Document:

Amendment No. 1 to Pledge of Bond Agreement

 Exhibit 10.27 
 AMENDMENT NO. 1 
 TO 
 PLEDGE OF BOND AGREEMENT 
 This AMENDMENT NO. 1 to the PLEDGE OF BOND AGREEMENT
(as defined below), dated as of November 1, 2007 (this “Amendment”), is entered into among HD SUPPLY CANADA INC., an Ontario amalgamated corporation (the “Canadian Borrower”) and MERRILL LYNCH CAPITAL CANADA
INC., as Canadian Agent and mandatary (in such capacity, the “Canadian Agent”). 
 W I T N E S S E T H: 
 WHEREAS, the Pledge of Bond Agreement dated as of August 30, 2007 (as may be further amended, supplemented or otherwise modified from
time to time, the “Pledge of Bond Agreement”) was entered into among the Canadian Borrower and the Canadian Agent. Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to them in the Credit
Agreement (as defined in the Pledge of Bond Agreement) or the Pledge of Bond Agreement, as applicable; 
 WHEREAS, the
Canadian Borrower has requested that the Canadian Agent, on behalf of the Secured Parties, agree to amend certain provisions of the Pledge of Bond Agreement as described below in Section One; 
 NOW, THEREFORE, the parties hereto hereby agree as follows: 
 SECTION ONE            Amendments. 
 1.    Section 1.3 is hereby amended by inserting the following sub-section: 
 “1.3.8 “Specified Bank Products Agreements” any Bank Products Agreement with JPMorgan Chase Bank, N.A., SunTrust
Banks, Inc., Wells Fargo & Company, Bank of America, N.A., Wachovia Bank, National Association, Scotiabank, The Toronto-Dominion Bank, Bank of Montreal or any of their respective affiliates, in effect on the Closing Date or entered into at
any time thereafter (provided that, to the extent permitted by law, any Specified Bank Products Agreement amended after the date that is 60 days (or such longer period if agreed by the Administrative Agent) following the Closing Date and any
Specified Bank Products Agreement entered into on or after the Closing Date shall not permit set off of any obligations owing to the applicable provider against cash balances under such Specified Bank Products Agreement, unless such provider is at
the time of such amendment or agreement an Agent, Other Representative, Lender or affiliate of any of the foregoing.” 
 2.    The definition of “Secured Obligations” in section 1.3.6 of the Pledge Agreement is amended by replacing the last part of said definition, after the words “which may arise under, out of, or in
connection with,” by the following: 
 “the Credit Agreement, the Canadian Facility Revolving Credit Loans, the Canadian
Facility Letters of Credit, the other Loan Documents, any Interest Rate Agreement, Currency Agreement, Commodities Agreements or Bank Products Agreement entered into with any Person who was at the time of entry into such agreement a Lender or an
affiliate of any Lender (but in the case of such Interest Rate Agreement, 

 
Currency Agreement, Commodities Agreement or Bank Products Agreements, only to the extent comprising ABL Obligations (as defined in the Intercreditor
Agreement)), any Specified Bank Products Agreement, any Guarantor Obligation of any Canadian Borrower or any of their Subsidiaries as to which any such Secured Party is a beneficiary, in each case whether on account of: (i) principal, interest,
reimbursement obligations, fees, indemnities, costs, expenses or otherwise (including, without limitation, all reasonable fees, expenses and disbursements of counsel to the Agent or any other Secured Party that are required to be paid by the Grantor
pursuant to the terms of the Credit Agreement or any other Loan Document), (ii) amounts payable in connection with the provision of such services, or (iii) a termination of any transaction entered into pursuant to any such Interest Rate
Agreement, Currency Agreement, Commodities Agreement or Bank Products Agreement; and” 
 3.    The definition of
“Secured Parties” in section 1.3.7 of the Pledge Agreement is amended as follows: (i) by adding “Bank Product Agreement” after “Currency Agreement” in clause (iii) of the definition, (ii) by inserting the
word “Specified” before the expression “Bank Product Agreements”; and (iii) by deleting after the expression “any counterparty thereto, the following words: “that, at the time such agreement or
arrangement was entered into, was a lender or an Affiliate of any Lender”. 
 SECTION
TWO            Conditions to Effectiveness. This Amendment shall become effective when the Canadian Agent shall have executed a counterpart of this Amendment and received
counterparts of this Amendment executed by the Canadian Borrower. 
 SECTION
THREE        Reference to and Effect on the Pledge of Bond Agreement. On and after giving effect to this Amendment, each reference in the Pledge of Bond Agreement to “this Agreement,”
“hereunder,” “hereof” or words of like import referring to the Pledge of Bond Agreement. The Pledge of Bond Agreement, as specifically amended by this Amendment, is and shall continue to be in full force and effect and are hereby
in all respects ratified and confirmed. The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, create any novation or operate as a waiver of any right, power or remedy of any Secured Party or any
Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents. 
 SECTION
FOUR            Costs and Expenses. The Canadian Borrower agrees to pay all reasonable out-of-pocket costs and expenses of the Canadian Agent incurred in connection with the
preparation, execution and delivery of this Amendment and the other instruments and documents to be delivered hereunder, if any (including, without limitation, the reasonable fees and expenses of Cahill Gordon & Reindel LLP,
counsels to the Canadian Agent). 
 SECTION FIVE            Execution in
Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall
constitute but one and the same agreement. Delivery of an executed counterpart of a signature page to this Amendment by telecopier or electronic mail shall be effective as delivery of a manually executed counterpart of this Amendment. 
 SECTION SIX  Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the Province of
Québec and the laws of Canada applicable therein. 
 [Signature Pages Follow] 

					
	HD SUPPLY CANADA INC.
		
	By:	 	 /s/ Ricardo Nunez

		 	Name:	 	Ricardo Nunez
		 	Title:	 	Vice President and Secretary

					
	 MERRILL LYNCH CAPITAL CANADA INC., as
 Canadian Agent and mandatary

		
	By:	 	 /s/ Jacquie Alexander

		 	Name: Jacquie Alexander
		 	Title: Authorized SignatoryDeed of Hypothec and Issue of Bonds

 Exhibit 10.28 
 DEED OF HYPOTHEC AND ISSUE OF BONDS 
 ON THE Thirtieth
(30th) day of August, Two Thousand and Seven (2007) 
 BEFORE Mtre. MARC DAIGNEAULT, the undersigned Notary for the Province of Québec, practising at the City of Montréal 
  

	 APPEARED: 
	MERRILL LYNCH CAPITAL CANADA INC., a corporation duly constituted pursuant to the laws of the Province of Ontario, having an office at 181 Bay Street, Suite 400, BCE Place, in the City of Toronto,
Province of Ontario, M5J 2V8, herein acting as “fondé de pouvoir” under Article 2692 of the Civil Code of Québec and represented by D. James Papadimitriou, its representative, duly authorized as he so declares

 (hereinafter the “Attorney”) 
  

	 AND: 
	HD SUPPLY CANADA INC., a company duly amalgamated pursuant to the laws of the Province of Ontario, having its registered office at 40 King Street West, Suite 5800, in the City of Toronto, Province of
Ontario, M5H 3S1, herein acting and represented by Maxime B. Rhéaume, its Quebec Authorized Signatory, duly authorized pursuant to a resolution of its Board of Directors dated the Thirtieth (30th) day of August, Two Thousand and Seven (2007), a copy of which is hereunto annexed after having been acknowledged as true and
having been signed by said representative before the undersigned Notary 

 (hereinafter the “Grantor”)

 WHICH PARTIES HAVE DECLARED AS FOLLOWS: 
 WHEREAS the Grantor has agreed to execute this Deed and to grant a Hypothec (as hereinafter defined) on the Charged Property (as hereinafter defined) in order to secure the Secured Obligations (as hereinafter defined); 
 WHEREAS Article 2692 of the Civil Code of Québec permits a legal person authorized to issue bonds or other titles of indebtedness to grant a
hypothec securing payment of such bonds or titles of indebtedness in favour of the person holding the power of attorney (“fondé de pouvoir”) of the creditors; 
 WHEREAS the Grantor is duly authorized to create and issue bonds and to secure the same as provided for by this Deed; 
  

  

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 WHEREAS the Grantor is desirous of creating, issuing and securing bonds in the manner hereinafter
appearing; 
 WHEREAS the execution of this Deed and the issue and security of the Bonds (as hereinafter defined) in conformity therewith have been
duly authorized by the Grantor; and 
 WHEREAS the foregoing recitals are made as representations and warranties and statements of fact by the Grantor
and not the Attorney. 
 NOW, THEREFORE, THE PARTIES HERETO HAVE AGREED AS FOLLOWS: 
  

	1.	INTERPRETATION 

  

	 	1.1	Definitions 

 The following terms, wherever used
in this Deed, shall, unless there be something in the context inconsistent therewith, have the following meanings: 
  

	 	1.1.1	“Agent” means Merrill Lynch Capital Canada Inc., in its capacity as Canadian agent for the lenders under the Credit Agreement, or any successor Canadian
administrative agent appointed pursuant to the Credit Agreement; 

	 	

	 	1.1.2	“Attorney” means Merrill Lynch Capital Canada Inc., appointed herein pursuant to Section 2 hereof and under the Credit Agreement as “fondé de
pouvoir” for the Bondholders, and shall include its successors or assigns appointed pursuant to the provisions hereof and under the Credit Agreement; 

	 	

	 	1.1.3	“Authorization” means, with respect to any Person, any authorization, order, permit, approval, grant, licence, consent, right, franchise, privilege, certificate,
judgment, writ, injunction, award, determination, direction, decree, by-law, rule or regulation of any Governmental Authority having jurisdiction over such Person, whether or not having the force of Law; 

	 	

	 	1.1.4	“Bondholder” or “Holder” means any Person in whose name Bonds are registered in the register kept by the Attorney in accordance with the provisions
hereof; 

  

  

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	 	1.1.5	“Bondholders’ Instrument” means at any time a document signed by all of the Bondholders; 

	 	

	 	1.1.6	“Bonds” has the meaning ascribed hereto in paragraph 3.1 hereof; 

	 	

	 	1.1.7	“Books and Records” means all books, records, files, papers, disks, documents and other repositories of data recording in any form or medium, evidencing or relating
to the Charged Property which are at any time owned by the Grantor or to which the Grantor (or any Person on the Grantor’s behalf) has access; 

	 	

	 	1.1.8	“Business Day” means a Business Day (as defined in the Credit Agreement) or, for any act to be performed in the Province of Québec or for calculation of time
periods pursuant to applicable Law of the Province of Quebec, means any day, other than a Saturday or Sunday, in the Province of Québec on which Canadian chartered banks are generally open for business in the City of Montréal, Province
of Québec; 

	 	

	 	1.1.9	“Canadian Dollars”, “Dollars”, “$” or “CAN$” means lawful money of Canada; 

	 	

	 	1.1.10	“Charged Property” means all the property described or referred to in and hypothecated pursuant to Section 4 hereof; 

	 	

	 	1.1.11	“Consent” has the meaning ascribed thereto in paragraph 1.9 hereof; 

	 	

	 	1.1.12	“Contracts” means all contracts, licences and agreements to which the Grantor is at any time a party or pursuant to which the Grantor has at any time acquired
rights, and includes (i) all rights of the Grantor to receive money due and to become due to it in connection with a contract, licence or agreement, (ii) all rights of the Grantor to damages arising out of, or for breach or default in
respect of, a contract, licence or agreement, and (iii) all rights of the Grantor to perform and exercise all remedies in connection with a contract, licence or agreement; 

	 	

	 	1.1.13	“Credit Agreement” means the ABL credit agreement dated as of August 30, 2007 among HDS 

  

  

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	 	Acquisition Subsidiary, Inc. and certain of its subsidiaries, including the Grantor, that are or may become parties thereto, the several Canadian Borrowers and Subsidiary
Borrowers’ party thereto, several banks and other financial institutions from time to time parties thereto, Merrill Lynch Capital, as administrative agent and U.S. ABL collateral agent for the ABL Lenders thereunder, Merrill Lynch Capital
Canada Inc., as Canadian agent and Canadian collateral agent, and the other parties party thereto, as amended, supplemented, restated or replaced from time to time; 

  

	 	1.1.14	“Event of Default” has the meaning ascribed thereto in Section 11 hereof; 

	 	

	 	1.1.15	“Hypothec” means the hypothecs granted by the Grantor pursuant to Section 4 and Section 5 hereof; 

	 	

	 	1.1.16	“Hypothecated Claims” has the meaning ascribed thereto in paragraph 6.4 hereof; 

	 	

	 	1.1.17	“Immovable Properties” has the meaning ascribed thereto in paragraph 4.1.1 hereof; 

	 	

	 	1.1.18	“Intellectual Property Rights” has the meaning ascribed thereto in paragraph 4.9 hereof; 

	 	

	 	1.1.19	“Inventory” has the meaning ascribed thereto in paragraph 4.5 hereof; 

	 	

	 	1.1.20	“Law” means all federal, provincial, municipal, foreign and international statutes, acts, codes, ordinances, decrees, treaties, rules, regulations, municipal
by-laws, judicial or arbitral or administrative or ministerial or departmental or regulatory judgments, orders, decisions, rulings or awards or any provisions of the foregoing, including general principles of common and civil law and equity, and all
policies, practices and guidelines of any Governmental Authority binding on or affecting the Person referred to in the context in which such word is used; and “Law” means any one or more of the foregoing; 

	 	

	 	1.1.21	“Leases” means any current and future leases, subleases, agreements to lease or sublease, licenses, 

  

  

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	 	concessions, offers to lease or sublease, rental agreements, occupancy agreements, licenses, space sharing agreements and other similar agreements to occupy premises, including any
right of use or occupancy together with any guarantees, extensions, renewals, replacements or modifications thereof; 

  

	 	1.1.22	“Pledged Entity” means each of the entities identified in Schedule II, including any of their successors and assigns and any entity resulting from the amalgamation
of any such entity with any other Person(s); 

	 	

	 	1.1.23	“Proceeds” has the meaning ascribed thereto in paragraph 4.11 hereof; 

	 	

	 	1.1.24	“Receiver” has the meaning ascribed thereto in paragraph 12.8 hereof; 

	 	

	 	1.1.25	“Rents” has the meaning ascribed thereto in paragraph 4.2.1 hereof; 

	 	

	 	1.1.26	“Restricted Property” has the meaning ascribed thereto in paragraph 1.9 hereof; 

	 	

	 	1.1.27	“Secured Obligations” means the due and punctual payment, in lawful money of Canada, of all principal of and interest (including interest on amounts in default) and
premiums if any, on the Bonds, the payment of all other sums, if any, from time to time due under or pursuant to this Deed to the Bondholders or the Attorney, and the performance of all the agreements, covenants, conditions, warranties,
representations and other obligations of or made by the Grantor hereunder; 

	 	

	 	1.1.28	“Securities” has the meaning ascribed thereto in paragraph 4.7 hereof; 

	 	

	 	1.1.29	“Specific Securities” has the meaning ascribed thereto in paragraph 4.7 hereof; 

	 	

	 	1.1.30	“This Deed”, “these presents”, “herein”, “hereby”, “hereunder”, “hereof” and
similar expressions refer to this Deed, and to any deed or document supplemental or complementary hereto or restating this Deed, and any and all renewals, modifications, 

  

  

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 amendments, supplements, extensions, consolidations, substitutions and replacements of
this instrument; 
  

	 	1.2	Capitalized Terms 

 All capitalized terms and
expressions used but not defined herein shall have the same meaning as that ascribed to them in the Credit Agreement. 
  

	 	1.3	Preamble 

 The preamble shall form an integral
part of this Deed as if recited herein at length. 
  

	 	1.4	Gender 

 Unless there be something in the context
inconsistent therewith, words importing the masculine gender shall include the feminine gender and vice versa and words importing the singular include the plural and vice versa. When used in this Deed, the word “including”
(or includes) means “including (or includes) without limitation”. 
  

	 	1.5	Headings 

 The division of this Deed into
sections, subsections and paragraphs and the insertion of titles are for convenience of reference only and do not affect the meaning or the interpretation of the present Deed. Unless otherwise indicated, a reference to a particular Section,
subsection or paragraph is a reference to the particular Section, subsection or paragraph in this Deed. 
  

	 	1.6	Benefits of this Deed 

 The parties hereto and the
Bondholders shall be bound by the provisions hereof (including the irrevocable appointment in Section 2 below), and the benefits, rights, remedies or claims under this Deed shall enure to them to the exclusion of any others. 
  

	 	1.7	Delays and Calculation of Time Periods 

 The time
periods provided hereunder are calculated simultaneously with the time periods imposed by Law and are not in addition to such time periods. In the calculation of time periods, the first day is not included but the last is. When the date on which a
time period expires or a payment has to be 
  

  

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 made or an act has to be done is not a Business Day, the delay expires or the payment must
be made or the act must be done on the next following Business Day, unless the context indicates otherwise. 
  

	 	1.8	Currency 

 All references to dollar amounts are,
unless expressly otherwise provided, expressed in terms of the lawful currency of Canada. 
  

	 	1.9	Suspensive Condition 

 If any of the Charged
Property may not be assigned, subleased, hypothecated, charged or encumbered (individually and collectively, the “Restricted Property”) without the leave, license, consent or approval of the applicable counterparty, a Governmental
Authority or any other Person (each such lease, license, consent or approval, a “Consent”), the Hypothec on any such Restricted Property shall be under the suspensive condition of obtaining such Consent. The Hypothec shall, however,
affect such Restricted Property (or applicable portion thereof) immediately at such time as such Consent has been obtained or is no longer required. Upon the request of the Attorney, the Grantor shall use its best efforts to obtain any Consent with
respect to such Restricted Property. 
 Notwithstanding anything herein to the contrary: 
  

	 	1.9.1	the Grantor shall remain, liable under the Contracts included in the Charged Property to the extent set forth therein to perform all its duties and obligations thereunder to the
same extent as if this Deed had not been executed; 

	 	

	 	1.9.2	the exercise by the Attorney of any of the rights or remedies hereunder shall not release the Grantor from any of its duties or obligations under the Contracts included in the
Charged Property; and 

	 	

	 	1.9.3	the Attorney shall not have any obligation or liability under the Contracts included in the Charged Property by reason of this Deed, nor shall the Attorney be obligated to perform
any of the obligations or duties of the Grantor thereunder or to take any action to collect or enforce any claim for payment charged hereunder. 

  

  

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	2.	APPOINTMENT OF THE ATTORNEY AS “FONDÉ DE POUVOIR” 

 The Grantor hereby irrevocably appoints and confirms the appointment of the Attorney, and the Attorney irrevocably accepts and agrees to act, as
“fondé de pouvoir” (“person holding the power of attorney”) as contemplated in Article 2692 of the Civil Code of Québec on behalf of the present and future Bondholders, in order to receive and hold any
right and hypothec created hereby and hereafter created or constituted, as continuing security for the payment of the Bonds. 
 Any Person
who becomes a Bondholder shall benefit from the provisions hereof and the appointment of the Attorney as “fondé de pouvoir” for the Bondholders and, upon becoming a Bondholder, irrevocably authorizes the Attorney to perform
such function. 
  

	3.	CHARACTERISTICS AND ISSUE OF BONDS 

  

	 	3.1	Maximum Amount 

 The Bonds to be issued from time
to time hereunder shall be designated “25% Demand Bonds”, provided however that the aggregate principal nominal value of such “25% Demand Bonds” shall not exceed at any time THREE BILLION Canadian Dollars (CAN$3,000,000,000) and
may be referred to herein as the “Bonds”, and such expression shall include any or all of the bonds issued from time to time pursuant to this Deed and outstanding hereunder. 
  

	 	3.2	Form of Bonds 

 The Bonds shall be substantially
in the form set out in Section 20 with such appropriate additions and variations as shall be required and as shall be determined by the Grantor with the Attorney’s approval and the Attorney’s certification of any such Bonds shall be
conclusive evidence of such approval. The Attorney shall have the right to annotate any Bonds in order to make the reference thereon to any supplement to or modification of these presents. Such annotation shall be binding upon the Grantor and the
Bondholders as if forming part of the original wording of the Bonds. 
  

	 	3.3	Bonds Characteristics 

 The Bonds: 
  

  

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	 	3.3.1	shall be issued as fully registered Bonds; 

	 	

	 	3.3.2	may be issued in any denominations in Canadian Dollars; 

	 	

	 	3.3.3	shall be dated the date of issue thereof; 

	 	

	 	3.3.4	shall be payable on demand of the Bondholder or on its behalf; 

	 	

	 	3.3.5	shall be payable at the address indicated on the Bonds or at any other address subsequently given by the Bondholder to the Grantor or the Attorney; 

	 	

	 	3.3.6	shall bear interest from their date of issuance until payment, at a rate equal to twenty-five percent (25%) per annum, calculated annually and payable on demand of the
Bondholder; all overdue interest shall bear interest at the same rate, calculated annually from its due date until the actual date of payment; the principal of and the interest on the Bonds and any sums which may become payable hereunder or under
such Bonds shall be payable in Canadian Dollars; 

	 	

	 	3.3.7	shall be signed by any officer, director or representative of the Grantor; 

	 	

	 	3.3.8	shall be issued from time to time after the execution of this Deed, as determined by resolution of the board of directors of the Grantor; 

	 	

	 	3.3.9	shall be certified by the Attorney and delivered by it to or to the order of the Grantor upon receipt by the Attorney of a written delivery order signed by any officer, director or
representative of the Grantor; 

	 	

	 	3.3.10	shall be issued for such amounts or for such consideration and to such holders and on such terms as may be determined by the board of directors of the Grantor; and

	 	

	 	3.3.11	shall rank equally and be equally and ratably secured notwithstanding the date of their issuance or the date of their certification by the Attorney. 

  

  

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	 	3.4	Certification of Bonds 

 The certification by the
Attorney of any of the Bonds shall be conclusive evidence that the Bonds so certified have been issued as contemplated hereunder. However, such certification shall not be construed as a representation or warranty by the Attorney as to the validity
of the security, of this Deed or of the Bonds. 
  

	 	3.5	Pledge of the Bonds 

 The Bonds may be
hypothecated and pledged by the Grantor as security for the execution of any obligation incurred or to be incurred by the Grantor or any other Person. Subject to paragraph 3.6 hereof, the holder of any of the Bonds in favour of whom this security
has been granted shall be considered for all purposes hereunder to be a Bondholder and be deemed to be the owner of such Bonds and shall have the right to cause the Attorney to enter its name and address in the Bonds’ register hereinafter
mentioned. 
  

	 	3.6	Bonds Register 

 The Grantor shall at all times,
while any of the Bonds issued hereunder are outstanding, cause to be kept by the Attorney at its office indicated on the first page of this Deed or at any other address which the Attorney may indicate to the Grantor in writing, a register in which
shall be entered the names and addresses of the Bondholders. The entries in such register shall be conclusive evidence that the Bondholders therein registered are entitled to the Bonds and to the rights deriving therefrom. 
  

	 	3.7	Transfer of Bonds 

 The Attorney shall, upon
surrender to it of any Bonds that have been transferred, cause to be entered in the Bonds’ register aforesaid the name of the transferees as being registered Bondholders and shall remit such Bonds to the transferees or, as the case may be, upon
cancellation of the Bonds surrendered to it, deliver new Bonds in lieu and substitution thereof. 
  

	 	3.8	Issue of Bonds 

 Whenever Bonds are issued and are
subsequently returned to the Grantor for cancellation, the Grantor, subject to the provisions hereof, may be entitled to reissue such Bonds in denominations which, in the aggregate, do not exceed the 
  

  

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 denominations of the Bonds that were returned for cancellation; the Bonds to be reissued
as aforesaid shall be delivered for registration and certification and the Attorney shall, provided it is so requested by a Bondholder’s Instrument, register and certify such Bonds. 
  

	 	3.9	Bonds’ Replacement 

 Upon such request as
shall be satisfactory to the Attorney and upon such reasonable requirements as the Attorney may prescribe, including the provision of an indemnity by the Bondholders to the Attorney and the Grantor, the Grantor shall deliver for registration and
certification and the Attorney shall register and certify, for purposes of replacement, new Bonds in exchange for and in lieu of such Bonds which need to be replaced because of loss, mutilation or destruction. 
  

	 	3.10	Clerical Errors 

 The Attorney may correct any
clerical error in this Deed or in the Bonds. 
  

	4.	HYPOTHEC 

 As collateral security for the payment
of all principal of and interest (including interest on amounts in default) and premiums, if any, on the Bonds, the Grantor hereby hypothecates, for the sum of THREE BILLION Canadian Dollars (CAN$3,000,000,000) with interest thereon at the rate of
twenty-five percent (25%) per annum from the date hereof, in favour of the Attorney, the universality of all of its movable and immovable property, corporeal and incorporeal, present and future, of any nature whatsoever and wheresoever situate,
the whole including, without limitation, the following universalities of present and future property of the Grantor: 
  

	 	4.1	Immovables 

  

	 	4.1.1	All the immovable properties of the Grantor and all rights of the Grantor in any immovable properties, together with all property which may be or become incorporated therewith or
permanently physically attached or joined thereto so as to ensure the utility thereof or which is used by the Grantor for the operation of its enterprise or the pursuit of its activities (including the heating and air conditioning apparatus and
water tanks) and all other property which becomes immovable by the effect of Law, 

  

  

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	 	including by way of accession, and all rights relating to such immovable property, including the immovable properties described in Schedule I hereto, if any (the Grantor’s
immovable property is collectively hereinafter referred to as the “Immovable Properties”). 

  

	 	4.1.2	All right, title and interest of the Grantor in and to the buildings and improvements located on Immovable Properties. 

  

	 	4.2	Rentals, Revenues and Leases 

  

	 	4.2.1	All rentals (including, without limitation, minimum rents, percentage rents and additional rents), rent equivalents, moneys payable as damages or in lieu of rent or rent
equivalents, insurance and other escrow deposits, insurance proceeds, and other consideration of whatever form or nature receivable or received by or payable or paid to or for the account of or benefit of the Grantor or its attorneys or employees
for its account or benefit from any and all sources, rents, income, revenues, receipts, proceeds and profits arising from the Leases, including, without limitation, minimum rents, liquidated damages following default, all proceeds payable under any
policy of insurance covering loss of rents resulting from untenantability due to destruction or damage to Immovable Properties and any award or other payment which the Grantor may hereafter become entitled to receive with respect to any of the
Leases as a result of or pursuant to any bankruptcy, insolvency or reorganization or similar proceedings involving the tenants under such Leases, and together with all income, issues, royalties, receivables, installment payment obligations, profits
and benefits of every nature from the use, enjoyment and occupancy of Immovable Properties, or the sale, lease, sublease, license, concession or other grant of right to use or occupy any portion thereof, any deposits securing reservations of exhibit
or sales space of every kind, and any and all payments made by or on behalf of any tenant in lieu of rent, together with the immediate and continuing right to collect and receive the same, whether now due or hereafter becoming due, and together with
all rights and claims of any kind that 

  

  

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	 	the Grantor may have against any tenant under the Leases or against any other occupant including, without limitation, those arising from or attributable to Immovable Properties
(collectively, the “Rents”), together with all proceeds from the sale or other disposition of the Leases. 

  

	 	4.2.2	All Leases made by the Grantor as lessor or sublessor, whether written or oral now or hereafter affecting all or any part of any Immovable Properties (future Leases being
hypothecated without further or supplemental documentation), and the benefit of all tenants’ covenants and obligations contained in any Leases, including, without limitation, the benefit of any right, option or obligation of any tenant or other
Person to renew or extend any Lease, or to be derived from the Leases or any of them and all rents accruing therefrom, together with any and all guaranties, extensions, renewals, replacements or modifications thereof. 

  

	 	4.3	Rental Insurance 

 Proceeds or indemnities now or
hereafter payable under any present or future Contract of insurance on or in respect of Immovable Properties, the Rents, any of the property described in paragraph 4.2 above or any other of the Charged Property. 
  

	 	4.4	Contracts relating to Immovable Properties 

 All
Contracts, such as construction, utility, maintenance, management, advisory, operating and service Contracts, and Contracts with architects and engineers, permits, licenses, certificates and entitlements in any way relating to the development,
construction, use, occupancy, operation, maintenance, enjoyment, acquisition or ownership of any Immovable Properties of the Grantor, including all rights related thereto. 
  

	 	4.5	Inventory 

 All inventory and property in stock of
any nature and kind of the Grantor whether in its possession, in transit or held on its behalf, including property in reserve, raw materials or other materials, goods manufactured or transformed, or in the process of being so, by the Grantor or by
others, packaging materials, property evidenced by bills of lading, animals, wares, 
  

  

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 mineral substances, hydrocarbons and other products of the soil and all fruits thereof,
from the time of their extraction, as well as any other property held for sale, lease or processing in the manufacture or transformation of property intended for sale, lease or use in providing a product or service by the Grantor (collectively, the
“Inventory”). 
 The Inventory held by third parties pursuant to a lease agreement, a leasing contract, a franchise or
license agreement, or any other agreement entered into with the Grantor or on its behalf, is also subject to the Hypothec created herein. 
 Property having formed part of the Inventory which has been alienated by the Grantor in favour of a third Person but in respect of which the Grantor has retained title pursuant to a reservation of ownership provision, shall remain charged
by this Hypothec until title is transferred; any Inventory the ownership of which reverts to the Grantor pursuant to the resolution or resiliation of any agreement is also subject to the present Hypothec. 
  

	 	4.6	Claims, Book, Debts and Other Movable Property 

  

	 	4.6.1	Claims, Receivables and Book Debts 

 All of the
Grantor’s claims, debts and demands, whatever their cause or nature, whether or not they are certain, liquid or exigible, whether or not evidenced by any title (and whether or not such title is negotiable), bill of exchange or draft, whether
litigious or not, whether or not they have been previously or are to be invoiced, whether or not they constitute book debts or trade accounts receivable, and including those accounts which are in respect of any Charged Property, all deposit accounts
maintained by the Grantor with respect to any Immovable Properties as well as all monies or other obligations or indebtedness owing or to be owing to the Grantor arising from the sale, lease or exchange of all or any part of the Charged Property
under any Contracts for the foregoing (whether or not yet earned by performance on the part of the Grantor) as well as all royalties, income, accounts receivable, receipts, revenues, deposits (including, without limitation, security, utility and
other deposits and interest thereon), accounts, cash, issues, profits, charges for goods or services rendered, interest on security, tax and receivables, rents, instalment payment obligations, 
  

  

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 profits and benefits of every nature from the use, enjoyment and occupancy of the Charged
Property, or the sale, lease, sublease, license, concession or other grant of right to use or occupy Hypothecated Claims (as hereinafter defined) shall include: (i) indemnities payable to the Grantor under any Contract of insurance of property,
of persons or of liability, (ii) the sums owing to the Grantor in connection with interest or currency exchange Contracts and other treasury or hedging instruments, management of risks instruments or derivative products existing in favour of
the Grantor, (iii) the Grantor’s rights in the credit balance of accounts held for its benefit either by the Attorney (subject to the Attorney’s compensation rights) or by any financial institution or any other Person and
(iv) proceeds of expropriation. 
  

	 	4.6.2	Life Insurance Policies 

 All of the Grantor’s
present and future right, title and interest in, to and under any life insurance policies, including, without limitation, all sums, advances, profits, dividends, benefits, advantages, cash surrender value, records, receipt, invoices and accounts
collected to or resulting from or payable under the life insurance policies. 
  

	 	4.6.3	Rights of Action 

 All of the Grantor’s rights under
Contracts, as well as the Grantor’s rights of action and claims against third Persons. 
  

	 	4.6.4	Accessories 

 All the security, security agreements,
guarantees, suretyships, notes and accessories to the claims and rights mentioned above and other rights relating thereto (including, without limitation, the rights of the Grantor in its capacity as seller under an instalment sale agreement or a
conditional sale agreement, where the claims are the result of such sale). 
  

  

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	 	4.6.5	Movable Property 

 All movable property owned by the
Grantor and covered by the instalment or conditional sales agreements mentioned in paragraph 4.6.4 hereof. 
  

	 	4.6.6	No exclusion 

 A right or a claim shall not be excluded
from the Charged Property by reason of the fact that: (i) the debtor thereof is domiciled outside the Province of Québec or (ii) the debtor thereof is an Affiliate of the Grantor (regardless of the Law of the jurisdiction of its
incorporation or creation, as applicable) or (iii) such right or claim is not related to the operation of the Grantor or (iv) such right or claim is not related to the ordinary course of business of the Grantor. 
  

	 	4.7	Securities 

 All present and future shares in the
capital stock of a legal person, now or hereafter owned by the Grantor including, without limitation, the shares of the Pledged Entities specifically described in Schedule II hereto (the “Specific Securities”), all present and
future bonds, debentures, bills of exchange, promissory notes, negotiable instruments and other evidences of indebtedness, and all present and future options, warrants, investment certificates, mutual funds units, all interests or units of the
Grantor in any partnership, or any rights in respect of any of the foregoing, and any other instrument or title generally called or included as a security (together with the Specific Securities, the “Securities”), and also
including, without limitation, all Securities issued or received in substitution, renewal, addition or replacement of Securities, or issued or received on the purchase, redemption, conversion, cancellation or other transformation of Securities or
issued or received by way of dividend or otherwise to holders of Securities, and all present and future instruments, bills of lading, warehouse receipts, documents or other evidences of title of the Grantor. 
  

	 	4.8	Equipment and Other Property 

 All the equipment,
office furniture, appliances, supplies, apparatus, tools, patterns, models, dies, blueprints, fittings, furnishings, fixtures, machinery, vehicles and rolling stock, 
  

  

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 including without limitation, spare parts, accessories and additions of whatever nature or
kind. 
  

	 	4.9	Intellectual Property Rights 

 All of the
Grantor’s rights in any trade-mark, copyright, industrial design, patent, patent rights, goodwill, invention, business or trade name, trade secret, trade process, licence, permit, franchise, know-how, plant breeders’ right, topography of
integrated circuits and in any other intellectual property right (registered or not) including, if any, any application or registration related thereto, improvements and modifications thereto as well as rights in any action pertaining to the
protection, in Canada or abroad, of any such intellectual property rights or infringement thereto or any rights relating to any of the foregoing including, without limitation, those listed in Schedule III hereto, if any (collectively, the
“Intellectual Property Rights”). 
  

	 	4.10	Licences 

 All licences now or hereafter acquired
by the Grantor or held by the Grantor or on its behalf, in Canada or abroad, including, without limitation, those listed in Schedule IV hereto, if any, and all of the right, title and interest of the Grantor in any and all licences. 
  

	 	4.11	Fruits and Revenues 

 All fruits and revenues
emanating from the Charged Property, including, without limitation, the proceeds of any sale, assignment, lease or other disposition of any of the Charged Property, any claim resulting from such a sale, assignment, lease or other disposition, as
well as any property acquired in replacement thereof (collectively, the “Proceeds”). 
  

	 	4.12	Books and Records and Others Documents 

 All Books
and Records, as well as the rights of the Grantor to recover such property from third parties. All plans, specifications, shop drawings and other technical descriptions prepared for construction, repair or alteration of any Immovable Properties of
the Grantor, and all amendments and modifications thereof. 
  

  

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	 	4.13	Replacement Property 

 Any and all Charged
Property which is acquired, transformed or manufactured after the date of this Deed shall be charged by the Hypothec, (i) whether or not such property has been acquired in replacement of other Charged Property which may have been alienated by
the Grantor in the ordinary course of business, (ii) whether or not such property results from a transformation, mixture or combination of any Charged Property, and (iii) in the case of Securities, whether or not they have been issued
pursuant to the purchase, redemption, conversion or cancellation or any other transformation of the charged Securities and without the Attorney being required to register or re-register any notice whatsoever, the property hypothecated under this
Deed being a universality of present and future property. 
  

	 	4.14	Additional Provisions regarding pledge 

 The
Hypothec granted in this Deed also constitutes a pledge or a hypothec with delivery of the Securities which are delivered to, or now in possession of, the Attorney, including, without limitation, of the Specific Securities, as well as a pledge or
hypothec with delivery of any Securities which may in the future be delivered to, or held by, the Attorney or its nominee(s). 
  

	5.	ADDITIONAL HYPOTHEC 

 To secure the payment of
interest and all Secured Obligations not already secured by this Hypothec, including the fees and expenses, if any, incurred by the Attorney to secure performance of the Secured Obligations or to preserve the Charged Property, and to further secure
the performance of the Secured Obligations, the Grantor hypothecates in favour of the Attorney the Charged Property for an additional amount of SIX HUNDRED MILLION Canadian Dollars (CAN$600,000,000) with interest thereon from the date of this Deed
at the rate of twenty-five percent (25%) per annum. 
  

	6.	ADDITIONAL PROVISIONS TO THE HYPOTHEC ON HYPOTHECATED CLAIMS AND RENTS 

  

	 	6.1	List of Tenants 

 Upon request of the Attorney,
the Grantor shall provide the Attorney (i) with a copy (or the original, when requested by the Attorney) of all Leases relating to any Immovable Properties 
  

  

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 and any document and any useful information in connection therewith, and (ii) with a
written acknowledgement by the tenants, present and future, of the Hypothec on Rents hereby created in the form reasonably required by the Attorney. 
  

	 	6.2	Leases and Statement of Revenues 

 The Attorney
may require that all Leases be subject to its approval and that they be subordinated to its rights hereunder. 
  

	 	6.3	Collection of Rents by Grantor 

 Subject to
paragraph 6.4 hereof, the Grantor shall not collect in advance more than one (1) month of Rent (other than a security deposit) nor shall it renounce to the payment of any Rent. 
  

	 	6.4	Authorization to Collect 

 Save and except for
claims resulting from expropriation proceeds and indemnities payable under any policies of insurance, those referred to in Section 7 hereof, and save for any other claims for which the collection is otherwise dealt with pursuant to the Credit
Agreement, or any other agreement entered into by the Grantor and the Attorney, or the Grantor and the Secured Parties, the Attorney hereby authorizes the Grantor to collect and recover all claims forming part of the Charged Property, including
Rents (collectively, the “Hypothecated Claims”). At any time that an Event of Default has occurred, such authorization may be withdrawn and revoked by the Attorney by written notice with respect to all or any part of the
Hypothecated Claims or the Grantor, whereupon the Attorney shall be free to itself effect such collection and to exercise any of the rights referred to in paragraph 6.5 below; the Grantor so notified shall then remit to the Attorney all Books and
Records, Contracts and all other documents related to the Hypothecated Claims. If, after such authorization is withdrawn (and even if such revocation is not yet registered or delivered to the holders of such claims), sums payable under such
Hypothecated Claims and property are paid to .the Grantor, it shall receive same as mandatary of the Attorney and shall remit same to the Attorney promptly without the necessity of any demand to this effect. 
  

	 	6.5	Collection 

 At any time that an Event of Default
has occurred, the Attorney having withdrawn the authorization provided for above is 
  

  

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 entitled to collect all Hypothecated Claims in accordance with what is provided for by
Law. It may further exercise any rights regarding such Hypothecated Claims and more particularly, it may grant or refuse any consent which may be required from the Grantor in its capacity as owner of such Hypothecated Claims, and shall not, in the
exercise of such right, be required to obtain the consent of the Grantor or serve the Grantor any notice thereof, nor shall it be under any obligation to establish that the Grantor has refused or neglected to exercise such rights, and it may further
grant delays, take or abandon any security, make arrangements with debtors of any Hypothecated Claims, make compromises, grant releases and generally deal at its discretion with matters concerning all Hypothecated Claims without the intervention or
consent of the Grantor. 
  

	 	6.6	Life Insurance Policies 

 In exercising its
hypothecary rights or other recourses as described herein, the Attorney shall also be entitled, after the occurrence of an Event of Default, without any prior notice and without any need to obtain any further consent, to collect benefits, to realize
the surrender and cash value of the life insurance policies or to exercise, if it so chooses, any of the options related thereto, to make any arrangement or compromise it deems appropriate, to grant acquittances of any sums and benefits received, or
to transfer or otherwise negotiate the life insurance policies. 
  

	7.	ADDITIONAL PROVISIONS TO THF HYPOTHEC ON SECURITIES 

  

	 	7.1	Pledged Stock 

 Unless an Event of Default shall
have occurred and be continuing and the Attorney shall have given notice to the Grantor of the Attorney’s intent to exercise its corresponding rights pursuant to Section 7.3, the Grantor shall be permitted to receive all cash dividends and
distributions paid in respect of the Securities (subject to the last two sentences of the next paragraph of this provision) to the extent permitted in the Credit Agreement, and to exorcise all voting and corporate rights with respect to the
Securities; provided, however, that no vote shall be cast or corporate right exercised or such other action taken (other than in connection with a transaction expressly permitted by the Credit Agreement) which, in the Attorney’s
reasonable judgment, would materially impair the Securities or the related rights or remedies of the Attorney or 
  

  

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 which would be inconsistent with or result in any violation of any provision of the Credit
Agreement, this Agreement or any other Loan Document. 
 If the Grantor shall, as a result of its ownership of its Securities, become
entitled to receive or shall receive any stock certificate (including, without limitation, any stock certificate representing a stock or share dividend or a distribution in connection with any reclassification, increase or reduction of capital or
any certificate issued in connection with any reorganization), stock option or similar rights in respect of the capital stock of any grantor, whether in addition to, in substitution of, as a conversion of, or in exchange for, any shares of the
Securities, or otherwise in respect thereof, the Grantor shall accept the same as the mandatary for the Attorney, hold the same in trust for the Attorney and deliver the same forthwith to the Attorney, in the exact form received, duly indorsed by
the Grantor to the Attorney, if required, or accompanied by an undated stock power covering such certificate duly executed in blank by the Grantor, to be held by the Attorney, as additional collateral security for the Secured Obligations. Any sums
paid upon or in respect of the Securities upon the liquidation or dissolution of any grantor (except any liquidation or dissolution of any Subsidiary of the Borrower permitted by the Credit Agreement) shall be paid over to the Attorney, as
additional collateral security for the Secured Obligations, and in case any distribution of capital shall be made on or in respect of the Securities or any property shall be distributed upon or with respect to the Securities pursuant to the
recapitalization or reclassification of the capital of any grantor or pursuant to the reorganization thereof, the property so distributed shall, unless otherwise subject to a perfected Lien in favor of the Attorney, be delivered to the Attorney, to
be held by the Attorney as additional collateral security for the Secured Obligations, in each case except as otherwise provided by the Intercreditor Agreement. If any sums of money or property so paid or distributed in respect of the Securities
shall be received by the Grantor, the Grantor shall, until such money or property is paid or delivered to the Attorney, in accordance with the Intercreditor Agreement, hold such money or property in trust for the Attorney, segregated from other
funds of the Grantor, as additional collateral security for the Secured Obligations. 
  

  

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	 	7.2	Rights of Attorney following an Event of Default 

 If an Event of Default shall occur and be continuing and the Attorney shall give notice of its intent to exercise such rights to the Grantor, (i) the Attorney shall have the right to receive any and all cash dividends, payments or
other proceeds paid in respect of the Securities and make application thereof to the Secured Obligations in such order as is provided in Section 12.9, and (ii) any or all of the Securities shall be registered in the name of the Attorney or
its nominee may thereafter exercise (x) all voting, corporate and other rights pertaining to such Securities at any meeting of shareholders of the relevant grantor or grantors or otherwise and (y) any and all rights of conversion,
exchange, subscription and any other rights, privileges or options pertaining to such Securities as if it were the absolute owner thereof (including, without limitation, the right to exchange at its discretion any and all of the Securities upon the
merger, consolidation, reorganization, recapitalization or other fundamental change in the corporate structure of any grantor, or upon the exercise by the Grantor or the Attorney, of any right, privilege or option pertaining to such Securities, and
in connection therewith, the right to deposit and deliver any and all of the Securities with any committee, depositary, transfer agent, registrar or other designated agency upon such terms and conditions as the Attorney may reasonably determine),
all without liability (other than for its gross negligence or willful misconduct) except to account for property actually received by it, but the Attorney shall have no duty to the Grantor to exercise any such right, privilege or option and shall
not be responsible for any failure to do so or delay in so doing. 
  

	 	7.3	Certificates 

 The certificates representing the
Securities hypothecated and pledged hereunder may be kept in the possession of the Attorney or in the possession of its nominee(s), which may be held (in the discretion of the Attorney) in the name of the Grantor, endorsed or assigned in blank or in
favour of the Attorney or any nominee or nominees of the Attorney, and the Grantor hereby consents to the holding of such hypothecated Securities by such nominee(s). 
  

	 	7.4	Appointment of Attorney 

 The Grantor hereby
irrevocably appoints any officer or employee of the Attorney as its attorney with full power of 
  

  

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 substitution and authority to execute such documents necessary to render effective the
rights granted to the Attorney pursuant to this Section 7. 
  

	8.	ASSIGNMENT OF CLAIMS SUBJECT TO THE FINANCIAL ADMINISTRATION ACT 

 The Grantor hereby assigns to the Attorney by way of absolute assignment all its present and future claims which are subject to Sections 67 and 68 of the
Financial Administration Act (Canada) and any other analogous legislation, as collateral and continuing security for all Secured Obligations. The Attorney may, at any time, and the Grantor shall, at the request of the Attorney, fulfil any
further formalities required by Law to make such transfer enforceable. 
  

	9.	REPRESENTATIONS AND WARRANTIES 

 Without limitation
to the representations and warranties made by or in respect of the Grantor under the Credit Agreement or any other Loan Document, which shall be deemed incorporated and apply mutatis mutandis to this Deed, the Grantor hereby represents and
warrants to the Attorney that: 
  

	 	9.1	Legal Person 

 It is a legal person (i.e.
corporation). 
  

	 	9.2	Name, Registered Office, Places of Business and Location of Charged Property 

 The Grantor’s full legal name, the French and English versions thereof, the business or firm name, its domicile, registered office and the place where it keeps its Books and Records are set forth on Schedule V of
this Deed. The location of all places where the Grantor carries on business and the location of its corporeal Charged Property are set forth on Schedule V to this Deed. 
  

	 	9.3	Title and Permitted Liens 

 No creditor of the
Grantor has, within the meaning of Articles 2699 and 2708 of the Civil Code of Québec, given value to the Grantor in the thirty (30) days preceding the execution of this Deed. 
  

  

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	 	9.4	Hypothecated Claims Secured by Registered Hypothec 

 None of the Hypothecated Claims is secured by registered hypothec. 
  

	 	9.5	Claims subject to the Financial Administration Act (Canada) 

 It has no claim of substantial value falling under Section 8 hereof. 
  

	 	9.6	Securities 

  

	 	9.6.1	All Securities owned, directly or indirectly, by the Grantor are set forth on Schedule IV hereto. 

	 	

	 	9.6.2	The description of the Specific Securities in Schedule IV hereto accurately represents the number and class of the issued and outstanding shares of the capital-stock of the Pledged
Entity owned, directly or indirectly, by the Grantor. The Specific Securities constitute validly issued and outstanding shares of the Pledged Entity. 

	 	

	 	9.6.3	There exists no restriction in the articles or other constating documents of the Grantor regarding the granting of the hypothec and pledge in, and the assignment or transfer of, the
Securities. 

	 	

	 	9.6.4	There exists no restriction in the articles or other constating documents of the Pledged Entity in respect of the granting of the hypothec and pledge in, and the assignment or
transfer of, the Specific Securities. There exists no shareholders’ agreement in respect of Specific Securities. No Person has any agreement, option or any right or privilege (whether by Law, pre-emptive or contractual) capable of becoming an
agreement or option to purchase from the Grantor any of the Specific Securities. 

  

	 	9.7	Intellectual Property Rights 

  

	 	9.7.1	All Intellectual Property Rights owned by the Grantor and all rights of the Grantor to the use of any Intellectual Property Right are set forth on Schedule III hereto. Except as set
forth on Schedule III hereto, 

  

  

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	 	    	none of such Intellectual Property Rights has been licensed or franchised by the Grantor to any Person. 

  

	 	9.7.2	Nothing contained in this Deed or in the Credit Agreement, including, without limitation, the granting of the Hypothec, constitutes a breach under leases, licences and other
agreements affecting the Intellectual Property Rights. 

  

	10.	COVENANTS 

 Without limitation to the covenants
made by or in respect of the Grantor in the Credit Agreement or any other Loan Document, which shall be deemed incorporated herein and apply mutatis mutandis to this Deed, the Grantor hereby covenants and agrees with the Attorney as follows:

  

	 	10.1	Disclosure 

 To give notices in writing promptly
and in reasonable detail to the Attorney forthwith: 
  

	 	10.1.1	of any change whatsoever in its legal name and business names, if any, in its domicile, registered office and in the location of its Books and Records and any other Charged
Property; 

	 	

	 	10.1.2	of any change whatsoever in any representations and warranties hereinabove mentioned in Section 9 hereof; 

	 	

	 	10.1.3	of the name of any’ surety (guarantor) which may have guaranteed the payment of any Hypothecated Claims; 

	 	

	 	10.1.4	of the existence of any security, hypothec, prior claims or property right retained or assigned securing Hypothecated Claims and, in such cases, to provide the Attorney, upon
demand, with satisfactory proof that such security or hypothec has been registered or published in accordance with applicable Law in order for the rights of the Attorney to be set up against third Persons; 

	 	

	 	10.1.5	of the existence and details of any new claim falling under Section 8 hereof; 

  

  

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	 	10.1.6	of the existence of any Liens (other than the Permitted Liens and the Hypothec), or claim asserted against, any of the Charged Property, or of any value given to the Grantor, within
the meaning of Articles 2699 and 2708 of the Civil Code of Québec, by the creditors of the Grantor; and 

	 	

	 	10.1.7	of any acquisition of immovable property by the Grantor. 

 The Grantor agrees not to effect or permit any of the changes referred to in paragraphs 10.1.1 and 10.1.7 unless all filings have been made and all other actions taken that are required in order for the Attorney to continue at all times
following such change to have a valid, perfected and opposable first ranking hypothec (subject only to Permitted Liens) in respect of all of the Charged Property. 
  

	 	10.2	Information 

 To provide the Attorney with any
information with respect to the Charged Property as the Attorney may reasonably request in order to determine whether or not the Grantor complies with the provisions hereof. 
  

	 	10.3	Further Identification of Charged Property 

 The
Grantor will promptly furnish to the Attorney such statements and schedules further identifying and describing the Charged Property, and such other reports in connection with the Charged Property, as the Attorney may from time to time reasonably
request. 
  

	 	10.4	Intellectual Property Rights 

 [Intentionally
Deleted] 
  

	 	10.5	Insurance 

 The Grantor will maintain with
financially sound and reputable insurance companies insurance on, or self insure, all property material to the business of the Parent Borrower and its Subsidiaries, taken as a whole, in at least such amounts and against at least such risks (but
including in any event public liability, product liability and business interruption) as are consistent with the past practices of the Parent Borrower and its Subsidiaries and otherwise as are usually insured against in the 
  

  

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 same general area by companies engaged in the same or a similar business; furnish to the
Attorney, upon written request, information in reasonable detail as to the insurance carried; and ensure that at all times the Attorney shall be named as additional insured with respect to liability policies and the Attorney shall be named as loss
payee with respect to the property insurance maintained by the Grantor with respect to the Grantor’s Charged Property. 
  

	 	10.6	Maintenance of Securities Certificates 

 Without
the prior written consent of the Attorney, the Grantor will not (except as permitted by the Credit Agreement) (i) vote to enable, or take any other action to permit, any grantor to issue any stock or other equity securities of any nature or to
issue any other securities convertible into, or granting the right to purchase or exchange for, any stock or other equity securities of any nature of any grantor, (ii) sell, assign, transfer, exchange, or otherwise dispose of, or grant any
option with respect to, the Securities or proceeds thereof, (iii) create, incur or permit to exist any Lien or option in favor of, or any material adverse claim of any Person with respect to, any of the Securities or proceeds thereof, or any
interest therein, except for the Hypothecs created by this Agreement or Liens arising by operation of law or (iv) enter into any agreement or undertaking restricting the right or ability of the Grantor or the Attorney to sell, assign or
transfer any of the Securities or proceeds thereof. 
 If the constating documents of any entity having its Securities hypothecated and
pledged hereunder, including the Pledged Entity, restrict the transfer of such Securities, including the Specific Securities, then the Grantor will also deliver to the Attorney a certified copy of a resolution of the directors, shareholders, members
or partners, as applicable, of such entity, including the Pledged Entity, consenting to the Hypothec contemplated by this Deed, including any prospective transfer of any such Securities, including the Specific Securities, by the Grantor upon a
realization on the Hypothec and pledge on the Securities created hereby in accordance with this Deed. All Securities, including the Specific Securities, may, at the option of the Attorney, be registered in the name of the Attorney or its nominee(s).

  

  

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	 	10.7	Delivery of Agreements re Intellectual Property Rights 

 Promptly, following demand from time to time by the Attorney, authorize, execute and deliver any and all agreements, instruments, documents and papers that the Attorney may reasonably request to evidence the Hypothec in any Intellectual
Property Rights of the Grantor and, where applicable, the goodwill of the business of the Grantor connected with the use of, and symbolized by, any such Intellectual Property Rights. 
  

	 	10.8	Use and destination 

 Not to change the use or
destination of the Charged Property or to make or permit to be made any alterations or additions to the Charged Property, unless it obtains the prior written consent of the Attorney. 
  

	 	10.9	Additional documents 

 To execute all deeds and
documents and do all things which in the opinion of the Attorney are necessary or advisable for giving the Attorney a valid, perfected and opposable first ranking Hypothec (subject to Permitted Liens) in the Charged Property (including a notice
given in virtue of article 2949 of the Civil Code of Québec where the Grantor’s signature is necessary) and in order that such Hypothec serves the purpose for which it has been granted and for conferring upon the Attorney, with
respect to the Charged Property, all power and rights provided for by this Deed and by Law. 
  

	 	10.10	Quiet possession 

 Upon the occurrence of an Event
of Default, to cause the Attorney to have quiet possession of the Charged Property free from all Liens, other than the Hypothec and other Permitted Liens. 
  

	 	10.11	To register 

 To register or cause to be registered
without delay the Hypothec in every jurisdiction and in every office where the registration, filing or record thereof may be necessary or required, in the opinion of the Attorney, to preserve, protect, perfect and render opposable to third parties
the Hypothec and to renew the same. The Grantor shall maintain the Hypothec over the Charged Property as an opposable and perfected first ranking Lien (subject only to Permitted Liens), and shall 
  

  

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 defend such Lien and such priority against the claims and demands of all Persons.

  

	 	10.12	Indemnity 

 At all times, to indemnify and hold
harmless the Attorney from any loss, costs, charges, damages and expenses incurred or borne by the Attorney in the performance of its rights and duties hereunder or which may be claimed against the Attorney in relation thereto. 
  

	11.	EVENTS OF DEFAULT 

 There shall exist an event of
default (each an “Event of Default”) hereunder, without notice or other formality, and the security and Hypothec hereby constituted shall immediately become enforceable, if: (i) the Grantor fails to pay any of the Bonds, in
principal or interest, upon demand; or (ii) there exists an Event of Default, as such term is defined in the Credit Agreement, or (iii) if the Grantor does not fulfil any one of its covenants or obligations hereunder. 
  

	12.	ATTORNEY’S RECOURSES IN CASE OF AN EVENT OF DEFAULT 

  

	 	12.1	Exercise of Rights 

 Upon the occurrence of an
Event of Default, the Attorney may in its discretion, and shall upon receipt of a Bondholders’ Instrument, through its officers, employees or attorneys, exercise any right of action provided for under this Deed (and more particularly under this
Section 12) or by law or in equity including, without limitation, any of the hypothecary rights provided for under Articles 2748 to 2794 of the Civil Code of Québec and, without in any way limiting any of the rights, remedies or
recourses of the Attorney under the Credit Agreement, the Loan Documents or any other agreement or document entered into by the Grantor and the Attorney. 
  

	 	12.2	Rights of the Attorney 

 Whatever hypothecary
rights the Attorney elects to exercise or whatever rights or recourses the Attorney elects to exercise either pursuant to the Law of any other jurisdiction or in equity, the following provisions shall apply: 
  

	 	12.2.1	the Attorney may, in its discretion, at the Grantor’s expense: 

  

  

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 30
- 
  

	 	12.2.1.1	pursue the transformation of the Charged Property or any work in process or unfinished goods comprised in the Charged Property and complete the manufacture or processing thereof or
proceed with any operations to which such property is submitted by the Grantor in the ordinary course of its business and acquire property for such purposes; 

  

	 	12.2.1.2	alienate or dispose of any Charged Property which may be obsolete, may perish or is likely to depreciate rapidly; 

  

	 	12.2.1.3	use for its benefit all information obtained while exercising its rights; 

  

	 	12.2.1.4	perform any of the Grantor’s obligations or covenants hereunder; 

  

	 	12.2.1.5	exercise any right attached to the Charged Property on such conditions and in such manner as it may determine, acting reasonably, including without restriction the granting of
licenses whether general or special on an exclusive or non exclusive basis, of any Intellectual Property Rights; 

  

	 	12.2.1.6	for the exercise of any of its rights, utilize without charge the Grantor’s plant, equipment, machinery, process, information, records, computer programs and Intellectual
Property Rights; for the purposes hereof the Grantor shall, at the request of the Attorney, concurrently with or after the execution of these presents execute a conditional trade-mark license agreement and a power of attorney with respect to
Intellectual Property Rights (in conformity with paragraph 13.8 hereof) both in favour of the Attorney; and 

  

	 	12.2.1.7	borrow monies or lend monies and, in such cases, the monies borrowed or lent by the Attorney shall bear interest at the rate then obtained or charged by the Attorney for such
borrowing or loan; these monies shall be reimbursed by the Grantor on demand and, 

  

  

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 31
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 until they have been repaid in full, such monies and interest thereon shall be secured by
the present Hypothec and be paid in priority of any other sums secured hereunder; 
  

	 	12.2.2	the Attorney may, directly or indirectly, purchase or otherwise acquire the Charged Property; 

  

	 	12.2.3	the Attorney, when exercising its rights, may waive any right of the Grantor, with or without consideration therefor; 

  

	 	12.2.4	the Attorney shall have no obligation to make an inventory of the Charged Property, to take out any kind of insurance with respect thereof or to grant any security whatsoever;

  

	 	12.2.5	the Attorney shall not be bound to continue to carry on the Grantor’s enterprise or to make any productive use of the Charged Property or to maintain such property in operating
condition; and 

  

	 	12.2.6	the Grantor shall, upon request of the Attorney, move the Charged Property and render it available to the Attorney unto premises designated by the Attorney and which, in its
opinion, shall be more suitable in the circumstances. 

  

	 	12.3	Grantor’s Remedy 

 If the Grantor remedies
the default mentioned in the prior notice of exercise of hypothecary right, the Grantor shall, as required by Law, pay all fees incurred by the Attorney by reason of the default; these fees shall include, without limitation, the administrative fees
of the Attorney, the legal fees of its legal advisers and fees paid to experts or consultants. 
  

	 	12.4	Taking in Payment 

 If the Attorney elects to
exercise its right to take in payment the Charged Property and the Grantor requires that the Attorney instead sell by itself or under judicial authority, the Charged Property on which such right is exercised, the Grantor hereby acknowledges that the
Attorney shall not be bound to abandon its recourse of taking in payment unless, prior to the expiry of the time period allocated for surrender, the Attorney (i) has 
  

  

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 32
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 been granted a security satisfactory to it, to ensure that the proceeds of the sale of the
Charged Property will be sufficient to pay the Bonds in full, (ii) has been reimbursed for all costs and expenses incurred in connection to this Deed, including, without limitation, all fees of consultants and legal counsel, and (iii) has
been advanced the necessary sums for the sale of said Charged Property; the Grantor further acknowledges that the Attorney alone is entitled to select the type of sale it may wish to conduct or have conducted. 
  

	 	12.5	Surrender of Charged Property 

 The Grantor will
be deemed to have surrendered the Charged Property which is in the possession of the Attorney or of a third party on its behalf, if the Attorney has not, within the delays determined by Law or by a tribunal to surrender, received written notice from
the Grantor to the effect that it intends to contest the exercise of the hypothecary recourse set forth in the prior notice. 
  

	 	12.6	Evaluation 

 Where the Attorney sells the Charged
Property itself, it shall not be required to obtain any prior evaluation by a third party. 
  

	 	12.7	Sale of Charged Property 

 The Attorney may elect
to sell the Charged Property after giving such prior notices as may be required by Law; the sale may be made with legal warranty given by the Grantor or with complete or partial exclusion of such warranty; the sale may also be made for cash or with
a term or under such conditions determined by the Attorney; upon failure of payment of the purchase price, the Attorney may cancel or resolve such sale and such Charged Property may then be resold. 
  

	 	12.8	Appointment of Receiver 

 The Attorney may appoint
an agent or a receiver and manager (collectively, a “Receiver”) over all or any portion of the Charged Property by written instrument or may apply to a court for the appointment of a Receiver to take possession of all or such part
of the Charged Property as the Attorney shall designate, with such duties, powers and obligations as the Attorney or the court making the appointment, as applicable, shall confer, and the Grantor hereby irrevocably consents to the appointment of
such Receiver. 
  

  

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	 	12.9	Imputation of Payments 

 Except as otherwise
expressly provided in the Credit Agreement, the Intercreditor Agreement or hereunder, all monies arising from any sale or realization of the Charged Property, in whole or in part, received or collected by the Attorney shall be applied, together with
any other monies then in the hands of the Attorney and available for such purpose, firstly to the repayment of the amounts disbursed by the Attorney or at its request for the purpose of protecting or realizing its rights hereunder with interest
thereon at the highest rate prescribed by the Credit Agreement, and the residue of the said moneys shall be applied on account of Secured Obligations or, at the option of the Attorney, may be held unappropriated in a collateral account in order to
provide for payment of any charge ranking prior to the Hypothec. 
  

	13.	GENERAL PROVISIONS 

  

	 	13.1	Additional Security 

 The Hypothec is in addition
to and not in substitution of or in replacement for any other hypothec or security held by the Attorney, including any of the Loan Documents, and shall not impair the Attorney’s rights of compensation. 
  

	 	13.2	Investments 

 The Attorney may, at its entire
discretion, invest any monies or instruments received or held by it pursuant to this Deed or deposit same in an account without having to comply with any legal provisions concerning the investment of property of others. 
  

	 	13.3	Compensation 

 Provided the Secured Obligations
are due and exigible or that the Attorney is entitled to declare them owing and exigible, the Attorney may compensate any Secured Obligations with any and all amounts then owed to the Grantor by the Attorney in any capacity, whether due or not, and
the Attorney shall then be deemed to have exercised such right to compensate as at the time the decision was taken by it even though the entry therefor is made on the Attorney’s record subsequent thereto. 
  

  

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 34
- 
  

	 	13.4	Time Periods 

 The Attorney may grant extensions
of time periods, take any security or renounce thereto, accept compromises, grant quittances and releases and generally deal with any matters related to the Charged Property, the whole without limiting the rights of the Attorney and without reducing
the liability of the Grantor. 
  

	 	13.5	Continuing Security 

 The Hypothec shall be and
have effect whether or not the moneys thereby secured shall be received before or after or at the same time as the issue of any of the Bonds intended to be thereby secured or any part thereof, or before or after, or upon the date of the execution of
this Deed. The Hypothec shall be valid and shall subsist notwithstanding that the Bonds, or any of them, may not have been issued at the date hereof and shall be valid and shall secure all obligations of the Grantor under any Bonds hereafter issued,
including any Bonds issued in replacement or exchange of any of the Bonds, in whole or in part. The extinction or reduction of such obligations for any reason whatsoever shall not in any way extinguish or reduce the Hypothec and, unless expressly
cancelled in whole or in part by the mutual consent of the parties, such Hypothec, to the extent not so cancelled, shall subsist with respect to any obligations thereafter incurred by the Grantor from time to time. 
 The Grantor shall be deemed to obligate itself again as provided in Article 2797 of the Civil Code of Québec with respect to any future
obligation hereby secured. 
  

	 	13.6	Time of Essence 

 The Grantor shall be deemed
“en demeure” by the mere lapse of time provided for the Grantor to perform its obligations or the expiry of any term therefor, without the Attorney being obliged to serve any notice or prior notice upon the Grantor. 
  

	 	13.7	Cumulative Rights 

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

  

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 35
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 exercising thereafter any other right or power. The Attorney may exercise its right
hereunder without any obligation of it to exercise any right against any other Person liable for payment of the Secured Obligations and without having to enforce any other security granted with respect to the Secured Obligations. 
  

	 	13.8	Irrevocable Power of Attorney 

 The Attorney (and
any officer or attorney of the Attorney) is hereby designated as the irrevocable attorney of the Grantor with full powers of substitution for the purposes hereof or for the purpose of carrying out any and all acts and executing any and all deeds,
proxies or other documents which the Grantor neglects or refuses to execute or to carry out in accordance with the terms hereof. The Grantor shall execute, at the request of the Attorney, concurrently with or after the execution hereof, a special
power of attorney in favour of the Attorney for the implementation of this Deed in connection with the Intellectual Property Rights hypothecated hereunder, if any. 
  

	 	13.9	Performance 

 If the Grantor fails to perform or
comply with any of the obligations of the Grantor under this Deed, the Attorney may, but need not, perform or otherwise cause the performance or compliance of such obligation, provided that such performance or compliance will not constitute a
waiver, remedy or satisfaction of such failure. The expenses of the Attorney incurred in connection with any such performance or compliance will be payable by the Grantor to the Attorney immediately on demand with interest thereon at the highest
rate prescribed by the Credit Agreement, and until paid, any such expenses will form part of the Secured Obligations and will be secured by the Hypothec created by this Deed. 
  

	 	13.10	Successors and Assigns 

 The rights hereby
conferred upon the Attorney shall benefit all its successors and assigns, including any entity resulting from the amalgamation, merger or consolidation of the Attorney with any other Person(s), and any Person(s) succeeding to the business of the
Attorney. The obligations of the Grantor hereunder shall bind its successors and permitted assigns, including any Person(s) resulting from the amalgamation or merger of the Grantor with any other Person(s). In the event ownership of the Charged
Property or any portion thereof becomes vested in a Person other than the Grantor herein 
  

  

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 36
- 
 named, the Attorney may, without notice to the Grantor herein named, whether or not the
Attorney has given written consent to such change in ownership, deal with such successor or successors in interest with reference to this Deed, and in the same manner as with the Grantor herein named, without in any way vitiating or discharging the
Grantor’s liability hereunder or under the Credit Agreement. 
  

	 	13.11	Communication 

 Any communication required or
permitted to be given under this Deed will be in writing and will be effectively given if delivered in a manner and to the applicable address or facsimile number provided for from time to time pursuant to the Credit Agreement. Any communications so
given will be deemed to have been given and to have been received as provided in the Credit Agreement. 
  

	 	13.12	Severability 

 Any provision of this Deed that is
prohibited or unenforceable in any jurisdiction will, as to that jurisdiction, be ineffective to the extent of such prohibition or unenforceability and will be severed from the balance of this Deed, all without affecting the remaining provisions of
this Deed or affecting the validity or enforceability of such provision in any other jurisdiction. 
  

	 	13.13	Not a Floating Hypothec 

 The Hypothec created
hereunder is not and shall not be construed as a floating hypothec within the meaning of articles 2715 et. seq. of the Civil Code of Québec nor shall this Deed be deemed as creating a trust within the meaning of article 1260 of the
Civil Code of Québec. 
  

	 	13.14	Payments 

 Subject to the terms and conditions of
this Deed, the Hypothec in favour of the Attorney shall not be extinguished, reduced, novated or otherwise affected by reason of any payments which may be made to and/or collected by the Attorney, the Agent or the Lenders, directly or indirectly,
from any Person under any circumstances, including payments from: 
  

	 	13.14.1	the Grantor or any other Person; 

  

  

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- 
  

	 	13.14.2	insurance indemnities resulting from loss of, or damage to, the whole or any portion of the Charged Property; or 

  

	 	13.14.3	any “claims” within the meaning of Article 2743 of the Civil Code of Québec. 

  

	14.	CONCERNING THE ATTORNEY 

  

	 	14.1	Acceptance of Holder 

 Each Holder, by its
acceptance of a Bond: 
  

	 	14.1.1	acknowledges that the first issue of a Bond has been or may be purchased from the Grantor by the Attorney, by underwriting, purchase, subscription or otherwise;

  

	 	14.1.2	consents to and confirms the appointment of the Attorney as “fondé de pouvoir” and ratifies as of the date it becomes a Bondholder all actions taken by the
Attorney as the “fondé de pouvoir” of the Bondholders; and 

  

	 	14.1.3	waives any right it may have under Section 32 of the Act respecting the special powers of legal persons (Québec). 

  

	 	14.2	Diligence 

 The Attorney shall only be accountable
for reasonable diligence and prudence in the management of the rights hereof, and shall only be liable for its own gross or intentional fault. 
  

	 	14.3	Discretion 

 The Attorney, except as herein
otherwise provided and subject to any Bondholders’ Instrument, shall, with respect to all rights, powers and authorities vested in it, have absolute and uncontrolled discretion as to the exercise thereof, whether in relation to the manner or as
to the mode and time for the exercise thereof, and in the absence of fraud, it shall be in no way responsible for any loss, costs, damages or inconvenience that may result from the exercise or non-exercise thereof. 
  
  

  

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 38
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	 	14.4	Enforcement of Security 

 The Attorney shall have
the rights in its discretion to proceed in its name as “fondé de pouvoir” hereunder to the enforcement of the security hereby constituted by any remedy provided by Law, whether by legal proceedings or otherwise but it shall
not be bound to do or to take any act or action in virtue of the powers conferred on it by these presents unless and until it shall have been required to do so by way of a Bondholders’ Instrument; the Attorney shall not be responsible or liable
for any debts contracted by it, for damages to persons or property or for salaries or nonfulfilment of Contracts during any period for which the Attorney managed the Charged Property upon entry, as herein provided, nor shall the Attorney be liable
to account for anything except actual revenues or be liable for any loss on realization or for any Event of Default or omission for which a hypothecary creditor might be liable. 
  

	 	14.5	Delegation 

 The Attorney may, at its entire
discretion, appoint any Person(s) for the purpose of exercising any of its rights, actions or the performance of any covenant resulting from this Deed or law or equity; in such case, the Attorney may supply such Person(s) with any information it
holds relating to the Grantor or to the Charged Property. 
  

	 	14.6	Protection of Attorney 

 The Attorney shall be
obliged to act and shall be fully protected in acting pursuant to a Bondholders’ Instrument in connection with any proceedings, act, power, right, matter or thing relating to or conferred by or to be done under this Deed. 
  

	 	14.7	Possession or Production of the Bonds 

 All rights
of action under this Deed may be enforced by the Attorney without the possession of the Bonds hereby secured or the production thereof. 
  

	 	14.8	Resignation of Attorney 

 The Attorney may at any
time resign from office in accordance with the terms of the Credit Agreement. The Bondholders may then or at any time thereafter appoint a new “fondé de pouvoir” confirming such appointment by Bondholders’ Instrument,
which the Grantor hereby undertakes to accept, in the place of 
  

  

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 39
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 the “fondé de pouvoir” so resigning. The new “fondé
de pouvoir” without further act (subject to appropriate registration of the assignment of the Hypothec) shall then be vested and have all rights, powers and authorities granted to the Attorney hereunder and be subject in all respects to the
terms, conditions and provisions hereof to the same extent as if originally acting as “fondé de pouvoir” hereunder; no resignation shall come into effect before a new “fondé de pouvoir” has been
appointed and has accepted its appointment. 
  

	 	14.9	Indemnification of Attorney 

 The Grantor shall
indemnify the Attorney for, and hold it harmless against, any loss, liability or expense incurred, arising out of or in connection with the acceptance of its duties and obligations 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 and under any liability incurred by the Attorney pursuant to any environmental damage or claim. 
  

	 	14.10	Bankruptcy of Attorney 

 The bankruptcy of the
Attorney shall not terminate its rights, powers and duties hereunder provided that such rights, powers and duties are assumed by a successor Attorney appointed in accordance with the provisions hereof. 
  

	15.	AMENDMENTS 

 No amendment may be made to this Deed
unless signed by the Grantor and the Attorney acting pursuant to a Bondholder’s Instrument. 
  

	16.	SOLIDARY LIABILITY 

 [Intentionally Deleted]

  

	17.	GOVERNING LAW 

 This Deed shall be governed by, and
construed in accordance with, the laws of the Province of Québec and the laws of Canada applicable therein. 
  

	18.	PARAMOUNTCY 

 If any term, condition or provision
of this Deed is inconsistent or in conflict with any term, condition or provision of the Credit Agreement, the relevant term, condition or provision of the Credit Agreement shall 
  

  

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- 
 govern and prevail to the extent of such conflict or inconsistency and this Deed shall be
deemed to be amended to the extent necessary to eliminate such conflict or inconsistency, save and except if such term, condition or provision relates strictly or is legally required for the creation or enforcement of the hypothecs created and
granted hereunder. For greater certainty, where this Deed covers a subject or creates obligations that are not contemplated by the Credit Agreement or renders obligations under the Credit Agreement more onerous, same shall not be deemed to be a
conflict or inconsistency. 
  

	19.	ENGLISH LANGUAGE 

 The parties hereto confirm that
the present Deed has been drawn up in the English language at their request. Les parties aux présentes confirment que le présent acte a été rédigé en langue anglaise à leur demande. 

 

	20.	SPECIMEN OF BOND 

  

			
	CANADA	  	PROVINCE OF QUÉBEC

 HD SUPPLY CANADA INC. 
 (Amalgamated under the laws of the Province of Ontario) 
 25% Demand Bond

  

			
	No. —	  	CAN$—,000,000,000

 HD Supply Canada Inc. (hereinafter called the “Corporation”), for value received, promises to pay
on demand to Merrill Lynch Capital Canada Inc., in its capacity as Canadian agent (in such capacity, the “Agent”) under the Credit Agreement dated —, or its registered assigns, at —, upon presentation and surrender thereat of the present Bond, the sum of — BILLION Dollars in lawfull money of Canada (CAN$—,000,000,000) and
to pay interest thereon on demand, from the date hereof until the actual date of payment, at the same address and in like money, at a rate equal to twenty-five percent (25%) per annum, calculated annually, plus interest on all overdue interest,
calculated annually at the same rate, from its due date until the actual date of payment. 
 This Bond is issued under and secured by a Deed of Hypothec and
Issue of Bonds executed between the Corporation and Merrill Lynch Capital Canada Inc., in its capacity as “fondé de pouvoir” (person holding the power of attorney) of the Bondholders for all purposes of Article 2692 of the
Civil Code of Québec (in such capacity, the “Attorney”), on the — day of —, 2007 (the “Deed of Hypothec”), to which Deed of
Hypothec reference is hereby made 
  

  

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 41
- 
 for the terms and conditions upon and subject to which this Bond is issued and held and for the nature and
extent of the security thereof. 
 As of the date hereof, the total principal nominal value of Bonds authorized to be issued under the Deed of Hypothec from
time to time is limited to — BILLION Dollars in lawful money of Canada (CAN$—,000,000,000). All Bonds at any time outstanding under the Deed of Hypothec rank pari passu
and are equally and rateably secured by the Deed of Hypothec. 
 This Bond is fully registered and may only be transferred by the holder hereof upon
compliance with the provisions of the Deed of Hypothec in that regard. 
 This Bond is subject to the terms and conditions of the Deed of Hypothec to all of
which the holder of this Bond by its acceptance hereof assents. 
 This Bond shall not become obligatory until it has been certified by the Attorney under
the Deed of Hypothec. 
 All capitalized terms and expression used herein, unless otherwise defined, shall have the same meaning as that ascribed to them in
the Deed of Hypothec. 
 The present Bond shall be governed by, and construed in accordance with, the laws of the Province of Québec and the laws of
Canada applicable therein. 
 The holder or any transferee of this Bond, by its acceptance thereof, is hereby deemed to have ratified the appointment of the
Attorney in its capacity as “fondé de pouvoir” for all purposes of Article 2692 of the Civil Code of Québec. 
 The
Corporation, by its signature on the one hand and the holder or any transferee of the Bond, by their acceptance of the Bond on the other hand, acknowledge that they have expressly required the Bond to be drawn up in the English language. La
Corporation, par sa signature, d’une part et le détenteur et tous cessionnaires de cette obligation par leur acceptation, d’autre part, déclarent qu’ils ont expressément exigé que la présente
obligation soit rédigée en anglais. 
 IN WITNESS WHEREOF, HD Supply Canada Inc., has caused this Bond to be signed by its
representative and to be dated as of the — (—) day of —, —. 
  

			
	HD SUPPLY CANADA INC.
		
	By:	 	 
		 	Name: —
		 	Title: —

  

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 42
- 
 “FONDÉ DE POUVOIR”’S CERTIFICATE

 This Bond is a 25% Demand Bond No.
                             issued under the Deed of Hypothec within mentioned. 
 Date of Certification: as of ____________________________. 
  

			
	MERRILL LYNCH CAPITAL CANADA INC., as “fondé de pouvoir”
		
	By:	 	 
		 	Name: —
		 	Title: —

 FORM OF TRANSFER 
 For value received __________________ by these presents cedes and transfers to __________________________________ the present 25% Demand Bond No. _______________ with full power of substitution, as well as its rights,
the principal amount and outstanding interest on the said Bond, and irrevocably appoints the Attorney as its attorney to complete the transfer on the books of the above-mentioned Corporation maintained by the Attorney pursuant to the Deed of
Hypothec. 
 Dated_____________________, ______. 
 Witness

					
			
	  
	  		 	  

		  		 	Signed by:

 SCHEDULE I 
 Immovable Properties (paragraph 4.1.1) 
 The following is a description of the lands and premises included in the
Immovable Properties referred to in paragraph 4.1.1 with respect to the Grantor. 
 NIL 
  

  

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 43
- 
 SCHEDULE II 
 Specific Securities (paragraph 4.7) 
 NIL 
 SCHEDULE III 
 Intellectual Property
Rights (paragraph 4.9) 
  

									
	  	 	TRADE MARK	  	 REGISTRATION
 NUMBER
	  	 REGISTRATION
 DATE
	  	RENEWAL DATE
	 	 	 CANADA
	  	 	  	 	  	 
	 	 	 BROFASCO
	  	TMA501302	  	September 28, 1998	  	Sept. 28, 2013
	 	 	 SESCO
	  	TMA490410	  	February 24, 1998	  	Feb. 24, 2013
	 	 	 SERIE PRO SERIES
	  	TMA633250	  	February 21, 2005	  	Feb. 21, 2020
	 	 	 B design
	  	TMA501299	  	September 28, 1998	  	Sept. 28, 2013
	 	 	 BROFASCO
	  	TMA176256	  	May 21, 1971	  	May 21, 2016
	 	 	 LITEMOR design
	  	TMA323499	  	February 13, 1987	  	Feb. 13, 2017
	 	 	 BROFASCO design
	  	TMA501301	  	September 28, 1998	  	Sept. 28, 2013
	 		 	 	 
	 	 	 	  	 	  	 	  	 
	 	 	 UNITED STATES
	  	 	  	 	  	 
	 	 	 LITEMOR design
	  	2,365,736	  	July 11, 2000	  	July 11, 2010

 Notes to Registrations 
 1.    TMA501302; TMA501299; TMA176256; and TMA501301 – Security Agreement recorded March 24, 2005 in favour of Massachusetts Mutual Life Insurance Company, C.M. Life Insurance Company,
Massmutual Corporate Investors and Massmutual Participation Investors 
 2.    TMA323499 – License Agreement recorded April 24,
1998 in favour of Litemor Distributors (London) Limited 
 SCHEDULE IV 
 Licences (paragraph 4.10) 
 NIL 
 SCHEDULE V 
 Name, Registered Office, Location of
Books and Records, Location of Charged Property (paragraph 9.2) 
  

  

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 44
- 
  

	(a)	Legal name, French and English versions thereof: 

 HD Supply Canada Inc. 
  

	(b)	Business name(s): 

  

	 	•	 	 Approvisionnement HD 

  

	 	•	 	 Approvisionnement HD Attaches et Outils 

  

	 	•	 	 Approvisionnement HD Entretien des Immeubles 

  

	 	•	 	 Approvisionnement HD Entretien des Installations 

  

	 	•	 	 Approvisionnement HD Services Publics 

  

	 	•	 	 Approvisionnement HD Électricité 

  

	 	•	 	 Brafasco (TM) 

  

	 	•	 	 Commercial Direct 

  

	 	•	 	 Commercial Direct Home Dépôt 

  

	 	•	 	 CTF Supply 

  

	 	•	 	 Distribution HD 

  

	 	•	 	 Distribution HD Entretien des Immeubles 

  

	 	•	 	 Distribution HD Entretien des Installations 

  

	 	•	 	 Distribution HD Services Publics 

  

	 	•	 	 Distribution HD Électricité 

  

	 	•	 	 Fourniture CTF 

  

	 	•	 	 Fourniture de Service Public Grafton 

  

	 	•	 	 Fourniture de Service Public Grafton (Ouest) 

  

	 	•	 	 Fourniture HD 

  

	 	•	 	 Fourniture HD Attaches et Outils 

  

	 	•	 	 Fourniture HD Canada 

  

	 	•	 	 Fourniture HD Entretien des Installations 

  

	 	•	 	 Fourniture HD Entretien des Immeubles 

  

	 	•	 	 Fourniture HD Services Publics 

  

	 	•	 	 Fourniture HD Supply Canada 

  

  

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 45
- 
  

	 	•	 	 Fourniture HD Électricité 

  

	 	•	 	 Grafton Ouest 

  

	 	•	 	 Grafton Utility Supply 

  

	 	•	 	 Grafton West 

  

	 	•	 	 HD Supply 

  

	 	•	 	 HD Supply Ataches et Outils 

  

	 	•	 	 HD Supply Canada 

  

	 	•	 	 HD Supply Electrical 

  

	 	•	 	 HD Supply Entretien des Immeubles 

  

	 	•	 	 HD Supply Entretien des installations 

  

	 	•	 	 HD Supply Fasteners & Tools 

  

	 	•	 	 HD Supply Services Publics 

  

	 	•	 	 HD Supply Utilities 

  

	 	•	 	 HD Supply Électricité 

  

	 	•	 	 Home Depot Commercial Direct 

  

	 	•	 	 Supply Facilities Maintenance 

  

	(c)	Domicile, principal plane of business, registered office and location of Books and Records: 

  

	 	•	 	 Head Office: 

 8885 Jane Street

 Concord ON L4K 2M6 
  

	 	•	 	 Registered Office/Location of Books: 

 40 King Street West 
 Suite 5800 
 Toronto ON M5H 3S1 
  

	(d)	Location(s) where it carries on business: 

  

	 	•	 	 Alberta 

  

	 	•	 	 British Columbia 

  

	 	•	 	 Saskatchewan 

  

	 	•	 	 Manitoba 

  

  

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 46
- 
  

	 	•	 	 Québec 

  

	 	•	 	 Ontario 

  

	 	•	 	 New Brunswick 

  

	 	•	 	 Nova Scotia 

  

	 	•	 	 Prince Edward Island 

  

	(e)	Location of Charged Property: 

  

	 	•	 	 5965 Côte de Liesse Road 

 St-Laurent QC 
  

	 	•	 	 1240 Charest Blvd. West 

 Québec QC 
 WHEREOF ACT: 
 DONE AND
PASSED in the City of Montréal, Province of Québec, on the date hereinabove set forth, under number Nine Hundred and Thirty-Nine (939) of the original of the minutes of the undersigned Notary. 
 AND after the parties had declared to have taken cognizance of these presents and to have exempted the said Notary from reading them or causing them to be read,
the said duly authorized officers, directors or representatives of the Grantor and the Attorney respectively have signed these presents, all in the presence of the said Notary who has also signed. 
  

			
	MERRILL LYNCH CAPITAL CANADA INC., as “fondé de pouvoir”
		
	By:	 	/s/ D. James Papadimitriou
		 	 Name: D. James Papadimitriou
 Title: Authorized
Representative

			
	
	HD SUPPLY CANADA INC.
		
	By:	 	/s/ Maxime B. Rhéaume
		 	 Name: Maxime B. Rhéaume
 Title: Quebec
Authorized Signatory

	
	
	
	/s/ Marc Daigneault
	Mtre. MARC DAIGNEAULT, Notary

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