.1(c), upon receipt by the Agent of payments from the Borrower on account of principal, interest, fees or any other payment made to the Agent on behalf of the Lenders, the Agent shall pay over to each
Lender at its Branch of Account the amount to which it is entitled under this Agreement and shall use its best efforts to make such payment to such Lender on the same Business Day on which such payment is received by the Agent. If the Agent does not
remit any such payment to a Lender on the 

  
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same Business Day as such payment is received in immediately available funds for good value by the Agent, the Borrower shall nevertheless be deemed to have made such payment to such Lender on
such Business Day and the Agent shall pay interest thereon to such Lender until the date of payment at a rate determined by the Agent (such rate to be conclusive and binding on such Lender) in accordance with the Agent’s usual banking practice
in respect of deposits of amounts comparable to the amount of such payment which are received by the Agent at a time similar to the time at which such payment is received by the Agent. 

 

	 	(b)	 Subsequent to Acceleration: Following delivery of an Acceleration Notice or the occurrence of an Event
of Default specified in Section 9.1(b) or 9.1(c), the Lenders shall share any payments subsequently received in accordance with Section 9.7. 

  

	12.10	 Repayment by Lenders to Agent 

 

	 	(a)	 Where Borrower Fails to Pay: Unless the Agent has been notified in writing by the Borrower at least one
(l) Business Day prior to the date on which any payment to be made by the Borrower hereunder is due that the Borrower does not intend to remit such payment, the Agent may, in its discretion, assume that the Borrower has remitted such payment
when so due and the Agent may, in its discretion and in reliance upon such assumption, make available to each relevant Lender on such payment date an amount equal to the amount of such payment which is due to such Lender pursuant to this Agreement.
If the Borrower does not in fact remit such payment to the Agent, the Agent shall promptly notify each relevant Lender and each such Lender shall forthwith on demand repay to the Agent the amount of such assumed payment made available to such
Lender, together with interest thereon until the date of repayment thereof at a rate determined by the Agent (such rate to be conclusive and binding on such Lender) in accordance with the Agent’s usual banking practice for similar advances to
financial institutions of like standing to such Lender. 

  

	 	(b)	 Where a Lender Fails to Pay: Unless the Agent has been notified in writing by a Lender at least one
(l) Business Day prior to a Drawdown Date, Borrowing Conversion Date or Borrowing Rollover Date that such Lender does not intend to make available the amount required to be made available by such Lender pursuant to this Agreement on such
Drawdown Date, Borrowing Conversion Date or Borrowing Rollover Date, the Agent may, in its discretion, assume that such Lender has remitted funds to the Agent in an amount equal to the amount required to be made available by such Lender pursuant to
this Agreement and the Agent may, in its discretion and in reliance upon such assumption, make available to the Borrower on such Drawdown Date, Borrowing Conversion Date or Borrowing Rollover Date an amount equal to the amount required to be made
available by such Lender pursuant to this Agreement. If a Lender does not in fact remit such funds to the Agent, the Agent shall promptly notify such Lender and such Lender shall forthwith remit such funds to the Agent, failing which the Borrower
shall forthwith on demand repay to the Agent (without prejudice to the Borrower’s rights against such Lender) the amount made available by the Agent on behalf of such Lender, in each case together with interest thereon until the date of
repayment thereof at a rate determined by the Agent (such rate to be conclusive and binding on such Lender or the Borrower, as the case may be) in accordance with the Agent’s usual banking practice for similar advances to financial institutions
of like standing to such Lender. 

  

	12.11	 Adjustments Among Lenders 

 

	 	(a)	 Adjustments to Outstanding Borrowings: Each Lender agrees that, after delivery of an Acceleration Notice
or the occurrence of an Event of Default specified in Section 9.1(b) or 9.1(c), it will at any time and from time to time upon the request of the Agent as required by any Lender purchase portions of the Borrowings made available by the other
Lenders which remain outstanding and make any other adjustments which may be necessary or appropriate, in order that the amount of Outstandings owed to each Lender, as adjusted pursuant to this Section 12.11(a), will be in the same proportion
as that Lender’s Syndicated Commitment is of the Total Syndicated Commitment at such time. 

  
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	 	(b)	 Application of Payments: The Lenders agree that, after delivery of an Acceleration Notice or the
occurrence of an Event of Default specified in Section 9.1(b) or 9.1(c), the amount of any repayment made by the Borrower under this Agreement, and the amount of any proceeds from the exercise of any rights or remedies of the Lenders under the
Loan Documents, which are to be applied against amounts owing hereunder, will be so applied in a manner so that, to the extent possible, the amount of Outstandings owed to each Lender which remain outstanding after giving effect to such application
and any adjustments made pursuant to Section 12.11(a) will be in the same proportion as the amount of Outstandings owed to such Lender is of the amount of Outstandings owed to all Lenders as of the date of delivery of such Acceleration Notice
or occurrence of such Event of Default, as applicable. 

  

	 	(c)	 Receipt of Payments other than Borrowings: Notwithstanding anything contained in this
Section 12.11, there shall not be taken into account, for the purposes of computing any amount payable to any Lender pursuant to this Section 12.11, any amount which a Lender receives as a result of any payment (whether voluntary,
involuntary, through the exercise of any right of set-off, or otherwise) on account of any monies owing by the Borrower to such Lender other than on account of liabilities arising under the Loan Documents;
provided that, if at any time after delivery of an Acceleration Notice or the occurrence of an Event of Default under Section 9.1(b) or 9.1(c), a Lender receives any payment (whether voluntary, involuntary, through the exercise of any
right of set-off, or otherwise) on account of monies owing or payable to it by the Borrower in respect of liabilities of the Borrower arising under the Loan Documents, such Lender shall purchase portions of
the Borrowings made available by the other Lenders which remain outstanding to the extent required so that, to the extent possible, the amount of Outstandings owed to each Lender after giving effect to such purchase and any adjustments made pursuant
to Sections 12.11(a) and 12.11(b) will be in the same proportion as the amount of Outstandings owed to such Lender is of the amount of Outstandings owed to all Lenders as of the date of delivery of such Acceleration Notice or occurrence of such
Event of Default, as applicable. 

  

	 	(d)	 Further Assurances: The Borrower agrees to be bound by and, at the request of the Agent, to do all
things necessary or appropriate to give effect to any and all purchases and other adjustments made by and between the Lenders pursuant to this Section 12.11, but shall incur no increased liabilities, costs or expenses, in aggregate, by reason
thereof. 

  

	12.12	 Lenders’ Consents to Waivers, Amendments, etc. 

 

	 	(a)	 Unanimous Consent: Any waiver of or any amendment to a provision of the Loan Documents which relates to:

  

	 	(i)	 (A) a change in the types of Borrowings available, (B) a decrease in the notice periods applicable thereto
or in the Applicable Pricing Margin or the amount of any payments payable by the Borrower to the Lenders under this Agreement (but excluding any increase or decrease in the amount of the fronting fees which may be varied with the consent of the
applicable Fronting Bank and any increase or decrease in the amount of agency fees which may be varied with the consent of the Agent) or (C) an extension of the dates of any payments payable by the Borrower to the Lenders under this Agreement
other than as provided for herein; 

  

	 	(ii)	 a change in any Commitment of any Lender other than as provided for herein; 

 

	 	(iii)	 a change in the definition of “Event of Default”; 

  
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	 	(iv)	 a change in the definition of “Lender’s Proportion” or any other provision hereof that requires
treatment of Lenders on a pro rata basis; 

  

	 	(v)	 a change in the definition of “Majority Lenders”; 

 

	 	(vi)	 a change in the definition of “Maturity Date”; 

 

	 	(vii)	 (A) any release of any guarantee or security provided by the Guarantor or a Subsidiary for the benefit of the
Lenders hereunder, (B) any limit in the liability of the applicable guarantor thereunder, (C) any postponement of any date fixed for payment thereunder or (D) any shortening of the term of any such guarantee; 

 

	 	(viii)	 any matter which, pursuant to the Loan Documents, specifically requires the consent or agreement of each or all
of the Lenders; 

  

	 	(ix)	 the voting rights given to a Defaulting Lender pursuant to the proviso in Section 12.20(a)(ii); or

  

	 	(x)	 the provisions of this Section 12.12(a); 

shall bind the Lenders only if such waiver or amendment is agreed to in writing by all of the Lenders. 

 

	 	(b)	 Majority Consent: Subject to Section 12.12(a), and except as otherwise provided in the Loan
Documents, any waiver of, or any amendment to, any provision of the Loan Documents (including a waiver of a Default or an Event of Default) and any action, consent or other determination in connection with the Loan Documents shall bind all of the
Lenders if such waiver, amendment, action, consent or other determination is agreed to in writing by the Majority Lenders. 

  

	 	(c)	 Agent’s Consent: Any waiver of, or any amendment to, any provision of the Loan Documents which
relates to the rights or obligations of the Agent shall require the agreement of the Agent thereto. 

  

	 	(d)	 Fronting Banks’ Consent: Any waiver of, or any amendment to, any provision of the Loan Documents
which relates to the rights or obligations of the Fronting Banks shall require the agreement of all of the Fronting Banks thereto; provided that, in the case of fronting fees, only the agreement of the relevant Fronting Bank shall be
required. 

  

	 	(e)	 Defaulting Lender’s Consent: Any waiver or amendment described in the proviso in
Section 12.20(a)(ii) shall require the agreement of the Defaulting Lender referred to in such proviso. 

  

	12.13	 Reimbursement of Agent’s Expenses 

Each Lender agrees that it will indemnify the Agent for its Lender’s Proportion of any and all costs, expenses and disbursements
(including, without limitation, those costs and expenses referred to in Section 11.1) which may be incurred or made by the Agent in good faith in connection with the Loan Documents, and agrees that it will, on written demand detailing such
costs, expenses and disbursements, reimburse the Agent for any such costs, expenses or disbursements for which the Agent is not promptly reimbursed at any time by the Borrower. The Agent may refrain from exercising any right, power or discretion or
taking any action to protect or enforce the rights of any Lender under the Loan Documents until it has been so reimbursed. 

  
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	12.14	 Reliance by Agent on Notices, etc. 

The Agent shall be entitled: 
  

	 	(a)	 Reliance on Written Documents: to rely upon any writing, letter, written notice, certificate, telex,
facsimile copy, cable, statement, order or other document believed by the Agent to be genuine and correct and to have been signed, sent or made by the proper person or persons; and 

 

	 	(b)	 Reliance on Legal Advice: with respect to legal matters, to act upon advice of legal advisors selected
by the Agent (including in-house counsel of the Agent) concerning all matters pertaining to the Loan Documents and the Agent’s duties thereunder; 

and the Agent shall assume no responsibility and shall incur no liability to the Borrower or any Lender by reason of relying on any such document or acting on
any such advice. 
  

	12.15	 Relations with Borrower 

Except for the transactions provided for in this Agreement, each Lender may deal with the Borrower in all transactions and generally do any
banking business with, or provide any financial services to, the Borrower without having any liability to account to the other Lenders therefor. With respect to Royal’s (or any successor Agent’s) Commitment and Lender’s Proportion,
Royal (or any successor Agent) shall have the same rights and powers under this Agreement as any other Lender and may exercise the same as though it were not the Agent. 
  

	12.16	 Successor Agent 

The Agent shall resign if at any time: 
  

	 	(a)	 (i) (A) the Commitment of the Agent in its capacity as a Lender is less than $100,000,000, at least one
other Lender has a Commitment which is greater than the Commitment of the Agent in its capacity as a Lender, and such other Lender is willing to act as Agent or (B) the Agent is a Defaulting Lender and another Lender selected by the Borrower is
willing to act as Agent; and 

  

	 	(ii)	 the Borrower demands by written notice to the Agent that the Agent resign; 

in which circumstances such other Lender shall be appointed as Agent hereunder; or 

 

	 	(b)	 it is no longer a Lender hereunder by reason of an assignment of its rights and obligations under this
Agreement and the Loan Documents pursuant to Section 16.9 and, in such event, it shall provide 30 days’ prior written notice of any such intended assignment to each of the Lenders and the Borrower. 

The Agent may resign at any time by giving 30 days’ prior written notice thereof to each of the Lenders and the Borrower, and the Agent may be removed at
any time for cause by the Lenders, other than the Agent in its capacity as a Lender (the “Remaining Lenders”), provided that Remaining Lenders holding Commitments of eighty percent (80%) or more of the aggregate Commitments
of all the Remaining Lenders consent to such removal. Upon any such resignation or removal, other than in the circumstances described in paragraph (a) above, the Remaining Lenders shall have the right to appoint a successor agent with the
written approval of the Borrower (such approval not in any event to be unreasonably withheld). Any successor agent appointed under this Section 12.16 shall be a financial institution which has offices in Calgary, Alberta and Toronto, Ontario.
If no successor agent shall have been appointed by the Remaining Lenders and shall have accepted such appointment within 30 days after the retiring Agent’s giving of notice of resignation, or the Remaining Lenders’ removal of the retiring
Agent, then the retiring Agent may, on behalf of the Lenders and with the 

  
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written approval of the Borrower (such approval not to be unreasonably withheld), appoint a successor agent. Should the Remaining Lenders and the retiring Agent fail to appoint a successor agent
as aforesaid within 30 days of the aforesaid resignation or removal, the Borrower may appoint a financial institution as successor agent provided the long term debt of such financial institution (if not a Lender) or its parent entity (if not a
Lender) is assigned a rating of A2 or better by Moody’s. Upon the acceptance of any appointment as Agent by a successor agent, such successor agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties
of the retiring Agent as Agent, and the retiring Agent shall be discharged from its duties and obligations under this Agreement as Agent. After any retiring Agent’s resignation or removal hereunder as the Agent, the provisions of this Agreement
shall continue in effect for its benefit and for the benefit of the Lenders in respect of any actions taken or omitted to be taken by the retiring Agent while it was acting as the Agent. 

 

	12.17	 Change of Schedule I Reference Bank 

The Agent shall, with the prior written consent of the Borrower (such consent not to be unreasonably withheld) appoint another Lender (with the
latter’s consent) to act as the Schedule I Reference Bank in replacement of the Schedule I Reference Bank if: 
  

	 	(a)	 Assignment of Rights: the Schedule I Reference Bank assigns, subject to the provisions of
Section 16.9, all its rights hereunder or otherwise ceases to be a Lender; or 

  

	 	(b)	 Giving of Notice of Intention: the Schedule I Reference Bank gives notice of its intention to cease
being the Schedule I Reference Bank. 

  

	12.18	 Indemnity of Agent 

Each Lender hereby agrees to indemnify the Agent (to the extent not reimbursed by the Borrower), rateably as to its Lender’s Proportion,
from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against the Agent, in any way
relating to or arising out of the Loan Documents or any action taken or omitted by Agent under or in respect of the Loan Documents; provided that the Lenders shall not be liable for any portion of such liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the Agent’s gross negligence or wilful misconduct (as determined by a final non-appealable judgment of a
court of competent jurisdiction). Without limiting the generality of the foregoing, each Lender agrees to reimburse the Agent promptly upon demand for its Lender’s Proportion of any out-of-pocket expenses (including counsel fees) incurred by the Agent in connection with the preservation of any rights of the Agent or the Lenders under, or the enforcement of, or legal advice in respect of
rights or responsibilities under, the Loan Documents, but only to the extent that the Agent is not reimbursed for such expenses by the Borrower. 
  

	12.19	 Cash Collateral and Withholding from a Defaulting Lender 

 

	 	(a)	 To the extent permitted by Applicable Law, each Defaulting Lender shall be required to provide to the Agent
cash in such amount, as determined from time to time by the Agent in its reasonable discretion, equal to all obligations of such Defaulting Lender which are either then owing under this Agreement or, in the case of contingent obligations under any
outstanding Letters of Credit (after giving effect to the re-allocation provisions in Section 12.20), may become owing to any Fronting Bank. 

 

	 	(b)	 The Agent shall be entitled to withhold from any Defaulting Lender’s Lender’s Proportion of all
payments received from the Borrower hereunder such amount as such Defaulting Lender is required to provide as cash collateral under Section 12.19(a) and the Agent is entitled to set-off such amounts
against such Defaulting Lender’s defaulted obligations to fund amounts previously required to be paid by such Defaulting Lender under this Agreement and to purchase participations previously required to be purchased by such Defaulting Lender
under this Agreement. 

  
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	 	(c)	 All funds received by the Agent pursuant to Sections 12.19(a) and 12.19(b) shall be deposited by the Agent in
one or more cash collateral accounts in the name of the Agent, which amounts shall be used by the Agent: 

  

	 	(i)	 first, to reimburse the Agent for any amounts owing to it, in its capacity as Agent, by the Defaulting Lender
pursuant to any Loan Document; 

  

	 	(ii)	 second, to repay on a pro rata basis the incremental portion of any Loans made by a Non-Defaulting Lender pursuant to Section 12.20 in order to fund a funding shortfall created by a Defaulting Lender and, upon receipt of such repayment, each such
Non-Defaulting Lender shall be deemed to have assigned to the Defaulting Lender such incremental portion of such Loans; and 

 

	 	(iii)	 third, to cash collateralize all other contingent obligations of such Defaulting Lender to the Agent or any
Fronting Bank which are outstanding pursuant to this Agreement in such amount as shall be determined from time to time by the Agent in its reasonable discretion; 

provided that any such funds in excess of such Defaulting Lender’s defaulted obligations shall be paid to the Defaulting Lender.

  

	 	(d)	 For greater certainty and in addition to the foregoing, neither the Agent nor any of its Affiliates nor any of
their respective shareholders, officers, directors, employees, agents or representatives shall be liable to any Lender (including, without limitation, a Defaulting Lender) for any action taken or omitted to be taken by it in connection with amounts
payable by the Borrower to a Defaulting Lender and received and deposited by the Agent in a cash collateral account and applied in accordance with the provisions of this Agreement, except for the gross negligence or wilful misconduct of the Agent
(as determined by a final non-appealable judgment of a court of competent jurisdiction). 

  

	12.20	 Funding if there is a Defaulting Lender 

 

	 	(a)	 Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender,
then the following provisions shall apply for so long as such Lender is a Defaulting Lender: 

  

	 	(i)	 the standby fees payable pursuant to Section 5.8 shall cease to accrue on the unused portion of the
Commitment(s) of such Defaulting Lender if and for so long as such Lender is a Defaulting Lender pursuant to (i) or (ii) of the definition thereof or a Lender Insolvency Event exists with respect to such Lender or its Lender Parent;

  

	 	(ii)	 a Defaulting Lender shall not be included in determining whether, and the Commitments and Lender’s
Proportions of such Defaulting Lender shall be excluded in determining whether all Lenders or the Majority Lenders have taken or may take any action hereunder (including any consent to any amendment or waiver pursuant to Section 12.12);
provided that any waiver or amendment that (A) applies to such Defaulting Lender in a manner that differs in any material respect from its application to other affected Lenders, (B) increases any Commitment of such Defaulting
Lender, (C) extends any Maturity Date applicable to such Defaulting Lender, (D) decreases the Applicable Pricing Margin applicable to such Defaulting Lender or (E) postpones, reduces or waives any principal payment due to such
Defaulting Lender hereunder shall in each case require the consent of such Defaulting Lender; and 

  

	 	(iii)	 for certainty, the Borrower shall retain and reserve its other rights and remedies respecting each Defaulting
Lender; 

  
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 provided that the Agent shall only be required to give effect to (i) and (ii)
above if the Agent has actual knowledge that a Lender is a Defaulting Lender. If the Agent acquires actual knowledge that a Lender is a Defaulting Lender, then the Agent shall promptly notify the Borrower and the other Lenders that such Lender is a
Defaulting Lender (and such Lender shall be deemed to have consented to such disclosure); provided that, for certainty, the Agent shall have no duty to inquire as to whether any Lender is a Defaulting Lender. 

 

	 	(b)	 If the Agent has actual knowledge that a Lender is a Defaulting Lender at the time that the Agent receives a
Notice of Drawdown, a Notice of Rollover that relates to a Letter of Credit or a Notice of Conversion (or deemed notice) that will result in a currency conversion, then each Non-Defaulting Lender shall fund
its Lender’s Proportion of such affected Loan (and, in calculating such Lender’s Proportion, the applicable Commitment of each such Defaulting Lender shall be ignored); provided that such
re-allocation may only be effected if and to the extent that (i) such re-allocation would not cause any Non-Defaulting
Lender’s Lender’s Proportion of all Borrowings to exceed its applicable Commitment(s) and (ii) the conditions precedent in Sections 7.2(a) and 7.2(b) are satisfied at such time. Each Defaulting Lender agrees to indemnify each Non-Defaulting Lender for any amounts paid by such Non-Defaulting Lender under this Section 12.20 and which would otherwise have been paid by the Defaulting Lender if its
applicable Commitment had been included in determining the Lender’s Proportion of such affected Loans. 

  

	 	(c)	 If any Letter of Credit is outstanding at the time that a Lender becomes a Defaulting Lender then:

  

	 	(i)	 all or any part of such Defaulting Lender’s Lender’s Proportion of such Letter of Credit shall be re-allocated among the Non-Defaulting Lenders in accordance with their respective Lender’s Proportions; provided that such
re-allocation may only be effected if and to the extent that (A) such re-allocation would not cause any Non-Defaulting
Lender’s Lender’s Proportion of all Borrowings to exceed its applicable Commitment(s) and (B) the conditions precedent in Sections 7.2(a) and 7.2(b) are satisfied at such time; 

 

	 	(ii)	 if the re-allocation described in clause (i) above cannot be
effected, or can only partially be effected, then such Defaulting Lender shall, within one (1) Business Day following notice by the Agent, provide cash collateral for such Defaulting Lender’s Lender’s Proportion of such Letter of
Credit (after giving effect to any partial re-allocation pursuant to clause (i) above) in accordance with the procedures set forth in Section 12.19 for so long as such Letter of Credit is
outstanding; and 

  

	 	(iii)	 if the Lender’s Proportions of the Non-Defaulting Lenders are re-allocated pursuant to this Section 12.20(c), then the issuance fees payable to the Lenders pursuant to Section 5.5 shall be adjusted to give effect to such
re-allocations in accordance with each such Non-Defaulting Lender’s Lender’s Proportions. 

 

	 	(d)	 So long as any Lender is a Defaulting Lender, no Fronting Bank shall be required to issue, amend or increase
any Letter of Credit, unless such Fronting Bank is satisfied that the related exposure will be 100% covered by the Commitments of the Non-Defaulting Lenders and/or cash collateralized in accordance with
Section 12.20(c), and participating interests in any such newly issued or increased Letter of Credit shall be allocated among Non-Defaulting Lenders in a manner consistent with Section 12.20(b) or
12.20(c)(i) as applicable (and Defaulting Lenders shall not participate therein). 

  

	 	(e)	 If any Lender shall cease to be a Defaulting Lender, then, upon becoming aware of such change, the Agent shall
notify the Non-Defaulting Lenders and (in accordance with the written direction of the Agent) such Lender (which has ceased to be a Defaulting Lender) shall purchase, and the
Non-Defaulting Lenders shall on a rateable basis sell and assign to such Lender, portions of such Loans equal in total to such Lender’s Lender’s Proportion thereof without regard to this
Section 12.20. 

  
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	 	(f)	 Each Defaulting Lender hereby indemnifies the Borrower for any losses, claims, costs, damages or liabilities
(including reasonable out-of-pocket expenses and reasonable legal fees on a solicitor and his own client basis) incurred by the Borrower as a result of such Defaulting
Lender failing to comply with the terms of this Agreement including any failure to fund its portion of any Loans required to be made by it hereunder. 

  

	12.21	 Amendment to this Article 12 

Save and except for the provisions of Sections 12.5, 12.6, 12.11(d), 12.12(a), 12.12(b), 12.15, 12.16, 12.17, 12.19, 12.20 and this
Section 12.21, the provisions of this Article 12 may be amended or added to from time to time without the agreement of the Borrower, provided such amendment or addition does not adversely affect any rights of the Borrower hereunder
or increase, in aggregate, the liabilities, costs, expenses or reporting requirements of the Borrower hereunder. A copy of the instrument evidencing such amendment or addition shall be forwarded by the Agent to the Borrower as soon as practicable
following the execution thereof. 
 ARTICLE 13 

GUARANTEE 
  

	13.1	 Guarantee 

  

	 	(a)	 The Guarantor hereby, unconditionally and irrevocably, guarantees to the Agent, for the ratable benefit of the
Agent and the Lenders, the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. 

 

	 	(b)	 Notwithstanding anything herein or in any other Loan Document to the contrary, the maximum liability of the
Guarantor hereunder and under the other Loan Documents shall in no event exceed the amount which can be guaranteed by the Guarantor under applicable federal and state laws relating to the insolvency of debtors. 

 

	 	(c)	 The Guarantor further agrees to pay any and all reasonable expenses (including all reasonable fees and
disbursements of counsel) which may be paid or incurred by the Agent, on behalf of the Lenders, in enforcing any rights with respect to, or collecting, any or all of the Obligations and/or enforcing any rights with respect to, or collecting against,
the Guarantor under this Article 13. 

  

	 	(d)	 The Guarantor agrees that the Obligations may at any time and from time to time exceed the amount of the
liability of the Guarantor under this Article 13 without impairing this Article 13 or affecting the rights and remedies of the Agent, on behalf of the Lenders, pursuant to this Article 13. 

 

	 	(e)	 Except as required by applicable law, no payment or payments made by the Borrower, the Guarantor, any other
guarantor or any other Person or received or collected by the Agent or any Lender from the Borrower, the Guarantor, any other guarantor or any other Person by virtue of any action or proceeding or any set-off
or appropriation or application at any time or from time to time in reduction of or in payment of the Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of the Guarantor under this Article 13 which shall,
notwithstanding any such payment or payments other than payments made by the Guarantor in respect of the Obligations or payments received or collected from the Guarantor in respect of the Obligations, remain liable for the Obligations up to the
maximum liability of the Guarantor under this Article 13 until the Obligations (excluding from such Obligations and the obligations of the Guarantor under this Article 13 any contingent indemnity or similar obligations that expressly survive
repayment or termination of the Loan Documents) are paid in full and the Commitments are terminated. 

  
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	 	(f)	 The Guarantor agrees that whenever, at any time, or from time to time, it shall make any payment to the Agent
on account of its liability under this Article 13, it will notify the Administrative Agent in writing that such payment is made under this Article 13 for such purpose. 

 

	13.2	 No Subrogation 

Notwithstanding any payment or payments made by the Guarantor pursuant to this Article 13 or any
set-off or application of funds of the Guarantor by the Agent or any Lender, the Guarantor shall not be entitled to be subrogated to any of the rights of the Agent or any Lender against the Borrower or any
other guarantor or any collateral security or guarantee or right of offset held by the Agent or any Lender for the payment of the Obligations, nor shall the Guarantor seek or be entitled to seek any contribution or reimbursement from any other
guarantor in respect of payments made by such the Guarantor pursuant to this Article 13, until all amounts owing to the Agent and the Lenders by the Guarantor on account of the Obligations are paid in full and the Commitments are terminated. If any
amount shall be paid to the Guarantor on account of such subrogation rights at any time when all of the Obligations shall not have been paid in full, such amount shall be held by the Guarantor in trust for the Agent and the Lenders and shall,
forthwith upon receipt by the Guarantor, be turned over to the Agent in the exact form received by the Guarantor (duly endorsed by the Guarantor to the Agent, if required), to be applied against the Obligations, whether matured or unmatured, in
accordance with this Agreement. 
  

	13.3	 Amendments, etc. With Respect to the Obligations; Waiver of Rights 

The Guarantor shall remain obligated under this Article 13 notwithstanding that, without any reservation of rights against the Guarantor and
without notice to or further assent by the Guarantor, any demand for payment of any of the Obligations made by the Agent, on behalf of the Lenders, may be rescinded by the Agent and any of the Obligations continued, and the Obligations, or the
liability of any other party upon or for any part thereof, or any collateral security or guarantee therefor or right of offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated,
compromised, waived, surrendered or released by the Agent or any Lender, and this Agreement and the other Loan Documents and any other documents executed and delivered in connection therewith may be amended, modified, supplemented or terminated, in
whole or in part, as the Agent (or the Lenders, as the case may be) may deem advisable from time to time, and any collateral security, guarantee or right of offset at any time held by the Agent or any Lender for the payment of the Obligations may be
sold, exchanged, waived, surrendered or released. When making any demand of the Guarantor under this Article 13 against the Guarantor, the Agent may, but shall be under no obligation to, make a similar demand on any other guarantor, and any failure
by the Agent to make any such demand or to collect any payments from any such other guarantor or any release of any other guarantor shall not relieve the Guarantor of its obligations or liabilities under this Article 13, and shall not impair or
affect the rights and remedies, express or implied, or as a matter of law, of the Agent, on behalf of the Lenders, against the Guarantor under this Article 13. For the purposes hereof “demand” shall include the commencement and continuance
of any legal proceedings. 
  

	13.4	 Guarantee Absolute and Unconditional 

The Guarantor waives any and all notice of the creation, renewal, extension or accrual of any of the Obligations and notice of or proof of
reliance by the Agent or any Lender upon this Article 13 or acceptance of this Agreement, the Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred, or renewed, extended, amended or waived, in
reliance upon this Agreement; and all dealings between the Obligors, on the one hand, and the Agent and the Lenders, on the other hand, likewise shall be conclusively presumed to have been had or consummated in reliance upon this Article 13. The
Guarantor waives diligence, presentment, protest, demand for payment and notice of default or nonpayment to or upon the Guarantor with respect to the Obligations. The Guarantor understands and 

  
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agrees that this Article 13 shall be construed as a continuing, absolute and unconditional guarantee of payment without regard to and shall not be released, discharged, limited or otherwise
affected by (a) the validity, regularity or enforceability of this Agreement or any other Loan Document, any of the Obligations or any other collateral security therefor or guarantee or right of offset with respect thereto at any time or from
time to time held by the Agent or any Lender, (b) any defense, set-off or counterclaim (other than a defense of payment of performance) which may at any time be available to or be asserted against the
Agent or any Lender, (c) any law or regulation of any jurisdiction or any other event affecting any term of a guaranteed obligation or (d) any other circumstance whatsoever (with or without notice to or knowledge of the Guarantor) which
constitutes, or might be construed to constitute, an equitable or legal discharge of the Guarantor for the Obligations, or of the Guarantor under this Article 13, in bankruptcy or in any other instance. When the Agent is pursuing its rights and
remedies under this Article 13 against the Guarantor, the Agent and any Lender may, but shall be under no obligation to, pursue such rights and remedies as it may have against the Borrower or any other Person or against any collateral security or
guarantee for the Obligations or any right of offset with respect thereto, and any failure by the Agent or any Lender to pursue such other rights or remedies or to collect any payments from the Borrower or any such other Person or to realize upon
any such collateral security or guarantee or to exercise any such right of offset, or any release of the Borrower or any such other Person or any such collateral security, guarantee or right of offset, shall not relieve the Guarantor of any
liability under this Article 13, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of the Agent against the Guarantor under this Article 13. This Article 13 shall remain in full force
and effect and be binding in accordance with and to the extent of its terms upon the Guarantor and the successors and assigns thereof, and shall inure to be benefit of the Agent and the Lenders, until (x) all the outstanding Obligations and the
obligations of the Guarantor under this Article 13 shall have been satisfied by payment in full (excluding from such Obligations and the obligations of the Guarantor under this Article 13 any contingent indemnity or similar obligations that
expressly survive repayment or termination of the Loan Documents) and the Commitments shall be terminated or (y) the release of the Guarantor pursuant to Section 12.12(a), in each case notwithstanding that from time to time during the term
of this Agreement the Obligations may be reduced to zero. 
  

	13.5	 Reinstatement 

This Article 13 shall continue to be effective, or be reinstated, as the case may be, if at any time payment, or any part thereof, of any of
the Obligations is rescinded or must otherwise be restored or returned by the Agent or any Lender upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Guarantor, or upon or as a result of the appointment of a receiver,
intervenor or conservator of, or trustee or similar officer for, the Guarantor or any substantial part of its property, or otherwise, all as though such payments had not been made. 

 

	13.6	 Not Affected by Bankruptcy 

Notwithstanding any modification, discharge or extension of the Obligations or any amendment, modification, stay or cure of the Agent’s or
Lenders’ rights which may occur in any bankruptcy or reorganization case or proceeding against the Borrower, whether permanent or temporary, and whether or not assented to by the Lender, the Guarantor hereby agrees that the Guarantor shall be
obligated under this Article 13 to pay and perform the Obligations and discharge its other obligations in accordance with the terms of the Obligations and the terms of this Article 13. The Guarantor understands and acknowledges that, by virtue of
this Article 13, it has specifically assumed any and all risks of a bankruptcy or reorganization case or proceeding with respect to the Borrower. Without in any way limiting the generality of the foregoing, any subsequent modification of the
Obligations in any reorganization case concerning the Borrower shall not affect the obligation of the Guarantor to pay and perform the Obligations in accordance with the original terms thereof. 

  
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 ARTICLE 14 

NOTICES 
  

	14.1	 Method of Giving Notice 

Any notice or other document required or permitted to be given by a party pursuant to this Agreement (in this Article referred to as a
“Notice”), if no particular manner is specified in which it is to be given, shall be in writing and shall be delivered by hand or transmitted by facsimile addressed in accordance with the particulars set forth (i) in the case
of the Borrower, opposite the signature of the Borrower herein, (ii) in the case of the Guarantor, opposite the signature of the Guarantor herein, (iii) in the case of the Agent, as set forth in Schedule “J” or (iv) in the
case of any Lender, as set out in its Administrative Questionnaire provided to the Agent. 
  

	14.2	 Change of Address 

A party shall have the right to change any of the particulars of its address or its Branch of Account or place for Notices under
Section 12.6 by giving a Notice in accordance with this Article. 
  

	14.3	 Deemed Receipt 

Any Notice given in accordance with the foregoing provisions shall be conclusively deemed received: 

 

	 	(a)	 if delivered by hand: if given to the Person to whose attention such Notice is addressed, at the time of
actual receipt; if given to a responsible Person at the address of the party to which the Notice is directed, two (2) hours following receipt by such responsible Person, provided that if such time of deemed receipt is not within the
hours during which business is normally conducted by the recipient party, then such Notice shall be deemed received at the next commencement of business on a day that business is normally conducted; and 

 

	 	(b)	 if given by facsimile: if the time of transmission is stated in such Notice, two (2) hours
following the time so stated, provided that if such time of deemed receipt is not within the hours during which business is normally conducted by the recipient party, then such Notice shall be deemed received at the next commencement of
business on a day that business is normally so conducted; provided that if the time of transmission is not so stated in such Notice, it shall be deemed received at the next commencement of business on a day which business is normally
conducted by the recipient party. 

 ARTICLE 15 

GOVERNING LAW AND JUDGMENT CURRENCY 
  

	15.1	 Governing Law 

Without prejudice to or limitation of any other rights or remedies available under the laws of any jurisdiction where property or assets of the
Borrower may be, the parties agree that this Agreement is conclusively deemed to be made under and for all purposes to be governed by and construed in accordance with the laws of the Province of Alberta and the laws of Canada applicable therein.

  

	15.2	 Jurisdiction 

  

	 	(a)	 Submission: The courts of the Province of Alberta shall have jurisdiction to determine any disputes in
connection with the Loan Documents and each of the Lenders, the Agent and the Borrower accordingly irrevocably submits to the jurisdiction of the courts of the Province of Alberta. 

  
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	 	(b)	 Forum Convenience and Enforcement Abroad: The Borrower, each Lender and the Agent each hereby:

  

	 	(i)	 waives objection to the courts of the Province of Alberta on grounds of inconvenient forum or otherwise as
regards proceedings in connection with the Loan Documents; and 

  

	 	(ii)	 agrees that a judgment or order of a court of the Province of Alberta in connection with a Loan Document is
conclusive and binding on it (subject to any rights or appeal in respect thereof) and may be enforced against it in the courts of any other jurisdiction. 

  

	 	(c)	 Non-Exclusivity: Nothing in this Section 15.2 limits the
right of a Lender or the Agent or the Borrower to bring proceedings in connection with any Loan Document: 

  

	 	(i)	 in any other court of competent jurisdiction; or 

 

	 	(ii)	 concurrently in more than one jurisdiction. 

 

	15.3	 Judgment Currency 

If, for the purpose of obtaining judgment in any court or for any other related purpose hereunder, it is necessary for a Lender to convert an
amount due hereunder in the currency in which it is due (the “Original Currency”) into another currency (the “Second Currency”), the rate of exchange to be applied in respect of such conversion shall be that at
which, in accordance with normal banking procedures, such Lender could purchase, in the New York foreign exchange market, the Original Currency with the Second Currency on the date which is one (1) Business Day preceding that on which judgment
is given. The Borrower agrees that its obligation in respect of any Original Currency due from it to such Lender hereunder shall, notwithstanding any judgment or payment in the Second Currency, be discharged only to the extent that on the Business
Day following receipt of any sum so paid or adjudged to be due hereunder in the Second Currency such Lender may, in accordance with normal banking procedures, purchase, in the New York foreign exchange market, the Original Currency with the amount
of the Second Currency so paid or so adjudged to be due; and if the amount of the Original Currency so purchased is less than the amount originally due in the Original Currency, the Borrower agrees that the deficiency shall be a separate obligation
of the Borrower independent from its other obligations under this Agreement, and which shall give such Lender a cause of action which shall continue in full force and effect notwithstanding any such judgment, or order to the contrary, and the
Borrower agrees, notwithstanding any such payment or judgment, to indemnify such Lender against any such loss or deficiency. If the amount of the Original Currency so purchased is greater than the amount originally due to the Agent or any Lender,
the Agent or such Lender, as the case may be, agrees to return the amount of any excess to the Borrower (or to any other Person who may be entitled thereto under Applicable Law). 

ARTICLE 16 

MISCELLANEOUS 
  

	16.1	 Exchange and Confidentiality of Information 

 

	 	(a)	 The Borrower agrees that the Agent and each Lender may provide any assignee or participant or any bona fide
prospective assignee or participant pursuant to Section 16.9 with any information concerning the Guarantor and its Subsidiaries provided such Person agrees in writing with the Agent or such Lender for the benefit of the Guarantor to be bound by
a like duty of confidentiality to that contained in this Section. 

  
 - 88 - 

	 	(b)	 Each of the Agent and the Lenders acknowledges the confidential nature of the financial, operational and other
information and data provided and to be provided to them by the Borrower or the Guarantor pursuant to the Loan Documents (the “Information”) and agrees to maintain the confidentiality of the Information; provided,
however, that: 

  

	 	(i)	 the Agent and each of the Lenders may disclose all or any part of the Information if, in their reasonable
opinion, such disclosure is required (A) by their respective auditors or (B) in connection with any judicial, administrative or governmental proceedings, including proceedings initiated under or in respect of this Agreement;

  

	 	(ii)	 the Agent and each of the Lenders may disclose any Information required to be disclosed by any Applicable Law
or by applicable treaty, order, policy or directive having the force of law, to the extent of such requirement; 

  

	 	(iii)	 the Agent and each of the Lenders may disclose the Information to any Governmental/Judicial Body (including any
self-regulatory agency or authority) having jurisdiction over it upon the request thereof; 

  

	 	(iv)	 the Agent and each of the Lenders may provide any Affiliate thereof with the Information on a “need to
know” basis; provided that each such Affiliate shall be under a like duty of confidentiality to that contained in this Section 16.1 and further provided that the Agent or the Lender, as the case may be, providing the
Information shall be responsible for any breach by its Affiliate of the aforementioned like duty of confidentiality; 

  

	 	(v)	 the Agent and each of the Lenders may provide Lenders’ counsel and their other agents and professional
advisors with any Information; provided that such advisors shall be under a like duty of confidentiality to that contained in this Section 16.1 and further provided that the Agent or the Lender, as the case may be,
providing the Information shall be responsible for any breach by such advisors of the aforementioned like duty of confidentiality; 

  

	 	(vi)	 the Agent and each of the Lenders may disclose Information to any actual or prospective counterparty to any
securitization, swap or derivative transaction relating to the Borrower; provided that such counterparty or other Person agrees in writing to be under a like duty of confidentiality to that contained in this Section and such disclosure is
limited solely to the Information necessary for the transaction in question; 

  

	 	(vii)	 the Agent and each of the Lenders may disclose any Information: (A) which is or becomes readily available
to the public (other than by a breach hereof, including, for certainty, by a breach hereof by a Person for which the applicable Lender or the Agent is responsible), (B) which the Agent or the relevant Lender can show was, prior to receipt thereof
from the Borrower or the Guarantor, lawfully in the Agent’s or Lender’s possession from a source other than the Borrower or the Guarantor or a representative of the Borrower or the Guarantor and not then subject to any obligation on its
part to maintain confidentiality, or (C) which the Agent or the relevant Lender received from a third party who was not, to the actual knowledge of the Agent or such Lender, under a duty of confidentiality to the Borrower or the Guarantor at
the time the information was so received; 

  

	 	(viii)	 the Agent and each of the Lenders may disclose all or any part of the Information so as to enable the Agent and
the Lenders to (A) initiate any lawsuit against the Borrower or the Guarantor or to defend any lawsuit commenced by the Borrower or the Guarantor the issues of which specifically relate to the Information, but only to the extent such disclosure
is necessary to the initiation or defense of such lawsuit or (B) enforce any rights or remedies under any Loan Document, but only to the extent such disclosure is necessary to such enforcement; 

  
 - 89 - 

	 	(ix)	 the Agent and each of the Lenders may disclose all or any part of the Information to any other party to this
Agreement; 

  

	 	(x)	 the Agent and the Lenders may disclose the existence of this Agreement and information about this Agreement to
market data collectors, similar service providers to the lending industry and service providers to the Agent or any Lender in connection with the administration of this Agreement, the other Loan Documents, and the Commitments; and

  

	 	(xi)	 the Agent and each of the Lenders may disclose all or any part of the Information with the prior written
consent of the Borrower or the Guarantor. 

  

	 	(c)	 The provisions of this Section 16.1 shall survive hereunder for a period of five years following the
termination of the Agreement and the repayment of all Loan Indebtedness by the Borrower to the Agent and the Lenders. 

  

	16.2	 Severability 

Any provision of this Agreement which is or becomes prohibited or unenforceable in any jurisdiction does not invalidate, affect or impair the
remaining provisions; any prohibition or unenforceability in any jurisdiction does not invalidate or render unenforceable the provision concerned in any other jurisdiction. 
  

	16.3	 Amendments and Waivers 

No amendment, modification or waiver of any provision of this Agreement or consent to any departure by the Borrower from any provision of this
Agreement is effective against the Agent or the Lenders except in accordance with Section 12.12 and then the amendment, modification, waiver or consent is effective only in the specific instance and for the specific purpose for which it is
given. Any waiver by the Lenders of the strict observance, performance or compliance with any term, covenant, condition or agreement of this Agreement, and any indulgence granted by the Lenders, is not a waiver of any subsequent default. 

 

	16.4	 Survival of Representations 

All representations and warranties made pursuant to this Agreement survive the execution and delivery of this Agreement. 

 

	16.5	 Whole Agreement 

This Agreement, together with the other Loan Documents delivered by the Borrower hereunder, constitutes the whole and entire agreement between
the parties pertaining to the subject matter hereof and, except as provided herein, cancels and supersedes any prior agreements, undertakings, declarations and representations, written or verbal, pertaining to the subject matter hereof. 

 

	16.6	 Term of Agreement 

The term of this Agreement shall continue until the later of the date on which the Lenders have no further Commitments hereunder and the date
on which the Borrower has paid to the Agent and the Lenders all Loan Indebtedness owing to them under the Loan Documents. 
  

	16.7	 Time of Essence 

Time shall be of the essence of this Agreement. 

  
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	16.8	 Substitution of Lender 

In the event: 
  

	 	(a)	 the Borrower is required to pay any Lender any additional amounts as a result of applying Section 6.3 or
Article 10 or receives a notice as contemplated under Section 10.1 or 10.3; 

  

	 	(b)	 any Lender shall become a Defaulting Lender; or 

 

	 	(c)	 any Lender shall withhold its approval to a proposed consent under, waiver of or amendment to the Loan
Documents which requires unanimous approval of the Lenders under the Loan Documents (any such Lender being a “Non-Consenting Lender”); 

(any such Lender being a “Subject Lender”), the Borrower may, in its sole discretion (i) request the Agent to use reasonable efforts to
obtain a replacement financial institution satisfactory to the Borrower and the Agent to acquire and assume all or part of the Subject Lender’s Borrowings and Commitment (a “Replacement Lender”); (ii) request the Subject
Lender to use reasonable efforts to obtain a Replacement Lender satisfactory to the Borrower and the Agent to acquire and assume all or part of the Subject Lender’s Loan Indebtedness and Commitments; (iii) request one or more of the other
Lenders to acquire and assume all or part of the Subject Lender’s Loan Indebtedness and Commitments (there being no obligation on the other Lenders to do so); (iv) designate a Replacement Lender acceptable to the Agent, acting reasonably, to
acquire and assume all or part of the Subject Lender’s Loan Indebtedness and Commitments; (v) elect to terminate all of the non-assigned Commitments of the Subject Lender on 15 days’ notice to
the Agent and such Lender, without terminating any or all of the Commitments of any other Lenders; and (vi) any combination of the foregoing. Any such replacement, acquisition and assumption, designation or termination shall only be effective
upon the Subject Lender receiving, as applicable, payment of, or the purchase price for, all loans, interest and fees accrued hereunder to the date of such event, or such lesser amount as may be agreed by the Subject Lender, and adequate provision,
satisfactory to the Subject Lender (acting reasonably), being made for (w) payment at maturity of the face amount of Bankers’ Acceptances outstanding hereunder which were accepted by the Subject Lender; (x) indemnification, cash
collateralization or release of the Subject Lender from its obligations in respect of any outstanding Letters of Credit including its obligations under Section 3.7(d); (y) any costs, losses, premiums or expenses incurred by the Subject
Lender by reason of a liquidation or re-deployment of deposits or other funds in respect of LIBOR Loans outstanding hereunder; and (z) in any case, payment of all other amounts accrued to the date of such
event which are owed to the Subject Lender hereunder. Any such acquisition and assumption by a Replacement Lender shall be made pursuant to and in accordance with the provisions of the last 3 sentences of Section 16.9(a), mutatis
mutandis. Any such replacement or repayment of a Non-Consenting Lender shall only be permitted if, after doing so, the proposed consent, waiver or amendment will be approved in accordance with the Loan
Documents. 
  

	16.9	 Successors and Assigns 

 

	 	(a)	 Assignments: Subject to Section 8.2(c), the Borrower may not assign its rights or obligations
hereunder without the prior written consent of all of the Lenders. If an Event of Default has occurred and is continuing, a Lender may, at the Borrower’s cost and expense, with the prior consent of the Agent (other than in the case of an
assignment to such Lender’s Affiliate) and the Fronting Banks (such consents not to be unreasonably withheld) but without the Borrower’s consent, assign in whole or in part its rights and obligations under this Agreement and the other Loan
Documents to any Person (other than the Borrower or any of its Subsidiaries). If no Event of Default has occurred and is continuing, a Lender may, at its sole cost and expense, with the prior consent of the Agent, the Fronting Banks and the Borrower
(such consents not to be unreasonably withheld), assign in whole or in part, its rights and obligations under this Agreement and the other Loan Documents to any Person (other than the Borrower or any of its Subsidiaries); it being agreed by each
Lender that if no Event of Default has occurred and is continuing, it shall not make any such assignment which does not comply with this sentence. If no Event of Default has occurred and is continuing, no assignment of a part of the rights and
obligations of a Lender hereunder shall (i) be less than 

  
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an aggregate of US$10,000,000 of the assigning Lender’s Commitments unless the assigning Lender’s Commitments are then less than US$10,000,000 in which case the assignment shall be of
the whole of the assigning Lender’s Commitments, (ii) be made in increments of less than US$1,000,000, unless the Commitments being assigned consist of the whole of the assigning Lender’s Commitments, or (iii) result in any
Lender’s Commitments, after giving effect to a partial assignment of that Lender’s Commitments amounting to less than US$10,000,000. Assignments shall be substantially in the form of Schedule “I”. Upon any assignment by a Lender
to a Person (a “Permitted Assignee”) in accordance with the provisions of this Section 16.9, such Lender shall pay a fee of US$3,500 as a processing fee to the Agent and shall cause such Permitted Assignee to be substituted for
such Lender in respect of the rights and obligations under the Loan Documents which are so assigned; the Agent shall, and is hereby authorized by the Borrower and each Lender to, issue a revised Schedule “J” giving effect to such
assignment; and the assigning Lender shall, as of the effective date thereof, be released from its obligations to the Borrower hereunder relating to the assigned interests arising subsequent to such date to the extent thereof. Any such assignment
shall not increase, in aggregate, the liabilities (by way of withholding tax, any obligation to pay additional amounts pursuant to Section 6.3 or Additional Compensation pursuant to Article 10, or otherwise), costs and out-of-pocket expenses of the Borrower hereunder, other than the requirement to pay any costs and expenses incurred by the Lenders in completing any assignment by the
Borrower, or by a Lender if an Event of Default has occurred and is continuing; provided that an assignment shall be deemed not to increase the liabilities, costs and expenses of the Borrower hereunder solely due to the fact that the assignee
is a Schedule II Bank or a Schedule III Bank thereby potentially resulting in a higher Discount Rate than would be the case with a Schedule I Bank, or that such assignment increases the number of Lenders. 

 

	 	(b)	 Participations: The Borrower agrees that a Lender may, with the prior consent of the Agent and the
Borrower (such consents not to be unreasonably withheld), sell or agree to sell a participation (a “Participation”) to a Person (a “Participant”) in all or any part of any Borrowings made or to be made by it;
provided that upon the sale of any such Participation, the Participant purchasing such Participation shall not have any rights under any of the Loan Documents and the Borrower shall not have any obligations to such Participant, and all
amounts payable by the Borrower under this Agreement shall be determined pursuant to this Agreement solely as between such Lender and the Borrower as if such Lender had not sold or agreed to sell such Participation. Notwithstanding the foregoing,
the consent of the Agent and the Borrower shall not be required in connection with any Participation which is sold (i) to an Affiliate of the selling Lender or (ii) after an Event of Default has occurred and is continuing.

  

	 	(c)	 Rights and Obligations of a Lender on a Participation: Notwithstanding anything herein to the contrary,
the sale by a Lender of a Participation to a Participant shall not affect the Lender’s Proportion of such Lender nor otherwise alter the obligations of such Lender to the Borrower pursuant to this Agreement, and such Lender shall continue to
perform fully all of its obligations to the Borrower under this Agreement pursuant to the terms hereof, regardless of any failure to perform by any Participant or any other term, condition or event relating to any Participation. Any
Participant’s rights against such Lender and obligations in favour of such Lender in respect of such Participation shall be those set forth in any agreement executed by such Lender and such Participant relating thereto. 

 

	 	(d)	 Exception for Lender Pledges: Any Lender may, without the consent of the Borrower, the Agent or the
Fronting Banks, at any time pledge or assign a security interest in all or any portion of its rights under the Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank, or
other central bank having jurisdiction over such Lender and this Section 16.9 shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a
Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

  
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	16.10	 AML Legislation and “Know Your Client” Requirements 

 

	 	(a)	 Each Lender and the Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that
pursuant to the requirements of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada), the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (USA)
or any other applicable anti-money laundering, anti-terrorist financing, government sanction and “know your client” Applicable Laws (collectively, including any guidelines or orders thereunder, “AML Legislation”), it
may be required to obtain, verify and record information that identifies the Guarantor, the Borrower and each Material Subsidiary or Restricted Subsidiary, which information includes the name and address of each such Person and such other
information that will allow such Lender or the Agent, as applicable, to identify each such Person in accordance with AML Legislation (including, information regarding such Person’s directors, authorized signing officers, or other Persons in
control of each such Person). The Borrower shall provide, to the extent commercially reasonable, such information and take such actions as are reasonably requested by the Agent or any Lender in order to assist the Agent and the Lenders in
maintaining compliance with AML Legislation. The Borrower shall promptly provide all such information, including supporting documentation and other evidence, as may be reasonably requested by any Lender or the Agent (for itself and not on behalf of
any Lender), or any prospective assignee of a Lender or the Agent, in order to comply with any applicable AML Legislation, whether now or hereafter in existence. 

 

	 	(b)	 If, upon the written request of any Lender, the Agent (for itself and not on behalf of any Lender) has
ascertained the identity of the Guarantor, the Borrower or any Material Subsidiary or Restricted Subsidiary or any authorized signatories of such Person for the purposes of applicable AML Legislation on such Lender’s behalf, then the Agent:

  

	 	(i)	 shall be deemed to have done so as an agent for such Lender, and this Agreement shall constitute a
“written agreement” in such regard between such Lender and the Agent within the meaning of applicable AML Legislation; and 

  

	 	(ii)	 shall provide to such Lender copies of all information obtained in such regard without any representation or
warranty as to its accuracy or completeness. 

  

	 	(c)	 Notwithstanding anything to the contrary in this Section 16.10, each of the Lenders agrees that the Agent
has no obligation to ascertain the identity of the Guarantor, the Borrower or any Material Subsidiary or Restricted Subsidiary or any authorized signatories of such Person, on behalf of any Lender, or to confirm the completeness or accuracy of any
information it obtains from any such Person or any such authorized signatory in doing so. 

  

	16.11	 Platform 

  

	 	(a)	 Each of the Borrower and the Guarantor agrees that the Agent may, but shall not be obligated to, make the
Communications (as defined below) available to the Lenders by posting the Communications on Debt Domain, Intralinks, Syndtrak or a substantially similar electronic transmission system (the “Platform”). 

 

	 	(b)	 The Platform is provided “as is” and “as available.” The Agent Parties (as defined below)
do not warrant the adequacy of the Platform and expressly disclaim liability for errors or omissions in the Communications caused by posting such Communications on the Platform. No warranty of any kind, express, implied or statutory, including any
warranty of merchantability, fitness for a particular purpose or freedom from viruses or other code defects, is made by any Agent Party in connection with the Platform. In no event shall the

  
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Agent or any of its Affiliates (collectively, the “Agent Parties”) have any liability to the Guarantor or any of its Subsidiaries, any Lender or any other Person for damages of
any kind, including direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of the Borrower’s, any of its Subsidiaries’ or the Agent’s transmission of
Communications through the Platform. “Communications” means, collectively, any notice, demand, communication, information, document or other material that the Guarantor or any Subsidiary thereof provides to the Agent specifically
for posting on the Platform pursuant to any Loan Document or the transactions contemplated therein which is distributed to any Lender by means of the Platform. 

16.12 Waiver of Jury Trial 
 To the extent
permitted by Applicable Law, each of the Borrower, the Guarantor, the Agent and the Lenders hereby irrevocably waives all right to trial by jury in any action, proceeding or counterclaim (whether based on contract, tort or otherwise) arising out of
or relating to the Loan Documents or the actions of the Agent or any Lender in the negotiation, administration, performance or enforcement thereof. 
  

	16.13	 Electronic Communications 

 

	 	(a)	 Any demand, notice or communication to be made or given hereunder may be delivered or furnished by electronic
communication (including email and internet or intranet websites) pursuant to procedures approved by the Agent, provided that the foregoing shall not apply to notices to any Lender if such Lender has notified the Agent that it is incapable of
receiving notices by electronic communication. The Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided
that approval of such procedures may be limited to particular demands, notices or communications. 

  

	 	(b)	 Unless the Agent otherwise prescribes, demands, notices and other communications sent to an email address shall
be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return email or other written acknowledgement), and demands, notices or
communications posted to an internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its email address of notification that such notice or communication is available and identifying the website
address therefor, provided that, if such demand, notice, email or other communication is not sent within normal business hours of the recipient, such demand, notice or other communication shall be deemed to have been sent at the opening of
business on the next Business Day. 

  

	16.14	 Counterparts 

This Agreement may be executed in any number of counterparts, and all of such counterparts taken together shall be deemed to constitute one and
the same instrument. Delivery of an executed counterpart of a signature page of this Agreement by telecopier, PDF or other electronic means shall be effective as delivery of a manually executed counterpart of this Agreement. 

 

	16.15	 Acknowledgement and Consent to Bail-In of EEA Financial Institutions

 Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or
understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion
powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 
  

	 	(a)	 the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities
arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 

  
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	 	(b)	 the effects of any Bail-In Action on any such liability, including, if
applicable: 

  

	 	(i)	 a reduction in full or in part or cancellation of any such liability; 

 

	 	(ii)	 a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA
Financial Institution, its Lender Parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to
any such liability under this Agreement or any other Loan Document; or 

  

	 	(iii)	 the variation of the terms of such liability in connection with the exercise of the write-down and conversion
powers of any EEA Resolution Authority. 

 IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the
date first written above. 
 (Remainder of page intentionally left blank.) 

  
 - 95 - 

 
 Notice Address: 

500 Centre Street S.E. 
 P.O. Box 2850 

Calgary, Alberta 
 T2P 2S5 

Attention: Chief Financial Officer 
 Facsimile: (403) 645-4853 
 with a copy to:  

Treasury Department 
 Facsimile: (403) 645-4613 
 Notice Address: 

370 17th Street, Suite 1700 

Denver, Colorado 80202 
 Attention: Treasurer 

Facsimile: (303) 623-2400

			
	OVINTIV CANADA ULC, AS BORROWER
		
	By:	 	/s/ Corey D. Code
		 	Name: Corey D. Code
		 	Title: Chief Financial Officer
		
	By:	 	/s/ H. Jason Verhaest
		 	Name: H. Jason Verhaest
		 	Title: Treasurer

  

			
	OVINTIV INC., AS GUARANTOR
		
	By:	 	/s/ Corey D. Code
		 	Name: Corey D. Code
		 	Title: Executive Vice-President & Chief Financial Officer
		
	By:	 	/s/ H. Jason Verhaest
		 	Name: H. Jason Verhaest
		 	Title: Treasurer

 
 

  
 [Signature Page to Amended
and Restated Credit Agreement – Ovintiv Canada ULC] 

 
			
	ROYAL BANK OF CANADA, as Agent
		
	By:	 	/s/ Yvonne Brazier
		 	Name: Yvonne Brazier
		 	Title: Manager, Agency Services

 [Signature Page to Amended and Restated Credit Agreement – Ovintiv Canada ULC] 

 
			
	ROYAL BANK OF CANADA
		
	By:	 	/s/ Mike Gaudet
		 	Name: Mike Gaudet
		 	Title: Authorized Signatory

 [Signature Page to Amended and Restated Credit Agreement – Ovintiv Canada ULC] 

 
			
	JPMORGAN CHASE BANK, N.A., 
TORONTO BRANCH
		
	By:	 	/s/ Arina Mavilian
		 	Name: Arina Mavilian
		 	Title: Executive Director

 [Signature Page to Amended and Restated Credit Agreement – Ovintiv Canada ULC] 

 
			
	CANADIAN IMPERIAL BANK OF COMMERCE
		
	By:	 	/s/ Joelle Chatwin
		 	Name: Joelle Chatwin
		 	Title: Managing Director
		
	By:	 	/s/ Kezia Burke
		 	Name: Kezia Burke
		 	Title: Director

 [Signature Page to Amended and Restated Credit Agreement – Ovintiv Canada ULC] 

 
			
	THE TORONTO-DOMINION BANK
		
	 By:
	 	/s/ Cathy McGee
		 	Name: Cathy McGee
		 	Title: Director
		
	By:	 	/s/ Anil Nayak
		 	Name: Anil Nayak
		 	Title: Director

 [Signature Page to Amended and Restated Credit Agreement – Ovintiv Canada ULC] 

 
			
	CITIBANK, N.A., CANADIAN BRANCH
		
	By:	 	/s/ Jonathan Cain
		 	Name: Jonathan Cain
		 	Title: Authorized Signatory

 [Signature Page to Amended and Restated Credit Agreement – Ovintiv Canada ULC] 

 
			
	ATB FINANCIAL
		
	By:	 	/s/ Brian Spilchen
		 	Name: Brian Spilchen
		 	Title: Senior Director, Corporate Financial Services
		
	By:	 	/s/ Yang Zhao
		 	Name: Yang Zhao
		 	Title: Associate Director

 [Signature Page to Amended and Restated Credit Agreement – Ovintiv Canada ULC] 

 
			
	BANK OF MONTREAL
		
	By:	 	/s/ Ebba Jantz
		 	Name: Ebba Jantz
		 	Title: Managing Director
		
	By:	 	/s/ Kyle Duperron
		 	Name: Kyle Duperron
		 	Title: Analyst

 [Signature Page to Amended and Restated Credit Agreement – Ovintiv Canada ULC] 

 
			
	THE BANK OF NOVA SCOTIA
		
	By:	 	/s/ Albert Kwan
		 	Name: Albert Kwan
		 	Title: Director
		
	By:	 	/s/ Kayla Keim
		 	Name: Kayla Keim
		 	Title: Associate

 [Signature Page to Amended and Restated Credit Agreement – Ovintiv Canada ULC] 

 
			
	NATIONAL BANK OF CANADA
		
	By:	 	/s/ Chuck Warinca
		 	Name: Chuck Warinca
		 	Title: Authorized Signatory
		
	By:	 	/s/ Mark Williamson
		 	Name: Mark Williamson
		 	Title: Authorized Signatory

 [Signature Page to Amended and Restated Credit Agreement – Ovintiv Canada ULC] 

 
			
	FÉDÉRATION DES CAISSES DESJARDINS 
DU QUÉBEC
		
	By:	 	/s/ Oliver Sumugod
		 	Name: Oliver Sumugod
		 	Title: Director
		
	By:	 	/s/ Matt van Remmen
		 	Name: Matt van Remmen
		 	Title: Managing Director

 [Signature Page to Amended and Restated Credit Agreement – Ovintiv Canada ULC] 

 
			
	SUMITOMO MITSUI BANKING CORPORATION, CANADA BRANCH

 
			
		
	By:	 	/s/ Alfred Lee
		 	Name: Alfred Lee
		 	Title: Managing Director

 [Signature Page to Amended and
Restated Credit Agreement – Ovintiv Canada ULC] 

 
			
	CREDIT SUISSE AG, TORONTO BRANCH
		
	By:	 	/s/ Chris Gage
		 	Name: Chris Gage
		 	Title: Authorized Signatory
		
	By:	 	/s/ Szymon Ordys
		 	Name: Szymon Ordys
		 	Title: Authorized Signatory

 [Signature Page to Amended and Restated Credit Agreement – Ovintiv Canada ULC] 

 
			
	WELLS FARGO BANK, N.A.
		
	By:	 	/s/ Brandon Dunn
		 	Name: Brandon Dunn
		 	Title: Director

 [Signature Page to Amended and Restated Credit Agreement – Ovintiv Canada ULC] 

 
			
	 BANK OF AMERICA, N.A., CANADA BRANCH

		
	By:	 	/s/ Adrian Plummer
		 	Name: Adrian Plummer
		 	Title: Vice President

 [Signature Page to Amended and Restated Credit Agreement – Ovintiv Canada ULC] 

 
			
	 MUFG BANK, LTD., CANADA BRANCH

		
	By:	 	/s/ John Hunt
		 	Name: John Hunt
		 	Title: Managing Director

 [Signature Page to Amended and Restated Credit Agreement – Ovintiv Canada ULC] 

 
			
	 BARCLAYS BANK PLC

		
	By:	 	/s/ Sydney G. Dennis
		 	Name: Sydney G. Dennis
		 	Title: Director

 [Signature Page to Amended and Restated Credit Agreement – Ovintiv Canada ULC] 

 
			
	 MIZUHO BANK, LTD.

		
	By:	 	/s/ Carmen Angelescu
		 	Name: Carmen Angelescu
		 	Title: Director

 [Signature Page to Amended and Restated Credit Agreement – Ovintiv Canada ULC] 

 
			
	 BANK OF CHINA (CANADA)

		
	By:	 	/s/ Gordon Sun
		 	Name: Gordon Sun
		 	Title: Relationship Manager
		
	By:	 	/s/ Jian Shi
		 	Name: Jian Shi
		 	Title: Head of Corporate Banking Department

 [Signature Page to Amended and Restated Credit Agreement – Ovintiv Canada ULC] 

 
			
	 MORGAN STANLEY BANK, N.A.

		
	By:	 	/s/ Julie Lilienfeld
		 	Name: Julie Lilienfeld
		 	Title: Authorized Signatory

 [Signature Page to Amended and Restated Credit Agreement – Ovintiv Canada ULC]EX-10.1

 Exhibit 10.1 

COMMERCIAL PAPER DEALER AGREEMENT 

4(a)(2) PROGRAM 
 between

 OVINTIV INC., 
 as
Issuer 
 and 

[●], 

as Dealer 
 Concerning Notes to be issued pursuant
to a Commercial Paper Issuing and Paying Agent Agreement dated as of January 27, 2020 between the Issuer and Citibank, N.A., as Issuing and Paying Agent 

Dated as of January 28, 2020 

 Commercial Paper Dealer Agreement 

4(a)(2) Program 
 This
agreement (the “Agreement”) sets forth the understandings between the Issuer and the Dealer, each named on the cover page hereof, in connection with the issuance and sale by the Issuer of its short-term promissory notes (the
“Notes”) through the Dealer. 
 Certain terms used in this Agreement are defined in Section 6 hereof.

 The Addendum to this Agreement, and any Annexes or Exhibits described in this Agreement or such Addendum, are hereby incorporated into
this Agreement and made fully a part hereof. 
  

	1.	 Offers, Sales and Resales of Notes. 

1.1    While (i) the Issuer has and shall have no obligation to sell the Notes to the Dealer or to permit the Dealer
to arrange any sale of the Notes for the account of the Issuer, and (ii) the Dealer has and shall have no obligation to purchase the Notes from the Issuer or to arrange any sale of the Notes for the account of the Issuer, the parties hereto
agree that in any case where the Dealer purchases Notes from the Issuer, or arranges for the sale of Notes by the Issuer, such Notes will be purchased or sold by the Dealer in reliance on the representations, warranties, covenants and agreements of
the Issuer contained herein or made pursuant hereto and on the terms and conditions and in the manner provided herein. 

1.2    So long as this Agreement shall remain in effect, and in addition to the limitations contained in Sections
1.7 and 1.8 hereof, the Issuer shall not, without the consent of the Dealer, offer, solicit or accept offers to purchase, or sell, any Notes except (a) in transactions with one or more dealers which may from time to time after
the date hereof become dealers with respect to the Notes by executing with the Issuer one or more agreements which contain provisions substantially identical to those contained in Section 1 of this Agreement, of which the
Issuer hereby undertakes to provide the Dealer prompt notice or (b) in transactions with the other dealers listed on the Addendum hereto, which are executing agreements with the Issuer which contain provisions substantially identical to
Section 1 of this Agreement contemporaneously herewith. In no event shall the Issuer offer, solicit or accept offers to purchase, or sell, any Notes directly on its own behalf in transactions with persons other than
broker-dealers as specifically permitted in this Section 1.2. 
 1.3    The Notes shall be in
a minimum denomination of $250,000 or integral multiples of $1,000 in excess thereof, will bear such interest rates, if interest bearing, or will be sold at such discount from their face amounts, as shall be agreed upon by the Dealer and the Issuer,
shall have a maturity not exceeding 397 days from the date of issuance and may have such terms as are specified in Exhibit B hereto or the Private Placement Memorandum, a pricing supplement, or as otherwise agreed upon by the applicable
purchaser and the Issuer. The Notes shall not contain any provision for extension, renewal or automatic “rollover.” 

1.4    The authentication and issuance of, and payment for, the Notes shall be effected in accordance with the Issuing and
Paying Agency Agreement, and the Notes shall be book-entry notes evidenced by one or more master note certificates registered in the name of DTC or its nominee (each, a “Master Note Certificate”), in the form or forms annexed to the
Issuing and Paying Agency Agreement; provided, however, that in the event that DTC or its nominee 

  
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discontinues providing its services as security depository with respect to the Notes, the Notes shall be evidenced by individual physical certificates unless a successor or replacement security
depository acceptable to the Dealer shall be designated. 
 1.5    If the Issuer and the Dealer shall agree on the terms
of the purchase of any Note by the Dealer or the sale of any Note arranged by the Dealer (including, but not limited to, agreement with respect to the date of issue, purchase price, principal amount, maturity and interest rate or interest rate index
and margin (in the case of interest-bearing Notes) or discount thereof (in the case of Notes issued on a discount basis), and appropriate compensation for the Dealer’s services hereunder) pursuant to this Agreement, the Issuer shall cause such
Note to be issued and delivered in accordance with the terms of the Issuing and Paying Agency Agreement and payment for such Note shall be made by the purchaser thereof, either directly or through the Dealer, to the Issuing and Paying Agent, for the
account of the Issuer. Except as otherwise agreed, in the event that the Dealer is acting as an agent and a purchaser shall either fail to accept delivery of or make payment for a Note on the date fixed for settlement, the Dealer shall promptly
notify the Issuer, and if the Dealer has theretofore paid the Issuer for the Note, the Issuer will promptly return such funds to the Dealer upon notice of such failure. 

1.6    The Dealer and the Issuer hereby establish and agree to observe the following procedures in connection with offers,
sales and subsequent resales or other transfers of the Notes: 
 (a)    Offers and sales of the Notes by
or through the Dealer shall be made only to: (i) investors reasonably believed by the Dealer to be Qualified Institutional Buyers or Institutional Accredited Investors and (ii) non-bank fiduciaries
or agents that will be purchasing Notes for one or more accounts, each of which is reasonably believed by the Dealer to be an Institutional Accredited Investor. 

(b)    Resales and other transfers of the Notes by the holders thereof shall be made only in accordance
with the restrictions in the legend described in clause (e) below. 
 (c)    No general solicitation
or general advertising shall be used in connection with the offering of the Notes. Without limiting the generality of the foregoing, without the prior written approval of the Dealer, the Issuer shall not issue any news release, make any other
statement to any member of the press making reference to the Notes, the offer or sale of the Notes or this Agreement or place or publish any “tombstone” or other advertisement relating to the Notes or the offer or sale thereof. To the
extent permitted by applicable securities laws, the Issuer shall (i) omit the name of the Dealer from any publicly available filing by the Issuer that makes reference to the Notes, the offer or sale of the Notes or this Agreement, (ii) not
include a copy of this Agreement in any such filing or as an exhibit thereto, and (iii) redact the Dealer’s name and any contact or other information that could identify the Dealer from any agreement or other information included in such
filing. For the avoidance of doubt, the Issuer shall not post the Private Placement Memorandum on a website without the consent of the Dealer and each other dealer or placement agent, if any for the Notes. 

(d)    No sale of Notes to any one purchaser shall be for less than $250,000 principal or face amount, and
no Note shall be issued in a smaller principal or face amount. If the purchaser is a non-bank fiduciary acting on behalf of others, each person for whom such purchaser is acting must purchase at least $250,000
principal or face amount of Notes. 

  
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 (e)    Offers and sales of the Notes by the Issuer
through the Dealer acting as agent for the Issuer shall be made pursuant to the exemption contained in Section 4(a)(2) of the Securities Act, and shall be subject to the restrictions described in the legend appearing in Exhibit A hereto.
A legend substantially to the effect of such Exhibit A shall appear as part of the Private Placement Memorandum used in connection with offers and sales of Notes hereunder, as well as on each Master Note Certificate representing book entry
Notes and, if applicable, each individual Note issued in certificated form, offered and sold pursuant to this Agreement. 

(f)    The Dealer shall furnish or shall have furnished to each purchaser of Notes for which it has acted
as the dealer a copy of the then-current Private Placement Memorandum unless such purchaser has previously received a copy of the Private Placement Memorandum as then in effect. The Private Placement Memorandum shall expressly state that any person
to whom Notes are offered shall have an opportunity to ask questions of, and receive information from, the Issuer and the Dealer concerning the Issuer and its consolidated subsidiaries, taken as a whole, and the offering of the Notes and to obtain
additional relevant information (which is not confidential or non-public information and which the Issuer or the Dealer possesses or can acquire without unreasonable effort or expense) and shall provide the
names, addresses and telephone numbers of the persons from whom such information may be obtained. 

(g)    The Issuer agrees for the benefit of the Dealer and each of the holders and prospective purchasers
from time to time of the Notes that, if at any time the Issuer shall not be subject to Section 13 or 15(d) of the Exchange Act, the Issuer will furnish upon request and at its expense, to the Dealer and to holders and prospective purchasers of
Notes the information required by Rule 144A(d)(4) in compliance with Rule 144A. 
 (h)    In the event
that any Note offered or to be offered by the Dealer would be ineligible for resale under Rule 144A, the Issuer shall immediately notify the Dealer (by telephone, confirmed in writing) of such fact and shall promptly prepare and deliver to the
Dealer an amendment or supplement to the Private Placement Memorandum describing the Notes that are ineligible, the reason for such ineligibility and any other relevant information relating thereto. 

(i)    The Issuer represents that it is not currently issuing commercial paper in the United States market
in reliance upon the exemption provided by Section 3(a)(3) of the Securities Act. The Issuer agrees that, if the Issuer shall issue commercial paper after the date hereof in reliance upon such exemption, (a) the proceeds from the sale of
the Notes will be segregated from the proceeds of the sale of any such commercial paper by being placed in a separate account; (b) the Issuer will institute appropriate corporate procedures to ensure that the offers and sales of notes issued by
the Issuer pursuant to the Section 3(a)(3) exemption are not integrated with offerings and sales of Notes hereunder; and (c) the Issuer will comply with each of the requirements of Section 3(a)(3) of the Securities Act in selling
commercial paper or other short-term debt securities other than the Notes in the United States. 

(j)    The Dealer acknowledges that the Notes have not been and will not be qualified for distribution
under the securities legislation of any jurisdiction of Canada and agrees that it will not (x) distribute or deliver the Private Placement Memorandum, any pricing supplement or any other offering material relating to the Notes in Canada or (y)

  
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knowingly sell or deliver Notes directly or indirectly in Canada, to any resident of Canada or to purchasers having the intention of re-selling the Notes
in Canada, it being understood that this Section 1.6(j) shall not prohibit the posting of the Private Placement Memorandum or any other Company Information on Bloomberg or a similar electronic system customarily accessed by
Institutional Accredited Investors and Qualified Institutional Buyers that purchase commercial paper in the United States commercial paper market. The Dealer shall provide to the Issuer or to the Staff of the Alberta Securities Commission, upon
request, confirmation that, to the best of the Dealer’s knowledge after reasonable inquiry, the Dealer has acted in compliance with the requirements of Section 1.6(a) and with this
Section 1.6(j). 
 1.7    The Issuer hereby confirms to the Dealer that (except as permitted
by Section 1.6(i)) within the preceding six months neither the Issuer nor any person other than the Dealer or the other dealers referred to in Section 1.2 hereof acting on behalf of the Issuer has
offered or sold any Notes, or any substantially similar security of the Issuer, to, or solicited offers to buy any such security from, any person other than the Dealer or the other dealers referred to in Section 1.2 hereof.
The Issuer also agrees that (except as permitted by Section 1.6(i)), as long as the Notes are being offered for sale by the Dealer and the other dealers referred to in Section 1.2 hereof as
contemplated hereby and until at least six months after the offer of Notes hereunder has been terminated, neither the Issuer nor any person other than the Dealer or the other dealers referred to in Section 1.2 hereof
(except as contemplated by Section 1.2 hereof) will offer the Notes or any substantially similar security of the Issuer for sale to, or solicit offers to buy any such security from, any person other than the Dealer or the
other dealers referred to in Section 1.2 hereof except to the extent that such offer or solicitation would not adversely affect the entitlement of the offer and sale of the Notes to the exemption provided by
Section 4(a)(2) of the Securities Act, which agreement shall survive the termination of this Agreement. The Issuer hereby represents, warrants and agrees that it has not taken or omitted to take, and will not take or omit to take, any action
that would cause the offering and sale of Notes hereunder to be integrated with any other offering of securities, whether such offering is made by the Issuer or some other party or parties. For the avoidance of doubt, nothing in this
Section 1.7 shall be construed to in any way restrict or prohibit issuances of securities (i) by the Issuer under any prospectus filed with any Canadian securities regulator, including issuances of unsecured medium
term notes thereunder, (ii) guaranteed by the Issuer and issued pursuant to the U.S. commercial paper program of Ovintiv Canada ULC, an indirect, wholly-owned subsidiary of the Issuer, or (iii) by the Issuer pursuant to any effective
Securities Act registration statement of the Issuer, filed with the SEC; provided that any such issuances would not be integrated with any offer or sale of Notes hereunder in a manner that would cause the offering and sale of the Notes by the
Issuer to fail to be exempt under Section 4(a)(2) of the Securities Act. 
 1.8    In the event that the Issuer
determines to use the proceeds of the sale of the Notes for the purpose of buying, carrying or trading securities (other than in respect of repurchases of the Issuer’s outstanding common shares for cancellation) within the meaning of Regulation
T and the interpretations thereunder by the Board of Governors of the Federal Reserve System, whether in connection with an acquisition of another company or otherwise, the Issuer shall give the Dealer at least three (3) business day’s
prior notice to that effect. The Issuer shall also give the Dealer prompt notice of the actual date that it commences to purchase securities with the proceeds of the Notes. Thereafter, in the event that the Dealer purchases Notes as principal and
does not resell such Notes on the day of such purchase, to the extent necessary to comply with Regulation T and 

  
 -5- 

 
the interpretations thereunder, the Dealer will sell such Notes either (i) only to offerees it reasonably believes to be Qualified Institutional Buyers or to Qualified Institutional Buyers
it reasonably believes are acting for other Qualified Institutional Buyers, in each case in accordance with Rule 144A or (ii) in a manner which would not cause a violation of Regulation T and the interpretations thereunder. 

 

	2.	 Representations and Warranties of the Issuer. 

The Issuer represents and warrants that: 

2.1    The Issuer is a corporation duly organized, validly existing and in good standing under the laws of the
jurisdiction of its incorporation and has all the requisite power and authority to execute, deliver and perform its obligations under the Notes, this Agreement and the Issuing and Paying Agency Agreement. 

2.2    This Agreement and the Issuing and Paying Agency Agreement have been duly authorized, executed and delivered by the
Issuer and constitute legal, valid and binding obligations of the Issuer enforceable against the Issuer in accordance with their terms subject to bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws
affecting creditors’ rights generally and subject to general principles of equity (regardless of whether enforceability is considered in a proceeding in equity or at law). 

2.3    The Notes have been duly authorized, and when issued as provided in the Issuing and Paying Agency Agreement, will
be duly and validly issued and will constitute legal, valid and binding obligations of the Issuer enforceable against the Issuer in accordance with their terms subject to bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer,
moratorium or similar laws affecting creditors’ rights generally and subject to general principles of equity (regardless of whether enforceability is considered in a proceeding in equity or at law). 

2.4    Assuming compliance by the Dealer with its obligations under this Agreement, the offer and sale of the Notes in the
manner contemplated hereby do not require registration of the Notes under the Securities Act, pursuant to the exemption from registration contained in Section 4(a)(2) thereof, and no indenture in respect of the Notes is required to be qualified
under the Trust Indenture Act of 1939, as amended. 
 2.5    The Notes will rank at least pari passu with all
other unsecured and unsubordinated indebtedness of the Issuer. 
 2.6    Assuming that the Notes are offered, issued,
sold and delivered under the circumstances contemplated by this Agreement, no consent or action of, or filing or registration with, any governmental or public regulatory body or authority, including the SEC, is required to authorize, or is otherwise
required in connection with the execution, delivery or performance of, this Agreement, the Notes or the Issuing and Paying Agency Agreement, except as shall have been obtained prior to the issuance of any Notes or as may be required by the
securities or Blue Sky laws of the various states in connection with the offer and sale of the Notes. 
 2.7    Assuming
that the Notes are offered, issued, sold and delivered under the circumstances contemplated by this Agreement, neither the execution and delivery of this Agreement and the Issuing and Paying Agency Agreement, nor the issuance of the Notes in
accordance with the Issuing and Paying Agency Agreement, nor the fulfillment of or compliance with the terms and provisions hereof or thereof by the Issuer, will (i) result in the creation or 

  
 -6- 

 
imposition of any mortgage, lien, charge or encumbrance of any nature whatsoever upon any of the properties or assets of the Issuer, or (ii) violate or result in a breach or a default under
any of the terms of the charter documents or by-laws of the Issuer, any contract or instrument to which the Issuer is a party or by which it or its property is bound, or any law or regulation, or any order,
writ, injunction or decree of any court or government instrumentality, to which the Issuer is subject or by which it or its property is bound, which breach or default might have a material adverse effect on the condition (financial or otherwise),
operations or business of the Issuer and its consolidated subsidiaries, taken as a whole, or the ability of the Issuer to perform its obligations under this Agreement, the Notes or the Issuing and Paying Agency Agreement. 

2.8    There is no litigation or governmental proceeding pending, or to the knowledge of the Issuer threatened, against or
affecting the Issuer or any of its subsidiaries which might result in a material adverse change in the condition (financial or otherwise), operations or business of the Issuer and its consolidated subsidiaries, taken as a whole, or the ability of
the Issuer to perform its obligations under this Agreement, the Notes or the Issuing and Paying Agency Agreement. 

2.9    The Issuer is not required to register as an investment company under the Investment Company Act of 1940, as
amended. 
 2.10    Neither the Private Placement Memorandum nor the Company Information contains any untrue statement
of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 

2.11    Neither the Issuer nor any of its subsidiaries nor any director or officer nor, to the knowledge of the Issuer,
any agent, employee, representative or affiliate or other person associated with or acting on behalf of the Issuer or any of its subsidiaries or affiliates has, directly or indirectly, (A) made or authorized any contribution, payment or gift of
funds or property to any official, employee or agent of any governmental agency, authority or instrumentality of any jurisdiction or (B) made any contribution to any candidate for public office, in either case, where either the payment or the
purpose of such contribution, payment or gift was, is, or would be prohibited under the U.S. Foreign Corrupt Practices Act of 1977, as amended (the “FCPA”), the Canada Corruption of Foreign Public Officials Act (the “CCFPOA”), or
the rules and regulations promulgated thereunder, or any applicable similar law or regulation; and the Issuer, its subsidiaries and affiliates have each conducted their businesses in compliance with the FCPA, the CCFPOA and any applicable similar
law or regulation and have instituted and maintain policies and procedures designed to ensure, and which are expected to continue to ensure, continued compliance therewith. 

2.12    The operations of the Issuer and its subsidiaries are and have been conducted at all times in compliance with
applicable financial recordkeeping and reporting requirements and the money laundering statutes and the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any
governmental agency (collectively, the “Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Issuer or any of its subsidiaries with
respect to the Money Laundering Laws is pending or, to the best knowledge of the Issuer, threatened. 
 2.13    Neither
the Issuer nor any of its subsidiaries nor any director or officer nor, to the knowledge of the Issuer, any agent, employee, representative or affiliate of the Issuer or any of its 

  
 -7- 

 
subsidiaries is currently the subject of any sanctions administered or imposed by the United States (including any administered or enforced by the Office of Foreign Assets Control of the U.S.
Treasury Department), the United Nations Security Council, the European Union, or the United Kingdom or other relevant sanctions authority (collectively, “Sanctions”) and neither the sale of the Notes by the Issuer hereunder nor the use of
proceeds thereof will cause any person participating in the offering, whether as a dealer and/or purchaser of the Notes, to violate any Sanctions or any enabling legislation or executive order relating thereto; provided, however, that the Issuer
makes no representation under this paragraph that would violate Canadian law. 
 2.14    Each (a) issuance of Notes
by the Issuer hereunder and (b) amendment or supplement of the Private Placement Memorandum shall be deemed a representation and warranty by the Issuer to the Dealer, as of the date thereof, that, both before and after giving effect to such
issuance and after giving effect to such amendment or supplement, (i) the representations and warranties given by the Issuer set forth in this Section 2 remain true and correct on and as of such date as if made on and
as of such date, (ii) in the case of an issuance of Notes, the Notes being issued on such date have been duly and validly issued and constitute legal, valid and binding obligations of the Issuer, enforceable against the Issuer in accordance
with their terms, subject to bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors’ rights generally and subject to general principles of equity (regardless of whether
enforceability is considered in a proceeding in equity or at law), (iii) in the case of an issuance of Notes, since the date of the most recent Private Placement Memorandum, there has been no material adverse change in the condition (financial or
otherwise) or operations of the Issuer and its consolidated subsidiaries, taken as a whole, which has not been disclosed publicly or to the Dealer in writing and (iv) the Issuer is not in default of any of its obligations hereunder, under the
Notes or under the Issuing and Paying Agency Agreement. 
  

	3.	 Covenants and Agreements of the Issuer. 

The Issuer covenants and agrees that: 

3.1    The Issuer will give the Dealer prompt notice (but in any event prior to any subsequent issuance of Notes
hereunder) of any amendment to, modification of or waiver with respect to, the Notes or the Issuing and Paying Agency Agreement, including a complete copy of any such amendment, modification or waiver. 

3.2    The Issuer shall, whenever there shall occur any change in the condition (financial or otherwise) or operations of
the Issuer and its consolidated subsidiaries, taken as a whole, or any development or occurrence in relation to the Issuer and its consolidated subsidiaries, taken as a whole, that would be material to holders of the Notes or potential holders of
the Notes (including any downgrading or receipt of any notice of intended or potential downgrading or any review for potential change in the rating accorded to the Notes or any of the securities of the Issuer by any nationally recognized statistical
rating organization which has published a rating of the Notes), promptly, and in any event prior to any subsequent issuance of Notes hereunder, notify the Dealer (by telephone, confirmed in writing) of such change, development, or occurrence. For
the avoidance of doubt, the Issuer shall not be required to disclose any information in any notice given to the Dealer pursuant to this Section 3.2 that (i) would constitute, in the Issuer’s judgment based upon
advice of the Issuer’s counsel, material non-public information or (ii) the Issuer is prohibited from disclosing pursuant to applicable laws or legal obligations. 

  
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 3.3    The Issuer shall from time to time furnish to the Dealer such
information as the Dealer may reasonably request, including, without limitation, any news releases or material provided by the Issuer to any national securities exchange or rating agency, regarding (i) the Issuer’s operations and financial
condition on a consolidated basis, (ii) the due authorization and execution of the Notes and (iii) the Issuer’s ability to pay the Notes as they mature; provided, however, that the Issuer shall not be required to furnish any
information requested by the Dealer pursuant to this Section 3.3 that would constitute, in the Issuer’s judgment based upon advice of the Issuer’s counsel, material
non-public information. 
 3.4    The Issuer will take all such action as the
Dealer may reasonably request to ensure that each offer and each sale of the Notes will comply with any applicable state Blue Sky laws; provided, however, that the Issuer shall not be obligated to file any general consent to service of process or to
qualify as a foreign corporation in any jurisdiction in which it is not so qualified or subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject. 

3.5    The Issuer will not be in default of any of its obligations hereunder, under the Notes or under the Issuing and
Paying Agency Agreement, at any time that any of the Notes are outstanding. 
 3.6    The Issuer shall not issue Notes
hereunder until the Dealer shall have received (a) an opinion of counsel to the Issuer, addressed to the Dealer, satisfactory in form and substance to the Dealer, (b) a copy of the executed Issuing and Paying Agency Agreement as then in
effect, (c) a copy of corporate resolutions adopted by the Issuer, satisfactory in form and substance to the Dealer and certified by the secretary, assistant secretary or similar officer of the Issuer, authorizing the execution and delivery by
the Issuer of this Agreement, the Issuing and Paying Agency Agreement and the Notes and consummation by the Issuer of the transactions contemplated hereby and thereby, (d) a certificate of the secretary, assistant secretary or other designated
officer of the Issuer certifying as to (i) the Issuer’s organizational documents, and attaching true, correct and complete copies thereof (ii) the Issuer’s representations and warranties being true and correct in all material
respects, and (iii) the incumbency of the officers of the Issuer authorized to execute and deliver this Agreement, the Issuing and Paying Agency Agreement and the Notes, and take other action on behalf of the Issuer in connection with the
transactions contemplated thereby, (e) for as long as is necessary, in the Issuer’s reasonable opinion, to ensure the Notes are not structurally subordinate to the issued and outstanding unsecured long-term debt of any subsidiary (each, a
“Subsidiary Guarantor”) of the Issuer from time to time (for greater certainty, such debt shall exclude commercial paper), (1) a guarantee executed by each such Subsidiary Guarantor, each substantially in the form of Exhibit
C (the “Subsidiary Guarantees”), (2) a certificate of the secretary, assistant secretary or other designated officer of each Subsidiary Guarantor certifying as to itself (i) the Subsidiary Guarantor’s organizational
documents, and attaching true, correct and complete copies thereof, (ii) for so long as the respective Subsidiary Guarantee is in existence or has not been terminated by its terms, the Subsidiary Guarantor’s representations and warranties
in the respective Subsidiary Guarantee being true and correct in all material respects, and (iii) the incumbency of the officers of the Subsidiary Guarantor authorized to execute and deliver the respective Subsidiary Guarantee, and take other
action on behalf of the Subsidiary Guarantor in connection with the transactions contemplated thereby, and (3) an opinion of counsel to the Subsidiary Guarantors, addressed to the Dealer, satisfactory in form and substance to the Dealer,
(f) prior to the issuance of any Notes represented by the Master Note Certificates, a copy of the executed Letter of Representations among the Issuer, the Issuing and Paying Agent and DTC and of the executed Master Note Certificates,
(g) prior to the issuance of any Notes in physical 

  
 -9- 

 
certificated form, a copy of such form (unless attached to this Agreement or the Issuing and Paying Agency Agreement), (h) confirmation of the then current rating assigned to the Notes by each
nationally recognized statistical rating organization then rating the Notes, and (i) such other certificates, opinions, letters and documents as the Dealer shall have reasonably requested. 

3.7    The Issuer shall reimburse the Dealer for all of the Dealer’s reasonable out-of-pocket expenses related to this Agreement (up to a maximum amount of $50,000 and after delivery by the Dealer to the Issuer of reasonably satisfactory evidence of the details of such expenses),
including expenses incurred in connection with its preparation and negotiation of the transactions contemplated hereby (including, but not limited to, the printing and distribution of the Private Placement Memorandum) and, if applicable, for the
reasonable fees and out-of-pocket expenses of the Dealer’s external counsel (up to a maximum amount of $50,000 and after delivery by the Dealer to the Issuer of
reasonably satisfactory evidence of the details of such fees and expenses). 
 3.8    Without limiting any obligation of
the Issuer pursuant to this Agreement to provide the Dealer with credit and financial information, the Issuer hereby acknowledges and agrees that the Dealer may share the Company Information and any other information or matters relating to the
Issuer or the transactions contemplated hereby with affiliates of the Dealer, including, but not limited to, [●], and that such affiliates may likewise share information relating to the Issuer or such transactions with the Dealer. 

3.9    The Issuer shall not file a Form D (as referenced in Rule 503 under the Securities Act) at any time in respect of
the offer or sale of the Notes. 
  

	4.	 Disclosure. 

4.1    The Private Placement Memorandum and its contents (other than the Dealer Information) shall be the sole
responsibility of the Issuer. The Private Placement Memorandum shall contain a statement expressly offering an opportunity for each prospective purchaser to ask questions of, and receive answers from, the Issuer concerning the offering of Notes and
to obtain relevant additional information which is not confidential or non-public and which the Issuer possesses or can acquire without unreasonable effort or expense. 

4.2    To the extent not promptly and publicly available at www.sec.gov or www.sedar.com, the Issuer agrees to promptly
furnish the Dealer with the Company Information as it becomes available. 
 4.3    (a) The Issuer shall notify the
Dealer promptly upon the occurrence of any event relating to or affecting the Issuer that would cause the Company Information then in existence to include an untrue statement of a material fact or to omit to state a material fact necessary in order
to make the statements contained therein, in light of the circumstances under which they are made, not misleading. 

(a)    In the event that the Issuer gives the Dealer notice pursuant to
Section 4.3(a) and the Dealer notifies the Issuer that it then has Notes it is holding in inventory, the Issuer shall promptly supplement or amend the Private Placement Memorandum so that the Private Placement Memorandum,
as amended or supplemented, shall not contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, and
the Issuer shall make such supplement or amendment available to the Dealer. 

  
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 (b)    In the event that (i) the Issuer gives the
Dealer notice pursuant to Section 4.3(a), (ii) the Dealer does not notify the Issuer that it is then holding Notes in inventory and (iii) the Issuer chooses not to promptly amend or supplement the Private Placement
Memorandum in the manner described in clause (b) above, then the Dealer shall promptly suspend all solicitations and sales of Notes until such time as the Issuer has so amended or supplemented the Private Placement Memorandum, and made such
amendment or supplement available to the Dealer. 
 (c)    Without limiting the generality of
Section 4.3(a), the Issuer shall review, amend and supplement the Private Placement Memorandum on a periodic basis to the extent necessary to ensure that the information provided in the Private Placement Memorandum does not
contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. 

 

	5.	 Indemnification and Contribution. 

5.1    (a) The Issuer will indemnify and hold harmless the Dealer, each individual, corporation, partnership, trust,
association or other entity controlling the Dealer, any affiliate of the Dealer or any such controlling entity and their respective directors, officers, employees, partners, incorporators, shareholders, servants, trustees and agents (hereinafter the
“Dealer Indemnitees”) against any and all liabilities, penalties, suits, causes of action, losses, damages, claims, costs and expenses (including, without limitation, fees and disbursements of counsel) or judgments of whatever kind or
nature (each a “Claim”), imposed upon, incurred by or asserted against the Dealer Indemnitees arising out of or based upon (i) any allegation that the Private Placement Memorandum, the Company Information, or any information provided
by the Issuer to the Dealer included (as of any relevant time) or includes an untrue statement of a material fact or omitted (as of any relevant time) or omits to state any material fact necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading or (ii) the breach by the Issuer of any agreement, covenant or representation made in or pursuant to this Agreement. This indemnification shall not apply to the extent that the Claim
arises out of or is based upon Dealer Information. 
 (a)    The Dealer will indemnify and hold harmless
the Issuer, each individual, corporation, partnership, trust, association or other entity controlling the Issuer, any affiliate of the Issuer or any such controlling entity and their respective directors, officers, employees, partners,
incorporators, shareholders, servants, trustees and agents (hereinafter the “Issuer Indemnitees” and, together with the Dealer Indemnitees, the “Indemnitees”) against any and all Claims, imposed upon, incurred by or asserted
against the Issuer Indemnitees arising out of or based upon any allegation that the Private Placement Memorandum or the Company Information described in clause (iv) or (v) of the definition thereof included (as of any relevant time) or includes
an untrue statement of a material fact or omitted (as of any relevant time) or omits to state any material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, in each case, to the
extent that such untrue statement or alleged untrue statement or omission or alleged omission was made in the Private Placement Memorandum or such Company Information in strict reliance upon and in strict conformity with Dealer Information. 

  
 -11- 

 5.2    Promptly after receipt by an indemnified party under subsection
5.1(a) or 5.1(b) above of notice of the existence of a Claim, such indemnified party will, if a claim in respect thereof is to be made against an indemnifying party, notify the indemnifying party in writing of the existence thereof; provided that
(i) the omission to so notify the indemnifying party will not relieve the indemnifying party from any liability which it may have hereunder unless and except to the extent it did not otherwise learn of such Claim and such failure results in the
forfeiture by the indemnifying party of substantial rights and defenses, and (ii) the omission to so notify the indemnifying party will not relieve it from liability which it may have to an indemnified party otherwise than on account of this
indemnity agreement. In case any such Claim is made against any indemnified party and it notifies the indemnifying party of the existence thereof, the indemnifying party will be entitled to participate therein, and to the extent that it may elect by
written notice delivered to the indemnified party, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party; provided that if the defendants in any such Claim include both the indemnified party and the
indemnifying party, and the indemnified party shall have concluded that there may be legal defenses available to it which are different from or additional to those available to the indemnifying party, the indemnifying party shall not have the right
to direct the defense of such Claim on behalf of such indemnified party, and the indemnified party shall have the right to select separate counsel to assert such legal defenses on behalf of such indemnified party. Upon receipt of notice from the
indemnifying party to such indemnified party of the indemnifying party’s election to so assume the defense of such Claim and approval by the indemnified party of counsel, the indemnifying party will not be liable to such indemnified party for
expenses incurred thereafter by the indemnified party in connection with the defense thereof (other than reasonable costs of investigation) unless (i) the indemnified party shall have employed separate counsel in connection with the assertion
of legal defenses in accordance with the proviso to the next preceding sentence (it being understood, however, that the indemnifying party shall not be liable for the expenses of more than one separate counsel (in addition to any local counsel in
the jurisdiction in which any Claim is brought), (ii) the indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of existence of
the Claim or (iii) the indemnifying party has authorized in writing the employment of counsel for the indemnified party. The indemnity, reimbursement and contribution obligations of the indemnifying party hereunder shall be in addition to any
other liability the indemnifying party may otherwise have to an indemnified party and shall be binding upon and inure to the benefit of any successors, assigns, heirs and personal representatives of the indemnifying party and any indemnified party.
An indemnifying party shall not, without the indemnified party’s prior written consent, settle, compromise or consent to the entry of any judgment in any Claim in respect of which indemnification may be sought under the indemnification
provision of the Agreement (whether or not the indemnified party is an actual or potential party to such Claim), unless such settlement, compromise or consent (i) includes an unconditional release of each indemnified party from all liability
arising out of such Claim and (ii) does not include a statement as to or an admission of fault, culpability or failure to act, by or on behalf of any indemnified party. 

5.3    If the indemnification provided for in this Section 5 is unavailable to or insufficient
to hold harmless an indemnified party under subsection 5.1(a) or 5.1(b) above in respect of any Claim referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such
Claim in such proportion as is appropriate to reflect the relative aggregate benefits received by the Issuer, on the one hand, and the Dealer, on the other, from the issuance or issuances of the Notes to which such Claim relates. If, however, the
allocation provided by the immediately preceding sentence is not permitted by applicable law, then each indemnifying party shall contribute to such amount paid or payable by such indemnified 

  
 -12- 

 
party in such proportion as is appropriate to reflect not only such relative aggregate benefits but also the relative fault of the Issuer, on the one hand, and the Dealer, on the other, in
respect of the issuance or issuances of the Notes which resulted in such Claim, as well as any other relevant equitable considerations. The relative aggregate benefits received by the Issuer, on the one hand, and the Dealer, on the other, in respect
of an issuance or issuances of Notes shall be deemed to be in the same proportion as the total net proceeds from such issuance or issuances (before deducting expenses) received by the Issuer bear to the total aggregate discounts and commissions
received by the Dealer with respect to such Notes. The relative fault of the Issuer, on the one hand, and the Dealer, on the other, in connection with a Claim arising under clause (i) of Section 5.1(a) and
Section 5.1(b) shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information
supplied by the Issuer, on the one hand, or the Dealer, on the other, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Issuer and the Dealer agree that, if
the allocation provided by the first sentence of this Section 5.3 is not permitted by applicable law, it would not be just and equitable if contribution pursuant to this Section 5.3 were determined
by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to above in this Section 5.3. The amount paid or payable by an indemnified party as a result
of any Claim referred to above in this Section 5.3 shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim.
Notwithstanding anything to the contrary contained herein, the contribution by the Issuer pursuant to this Section 5.3 shall be in an amount such that the aggregate costs incurred by the Dealer and all Dealer Indemnitees
with respect to a Claim do not exceed the aggregate of the commissions and fees earned by the Dealer hereunder with respect to the issue or issues of Notes to which such Claim relates. No person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not also guilty of such fraudulent misrepresentation. 

5.4    The obligations of the Issuer under this Section 5 shall be in addition to any liability
which the Issuer may otherwise have and shall extend, upon the same terms and conditions, to each person, if any, who controls the Dealer within the meaning of the Securities Act; and the obligations of the Dealer under this
Section 5 shall be in addition to any liability which the Dealer may otherwise have and shall extend, upon the same terms and conditions, to each officer and director of the Issuer and to each person, if any, who controls
the Issuer within the meaning of the Securities Act. 
  

	6.	 Definitions. 

6.1    “BHC Act Affiliate” has the meaning assigned to the term “affiliate” in, and shall be
interpreted in accordance with, 12 U.S.C. § 1841(k) 
 6.2    “CCFPOA” shall have the meaning set forth
in Section 2.11. 
 6.3    “Claim” shall have the meaning set forth in
Section 5.1(a). 
 6.4    “Company Information” at any given time shall mean the
Private Placement Memorandum together with, to the extent applicable, (i) the Issuer’s most recent report on Form 10-K filed with the SEC and each report on Form
10-Q or 8-K filed by the Issuer with the SEC since the most recent Form 10-K, (ii) the Issuer’s most recent annual
audited financial statements and each interim financial statement or report prepared subsequent thereto, if not included in item 

  
 -13- 

 
(i) above, (iii) to the extent filed on SEDAR or EDGAR, the Issuer’s and its affiliates’ other publicly available recent reports, including, but not limited to, any publicly
available filings or reports provided to their respective shareholders, (iv) any other information or disclosure prepared pursuant to Section 4.3 hereof and (v) any information prepared or approved by the Issuer
for dissemination to investors or potential investors in the Notes. 
 6.5    “Covered Entity” means any of
the following: 
  

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

  

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

  

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

 6.6    “Current Issuing and Paying Agent” shall have the meaning set forth in
Section 7.9(i). 
 6.7    “Dealer Information” shall mean material concerning the
Dealer provided by the Dealer in writing expressly for inclusion in (i) the Private Placement Memorandum, (ii) any information or disclosure prepared pursuant to Section 4.3 hereof or (iii) information
prepared or approved by the Issuer for dissemination to investors or potential investors in the Notes. 

6.8    “Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12
C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. 
 6.9    “DTC” shall mean The Depository Trust
Company. 
 6.10    “Exchange Act” shall mean the U.S. Securities Exchange Act of 1934, as amended. 

6.11    “FCPA” shall have the meaning set forth in Section 2.11. 

6.12    “Indemnitee” shall have the meaning set forth in Section 5.1(b). 

6.13    “Institutional Accredited Investor” shall mean an institutional investor that is an accredited investor
within the meaning of Rule 501 under the Securities Act and that has such knowledge and experience in financial and business matters that it is capable of evaluating and bearing the economic risk of an investment in the Notes, including, but not
limited to, a bank, as defined in Section 3(a)(2) of the Securities Act, or a savings and loan association or other institution, as defined in Section 3(a)(5)(A) of the Securities Act, whether acting in its individual or fiduciary
capacity. 
 6.14    “Issuing and Paying Agency Agreement” shall mean the commercial paper issuing and paying
agent agreement described on the cover page of this Agreement, or any replacement thereof, as such agreement may be amended or supplemented from time to time. 

6.15    “Issuing and Paying Agent” shall mean the party designated as such on the cover page of this Agreement,
or any successor thereto or replacement thereof, as issuing and paying agent under the Issuing and Paying Agency Agreement. 

  
 -14- 

 6.16    “Master Note Certificate” shall mean one or more
master note certificates registered in the name of DTC or its nominee. 
 6.17    “Money Laundering Laws”
shall have the meaning set forth in Section 2.12. 

6.18    “Non-bank fiduciary or agent” shall mean a fiduciary or agent
other than (a) a bank, as defined in Section 3(a)(2) of the Securities Act, or (b) a savings and loan association, as defined in Section 3(a)(5)(A) of the Securities Act. 

6.19    “Outstanding Notes” shall have the meaning set forth in Section 7.9(ii). 

6.20    “Private Placement Memorandum” shall mean offering materials prepared in accordance with
Section 4 (including materials referred to therein or incorporated by reference therein, if any) provided to purchasers and prospective purchasers of the Notes, and shall include amendments and supplements thereto which may
be prepared from time to time in accordance with this Agreement (other than any amendment or supplement that has been completely superseded by a later amendment or supplement). 

6.21    “Qualified Institutional Buyer” shall have the meaning assigned to that term in Rule 144A under the
Securities Act. 
 6.22    “Replacement” shall have the meaning set forth in
Section 7.9(i). 
 6.23    “Replacement Issuing and Paying Agent” shall have the
meaning set forth in Section 7.9(i). 
 6.24    “Replacement Issuing and Paying Agency
Agreement” shall have the meaning set forth in Section 7.9(i). 
 6.25    “Rule
144A” shall mean Rule 144A under the Securities Act. 
 6.26    “Sanctions” shall have the meaning set
forth in Section 2.13. 
 6.27    “SEC” shall mean the U.S. Securities and Exchange
Commission. 
 6.28    “Securities Act” shall mean the U.S. Securities Act of 1933, as amended. 

6.29    “U.S. Special Resolution Regime” means each of (i) the Federal Deposit Insurance Act and the
regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder. 
  

	7.	 General. 

7.1    Unless otherwise expressly provided herein, all notices under this Agreement to parties hereto shall be mailed,
faxed or emailed, or otherwise transmitted electronically to the party at the address, facsimile number, or email address specified below, as applicable, and shall be 

  
 -15- 

 
effective when received by the respective party at the address, facsimile number or email address set forth below or at such other address as such party may designate by written notice: 

 

					
	  For the Issuer:	 		 	
			
	 Address:
	 	Ovintiv Inc.	 	
		 	370 17th Street, Suite 1700
		 	Denver, Colorado 80202
		 	United States of America
			
	 Attention:
	 	Treasurer	 	
		 	Telephone number:	 	(303) 623-2300
		 	Fax number:	 	(303) 623-2400
			
	  For the Dealer:	 		 	
			
	 Address:
	 	[●]	 	
		 	[●]	 	
		 	[●]	 	
		 	[●]	 	
			
	 Attention:
	 	[●]	 	
		 	Telephone number:	 	[●]
		 	Fax number:	 	[●]

 7.2    This Agreement shall be governed by and construed in accordance with the laws
of the State of New York, including Section 5-1401 of the N.Y. General Obligations Law, but otherwise without regard to its conflict of laws provisions. 

7.3    (a) Each of the Dealer and the Issuer agrees that any suit, action or proceeding brought by the Issuer against the
Dealer in connection with or arising out of this Agreement or the Notes or the offer and sale of the Notes shall be brought solely in the United States federal courts located in the Borough of Manhattan or the courts of the State of New York located
in the Borough of Manhattan. EACH OF THE DEALER AND THE ISSUER WAIVES ITS RIGHT TO TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

(a)    Each of the Dealer and the Issuer hereby irrevocably accepts and submits to the non-exclusive jurisdiction of each of the aforesaid courts in personam, generally and unconditionally, for itself and in respect of its properties, assets and revenues, with respect to any suit, action or proceeding
in connection with or arising out of this Agreement or the Notes or the offer and sale of the Notes. 
 7.4    This
Agreement may be terminated, at any time, by the Issuer, upon ten (10) business days’ prior notice to such effect to the Dealer, or by the Dealer upon ten (10) business days’ prior notice to such effect to the Issuer. Any such
termination, however, shall not affect the obligations of the Dealer and the Issuer, as applicable, under Sections 3.7, 5, and 7.3 hereof or the respective representations, warranties, agreements, covenants, rights or
responsibilities of the parties made or arising prior to the termination of this Agreement. 
 7.5    This Agreement is
not assignable by any party hereto without the written consent of the other parties, which consent shall not be unreasonably withheld; provided, however, that the Dealer may assign its rights and obligations under this Agreement to any
affiliate of the Dealer; and provided further that the Dealer will provide the Issuer with notice of any such assignment as soon as practicable thereafter. 

  
 -16- 

 7.6    This Agreement may be signed in any number of counterparts, each
of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 

7.7    Except as provided in Section 5 with respect to
non-party Indemnitees, this Agreement is for the exclusive benefit of the parties hereto, and their respective permitted successors and assigns hereunder, and shall not be deemed to give any legal or equitable
right, remedy or claim to any other person whatsoever. 
 7.8    The Issuer acknowledges and agrees that
(i) purchases and sales, or placements, of the Notes pursuant to this Agreement, including the determination of any prices for the Notes and Dealer compensation, are arm’s-length commercial
transactions between the Issuer and the Dealer, (ii) in connection therewith and with the process leading to such transactions, the Dealer is acting solely as a principal and not the agent (except to the extent explicitly set forth herein) or
fiduciary of the Issuer or any of its affiliates, (iii) the Dealer has not assumed a fiduciary responsibility in favor of the Issuer or any of its affiliates with respect to the offering contemplated hereby or the process leading thereto or any
other obligation to the Issuer or any of its affiliates except the obligations expressly set forth in this Agreement, (iv) the Issuer is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the
transactions contemplated by this Agreement, (v) the Dealer has not provided any legal, accounting, regulatory or tax advice with respect to the transactions contemplated hereby, and (vi) the Issuer has consulted its own legal and
financial advisors to the extent it deemed appropriate. The Issuer agrees that it will not claim that the Dealer owes a fiduciary or similar duty to the Issuer in connection with such transactions or the process leading thereto. Any review by the
Dealer of the Issuer, the transactions contemplated hereby or other matters relating to such transactions shall be performed solely for the benefit of the Dealer and shall not be on behalf of the Issuer. This Agreement supersedes all prior
agreements and understandings (whether written or oral) between the Issuer and the Dealer with respect to the subject matter hereof. The Issuer hereby waives and releases, to the fullest extent permitted by law, any claims related to this Agreement
and the transactions contemplated hereby that it may have against the Dealer with respect to any breach or alleged breach of fiduciary duty. 

7.9    (i) The parties hereto agree that the Issuer may, in accordance with the terms of this
Section 7.9, from time to time replace the party which is then acting as Issuing and Paying Agent (the “Current Issuing and Paying Agent”) with another party (such other party, the “Replacement Issuing and
Paying Agent”), and enter into an agreement with the Replacement Issuing and Paying Agent covering the provision of issuing and paying agency functions in respect of the Notes by the Replacement Issuing and Paying Agent (the “Replacement
Issuing and Paying Agency Agreement”) (any such replacement, a “Replacement”). 
 (i)    From and after
the effective date of any Replacement, (A) to the extent that the Issuing and Paying Agency Agreement provides that the Current Issuing and Paying Agent will continue to act in respect of Notes outstanding as of the effective date of such
Replacement (the “Outstanding Notes”), then (i) the “Issuing and Paying Agent” for the Notes shall be deemed to be the Current Issuing and Paying Agent, in respect of the Outstanding Notes, and the Replacement Issuing and
Paying Agent, in respect of Notes issued on or after the Replacement, (ii) all references to the “Issuing and Paying Agent” hereunder shall be deemed to refer to the Current Issuing and Paying Agent in respect of the Outstanding
Notes, and the Replacement Issuing and Paying Agent in respect of Notes issued on or after the Replacement, and (iii) all references to the “Issuing and Paying Agency Agreement” hereunder shall be deemed to refer to the existing
Issuing and Paying 

  
 -17- 

 
Agency Agreement, in respect of the Outstanding Notes, and the Replacement Issuing and Paying Agency Agreement, in respect of Notes issued on or after the Replacement; and (B) to the extent
that the Issuing and Paying Agency Agreement does not provide that the Current Issuing and Paying Agent will continue to act in respect of the Outstanding Notes, then (i) the “Issuing and Paying Agent” for the Notes shall be deemed to
be the Replacement Issuing and Paying Agent, (ii) all references to the “Issuing and Paying Agent” hereunder shall be deemed to refer to the Replacement Issuing and Paying Agent, and (iii) all references to the “Issuing and
Paying Agency Agreement” hereunder shall be deemed to refer to the Replacement Issuing and Paying Agency Agreement. 

(ii)    From and after the effective date of any Replacement, the Issuer shall not issue any Notes hereunder unless and
until the Dealer shall have received: (a) a copy of the executed Replacement Issuing and Paying Agency Agreement, (b) a copy of the executed Letter of Representations among the Issuer, the Replacement Issuing and Paying Agent and DTC,
(c) a copy of the executed Master Note authenticated by the Replacement Issuing and Paying Agent and registered in the name of DTC or its nominee, (d) an amendment or supplement to the Private Placement Memorandum describing the
Replacement Issuing and Paying Agent as the Issuing and Paying Agent for the Notes, and reflecting any other changes thereto necessary in light of the Replacement so that the Private Placement Memorandum, as amended or supplemented, satisfies the
requirements of this Agreement, and (e) a legal opinion of counsel to the Issuer, addressed to the Dealer, in form and substance reasonably satisfactory to the Dealer, as to (x) the due authorization, delivery, validity and enforceability
of Notes issued pursuant to the Replacement Issuing and Paying Agency Agreement, and (y) such other matters as the Dealer may reasonably request. 

7.10    Notwithstanding anything to the contrary in this Agreement, the parties hereto agree that: 

(a)    In the event that the Dealer that is a Covered Entity becomes subject to a proceeding under a U.S.
Special Resolution Regime, the transfer from such Dealer of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime
if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States. 

(b)    In the event that the Dealer that is a Covered Entity or a BHC Act Affiliate of such Dealer becomes
subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against the Dealer are permitted to be exercised to no greater extent than such Default Rights could be exercised under the
U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States. 

[Signatures Commence on the Following Page] 

  
 -18- 

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

			
	 OVINTIV INC.,
 as
Issuer

		
	By:	 	
                     
                    

		 	Name: [●]
		 	Title:   [●]
		
	By:	 	
                     
                    

		 	Name: [●]
		 	Title:   [●]
	
	 [●],
 as Dealer

		
	By:	 	
                     
                                        

		 	Name: [●]
		 	Title:   [●]

 Addendum 
  

	1.	 The other dealers referred to in clause (b) of Section 1.2 of the Agreement are:

 [●] 

  
 -20- 

 Exhibit A 

Form of Legend for Private Placement Memorandum and Notes 

NEITHER THE NOTES NOR THE GUARANTEE(S) THEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY
OTHER APPLICABLE SECURITIES LAW, AND OFFERS AND SALES THEREOF MAY BE MADE ONLY IN COMPLIANCE WITH AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. BY ITS ACCEPTANCE OF A NOTE, THE
PURCHASER WILL BE DEEMED TO REPRESENT THAT (I) IT HAS BEEN AFFORDED AN OPPORTUNITY TO INVESTIGATE MATTERS RELATING TO OVINTIV INC. (THE “ISSUER”), THE NOTES, ANY SUBSIDIARY OF THE ISSUER FROM TIME TO TIME GUARANTEEING THE NOTES AND
ANY SUCH GUARANTEE(S), (II) IT IS NOT ACQUIRING SUCH NOTE WITH A VIEW TO ANY DISTRIBUTION THEREOF AND (III) IT IS EITHER (A) AN INSTITUTIONAL INVESTOR THAT IS (1) AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a) UNDER THE ACT
(AN “INSTITUTIONAL ACCREDITED INVESTOR”) AND (2) EITHER (i) PURCHASING NOTES FOR ITS OWN ACCOUNT, (ii) A BANK (AS DEFINED IN SECTION 3(a)(2) OF THE ACT) OR A SAVINGS AND LOAN ASSOCIATION OR OTHER INSTITUTION (AS DEFINED IN
SECTION 3(a)(5)(A) OF THE ACT) ACTING IN ITS INDIVIDUAL OR FIDUCIARY CAPACITY OR (iii) A FIDUCIARY OR AGENT (OTHER THAN SUCH A BANK, SAVINGS AND LOAN ASSOCIATION OR OTHER INSTITUTION) PURCHASING NOTES FOR ONE OR MORE ACCOUNTS EACH OF WHICH
ACCOUNTS IS SUCH AN INSTITUTIONAL ACCREDITED INVESTOR; OR (B) A QUALIFIED INSTITUTIONAL BUYER (“QIB”) WITHIN THE MEANING OF RULE 144A UNDER THE ACT THAT IS ACQUIRING NOTES FOR ITS OWN ACCOUNT OR FOR ONE OR MORE ACCOUNTS, EACH OF WHICH
ACCOUNTS IS A QIB; AND THE PURCHASER ACKNOWLEDGES THAT IT IS AWARE THAT THE SELLER MAY RELY UPON THE EXEMPTION FROM THE REGISTRATION PROVISIONS OF SECTION 5 OF THE ACT PROVIDED BY RULE 144A. BY ITS ACCEPTANCE OF A NOTE, THE PURCHASER THEREOF SHALL
ALSO BE DEEMED TO AGREE THAT ANY RESALE OR OTHER TRANSFER THEREOF WILL BE MADE ONLY (A) IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE ACT, EITHER (1) TO THE ISSUER OR TO A PERSON DESIGNATED BY THE ISSUER AS A PLACEMENT AGENT FOR THE
NOTES (EACH, A “PLACEMENT AGENT”), NONE OF WHICH SHALL HAVE ANY OBLIGATION TO ACQUIRE SUCH NOTE, (2) THROUGH A PLACEMENT AGENT TO AN INSTITUTIONAL ACCREDITED INVESTOR OR A QIB, OR (3) TO A QIB IN A TRANSACTION THAT MEETS THE
REQUIREMENTS OF RULE 144A AND (B) IN MINIMUM AMOUNTS OF $250,000. 
 THE NOTES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED
DIRECTLY OR INDIRECTLY (A) INTO CANADA OR ANY PROVINCE OR TERRITORY THEREOF OR (B) TO A RESIDENT OF CANADA OR ANY PROVINCE OR TERRITORY THEREOF. RECEIPT OF THIS PRIVATE PLACEMENT MEMORANDUM SHALL NOT CONSTITUTE AN OFFER IN ANY JURISDICTION
WHERE PROHIBITED OR RESTRICTED BY APPLICABLE LAW. 

  
 -21- 

 Exhibit B 

Statement of Terms for Interest – Bearing Commercial Paper Notes of Ovintiv Inc. 

THE PROVISIONS SET FORTH BELOW ARE QUALIFIED TO THE EXTENT APPLICABLE BY THE TRANSACTION SPECIFIC PRIVATE PLACEMENT MEMORANDUM SUPPLEMENT (THE
“SUPPLEMENT”) (IF ANY) SENT TO EACH PURCHASER AT THE TIME OF THE TRANSACTION. 
 1. General. (a) The obligations of
the Issuer to which these terms apply (each a “Note”) are represented by one or more master note certificates issued in the name of The Depository Trust Company (“DTC”) or its nominee (each, a “Master Note
Certificate”), which Master Note Certificate includes the terms and provisions for the Issuer’s Interest-Bearing Commercial Paper Notes that are set forth in this Statement of Terms, since this Statement of Terms constitutes an integral
part of the Underlying Records as defined and referred to in each Master Note Certificate. 
 (b) “Business Day” means any day
other than a Saturday or Sunday that is neither a legal holiday nor a day on which banking institutions are authorized or required by law, executive order or regulation to be closed in New York City and, with respect to LIBOR Notes (as defined
below) is also a London Business Day. “London Business Day” means, a day, other than a Saturday or Sunday, on which dealings in deposits in U.S. dollars are transacted in the London interbank market. 

2. Interest. (a) Each Note will bear interest at a fixed rate (a “Fixed Rate Note”) or at a floating rate (a
“Floating Rate Note”). 
 (b) The Supplement sent to each holder of such Note will describe the following terms: (i) whether
such Note is a Fixed Rate Note or a Floating Rate Note and whether such Note is an Original Issue Discount Note (as defined below); (ii) the date on which such Note will be issued (the “Issue Date”); (iii) the Stated Maturity Date (as
defined below); (iv) if such Note is a Fixed Rate Note, the rate per annum at which such Note will bear interest, if any, and the Interest Payment Dates; (v) if such Note is a Floating Rate Note, the Base Rate, the Index Maturity, the Interest
Reset Dates, the Interest Payment Dates and the Spread and/or Spread Multiplier, if any (all as defined below), and any other terms relating to the particular method of calculating the interest rate for such Note; and (vi) any other terms
applicable specifically to such Note. “Original Issue Discount Note” means a Note which has a stated redemption price at the Stated Maturity Date that exceeds its Issue Price by more than a specified de minimis amount and which the
Supplement indicates will be an “Original Issue Discount Note”. 
 (c) Each Fixed Rate Note will bear interest from its Issue Date
at the rate per annum specified in the Supplement until the principal amount thereof is paid or made available for payment. Interest on each Fixed Rate Note will be payable on the dates specified in the Supplement (each an “Interest Payment
Date” for a Fixed Rate Note) and on the Maturity Date (as defined below). Interest on Fixed Rate Notes will be computed on the basis of a 360-day year and actual days elapsed. 

If any Interest Payment Date or the Maturity Date of a Fixed Rate Note falls on a day that is not a Business Day, the required payment of
principal, premium, if any, and/or interest will be payable on the next succeeding Business Day, and no additional interest will accrue in respect of the payment made on that next succeeding Business Day. 

  
 -22- 

 (d) The interest rate on each Floating Rate Note for each Interest Reset Period (as defined
below) will be determined by reference to an interest rate basis (a “Base Rate”) plus or minus a number of basis points (one basis point equals one-hundredth of a percentage point) (the
“Spread”), if any, and/or multiplied by a certain percentage (the “Spread Multiplier”), if any, until the principal thereof is paid or made available for payment. The Supplement will designate which of the following Base Rates is
applicable to the related Floating Rate Note: (a) the CD Rate (a “CD Rate Note”), (b) the Commercial Paper Rate (a “Commercial Paper Rate Note”), (c) the Federal Funds Rate (a “Federal Funds Rate Note”), (d) LIBOR
(a “LIBOR Note”), (e) the Prime Rate (a “Prime Rate Note”), (f) the Treasury Rate (a “Treasury Rate Note”) or (g) such other Base Rate as may be specified in such Supplement. 

The rate of interest on each Floating Rate Note will be reset daily, weekly, monthly, quarterly or semi-annually (the “Interest Reset
Period”). The date or dates on which interest will be reset (each an “Interest Reset Date”) will be, unless otherwise specified in the Supplement, in the case of Floating Rate Notes which reset daily, each Business Day, in the case of
Floating Rate Notes (other than Treasury Rate Notes) that reset weekly, the Wednesday of each week; in the case of Treasury Rate Notes that reset weekly, the Tuesday of each week; in the case of Floating Rate Notes that reset monthly, the third
Wednesday of each month; in the case of Floating Rate Notes that reset quarterly, the third Wednesday of March, June, September and December; and in the case of Floating Rate Notes that reset semiannually, the third Wednesday of the two months
specified in the Supplement. If any Interest Reset Date for any Floating Rate Note is not a Business Day, such Interest Reset Date will be postponed to the next day that is a Business Day, except that in the case of a LIBOR Note, if such Business
Day is in the next succeeding calendar month, such Interest Reset Date shall be the immediately preceding Business Day. Interest on each Floating Rate Note will be payable monthly, quarterly or semiannually (the “Interest Payment Period”)
and on the Maturity Date. Unless otherwise specified in the Supplement, and except as provided below, the date or dates on which interest will be payable (each an “Interest Payment Date” for a Floating Rate Note) will be, in the case of
Floating Rate Notes with a monthly Interest Payment Period, on the third Wednesday of each month; in the case of Floating Rate Notes with a quarterly Interest Payment Period, on the third Wednesday of March, June, September and December; and in the
case of Floating Rate Notes with a semiannual Interest Payment Period, on the third Wednesday of the two months specified in the Supplement. In addition, the Maturity Date will also be an Interest Payment Date. 

If any Interest Payment Date for any Floating Rate Note (other than an Interest Payment Date occurring on the Maturity Date) would otherwise be
a day that is not a Business Day, such Interest Payment Date shall be postponed to the next day that is a Business Day, except that in the case of a LIBOR Note, if such Business Day is in the next succeeding calendar month, such Interest Payment
Date shall be the immediately preceding Business Day. If the Maturity Date of a Floating Rate Note falls on a day that is not a Business Day, the payment of principal and interest will be made on the next succeeding Business Day, and no interest on
such payment shall accrue for the period from and after such maturity. 
 Interest payments on each Interest Payment Date for Floating Rate
Notes will include accrued interest from and including the Issue Date or from and including the last date in respect of which interest has been paid, as the case may be, to, but excluding, such Interest Payment Date. On the Maturity Date, the
interest payable on a Floating Rate Note will include interest accrued to, but excluding, the Maturity Date. Accrued interest will be calculated by multiplying the principal amount of a Floating Rate Note by an accrued interest factor. This accrued
interest factor will be computed by adding the interest factors calculated for each day in the period for which accrued interest is being calculated. 

  
 -23- 

 
The interest factor (expressed as a decimal) for each such day will be computed by dividing the interest rate applicable to such day by 360, in the cases where the Base Rate is the CD Rate,
Commercial Paper Rate, Federal Funds Rate, LIBOR or Prime Rate, or by the actual number of days in the year, in the case where the Base Rate is the Treasury Rate. The interest rate in effect on each day will be (i) if such day is an Interest
Reset Date, the interest rate with respect to the Interest Determination Date (as defined below) pertaining to such Interest Reset Date, or (ii) if such day is not an Interest Reset Date, the interest rate with respect to the Interest
Determination Date pertaining to the next preceding Interest Reset Date, subject in either case to any adjustment by a Spread and/or a Spread Multiplier. 

The “Interest Determination Date” where the Base Rate is the CD Rate or the Commercial Paper Rate will be the second Business Day
next preceding an Interest Reset Date. The Interest Determination Date where the Base Rate is the Federal Funds Rate or the Prime Rate will be the Business Day next preceding an Interest Reset Date. The Interest Determination Date where the Base
Rate is LIBOR will be the second London Business Day next preceding an Interest Reset Date. The Interest Determination Date where the Base Rate is the Treasury Rate will be the day of the week in which such Interest Reset Date falls when Treasury
Bills are normally auctioned. Treasury Bills are normally sold at auction on Monday of each week, unless that day is a legal holiday, in which case the auction is held on the following Tuesday or the preceding Friday. If an auction is so held on the
preceding Friday, such Friday will be the Interest Determination Date pertaining to the Interest Reset Date occurring in the next succeeding week. 

The “Index Maturity” is the period to maturity of the instrument or obligation from which the applicable Base Rate is calculated.

 The “Calculation Date,” where applicable, shall be the earlier of (i) the tenth calendar day following the applicable
Interest Determination Date or (ii) the Business Day preceding the applicable Interest Payment Date or Maturity Date. 
 All times
referred to herein reflect New York City time, unless otherwise specified. 
 The Issuer shall specify in writing to the Issuing and Paying
Agent which party will be the calculation agent (the “Calculation Agent”) with respect to the Floating Rate Notes. The Calculation Agent will provide the interest rate then in effect and, if determined, the interest rate which will become
effective on the next Interest Reset Date with respect to such Floating Rate Note to the Issuing and Paying Agent as soon as the interest rate with respect to such Floating Rate Note has been determined and as soon as practicable after any change in
such interest rate. 
 All percentages resulting from any calculation on Floating Rate Notes will be rounded to the nearest one
hundred-thousandth of a percentage point, with five-one millionths of a percentage point rounded upwards. For example, 9.876545% (or .09876545) would be rounded to 9.87655% (or .0987655). All dollar amounts
used in or resulting from any calculation on Floating Rate Notes will be rounded, in the case of U.S. dollars, to the nearest cent or, in the case of a foreign currency, to the nearest unit (with one-half cent
or unit being rounded upwards). 
 CD Rate Notes 

“CD Rate” means the rate on any Interest Determination Date for negotiable U.S. dollar certificates of deposit having the Index Maturity as published
in the source specified in the Supplement. 

  
 -24- 

 If the above rate is not published by 3:00 p.m. on the Calculation Date, the CD Rate will be the rate on
such Interest Determination Date published under the caption specified in the Supplement in another recognized electronic source used for the purpose of displaying the applicable rate. 

If such rate is not published in either the source specified on the Supplement or another recognized electronic source by 3:00 p.m. on the Calculation Date,
the Calculation Agent will determine the CD Rate to be the arithmetic mean of the secondary market offered rates as of 10:00 a.m. on such Interest Determination Date of three leading nonbank dealers in negotiable U.S. dollar certificates of deposit
in New York City selected by the Calculation Agent for negotiable U.S. dollar certificates of deposit of major United States money center banks of the highest credit standing in the market for negotiable certificates of deposit with a remaining
maturity closest to the Index Maturity in the denomination of $5,000,000. 
 If fewer than the three dealers selected by the Calculation Agent are quoting
as set forth above, the CD Rate will remain the CD Rate then in effect on such Interest Determination Date. 
 Commercial Paper Rate Notes 

“Commercial Paper Rate” means the Money Market Yield (calculated as described below) of the rate on any Interest Determination Date for commercial
paper having the Index Maturity, as published by the Board of Governors of the Federal Reserve System (“FRB”) in “Statistical Release H.15(519), Selected Interest Rates” or any successor publication of the FRB
(“H.15(519)”) under the heading “Commercial Paper-Nonfinancial”. 
 If the above rate is not published in H.15(519) by 3:00 p.m. on the
Calculation Date, then the Commercial Paper Rate will be the Money Market Yield of the rate on such Interest Determination Date for commercial paper of the Index Maturity published in the daily update of H.15(519), available through the world wide
website of the FRB at http://www.federalreserve.gov/releases/h15/Update, or any successor site or publication or other recognized electronic source used for the purpose of displaying the applicable rate (“H.15 Daily Update”) under the
heading “Commercial Paper-Nonfinancial”. 
 If by 3:00 p.m. on such Calculation Date such rate is not published in either H.15(519) or H.15 Daily
Update, then the Calculation Agent will determine the Commercial Paper Rate to be the Money Market Yield of the arithmetic mean of the offered rates as of 11:00 a.m. on such Interest Determination Date of three leading dealers of U.S. dollar
commercial paper in New York City selected by the Calculation Agent for commercial paper of the Index Maturity placed for an industrial issuer whose bond rating is “AA,” or the equivalent, from a nationally recognized statistical rating
organization. 
 If the dealers selected by the Calculation Agent are not quoting as mentioned above, the Commercial Paper Rate with respect to such
Interest Determination Date will remain the Commercial Paper Rate then in effect on such Interest Determination Date. 

  
 -25- 

 “Money Market Yield” will be a yield (expressed as a percentage) calculated in
accordance with the following formula: 
  

					
		 	D × 360	 	
	  
 Money Market Yield =
	 	                                	 	  
 × 100

	 	  
 360 -
(D × M)

 where “D” refers to the applicable per annum rate for commercial paper quoted on a bank discount
basis and expressed as a decimal and “M” refers to the actual number of days in the interest period for which interest is being calculated. 

Federal Funds Rate Notes 
 “Federal
Funds Rate” means the rate on any Interest Determination Date for federal funds as published in H.15(519) under the heading “Federal Funds (Effective)” and displayed on Reuters Page (as defined below) FEDFUNDS1 (or any other page as
may replace the specified page on that service) (“Reuters Page FEDFUNDS1”) under the heading EFFECT. 
 If the above rate does not
appear on Reuters Page FEDFUNDS1 or is not so published by 3:00 p.m. on the Calculation Date, the Federal Funds Rate will be the rate on such Interest Determination Date as published in H.15 Daily Update under the heading “Federal
Funds/(Effective)”. 
 If such rate is not published as described above by 3:00 p.m. on the Calculation Date, the Calculation Agent will
determine the Federal Funds Rate to be the arithmetic mean of the rates for the last transaction in overnight U.S. dollar federal funds arranged by each of three leading brokers of Federal Funds transactions in New York City selected by the
Calculation Agent prior to 9:00 a.m. on such Interest Determination Date. 
 If the brokers selected by the Calculation Agent are not quoting
as mentioned above, the Federal Funds Rate will remain the Federal Funds Rate then in effect on such Interest Determination Date. 

“Reuters Page” means the display on Thomson Reuters Eikon, or any successor service, on the page or pages specified in this Statement
of Terms or the Supplement, or any replacement page on that service. 
 LIBOR Notes 

The London Interbank offered rate (“LIBOR”) means, with respect to any Interest Determination Date, the rate for deposits in U.S.
dollars having the Index Maturity that appears on the Designated LIBOR Page as of 11:00 a.m., London time, on such Interest Determination Date. 

If no rate appears, LIBOR will be determined on the basis of the rates at approximately 11:00 a.m., London time, on such Interest Determination
Date at which deposits in U.S. dollars are offered to prime banks in the London interbank market by four major banks in such market selected by the Calculation Agent for a term equal to the Index Maturity and in principal amount equal to an amount
that in the Calculation Agent’s judgment is representative for a single transaction in U.S. dollars in such market at such time (a “Representative Amount”). The Calculation Agent will request the principal London office of each of
such banks to provide a quotation of its rate. If at least two such quotations are provided, LIBOR will be the arithmetic mean of such quotations. If fewer than two 

  
 -26- 

 
quotations are provided, LIBOR for such interest period will be the arithmetic mean of the rates quoted at approximately 11:00 a.m., in New York City, on such Interest Determination Date by three
major banks in New York City, selected by the Calculation Agent, for loans in U.S. dollars to leading European banks, for a term equal to the Index Maturity and in a Representative Amount; provided, however, that if fewer than three banks so
selected by the Calculation Agent are providing such quotations, the then existing LIBOR rate will remain in effect for such Interest Payment Period. 

“Designated LIBOR Page” means the display on Thomson Reuters Eikon (or any successor service) on the “LIBOR01” page (or any
other page as may replace such page on such service) for the purpose of displaying the London interbank rates of major banks. 
 Prime Rate Notes

 “Prime Rate” means the rate on any Interest Determination Date as published in H.15(519) under the heading “Bank Prime
Loan”. 
 If the above rate is not published in H.15(519) prior to 3:00 p.m. on the Calculation Date, then the Prime Rate will be the
rate on such Interest Determination Date as published in H.15 Daily Update opposite the caption “Bank Prime Loan”. 
 If the rate
is not published prior to 3:00 p.m. on the Calculation Date in either H.15(519) or H.15 Daily Update, then the Calculation Agent will determine the Prime Rate to be the arithmetic mean of the rates of interest publicly announced by each bank that
appears on the Reuters Screen US PRIME1 Page (as defined below) as such bank’s prime rate or base lending rate as of 11:00 a.m., on that Interest Determination Date. 

If fewer than four such rates referred to above are so published by 3:00 p.m. on the Calculation Date, the Calculation Agent will determine the
Prime Rate to be the arithmetic mean of the prime rates or base lending rates quoted on the basis of the actual number of days in the year divided by 360 as of the close of business on such Interest Determination Date by three major banks in New
York City selected by the Calculation Agent. 
 If the banks selected are not quoting as mentioned above, the Prime Rate will remain the
Prime Rate in effect on such Interest Determination Date. 
 “Reuters Screen US PRIME1 Page” means the display designated as page
“US PRIME1” on the Reuters Monitor Money Rates Service (or such other page as may replace the US PRIME1 page on that service for the purpose of displaying prime rates or base lending rates of major United States banks). 

Treasury Rate Notes 
 “Treasury Rate” means:

 (1) the rate from the auction held on the Interest Determination Date (the “Auction”) of direct obligations of the United States
(“Treasury Bills”) having the Index Maturity specified in the Supplement under the caption “INVEST RATE” on the display on the Reuters Page designated as USAUCTION10 (or any other page as may replace that page on that service) or
the Reuters Page designated as USAUCTION11 (or any other page as may replace that page on that service), or 

  
 -27- 

 (2) if the rate referred to in clause (1) is not so published by 3:00 p.m. on the
related Calculation Date, the Bond Equivalent Yield (as defined below) of the rate for the applicable Treasury Bills as published in H.15 Daily Update, under the caption “U.S. Government Securities/Treasury Bills/Auction High”, or 

(3) if the rate referred to in clause (2) is not so published by 3:00 p.m. on the related Calculation Date, the Bond Equivalent Yield of
the auction rate of the applicable Treasury Bills as announced by the United States Department of the Treasury, or 
 (4) if the rate
referred to in clause (3) is not so announced by the United States Department of the Treasury, or if the Auction is not held, the Bond Equivalent Yield of the rate on the particular Interest Determination Date of the applicable Treasury Bills
as published in H.15(519) under the caption “U.S. Government Securities/Treasury Bills/Secondary Market”, or 
 (5) if the rate
referred to in clause (4) not so published by 3:00 p.m. on the related Calculation Date, the rate on the particular Interest Determination Date of the applicable Treasury Bills as published in H.15 Daily Update, under the caption “U.S.
Government Securities/Treasury Bills/Secondary Market”, or 
 (6) if the rate referred to in clause (5) is not so published by 3:00
p.m. on the related Calculation Date, the rate on the particular Interest Determination Date calculated by the Calculation Agent as the Bond Equivalent Yield of the arithmetic mean of the secondary market bid rates, as of approximately 3:30 p.m. on
that Interest Determination Date, of three primary United States government securities dealers selected by the Calculation Agent, for the issue of Treasury Bills with a remaining maturity closest to the Index Maturity specified in the Supplement, or

 (7) if the dealers so selected by the Calculation Agent are not quoting as mentioned in clause (6), the Treasury Rate in effect on the
particular Interest Determination Date. 
 “Bond Equivalent Yield” means a yield (expressed as a percentage) calculated in accordance with the
following formula: 
  

					
		 	D × N	 	
	  
 Bond Equivalent Yield =
	 	                                	 	  
 × 100

	 	  
 360 - (D × M)

 where “D” refers to the applicable per annum rate for Treasury Bills quoted on a bank discount basis
and expressed as a decimal, “N” refers to 365 or 366, as the case may be, and “M” refers to the actual number of days in the applicable Interest Reset Period. 

 

	3.	 Final Maturity. The Stated Maturity Date for any Note will be the date so specified in the Supplement,
which shall be no later than 397 days from the date of issuance. On its Stated Maturity Date, or any date prior to the Stated Maturity Date on which the particular Note becomes due and payable by the declaration of acceleration, each such date being
referred to as a Maturity Date, the principal amount of such Note, together with accrued and unpaid interest thereon, will be immediately due and payable. 

  

	4.	 Events of Default. The occurrence of any of the following shall constitute an “Event of
Default” with respect to a Note: (i) default in any payment of principal of or interest on such Note (including on a 

  
 -28- 

	 	
redemption thereof); (ii) the Issuer makes any compromise arrangement with its creditors generally including the entering into any form of moratorium with its creditors generally; (iii) a
court having jurisdiction shall enter a decree or order for relief in respect of the Issuer in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or there shall be appointed a receiver,
administrator, liquidator, custodian, trustee or sequestrator (or similar officer) with respect to the whole or substantially the whole of the assets of the Issuer and any such decree, order or appointment is not removed, discharged or withdrawn
within 60 days thereafter; or (iv) the Issuer shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consent to the entry of an order for relief in an involuntary case
under any such law, or consent to the appointment of or taking possession by a receiver, administrator, liquidator, assignee, custodian, trustee or sequestrator (or similar official), with respect to the whole or substantially the whole of the
assets of the Issuer or make any general assignment for the benefit of creditors. Upon the occurrence of an Event of Default, the principal of each obligation evidenced by such Note (together with interest accrued and unpaid thereon) shall become,
without any notice or demand, immediately due and payable. 

  

	5.	 Obligation Absolute. No provision of the Issuing and Paying Agency Agreement under which the Notes are
issued shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on each Note at the times, place and rate, and in the coin or currency, herein prescribed. 

 

	6.	 Supplement. Any term contained in the Supplement shall supersede any conflicting term contained herein.

  
 -29- 

 Exhibit C 

Form of Guarantee 

GUARANTEE 
 GUARANTEE, dated as of
[●], 2020, of [●], a corporation organized under the laws of [●] (the “Guarantor”). 
 The Guarantor, for value received, hereby
agrees as follows for the benefit of the holders from time to time of the Notes hereinafter described: 
  

	1.	 The Guarantor irrevocably guarantees payment in full, as and when the same becomes due and payable, of the
principal of and interest, if any, on the promissory notes (the “Notes”) issued by Ovintiv Inc., a Delaware corporation (the “Issuer”), from time to time pursuant to the Commercial Paper Issuing and Paying Agent Agreement, dated
as of January 27, 2020, as the same may be amended, supplemented or modified from time to time, between the Issuer and Citibank, N.A. (the “Agreement”) and sold from time to time by one or more dealers (each a “Dealer”) who have
entered, or from time to time may enter, into commercial paper dealer agreements relating to the Notes among such Dealer and the Issuer (each a “Dealer Agreement”). 

 

	2.	 The Guarantor’s obligations under this Guarantee shall be unconditional, irrespective of the validity or
enforceability of any provision of the Agreement or the Notes. 

  

	3.	 This Guarantee is a guaranty of the due and punctual payment (and not merely of collection) of the principal of
and interest, if any, on the Notes by the Issuer and shall remain in full force and effect until all amounts have been validly, finally and irrevocably paid in full, and shall not be affected in any way by any circumstance or condition whatsoever,
including without limitation (a) the absence of any action to obtain such amounts from the Issuer, (b) any variation, extension, waiver, compromise or release of any or all of the obligations of the Issuer under the Agreement or the Notes
or of any collateral security therefore or (c) any change in the existence or structure of, or the bankruptcy or insolvency of, the Issuer or by any other circumstance (other than by complete, irrevocable payment) that might otherwise
constitute a legal or equitable discharge or defense of a guarantor or surety. The Guarantor waives all requirements as to diligence, presentment, demand for payment, protest and notice of any kind with respect to the Agreement and the Notes.

  

	4.	 In the event of a default in payment of principal of or interest on any Notes, the holders of such Notes may
institute legal proceedings directly against the Guarantor to enforce this Guarantee without first proceeding against the Issuer. 

  

	5.	 This Guarantee shall remain in full force and effect or shall be reinstated (as the case may be) if at any time
any payment by the Issuer of the principal of or interest, if any, on the Notes, in whole or in part, is rescinded or must otherwise be returned by the holder upon the insolvency, bankruptcy or reorganization of the Issuer or otherwise, all as
though such payment had not been made. 

	6.	 This Guarantee shall be governed by and construed in accordance with the laws of the State of New York.

  

	7.	 [To the extent that the Guarantor or any of its properties, assets or revenues may have or may hereafter become
entitled to, or have attributed to it, any right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding in connection with or arising out of this Guarantee, from the giving of any relief in any thereof,
from setoff or counterclaim, from the jurisdiction of any court, from service of process, from attachment upon or prior to judgment, from attachment in aid of execution of judgment, or from execution of judgment, or other legal process or proceeding
for the giving of any relief or for the enforcement of any judgment, in any jurisdiction in which proceeding may at any time be commenced, with respect to its obligations, liabilities or any other matter under or arising out of or in connection with
this Guarantee, the Guarantor hereby irrevocably and unconditionally waives, and agrees for the benefit of any holder or Dealer from time to time of the Notes not to plead or claim, any such immunity, and consents to such relief and enforcement.

  

	8.	 Any payments under this Guarantee shall be in United States dollars and shall be free of all withholding, stamp
and other similar taxes and of all other governmental charges of any nature whatsoever imposed by the jurisdiction in which the Guarantor is located or from which any such payment is made. In the event any withholding is required by law, the
Guarantor agrees to (i) pay the same and (ii) pay such additional amounts which, after deduction of any such withholding, stamp or other taxes or governmental charges of any nature, whatsoever imposed with respect to the payment of such
additional amount, shall equal the amount withheld pursuant to clause (i). 

  

	9.	 The Guarantor agrees to indemnify each holder from time to time of Notes against any loss incurred by such
holder as a result of any judgment or order being given or made for any amount due hereunder or thereunder and such judgment or order being expressed and paid in a currency (the “Judgment Currency”) other than United States dollars and as
a result of any variation as between (i) the rate of exchange at which the United States dollar amount is converted into the Judgment Currency for the purpose of such judgment or order, and (ii) the rate of exchange at which such holder is
able to purchase United States dollars with the amount of Judgment Currency actually received by such holder. The foregoing indemnity shall constitute a separate and independent obligation of the Guarantor and shall continue in full force and effect
notwithstanding any such judgment or order as aforesaid. The term “rate of exchange” shall include any premiums and costs of exchange payable in connection with the purchase of, or conversion into, the relevant currency.]2 

  

	10.	 The Guarantor represents and warrants as follows to each Dealer and acknowledges and confirms that each Dealer
is relying upon such representations and warranties: 

  

	 	(a)	 The Guarantor is a corporation duly organized, validly existing and in good standing under the laws of the
jurisdiction of its incorporation and has all the requisite power and authority to execute, deliver and perform its obligations under this Guarantee. 

  

 

	2	 Sections 7 through 9 shall be applicable only if the Guarantor is organized under the laws of a jurisdiction
outside of the United States. 

  
 -2- 

	 	(b)	 This Guarantee has been duly authorized, executed and delivered by the Guarantor and constitutes legal, valid
and binding obligations of the Guarantor enforceable against the Guarantor in accordance with its terms subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, and subject, as to enforceability, to
general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). 

  

	 	(c)	 The Guarantor is not required to register as an investment company under the Investment Company Act of 1940, as
amended. 

  

	 	(d)	 Assuming compliance by the Dealers with their respective obligations under the Dealer Agreements, the offer and
sale of the Guarantee in the manner contemplated thereby and hereby do not require registration of the Guarantee under the U.S. Securities Act of 1933, as amended, pursuant to the exemption from registration contained in Section 4(a)(2)
thereof, and no indenture in respect of the Guarantee is required to be qualified under the Trust Indenture Act of 1939, as amended. 

  

	 	(e)	 Assuming that the Notes are offered, issued, sold and delivered under the circumstances contemplated by each
Dealer Agreement, no consent or action of, or filing or registration with, any governmental or public regulatory body or authority, including the SEC, is required to authorize, or is otherwise required in connection with the execution, delivery or
performance of, this Guarantee, except as shall have been obtained prior to the issuance of any Notes or as may be required by the securities or Blue Sky laws of the various states in connection with the offer and sale of the Notes.

  

	 	(f)	 Assuming that the Notes are offered, issued, sold and delivered under the circumstances contemplated by the
Dealer Agreements, neither the execution and delivery of this Guarantee, nor the fulfillment of or compliance with the terms and provisions hereof by the Guarantor, will violate or result in a breach or a default under any of the terms of the
charter documents or by-laws of the Guarantor, any contract or instrument to which the Guarantor is a party or by which it or its property is bound, or any law or regulation, or any order, writ, injunction or
decree of any court or government instrumentality, to which the Guarantor is subject or by which it or its property is bound, which breach or default might have a material adverse effect on the condition (financial or otherwise), operations or
business of the Guarantor and its consolidated subsidiaries, taken as a whole, or the ability of the Guarantor to perform its obligations under this Guarantee. 

 

	11.	 The Guarantor hereby covenants and agrees with each Dealer that the Guarantor shall observe, perform and comply
with any and all of the covenants of the Issuer and its subsidiaries contained in the relevant Dealer Agreement that the Issuer or such other subsidiary agrees that the Guarantor (as a subsidiary or otherwise) shall observe, perform and comply with.

  

	12.	 If the Guarantor is released from its guarantee of the due and punctual payment of the principal of, premium,
if any, and interest on the Issuer’s (i) 3.90% notes due November 

  
 -3- 

	 	
15, 2021, (ii) 8.125% notes due September 15, 2030, (iii) 7.20% notes due November 1, 2031, (iv) 7.375% notes due November 1, 2031, (v) 6.50% notes due August 15, 2034, (vi)
6.625% notes due August 15, 2037, (vii) 6.50% notes due February 1, 2038, and (viii) 5.15% notes due November 15, 2041 (other than as a result of any payment being made under such guarantee), then, upon the request of the Issuer or
the Guarantor for the release of this Guarantee and provided that no default of the Guarantor’s obligations hereunder has occurred and is continuing or would result from such release, this Guarantee shall also be released. 

  
 -4-

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