Document:

Amended and Restated Guarantee Indenture

 Exhibit 4.8 
 THIS AMENDED AND RESTATED GUARANTEE INDENTURE dated as of November 25, 2011; 
 AMONG:

 BROOKFIELD RENEWABLE ENERGY PARTNERS L.P., an exempted limited partnership formed under the laws of Bermuda,

 (hereinafter referred to as “BREP”), 
 - and - 
 BROOKFIELD RENEWABLE ENERGY L.P., an exempted limited partnership
formed under the laws of Bermuda, 
 (hereinafter referred to as “BRELP”), 

- and - 

BROOKFIELD BRP HOLDINGS (CANADA) INC., a corporation incorporated under the laws of the Province of Ontario, 

(hereinafter referred to as “CanHoldco”), 
 - and - 
 BRP BERMUDA HOLDINGS I LIMITED, a corporation formed under the
laws of Bermuda, 
 (hereinafter referred to as “Bermuda Holdco” and collectively with BREP, BRELP and
CanHoldco, the “Guarantors”), 
 - and - 
 BROOKFIELD RENEWABLE POWER PREFERRED EQUITY INC., a corporation incorporated under the federal laws of Canada, 
 (hereinafter referred to as the “Corporation”), 
 - and -

 COMPUTERSHARE TRUST COMPANY OF CANADA, a trust company organized and existing under the laws of Canada, 

(hereinafter referred to as the “Security Trustee”). 

 WHEREAS Brookfield Renewable Power Fund (the “Fund”), the Corporation and
the Security Trustee entered into a guarantee indenture (the “Original Indenture”) dated as of March 3, 2010 pursuant to which the Fund agreed to guarantee in favour of the Holders (as defined below) the payment of the
Series 2 Share Obligations (as defined below), pursuant to the terms of the Series 2 Shares (as defined below) in the manner provided for therein; 
 AND WHEREAS pursuant to a plan of arrangement under the Business Corporations Act (Ontario) (the “Plan of Arrangement”), the Fund has been wound up into a wholly-owned subsidiary
of CanHoldco, and all of the assets of the Fund are now indirectly held by CanHoldco; 
 AND WHEREAS CanHoldco and the
Corporation are subsidiaries of BREP and BRELP; 
 AND WHEREAS the Holders have approved the Plan of Arrangement, including the
amendments to the Original Indenture that are reflected in this amended and restated guarantee indenture (the “Guarantee”); 
 AND WHEREAS pursuant to the terms of this Guarantee the Guarantors have agreed to guarantee in favour of the Holders the payment of the Series 2 Share Obligations, pursuant to the terms of the
Series 2 Shares; 
 AND WHEREAS as at the date hereof, the Corporation has authorized for issuance up to 10,000,000
Series 1 Shares (as defined below); 
 AND WHEREAS the Series 1 Shares are, on certain terms and conditions,
convertible to Series 2 Shares and the Series 2 Shares are, on certain terms and conditions, convertible to Series 1 Shares; 
 AND WHEREAS all necessary acts and proceedings have been done and taken and all necessary resolutions have been passed to authorize the execution and delivery of this Guarantee and to make the same legal,
valid and binding upon the Guarantors; 
 AND WHEREAS the foregoing recitals are made as representations and statements of fact
by the Guarantors and not by the Security Trustee; 
 NOW THEREFORE THIS GUARANTEE WITNESSES that for good and valuable
consideration (the receipt and sufficiency of which are hereby acknowledged by each of the parties), the parties hereto agree as follows: 
 ARTICLE 1 
 DEFINITIONS AND OTHER PROVISIONS OF GENERAL
APPLICATION 
  

	1.1	Definitions 

 For all
purposes of this Guarantee, except as otherwise expressly provided or unless the context otherwise requires: 

  
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	 	(a)	the terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular; 

 

	 	(b)	the words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Guarantee as a whole and
not to any particular Article, Section or other subdivision; and 

  

	 	(c)	all references to “the Guarantee” or “this Guarantee” are to this Guarantee as modified, supplemented or amended from time to time.

 The following terms shall have the following meanings: 
 “Affiliate” means, with respect to a Person, any other Person that, directly or indirectly, through one or more intermediaries, Controls or is Controlled by such Person, or is under
common Control of a third Person; 
 “Authorized Investments” has the meaning given to such term in Section 5.7;

 “Bermuda Holdco” means BRP Bermuda Holdings I Limited; 
 “Board Resolution” means, with respect to a Guarantor, a copy of a resolution duly passed by the board of directors (or the equivalent) of the Governing Body of such Guarantor, to be in
full force and effect on the applicable date, and delivered to the Security Trustee; 
 “BRELP” means Brookfield Renewable
Energy L.P.; 
 “BREP” means Brookfield Renewable Energy Partners L.P.; 

“Business Day” means a day other than a Saturday, a Sunday or any other day that is a statutory or civic holiday in the place where the
Corporation has its head office; 
 “CanHoldco” means Brookfield BRP Holdings (Canada) Inc. 

“CBCA” means the Canada Business Corporations Act; 
 “Class A Preference Shares” means class A preference shares, of which the Corporation is authorized to issue an unlimited number pursuant to its articles of incorporation;

 “Control” means the control by one Person of another Person in accordance with the following: a Person
(“A”) controls another Person (“B”) where A has the power to determine the management and policies of B by contract or status (for example the status of A being the general partner of B) or by virtue of beneficial
ownership of or control over a majority of the voting interests in B; and, for certainty and without limitation, if A owns or has control over shares to which are attached more than 50% of the votes permitted to be cast in the election of directors
to the board of directors (or the equivalent) of the Governing Body of B or A is the general partner of B, a limited partnership, then in each case A Controls B for this purpose, and the term “Controlled” has the corresponding
meaning; 

  
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 “Corporate Trust Office” means the office of the Security Trustee, at which at any
particular time its corporate trust business shall be principally administered, which office on the date of execution of this Guarantee is located at 2001 University Street, Montréal, Québec, H3A 2A6; 

“Corporation” means Brookfield Renewable Power Preferred Equity Inc. and its successors and assigns; 

“Event of Default” has the meaning given to such term in Section 4.2; 
 “Governing Body” means (i) with respect to a corporation or limited company, such corporation or limited company, (ii) with respect to a limited liability company, a manager or
managing partner of such limited liability company, (iii) with respect to a limited partnership, a general partner of such limited partnership (or if any such general partner is itself a partnership, such general partner’s general
partner), (iv) with respect to a general partnership, the managing partner (or if there is no managing partner, each partner) and (v) with respect to any other Person, the Person that has the power to determine the management and policies
of such Person by status, and in the case of each of (i) through (v) includes any Person to whom such Person has delegated any power or authority; 
 “Guaranteed Obligations” has the meaning given to such term in Section 3.4; 

“Guarantors” means, collectively, BREP, BRELP, CanHoldco and Bermuda Holdco and their respective successors and assigns; and
“Guarantor” means any of them; 
 “Guarantor Order” or “Guarantor Request” means, with
respect to a Guarantor, a written request or order signed in the name of such Guarantor by any officer or director (or the equivalent) of the Governing Body of such Guarantor and delivered to the Security Trustee; 

“Holders” means the registered holders of the Series 2 Shares from time to time, provided that, in determining whether the Holders
of the requisite percentage of the aggregate Liquidation Amount of outstanding Series 2 Shares have given any request, notice, consent or waiver hereunder, “Holders” shall not include the Guarantors or any Affiliate of the Guarantors;

 “Liquidation Amount” means an amount equal to $25.00 per Series 1 Share or Series 2 Share plus an amount equal to
all declared and unpaid dividends up to, but excluding, the date fixed for payment or distribution; 
 “Officer’s
Certificate” means, with respect to a Guarantor, a certificate signed by any officer or director (or the equivalent) of the Governing Body of such Guarantor and delivered to the Security Trustee; 

“Opinion of Counsel” means a written opinion of counsel, who may be counsel for a Guarantor, including an employee of a Guarantor, a
Governing Body of a Guarantor or the Corporation, and who shall be acceptable to the Security Trustee; 
 “Person” means an
individual, a corporation, a partnership, an association, a trust or any other entity or organization, including a government or political subdivision or an agency or instrumentality thereof; 

  
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 “Preference Share Obligation” means either a Series 1 Share Obligation or a
Series 2 Share Obligation; 
 “Responsible Officer”, when used with respect to the Security Trustee, means any President,
Chief Executive Officer, Chief Financial Officer, Controller, Senior Vice President, Vice President, Treasurer, Secretary, General Manager, Branch Manager, Director, Broker Products, Regional Manager, Service Delivery, Manager, Client Services,
Manager, Corporate Actions, Manager, Corporate Administration, Manager, Corporate Trust, Manager, Employee Plans, Manager, MBS, Manager, Oil Royalties, Manager, Stock Transfer, Manager, Stock Transfer & Client Services, Manager, Stock
Transfer/Operations, Professional, Client Services, Professional, Corporate Actions, Associate Trust Officer, Corporate Trust Officer, Professional, Employee Plans, Professional, MBS, Professional, Service Delivery, Professional, Stock Transfer of
the Security Trustee and any other officer of the Security Trustee customarily performing functions similar to those performed by any of the above-designated officers, and also means, with respect to a particular corporate trust matter, any other
officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject; 
 “Security
Trustee” means Computershare Trust Company of Canada; 
 “Senior Indebtedness” shall mean, in respect of any
Guarantor, the principal of and the interest and premium (or any other amounts payable thereunder), if any, on: 
  

	 	(i)	all indebtedness (including any indebtedness to trade creditors), liabilities and obligations of such Guarantor (other than the Series 2 Share Obligations and the
Guaranteed Obligations), whether outstanding on the date of this Guarantee or thereafter created, incurred, assumed or guaranteed; and 

  

	 	(ii)	all renewals, extensions, restructurings, refinancings and refundings of any such indebtedness, liabilities or obligations; 

except only for any such indebtedness, liabilities or obligations that are, pursuant to the terms of the instrument creating or evidencing such
indebtedness, liabilities or obligations, expressly pari passu with or subordinate in right of payment to the Series 2 Share Obligations; 
 “Series 1 Redemption Price” means $25.00 per Series 1 Share redeemed; 

“Series 1 Share Obligations” means all financial liabilities and obligations of the Corporation to the Holders in respect of the
Series 1 Shares including or in respect of (i) any declared and unpaid dividends on the Series 1 Shares, (ii) the Series 1 Redemption Price and all declared and unpaid dividends up to, but excluding, the date fixed for redemption
with respect to Series 1 Shares called for redemption, and (iii) the Liquidation Amount payable on the Series 1 Shares upon a voluntary or involuntary dissolution, liquidation or winding up of the Corporation, without regard to the
amount of assets of the Corporation available for distribution; 
 “Series 1 Shares” means the Class A Preference
Shares, Series 1 of the Corporation; 
 “Series 2 Redemption Price” means the following per Series 2 Share redeemed:
(i) $25.00 in the case of redemptions on April 30, 2020 and on April 30 every five years thereafter (each a 

  
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 “Series 2 Share Conversion Date”); or (ii) $25.50 in the case of redemptions on any
date which is not a Series 2 Conversion Date on or after April 30, 2015; 
 “Series 2 Share Obligations” means all
financial liabilities and obligations of the Corporation to the Holders in respect of the Series 2 Shares including or in respect of (i) any declared and unpaid dividends on the Series 2 Shares, (ii) the Series 2 Redemption Price
and all declared and unpaid dividends up to, but excluding, the date fixed for redemption with respect to Series 2 Shares called for redemption, and (iii) the Liquidation Amount payable on the Series 2 Shares upon a voluntary or
involuntary dissolution, liquidation or winding up of the Corporation, without regard to the amount of assets of the Corporation available for distribution; and 
 “Series 2 Shares” means the Class A Preference Shares, Series 2 of the Corporation. 
  

	1.2	Compliance Certificates and Opinions 

 Upon any application or request by a Guarantor to the Security Trustee to take any action under any provision of this Guarantee, such Guarantor shall furnish to the Security Trustee an Officer’s
Certificate stating that all conditions precedent, if any, provided for in this Guarantee (including any covenant compliance with which constitutes a condition precedent) relating to the proposed action have been complied with and an Opinion of
Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, except that in the case of any such application or request as to which the furnishing of such documents is specifically required by
any provision of this Guarantee relating to such particular application or request, no additional certificate or opinion need be furnished. 
 In addition to the foregoing, every certificate or opinion with respect to compliance with a covenant or condition provided for in this Guarantee (other than as otherwise specified herein) shall include:

  

	 	(a)	a statement that each individual signing such certificate or opinion has read and understood such covenant or condition and the definitions herein relating thereto;

  

	 	(b)	a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are
based; 

  

	 	(c)	a statement that, in the opinion of each such individual, he or she has made such examination or investigation as is necessary to enable him or her to express an
informed opinion as to whether or not such covenant or condition has been complied with; and 

  

	 	(d)	a statement as to whether, in the opinion of each such individual, such covenant or condition has been complied with. 

 

	1.3	Form of Documents Delivered to Security Trustee 

 In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or

  
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covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and
one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
 Any certificate or opinion of an officer of the Governing Body of a Guarantor may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless
such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his or her certificate or opinion is based are erroneous. Any such certificate or
Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Governing Body of a Guarantor stating that the information with respect to such factual
matters is in the possession of such Guarantor, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 

Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or
other instruments under this Guarantee, they may, but need not, be consolidated and form one instrument. 
  

	1.4	Acts of Holders 

  

	 	(a)	Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Guarantee to be given or taken by one or more Holders may be
embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agents duly appointed by them in writing. Except as herein otherwise expressly provided, such action shall become effective
when such instrument or instruments are delivered to the Security Trustee and, where it is hereby expressly required, to the Guarantors and/or the Corporation. Such instrument or instruments (and the action embodied therein and evidenced thereby)
are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments or so voting at any such meeting. Proof of execution of any such instrument or of a writing appointing any such agent, or of the
holding by any Person of a Series 2 Share, shall be sufficient for any purpose of this Guarantee and conclusive in favour of the Security Trustee, the Guarantors and the Corporation, if made in the manner provided in this Section.

  

	 	(b)	The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of
a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution is by a signer acting in a
capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same,
may also be proved in any other manner that the Security Trustee deems sufficient. 

  
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	 	(c)	If a Guarantor shall solicit from the Holders of Series 2 Shares any request, demand, authorization, direction, notice, consent, waiver or other Act, such
Guarantor may, at its option, by or pursuant to a Board Resolution, fix in advance a record date for the determination of Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act, but such
Guarantor shall have no obligation to do so. Such record date shall be the record date specified in or pursuant to such Board Resolution, which shall be a date not earlier than the date 30 days prior to the first solicitation of Holders
generally in connection therewith and not later than the date such solicitation is completed. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given before or after such
record date, but only the Holders of record at the close of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite percentage of outstanding Series 2 Shares have authorized or
agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the outstanding Series 2 Shares shall be computed as of such record date; provided that no such authorization,
agreement or consent by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Guarantee not later than eleven months after the record date. 

 

	1.5	Notices, Etc. to Security Trustee and Guarantors 

 Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other documents provided or permitted by this Guarantee to be made upon, given or furnished to, or filed with,

  

	 	(a)	 the Security Trustee by any Holder, any Guarantor or the Corporation shall be sufficient for every purpose hereunder if in writing and delivered,
mailed (first-class postage prepaid) or sent by facsimile to the Security Trustee at 100 University Ave, 8th Floor, Toronto ON M5J 2Y1 Attention: Manager, Corporate Trust, Facsimile No. 416-981-9777; or 

  

	 	(b)	BREP by any Holder, the Security Trustee, any other Guarantor or the Corporation shall be sufficient for every purpose hereunder (unless otherwise herein expressly
provided) if in writing and delivered, mailed (first-class postage prepaid) or sent by facsimile to BREP addressed to it at c/o Appleby Corporate Services, Canon’s Court, 22 Victoria Street, P. O. Box HM 1179, Hamilton HM EX, Bermuda
or at any other address previously furnished in writing to the Security Trustee by BREP, Attention: Secretary, Facsimile No. 441-298-3304; or 

  

	 	(c)	 BRELP by any Holder, the Security Trustee, any other Guarantor or the Corporation shall be sufficient for every purpose hereunder (unless otherwise
herein expressly provided) if in writing and delivered, mailed (first-class postage 

  
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prepaid) or sent by facsimile to BRELP addressed to it at c/o Appleby Corporate Services, Canon’s Court, 22 Victoria Street, P. O. Box HM 1179, Hamilton HM EX, Bermuda or at any other
address previously furnished in writing to the Security Trustee by BRELP, Attention: Secretary, Facsimile No. 441-298-3304; or 

  

	 	(d)	CanHoldco by any Holder, the Security Trustee, any other Guarantor or the Corporation shall be sufficient for every purpose hereunder (unless otherwise herein expressly
provided) if in writing and delivered, mailed (first-class postage prepaid) or sent by facsimile to CanHoldco addressed to it at 480 de la Cité Blvd., Gatineau, Québec, J8T 8R3, or at any other address previously furnished in
writing to the Security Trustee by CanHoldco, Attention: Corporate Secretary, Facsimile No. (416) 363-2856; or 

  

	 	(e)	Bermuda Holdco by any Holder, the Security Trustee, any other Guarantor or the Corporation shall be sufficient for every purpose hereunder (unless otherwise herein
expressly provided) if in writing and delivered, mailed (first-class postage prepaid) or sent by facsimile to Bermuda Holdco addressed to it at c/o Appleby Corporate Services, Canon’s Court, 22 Victoria Street, P. O. Box HM 1179, Hamilton HM
EX, Bermuda or at any other address previously furnished in writing to the Security Trustee by Bermuda Holdco, Attention: Secretary, Facsimile No. 441-298-3304; or 

 

	 	(f)	the Corporation by any Holder, the Security Trustee or any Guarantor shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in
writing and delivered, mailed (first-class postage prepaid) or sent by facsimile to the Corporation addressed to it at 480 de la Cité Blvd., Gatineau, Québec, J8T 8R3, or at any other address previously furnished in writing to the
Security Trustee by the Corporation, Attention: Corporate Secretary, Facsimile No. (416) 363-2856. 

Any delivery made or facsimile sent on a day other than a Business Day, or after 3:00 p.m. (Toronto time) on a Business Day, shall
be deemed to be received on the next following Business Day. Anything mailed shall not be deemed to have been given until it is actually received. A Guarantor or the Corporation may from time to time notify the Security Trustee of a change in
address or facsimile number which thereafter, until changed by like notice, shall be the address or facsimile number of the Guarantor or the Corporation for all purposes of this Guarantee. 

 

	1.6	Notice to Holders; Waiver 

Where this Guarantee provides for notice of any event to the Holders of Series 2 Shares by the Guarantors or the Security Trustee,
such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each such Holder affected by such event, at the Holder’s address as it appears in the list of Holders
as provided by the Corporation, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice or in any other manner from time to time permitted by

  
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applicable laws, including, without limitation, internet-based or other electronic communications. In any case where notice to the Holders of Series 2 Shares is given by mail, neither the
accidental failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders of Series 2 Shares, but upon such failure to mail or such defect
in any notice so mailed being discovered, the notice (as corrected to address any defects) shall be mailed forthwith to such Holder. Any notice mailed to a Holder in the manner herein prescribed shall be conclusively deemed to have been received by
such Holder, whether or not such Holder actually receives such notice. 
 Any request, demand, authorization, direction, notice,
consent or waiver required or permitted under this Guarantee shall be in the English language. 
 Where this Guarantee provides
for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with
the Security Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 
  

	1.7	Effect of Headings and Table of Contents 

 The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 

 

	1.8	Successors and Assigns 

All covenants and agreements in this Guarantee by the Guarantors shall bind their respective successors and assigns, whether so expressed
or not. 
  

	1.9	Severability Clause 

 In
case any provision in this Guarantee shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

 

	1.10	Governing Law 

 This
Guarantee shall be governed by and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein. 
  

	1.11	No Recourse Against Certain Persons 

 A director (or the equivalent for a Guarantor that is not a corporation), officer, employee or securityholder, as such, of a Guarantor or the Governing Body of a Guarantor shall not have any liability for
any obligations of such Guarantor under this Guarantee or for any claim based on, in respect of or by reason of such obligations or its creation. Each of the parties hereto acknowledges that BREP and BRELP are limited partnerships and that there is
no recourse to the limited partners of BREP or BRELP. 

  
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	1.12	Multiple Originals 

 The
parties may sign any number of copies of this Guarantee. Each signed copy shall be an original, but all of them together represent the same agreement. One signed copy is enough to prove this Guarantee. 

 

	1.13	Language 

 Les parties aux
présentes ont exigé que la présente convention ainsi que tous les documents et avis qui s’y rattachent et/ou qui en decouleront soient rediges et exécutés en langue anglaise. The parties hereto have required
that this Guarantee and all documents and notices related thereto be drafted and executed in English. 
 ARTICLE 2

 GUARANTEE 
  

	2.1	Guarantee 

 The Guarantors
irrevocably and unconditionally, jointly and severally, guarantee in favour of the Holders the due and punctual payment of the Series 2 Share Obligations, regardless of any defense (except for the defense of payment by the Corporation), right
of set-off or counterclaim which a Guarantor may have or assert. Each Guarantor’s obligation to pay Series 2 Share Obligations may be satisfied by (i) direct payment to the Holders or (ii) payment to the Holders through the facilities
of the Security Trustee. A Guarantor shall give prompt written notice to the Security Trustee in the event it makes a direct payment to the Holders hereunder. 
  

	2.2	Waiver of Notice 

 Each
Guarantor hereby waives notice of acceptance of this Guarantee. 
  

	2.3	Guarantee Absolute 

 Each
Guarantor guarantees that the Series 2 Share Obligations will be paid strictly in accordance with the terms of the Series 2 Shares and this Guarantee within the time required by Section 2.1, regardless of any law, regulation or order now
or hereafter in effect in any jurisdiction affecting any such terms or the rights of the Holders with respect thereto. The liability of each Guarantor under this Guarantee shall be absolute and unconditional irrespective of: 

 

	 	(a)	any sale, transfer or assignment by any Holder of any Series 2 Shares or any right, title, benefit or interest of such Holder therein or thereto;

  

	 	(b)	any amendment or change in or to, or any waiver of, any of the terms of the Series 2 Shares; 

 

	 	(c)	any change in the name, objects, constitution, capacity, capital or the constating documents of a Guarantor; 

  
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	 	(d)	any change in the name, objects, constitution, capacity, capital or the constating documents of the Corporation; 

 

	 	(e)	any partial payment by the Corporation, or any release or waiver, by operation of law or otherwise, of the performance or observance by the Corporation of any express
or implied agreement, covenant, term or condition relating to the Series 2 Shares to be performed or observed by the Corporation; 

  

	 	(f)	the extension of time for the payment by the Corporation of all or any portion of the Series 2 Share Obligations or the extension of time for the performance of any
other obligation under, arising out of, or in connection with, the Series 2 Shares; 

  

	 	(g)	any failure, omission, delay or lack of diligence on the part of the Holders to enforce, assert or exercise any right, privilege, power or remedy conferred on the
Holders pursuant to the terms of the Series 2 Shares, or any action on the part of the Corporation granting indulgence or extension of any kind; 

  

	 	(h)	subject to Section 4.1(b), the recovery of any judgment against the Corporation, any voluntary or involuntary liquidation, dissolution, sale of any collateral,
winding up, merger or amalgamation of the Corporation or a Guarantor, any sale or other disposition of all or substantially all of the assets of the Corporation, or any judicial or extrajudicial receivership, insolvency, bankruptcy, assignment for
the benefit of, or proposal to, creditors, reorganization, moratorium, arrangement, composition with creditors, or readjustment of debt of, or other proceedings affecting the Corporation, a Guarantor or any of the assets of the Corporation or a
Guarantor; 

  

	 	(i)	any circumstance, act or omission that would prevent subrogation operating in favour of a Guarantor; 

 

	 	(j)	any invalidity of, or defect or deficiency in, the Series 2 Shares or this Guarantee; 

 

	 	(k)	the settlement or compromise of any obligation guaranteed hereby or hereby incurred; or 

 

	 	(l)	any other circumstance, act or omission that might otherwise constitute a defence available to, or a discharge of, the Corporation in respect of any of the
Series 2 Share Obligations, or a Guarantor in respect of any of the Series 2 Share Obligations (other than, and to the extent of, the payment or satisfaction thereof); 

 it being the intent of the Guarantors that their obligations in respect of the Series 2 Share Obligations shall be absolute and unconditional under all circumstances and shall not be discharged
except by payment in full of the Series 2 Share Obligations. The Holders shall not be bound or obliged to exhaust their recourse against the Corporation or any other Persons or to take any other action before being entitled to demand payment
from the Guarantors hereunder. 
 There shall be no obligation of the Holders to give notice to, or obtain the consent of, any
or all of the Guarantors with respect to the happening of any of the foregoing. 

  
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	2.4	Continuing Guarantee 

This Guarantee shall apply to and secure any ultimate balance due or remaining due to the Holders in respect of the Series 2 Share
Obligations and shall be binding as an absolute and continuing obligation of each Guarantor. This Guarantee shall continue to be effective or be reinstated, as the case may be, if at any time payment of any of the Series 2 Share Obligations
must or may be rescinded, is declared or may become voidable, or must or may otherwise be returned by the Holders for any reason, including the insolvency, bankruptcy, dissolution or reorganization of the Corporation or upon or as a result of the
appointment of a custodian, receiver, trustee or other officer with similar powers with respect to the Corporation or any substantial part of its property, all as though such payment had not been made. If at any time the Corporation is precluded
from making payment when due in respect of any Series 2 Share Obligations by reason of the provisions of the CBCA or otherwise, such amounts shall nonetheless be deemed to be due and payable by the Corporation to the Holders for all purposes of
this Guarantee and the Series 2 Share Obligations shall be immediately due and payable to the Holders. This is a guarantee of payment, and not merely a deficiency or collection guarantee. 

 

	2.5	Rights of Holders 

 Each
Guarantor expressly acknowledges that: (i) this Guarantee will be deposited with the Security Trustee to be held for the benefit of the Holders; and (ii) the Security Trustee has the right to enforce this Guarantee on behalf of the
Holders. 
  

	2.6	Guarantee of Payment 

 If
the Corporation shall fail to pay any of the Series 2 Share Obligations when due, the Guarantors shall, jointly and severally, pay to the Holders the Series 2 Share Obligations immediately after demand made in writing by one or more
Holders or the Security Trustee, but in any event within 15 days of any failure by the Corporation to pay the Series 2 Share Obligations when due, without any evidence that the Holders or the Security Trustee have demanded that the
Corporation or the Guarantors pay any of the Series 2 Share Obligations or that the Corporation has failed to do so. 
  

	2.7	Subrogation 

 The
Guarantors shall have no right of subrogation in respect of any payment made to the Holders hereunder until such time as the Series 2 Share Obligations have been fully satisfied. In the case of the liquidation, dissolution, winding-up or
bankruptcy of the Corporation (whether voluntary or involuntary), or if the Corporation makes an arrangement or compromise or proposal with its creditors, the Holders shall have the right to rank for their full claim and to receive all dividends or
other payments in respect thereof until their claims have been paid in full, and the Guarantors shall continue to be liable, jointly and severally, to the Holders for any balance which may be owing to the Holders by the Corporation. The
Series 2 Share Obligations shall not, however, be released, discharged, limited or affected by the failure or omission of the Holders to prove the whole or part of any claim against the Corporation. If any amount is paid to a Guarantor on
account of any subrogation arising hereunder at any time when the Series 2 Share Obligations have not been fully satisfied, such amount shall be held in trust by such Guarantor for the benefit of the Holders and shall forthwith be paid to the
Holders to be credited and applied against the Series 2 Share Obligations. 

  
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	2.8	Independent Obligations 

Each Guarantor acknowledges that its obligations hereunder are independent of the obligations of the Corporation with respect to the
Series 2 Shares and that such Guarantor shall be liable to make payment of the Series 2 Share Obligations pursuant to the terms of this Guarantee notwithstanding the occurrence of any event referred to in subsections (a)
through (l), inclusive, of Section 2.3 and regardless of whether the Holders make a demand upon such Guarantor. Each Guarantor will pay the Series 2 Share Obligations without regard to any equities between it and the Corporation or
any defence or right of set-off, compensation, abatement, combination of accounts or cross-claim that it or the Corporation or the other Guarantors may have. 
  

	2.9	Guarantors to Investigate Financial Condition of the Corporation 

 Each Guarantor acknowledges that it has fully informed itself about the financial condition of the Corporation. Each Guarantor assumes full responsibility for keeping fully informed of the financial
condition of the Corporation and all other circumstances affecting the Corporation’s ability to pay the Series 2 Share Obligations. 
 ARTICLE 3 
 SUBORDINATION OF OBLIGATIONS TO SENIOR
INDEBTEDNESS 
  

	3.1	Applicability of Article 

The obligations of each Guarantor hereunder shall be subordinate and subject in right of payment, to the extent and in the manner
hereinafter set forth in the following sections of this Article 3, to the prior payment in full of all Senior Indebtedness of such Guarantor, and the Security Trustee and each Holder of Series 2 Shares as a condition to and by acceptance
of the benefits conferred hereby agrees to and shall be bound by the provisions of this Article 3. 
  

	3.2	Order of Payment 

 Upon
any distribution of the assets of a Guarantor on any dissolution, winding up, liquidation or reorganization of such Guarantor (whether in bankruptcy, insolvency or receivership proceedings, or upon an “assignment for the benefit of
creditors” or any other marshalling of the assets and liabilities of such Guarantor, or otherwise): 
  

	 	(a)	all Senior Indebtedness of such Guarantor shall first be paid in full, or provision made for such payment, before any payment is made on account of the Series 2
Share Obligations; and 

  

	 	(b)	 any payment or distribution of assets of such Guarantor, whether in cash, property or securities, to which the Holders of the Series 2 Shares or
the Security Trustee on behalf of such Holders would be entitled except for the provisions of this Article 3, shall be paid or delivered by the trustee in bankruptcy, receiver,

  
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assignee for the benefit of creditors, or other liquidating agent making such payment or distribution, directly to the holders of Senior Indebtedness of such Guarantor or their representative or
representatives, or to the trustee or trustees under any indenture pursuant to which any instruments evidencing any of such Senior Indebtedness may have been issued, to the extent necessary to pay all Senior Indebtedness of such Guarantor in full
after giving effect to any concurrent payment or distribution, or provision therefor, to the holders of such Senior Indebtedness. 

  

	3.3	Subrogation to Rights of Holders of Senior Indebtedness 

 Subject to the payment in full of all Senior Indebtedness of a Guarantor, the Holders of the Series 2 Shares shall be subrogated to the rights of the holders of Senior Indebtedness of such Guarantor
to receive payments or distributions of assets of such Guarantor (to the extent of the application thereto of such payments or other assets which would have been received by the Holders of the Series 2 Shares but for the provisions hereof)
until the Series 2 Share Obligations shall be paid in full, and no such payments or distributions to the Holders of the Series 2 Shares of cash, property or securities, which otherwise would be payable or distributable to the holders of
such Senior Indebtedness, shall, as between such Guarantor, its creditors (other than the holders of Senior Indebtedness), and the Holders of Series 2 Shares, be deemed to be a payment by such Guarantor to the holders of such Senior
Indebtedness or on account of such Senior Indebtedness, it being understood that the provisions of this Article 3 are and are intended solely for the purpose of defining the relative rights of the Holders of the Series 2 Shares, on the one
hand, and the holders of Senior Indebtedness of such Guarantor, on the other hand. 
  

	3.4	Pari Passu Ranking 

 Notwithstanding anything herein contained to the contrary, the obligations of each Guarantor hereunder rank on a pro rata and pari passu basis with the obligations of such
Guarantor under the Series 1 Share Obligations and with any other obligations of such Guarantor in respect of similar guarantees that may be provided by such Guarantor in respect of other series of Class A Preference Shares of the
Corporation (collectively, the “Guaranteed Obligations”). 
  

	3.5	Obligation to Pay Not Impaired 

 Nothing contained in this Article 3 or elsewhere in this Guarantee or in the Series 2 Shares is intended to or shall impair, as between a Guarantor, its creditors (other than the holders of
Senior Indebtedness), and the Holders of the Series 2 Shares, the obligation of such Guarantor, which is absolute and unconditional, to pay to the Holders of the Series 2 Shares the Series 2 Share Obligations in accordance herewith,
as and when the same shall become due and payable in accordance with this Guarantee, or affect the relative rights of the Holders of the Series 2 Shares and creditors of such Guarantor other than the holders of the Senior Indebtedness; nor
shall anything herein or therein prevent the Security Trustee or the Holder of any Series 2 Share from exercising all remedies otherwise permitted by applicable law upon default under this Guarantee, subject to the rights, if any, under this
Article 3 of the holders of Senior Indebtedness in respect of cash, property or securities of such Guarantor that are received upon the exercise of any such remedy. 

  
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	3.6	No Payment if Senior Indebtedness in Default 

 Upon the maturity of any Senior Indebtedness of a Guarantor by lapse of time, acceleration, demand or otherwise, then, except as provided in Section 3.7, all principal of and interest on all such
matured Senior Indebtedness shall first be paid in full, or shall first have been duly provided for, before any payment by such Guarantor is made on account of the Series 2 Share Obligations. 

In case of default with respect to any Senior Indebtedness of a Guarantor permitting the holders thereof to accelerate the maturity
thereof, unless and until such default shall have been cured or waived or shall have ceased to exist, no payment (by purchase of the Series 2 Shares or otherwise) shall be made by such Guarantor with respect to the Series 2 Share
Obligations, and neither the Security Trustee nor the Holders of Series 2 Shares shall be entitled to demand, institute proceedings for the collection of, or receive any payment or benefit from such Guarantor (including without limitation by
set-off, combination of accounts or otherwise in any manner whatsoever) on account of the Series 2 Share Obligations after the happening of such a default (except as provided in Section 3.8), and unless and until such default shall have
been cured or waived or shall have ceased to exist, such payments received from such Guarantor shall be held in trust for the benefit of, and, if and when the Senior Indebtedness of such Guarantor shall have become due and payable, shall be paid
over to, the holders of such Senior Indebtedness or their representative or representatives or to the trustee or trustees under any indenture under which any instruments evidencing an amount of such Senior Indebtedness remaining unpaid, until all
such Senior Indebtedness shall have been paid in full, after giving effect to any concurrent payment or distribution to the holders of such Senior Indebtedness. 
 The fact that any payment hereunder is prohibited by this Section 3.6 shall not prevent the failure to make such payment from being an Event of Default hereunder. 

 

	3.7	Payment on Series 2 Shares Permitted 

 Nothing contained in this Article 3 or elsewhere in this Guarantee, or in any of the Series 2 Shares, shall affect the obligation of a Guarantor to make, or prevent such Guarantor from making,
at any time except during the pendency of any dissolution, winding up or liquidation of such Guarantor or reorganization proceedings specified in Section 3.2 affecting the affairs of such Guarantor, any payment on account of the Series 2
Share Obligations, except that such Guarantor shall not make any such payment other than as contemplated by this Article 3, if it is in default in payment of any of its Senior Indebtedness. The fact that any such payment is prohibited by this
Section 3.7 shall not prevent the failure to make such payment from being an Event of Default hereunder. Nothing contained in this Article 3 or elsewhere in this Guarantee, or in any of the Series 2 Shares, shall prevent the
application by the Security Trustee of any moneys deposited with the Security Trustee hereunder for the purpose so deposited, to the payment of or on account of the Series 2 Share Obligations unless and until the Security Trustee shall have
received written notice from a Guarantor or from the holder of Senior Indebtedness or from the representative of any such holder of default with respect to any Senior Indebtedness permitting the holders thereof to accelerate the maturity thereof.

  
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	3.8	Confirmation of Subordination 

 As a condition to the benefits conferred hereby on each Holder of Series 2 Shares, each such Holder by acceptance thereof authorizes and directs the Security Trustee, on the Holder’s behalf, to
take such action as may be necessary or appropriate to effectuate the subordination as provided in this Article 3, and appoints the Security Trustee as the Holder’s attorney-in-fact for any and all such purposes. Upon request of a
Guarantor, and upon being furnished with an Officer’s Certificate stating that one or more named persons are holders of Senior Indebtedness of such Guarantor, or the representative or representatives of such holders, or the trustee or trustees
under which any instrument evidencing such Senior Indebtedness may have been issued, and specifying the amount and nature of such Senior Indebtedness, the Security Trustee shall enter into a written agreement or agreements with such Guarantor and
the person or persons named in such Officer’s Certificate providing that such person or persons are entitled to all the rights and benefits of this Article 3 as the holder or holders, representative or representatives, or trustee or
trustees of such Senior Indebtedness specified in such Officer’s Certificate and in such agreement. Such agreement shall be conclusive evidence that the indebtedness specified therein is Senior Indebtedness, however, nothing herein shall impair
the rights of any holder of Senior Indebtedness who has not entered into such an agreement. 
  

	3.9	Security Trustee May Hold Senior Indebtedness 

 The Security Trustee is entitled to all the rights set forth in this Article 3 with respect to any Senior Indebtedness at the time held by it, to the same extent as any other holder of Senior
Indebtedness, and nothing in this Guarantee deprives the Security Trustee of any of its rights as such holder. 
  

	3.10	Rights of Holders of Senior Indebtedness Not Impaired 

 No right of any present or future holder of any Senior Indebtedness to enforce the subordination herein will at any time or in any way be prejudiced or impaired by any act or failure to act on the part of
a Guarantor or by any non-compliance by a Guarantor with the terms, provisions and covenants of this Guarantee, regardless of any knowledge thereof which any such holder may have or be otherwise charged with. 

 

	3.11	Altering Senior Indebtedness 

 A holder of Senior Indebtedness has the right to extend, renew, modify or amend the terms of such Senior Indebtedness or any security therefor and to release, sell or exchange such security and otherwise
to deal freely with a Guarantor or any other Person, all without notice to or consent of the Holders of the Series 2 Shares or the Security Trustee and without affecting the subordination herein, the liabilities and obligations of the parties
to this Guarantee or the Holders of the Series 2 Shares or the Security Trustee. 

  
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	3.12	Additional Indebtedness 

This Guarantee does not restrict any of the Guarantors from incurring any indebtedness for borrowed money or otherwise or mortgaging,
pledging or charging its properties to secure any indebtedness. 
 ARTICLE 4 

TERMINATION AND REMEDIES 
  

	4.1	Termination of Guarantee 

  

	 	(a)	This Guarantee shall terminate upon the occurrence of the following events: 

 

	 	(i)	either 

  

	 	(A)	all of the outstanding Series 1 Shares and Series 2 Shares shall have been purchased and cancelled; or 

 

	 	(B)	all of the Series 1 Shares and Series 2 Shares shall have been redeemed, 

and, in each case, all amounts payable on the Series 2 Shares, including all accrued and unpaid dividends, shall have been paid in
full by the Corporation and/or the Guarantors, as the case may be; and 
  

	 	(ii)	all other sums payable by the Corporation in respect of the Series 2 Share Obligations have been paid; and 

the Guarantors shall confirm to the Security Trustee in writing the occurrence of either event under Section 4.1(a)(i). 

 

	 	(b)	All of the rights, obligations and liabilities of a Guarantor pursuant to this Guarantee shall terminate upon the conveyance, distribution, transfer or lease (including
pursuant to a reorganization, consolidation, liquidation, dissolution, sale of any collateral, winding up, merger, amalgamation, arrangement or otherwise) of all or substantially all of such Guarantor’s properties, securities and assets to a
Person that is a Guarantor immediately prior to such conveyance, distribution, transfer or lease. 

  

	 	(c)	Upon termination (including any partial termination with respect to a Guarantor) of this Guarantee the Security Trustee shall, upon request of a Guarantor, provide to
such Guarantor written documentation acknowledging the termination (or partial termination with respect to a Guarantor) of this Guarantee. Notwithstanding the termination (including any partial termination with respect to a Guarantor) of this
Guarantee, the obligations of each Guarantor to the Security Trustee under Section 5.3 shall survive. 

  
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	4.2	Suits for Enforcement by the Security Trustee 

 In the event that the Guarantors fail to pay the Series 2 Share Obligations as required (an “Event of Default”) pursuant to the terms of this Guarantee, the Holders may institute
judicial proceedings for the collection of the moneys so due and unpaid, may prosecute such proceedings to judgment or final decree and may enforce the same against the Corporation and/or the Guarantors and may collect the moneys adjudged or decreed
to be payable in the manner provided by law out of the property of the Guarantors. 
 If an Event of Default occurs and is
continuing, the Security Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders, upon being indemnified and funded to its satisfaction by the Holders, by such appropriate judicial proceedings as the
Security Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Guarantee or in aid of the exercise of any power granted herein, or to enforce any other
proper remedy. 
  

	4.3	Security Trustee May File Proofs of Claim 

 In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to a Guarantor or the property
of a Guarantor, the Security Trustee shall be entitled and empowered, by intervention in such proceeding or otherwise, 
  

	 	(a)	to file and prove a claim for any Series 2 Share Obligation then due and payable and to file such other papers or documents as may be necessary or advisable in
order to have the claims of the Security Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Security Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding; and

  

	 	(b)	to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; 

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by
each Holder to make such payments to the Security Trustee. 
 Nothing herein contained shall be deemed to authorize the Security
Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Series 2 Shares or the rights of any Holder thereof or to authorize the Security
Trustee to vote in respect of the claim of any Holder in any such proceeding. 
  

	4.4	Security Trustee May Enforce Claims Without Possession of Series 2 Shares 

All rights of action and claims under this Guarantee may be prosecuted and enforced by the Security Trustee without the possession of any
of the Series 2 Shares in any proceeding relating thereto, and any such proceeding instituted by the Security Trustee shall be 

  
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brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of
the Security Trustee, its agents and counsel, be for the rateable benefit of the Holders of the Series 2 Shares in respect of which such judgment has been recovered. 

 

	4.5	Application of Money Collected 

 Any money collected by the Security Trustee pursuant to this Article shall be applied in the following order: 
 FIRST, To the payment of all amounts due to the Security Trustee including, without limitation, the reasonable compensation, expenses, disbursements and advances of the Security Trustee in
or about the execution of its trust, or otherwise in relation hereto, with interest thereon as herein provided; 

SECOND, To the payment of all amounts due to the Holders of the Series 2 Shares in respect of the costs, charges,
expenses and advances incurred in connection with enforcing their rights hereunder; 
 THIRD, To the payment of any
Preference Share Obligation then due and unpaid on a pro rata basis; and 
 FOURTH, The balance, if any, to the
Person or Persons entitled thereto. 
  

	4.6	Limitation on Suits 

 No
Holder of any outstanding Series 2 Shares shall have any right to institute any proceeding, judicial or otherwise, with respect to this Guarantee, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:

  

	 	(a)	such Holder has previously given written notice to the Security Trustee of a continuing Event of Default with respect to this Guarantee; 

 

	 	(b)	the Holders representing not less than 25% of the aggregate Liquidation Amount of all of the then outstanding Series 2 Shares affected by such Event of Default
(determined as one class), shall have made written request to the Security Trustee to institute proceedings in respect of such Event of Default in its own name as Security Trustee hereunder; 

 

	 	(c)	such Holder or Holders have provided to the Security Trustee reasonable funding, if requested by the Security Trustee, and reasonable indemnity against the costs,
expenses and liabilities to be incurred in compliance with such request; 

  

	 	(d)	the Security Trustee for 15 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and

  

	 	(e)	no direction inconsistent with such written request has been given to the Security Trustee during such 15-day period by the Holders representing a majority of the
aggregate Liquidation Amount of all of the then outstanding Series 2 Shares affected by such Event of Default (determined as one class); 

  
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 it being understood and intended that no one or more of such Holders shall have any right in any manner
whatever by virtue of, or by availing of, any provision of this Guarantee to affect, disturb or prejudice the rights of any other Holders of the outstanding Series 2 Shares, or to obtain or to seek to obtain priority or preference over any
other of such Holders or to enforce any right under this Guarantee, except in the manner herein provided and for the equal and rateable benefit of all Holders of the outstanding Series 2 Shares. 

 

	4.7	Restoration of Rights and Remedies 

 If the Security Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Guarantee and such proceeding has been discontinued or abandoned for any reason, or has been
determined adversely to the Security Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Guarantors, the Security Trustee and the Holders of Series 2 Shares shall be restored severally
and respectively to their former positions hereunder and thereafter all rights and remedies of the Security Trustee and the Holders shall continue as though no such proceeding had been instituted. 

 

	4.8	Rights and Remedies Cumulative 

 No right or remedy herein conferred upon or reserved to the Security Trustee or to the Holders of Series 2 Shares is intended to be exclusive of any other right or remedy, and every right and remedy
shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or
otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
  

	4.9	Delay or Omission Not Waiver 

 No delay or omission of the Security Trustee or of any Holder of any Series 2 Shares to exercise any right or remedy accruing upon an Event of Default shall impair any such right or remedy or
constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Security Trustee or to the Holders may be exercised from time to time, and as often as may be deemed
expedient, by the Security Trustee or by the Holders, as the case may be. 
  

	4.10	Control by Holders 

 The
Holders representing not less than a majority of the aggregate Liquidation Amount of all of the then outstanding Series 2 Shares affected by an Event of Default (determined as one class) shall have the right to direct the time, method and place
of conducting any proceeding for any remedy available to the Security Trustee, or exercising any trust or power conferred on the Security Trustee, with respect to this Guarantee, provided that in each case: 

 

	 	(a)	such direction shall not be in conflict with any rule of law or with this Guarantee; 

  
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	 	(b)	the Security Trustee may take any other action deemed proper by the Security Trustee which is not inconsistent with such direction; and 

 

	 	(c)	the Security Trustee need not take any action which might involve it in personal liability or be unjustly prejudicial to the Holders of outstanding Series 2 Shares
not consenting to any such direction. 

  

	4.11	Waiver of Stay or Extension Laws 

 Each Guarantor covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or
extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Guarantee; and each Guarantor (to the extent that it may lawfully do so) hereby expressly waives all benefit or
advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Security Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

  

	4.12	Undertaking for Costs 

All parties to this Guarantee agree, and each Holder of any Series 2 Shares by acceptance thereof and by acceptance of the benefits
hereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Guarantee, or in any suit against the Security Trustee for any action taken, suffered or omitted
by it as Security Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit and that such court may in its discretion assess reasonable costs, including reasonable lawyers’ fees, against any party
litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to (i) any suit instituted by a Guarantor, (ii) any suit
instituted by the Security Trustee, (iii) any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 25% of the aggregate Liquidation Amount of all of the then outstanding Series 2 Shares, or (iv) any
suit instituted by any Holder for the enforcement of the payment of the Series 2 Share Obligations. 
 ARTICLE 5

 THE SECURITY TRUSTEE 
  

	5.1	Certain Duties and Responsibilities 

  

	 	(a)	The Security Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Guarantee, and no implied covenants or obligations
shall be read into this Guarantee against the Security Trustee. 

  

	 	(b)	The Security Trustee, in exercising its powers and discharging its duties prescribed or conferred by this Guarantee, shall 

(i) act honestly and in good faith with a view to the best interests of the Holders of the Series 2 Shares, and 

  
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	 	(ii)	exercise that degree of care, diligence and skill a reasonably prudent trustee, appointed in respect of a guarantee indenture would exercise in comparable
circumstances. 

  

	 	(c)	In the absence of bad faith on its part, the Security Trustee, in the exercise of its rights and duties hereunder, may conclusively act and rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon certificates, opinions or other evidence furnished to the Security Trustee and conforming to the requirements of this Guarantee. The Security Trustee shall not be liable for or
by reason of any statements of fact or recitals in this Guarantee or be required to verify the same, but all such statements or recitals are and shall be deemed to be made by the Guarantors (or by their agents). The Security Trustee shall not in any
way be responsible for the consequence of any breach on the part of a Guarantor (or by its agents) of any of the Guarantor’s covenants herein. 

  

	 	(d)	No provision of this Guarantee shall be construed to relieve the Security Trustee from the duties imposed on it in Section 5.1(b) or from liability for its own
gross negligence or its own wilful misconduct, except that: 

  

	 	(i)	this Section 5.1(d) shall not be construed to limit the effect of Section 5.1(a) and (b); 

 

	 	(ii)	the Security Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it shall be proved that the Security Trustee was
grossly negligent in ascertaining the pertinent facts; 

  

	 	(iii)	the Security Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with an appropriate direction of the
Holders pursuant to Section 4.10 relating to the time, method and place of conducting any proceeding for any remedy available to the Security Trustee, or exercising any trust or power conferred upon the Security Trustee, under this Guarantee;
and 

  

	 	(iv)	no provision of this Guarantee shall require the Security Trustee to expend or risk its own funds or otherwise incur any personal financial liability in the performance
of any of its duties hereunder, or in the exercise of any of its rights or powers except as herein expressly provided. 

  

	 	(e)	Whether or not herein expressly so provided, every provision of this Guarantee relating to the conduct or affecting the liability of or affording protection to the
Security Trustee shall be subject to the provisions of this Section. 

  

	5.2	Certain Rights of Security Trustee 

 Subject to the provisions of Section 5.1: 
  

	 	(a)	 the Security Trustee may rely absolutely and shall be protected in acting or refraining from acting upon any resolution, Officer’s Certificate or
other 

  
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certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, or other paper or document believed by it to be genuine and to have been signed or presented by
the proper party or parties, not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth or accuracy of any information therein contained; 

 

	 	(b)	any order, request or direction of a Guarantor mentioned herein shall be sufficiently evidenced by a Guarantor Request or Guarantor Order and any resolution shall be
sufficiently evidenced by a Board Resolution; 

  

	 	(c)	whenever in the administration of this Guarantee the Security Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or
omitting any action hereunder, the Security Trustee (unless other evidence be herein specifically prescribed) may act and rely upon an Officer’s Certificate (i) as evidence of the truth of any statements of fact, and (ii) to the
effect that any particular dealing or transaction or step or thing is, in the opinion of the officers so certifying, expedient, as evidence that it is expedient; provided that the Security Trustee may in its sole discretion, acting reasonably,
require from any Guarantor or otherwise further evidence or information before acting or relying on such certificate; 

  

	 	(d)	the Security Trustee may employ or retain such agents, counsel and other assistants as it may reasonably require for the proper determination and discharge of its
duties hereunder and shall be entitled to receive reasonable remuneration for all services performed by it and compensation for all disbursements, costs and expenses made or incurred by it in the discharge of its duties hereunder and shall not be
responsible for any misconduct on the part of any of them, any such costs and expenses which shall immediately become and form part of the Security Trustee’s fees hereunder; 

 

	 	(e)	the Security Trustee may, in relation to this Guarantee, act and rely on the opinion or advice of or on information obtained from any counsel, notary, valuer, surveyor,
engineer, broker, auctioneer, accountant or other expert, whether retained by the Security Trustee or by any Guarantor or otherwise; 

  

	 	(f)	the Security Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection
in respect of any action taken, suffered or omitted by it hereunder in reliance thereon; 

  

	 	(g)	 the Security Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Guarantee at the request or direction of
any of the Holders pursuant to this Guarantee, unless such Holders shall have furnished to the Security Trustee reasonable funding and a reasonable indemnity, satisfactory to the Security Trustee, to protect and hold harmless the Security Trustee
against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction and/or damage it may suffer by reason thereof as a 

  
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condition to the commencement or continuation of such act, action or proceeding. The Security Trustee may, before commencing or at any time during the continuance of any such act, action or
proceeding require the Holders at whose instance it is acting, to deposit with the Security Trustee the share certificates held by them respecting the Series 2 Shares for which such share certificates the Security Trustee shall issue receipts;

  

	 	(h)	the Security Trustee shall not be required to take notice of any default under this Guarantee, other than payment of any moneys required by any provision of this
Guarantee to be paid to it, unless and until notified in writing of such default, which notice shall clearly set out the nature of the default desired to be brought to the attention of the Security Trustee; 

 

	 	(i)	prior to the occurrence of an Event of Default under this Guarantee and after the curing of any such Event of Default which may have occurred, the Security Trustee
shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, or other paper or document or any investigation of the
books and records of any Guarantor (but the Security Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Security Trustee shall determine to make such further inquiry
or investigation, it shall be entitled to examine the books, records and premises of a Guarantor, personally or by agent or attorney), unless requested to do so by the Act of the Holders representing a majority of the aggregate Liquidation Amount of
all of the then outstanding Series 2 Shares; provided, however, that the Security Trustee may require reasonable indemnity against the costs, expenses or liabilities likely to be incurred by it in the making of such investigation; and

  

	 	(j)	the Security Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys, and the
Security Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder. Any solicitors employed or consulted by the Security Trustee as counsel may, but need not be
solicitors for a Guarantor. 

  

	5.3	Protection of Security Trustee 

 By way of supplement to the provisions of any law for the time being relating to trustees, it is expressly declared and agreed as follows: 

 

	 	(a)	the recitals contained herein, shall be taken as the statements of the Guarantors, and the Security Trustee shall not be liable for or assume any responsibility for
their correctness; 

  

	 	(b)	the Security Trustee makes no representations as to, and shall not be liable for, the validity or sufficiency of this Guarantee; 

  
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	 	(c)	nothing herein contained shall impose any obligation on the Security Trustee to see or to require evidence of registration or filing (or renewals thereof) of this
Guarantee or any instrument ancillary or supplemental hereto; 

  

	 	(d)	the Security Trustee shall not be bound to give any notice of the execution hereof; 

 

	 	(e)	the Security Trustee shall not incur any liability or responsibility whatever or be in any way responsible for the consequence of any breach on the part of a Guarantor
of any of the covenants herein contained or of any act of the agents or servants of a Guarantor; and 

  

	 	(f)	the Guarantors shall indemnify the Security Trustee (including its directors, officers, employees, representatives and agents) for, and hold it harmless against, any
claim, demand, suit, loss, liability or expense (including any and all reasonable legal and adviser fees and disbursements) incurred without gross negligence or bad faith on its part, arising out of or in connection with the acceptance or
administration of the trust or trusts hereunder, including the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. This indemnity will survive
the termination (including any partial termination with respect to a Guarantor) or discharge of this Guarantee and the resignation or removal of the Security Trustee. 

 

	5.4	Security Trustee Not Required to Give Security 

 The Security Trustee shall not be required to give security for the execution of the trusts or its conduct or administration hereunder. 

 

	5.5	No Person Dealing with Security Trustee Need Enquire 

 No person dealing with the Security Trustee shall be concerned to enquire whether the powers that the Security Trustee is purporting to exercise have become exercisable, or whether any money remains due
upon the Series 2 Shares or to see to the application of any money paid to the Security Trustee. 
  

	5.6	May Hold Series 2 Shares 

 Subject to applicable law, the Security Trustee or any other agent of a Guarantor, in its individual or in any other capacity, may become the owner or pledgee of the Series 2 Shares and, subject to
Section 5.8, may otherwise deal with the Guarantors with the same rights it would have if it were not the Security Trustee, and without being liable to account for any profit made thereby. 

 

	5.7	Moneys Held in Trust 

Upon receipt of a direction from the Guarantors (acting jointly), the Security Trustee shall invest funds held by the Security Trustee in
Authorized Investments in its name in accordance with such direction. Any direction from the Guarantors to the Security Trustee shall 

  
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be in writing and shall be provided to the Security Trustee no later than 9:00 a.m. on the day on which the investment is to be made. Any such direction received by the Security Trustee
after 9:00 a.m. ET or received on a non-Business Day, shall be deemed to have been given prior to 9:00 a.m. ET the next Business Day. Any direction from the Guarantors (acting jointly) for the release of the funds must be received prior to
11:00 a.m. ET on the day on which the release of funds is to be made. Any such direction for the release of funds received after 11:00 a.m. ET or on a non-Business Day, will be handled on a commercially reasonable efforts basis and may
result in funds being released on the next Business Day. For the purposes of this section, “Authorized Investments” means short term interest bearing or discount debt obligations issued or guaranteed by the Government of Canada or a
Province or a Canadian chartered bank (which may include an Affiliate or related party of the Security Trustee) provided that such obligation is rated at least R1 (middle) by DBRS Limited or an equivalent rating service. 

In the event that the Security Trustee does not receive a direction or only a partial direction, the Security Trustee may hold cash
balances constituting part or all of the funds and may, but need not, invest same in its deposit department, the deposit department of one of its Affiliates, or the deposit department of a Canadian chartered bank; but the Security Trustee, its
Affiliates or a Canadian chartered bank shall not be liable to account for any profit to any parties to this Guarantee or to any other person or entity other than at a rate, if any, established from time to time by the Security Trustee, its
Affiliates or a Canadian chartered bank. For the purpose of this Section, “Affiliate” means affiliated companies within the meaning of the CBCA, and includes Computershare Investor Services Inc. and each of their affiliates within the
meaning of the Business Corporations Act (Ontario). 
  

	5.8	Conflict of Interest 

  

	 	(a)	The Security Trustee represents to the Guarantors that at the time of the execution and delivery hereof no material conflict of interest exists in respect of the
Security Trustee’s role as a fiduciary hereunder and agrees that in the event of a material conflict of interest arising hereafter it will, within 90 days after becoming aware that a material conflict of interest exists, either eliminate
the same or resign its trust hereunder. 

  

	 	(b)	If, notwithstanding Section 5.8(a), the Security Trustee has a material conflict of interest, the validity and enforceability of this Guarantee shall not be
affected in any manner whatsoever by reason only of the existence of such material conflict of interest. 

  

	 	(c)	If the Security Trustee contravenes Section 5.8(a), the Holders representing not less than 25% of the aggregate Liquidation Amount of all of the then outstanding
Series 1 Shares and Series 2 Shares affected thereby may apply to the Ontario Superior Court of Justice for an order that the Security Trustee be replaced, and such court may make an order on such terms as it thinks fit.

  
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	5.9	Corporate Trustee Required; Eligibility 

 There shall at all times be a trustee hereunder which shall be a corporation resident or authorized to carry on the business of a trust company in Canada. None of the Guarantors nor any Affiliate of a
Guarantor shall serve as trustee. If at any time the Security Trustee shall cease to be eligible in accordance with the provisions of this Section, the Security Trustee shall resign immediately in the manner and with the effect hereinafter specified
in this Article. 
  

	5.10	Resignation and Removal; Appointment of Successor 

  

	 	(a)	Notwithstanding any other provisions hereof, no resignation or removal of the Security Trustee and no appointment of a successor trustee pursuant to this Article shall
become effective until the acceptance of appointment by the successor trustee in accordance with the applicable requirements of Section 5.11. 

  

	 	(b)	The Security Trustee may resign its trust and be discharged from all further duties and liabilities hereunder at any time with respect to the Guarantee by giving to the
Guarantors two months’ notice in writing or such shorter notice as the Guarantors may accept as sufficient. If the instrument of acceptance by a successor trustee required by Section 5.11 shall not have been delivered to the Security
Trustee within 60 days after the giving of such notice of resignation, the resigning trustee may apply to the Ontario Superior Court of Justice for an order for the appointment of a successor trustee with respect to the Guarantee.

  

	 	(c)	The Security Trustee may be removed at any time by the Guarantors, except during an Event of Default. 

 

	 	(d)	If any time: 

  

	 	(i)	the Security Trustee shall fail to comply with Section 5.8(a); or 

  

	 	(ii)	the Security Trustee shall cease to be eligible under Section 5.9 and shall fail to resign after written request to do so by the Guarantors; or

  

	 	(iii)	the Security Trustee shall be dissolved, shall become incapable of acting or shall become or be adjudged a bankrupt or insolvent or a receiver of the Security Trustee
or of its property shall be appointed or any public officer shall take charge or control of the Security Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, 

then, in any such case the Guarantors by Board Resolutions may remove the Security Trustee. 

 

	 	(e)	 If the Security Trustee shall resign, be removed or become incapable of acting or if a vacancy shall occur in the office of the Security Trustee for
any other reason, the Guarantors, by Board Resolutions, shall promptly appoint a successor trustee or trustees and shall comply with the applicable requirements of Section 5.11. If,

  
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within one year after such resignation, removal or incapability or the occurrence of such vacancy, a successor trustee has not been successfully appointed in accordance with the terms hereof, a
successor trustee shall be appointed by Act of the Holders representing a majority of the aggregate Liquidation Amount of all of the then outstanding Series 1 Shares and Series 2 Shares and the successor Trustee so appointed by the Holders
shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 5.11, become the successor trustee. If no successor trustee shall have been so appointed by the Guarantors or the Holders and
such appointment accepted in the manner required by Section 5.11, the Security Trustee (at the Guarantors’ expense) or any Holder who is a bona fide Holder of the Series 1 Shares or Series 2 Shares may, on behalf of such
Holder and all other Holders, apply to the Ontario Superior Court of Justice for any order for the appointment of a successor trustee. 

  

	 	(f)	The Guarantors shall give notice of each resignation and each removal of the Security Trustee and each appointment of a successor trustee to the Holders by mailing such
notice to such Holders at their addresses as they shall appear on the list of Holders as provided by the Corporation to the Guarantors. If the Guarantors shall fail to give such notice within 10 days after acceptance of appointment by the
successor trustee, the successor trustee shall cause such notice to be given at the expense of the Guarantors. Each notice shall include the name of the successor trustee and the address of its Corporate Trust Office. 

 

	5.11	Acceptance of Appointment by Successor Trustee 

  

	 	(a)	In case of the appointment hereunder of a successor trustee, each successor trustee so appointed shall execute, acknowledge and deliver to the Guarantors and to the
retiring trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring trustee shall become effective and such successor trustee, without any further act, deed or conveyance (but subject to
Section 5.11(b)), shall become vested with all the rights, powers, trusts and duties of the retiring trustee; but, on the request of the Guarantors or the successor trustee, such retiring trustee shall, upon payment of its fees and expenses
then unpaid, execute, acknowledge and deliver an instrument transferring to such successor trustee all such rights, powers and trusts of the retiring trustee and shall duly assign, transfer and deliver to such successor trustee all property and
money, if any, held by such retiring trustee hereunder. 

  

	 	(b)	 In case of the appointment hereunder of a successor trustee, the Guarantors, the retiring trustee and such successor trustee shall execute, acknowledge
and deliver an indenture supplemental hereto in which each successor trustee shall accept such appointment and which shall (i) contain such provisions as shall be deemed necessary or desirable to transfer and confirm to, and to vest in, such
successor trustee all the rights, powers, trusts and duties of the retiring trustee to which the appointment of such successor trustee relates, (ii) add to or change any of the provisions of this Guarantee to the extent necessary to provide for
or facilitate the administration of the trusts hereunder by more than one trustee, it being 

  
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understood that nothing herein or in such supplemental indenture (except as specifically provided for therein) shall constitute such trustees co-trustees of the same trust and that each such
trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such trustee; and upon the execution and delivery of such supplemental indenture, the resignation or removal of
the retiring trustee shall become effective to the extent provided therein, and each such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring trustee with
respect to the Guarantee to which the appointment of such successor trustee relates, and such retiring Trustee shall duly assign, transfer and deliver to each successor trustee all property and money held, if any, by such retiring trustee hereunder
which the appointment of such successor trustee relates. 

  

	 	(c)	Upon request of any such successor trustee, the Guarantors shall execute any and all instruments for more fully and certainly vesting in and confirming to such
successor trustee all rights, power and trusts referred to in subsection (a) or (b) of this Section, as the case may be. 

  

	 	(d)	No successor trustee shall accept its appointment unless at the time of such acceptance such successor trustee shall be qualified and eligible under this Article.

  

	5.12	Merger, Consolidation, Amalgamation or Succession to Business 

 Any corporation into which the Security Trustee may be merged or with which it may be consolidated or amalgamated, or any corporation resulting from any merger, consolidation or amalgamation to which the
Security Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Security Trustee, shall be the successor of the Security Trustee hereunder, provided such corporation shall be
otherwise qualified and eligible under this Article, without the execution or filing of any paper or instrument or any further act on the part of any of the parties hereto. 

 

	5.13	Not Bound to Act 

 The
Security Trustee shall retain the right not to act and shall not be liable for refusing to act if, due to a lack of information or for any other reason whatsoever, the Security Trustee, in its sole judgment, determines that such act might cause it
to be in non-compliance with any applicable anti-money laundering or anti-terrorist legislation, regulation or guideline. Further, should the Security Trustee, in its sole judgment, determine at any time that its acting under this Guarantee has
resulted in its being in non-compliance with any applicable anti-money laundering or anti-terrorist legislation, regulation or guideline, then it shall have the right to resign on 10 days written notice to the Guarantors, provided that
(i) the Security Trustee’s written notice shall describe the circumstances of such non-compliance; and (ii) if such circumstances are rectified to the Security Trustee’s satisfaction, acting reasonably, within such 10 day period,
then such resignation shall not be effective. 

  
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	5.14	Security Trustee’s Privacy Clause 

 The parties acknowledge that federal and/or provincial legislation that addresses the protection of individuals’ personal information (collectively, “Privacy Laws”) applies to
obligations and activities under this Guarantee. Despite any other provision of this Guarantee, no party shall take or direct any action that would contravene, or cause the other to contravene, applicable Privacy Laws. The Guarantors shall, prior to
transferring or causing to be transferred personal information to the Security Trustee, obtain and retain required consents of the relevant individuals to the collection, use and disclosure of their personal information, or shall have determined
that such consents either have previously been given upon which the parties can rely or are not required under the Privacy Laws. The Security Trustee shall use commercially reasonable efforts to ensure that its services hereunder comply with Privacy
Laws. Specifically, the Security Trustee agrees: (i) to have a designated chief privacy officer; (ii) to maintain policies and procedures to protect personal information and to receive and respond to any privacy complaint or inquiry;
(iii) to use personal information solely for the purposes of providing its services under or ancillary to this Guarantee and not to use it for any other purpose except with the consent of or direction from the Guarantors or the individual
involved; (iv) not to sell or otherwise improperly disclose personal information to any third party; and (v) to employ administrative, physical and technological safeguards to reasonably secure and protect personal information against
loss, theft, or unauthorized access, use or modification. 
  

	5.15	Compensation and Reimbursement 

 The Guarantors agree: 
  

	 	(a)	to pay to the Security Trustee from time to time reasonable compensation for all services rendered by it hereunder (which compensation shall not be limited by any
provision of law in regard to the compensation of a trustee of an express trust); and 

  

	 	(b)	except as otherwise expressly provided herein, to reimburse the Security Trustee upon its request for all reasonable expenses, disbursements and advances incurred or
made by the Security Trustee in accordance with any provision of this Guarantee (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be
attributable to its negligence or bad faith. 

 The Security Trustee’s remuneration, shall be payable out of
any funds coming into the possession of the Security Trustee in priority to any payment of the Series 2 Share Obligations. The said remuneration shall continue to be payable whether or not this Guarantee shall be in the course of administration
by or under the direction of a court of competent jurisdiction. Any amount due under this Section and unpaid within 30 days after demand for such payment by the Security Trustee, shall bear interest at the then current rate of interest charged
by the Security Trustee to its corporate customers. This Section 5.15 shall survive the removal or termination of the Security Trustee and the termination (including any partial termination with respect to a Guarantor) of this Guarantee.

  
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	5.16	Third Party Interests 

Each party to this Agreement (“Representing Party”) hereby represents to the Security Trustee that any account to be opened by,
or interest to be held by, Security Trustee in connection with this Agreement, for or to the credit of such Representing Party, either (i) is not intended to be used by or on behalf of any third party; or (ii) is intended to be used by or
on behalf of a third party, in which case such Representing Party hereby agrees to complete, execute and deliver forthwith to Security Trustee a declaration, in Security Trustee’s prescribed form or in such other form as may be satisfactory to
it, as to the particulars of such third party. 
 ARTICLE 6 

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND GUARANTORS 

 

	6.1	List of Holders 

 The
Corporation shall furnish or cause to be furnished to the Security Trustee at such times as the Security Trustee may request in writing, within five Business Days after the receipt by the Corporation of any such request, a list, in such form as
the Security Trustee may reasonably require, of the names and addresses of the Holders as of a date not more than 15 days prior to the time such list is furnished, in each case to the extent such information is in the possession or control of
the Corporation and is not identical to a previously supplied list of Holders or has not otherwise been received by the Security Trustee in its capacity as such. The Security Trustee may destroy any list of Holders previously given to it on receipt
of a new list of Holders. 
  

	6.2	Access to list of Holders 

A Holder may, upon payment to the Security Trustee of a reasonable fee, require the Security Trustee to furnish within 10 days after
receiving the affidavit or statutory declaration referred to below, a list setting out (i) the name and address of every Holder of Series 2 Shares, (ii) the aggregate number of Series 2 Shares owned by each such Holder, and
(iii) the aggregate number of the Series 2 Shares then outstanding, each as shown on the records of the Security Trustee on the day that the affidavit or statutory declaration is delivered to the Security Trustee. The affidavit or
statutory declaration, as the case may be, shall contain (i) the name and address of the Holder, (ii) where the applicant is a corporation, its name and address for service, (iii) a statement that the list will not be used except in
connection with an effort to influence the voting of the Holders of Series 2 Shares, or any other matter relating to the Guarantee, and (iv) such other undertaking as may be required by applicable law. Where the Holder is a corporation,
the affidavit or statutory declaration shall be made by a director or officer of the corporation. 
  

	6.3	Communications to Holders 

The rights of Holders to communicate with other Holders with respect to their rights under this Guarantee and the corresponding rights and
privileges of the Security Trustee, shall be governed by applicable law. 
 Every Holder of Series 2 Shares, by receiving
and holding the same, agrees with the Guarantors and the Security Trustee that none of the Guarantors nor the Security Trustee nor any agent of any of them shall be held accountable by reason of any disclosure of information as to the names and
addresses of Holders made pursuant to the terms hereof or applicable law. 

  
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 ARTICLE 7 
 CONVEYANCE, TRANSFER OR LEASE 
  

	7.1	Conveyance, Transfer or Lease; Only on Certain Terms 

 A Guarantor shall not convey, distribute, transfer or lease all or substantially all of its properties, securities and assets to any Person or Persons (other than to a Person that is a Guarantor
immediately prior to such conveyance, distribution, transfer or lease), unless: 
  

	 	(a)	the Person or Persons which acquire by conveyance, distribution or transfer, or which leases, all or substantially all of the properties, securities and assets of such
Guarantor shall, unless such assumption shall occur by operation of law, expressly assume, by an indenture supplemental hereto, executed and delivered to the Security Trustee, in form satisfactory to the Security Trustee, acting reasonably, such
Guarantor’s obligations hereunder for the Series 2 Share Obligations and the performance and observance of every covenant of this Guarantee on the part of such Guarantor to be performed or observed; and 

 

	 	(b)	such Guarantor or such Person shall have delivered to the Security Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such conveyance,
distribution, transfer or lease and such supplemental indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction have been complied with. 

This Section shall only apply to conveyances, distributions, leases and transfers by a Guarantor as transferor or lessor. 

 

	7.2	Successor Person Substituted 

 Upon any conveyance, distribution, transfer or lease of all or substantially all of the properties, securities and assets of a Guarantor to any Person in accordance with Section 7.1, the successor
Person to which such conveyance, distribution, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the applicable Guarantor under this Guarantee with the same effect as if such successor
Person had been named as such Guarantor herein, and in the event of any such conveyance, distribution or transfer, the applicable Guarantor, except in the case of a lease, shall be discharged of all obligations and covenants under this Guarantee.

 ARTICLE 8 
 SUPPLEMENTAL INDENTURES 
  

	8.1	Supplemental Indentures Without Consent of Holders 

 Without the consent of any Holders, the Guarantors, when authorized by or pursuant to a Board Resolution, and the Security Trustee, at any time and from time to time, may enter into one or more indentures
supplemental hereto, in form satisfactory to the Security Trustee, for any of the following purposes: 

  
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	 	(a)	to evidence the succession of another Person to a Guarantor and the assumption by any such successor of the covenants of the applicable Guarantor contained herein; or

  

	 	(b)	to add to the covenants of the Guarantors or to surrender any right or power herein conferred upon the Guarantors, both of which in the opinion of the Security Trustee,
relying upon an Opinion of Counsel, is for the benefit of the Holders of all of the Series 2 Shares and is not prejudicial to the rights of the Holders; or 

 

	 	(c)	to add any additional Events of Default; or 

  

	 	(d)	to secure or further secure the Series 2 Share Obligations; or 

  

	 	(e)	to evidence and provide for the acceptance of appointment hereunder by a successor trustee with respect to this Guarantee and to add to or change any of the provisions
of this Guarantee as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 5.11; or 

 

	 	(f)	to cure any ambiguity, to correct or supplement any provision herein which may be inconsistent with any other provision herein, or to make any other provisions with
respect to matters or questions arising under this Guarantee, which in the opinion of the Security Trustee, relying upon an Opinion of Counsel, shall not adversely affect the interests of the Holders of Series 2 Shares in any material respect;
or 

  

	 	(g)	to supplement any of the provisions of this Guarantee to such extent as shall be necessary to permit or facilitate the termination (including any partial termination
with respect to a Guarantor) pursuant to Section 4.1; provided that in the opinion of the Security Trustee, relying upon an Opinion of Counsel, any such action shall not adversely affect the interests of the Holders of Series 2 Shares in
any material respect. 

  

	8.2	Supplemental Indentures with Consent of Holders 

 With the consent of either (i) the Holders representing not less than a majority of the aggregate Liquidation Amount of all of the then outstanding Series 2 Shares, by Act of such Holders
delivered to the Guarantors and the Security Trustee, or (ii) if a meeting of the Holders is called for obtaining such consent, Holders representing not less than a majority of the aggregate Liquidation Amount of all Series 2 Shares
represented at such meeting and voting in respect of such consent, the Guarantors, when authorized by or pursuant to Board Resolutions, and the Security Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of this Guarantee or of modifying in any manner the rights of the Holders under this Guarantee; provided, however, that no such supplemental indenture shall, without
the consent of 

  
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the Holders representing not less than 66 2/3% of the aggregate Liquidation Amount of all of the then outstanding Series 2 Shares or, if a meeting of the Holders is called for obtaining such consent, Holders representing not less than 66 2/3% of the aggregate Liquidation Amount of all
Series 2 Shares represented at such meeting and voting in respect of such consent, as the case may be, 
  

	 	(a)	reduce the percentage of the aggregate Liquidation Amount of the outstanding Series 2 Shares required for any such supplemental indenture, for any waiver of
compliance with certain provisions of this Guarantee or certain defaults applicable hereunder and their consequences provided for in this Guarantee, or reduce the requirements of Section 11.4 for quorum or voting with respect to the Guarantee,
or 

  

	 	(b)	modify any of the provisions of this Section, except to increase any such percentage or to provide that certain other provisions of this Guarantee cannot be modified or
waived without the consent of the Holder of each outstanding Series 2 Share. 

  

	8.3	Execution of Supplemental Indentures 

 In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Guarantee, the Security Trustee
shall be entitled to receive, and shall be fully protected in acting and relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Guarantee. The Security Trustee may, but shall
not be obligated to, enter into any such supplemental indenture which affects the Security Trustee’s own rights, duties or immunities under this Guarantee or otherwise. 

 

	8.4	Effect of Supplemental Indentures 

 Upon the execution of any supplemental indenture under this Article, this Guarantee shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Guarantee for all
purposes. 
  

	8.5	Notice of Supplemental Guarantees 

 Promptly after the execution by the Guarantors and the Security Trustee of any supplemental indenture pursuant to the provisions of Section 8.2, the Guarantors shall give notice thereof to the
Holders of each of the outstanding Series 2 Shares affected, in the manner provided for in Section 1.6, setting forth in general terms the substance of such supplemental indenture. 

  
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 ARTICLE 9 
 COVENANTS 
  

	9.1	Existence 

 Subject to
Article 7, each Guarantor will do or cause to be done all things necessary to preserve and keep in full force and effect its existence and its rights and franchises and the rights and franchises of its subsidiaries; provided, however, that a
Guarantor shall not be required to preserve any such right or franchise if the Guarantor shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Guarantor. 

 

	9.2	Security Trustee Not Required to Verify Liquidation Amount 

 The Guarantors will not require the Security Trustee to calculate or verify the Liquidation Amount. When requested by the Security Trustee, a Guarantor shall deliver to the Security Trustee an
Officer’s Certificate specifying the Liquidation Amount. 
  

	9.3	Restriction on Distributions 

 Each Guarantor hereby covenants and agrees that if and for so long as either the board of directors of the Corporation has failed to declare, or the Corporation has failed to pay, dividends on the
Series 2 Shares, in each case, in accordance with the share conditions attaching thereto, then such Guarantor shall not declare, pay or make any distributions or return of capital on its equity securities. 

ARTICLE 10 
 PURCHASE OF SERIES 2 SHARES 
  

	10.1	Purchase of Series 2 Shares 

 Subject to applicable law, at any time when a Guarantor is not in default hereunder, such Guarantor may purchase Series 2 Shares at any price in the market (including purchases from or through an
investment dealer or a firm holding membership on a recognized stock exchange) or by tender available to all Holders of Series 2 Shares or by private contract, in each case in accordance with the terms of the Series 2 Shares. 

ARTICLE 11 
 MEETINGS OF HOLDERS OF SERIES 2 SHARES 
  

	11.1	Purposes for Which Meetings May Be Called 

 A meeting of the Holders of the Series 2 Shares may be called at any time and from time to time pursuant to the provisions of this Article for one or more of the following purposes: 

 

	 	(a)	to give any notice to the Guarantors or to the Security Trustee, to give any directions to the Security Trustee, or to take any other action authorized to be taken by
the Holders of the Series 2 Shares pursuant to any of Sections 4.3 to 4.12; 

  
 [A&R
GUARANTEE INDENTURE FOR SERIES 2 SHARES] 
 - 36 - 

	 	(b)	to remove the Security Trustee and appoint a successor Trustee with respect to the Guarantee pursuant to the provisions of Article 5; 

 

	 	(c)	to consent to the execution of an indenture or indentures supplemental hereto pursuant to the provisions of Section 8.2; or 

 

	 	(d)	to take any other action required or permitted to be taken by or on behalf of the Holders of any specified percentage of the aggregate Liquidation Amount of all of the
then outstanding Series 2 Shares under any other provision of this Guarantee or under applicable law. 

  

	11.2	Call, Notice and Place of Meetings 

  

	 	(a)	The Security Trustee may at any time request that the Corporation call, and upon receipt of such request the Corporation shall call or cause its transfer agent to call,
a meeting of Holders of Series 2 Shares for any purpose specified in Section 11.1, to be held at such time and at such place in Toronto, Ontario, or in such other place as the Security Trustee shall determine. Notice of every meeting of
Holders of Series 2 Shares, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting, shall be given, in the manner provided for in Section 1.6, not less than 21 nor
more than 180 days prior to the date fixed for the meeting. In all cases, it is the Corporation who is to bear all costs associated with calling, giving notice of, and holding the meeting. 

 

	 	(b)	In case at any time the Guarantors, pursuant to Board Resolutions, or the Holders representing at least 10% of the aggregate Liquidation Amount of all of the then
outstanding Series 2 Shares shall have requested the Security Trustee to request that the Corporation call a meeting of the Holders of Series 2 Shares for any purpose specified in Section 11.1, by written request setting forth in
reasonable detail the action proposed to be taken at the meeting, and the Security Trustee shall not have so requested or the Corporation shall not have mailed or caused to be mailed notice of such meeting within 21 days after receipt of such
request and any required indemnification or shall not thereafter proceed to cause the meeting to be held as provided herein, then the Guarantors or the Holders of Series 2 Shares representing the aggregate Liquidation Amount in the amount above
specified, as the case may be, may determine the time and the place in Toronto, Ontario, or in such other place as the Security Trustee may approve for such meeting and may call such meeting for such purposes by giving notice thereof as provided in
paragraph (a) of this Section. 

  

	11.3	Persons Entitled to Vote at Meetings 

 To be entitled to vote at any meeting of Holders of Series 2 Shares, a Person shall be (1) a Holder of one or more outstanding Series 2 Shares, or (2) a Person appointed by an
instrument in writing as proxy for a Holder or Holders of one or more outstanding Series 2 

  
 [A&R
GUARANTEE INDENTURE FOR SERIES 2 SHARES] 
 - 37 - 

 
Shares by such Holder or Holders. The only Persons who shall be entitled to be present or to speak at any meeting of Holders of Series 2 Shares shall be the Persons entitled to vote at such
meeting and their respective counsel, employees or any representatives of the Security Trustee and its counsel, and any representatives of the Guarantors and their counsel. 

 

	11.4	Quorum; Action 

 The
Holders representing not less than 25% of the aggregate Liquidation Amount of all of the then outstanding Series 2 Shares shall constitute a quorum for a meeting of Holders of Series 2 Shares; provided, however, that, if any action
is to be taken at such meeting with respect to a consent or waiver which this Guarantee expressly provides may be given by the Holders of not less than a specified percentage of the aggregate Liquidation Amount of all of the then outstanding
Series 2 Shares, the Persons entitled to vote such specified percentage in aggregate amount of the outstanding Series 2 Shares shall constitute a quorum. In the absence of a quorum within 30 minutes of the time appointed for any such
meeting, the meeting shall, if convened at the request of Holders of Series 2 Shares, be dissolved. In any other case the meeting may be adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to
the adjournment of such meeting. In the absence of a quorum at any such adjourned meeting, such adjourned meeting may be further adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the
adjournment of such adjourned meeting. Notice of the reconvening of any adjourned meeting shall be given as provided in Section 11.2(a), except that such notice need be given only once not less than five days prior to the date on which the
meeting is scheduled to be reconvened. 
 Subject to the foregoing, at the reconvening of any meeting adjourned for lack of a
quorum, the Holders of Series 2 Shares entitled to vote at such meeting present in person or by proxy shall constitute a quorum for the taking of any action set forth in the notice of the original meeting. 

Except as limited by the proviso to Section 8.2, any resolution presented to a meeting or adjourned meeting duly reconvened at which
a quorum is present as aforesaid may be adopted by the affirmative vote of the Holders representing not less than a majority of the aggregate Liquidation Amount of Series 2 Shares represented at such meeting in person or by proxy; provided,
however, that, except as limited by the proviso to Section 8.2, any resolution with respect to any request, demand, authorization, direction, notice, consent, waiver or other action which this Guarantee expressly provides may be made, given or
taken by the Holders of a specified percentage, which is less than a majority of the aggregate Liquidation Amount of all of the then outstanding Series 2 Shares, may be adopted at a meeting or an adjourned meeting duly reconvened and at which a
quorum is present as aforesaid by the affirmative vote of the Holders of not less than such specified percentage of the aggregate Liquidation Amount of all of the then outstanding Series 2 Shares. 

Any resolution passed or decision taken at any meeting of Holders of Series 2 Shares duly held in accordance with this Section shall
be binding on all the Holders of Series 2 Shares, whether or not present or represented at the meeting. 

  
 [A&R
GUARANTEE INDENTURE FOR SERIES 2 SHARES] 
 - 38 - 

 Notwithstanding the foregoing provisions of this Section 11.4, if any action is to be
taken at a meeting of Holders of Series 2 Shares with respect to any request, demand, authorization, direction, notice, consent, waiver or other action that this Guarantee expressly provides may be made, given or taken by the Holders of a
specified percentage of the aggregate Liquidation Amount of all of the then outstanding Series 2 Shares affected thereby: 
  

	 	(i)	there shall be no minimum quorum requirement for such meeting; and 

  

	 	(ii)	the aggregate Liquidation Amount of all of the then outstanding Series 2 Shares that vote in favour of such request, demand, authorization, direction, notice,
consent, waiver or other action shall be taken into account in determining whether such request, demand, authorization, direction, notice, consent, waiver or other action has been made, given or taken under this Guarantee. 

 

	11.5	Determination of Voting Rights; Conduct and Adjournment of Meetings 

 

	 	(a)	Notwithstanding any provisions of this Guarantee, the Security Trustee may make such reasonable regulations as it may deem advisable for any meeting of Holders of
Series 2 Shares in regard to proof of the holding of Series 2 Shares and of the appointment of proxies and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and other
evidence of the right to vote, and such other matters concerning the conduct of the meeting as its shall deem appropriate. Except as otherwise permitted or required by any such regulations, the holding of Series 2 Shares shall be proved in the
manner specified in Section 1.4 and the appointment of any proxy shall be proved in the manner specified in Section 1.4. Such regulations may provide that written instruments appointing proxies may be presumed valid and genuine without the
proof specified in Section 1.4 or other proof. 

  

	 	(b)	The Security Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Guarantors or by
Holders of Series 2 Shares as provided in Section 11.2(b), in which case the Guarantors or the Holders of Series 2 Shares calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman
and a permanent secretary of the meeting shall be elected by vote of the Persons entitled to vote representing a majority of the aggregate Liquidation Amount of all of the then outstanding Series 2 Shares represented and voted at the meeting.

  

	 	(c)	Any meeting of Holders of Series 2 Shares duly called pursuant to Section 11.2 at which a quorum is present may be adjourned from time to time by Persons
entitled to vote representing a majority of the aggregate Liquidation Amount of all of the then outstanding Series 2 Shares represented and voted at the meeting; and the meeting may be held as so adjourned without further notice.

  
 [A&R
GUARANTEE INDENTURE FOR SERIES 2 SHARES] 
 - 39 - 

	11.6	Counting Votes and Recording Action of Meetings 

 The vote upon any resolution submitted to any meeting of Holders of Series 2 Shares shall be by written ballot(s) on which shall be subscribed the signatures of the Holders of Series 2 Shares or
of their representatives by proxy and the number of outstanding Series 2 Shares held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or
against any resolution and who shall make and file with the permanent secretary of the meeting their verified written reports in duplicate of all votes cast at the meeting. A record, at least in duplicate, of the proceedings of each meeting of
Holders of Series 2 Shares shall be prepared by the permanent secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more
persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was given as provided in Section 11.2 and, if applicable, Section 11.4. Each copy shall be signed and verified by the
affidavits of the permanent chairman and permanent secretary of the meeting and one such copy shall be delivered to the Guarantors, and another to the Security Trustee to be preserved by the Security Trustee, the latter to have attached thereto the
ballots voted at the meeting. Any record so signed and verified shall be conclusive evidence of the matters therein stated. 

[Remainder of Page Intentionally Left Blank] 

  
 [A&R
GUARANTEE INDENTURE FOR SERIES 2 SHARES] 
 - 40 - 

 This Guarantee may be executed in any number of counterparts, each of which so executed
shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Guarantee. 
 IN
WITNESS WHEREOF the parties hereto have duly executed and delivered this Guarantee as of the date first written above. 
  

			
	 BROOKFIELD RENEWABLE ENERGY
PARTNERS L.P. by its general partner,

2288509 Ontario Inc.

		
	 By:
	 	/s/ “Jane Sheere”
		 	 Name: Jane Sheere

Title:  Authorized Signatory

  

			
	BROOKFIELD RENEWABLE ENERGY L.P. by
its general partner, BREP Holding L.P. by its general
partner, 2288508 Ontario Inc.
		
	 By:
	 	/s/ “Jane Sheere”
		 	 Name: Jane Sheere

Title:  Authorized Signatory

  

			
	BROOKFIELD BRP HOLDINGS (CANADA)
INC.
		
	 By:
	 	/s/ “Patricia Bood”
		 	 Name: Patricia Bood

Title:  Authorized Signatory

  

			
	BRP BERMUDA HOLDINGS I LIMITED
		
	 By:
	 	/s/ “Jane Sheere”
		 	 Name: Jane Sheere

Title:  Secretary

  
 [A&R
GUARANTEE INDENTURE FOR SERIES 2 SHARES] 
  

 
			
	 BROOKFIELD RENEWABLE POWER
 PREFERRED EQUITY INC.

		
	 By:
	 	/s/ “Patricia Bood”
		 	 Name: Patricia Bood

Title:  Secretary

  

			
	COMPUTERSHARE TRUST COMPANY OF CANADA
		
	 By:
	 	/s/ “David Ha”
		 	 Name: David Ha

Title:  Corporate Trust Officer

		
	 By:
	 	/s/ “Ann Samuel”
		 	 Name: Ann Samuel

Title:  Associate Trust Officer

  
 [A&R
GUARANTEE INDENTURE FOR SERIES 2 SHARES] 
 - 42 -Guarantee

 Exhibit 4.9 
 GUARANTEE 
 THIS GUARANTEE is made as of the
23rd day of November, 2011, 

 

			
	 BY:
	 	 BROOKFIELD RENEWABLE ENERGY L.P., an exempted partnership formed under the laws of Bermuda

 
 (the “Guarantor”)

		 	  
 - and -

		 	  
 BNY TRUST COMPANY OF CANADA, a trust company existing
under the laws of Canada
  
 (the
“Trustee”)

 RECITALS: 
  

	A.	The Borrower (as defined below), The Bank of New York Mellon and the Trustee have entered into an amended and restated trust indenture dated as of the date hereof (as
amended, extended, restated, supplemented or otherwise modified from time to time, the “Indenture”), providing for the issuance of Debentures as therein described. 

 

	B.	The Borrower is a subsidiary of the Guarantor. 

  

	C.	The Guarantor will, directly or indirectly, benefit from the assumption by the Borrower of the obligations of Brookfield Renewable Power Inc. under the Indenture and
the issuance of Debentures thereunder from time to time and, accordingly, desires to execute this Guarantee. 

NOW THEREFORE in consideration of the foregoing and other benefits accruing to the Guarantor, the receipt and sufficiency of which
are hereby acknowledged, the Guarantor hereby covenants and agrees with the Trustee as follows: 
 ARTICLE 1

 INTERPRETATION 
  

	1.1	Definitions 

 In this
Agreement, all capitalized terms used and not defined in this Agreement will have the meanings given to such terms in the Indenture. In addition, the following terms will have the following meanings: 

1.1.1 “Additional Guarantor” means a “Guarantor” as that term is defined in the Indenture, other than the
Guarantor under this Agreement; 
 1.1.2 “this Agreement”, “this Guarantee”,
“herein”, “hereof”, “hereby”, “hereunder” and any similar expressions refer to this Guarantee as it may be supplemented, amended or restated from time to time, and not to any
particular Article, section or other portion hereof; 

  

[GUARANTEE_BRELP & BNY CANADA] 

 1.1.3 “Borrower” means BRP Finance ULC a corporation incorporated under the
laws of Alberta, and its successors; 
 1.1.4 “Event of Default” means the occurrence of any of the following:

  

	 	(a)	any Event of Default under the Indenture; 

  

	 	(b)	failure on the part of the Guarantor to perform or comply with Section 5.6 of this Agreement; 

 

	 	(c)	failure on the part of the Guarantor to perform any other covenant or agreement of the Guarantor under this Agreement for the benefit of the Debentureholders, which
failure continues for 60 days after written notice thereof is given to the Guarantor by the Trustee or Holders of at least 25% in aggregate principal amount of outstanding Debentures; or 

 

	 	(d)	failure on the part of the Guarantor to make payment of any amounts payable by it under this Agreement; 

1.1.5 “Guaranteed Obligations” means the principal of, premium, if any, and interest on all Debentures issued by the
Borrower under the Indenture from time to time when and as the same shall become due and payable, whether at maturity, upon redemption, acceleration or otherwise, and all other obligations and liabilities owing by the Borrower to the Trustee under
the Indenture, whether present or future, absolute or contingent, liquidated or unliquidated, as principal or as surety, alone or with others, of whatsoever nature or kind, in any currency, under or in respect of the Indenture; 

1.1.6 “Guarantor Counsel” means legal counsel retained by the Guarantor; 

1.1.7 “Officers’ Certificate” means a certificate of the general partner of the Guarantor signed by any two officers
of the general partner of the Guarantor in their capacities as officers and not in their personal capacities; and 
 1.1.8
“Proceedings” means any receivership, insolvency, proposal, bankruptcy, compromise, arrangement, winding-up, dissolution or other similar judicial proceedings. 

 

	1.2	Headings 

 The inclusion
of headings in this Agreement is for convenience of reference only and shall not affect the construction or interpretation hereof. 

  

[GUARANTEE_BRELP & BNY CANADA] 
 - 2 - 

	1.3	References to Articles and Sections 

 Whenever in this Agreement a particular Article, section or other portion thereof is referred to, such reference pertains to the Article, section or portion thereof contained herein unless otherwise
indicated. 
  

	1.4	Currency 

 All amounts in
this Agreement are stated and shall be paid in Canadian currency. 
  

	1.5	Gender and Number 

 In
this Agreement, unless the context otherwise requires, words importing the singular include the plural and vice versa, words importing gender include all genders or the neuter, and words importing the neuter include all genders. 

 

	1.6	Invalidity of Provisions 

Each of the provisions contained in this Agreement is distinct and severable and a declaration of invalidity or unenforceability of any
such provision or part thereof by a court of competent jurisdiction shall not affect the validity or enforceability of any other provision hereof. To the extent permitted by applicable law, the parties waive any provision of law which renders any
provision of this Agreement invalid or unenforceable in any respect. 
  

	1.7	Entire Agreement 

 This
Agreement constitutes the entire agreement between the parties pertaining to the subject matter of this Agreement. 
  

	1.8	Governing Law, Attornment 

This Agreement shall be governed by and construed in accordance with the laws of the Province of Ontario and the laws of Canada applicable
therein and the Guarantor hereby irrevocably attorns to the jurisdiction of the courts of Ontario. 
 ARTICLE 2

 GUARANTEE 
  

	2.1	Guarantee 

 The Guarantor
unconditionally guarantees the due payment of all Guaranteed Obligations. 
  

	2.2	Continuing Guarantee 

 The
guarantee herein shall be a continuing guarantee of the payment of all the Guaranteed Obligations and shall apply to and secure any ultimate balance thereof due or remaining unpaid. The guarantee herein shall not be considered as wholly or partially
satisfied by the intermediate payment or satisfaction at any time of all or any part of the Guaranteed Obligations. 

  

[GUARANTEE_BRELP & BNY CANADA] 
 - 3 - 

 ARTICLE 3 

ENFORCEMENT OF GUARANTEE 
  

	3.1	Demand 

 Upon the
occurrence of an Event of Default, the Guarantor shall, on demand by the Trustee, forthwith pay to the Trustee all Guaranteed Obligations for which such demand was made. 

 

	3.2	Right to Immediate Payment or Performance 

 The Trustee shall not be bound to make any demand on or to seek or exhaust its recourse against the Borrower or any other Person before being entitled to demand payment from the Guarantor and enforce its
rights under this Agreement, and the Guarantor hereby renounces all benefits of discussion and division. 
  

	3.3	Trustee’s Statement 

The statement in writing of the Trustee as to the amount payable hereunder shall be binding upon the Guarantor and conclusive against it
in the absence of manifest error. 
 ARTICLE 4 

PROTECTION OF TRUSTEE 
  

	4.1	Liability Absolute 

 The
liability of the Guarantor hereunder shall be absolute and unconditional and shall not be discharged, diminished or in any way affected by: 
 4.1.1 any amalgamation, merger, consolidation or reorganization of the Borrower, the Guarantor or the Trustee, or any continuation of the Borrower, the Guarantor or the Trustee from the statute under
which it now or hereafter exists to another statute, whether under the laws of the same jurisdiction or another jurisdiction; 

4.1.2 any change in the name, business, objects, capital structure, ownership, constating documents, by-laws or resolutions of the
Borrower, the Guarantor or the Trustee, including without limitation any transaction (whether by way of transfer, sale or otherwise) whereby all or any part of the undertaking, property and assets of the Borrower, the Guarantor or the Trustee
becomes the property of any other Person; 
 4.1.3 any Proceedings of or affecting the Borrower, the Guarantor, the Trustee or
any other Person, and any court orders made or action taken by the Borrower, the Guarantor, the Trustee or any other Person under or in connection with those Proceedings, whether or not those Proceedings or orders or that action results in any of
the matters described in Section 4.2 occurring with or without the consent of the Trustee; 

  

[GUARANTEE_BRELP & BNY CANADA] 
 - 4 - 

 4.1.4 any defence, counterclaim or right of set-off available to the Borrower; and

 4.1.5 any other circumstance which might otherwise constitute in whole or in part a defence available to, or a discharge of,
the Guarantor, the Borrower or any other Person in respect of the Guaranteed Obligations or the liability of the Guarantor. 
  

	4.2	Dealings by Trustee 

 The
Trustee may from time to time in its absolute discretion, without discharging, diminishing or in any way affecting the liability of the Guarantor hereunder: 
 4.2.1 enforce or take action under or abstain from enforcing or taking action under the Indenture, any other guarantee or any other agreement; 

4.2.2 renew all or any part of the Guaranteed Obligations or grant extensions of time or any other indulgences to the Borrower or to any
other guarantor or other Person liable directly or as surety for all or any part of the Guaranteed Obligations; 
 4.2.3 accept
or make any compositions or arrangements with or release, discharge or otherwise deal with or abstain from dealing with the Borrower or any other guarantor or other Person liable directly or as surety for all or any part of the Guaranteed
Obligations; 
 4.2.4 in whole or in part prove or abstain from proving a claim of the Trustee in any Proceedings of or affecting
the Borrower or any other Person; and 
 4.2.5 agree with the Borrower, any other guarantor or any other Person to do anything
described in Sections 4.2.1 to 4.2.4, 
 whether or not any of the matters described above occur alone or in connection with one or
more other such matters. 
 ARTICLE 5 
 COVENANTS OF THE GUARANTOR 
  

	5.1	Limitations on Indebtedness 

 The Guarantor will not, and will not permit any of its Subsidiaries to, directly or indirectly, issue, incur, assume or otherwise become liable for or in respect of any Funded Indebtedness unless, after
giving effect thereto, the Funded Indebtedness of BREP, calculated on a consolidated basis, would not exceed 75% of Total Consolidated Capitalization. 
  

	5.2	Limitation on Liens 

 The
Guarantor will not create or permit to exist any lien on any present or future assets of the Guarantor to secure any borrowed money, or permit any of its Subsidiaries to create or permit to exist any lien on any present or future assets of such
Subsidiary to secure any borrowed money, unless at the same time the Guaranteed Obligations are secured equally and ratably with such borrowed money, provided that this shall not apply to liens existing on the date

  

[GUARANTEE_BRELP & BNY CANADA] 
 - 5 - 

 
hereof or Permitted Encumbrances. Upon being advised by the Guarantor in writing in an Officers’ Certificate that security has been provided for the Guaranteed Obligations on an equal and
ratable basis in connection with the grant to a third party of security for borrowed money and subsequently that such security to the third party has been released, the Trustee will forthwith release the security granted for the Guaranteed
Obligations. 
  

	5.3	Limitation on Sale and Leaseback Transactions 

 The Guarantor will not, and will not permit any of its Subsidiaries to, enter into any Sale and Leaseback Transaction unless: 

 

	 	(a)	the Sale and Leaseback Transaction is entered into prior to, concurrently with, or within 180 days after the acquisition, the completion of construction (including any
improvements on an existing property) or the commencement of commercial operations of the relevant property, and the Guarantor or such Subsidiary applies within 60 days after the sale an amount equal to the net proceeds of the sale (i) to the
repayment of Indebtedness which is pari passu to the Guaranteed Obligations, (ii) to the redemption of the Debentures, or (iii) to the reinvestment in its core business or the core business of the Borrower, an Additional Guarantor
and/or any Subsidiary of the Borrower or any Additional Guarantor; or 

  

	 	(b)	the Guarantor or the Subsidiary could otherwise grant a security interest on the property as a Permitted Encumbrance. 

 

	5.4	Limitation on Distributions 

 The Guarantor may not, and may not permit any of its Subsidiaries, to suffer to exist any encumbrance or restriction on the ability of any Subsidiary of the Guarantor: (i) to pay, directly or
indirectly, dividends permitted by applicable law or make any other distributions in respect of its Capital Stock or pay any Indebtedness or other obligation owed to the Guarantor or any other such Subsidiary; (ii) to make loans or advances to
the Guarantor or any other such Subsidiary; or (iii) to transfer any or all of its property or assets to the Guarantor or any other such Subsidiary. 
 Notwithstanding the foregoing, the Guarantor or any such Subsidiary may suffer to exist any such encumbrance or restriction (a) pursuant to any agreement in effect on the date hereof;
(b) pursuant to an agreement relating to any Indebtedness incurred by any such Subsidiary prior to the date on which such Subsidiary was acquired by the Guarantor and outstanding on such date and not incurred in anticipation of becoming a
Subsidiary of the Guarantor; (c) pursuant to an agreement relating to any Limited Recourse Indebtedness of the Guarantor or any such Subsidiary; or (d) pursuant to an agreement effecting a renewal, refunding or extension of Indebtedness
incurred pursuant to an agreement referred to in clauses (a) through (c) of this paragraph, provided however, that the provisions contained in such renewal, refunding or extension agreement relating to such encumbrance or restriction are
no more restrictive in any material respect than the provisions contained in the agreement the subject thereof, as determined in good faith by the board of directors of the general partner of the Guarantor. 

  

[GUARANTEE_BRELP & BNY CANADA] 
 - 6 - 

	5.5	Limitations on Debt and Preferred Stock of Subsidiaries 

 The Guarantor will not permit any of its Subsidiaries to, directly or indirectly, issue, incur, assume or otherwise become liable for or in respect of any Indebtedness or issue any Preferred Stock except:
(a) Inter-Company Indebtedness of such Subsidiary; (b) Preferred Stock issued to any one or more of the Guarantor, an Additional Guarantor or any Subsidiary of the Guarantor or an Additional Guarantor; (c) Limited Recourse
Indebtedness of such Subsidiary; (d) Net Swap Exposure of such Subsidiary; (e) Capital Lease Obligations of such Subsidiary; (f) purchase money obligations of such Subsidiary; and/or (g) any other Indebtedness or Preferred Stock
of such Subsidiary (in addition to the Indebtedness and Preferred Stock referred to in paragraphs (a) to (f)) if, after giving effect to such other Indebtedness or Preferred Stock, the aggregate consolidated amount of all Indebtedness and
Preferred Stock of BREP that does not constitute Inter-Company Indebtedness, Preferred Stock issued to the Borrower, a Guarantor, an Additional Guarantor or any of their Subsidiaries, Limited Recourse Indebtedness, Net Swap Exposure, Capital Lease
Obligations or purchase money obligations, would not exceed 5% of the Net Worth. For the purposes of this covenant, the assignment by the Guarantor to a third party of Inter-Company Indebtedness owing by a Subsidiary will be considered to be
incurrence of Indebtedness by that Subsidiary. 
  

	5.6	Limitations Concerning Merger, Consolidations and Certain Asset Sales 

 So long as any Debentures are outstanding, the Guarantor will not enter into any transaction, directly or indirectly through a Subsidiary of the Guarantor, whereby all or substantially all of the
undertaking, property and assets of the Guarantor would become the property of any other Person (any such Person being herein referred to as a “Successor”), whether by way of reorganization, consolidation, amalgamation, arrangement,
merger, transfer, sale or otherwise, provided that nothing contained in this Indenture will prevent any such transaction if: 
  

	 	(a)	the Successor shall have executed, prior to or contemporaneously with the consummation of any such transaction, an assumption of the obligations of the Guarantor under
this Agreement, including the due and punctual payment of all amounts payable hereunder, and such other instruments as in the opinion of the Guarantor’s Counsel are necessary or advisable to evidence the agreement of the Successor to observe
and perform all the covenants and obligations of the Guarantor under this Indenture; 

  

	 	(b)	no condition or event shall exist as to the Guarantor or the Successor, either at the time of or immediately after the consummation of any such transaction and after
giving full effect thereto or immediately after compliance by the Successor with the provisions of this Section 5.6, which constitutes or would constitute, after the giving of notice or lapse of time, or both, an Event of Default; and

  

	 	(c)	the Guarantor shall have delivered to the Trustee an Opinion of the Guarantor Counsel and an Officers’ Certificate stating that the conditions precedent in this
Section 5.6 have been satisfied, 

  

[GUARANTEE_BRELP & BNY CANADA] 
 - 7 - 

 provided, however, the provisions of this Section 5.6 shall not be applicable to any transaction
between or among any one or more of the Borrower, the Guarantor, an Additional Guarantor and/or any Subsidiary of any of them. 
 Whenever the
conditions of this Section 5.6 have been duly observed and performed, (i) the Person who was a party to this Agreement as Guarantor immediately prior to the transaction described in Section 5.6 shall be released and discharged from
all liability under this Agreement, (ii) references to the Guarantor under this Agreement will thereafter refer to the Successor which has complied with the provisions of this Section 5.6, and (iii) the Trustee will execute and
deliver any documents which it may be advised are necessary, desirable or advisable for effecting or evidencing such release and discharge. 
 ARTICLE 6 
 REPRESENTATIONS AND WARRANTIES 

 

	6.1	Representations and Warranties 

 The Guarantor represents and warrants to the Trustee as follows: 
 6.1.1 it is duly
created and existing under the laws of its jurisdiction of formation and has the power and capacity to own its properties and assets and to carry on its business as presently carried on by it; 

6.1.2 it has the power and capacity to enter into this Agreement and to do all acts and things as are required or contemplated hereunder
to be done, observed and performed by it; 
 6.1.3 it has taken all necessary corporate and, if applicable, partnership action to
authorize the execution, delivery and performance of this Agreement; 
 6.1.4 the entering into of this Agreement and the
performance by the Guarantor of its obligations hereunder does not and will not contravene, breach or result in any default under the constating documents of the Guarantor or under any material mortgage, lease, agreement or other legally binding
instrument, license, permit or law to which the Guarantor is a party or by which the Guarantor or any of its properties or assets may be bound and will not result in or permit the acceleration of the maturity of any indebtedness, liability or
obligation of the Guarantor under any material mortgage, lease, agreement or other legally binding instrument of or affecting the Guarantor; and 
 6.1.5 no authorization, consent or approval of, of filing with or notice to, any Person or governmental body is required in connection with the execution, delivery or performance of this Agreement by the
Guarantor. 

  

[GUARANTEE_BRELP & BNY CANADA] 
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 ARTICLE 7 

DEFAULT 
  

	7.1	Judgment Against the Guarantor 

 In case of any judicial or other proceedings to enforce the rights of the Debentureholders, judgment may be rendered against the Guarantor in favour of the Debentureholders or in favour of the Trustee, as
trustee for the Debentureholders, for any amount which may remain due in respect of the Debentures and the interest thereon. 
  

	7.2	Immunity of Shareholders, Directors and Officers 

 The Trustee and the Holders by their acceptance of the Debentures hereby waive and release any right, cause of action or remedy now or hereafter existing in any jurisdiction against any past, present or
future incorporator, shareholder, director, officer or partner of the Guarantor or of any successor thereof for the payment of the principal of or premium or interest on any of the Debentures or on any covenant, agreement, representation or warranty
by the Guarantor herein or in the Debentures contained. 
  

	7.3	Recourse 

 Notwithstanding
anything contained in this Guarantee or the Indenture to the contrary, the obligations of the Guarantor hereunder will be performed, satisfied and paid only out of, and enforced only against, and recourse will only be had against, the assets of the
Guarantor. This Agreement and the obligations of the Guarantor hereunder will not be personally binding upon, and resort will not be had to, nor will recourse or satisfaction be sought from the private property of any of the limited partners of the
Guarantor. 
 ARTICLE 8 
 MISCELLANEOUS 
  

	8.1	Incorporation by Reference 

The provisions of Articles 11 (Meetings of Debentureholders), 12 (Notices), 13 (Concerning the Trustee) and 14 (Supplemental Indentures)
of the Trust Indenture shall apply mutatis mutandis to this Guarantee. 
  

	8.2	Payment of Costs and Expenses 

 The Guarantor shall pay to the Trustee on demand all costs and expenses of the Trustee, its officers, employees and agents and any receiver or receiver-manager appointed by it or by a court in connection
with this Agreement, including, without limitation, in connection with: 
 8.2.1 any actual or proposed amendment or modification
hereof or any waiver hereunder and all instruments supplemental or ancillary thereto; 

  

[GUARANTEE_BRELP & BNY CANADA] 
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 8.2.2 obtaining advice as to the Trustee’s rights and responsibilities under this
Agreement; and 
 8.2.3 the defence, establishment, protection or enforcement of any of the rights or remedies of the Trustee
under this Agreement including, without limitation, all costs and expenses of establishing the validity and enforceability of, or of collection of amounts owing under, this Agreement; 
 and further including, without limitation, all of the reasonable fees, expenses and disbursements of the Trustee’s lawyers, on a substantial indemnity basis, incurred in connection therewith and all
sales or value-added taxes payable by the Trustee (whether refundable or not) on all such costs and expenses. 
  

	8.3	No Waiver 

 No delay on
the part of the Trustee in the exercise of any right, power or remedy hereunder or otherwise shall operate as a waiver thereof, and no single or partial exercise by the Trustee of any right, power or remedy shall preclude other or further exercise
thereof or the exercise of any other right, power or remedy. No action of the Trustee permitted hereunder shall in any way impair or affect its rights, powers or remedies under this Agreement. 

 

	8.4	Successors and Assigns 

This Agreement shall be binding upon the Guarantor and its successors and enure to the benefit of the Trustee and its successors and
assigns. 
 8.5 Copy Received 
 The Guarantor acknowledges receipt of a copy of this Agreement. 

  

[GUARANTEE_BRELP & BNY CANADA] 
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 IN WITNESS WHEREOF the Guarantor has executed this Agreement as of the date first
above written. 
  

			
	 BROOKFIELD RENEWABLE ENERGY L.P.,
 by its general partner, BREP HOLDING L.P.,
 by its general partner, 2288508 ONTARIO
INC.

		
	by:	 	    “Jane Sheere”        
		 	Name: Jane Sheere
		 	Title: Secretary

  

[GUARANTEE_BRELP & BNY CANADA]

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