Document:

Loan and Indemnity Agreement

 Exhibit 10.15 

LOAN AND INDEMNITY AGREEMENT 

(this “Loan Agreement”) 

DATED as of the
9th day of May, 2008. 

WHEREAS SMART Bricks and Mortar Inc. (the “Borrower”) is or will become indebted to Royal Bank of Canada (“Royal”) in
the principal amount of up to $52,000,000 (the “Royal Construction Loan”) in respect of a loan obtained or to be obtained by the Borrower pursuant to a credit agreement dated as of May 9, 2008 (the “Royal Credit
Agreement”) between the Borrower, Royal and RBC Capital Markets (the “Arranger”) for the purposes of constructing the Project; 

AND WHEREAS, as a condition of the Borrower obtaining the Royal Construction Loan, David Martin, Nancy Knowlton and IFF Holdings Inc.
(collectively, the “Guarantors”) have provided a joint and several Cost Overrun and Completion Undertaking to Royal dated May 9, 2008 with respect to Project completion and Cost Overruns (the “Undertaking”);

 AND WHEREAS it is a condition of the Guarantors providing the Undertaking to Royal that the Borrower enter into this Loan Agreement
with IFF Holdings Inc. (the “Lender”) and the Guarantors to provide for the funding by the Lender to the Borrower of any amounts in respect of Project completion and Cost Overruns (collectively, the “Undertaking
Amounts”) as required by Royal pursuant to the Undertaking, and provide the covenants, agreements and security interests herein. 

NOW THEREFORE in consideration of the Undertaking, the Royal Credit Agreement and for other good and valuable consideration, the receipt and
sufficiency of which is acknowledged, the parties agree as follows: 
  

	1.	DEFINITIONS 

 Capitalized
terms used in this Loan Agreement, including the recitals and the Schedules, not defined in the recitals in the body of this Loan Agreement or in any Schedule, shall have the meanings set forth or as incorporated by reference in Schedule
“A”. 
  

	2.	THE LOAN 

 In the event
that from time to time, for the purposes of performing their obligations pursuant to the Undertaking, the Guarantors or any of them are required by Royal to advance, or determine that it is necessary to advance, amounts to fund Project completion
and Cost Overruns or otherwise for the purposes of performing the Undertaking then any such amount (each an “Advance”) shall, unless expressly determined by the Guarantors, be advanced by the Lender and shall immediately upon
advance thereof constitute a loan made by the Lender to the Borrower (the Advances, together with interest as provided for herein, collectively called the “Loan”). Each Advance of a principal amount to the Borrower, each
capitalization of interest pursuant to Section 5 below and each repayment of any amount on account of the Loan shall be recorded and evidenced on the pages entitled “ADVANCES, INTEREST AND REPAYMENTS ON THE LOAN” attached hereto as
Schedule “B”. 
  

	3.	THE INDEMNITY 

 Without in
any manner limiting the generality of Section 2 above, the Borrower shall indemnify and save each of the Secured Parties harmless from and against any and all Claims, Losses and Liabilities that may be brought against any of them or that any of
them may suffer, sustain, pay or incur in relation to or as a result of entering into, performing or any enforcement of the Undertaking, the Royal Credit Agreement. This Loan Agreement or the Security. 

	4.	PRINCIPAL REPAYMENT 

Unless becoming due and payable earlier pursuant to Section 13 hereof, the Loan and all other amounts payable hereunder or under any
of the Security shall be due and payable in full on the date falling twenty-one months after the date hereof (the “Maturity Date”). 
  

	5.	INTEREST 

 The outstanding
principal amount of each Advance constituting the Loan from time to time shall bear interest from and including the date on which each Advance is made at a fixed rate equal to Royal Prime plus 2% per annum. 

Interest shall accrue daily on the outstanding principal balance of the Loan (including capitalized interest) at the end of each day,
shall be calculated on the basis of the number of days for which any principal is outstanding (including (i) the date of making any Advance but excluding the date any such amount is repaid; and (ii) the date that any interest is
capitalized as principal) and shall be calculated in arrears on the last Business Day of each month (each an “Interest Date”) commencing on and including the immediately prior Interest Date up to and including the last day prior to
the Interest Date on which such interest is to be calculated. Interest shall be calculated on a daily basis and on the basis of the actual number of days elapsed in a year of three hundred sixty five (365) days. The annual rates of interest to
which the rates determined in accordance with the foregoing provisions of this Section 5 are equivalent, are the rates so determined multiplied by the actual number of days in a period of one year commencing on the first day of the period for
which such interest is payable and divided by three hundred sixty-five (365). 
 During the Term Period, all interest calculated
on the last Business Day of each month as aforesaid shall be added to the Loan on such date, shall thereupon constitute principal thereunder and interest shall be payable thereon as aforesaid. 

Notwithstanding any other provision hereof, in the event that any amount due hereunder (including, without limitation, any interest or
overdue amounts) is not paid when due (whether by acceleration or otherwise), the Borrower shall pay to the Lender interest on such unpaid amount (including, without limitation, interest on interest), if and to the fullest extent permitted by
applicable law, from the date that such amount is due until the date that such amount is paid in full. Such interest on overdue amounts shall accrue daily, be calculated and compounded on the last Business Day of each calendar month and be payable
on demand, as well as after as before maturity, default and judgment, at a rate per annum that is equal to Royal Prime plus 2% per annum. 

The Borrower hereby waives, to the fullest extent it may do so under applicable law, any provisions of applicable law, including
specifically the Interest Act (Canada) or the Judgment Interest Act (Alberta) which may be inconsistent with this Loan Agreement. 
  

	6.	PAYMENTS 

 Subject to
Section 5, all payments to be made hereunder shall be made in immediately available funds to the Lender at such account as the Lender may notify to the Borrower for such purpose. All payments to be made hereunder shall be made on or prior to
1:00 p.m. (Calgary time) on the day such payment is due. Wherever any payment hereunder shall become due on a day which is not a Business Day, the due date thereof shall be extended to the next Business Day, and such extension of time shall be
included in the computation of any interest payable hereunder. 
  

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	7.	PREPAYMENT 

 The Loan may
be prepaid, in whole or in part, at any time without notice or bonus. 
  

	8.	SECURITY 

 As continuing
collateral security for the repayment of the Loan, interest thereon and all other liabilities and indemnities of the Borrower to the Secured Parties hereunder, the Borrower shall grant the Security to the Lender on behalf of itself and as agent for
the Guarantors. The Security shall be subordinate in priority and right of payment only to the security interests of the Borrower to Royal in respect of the Royal Construction Loan (the “Royal Security”). 

 

	9.	CONDITIONS PRECEDENT 

 The
undertaking of the Guarantors to provide the Undertaking and enter into the Royal Credit Agreement, and to cause the Lender to fund amounts required by the Undertaking, is subject to the conditions precedent (the “Conditions
Precedent”) that all documentation and Security as contemplated herein shall have been executed and delivered to the Lender and shall have been registered, where registration is required or of advantage. 

The Conditions Precedent are for the sole and absolute benefit of the Secured Parties and may be waived in whole or in part by the
Secured Parties, acting unanimously; provided that any waiver shall not be binding unless given in writing and shall not derogate from the right of any Secured Party to insist on the satisfaction of any Condition Precedent not expressly waived in
writing. 
  

	10.	POSITIVE COVENANTS 

 The
Borrower covenants and agrees with each of the Secured Parties that it shall: 
  

	(a)	increase the face amount of the charge/mortgage over the Project and the leasehold interest of the Borrower in the Project Lands created in favour of the Lender upon
request by the Lender (acting reasonably) and forthwith execute the necessary amending or replacement documentation prepared by the Lender to effect such change; 

 

	(b)	pay all amounts due and payable hereunder and pursuant to the Security in accordance with the terms hereof and thereof; 

 

	(c)	at all times maintain its legal existence in good standing in Alberta and preserve all material rights, powers, privileges, franchises and goodwill owned by it;

  

	(d)	provide to the Lender, concurrently with provision to Royal under the Royal Credit Agreement or Royal Security, copies of all financial information and Project
Monitor’s Reports (as such term is defined in the Royal Credit Agreement); 

  

	(e)	insure the Project and its business with such coverage, and against such loss or damage, as would be effected by prudent operators engaged in comparable operations and
business as the Borrower, with loss payable to the Lender as its interests may appear; 

  

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	(f)	keep or cause to be kept proper books of account and records and make or cause to be made therein true and faithful entries of all dealings and transactions in relation
to its business; 

  

	(g)	permit the representatives of the Secured Parties at any reasonable time during business hours to make such inspection of its business, properties, the Project, assets,
books of account and records as such representatives may deem reasonable and to make copies of such books of account and records; 

  

	(h)	promptly notify the Lender of the occurrence of any condition or event which constitutes a default or an event of default or which, after the giving of notice or the
passing of time, or both, would constitute an event of default under the Royal Credit Agreement or under the Head Lease; 

  

	(i)	pay or cause to be paid all taxes, rates, source deductions, government fees and dues levied, assessed or imposed upon it and upon its property or assets or any part
thereof, as and when the same become due and payable; and 

  

	(j)	promptly notify the Lender of any litigation, proceeding or other fact or circumstance involving it that might materially and adversely affect its operations, financial
condition, business or the Project. 

  

	11.	NEGATIVE COVENANTS 

Without the Lender’s prior written consent, the Borrower shall not: 

 

	(a)	assign, transfer, mortgage, charge or otherwise encumber or assign, transfer, convey or dispose of any interest in this Agreement, the Project, the Head Lease, the
Royal Credit Agreement or the Royal Security, except to Royal; 

  

	(b)	carry on any business other than the construction and ownership of the Project and subleasing same to SMART Technologies ULC; 

 

	(c)	enter into any transaction (including by way of reorganization, consolidation, arrangement, amalgamation, merger, liquidation, transfer, sale, disposition or otherwise)
whereby it or a material part of its assets would be combined with or become the property of any other person; or 

  

	(d)	incur, assume or be liable for or guarantee or assure the payment of any indebtedness for borrowed money or issue any debt securities which would rank ahead of or
pari-passu with the Loan, other than pursuant to the Royal Credit Agreement, provided that the Borrower will not amend the Royal Credit Agreement in any manner which in the opinion of the Lender, acting reasonably may be materially adverse to any
Secured Party, without the prior written consent of the Lender, including without limitation, any increase to the principal amount thereof. 

  

	12.	REPRESENTATIONS AND WARRANTIES 

The Borrower represents and warrants to the Secured Parties that: 

 

	(a)	the Borrower has all requisite power, authority and capacity to execute and deliver this Loan Agreement and the Security and to perform its obligations hereunder and
thereunder; 

  

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	(b)	the execution, delivery and performance by the Borrower of the terms of this Loan Agreement and the Security will not constitute a breach of any agreement to which the
Borrower is, or by which any of its properties, assets or undertaking are, bound or affected; 

  

	(c)	the Borrower has not created, granted, assumed or allowed to exist any security interest, lien, charge or other encumbrance (other than in favour of Royal and other
than the Project Lease) upon its interest in the Project or the Head Lease; 

  

	(d)	there are no approvals or consents required to be obtained by the Borrower in respect of the execution and delivery of this Loan Agreement or any of the Security or the
completion of the transactions contemplated by this Loan Agreement or the Security, except such as have already been obtained; and 

  

	(e)	this Loan Agreement and the Security are valid, binding and legally enforceable against the Borrower in accordance with their respective terms, except to the extent
that the enforcement thereof may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditor’s rights generally and that specific performance and other equitable remedies are subject to the discretion of the
courts to which such remedy is sought. 

  

	13.	DEFAULT AND REMEDIES 

 In
the event that: 
  

	(a)	the Borrower shall not make payment in full and within 2 Business Days of any amount due and payable in respect of all or any part of the Loan;

  

	(b)	there is a breach or failure of due performance or observance by the Borrower of any other term, condition or provision of this Loan Agreement or any of the Security
which is not cured within 10 Business Days of written notice from a Secured Party to the Borrower; 

  

	(c)	any Event of Default (as defined in the Royal Credit Agreement) has occurred and is continuing; 

 

	(d)	the Borrower shall (i) institute or commence proceedings to be adjudicated a bankrupt or insolvent or consent to the filing of a bankruptcy or insolvency
proceeding against it, (ii) file, institute or commence or otherwise take any proceeding relating to reorganization, adjustment, arrangement, composition, compromise, stay of proceedings or relief similar to any of the foregoing under any
applicable law regarding bankruptcy, insolvency, reorganization or relief of debtors (including under the Companies’ Creditors Arrangement Act or the Bankruptcy and Insolvency Act), (iii) consent to the filing of any such
proceeding, (iv) consent to the appointment of a receiver, liquidator, trustee or assignee in bankruptcy or similar official or to the liquidation, dissolution or winding-up of the Borrower or any material subsidiary or of all or a substantial
part of its property and assets, (v) make an assignment for the benefit of creditors, (vi) admit in writing its inability to pay its debts generally as they become due, (vii) generally not be paying its debts as they come due or
otherwise be insolvent, or (viii) take any corporate or other action authorizing or in furtherance of any of the foregoing; or 

  

	(e)	if any proceeding is filed, instituted or commenced by any person seeking (i) to adjudicate the Borrower a bankrupt or insolvent or the liquidation,
reorganization, winding-up, adjustment, arrangement, compromise, composition, stay of proceedings or similar relief of or for the Borrower under any applicable law regarding bankruptcy, insolvency, reorganization or relief of debtors (including
under the Companies’ Creditors Arrangement Act or the Bankruptcy and Insolvency Act), or (ii) to appoint a receiver, liquidator, trustee or assignee in bankruptcy or similar official of the Borrower or of all or
a substantial part of its property and assets, 

  

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 (each, a “Default”), the Lender, for itself and as agent of the Guarantors, shall be
entitled to, without limiting or restricting other rights or remedies under contract, law or in equity as the Lender in its sole unfettered discretion determine, and by written notice to the Borrower declare the Loan and all other Liabilities
(whether matured or unmatured) of the Borrower to the Secured Parties or any of them hereunder and under the Security to be immediately due and payable (or to be due and payable at such later time as may be stated in such notice without further
demand, presentation, protest or other notice of any kind, all of which are expressly waived by the Borrower). 
 Upon the Loan
becoming due and payable in whole or in part as a result of a Default, and subject to the Standstill Agreement, all rights and remedies of the Secured Parties shall thereupon become enforceable, and the Secured Parties shall have all rights and
remedies available at law, in equity or otherwise, whether arising by virtue of this Loan Agreement, the Security or otherwise, including (without limitation) the right of the Lender to take possession of any of the assets, properties or undertaking
of the Borrower subject to the Security (the “Borrower Properties”) or any part thereof, to receive and apply all net revenues generated from the Borrower Properties against the Loan and any other amounts owing hereunder or under
the Security and/or to appoint a receiver or receiver and manager (each a, “receiver”) with respect to all or any of the Borrower Properties. No exercise of or failure to exercise any rights or powers in this Loan Agreement, the
Security or any part thereof and no delay or omission in such exercise, shall exhaust the same or be construed as a waiver of any of them. 

All monies received by the Secured Parties or any receiver appointed under any part of the Security shall from time to time be applied in
such order and in such amounts or proportions as the Secured Parties in their sole discretion deem appropriate to all or any of the following uses, namely: 
  

	 	(i)	in payment of the receiver’s remuneration, if any; 

  

	 	(ii)	in maintaining, repairing, storing or preparing for the sale of any of the Borrower Properties; 

 

	 	(iii)	in payment of all reasonable costs, charges and expenses incurred in connection with a realization against all or any part of the Borrower Properties and/or of any of
the Security by the Lender, any receiver or their respective solicitors, agents and employees; 

  

	 	(iv)	in payment or discharge to the extent deemed necessary or desirable by the Lender of all liens, encumbrances, taxes, rates, assessments, rentals, insurance premiums and
similar charges, if any, adversely affecting the Borrower Properties and which rank equal with, or in priority to, the Security or any part thereof; 

  

	 	(v)	in payment of all accrued and unpaid interest on the principal amount of the Loan; and 

 

	 	(vi)	in payment of the outstanding amounts owed to the Secured Parties under this Loan Agreement or the Security. 

Any residue or surplus thereafter remaining shall be paid to the Borrower or to any other person or persons legally entitled thereto. 

 

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	14.	ACCOUNTS OF RECORD 

 The
Lender shall open and maintain books of account (including, without limitation, Schedule “B”) evidencing the Loan and all other amounts owing by the Borrower to the Secured Parties hereunder or under any of the Security. The Lender shall
enter in the foregoing accounts details of all amounts from time to time owing, paid or repaid by the Borrower hereunder or under any of the Security. The information entered in the foregoing accounts shall constitute prima facie evidence of
the indebtedness of the Borrower hereunder or under any of the Security. 
  

	15.	NON-MERGER 

 It is
understood and agreed that the execution, delivery and registration of the Security in connection herewith shall in no way merge or extinguish the terms and conditions hereof, which shall survive and continue in full force and effect. 

The Borrower acknowledges that in the event that any of the Secured Parties shall make any payments upon the Undertaking, then as between
such Secured Party and the Borrower, such Secured Party shall, to the extent of any such payment but subject to the Standstill Agreement, become subrogated to and entitled to all rights, benefits and security held by Royal in respect of the Royal
Construction Loan and Royal Security, without any further consents or approvals from the Borrower. 
  

	16.	OPTION TO PURCHASE 

 In
consideration of the Lender providing the Loan, the Guarantors providing the Undertaking, and the Lender waiving any upfront, commitment or standby fees, the Borrower hereby grants the Lender an exclusive option to purchase (the
“Option”) the Project and the interest of the Borrower in the Head Lease (collectively, the “Office Building”) free and clear of all liens, charges and encumbrances except those, if any, set out in
Schedule “C” to this Loan Agreement (the “Permitted Encumbrances”) on the following terms and conditions: 
  

	(a)	the Option may be exercised by delivery of a written notice (the “Exercise Notice”) by the Lender to the Borrower at any time after the earlier of:

  

	 	(i)	the date on which Royal has made its last advance on, or has indicated that it will not be advancing any further amounts on, the Royal Construction Loan; and

  

	 	(ii)	the date on which Royal makes any demand under the Royal Credit Agreement or otherwise takes any action or gives any notice to enforce any of the Royal Security;

 the Exercise Notice may not be delivered later than the earlier of: 

 

	 	(A)	the date which is 6 months after the date on which an occupancy permit for the Project is issued to the Borrower by the applicable Government Authority; and

  

	 	(B)	the Maturity Date (as defined in the Royal Construction Loan) provided that such date occurs after completion of the Project, 

(the date on which the Exercise Notice is delivered, the “Exercise Date”); 

 

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	(b)	upon the Option being exercised by the delivery of the Exercise Notice, the Option will become a binding contract of purchase and sale of the Office Building to be
completed in accordance with the following terms: 

  

	 	(i)	the closing date for the purchase and sale will be the day which is the later of (A) 90 days following the date of delivery of the Exercise Notice (the
“Closing Date”); and (B) the date on which the lessor under the Head Lease provides its consent to the assignment of the Head Lease to the Lender, 

 

	 	(ii)	the purchase price for the Office Building (the “Purchase Price”) shall be an amount equal to the Project Costs as at the Exercise Date, which the
Borrower and the Lender believe approximates fair market value of the Office Building, less a discount determined as follows: 

  

	 	(A)	0% if no Loan is made; 

  

	 	(B)	1% if the Loan has not at any time exceeded $1,000,000; 

  

	 	(C)	1.5% if the Loan has at any time been equal to or in excess of $1,000,000 but less than $5,000,000; and 

 

	 	(D)	2% if the Loan has at any time been equal to or in excess of $5,000,000. 

The determination of the Project Costs at the Exercise Date shall he determined by the Arranger or if the Arranger is unable or unwilling
to do so or if the Borrower or the Lender (acting reasonably) believes the Arranger’s assessment of the Purchase Price is materially incorrect, then the Project Costs shall be the Project Costs as certified in the most recent Project Monitor
Report. Notwithstanding the foregoing, the Purchase Price shall in all events not be less than the aggregate of the Outstanding Obligations (as defined in the Royal Credit Agreement) and the Outstandings hereunder, in each case calculated as at the
Closing Date. The Purchase Price, subject to adjustment as described below and net of any amounts which the Lender is directed to retain to repay all Outstandings, shall be payable to the Borrower on the Closing Date; 

 

	 	(iii)	the Borrower will cause its solicitors to prepare and present to the Lender’s solicitor for approval by the Lender, at least 10 Business Days prior to the Closing
Date, all documents reasonably required by the Lender’s solicitor to complete the purchase including: 

  

	 	(A)	a transfer of leasehold title conveying the Project Lands to the Lender; 

  

	 	(B)	an assignment of the Head Lease by the Borrower to the Lender, with the consent of the owner of the Project Lands annexed thereto; 

 

	 	(C)	any vendor statement of adjustment; 

  

	 	(D)	such other appropriate documents and assurances as may be requisite in the reasonable opinion of the Lender’s solicitors for more absolutely transferring title to
the Project to the Borrower (the “Closing Documents”); and 

  

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	 	(E)	the Lender’s solicitor will advise the Borrower’s solicitor of any objections to the Closing Documents within 3 Business Days of receipt of the closing
documents to allow appropriate changes to be made by the Borrower’s solicitors as required; 

  

	 	(iv)	the Borrower shall be responsible for all expenses relating to and entitled to all revenue accrued from the Office Building for the period ending on the day before the
Closing Date. All other adjustments as usually made in connection with the sale of commercial property similar to the Office Building in the City of Calgary shall be made as of the Closing Date. From and after the Closing Date the Lender shall be
responsible for all expenses relating to, and shall be entitled to all revenue accruing from, the Office Building; 

  

	 	(v)	vacant possession of the Office Building, subject to existing tenancies, free and clear of all liens, charges, encumbrances except Permitted Encumbrances, will be given
to the Lender on the Closing Date subject to payment of the Purchase Price, as adjusted; 

  

	 	(vi)	the Project will be at the risk of the Borrower until the Closing Date and thereafter at the risk of the Lender. After the Option has been exercised by the Lender
pending completion of Closing on the Closing Date, the Borrower will hold all insurance policies and any proceeds derived therefrom in trust for the Lender and the Borrower as their interests, may appear. During the term of the Option, the Borrower
shall notify the Lender of any Major Damage (as defined below) to the Office Building, within three (3) Business Days of the occurrence of such Major Damage. In the event of any loss, damage or claim in respect of any risk for which insurance
is carried arising after exercise of the Option but before the Closing Date, the Lender, as an additional condition of closing, shall be entitled to be satisfied, acting reasonably, that the claim is an insured claim in accordance with the terms of
the policies and in respect of which the policies will respond. If any destruction or damage occurs to the Office Building after the exercise of the Option but before the Closing Date, or if any or all of the Office Building are expropriated or
seized by Governmental Authorities, the Borrower shall forthwith give notice thereof to the Lender, and the Lender shall have the option, exercisable by notice given within fifteen (15) Business Days of the Borrower giving notice of such
destruction, damage, expropriation or seizure, without prejudice to any other rights it may have hereunder: 

  

	 	(A)	to complete the purchase without reduction of the Purchase Price, and in which event, as between the Lender and Borrower, all proceeds of insurance or compensation for
destruction, damage or expropriation or seizure shall be payable to the Lender, and the Borrower shall pay the deductible amount pursuant to the insurance policies to the Lender, and all right and claim of the Borrower to any such insurance proceeds
not paid by the Closing Date shall be assigned to the Lender; 

  

	 	(B)	to complete the purchase at the Purchase Price which shall take into account the damage, destruction, expropriation or seizure, less 2.5% of such damaged or diminished
value (but in all events not less than the Outstanding Obligations) provided that if any of the parties disagree with the assessment of the Purchase Price and such disagreement continues for thirty (30) days following such damage, destruction
or expropriation, then such Purchase Price shall be determined in the manner as described below; 

  

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	 	(C)	to rescind this Agreement and not complete the purchase if, such destruction, damage, expropriation and, or seizure has a cost to rectify of greater than Five Hundred
Thousand Dollars ($500,000.00) (“Major Damage”) as determined by the Lender’s architect or engineer, acting reasonably, whereupon the Borrower and the Lender shall be released from all further obligations hereunder;

  

	 	(D)	if arbitration is required pursuant to subsection 16(b)(vi)(B) above the parties are unable to agree upon the Purchase Price, the dispute shall be settled through an
arbitration in accordance with the Arbitration Act of the Province of Alberta. The dispute may be submitted by any party to the Alberta Arbitration and Mediation Society, which shall appoint a single arbitrator which shall conduct the
arbitration under the rules approved by the Society. It is expressly agreed that the arbitration shall be final and binding on both parties who agree that no other proceeding may be commenced until the arbitration has been completed.

  

	 	(vii)	each party will bear its own legal costs provided that the Lender will bear the cost of registration of all transfers and the Borrower will bear the cost and be
responsible for clearing the title of any encumbrances other than Permitted Encumbrances; 

  

	 	(viii)	upon the Closing Date the Borrower will deliver to the Lender copies of any plans, working drawings, engineering drawings and reports, architectural drawings,
mechanical, electrical or structural reports, surveys, soil tests and geotechnical or environmental and any other information pertaining to the Office Building which are in the possession or control of the Borrower, including any developments
permits, building permits and occupancy permits relating to the Office Building and copies of all material contracts including the construction contract in respect of the construction of the Office Building and, upon the completion of the purchase
resulting from the exercise of the Option, the Borrower will assign its interest, if any, assigning such items to the Lender to the extent such interest is assignable; and 

 

	 	(ix)	the Purchase Price is exclusive of goods and services tax (GST). The Lender agrees to pay to the Borrower, or if the Lender is registered with the appropriate
government agency for the purposes of collecting and remitting any GST, remit directly to Canada Revenue Agency as required by law, any GST payable relating to the exercise of the Option at such time as and when such GST becomes payable at law. The
Lender agrees to indemnify and save harmless the Borrower from and against all GST for which the Optionor is required to pay relating to the Option or the exercise thereof. 

 

	(c)	the Borrower covenants with and represents with and represents and warrants to the Lender that as at the Closing Date: 

 

	 	(i)	the Borrower will be the sole legal and beneficial owner of the Office Building; 

 

	 	(ii)	there will not be any agreements or options in existence for the purchase of the Office Building other than the Option; 

 

	 	(iii)	the Lender will have good and marketable title to the Office Building free and clear of all charges or encumbrances other than Permitted Encumbrances;

  

	 	(iv)	the Borrower will not be a non-resident of Canada within the meaning of the Income Tax Act; 

 

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	 	(v)	the Office Building is now, and will be at the Closing Date, free of hazardous materials; and 

 

	 	(vi)	the Borrower holds no registered beneficial interest, directly or indirectly, in any lands adjoining or having a common boundary with the Project Lands, except as such
as will be transferred or assigned to the Lender at Closing. 

 The foregoing representations and warranties shall
not merge on the Closing Date but shall survive for a period of two (2) years after the Closing Date, except to the extent that a claim has been made hereunder prior to that time. 

 

	17.	NOTICES 

 All notices,
requests, demands and other communications hereunder shall be in writing and shall be furnished to the parties at the addresses listed below. Notices shall be given by personal delivery or transmitted by facsimile and shall be deemed to be received
on the Business Day of receipt (unless such delivery or transmission is received after 2:00 p.m. Calgary time, in which case it shall be deemed to have been received on the following Business Day) to: 

 

			
	 (a)    the Borrower at:
	  	the Secured Parties at:
		
	 c/o SMART Technologies ULC
	  	c/o Byye Management Inc.
	 Suite 300, 1207 – 11 Avenue SW
	  	825, 808 4th Avenue SW
	 Calgary, Alberta T3C 0M5
	  	T2P 3E8
	 Attention: Chief Financial Officer
	  	Calgary, Alberta
	                   cc Legal Department
	  	Attention: Nancy Macnab
	 Facsimile: (403) 229-1546
	  	Facsimile: (403) 699-9784

 or at such other address
as either party specifies from time to time in a notice to the other. 
  

	18.	CONFLICT 

 The terms of
this Loan Agreement express and constitute the entire agreement between the parties regarding the subject matter hereof. In the event of any conflict, ambiguity or inconsistency between the terms of this Loan Agreement and the Security, the terms of
this Loan Agreement shall govern and prevail to the extent necessary to remove the conflict, ambiguity or inconsistency. 
  

	19.	MISCELLANEOUS 

  

	(a)	The parties hereto agree to do such further acts and execute such further documents or agreements as may be reasonably required from time to time to give full effect
and meaning to this Loan Agreement and the Security and to carry out the intent and purpose of this Loan Agreement and the Security. 

  

	(b)	This Loan Agreement shall ensure to the benefit of and be binding upon each of the parties hereto and their respective successors and assigns, except that the Borrower
may not assign its rights and obligations hereunder without the Lender’s prior written consent. 

  

	(c)	This Loan Agreement and the Security shall be governed by the laws of the Province of Alberta and the Borrower irrevocably submits to the non-exclusive jurisdiction of
the Courts of Alberta for all matters arising hereunder and under the Security. 

  

 11 

	(d)	Time is of the essence hereof. 

  

	(e)	Any provision of this Loan Agreement which is or becomes prohibited or unenforceable in any jurisdiction does not invalidate, affect or impair the remaining provisions
hereof in such jurisdiction and any such prohibition or unenforceability in any jurisdiction does not invalidate or render unenforceable such provision in any other jurisdiction. 

 

	(f)	No failure, omission or delay on the part of any Secured Party in exercising any right, power or privilege hereunder shall impair such right, power or privilege or
operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege preclude any further exercise thereof or the exercise of any other right, power or privilege. 

 

	(g)	No breach of any provision of this Loan Agreement or any of the Security may be waived or discharged verbally and any such waiver or discharge may only be made by way
of an instrument in writing signed by the Secured Parties and such waiver or discharge will then be effective only in the specific instance, for the specific purpose and for the specific length of time for which it is given.

 [Signatures follow on next page] 

 

 12 

 IN WITNESS WHEREOF the parties have executed this Agreement as of the date first above
written. 
  

			
	SMART BRICKS AND MORTAR INC.
		
	Per:	 	/s/ Susan Ruf
	Name:	 	Susan Ruf
	Title:	 	VP Finance
	
	IFF HOLDINGS INC.
		
	Per:	 	/s/ David A. Martin
	Name:	 	
	Title:	 	
	
	/s/ David A. Martin
	David Martin
	
	/s/ Nancy Knowlton
	Nancy Knowlton

  

 13 

 SCHEDULE “A” 

DEFINITIONS 

“Business Day” means a day, excluding Saturday and Sunday and each other day which is a legal holiday in Calgary, Alberta or on which
banking institutions are closed in Calgary, Alberta. 
 “Claim” means any action, claim, demand, lawsuit, proceeding or
arbitration including any proceeding or investigation by a Government Authority. 
 “Cost Overruns” has the meaning ascribed
thereto in the Royal Credit Agreement. 
 “Government Authority” means any government, regulatory or administrative authority,
government department, agency, commission, board or tribunal or court having jurisdiction on behalf of any nation, province or state or subdivision thereof or any municipality, district or subdivision thereof. 

“Head Lease” means the lease dated the third day of October, 2006 and made between Her Majesty the Queen in Right of Alberta, as
represented by the Minister of Infrastructure and Transportation, as Landlord, and SMART Technologies Inc. (now SMART Technologies ULC), as Tenant and which has been assigned by SMART Technologies ULC to the Borrower by an assignment of lease dated
on or about the date hereof. 
 “Liability” means any and all liabilities and obligations, whether under common law, in equity
under applicable laws or otherwise, whether tortuous, contractual, vicarious, statutory or otherwise, whether absolute or contingent, and whether based on fault, strict liability or otherwise. 

“Losses” means, in respect of the person and in relation to a matter, any and all losses, damages, costs, expenses, charges (including
all penalties, assessments and fines) which that person suffers, sustains, pays or incurs in connection with that matter and includes reasonable costs of legal counsel (on a solicitor and client basis) and other professional advisors and consultants
and reasonable costs of investigating and defending Claims arising from the matter, regardless of whether those Claims are sustained, and also includes taxes on a settlement payment or damage award in respect of that matter, that does not include
consequential or indirect losses or losses of profits. 
 “Outstandings” means the aggregate of (i) the Loan; (ii) to
the extent not included in the Loan, all unpaid interest and fees thereon as herein provided; (iii) all other indebtedness, liabilities and obligations (including without limitation, under any indemnities, and all other fees, charges and
expenses required to be paid by the Borrower to the Lender hereunder or pursuant to the Security or pursuant to any other written agreements relating to this Loan Agreement now or hereafter entered into between the Borrower and any of the Secured
Parties. 
 “Permitted Encumbrances” means the encumbrances, charges or interest as shown on Schedule “C” to this
Loan Agreement. 
 “Project” means the development and construction of an approximately 210,000 square foot office building on
the Project Lands. 
 “Project Budget” means the detailed budget for the construction of the project including both hard and
soft costs and contingencies and including any construction time schedule as reviewed and approved by Royal and the Project Monitor pursuant to the provisions of the Royal Construction Loan, and being in the approximate amount of $72 Million.

 “Project Costs” means all costs incurred by the Borrower pursuant to the Project Budget for
the completion of the Project. 
 “Project Lease” means the sublease of the Project and Project Lands dated on or about the
date hereof and made between the Borrower, as lessor, and SMART Technologies ULC, as lessee, as amended, restated or replaced from time to time. 

“Project Monitor” means the independent project monitor retained by Royal pursuant to the provisions of the Royal Construction Loan to
monitor the construction of the project on behalf of Royal, and which on the date hereof is Altus Helyar Cost Consulting. 
 “Project
Monitor Report” means the report prepared by the Project Monitor pursuant to the provisions of the Royal Construction Loan. 

“Project Lands” means lots 4, 5 and 6, block 3, plan 9812871, in the City of Calgary. 

“Royal Prime” means the annual rate of interest announced from time to time by Royal as being its reference rate then in effect for
determining interest rates on Canadian Dollar denominated commercial loans made by Royal in Canada. A certificate provided to the Lender by Royal certifying Royal Prime as at any date shall be conclusive for all purposes of this Agreement. A change
in Royal Prime will simultaneously cause a corresponding change in the interest payable on the Loan. 
 “Secured Parties”
means, collectively, the Lender and the Guarantors, and “Secured Party” means any of them. 
 “Security” means
the following in form and substance satisfactory to the Lender: 
  

	(a)	a registered general security agreement from the Borrower providing a security interest over all personal property of the Borrower; 

 

	(b)	a registered collateral charge/mortgage in the principal amount of $30,000,000 from the Borrower providing a charge/mortgage over the Project and the leasehold interest
of the Borrower in the Project Lands; 

  

	(c)	an assignment of all material contracts related to the Project construction providing a security interest in respect thereof; 

 

	(d)	an assignment of leases and rents from the Borrower including without limitation the Project Lease; 

 

	(e)	an assignment of insurance from the Borrower in respect of the Borrower’s insurance policies relating to the Project together with a certificate of insurance
confirming the Lender’s interest as loss payee and additional insured; and 

  

	(f)	all such other security agreements from the Borrower which the Lender may reasonably require for the purposes of the foregoing. 

“Standstill Agreement” means the agreement entitled as such entered into between Royal, the Borrower and the Guarantors dated on or
about the date hereof. 
  

 15 

 “Term Period” means the period from the date of the first Advance to and including the
Maturity Date or such earlier date on which the Loan, all interest thereon and all other amounts payable hereunder have been indefeasibly satisfied and paid in full. 

 

 16 

 SCHEDULE “B” 

ADVANCES, INTEREST AND REPAYMENTS ON THE LOAN 
  

											
	 DATE
	  	AMOUNT OF
ADVANCE	  	AMOUNT OF
PRINCIPAL PAID
OR PREPAID	  	AMOUNT OF
INTEREST /
CAPITALIZATION	  	UNPAID
BALANCE
OF LOAN	  	NOTATION
MADE BY
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  	TOTAL	  		  		  	

 SCHEDULE “C” 

PERMITTED ENCUMBRANCES 
  

	(a)	inchoate or statutory liens or trust claims for taxes, assessments and other governmental charges or levies which are not delinquent or the validity of which are
currently being contested in good faith by appropriate proceedings, provided that there shall have been set aside a reserve to the extent required by GAAP in an amount which is reasonably adequate with respect thereto; 

 

	(b)	the right reserved to, or vested in, any municipality or governmental or other public authority by the terms of any lease, license, franchise, grant, or permit acquired
by the Borrower, or by any statutory provision, to terminate any such lease, license, franchise, grant or permit, or to require annual or periodic payments as a condition of the continuance thereof; 

 

	(c)	inchoate or statutory liens of contractors, subcontractors, mechanics, suppliers, materialmen and others in respect of construction, maintenance, repair or operation of
assets or properties, or other like possessory liens and public utility liens provided the same are not registered as encumbrances against the title to any real or personal property of the Borrower or, if registered, being contested actively and
diligently in good faith by appropriate and timely proceedings and all enforcement proceedings have been stayed; 

  

	(d)	security, rights of way or easements given by the Borrower (or its predecessor in interest) to a utility, municipality or governmental or other public authority when
required by such utility or municipality or other authority in connection with the operations of the Borrower in the ordinary course of business; 

  

	(e)	title defects which are of a minor nature and in the aggregate will not materially impair the value or the use of the Project Lands for the purposes for which it is
held; 

  

	(f)	the reservations, limitations, provisos and conditions, if any, expressed in any original grants from the Crown and all statutory exceptions, qualifications and
reservations in respect of title; 

  

	(g)	liens or security interests taken or reserved in collateral (a) to secure payment of all or part of its price or (b) taken by a Person who gives value for the
purpose of enabling the acquisition of rights in or to the collateral to the extent that the value is applied to acquire the rights; 

  

	(h)	the Security; 

  

	(i)	the Head Lease; 

  

	(j)	the Project Lease; 

  

	(k)	the Royal Security.Holdings Credit Agreement

 Exhibit 10.16 

 
  

 
 HOLDINGS CREDIT AGREEMENT

 Dated as of August 28, 2007 

among 
 SMART
TECHNOLOGIES (HOLDINGS) INC., 
 as Borrower, 

DEUTSCHE BANK AG, CANADA BRANCH, 

as Administrative Agent, 

and 
 THE OTHER
LENDERS PARTY HERETO 
 DEUTSCHE BANK SECURITIES INC. 

as Joint Lead Arranger, 

LLOYDS TSB BANK PLC 

as Joint Lead Arranger and Co-Syndication Agent 

and 
 ROYAL BANK
OF CANADA, 
 as Co-Syndication Agent 
  

 
  

 Table of Contents 

 

					
	 Article I Definitions and Accounting Terms
	  	2
			
	 Section 1.01
	  	Defined Terms	  	2
	 Section 1.02
	  	Other Interpretive Provisions	  	45
	 Section 1.03
	  	Accounting Terms	  	46
	 Section 1.04
	  	Rounding	  	46
	 Section 1.05
	  	References to Agreements, Laws, Etc.	  	46
	 Section 1.06
	  	Times of Day	  	46
	 Section 1.07
	  	Timing of Payment or Performance	  	46
	 Section 1.08
	  	Currency Equivalents Generally	  	47
	 Section 1.09
	  	Company Certificates and Notice	  	47
		
	 Article II The Commitments and Borrowings
	  	47
			
	 Section 2.01
	  	The Loans	  	47
	 Section 2.02
	  	Borrowings, Conversions and Continuations of Loans	  	48
	 Section 2.03
	  	[Reserved]	  	49
	 Section 2.04
	  	[Reserved]	  	49
	 Section 2.05
	  	[Reserved]	  	49
	 Section 2.06
	  	Prepayments and Offers to Prepay	  	49
	 Section 2.07
	  	Termination or Reduction of Commitments	  	50
	 Section 2.08
	  	Repayment of Loans	  	51
	 Section 2.09
	  	Interest	  	51
	 Section 2.10
	  	Prepayment and Other Fees	  	52
	 Section 2.11
	  	Computation of Interest and Fees	  	52
	 Section 2.12
	  	Evidence of Indebtedness	  	53
	 Section 2.13
	  	Payments Generally	  	53
	 Section 2.14
	  	Sharing of Payments	  	55
	 Section 2.15
	  	Structural Changes	  	56
		
	 Article III Taxes, Increased Costs Protection and Illegality
	  	57
			
	 Section 3.01
	  	Taxes	  	57
	 Section 3.02
	  	Illegality	  	59
	 Section 3.03
	  	Inability to Determine Rates	  	59
	 Section 3.04
	  	Increased Cost and Reduced Return; Capital Adequacy; Reserves on Eurocurrency Rate Loans	  	60
	 Section 3.05
	  	Funding Losses	  	61
	 Section 3.06
	  	Matters Applicable to All Requests for Compensation	  	61
	 Section 3.07
	  	Replacement of Lenders under Certain Circumstances	  	62
	 Section 3.08
	  	Survival	  	63
		
	 Article IV Conditions Precedent to Closing Date
	  	63
			
	 Section 4.01
	  	Conditions of Closing Date	  	63

  

 -i- 

					
	 Article V Representations and Warranties
	  	66
			
	 Section 5.01
	  	Existence, Qualification and Power; Compliance with Laws	  	66
	 Section 5.02
	  	Authorization; No Contravention	  	66
	 Section 5.03
	  	Governmental Authorization; Other Consents	  	66
	 Section 5.04
	  	Binding Effect	  	66
	 Section 5.05
	  	Financial Statements; No Material Adverse Effect	  	67
	 Section 5.06
	  	Litigation	  	67
	 Section 5.07
	  	Ownership of Property; Liens	  	67
	 Section 5.08
	  	Environmental Compliance	  	68
	 Section 5.09
	  	Taxes	  	69
	 Section 5.10
	  	Compliance with ERISA	  	69
	 Section 5.11
	  	Subsidiaries; Equity Interests	  	69
	 Section 5.12
	  	Margin Regulations; Investment Company Act	  	69
	 Section 5.13
	  	Disclosure	  	69
	 Section 5.14
	  	Intellectual Property; Licenses, Etc.	  	70
	 Section 5.15
	  	Solvency	  	70
	 Section 5.16
	  	Pension Plans	  	70
		
	 Article VI Affirmative Covenants
	  	71
			
	 Section 6.01
	  	Financial Statements	  	71
	 Section 6.02
	  	Certificates; Other Information	  	73
	 Section 6.03
	  	Notices	  	74
	 Section 6.04
	  	[Reserved]	  	74
	 Section 6.05
	  	Maintenance of Existence	  	74
	 Section 6.06
	  	Maintenance of Properties	  	75
	 Section 6.07
	  	Maintenance of Insurance	  	75
	 Section 6.08
	  	Compliance with Laws	  	75
	 Section 6.09
	  	Books and Records	  	75
	 Section 6.10
	  	Inspection Rights	  	75
	 Section 6.11
	  	[Reserved]	  	76
	 Section 6.12
	  	Use of Proceeds	  	76
	 Section 6.13
	  	[Reserved]	  	76
	 Section 6.14
	  	Designation of Subsidiaries	  	76
	 Section 6.15
	  	[Reserved]	  	76
	 Section 6.16
	  	Payment of Taxes	  	76
	 Section 6.17
	  	End of Fiscal Years; Fiscal Quarters	  	77
		
	 Article VII Negative Covenants
	  	77
			
	 Section 7.01
	  	Liens	  	77
	 Section 7.02
	  	Investments	  	80
	 Section 7.03
	  	Indebtedness	  	83
	 Section 7.04
	  	Fundamental Changes	  	86
	 Section 7.05
	  	Dispositions	  	87
	 Section 7.06
	  	Restricted Payments	  	89

  

 -ii- 

					
	 Section 7.07
	  	Change in Nature of Business	  	92
	 Section 7.08
	  	Transactions with Affiliates	  	92
	 Section 7.09
	  	Shareholder Loans	  	93
		
	 Article VIII Events of Default and Remedies
	  	94
			
	 Section 8.01
	  	Events of Default	  	94
	 Section 8.02
	  	Remedies Upon Event of Default	  	96
	 Section 8.03
	  	Exclusion of Immaterial Subsidiaries	  	96
	 Section 8.04
	  	Application of Funds	  	97
		
	 Article IX Administrative Agent and Other Agents
	  	97
			
	 Section 9.01
	  	Appointment and Authorization of Agents	  	97
	 Section 9.02
	  	Delegation of Duties	  	98
	 Section 9.03
	  	Liability of Agents	  	98
	 Section 9.04
	  	Reliance by Agents	  	98
	 Section 9.05
	  	Notice of Default	  	99
	 Section 9.06
	  	Credit Decision; Disclosure of Information by Agents	  	99
	 Section 9.07
	  	Indemnification of Agents	  	100
	 Section 9.08
	  	Agents in their Individual Capacities	  	100
	 Section 9.09
	  	Successor Agents	  	101
	 Section 9.10
	  	Administrative Agent May File Proofs of Claim	  	101
	 Section 9.11
	  	[Reserved]	  	102
	 Section 9.12
	  	Other Agents; Arrangers and Managers	  	102
	 Section 9.13
	  	Appointment of Supplemental Administrative Agents	  	102
		
	 Article X Miscellaneous
	  	103
			
	 Section 10.01
	  	Amendments, Etc.	  	103
	 Section 10.02
	  	Notices and Other Communications; Facsimile Copies	  	104
	 Section 10.03
	  	No Waiver; Cumulative Remedies	  	105
	 Section 10.04
	  	Attorney Costs and Expenses	  	105
	 Section 10.05
	  	Indemnification by the Borrower	  	106
	 Section 10.06
	  	Payments Set Aside	  	107
	 Section 10.07
	  	Successors and Assigns	  	107
	 Section 10.08
	  	Confidentiality	  	111
	 Section 10.09
	  	Setoff	  	112
	 Section 10.10
	  	Counterparts	  	112
	 Section 10.11
	  	Integration	  	112
	 Section 10.12
	  	Survival of Representations and Warranties	  	113
	 Section 10.13
	  	Severability	  	113
	 Section 10.14
	  	GOVERNING LAW	  	113
	 Section 10.15
	  	WAIVER OF RIGHT TO TRIAL BY JURY	  	113
	 Section 10.16
	  	Binding Effect	  	114
	 Section 10.17
	  	Judgment Currency	  	114
	 Section 10.18
	  	Lender Action	  	114

  

 -iii- 

					
	 Section 10.19
	  	USA PATRIOT Act	  	115

 SCHEDULES 

 

					
	 1.01A
	  	—	  	Unrestricted Subsidiaries
	 2.01(a)
	  	—	  	Commitment
	 5.06
	  	—	  	Litigation
	 5.11
	  	—	  	Subsidiaries and Other Equity Investments
	 7.01(c)
	  	—	  	Existing Liens
	 7.03(c)
	  	—	  	Existing Indebtedness
	 7.04(f)
	  	—	  	Subsidiaries to be Dissolved
	 7.05(k)
	  	—	  	Dispositions
	 7.08
	  	—	  	Transactions with Affiliates
	 10.02
	  	—	  	Administrative Agent’s Office, Certain Addresses for Notices

EXHIBITS 
 Form of 

 

					
	 A
	  	—	  	Committed Loan Notice
	 B
	  	—	  	[Reserved]
	 C
	  	—	  	Note
	 D
	  	—	  	[Reserved]
	 E
	  	—	  	Assignment and Assumption
	 F-1
	  	—	  	Opinion Matters – New York Counsel to the Borrower
	 F-2
	  	—	  	Opinion Matters – Canadian Counsel to the Borrower
	 F-3
	  	—	  	Opinion Matters – Canadian Counsel to the Borrower
	 G
	  	—	  	Officer’s Certificate

  

 -iv- 

 HOLDINGS CREDIT AGREEMENT 

This HOLDINGS CREDIT AGREEMENT (“Agreement”) is entered into as of August 28, 2007, among SMART TECHNOLOGIES
(HOLDINGS) INC., a corporation incorporated under the laws of the Province of Alberta, Canada (“Borrower”), DEUTSCHE BANK AG, CANADA BRANCH, as Administrative Agent (“DB Canada”), and each lender from time to time
party hereto (collectively, the “Lenders” and individually, a “Lender”). 
 PRELIMINARY
STATEMENTS 
 The Sponsor (as this and other capitalized terms used in these preliminary statements are defined in
Section 1.01 below), intends to make an equity investment in SMART TECHNOLOGIES ULC, an unlimited liability corporation amalgamated under the laws of the province of Alberta, Canada (the “Company”), and its Subsidiaries.
To effect the foregoing, it is intended that (i) the Sponsor will make an equity contribution to one or more direct or indirect holding company parents of the Borrower, a special purpose investment vehicle formed by the Sponsor, in the form of
a combination of equity and subordinated shareholder loans the proceeds of which will be contributed to the Borrower, (ii) the existing shareholders of the Company will, directly or indirectly, contribute their existing shares in the Company to
the Borrower, after giving effect to which the Company will be a direct, wholly-owned Subsidiary of the Borrower, and (iii) the Company will then be amalgamated with a newly-formed direct wholly-owned Subsidiary of the Borrower pursuant to the
Purchase Agreement (with the Company as the surviving entity of such amalgamation) (collectively, the “Acquisition”). 

The Borrower has requested that simultaneously with the consummation of the Acquisition, the Lenders extend credit to the Borrower in the
form of Loans in an initial aggregate principal amount equal to $60,000,000. 
 The proceeds of the Loans, together with the
proceeds of (i) the First Lien Loans and other extensions of credit under the First Lien Credit Agreement, (ii) the Second Lien Loans and (iii) the Equity Contribution, will be used to finance the Acquisition and the Transaction
Expenses and to refinance certain existing indebtedness of the Company. 
 The Lenders have indicated their willingness to lend
on the terms and subject to the conditions set forth herein. 

 In consideration of the mutual covenants and agreements herein contained, the parties hereto
covenant and agree as follows: 
 ARTICLE I 

Definitions and Accounting Terms 

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

 “Accounting Principles” means the accounting principles utilized in the preparation and presentation of the
management statements, the Unaudited Financial Statements and the Pro Forma Financial Statements. 

“Acquired EBITDA” means, with respect to any Acquired Entity or Business or any Converted Restricted Subsidiary for any
period, the amount for such period of Consolidated EBITDA of such Acquired Entity or Business or Converted Restricted Subsidiary, as applicable, all as determined on a consolidated basis for such Acquired Entity or Business or Converted Restricted
Subsidiary, as applicable. 
 “Acquired Entity or Business” has the meaning specified in the definition of the
term “Consolidated EBITDA”. 
 “Acquisition” has the meaning specified in the preliminary statements
to this Agreement. 
 “Administrative Agent” means DB Canada, in its capacity as administrative agent under the
Loan Documents, or any successor administrative agent appointed in accordance with Section 9.09. 

“Administrative Agent’s Office” means, the Administrative Agent’s address and, as appropriate, account as set
forth on Schedule 10.02, or such other address or account as the Administrative Agent may from time to time notify the Borrower and the Lenders. 

“Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent.

 “Affiliate” means, with respect to any Person, another Person that directly, or indirectly through one or
more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or
policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 

“Agent-Related Persons” means the Agents, together with their respective Affiliates, and the officers, directors,
employees, agents and attorneys-in-fact of such Persons and Affiliates. 
 “Agents” means, collectively, the
Administrative Agent, the Co-Syndication Agents and the Supplemental Administrative Agents (if any). 
 “Aggregate
Commitments” means the Commitments of all the Lenders. 
 “Agreement” means this Holdings Credit
Agreement. 
 “Agreement Currency” has the meaning specified in Section 10.17. 

 

 -2- 

 “Applicable Lending Office” means for any Lender, such Lender’s
office, branch or affiliate designated for Eurocurrency Rate Loans or Base Rate Loans, as applicable, as notified to the Administrative Agent and the Borrower or as otherwise specified in the Assignment and Assumption pursuant to which such Lender
became a party hereto, any of which offices may, subject to Sections 3.01(e) and 3.02, be changed by such Lender upon 10 days’ prior written notice to the Administrative Agent and the Borrower; provided, that, for the
purpose of the definition of “Excluded Taxes” and Section 3.01, any such change shall be deemed an assignment made pursuant to an Assignment and Assumption. 

“Applicable Rate” means a percentage per annum equal to (i) for Eurocurrency Loans, 8.50%, and (ii) for Base
Rate Loans 7.50%. 
 “Approved Fund” means, with respect to any Lender, any Fund that is administered, advised
or managed by (a) such Lender, (b) an Affiliate of such Lender or (c) an entity or an Affiliate of an entity that administers, advises or manages such Lender. 

“Assignees” has the meaning specified in Section 10.07(b). 

“Assignment and Assumption” means an Assignment and Assumption substantially in the form of Exhibit E.

 “Attorney Costs” means and includes all reasonable fees, expenses and disbursements of any law firm or other
external legal counsel. 
 “Attributable Indebtedness” means, on any date, in respect of any Capitalized Lease
of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP. 

“Audited Financial Statements” means the audited balance sheets of the Business for each of the fiscal years ended
March 31, 2006, September 30, 2005 and September 30, 2004, and the related audited statements of income and cash flows of the Business for the fiscal years ended March 31, 2006, September 30, 2005 and September 30,
2004, respectively. 
 “Available Amount” means, at any time (the “Reference Date”), an amount
(but which shall not at any time be less than zero) equal to the sum of (a) the greater of (i) (y) at all times when the Senior Secured Leverage Ratio is greater than 4.00:1.00, 50% of Cumulative Excess Cash Flow that is Not Otherwise
Applied, and (z) at all other times, 100% of Cumulative Excess Cash Flow that is Not Otherwise Applied, and (ii) the Available Amount Percentage of Consolidated Net Income for the Available Amount Reference Period (or in the case such
Consolidated Net Income for such period is a deficit, minus 100% of such deficit); plus (b) to the extent not utilized in connection with other transactions permitted pursuant to Section 7.09, the aggregate amount of Retained
Declined Proceeds retained by the Company during the period from and including the Business Day immediately following the Closing Date through and including the Reference Date; plus (c) the aggregate amount of net cash proceeds of Scheduled
Dispositions received by the Company or any Restricted Subsidiary during the period from and including the Business Day immediately following the Closing Date through and including the Reference Date; plus (d) the amount of any capital
contributions or Net Cash Proceeds from Permitted Equity Issuances (or issuance of debt securities that have been converted into or 

 

 -3- 

 
exchanged for Qualified Equity Interests) (other than the Equity Contribution or any other capital contributions or equity or debt issuances to the extent utilized in connection with other
transactions permitted pursuant to any of Sections 7.02, 7.06, 7.09 or pursuant to the exercise of a Cure Right (as defined in the First Lien Credit Agreement)) received by the Company (or any direct or indirect parent
thereof and contributed by such parent to the Company) during the period from and including the Business Day immediately following the Closing Date through and including the Reference Date; plus (e) to the extent not (i) already included
in the calculation of Consolidated Net Income of the Company and its Restricted Subsidiaries or (ii) already reflected as a return of capital or deemed reduction in the amount of such Investment pursuant to clause (h) below, the aggregate
amount of all cash dividends and other cash distributions received by the Company or any Restricted Subsidiary from any Minority Investments or Unrestricted Subsidiaries during the period from and including the Business Day immediately following the
Closing Date through and including the Reference Date; plus (f) to the extent not (i) already included in the calculation of Consolidated Net Income of the Company and its Restricted Subsidiaries or (ii) already reflected as a return
of capital or deemed reduction in the amount of such Investment pursuant to clause (h) below, the aggregate amount of all cash repayments of principal received by the Company or any Restricted Subsidiary from any Minority Investments or
Unrestricted Subsidiaries during the period from and including the Business Day immediately following the Closing Date through and including the Reference Date in respect of loans or advances made by the Company or any Restricted Subsidiary to such
Minority Investments or Unrestricted Subsidiaries; plus (g) to the extent not (i) already included in the calculation of Consolidated Net Income of the Company and its Restricted Subsidiaries, (ii) already reflected as a return of
capital or deemed reduction in the amount of such Investment pursuant to clause (h) below, or (iii) used to prepay First Lien Term Loans pursuant to Section 2.06(b)(ii) of the First Lien Credit Agreement or Second Lien Loans
pursuant to Section 2.06(b)(ii) of the Second Lien Credit Agreement, the aggregate amount of all Net Cash Proceeds received by the Company or any Restricted Subsidiary in connection with the sale, transfer or other disposition of its
ownership interest in any Minority Investment or Unrestricted Subsidiary during the period from and including the Business Day immediately following the Closing Date through and including the Reference Date; minus (h) the aggregate amount of
any Investments made pursuant to Section 7.02(o)(ii) (net of any return of capital in respect of such Investment or deemed reduction in the amount of such Investment including, without limitation, upon the re-designation of any
Unrestricted Subsidiary as a Restricted Subsidiary or the Disposition of any such Investment), any Restricted Payment made pursuant to Section 7.06(n)(iii) or any payment made pursuant to Section 7.09(a)(C) during the period
commencing on the Closing Date and ending on or prior to the Reference Date (and, for purposes of this clause (h), without taking account of the intended usage of the Available Amount on such Reference Date). 

“Available Amount Percentage” means (i) at any time that the condition set forth in clause (ii) is not
satisfied, 50% and (ii) at any time that the Senior Secured Leverage Ratio as of the most recent Test Period (calculated on a Pro Forma Basis) is less than 4.00:1.00, 75%. 

“Available Amount Reference Period” means, with respect to any Reference Date, the period commencing at the beginning of
the fiscal quarter in which the Closing Date occurs and ending on the last day of the most recent fiscal quarter or fiscal year, as applicable, for which financial statements required to be delivered pursuant to Section 6.01(a) or
(b), and the related Compliance Certificate required to be delivered pursuant to Section 6.02(a), have been received by the Administrative Agent. 

 

 -4- 

 “Base Rate” means for any day a fluctuating rate per annum equal to the
higher of (a) the Federal Funds Rate plus 1/2 of 1% and (b) the Canadian Base Rate. Any change in the Base Rate due to a change in the Canadian Base Rate or the Federal Funds Rate shall be effective on the effective date of such change in
the Canadian Base Rate or the Federal Funds Rate, respectively. 
 “Base Rate Loan” means a Loan that bears
interest at a rate based on the Base Rate. 
 “BIA” means the Bankruptcy and Insolvency Act (Canada) as now and
hereafter in effect, or any successor statute. 
 “Borrower” has the meaning specified in the introductory
paragraph to this Agreement. 
 “Borrowing” means a borrowing consisting of Loans of the same Type and, in
the case of Eurocurrency Rate Loans, having the same Interest Period made by each of the Lenders pursuant to Section 2.01. 

“Business” shall have the meaning assigned to such term in the Purchase Agreement. 

“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to
close under the Laws of, or are in fact closed in, the province or state where the Administrative Agent’s Office is located, Toronto or New York City; provided that if such day relates to any interest rate settings as to a Eurocurrency
Rate Loan, any fundings, disbursements, settlements and payments in respect of any such Eurocurrency Rate Loan, or any other dealings in Dollars to be carried out pursuant to this Agreement in respect of any such Eurocurrency Rate Loan, Business Day
also means any such day on which dealings in deposits in Dollars are conducted by and between banks in the London interbank eurodollar market. 

“Calgary Bridge Financing” means the Indebtedness to be incurred by Calgary SPV to construct the Company’s
headquarters on the Calgary Property pursuant to a 21 month construction term facility in the principal amount of C$52,000,000 secured on a first charge basis, as supplemented by a backstop cost overrun and completion facility secured on a second
charge basis. 
 “Calgary Permanent Financing” means any Indebtedness to be incurred by the Calgary SPV the
proceeds of which are used to refinance the Calgary Bridge Financing including by way of a Sale Leaseback. 
 “Calgary
Property” means the premises legally described as lots 4 and 5, Block 3, Plan 9812871 in Calgary, Alberta and municipally described as lots 3536 and 3636 Research Road, N.W. 

 

 -5- 

 “Calgary SPV” means SMART Bricks and Mortar Inc. 

“Canadian Base Rate” means the corporate base rate of interest publicly announced by the Administrative Agent from time
to time as being a reference rate then in effect for determining interest rates for loans made by it in Canada in Dollars to commercial borrowers. 

“Canadian Benefit Plans” shall mean all material employee benefit plans, programs, policies, practices or other
arrangements of any nature or kind whatsoever that are not Canadian Pension Plans and are maintained or contributed to by the Borrower or any Restricted Subsidiary, or under which the Borrower or any Restricted Subsidiary has any liability or
contingent liability, in relation to employees or former employees that it may have in Canada. 
 “Canadian
Dollar” and “C$” each mean the lawful currency of Canada. 
 “Canadian Pension Plans”
shall mean each plan which is a “registered pension plan” as defined in the Tax Act or which are required to be registered under federal or provincial pension benefits standards legislation established, maintained or contributed to by the
Borrower or any Restricted Subsidiary, or under which the Borrower or any Restricted Subsidiary has any liability or contingent liability, in relation to any employees or former employees that it may have in Canada. 

“Canadian Person” means the Borrower or any Restricted Subsidiary incorporated, amalgamated, continued, formed or
organized under the Laws of Canada or any Province of Canada. 
 “Capital Expenditures” means, for any period,
the aggregate of, without duplication, (a) all expenditures (whether paid in cash or accrued as liabilities) by the Company and its Restricted Subsidiaries during such period that, in conformity with GAAP, are or are required to be
included as additions during such period to property, plant or equipment reflected in the consolidated balance sheet of the Company and its Restricted Subsidiaries, (b) all Capitalized Software Expenditures for such period, (c) the value
of all assets under Capitalized Leases incurred by the Company and its Restricted Subsidiaries during such period (other than as a result of purchase accounting) and (d) less any capital grants received from a Governmental Authority that
are reflected as a reduction of fixed assets in conformity with GAAP; provided that the term “Capital Expenditures” shall not include, without duplication, (i) expenditures made in connection with the replacement, substitution,
restoration or repair of assets to the extent financed with (x) insurance proceeds paid on account of the loss of or damage to the assets being replaced, restored or repaired or (y) awards of compensation arising from the taking by eminent
domain or condemnation of the assets being replaced, (ii) the purchase price of equipment that is purchased simultaneously with the trade-in of existing equipment to the extent that the gross amount of such purchase price is reduced by the
credit granted by the seller of such equipment for the equipment being traded in at such time, (iii) the purchase of plant, property or equipment to the extent financed with the proceeds of Dispositions that are not required to be applied to
prepay First Lien Term Loans or to prepay Second Lien Loans, (iv) expenditures that constitute any part of Consolidated Lease Expense, (v) expenditures that are accounted for as capital expenditures by the Company or any Restricted
Subsidiary and that actually are paid for by a Person other than the Company or any Restricted Subsidiary and for which none of the Company 

 

 -6- 

 
or any Restricted Subsidiary has provided or is required to provide or incur, directly or indirectly, any consideration or obligation to such Person or any other Person (whether before, during or
after such period), (vi) the book value of any asset owned by the Company or any Restricted Subsidiary prior to or during such period to the extent that such book value is included as a capital expenditure during such period as a result of such
Person reusing or beginning to reuse such asset during such period without a corresponding expenditure actually having been made in such period; provided that (x) any expenditure necessary in order to permit such asset to be reused shall
be included as a Capital Expenditure during the period in which such expenditure actually is made and (y) such book value shall have been included in Capital Expenditures when such asset was originally acquired, (vii) expenditures that
constitute Permitted Acquisitions, (viii) any capitalized interest expense reflected as additions to property, plant or equipment in the consolidated balance sheet of the Company and its Restricted Subsidiaries or (ix) any non-cash
compensation or other non-cash costs reflected as additions to property, plant or equipment in the consolidated balance sheet of the Company and its Restricted Subsidiaries. 

“Capitalized Lease Obligation” means, at the time any determination thereof is to be made, the amount of the liability
in respect of a Capitalized Lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) prepared in accordance with GAAP. 

“Capitalized Leases” means all leases that are required to be, in accordance with GAAP, recorded as capitalized leases;
provided that for all purposes hereunder the amount of obligations under any Capitalized Lease shall be the amount thereof accounted for as a liability in accordance with GAAP. 

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

“Cash Equivalents” means any of the following types of Investments, to the extent owned by the Borrower or any
Restricted Subsidiary: 
 (1) Dollars or Canadian Dollars; 

(2) (a) Sterling, Euros or any national currency of any participating member state of the EMU or (b) in the case of
any Foreign Subsidiary that is a Restricted Subsidiary, such local currencies held by it from time to time in the ordinary course of business; 

(3) securities issued or directly and fully and unconditionally guaranteed or insured by the United States or Canadian
governments or the government of any province of Canada or any agency or instrumentality of any of the foregoing the securities of which are unconditionally guaranteed as a full faith and credit obligation of such government with maturities of 24
months or less from the date of acquisition; 
  

 -7- 

 (4) certificates of deposit, time deposits and eurodollar time deposits with
maturities of one year or less from the date of acquisition, bankers’ acceptances with maturities not exceeding one year and overnight bank deposits, in each case with any domestic or foreign commercial bank having capital and surplus of not
less than $500,000,000 in the case of U.S. banks and $100,000,000 (or the Dollar equivalent as of the date of determination) in the case of non-U.S. banks; 

(5) repurchase obligations for underlying securities of the types described in clauses (3), (4) and (8) of
this definition entered into with any financial institution meeting the qualifications specified in clause (4) above; 

(6) commercial paper rated at least P-1 by Moody’s or at least A-1 by S&P, or the equivalent thereof from
Dominion Bond Rating Service Inc. and in each case maturing within 24 months after the date of creation thereof and Indebtedness or preferred stock issued by Persons with a rating of “A” or higher from S&P or
“A2” or higher from Moody’s, or the equivalent thereof from Dominion Bond Rating Service Inc., with maturities of 24 months or less from the date of acquisition; 

(7) marketable short-term money market and similar securities having a rating of at least P-2 or A-2 from either
Moody’s or S&P, respectively (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another nationally recognized statistical rating agency selected by the Borrower), or the
equivalent thereof from Dominion Bond Rating Service Inc. and in each case maturing within 24 months after the date of creation or acquisition thereof; 

(8) readily marketable direct obligations issued by any state, commonwealth or territory of the United States, any
province of Canada or any political subdivision or taxing authority thereof having an Investment Grade Rating from Moody’s, S&P or Dominion Bond Rating Service Inc. with maturities of 24 months or less from the date of acquisition;

 (9) readily marketable direct obligations issued by any foreign government or any political subdivision or
public instrumentality thereof, in each case having an Investment Grade Rating from Moody’s, S&P or Dominion Bond Rating Service Inc. with maturities of 24 months or less from the date of acquisition; 

(10) Investments with average maturities of 12 months or less from the date of acquisition in money market funds rated
within the top three ratings category by S&P, Moody’s or Dominion Bond Rating Service Inc.; and 
 (11)
investment funds investing 90% of their assets in securities of the types described in clauses (1) through (10) above. 

In the case of Investments by any Foreign Subsidiary that is a Restricted Subsidiary or Investments made in a country outside the United
States of America or Canada, Cash Equivalents shall also include (i) investments of the type and maturity described in clauses (1) through (8) and clauses (10) and (11) above of foreign obligors, which Investments or
obligors (or the parents of such obligors) have ratings described in such clauses or equivalent 
  

 -8- 

 
ratings from comparable foreign rating agencies and (ii) other short-term investments utilized by Foreign Subsidiaries that are Restricted Subsidiaries in accordance with normal investment
practices for cash management in investments analogous to the foregoing investments in clauses (1) through (11) above and in this paragraph. 

Notwithstanding the foregoing, Cash Equivalents shall include amounts denominated in currencies other than those set forth in
clauses (1) and (2) above, provided that such amounts are converted into any currency listed in clauses (1) and (2) as promptly as practicable and in any event within ten (10) Business Days following the receipt of
such amounts. At any time at which the value, calculated in accordance with GAAP, of all investments of the Borrower and its Restricted Subsidiaries that were deemed, when made, to be Cash Equivalents in accordance with clauses (1) through
(11) above exceeds the Indebtedness of the Borrower and its Restricted Subsidiaries, “Cash Equivalents” shall also mean any investment (a “Qualifying Investment”) that satisfies the following two conditions:
(a) the Qualifying Investment is of a type described in clauses (1) through (10) and the immediately preceding paragraph of this definition, but has an effective maturity (whether by reason of final maturity, a put option or, in
the case of an asset-backed security, an average life) of five years and one month or less from the date of such Qualifying Investment (notwithstanding any provision contained in such clauses (1) through (10) or the immediately preceding
paragraph requiring a shorter maturity); and (b) the weighted average effective maturity of such Qualifying Investment and all other investments that were made as Qualifying Investments in accordance with this paragraph, does not exceed
two years from the date of such Qualifying Investment. 
 “Cash Management Obligations” means obligations owed
by the Borrower or any Restricted Subsidiary to any “Lender” (as defined in the First Lien Credit Agreement) or any Affiliate of such a “Lender” in respect of any overdraft and related liabilities arising from treasury,
depository or cash management services or any automated clearing house transfers of funds. 
 “CCAA” means the
Companies’ Creditors Arrangement Act, as now and hereafter in effect, or any successor statute. 
 “Change in
Law” means (a) the adoption of any law, treaty, order, policy, rule or regulation after the date of this Agreement, (b) any change in any law, treaty, order, policy, rule or regulation or in the interpretation or application
thereof by any Governmental Authority after the date of this Agreement or (c) compliance by the Lender with any guideline, request or directive issued or made after the date hereof by any central bank or other governmental or quasi-governmental
authority (whether or not having the force of law). 
 “Change of Control” means the earliest to occur of

 (a) the Permitted Holders ceasing to have the power, directly or indirectly, to vote or direct the voting of securities
having a majority of the ordinary voting power for the election of directors of the Borrower; provided that the occurrence of the foregoing event shall not be deemed a Change of Control if, 

 

 -9- 

 (i) any time prior to the consummation of a Qualifying IPO, and for any reason whatsoever,
(A) the Permitted Holders otherwise have the right, directly or indirectly, to designate (and do so designate) a majority of the board of directors of the Borrower at such time or (B) the Permitted Holders own a majority of the outstanding
voting Equity Interests of the Borrower at such time, or 
 (ii) at any time upon or after the consummation of a Qualifying IPO,
and for any reason whatsoever, (A) no “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), excluding the Permitted Holders, shall become the “beneficial owner”
(as defined in Rules 13(d)-3 and 13(d)-5 under such Act), directly or indirectly, of more than the greater of (x) thirty-five percent (35%) of the then outstanding voting stock of the Borrower, and (y) the percentage of the then
outstanding voting stock of the Borrower owned, directly or indirectly, beneficially by the Permitted Holders, and (B) during each period of twelve (12) consecutive months, the board of directors of the Borrower shall consist of a majority
of the Continuing Directors; or 
 (b) at any time prior to a Qualifying IPO of the Company, the Company ceasing to be a direct
wholly-owned Subsidiary of (i) the Borrower or (ii) if any Intermediate Holding Company is formed, the Intermediate Holding Company that is a direct parent of the Company. 

“Closing Date” means the date all the conditions precedent in Section 4.01 are satisfied or waived in
accordance with Section 10.01. 
 “Closing Date Material Adverse Effect” means any event,
circumstance, effect, occurrence or state of affairs or any combination thereof which is, or is reasonably likely to be, materially adverse to the business, operations, assets, liabilities, properties, financial condition or results of the Business,
but excluding any such event, circumstance, effect, occurrence or state of affairs or any combination thereof arising as a result of changes of conditions affecting the Business generally, including changes in product prices or Taxes (as defined in
the Purchase Agreement); arising as a result of general economic, financial, currency exchange, securities or “SMART” product market conditions in Canada or elsewhere; or that were specifically consented to or approved by the
Sponsor in writing prior to the date of the Purchase Agreement pursuant thereto and disclosed in writing to the Administrative Agent. 

“Code” means the U.S. Internal Revenue Code of 1986, as amended from time to time, and Treasury regulations promulgated
thereunder. 
 “Commitment” means, as to each Lender, its obligation to make a Loan to the Borrower pursuant to
Section 2.01 in an aggregate principal amount not to exceed the amount set forth opposite such Lender’s name on Schedule 2.01 under the caption “Commitment” or in the Assignment and Assumption pursuant to which
such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. The initial aggregate amount of the Commitments is $60,000,000. 

 

 -10- 

 “Commitment Letter” means the Commitment Letters dated June 28, 2007
(or as of such date) among the Borrower, DB Canada, Deutsche Bank Securities Inc., Lloyds TSB Bank plc and RBC, as amended, supplemented or otherwise modified from time to time. 

“Committed Loan Notice” means a notice of (a) a Borrowing, (b) a conversion of Loans from one Type to the
other, or (c) a continuation of Eurocurrency Rate Loans, pursuant to Section 2.02(a), which, if in writing, shall be substantially in the form of Exhibit A. 

“Company” has the meaning specified in the preliminary statements to this Agreement. 

“Compensation Period” has the meaning specified in Section 2.13(c)(ii). 

“Compliance Certificate” means a certificate substantially in the form of Exhibit D. 

“Consolidated Capital Expenditures” means, with respect to any Person for any period, the aggregate of all expenditures
of such Person and its Restricted Subsidiaries during such period determined on a consolidated basis that, in accordance with GAAP, are or should be included in “purchase of property and equipment” or similar items reflected in the
consolidated statement of cash flows of such Person and its Restricted Subsidiaries. 
 “Consolidated Depreciation and
Amortization Expense” means with respect to any Person for any period, the total amount of depreciation and amortization expense, including the amortization of deferred financing fees or costs and Capitalized Software Expenditures of such
Person and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with GAAP. 

“Consolidated EBITDA” means, with respect to any Person for any period, the Consolidated Net Income of such Person for
such period: 
 (a) increased (without duplication) by the following, in each case to the extent deducted in
determining Consolidated Net Income for such period: 
 (i) provision for taxes based on income or profits or
capital, including, without limitation, federal, provincial, state, franchise and similar taxes and foreign withholding taxes of such Person paid or accrued during such period; plus 

(ii) Consolidated Interest Expense of such Person for such period (including (x) net losses or any obligations under
any Swap Contracts or other derivative instruments entered into for the purpose of hedging interest rate risk, (y) bank fees and (z) costs of surety bonds in connection with financing activities, plus amounts excluded from Consolidated
Interest Expense as set forth in sub clauses (t) to (z) of clause (a) of the definition thereof); plus 

(iii) Consolidated Depreciation and Amortization Expense of such Person for such period; plus 

 

 -11- 

 (iv) any expenses or charges (other than depreciation or amortization
expense) related to any equity offering, Investment, acquisition, disposition, or recapitalization permitted hereunder or the incurrence of Indebtedness permitted to be incurred hereunder (including a refinancing thereof) (whether or not
successful), including (A) such fees, expenses or charges related to the offering of the Loans, the First Lien Loans, Second Lien Loans and any credit facilities and (B) any amendment or other modification of the Loans, the First Lien
Loans, Second Lien Loans and any credit facilities; plus 
 (v) the amount of any restructuring charges,
integration costs or other business optimization expenses, costs associated with establishing new facilities or reserves, including any one-time costs incurred in connection with acquisitions after the Closing Date, and costs related to the closure
and/or consolidation of facilities; plus 
 (vi) any other non-cash charges (collectively, the “Non-Cash
Charges”) including any write-offs or write-downs reducing Consolidated Net Income for such period (provided that if any such non-cash charges represent an accrual or reserve for potential cash items in any future period, the cash
payment in respect thereof in such future period shall be subtracted from Consolidated EBITDA to such extent, and excluding amortization of a prepaid cash item that was paid in a prior period); plus 

(vii) the amount of any minority interest expense consisting of Subsidiary income attributable to minority equity
interests of third parties in any non-wholly-owned Subsidiary; plus 
 (viii) the amount of management,
monitoring, consulting and advisory fees (including termination fees) and related indemnities and expenses paid or accrued in such period to the Sponsor to the extent permitted under Section 7.08; plus 

(ix) the amount of “run-rate” cost savings projected by the Company in good faith to result from actions either
taken or expected to be taken prior to or during such period (which cost savings shall be subject only to certification by management of the Company and shall be calculated on a pro forma basis as though such cost savings had been
realized on the first day of such period), net of the amount of actual benefits realized or expected to be realized prior to or during such period from such actions; provided, that (A) such cost savings are reasonably identifiable. and
(B) no cost savings shall be added pursuant to this clause (ix) to the extent duplicative of any expenses or charges relating to such cost savings that are included in clause (v) above with respect to such period (it being
understood and agreed that “run-rate” means the full recurring benefit that is associated with any action taken or expected to be taken, provided that such benefit is expected to be realized within 12 months of taking such action);
plus 
  

 -12- 

 (x) any costs or expense incurred by the Company or a Restricted Subsidiary
pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or agreement or any stock subscription or shareholder agreement, to the extent that such cost or expenses are funded with cash proceeds
contributed to the capital of the Company or Net Cash Proceeds of an issuance of Equity Interests (other than Disqualified Equity Interests) of the Borrower; plus 

(xi) any net loss from disposed or discontinued operations; plus 

(xii) cash receipts (or any netting arrangements resulting in reduced cash expenditures) not representing Consolidated
EBITDA or Consolidated Net Income in any period to the extent non-cash gains relating to such income were deducted in the calculation of Consolidated EBITDA pursuant to paragraph (b) below for any previous period and not added back; plus

 (xiii) interest income or investment earnings on retiree medical and intellectual property, royalty or license
receivables; plus 
 (xiv) the amount of loss on sale of receivables, Securitization Assets and related assets to
any Securitization Subsidiary in connection with a Qualified Securitization Financing; 
 (b) decreased (without
duplication) by the following, in each case to the extent included in determining Consolidated Net Income for such period: 

(i) non-cash gains increasing Consolidated Net Income of such Person for such period, excluding any non-cash gains to the
extent they represent the reversal of an accrual or reserve for a potential cash item that reduced Consolidated EBITDA in any prior period and excluding any non-cash gains with respect to cash actually received in a prior period so long as such cash
did not increase Consolidated EBITDA in such prior period; plus 
 (ii) any net income from disposed or
discontinued operations; 
 (c) increased or decreased without duplication, as applicable, by any adjustments
resulting from the application of FASB Interpretation No. 45 (Guarantees) or any comparable regulation; and 

(d) decreased (to the extent not already deducted in determining Consolidated EBITDA) by any Restricted Payments made
pursuant to Section 7.06(g)(ii). 
 There shall be included in determining Consolidated EBITDA for any period,
without duplication, (A) the Acquired EBITDA of any Person, property, business or asset acquired by the Company or any Restricted Subsidiary during such period (but not the Acquired EBITDA of any related Person, property, business or assets to
the extent not so acquired), to the extent not subsequently sold, transferred or otherwise disposed of by the Company or such Restricted Subsidiary during such period (each such Person, property, business or asset acquired

  

 -13- 

 
and not subsequently so disposed of, an “Acquired Entity or Business”) and the Acquired EBITDA of any Unrestricted Subsidiary that is converted into a Restricted Subsidiary
during such period (each a “Converted Restricted Subsidiary”), based on the actual Acquired EBITDA of such Acquired Entity or Business or Converted Restricted Subsidiary for such period (including the portion thereof occurring prior
to such acquisition) and (B) for the purposes of compliance with the Senior Secured Incurrence Test, an adjustment in respect of each Acquired Entity or Business equal to the amount of the Pro Forma Adjustment with respect to such
Acquired Entity or Business for such period (including the portion thereof occurring prior to such acquisition) as specified in a certificate executed by a Responsible Officer and delivered to the Lenders and the Administrative Agent. For purposes
of determining the Total Leverage Ratio, the Senior Secured Leverage Ratio and the Fixed Charge Coverage Ratio there shall be excluded in determining Consolidated EBITDA for any period the Disposed EBITDA of any Person, property, business or asset
(other than an Unrestricted Subsidiary) sold, transferred or otherwise disposed of, closed or classified as discontinued operations by the Company or any Restricted Subsidiary during such period (each such Person, property, business or asset so sold
or disposed of, a “Sold Entity or Business”) and the Disposed EBITDA of any Restricted Subsidiary that is converted into an Unrestricted Subsidiary during such period (each a “Converted Unrestricted Subsidiary”),
based on the actual Disposed EBITDA of such Sold Entity or Business or Converted Unrestricted Subsidiary for such period (including the portion thereof occurring prior to such sale, transfer or disposition. 

“Consolidated Interest Expense” means, with respect to any Person for any period, without duplication, the sum of:

 (a) consolidated interest expense of such Person and its Restricted Subsidiaries for such period, to the
extent such expense was deducted (and not added back) in computing Consolidated Net Income (including (i) amortization of original issue discount resulting from the issuance of Indebtedness at less than par, (ii) all commissions, discounts
and other fees and charges owed with respect to letters of credit or bankers acceptances, (iii) non-cash interest payments (but excluding any non-cash interest expense attributable to the movement in the mark to market valuation of obligations
under any Swap Contracts or other derivative instruments pursuant to GAAP), (iv) the interest component of Capitalized Lease Obligations, and (v) net payments, if any, made (less net payments, if any, received) pursuant to interest
rate obligations under any Swap Contracts with respect to Indebtedness, and excluding (s) any interest expense in respect of the Shareholder Loans or any other shareholder loans made by the Borrower to the Company, (t) any expense
resulting from the discounting of any Indebtedness in connection with the application of purchase accounting in connection with the Transaction or any acquisition, (u) penalties and interest relating to taxes, (v) any additional interest
owing pursuant to any registration rights agreement with respect to securities, (w) amortization of deferred financing fees, debt issuance costs, commissions, fees and expenses, (x) any expensing of bridge, commitment and other financing
fees, (y) commissions, discounts, yield and other fees and charges (including any interest expense) related to any Qualified Securitization Financing, and (z) any accretion of accrued interest on discounted liabilities; plus 

 

 -14- 

 (b) consolidated capitalized interest of such Person and its Restricted
Subsidiaries for such period, whether paid or accrued; less 
 (c) interest income for such period. 

For purposes of this definition, interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by such
Person to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. For purposes of determining Consolidated Interest Expense for any period ending prior to the first anniversary of the Closing Date, Consolidated
Interest Expense (i) for the Test Period ending at the end of the first complete fiscal quarter after the Closing Date shall be Consolidated Interest Expense for the period between the Closing Date and the end of the first complete fiscal
quarter after the Closing Date, multiplied by 4, (ii) for the Test Period ending at the end of the second complete fiscal quarter after the Closing Date shall be Consolidated Interest Expense for the period between the Closing Date and the end
of the second complete fiscal quarter after the Closing Date, multiplied by 2, and (iii) for the Test Period ending at the end of the third complete fiscal quarter after the Closing Date shall be Consolidated Interest Expense for the period
between the Closing Date and the end of the third complete fiscal quarter after the Closing Date, multiplied by 4/3. 

“Consolidated Lease Expense” means, for any period, all rental expenses (excluding real estate taxes, insurance costs
and common area maintenance charges and net of sublease income) of the Company and its Restricted Subsidiaries during such period under operating leases for real or personal property (including in connection with Permitted Sale Leasebacks) other
than (a) obligations under vehicle leases entered into in the ordinary course of business, (b) all such rental expenses associated with assets acquired pursuant to a Permitted Acquisition to the extent such rental expenses relate to
operating leases in effect at the time of (and immediately prior to) such acquisition and related to periods prior to such acquisition and (c) all obligations under Capitalized Leases, all as determined on a consolidated basis in accordance
with GAAP. 
 “Consolidated Net Income” means, with respect to any Person for any period, the aggregate of the
Net Income of such Person and its Restricted Subsidiaries for such period, on a consolidated basis, and otherwise determined in accordance with GAAP; provided, however, that, without duplication, 

(a) any after-tax effect of extraordinary, non-recurring or unusual gains or losses (less all fees and expenses relating thereto) or
expenses (including relating to the Transaction Expenses or any multi-year strategic initiatives), severance, relocation costs and curtailments or modifications to pension and post-retirement employee benefit plans shall be excluded, 

(b) the Net Income for such period shall not include the cumulative effect of a change in accounting principles and changes as a result
of the adoption or modification of accounting policies during such period, 
 (c) any net after-tax gains or losses on disposal
of disposed, abandoned or discontinued operations shall be excluded, 
  

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 (d) any after-tax effect of gains or losses (less all fees and expenses relating
thereto) attributable to asset dispositions or abandonments or the sale or other disposition of any Equity Interests of any Person other than in the ordinary course of business shall be excluded, 

(e) the Net Income for such period of any Person that is not a Subsidiary, or is an Unrestricted Subsidiary, or that is accounted for by
the equity method of accounting, shall be excluded to the extent such Person or Unrestricted Subsidiary is prohibited by contract (including its Organization Documents) from making dividends or distributions to the Company or a Restricted
Subsidiary; provided that Consolidated Net Income of the Company shall be increased by the amount of dividends or distributions or other payments that are actually paid to the Company or a Restricted Subsidiary thereof in respect of such
period, 
 (f) solely for the purpose of calculating the Available Amount, the Net Income for such period of any Restricted
Subsidiary (other than any guarantor of the First Lien Obligations or the Second Lien Obligations) shall be excluded to the extent that the declaration or payment of dividends or similar distributions by such Restricted Subsidiary of its Net
Income is not at the date of determination permitted without any prior governmental approval (which has not been obtained) or, directly or indirectly, by the operation of the terms of its charter or any agreement, instrument, judgment, decree,
order, statute, rule, or governmental regulation applicable to that Restricted Subsidiary, unless such restriction with respect to the payment of dividends or similar distributions has been legally waived; provided that Consolidated Net
Income of the Company will be increased by the amount of dividends or other distributions or other payments actually paid in cash (or to the extent converted into cash) to the Company or a Restricted Subsidiary thereof in respect of such
period, to the extent not already included therein, 
 (g) effects of adjustments (including the effects of such adjustments
pushed down to the Company and its Restricted Subsidiaries) in the inventory, property and equipment, software, goodwill, other intangible assets, in-process research and development, deferred revenue and debt line items in such Person’s
consolidated financial statements pursuant to GAAP resulting from the application of purchase accounting in relation to the Transaction or any consummated acquisition or the amortization or write-off of any amounts thereof, net of taxes, shall be
excluded, 
 (h) any after-tax effect of income (loss) from the early extinguishment of (i) Indebtedness,
(ii) obligations under any Swaps Contracts or (iii) other derivative instruments shall be excluded, 
 (i) any
impairment charge or asset write-off or write-down, including impairment charges or asset write-offs or write-downs related to intangible assets, long-lived assets, investments in debt and equity securities or as a result of a change in law or
regulation, in each case, pursuant to GAAP, and the amortization of intangibles arising pursuant to GAAP shall be excluded, 

(j) any non-cash compensation charge or expense, including any such charge arising from the grants of stock appreciation or similar
rights, stock options, restricted stock or other rights shall be excluded, 
  

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 (k) any fees and expenses incurred during such period, or any amortization thereof for such
period, in connection with any acquisition, Investment, Disposition, issuance or repayment of Indebtedness, issuance of Equity Interests, refinancing transaction or amendment or modification of any debt instrument (in each case, including any such
transaction consummated prior to the Closing Date and any such transaction undertaken but not completed) and any charges or non-recurring merger costs incurred during such period as a result of any such transaction shall be excluded,

 (l) accruals and reserves that are established within twelve months after the Closing Date that are so required to be
established as a result of the Transaction in accordance with GAAP shall be excluded, 
 (m) the deferral of income (and
recognition of previously deferred income) in accordance with GAAP shall be ignored (which, for the avoidance of doubt, means that all revenues shall be recognized in the period in which goods are dispatched), and 

(n) the following items shall be excluded: 

(i) any net unrealized gain or loss (after any offset) resulting in such period from obligations under any Swap Contracts
in accordance with GAAP; 
 (ii) any net unrealized gain or loss (after any offset) resulting in such period from
currency translation gains or losses including those (x) related to currency remeasurements of Indebtedness and (y) resulting from hedge agreements for currency exchange risk 

In addition, to the extent not already included in the Consolidated Net Income of such Person and its Restricted Subsidiaries, notwithstanding anything
to the contrary in the foregoing, Consolidated Net Income shall include (i) any expenses and charges that are reimbursed by indemnification or other reimbursement provisions in connection with any investment or any sale, conveyance, transfer or
other disposition of assets permitted hereunder and (ii) to the extent covered by insurance and actually reimbursed, or, so long as the Company has made a determination that there exists reasonable evidence that such amount will in fact be
reimbursed by the insurer and only to the extent that such amount is (A) not denied by the applicable carrier in writing within 180 days and (B) in fact reimbursed within 365 days of the date of such evidence (with a deduction for any
amount so added back to the extent not so reimbursed within such 365 days), expenses with respect to liability or casualty events or business interruption. 

“Consolidated Senior Secured Debt” means, as of any date of determination, (a) the aggregate principal amount of
Indebtedness of the Company and its Restricted Subsidiaries outstanding on such date, determined on a consolidated basis in accordance with GAAP (but excluding the effects of any discounting of Indebtedness resulting from the application of purchase
accounting in connection with the Transaction or any Permitted Acquisition), consisting of (i) the First Lien Obligations, (ii) the Second Lien Obligations, and (iii) any other Indebtedness for borrowed money or debt obligations
evidenced by promissory notes or similar instruments that are secured by a Lien, minus (b) (i) the aggregate amount of cash and Cash Equivalents (in each case, free and clear of all Liens, other than nonconsensual

  

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Liens permitted by Section 7.01 and Liens permitted by Section 7.01(t) and clauses (i) and (ii) of Section 7.01(u)) included in the consolidated
balance sheet of the Company and its Restricted Subsidiaries as of such date, and (ii) Indebtedness permitted pursuant to Section 7.03(f); provided that Consolidated Senior Secured Debt shall not include (i) all
“Letters of Credit” (as defined in the First Lien Credit Agreement) except to the extent of “Unreimbursed Amounts” (as defined in the First Lien Credit Agreement) thereunder, (ii) obligations under Swap Contracts entered
into in the ordinary course of business and not for speculative purposes or (iii) Indebtedness in respect of any Qualified Securitization Financing. 

“Consolidated Total Debt” means, as of any date of determination, (a) the aggregate principal amount of
Indebtedness of the Company and its Restricted Subsidiaries outstanding on such date, determined on a consolidated basis in accordance with GAAP (but excluding the effects of any discounting of Indebtedness resulting from the application of purchase
accounting in connection with the Transaction or any Permitted Acquisition), consisting of Indebtedness for borrowed money, obligations in respect of Capitalized Leases and debt obligations evidenced by promissory notes or similar instruments, minus
(b) the aggregate amount of cash and Cash Equivalents (in each case, free and clear of all Liens, other than nonconsensual Liens permitted by Section 7.01 and Liens permitted by Section 7.01(t) and
clauses (i) and (ii) of Section 7.01(u)) included in the consolidated balance sheet of the Company and its Restricted Subsidiaries as of such date; provided that Consolidated Total Debt shall not include
(i) all “Letters of Credit,” (as defined in the First Lien Credit Agreement) except to the extent of “Unreimbursed Amounts” (as defined in the First Lien Credit Agreement) thereunder, (ii) obligations under Swap
Contracts entered into in the ordinary course of business and not for speculative purposes, (iii) Indebtedness in respect of any Qualified Securitization Financing or (iv) the aggregate principal amount (including any accretion thereof) of
Indebtedness of the Company under the Shareholder Loans. 
 “Consolidated Working Capital” means, at any date,
the excess of (a) the sum of (i) all amounts (other than cash and Cash Equivalents) that would, in conformity with GAAP, be set forth opposite the caption “total current assets” (or any like caption) on a consolidated balance
sheet of the Company and its Restricted Subsidiaries at such date and (ii) long-term accounts receivable over (b) the sum of (i) all amounts that would, in conformity with GAAP, be set forth opposite the caption “total current
liabilities” (or any like caption) on a consolidated balance sheet of the Company and its Restricted Subsidiaries on such date and (ii) long-term deferred revenue, but excluding, without duplication, (a) the current portion of any
Funded Debt, (b) all Indebtedness consisting of “Revolving Credit Loans,” “Swing Line Loans” and “L/C Obligations” (each as defined in the First Lien Credit Agreement) to the extent otherwise included therein,
(c) the current portion of interest, (d) the current portion of current and deferred income taxes, (e) the current portion of any Capitalized Lease Obligations and (f) deferred revenue arising from cash receipts that are
earmarked for specific projects. 
 “Continuing Directors” means the directors of the Borrower or the Company,
as the case may be, on the Closing Date, as elected or appointed after giving effect to the Acquisition and the other transactions contemplated hereby, and each other director, if, in each case, such other director’s nomination for election to
the board of directors of the Borrower or the Company, as the case may be (or the direct or indirect parent of the Company after a Qualifying IPO of such direct or indirect parent) is recommended by a majority of the then

  

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Continuing Directors or such other director receives the vote of the Permitted Holders in his or her election by the stockholders of the Borrower or the Company, as the case may be (or the direct
or indirect parent of the Company after a Qualifying IPO of such direct or indirect parent). 
 “Contract
Consideration” has the meaning specified in the definition of “Excess Cash Flow”. 
 “Contractual
Obligation” means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound. 

“Control” has the meaning specified in the definition of “Affiliate”. 

“Converted Restricted Subsidiary” has the meaning specified in the definition of “Consolidated EBITDA”.

 “Converted Unrestricted Subsidiary” has the meaning specified in the definition of “Consolidated
EBITDA”. 
 “Cumulative Excess Cash Flow” means the sum of Excess Cash Flow (but not less than zero for
any period) for each fiscal year completed subsequent to the Closing Date (it being understood that no Excess Cash Flow generated during any period shall be deemed to be Cumulative Excess Cash Flow until the financial statements for such period are
delivered pursuant to Section 6.01(a), the related Compliance Certificate is delivered pursuant to Section 6.02(a) and the Company has complied with Section 2.06(b)(i) of the First Lien Credit Agreement with
respect to Excess Cash Flow for such period (with any prepayment pursuant to such Section 2.06(b)(i) for such period deducted from Excess Cash Flow for this purpose)). 

“DB Canada” shall mean Deutsche Bank AG, Canada Branch, in its individual capacity, and any successor corporation
thereto by merger, consolidation or otherwise. 
 “Debtor Relief Laws” means the Bankruptcy Code of the United
States, the BIA, the CCAA, the WURA and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of Canada, the
United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally. 

“Declined Proceeds” has the meaning specified in the Second Lien Loan Documents. 

“Default” means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the
passage of time, or both, would be an Event of Default. 
 “Default Rate” means an interest rate equal to
(a) the Base Rate plus (b) the Applicable Rate applicable to Base Rate Loans plus (c) 2.0% per annum; provided that with respect to a Eurocurrency Rate Loan, the Default Rate shall be an interest rate equal to the interest
rate (including any Applicable Rate) otherwise applicable to such Loan plus 2.0% per annum, in each case, to the fullest extent permitted by applicable Laws. 

 

 -19- 

 “Deferred Interest” shall have the meaning provided in
Section 2.09(e). 
 “Disposed EBITDA” means, with respect to any Sold Entity or Business or any
Converted Unrestricted Subsidiary for any period, the amount for such period of Consolidated EBITDA of such Sold Entity or Business or such Converted Unrestricted Subsidiary, all as determined on a consolidated basis for such Sold Entity or Business
or such Converted Unrestricted Subsidiary. 
 “Disposition” or “Dispose” means the sale,
transfer, license, lease or other disposition (including any Sale Leaseback and any sale of Equity Interests) of any property by any Person, including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or
accounts receivable or any rights and claims associated therewith; provided that “Disposition” and “Dispose” shall not be deemed to include any issuance by the Borrower of any of its Equity Interests to
another Person. 
 “Disqualified Equity Interests” means any Equity Interest which, by its terms (or by the
terms of any security or other Equity Interests into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (a) matures or is mandatorily redeemable (other than solely for Qualified Equity
Interests), pursuant to a sinking fund obligation or otherwise (except as a result of a change of control or asset sale so long as any rights of the holders thereof upon the occurrence of a change of control or asset sale event shall be subject to
the prior repayment in full of the Loans and all other Obligations that are accrued and payable and the termination of the Commitments), (b) is redeemable at the option of the holder thereof (other than solely for Qualified Equity Interests),
in whole or in part, (c) provides for the scheduled payments of dividends in cash, or (d) is or becomes convertible into or exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified Equity Interests, in
each case, prior to the date that is ninety-one (91) days after the Maturity Date. 
 “Dollar” and
“$” mean lawful money of the United States. 
 “Domestic Subsidiary” means any Subsidiary that
is incorporated or formed under the Laws of Canada or any province thereof. 
 “Eligible Assignee” means any
Assignee permitted by and consented to in accordance with Section 10.07(b). 
 “EMU” means the
economic and monetary union as contemplated in the Treaty on European Union. 
 “Environmental Laws” means any
and all Laws relating to pollution, the protection of the environment, natural resources or to the release of any Hazardous Materials into the environment, or, to the extent relating to exposure to Hazardous Materials, human health. 

“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of
environmental remediation, fines, penalties or indemnities) of the Borrower or any of its Subsidiaries directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling,
transportation, 
  

 -20- 

 
storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment
or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 

“Equity Contribution” means the contribution by the Permitted Holders to the Borrower, directly or indirectly, of an
aggregate amount of cash of not less than 35.0% of the aggregate pro forma capitalization of the Borrower on the Closing Date in the form of a combination of cash equity and/or Shareholder Loans. 

“Equity Interests” means, with respect to any Person, all of the shares, interests, rights, participations or other
equivalents (however designated) of capital stock of (or other ownership or profit interests or units in) such Person and all of the warrants, options or other rights for the purchase, acquisition or exchange from such Person of any of the foregoing
(including through convertible securities). 
 “ERISA” means the Employee Retirement Income Security Act of
1974, as amended from time to time. 
 “ERISA Affiliate” means any trade or business (whether or not
incorporated) that is under common control with the Borrower and is treated as a single employer within the meaning of Section 414 of the Code or Section 4001 of ERISA. 

“Eurocurrency Rate” means, for any Interest Period with respect to any Eurocurrency Rate Loan: 

(a) the rate per annum equal to the rate determined by the Administrative Agent to be the offered rate that appears on the
page of the LIBOR I screen (or any successor thereto) that displays an average British Bankers Association Interest Settlement Rate for deposits in Dollars (for delivery on the first day of such Interest Period) with a term equivalent to such
Interest Period, determined as of approximately 11:00 a.m. (London time) two (2) Business Days prior to the first day of such Interest Period, or 

(b) if the rate referenced in the preceding subsection (a) does not appear on such page or service or such page or
service shall cease to be available, the rate per annum equal to the rate determined by the Administrative Agent to be the offered rate on such other page or other service that displays an average British Bankers Association Interest Settlement Rate
for deposits in Dollars (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period, determined as of approximately 11:00 a.m. (London time) two (2) Business Days prior to the first day of such
Interest Period, or 
 (c) if the rates referenced in the preceding subsections (a) and (b) are not
available, the rate per annum determined by the Administrative Agent as the rate of interest (rounded upward to the next 1/100th of 1%) at which deposits in Dollars for delivery on the first day of such Interest Period in same day funds in the
approximate amount of the Eurocurrency Rate Loan being made, continued or converted by the 
  

 -21- 

 
Administrative Agent and with a term equivalent to such Interest Period would be offered by the Administrative Agent’s London Branch to major banks in the offshore Dollar market at their
request at approximately 11:00 a.m. (London time) two (2) Business Days prior to the first day of such Interest Period. 

“Eurocurrency Rate Loan” means a Loan that bears interest at a rate based on the Eurocurrency Rate. 

“Event of Default” has the meaning specified in Section 8.01. 

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

(a) the sum, without duplication, of: 

(i) Consolidated Net Income for such period, 

(ii) an amount equal to the amount of all non-cash charges (including depreciation and amortization) to the extent
deducted in arriving at such Consolidated Net Income, 
 (iii) decreases in Consolidated Working Capital for such
period (other than any such decreases arising from acquisitions by the Company and its Restricted Subsidiaries completed during such period or the application of purchase accounting), and 

(iv) an amount equal to the aggregate net non-cash loss on Dispositions by the Company and its Restricted Subsidiaries
during such period (other than Dispositions in the ordinary course of business) to the extent deducted in arriving at such Consolidated Net Income; over 

(b) the sum, without duplication, of: 

(i) an amount equal to the amount of all non-cash credits included in arriving at such Consolidated Net Income and cash
charges included in clauses (a) through (f) of the definition of Consolidated Net Income, 
 (ii)
without duplication of amounts deducted pursuant to clause (xi) below in prior fiscal years, the amount of Capital Expenditures or acquisitions of intellectual property made in cash during such period, to the extent that such Capital
Expenditures or acquisitions were financed with internally generated cash flow of the Company or its Restricted Subsidiaries, 

(iii) the aggregate amount of all principal payments of Indebtedness of the Company and its Restricted Subsidiaries
(including (A) the principal component of payments in respect of Capitalized Leases, (B) the amount of repayments of First Lien Term Loans pursuant to Section 2.08(a) of the First Lien Credit Agreement and any mandatory
prepayment of First Lien Term Loans pursuant to Section 2.06(b)(ii) of the First Lien Credit Agreement to the extent 

 

 -22- 

 
required due to a Disposition that resulted in an increase to such Consolidated Net Income and not in excess of the amount of such increase but excluding (X) all other prepayments of First
Lien Term Loans, (Y) all prepayments under the “Revolving Credit Facility” (as defined in the First Lien Credit Agreement) and (Z) all prepayments in respect of any other revolving credit facility, except, in the case of
clause (Z), to the extent there is an equivalent permanent reduction in commitments thereunder and (C) the amount of repayments of Second Lien Loans pursuant to Section 2.08(a) of the Second Lien Credit Agreement and any
mandatory prepayments of Second Lien Term Loans pursuant to Section 2.06(b) of the Second Lien Credit Agreement to the extent required due to a Disposition that resulted in an increase to such Consolidated Net Income and not in excess of
the amount of such increase but excluding all other prepayments of Second Lien Loans)) made during such period, except to the extent financed with the proceeds of incurrence or issuance of other Indebtedness of the Company or its Restricted
Subsidiaries, 
 (iv) an amount equal to the aggregate net non-cash gain on Dispositions by the Company and its
Restricted Subsidiaries during such period (other than Dispositions in the ordinary course of business) to the extent included in arriving at such Consolidated Net Income, 

(v) increases in Consolidated Working Capital for such period (other than any such increases arising from acquisitions by
the Company and its Restricted Subsidiaries completed during such period or the application of purchase accounting), 

(vi) cash payments by the Company and its Restricted Subsidiaries during such period in respect of long-term liabilities
of the Company and its Restricted Subsidiaries other than Indebtedness (including such Indebtedness specified in clause (b)(iii) above), 

(vii) without duplication of amounts deducted pursuant to clause (xi) below in prior fiscal years, the amount of
Investments and acquisitions made during such period to the extent that such Investments and acquisitions were financed with internally generated cash flow of the Company and its Restricted Subsidiaries, 

(viii) the amount of Restricted Payments paid by the Company and its Restricted Subsidiaries during such period pursuant
to Section 7.06(n) to the extent such Restricted Payments were financed with internally generated cash flow of the Company and its Restricted Subsidiaries, 

(ix) the aggregate amount of expenditures actually made by the Company and its Restricted Subsidiaries in cash during such
period (including expenditures for the payment of financing fees) to the extent that such expenditures are not expensed during such period, 
  

 -23- 

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

(xi) without duplication of amounts deducted from Excess Cash Flow in prior periods, the aggregate consideration required
to be paid in cash by the Company or any of its Restricted Subsidiaries pursuant to binding contracts (the “Contract Consideration”) entered into prior to or during such period relating to Permitted Acquisitions, Capital
Expenditures or acquisitions of intellectual property to be consummated or made during the period of four consecutive fiscal quarters of the Company following the end of such period; provided that to the extent the aggregate amount of
internally generated cash flow actually utilized to finance such Permitted Acquisitions, Capital Expenditures or acquisitions of intellectual property during such period of four consecutive fiscal quarters is less than the Contract Consideration,
the amount of such shortfall shall be added to the calculation of Excess Cash Flow at the end of such period of four consecutive fiscal quarters, and 

(xii) the amount of cash taxes paid or tax reserves set aside or payable (without duplication) in such period to the
extent they exceed the amount of tax expense deducted in determining Consolidated Net Income for such period. 

“Exchange Act” means the Securities Exchange Act of 1934. 

“Excluded Taxes” means, (a) with respect to each Agent and each Lender, taxes (including any additions to tax,
penalties and interest) imposed on its net income or net profits (including any franchise taxes imposed in lieu of net income) by the jurisdiction (or any political subdivision thereof) under the Laws of which such Agent
or such Lender, as the case may be, is resident or deemed to be resident, is organized, maintains an Applicable Lending Office, or carries on business or is deemed to carry on business to which such payment relates and (b) any withholding tax
that is imposed by a jurisdiction in which the Borrower is located, organized or resident for tax purposes on amounts payable to a Lender under the law in effect at the time such Lender becomes a party to this Agreement (or, in the case of a
Participant, on the date such Participant became a Participant hereunder); provided that this clause (b) shall not apply to the extent that (x) the indemnity payments or additional amounts any Lender (or Participant) would
be entitled to receive (without regard to this clause (b)) do not exceed the indemnity payment or additional amounts that the person making the assignment, participation or transfer to such Lender (or Participant) would have been
entitled to receive in the absence of such assignment, participation or transfer or (y) any Tax is imposed on a Lender in connection with an interest or participation in any Loan or other obligations that such Lender was required to acquire
pursuant to Section 2.14 or that such Lender acquired pursuant to Section 3.07(d) (it being understood and agreed, for the avoidance of doubt, that any withholding tax imposed on a Lender as a result of a Change in Law
occurring after the time such Lender became a party to this Agreement (or designates a new lending office) shall not be an Excluded Tax). 
  

 -24- 

 “Existing Credit Agreement” means that certain letter agreement, dated
April 11, 2006, among Royal Bank of Canada, SMART Technologies Inc. and SMART Technologies Corporation. 
 “Federal
Funds Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers on such day, as published by
the Federal Reserve Bank on the Business Day next succeeding such day; provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as
so published on the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of
1/100 of 1%) of the quotations for the day of such transactions received by the Administrative Agent from three federal funds brokers of recognized standing selected by it. 

“First Lien Collateral Agent” means the “Collateral Agent” under and as defined in the First Lien Credit
Agreement. 
 “First Lien Credit Agreement” means the First Lien Credit Agreement dated as of the date hereof
(as the same may be amended, restated, modified, supplemented, extended, amended and restated from time to time or refinanced) among the Borrower, the Company, DB Canada, as administrative agent and collateral agent, RBC as RC Agent and Swing Line
Lender and each lender from time to time party thereto. 
 “First Lien Loan Documents” means the “Loan
Documents” under and as defined in the First Lien Credit Agreement. 
 “First Lien Loans” means the
“Loans” under and as defined in the First Lien Credit Agreement. 
 “First Lien Obligations” means
the “Obligations” under and as defined in the First Lien Credit Agreement. 
 “First Lien Term Loans”
means the “Term Loans” under and as defined in the First Lien Credit Agreement. 
 “Foreign Plan”
means any employee benefit plan, program, policy, arrangement or agreement maintained or contributed to by, or entered into with, the Borrower or any Subsidiary under which the Borrower or any Subsidiary has any liability or contingent liabilities
with respect to employees employed outside of Canada and, for greater certainty, shall not include in its meaning any arrangements that are Canadian Benefit Plans or Canadian Pension Plans. 

“Foreign Subsidiary” means any direct or indirect Restricted Subsidiary of the Borrower which is not a Domestic
Subsidiary. 
  

 -25- 

 “Foreign Subsidiary Total Assets” means the total assets of the Foreign
Subsidiaries, as determined in accordance with GAAP in good faith by a Responsible Officer, without intercompany eliminations. 

“FRB” means the Board of Governors of the Federal Reserve System of the United States. 

“Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or otherwise
investing in commercial loans and similar extensions of credit in the ordinary course. 
 “Funded Debt” means
all Indebtedness of the Company and its Restricted Subsidiaries for borrowed money that matures more than one year from the date of its creation or matures within one year from such date that is renewable or extendable, at the option of such Person,
to a date more than one year from such date or arises under a revolving credit or similar agreement that obligates the lender or lenders to extend credit during a period of more than one year from such date, including Indebtedness in respect of the
Loans. 
 “GAAP” means generally accepted accounting principles in Canada, as in effect from time to time;
provided, however, that if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the Closing Date in GAAP or in the
application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given
before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been
withdrawn or such provision amended in accordance herewith. 
 “Governmental Authority” means any nation or
government, any state, provincial, territorial or other political subdivision thereof, any agency, authority, instrumentality, regulatory body, court, administrative tribunal, central bank or other entity exercising executive, legislative, judicial,
taxing, regulatory or administrative powers or functions of or pertaining to government. 
 “Granting Lender”
has the meaning specified in Section 10.07(h). 
 “Guarantee Obligations” means, as to any Person,
without duplication, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other monetary obligation payable or performable by another Person (the
“primary obligor”) in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such
Indebtedness or other monetary obligation, (ii) to purchase or lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other monetary obligation of the payment or performance of such
Indebtedness or other monetary obligation, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to
pay such Indebtedness or other monetary 
  

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obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness or other monetary obligation of the payment or performance
thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any Indebtedness or other monetary obligation of any other Person, whether or not such Indebtedness
or other monetary obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien); provided that the term “Guarantee Obligation” shall not include endorsements
for collection or deposit, in either case in the ordinary course of business, or customary and reasonable indemnity obligations in effect on the Closing Date or entered into in connection with any acquisition or disposition of assets permitted under
this Agreement (other than such obligations with respect to Indebtedness). The amount of any Guarantee Obligation shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in
respect of which such Guarantee Obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. 

“Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances,
wastes or pollutants, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to
any applicable Environmental Law. 
 “Hedge Bank” means any Person that is a Lender, an Arranger or an
Affiliate of the foregoing at the time it enters into a Secured Hedge Agreement, in its capacity as party thereto. 

“Indebtedness” means, as to any Person at a particular time, without duplication, all of the following, whether or not
included as indebtedness or liabilities in accordance with GAAP: 
 (a) all obligations of such Person for
borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments; 

(c) the maximum amount (after giving effect to any prior drawings or reductions which may have been reimbursed) of all
letters of credit (including standby and commercial), banker’s acceptances, bank guaranties, surety bonds, performance bonds and similar instruments issued or created by or for the account of such Person; 

(d) net obligations of such Person under any Swap Contract; 

(e) all obligations of such Person to pay the deferred purchase price of property or services (other than (i) trade
accounts payable in the ordinary course of business and (ii) any earn-out obligation until such obligation becomes a liability on the balance sheet of such Person in accordance with GAAP and if not paid after becoming due and payable);

  

 -27- 

 (f) indebtedness (excluding prepaid interest thereon) secured by a Lien on
property owned or being purchased by such Person (including indebtedness arising under conditional sales or other title retention agreements and mortgage, industrial revenue bond, industrial development bond and similar financings), whether or not
such indebtedness shall have been assumed by such Person or is limited in recourse; 
 (g) all Attributable
Indebtedness; 
 (h) all obligations of such Person in respect of Disqualified Equity Interests; and 

(i) all Guarantee Obligations of such Person in respect of any of the foregoing. 

For all purposes hereof, the Indebtedness of any Person shall (A) include the Indebtedness of any partnership or joint venture
(other than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, except to the extent such Person’s liability for such Indebtedness is otherwise limited
and only to the extent such Indebtedness would be included in the calculation of Consolidated Total Debt and (B) in the case of the Borrower and its Subsidiaries, exclude all intercompany Indebtedness having a term not exceeding 364 days
(inclusive of any roll-over or extensions of terms) and made in the ordinary of business consistent with past practice. The amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap Termination Value
thereof as of such date. The amount of Indebtedness of any Person for purposes of clause (e) shall be deemed to be equal to the lesser of (i) the aggregate unpaid amount of such Indebtedness and (ii) the fair market value of the
property encumbered thereby as determined by such Person in good faith. 
 “Indemnified Liabilities” has the
meaning specified in Section 10.05. 
 “Indemnitees” has the meaning specified in
Section 10.05. 
 “Information” has the meaning specified in Section 10.08. 

“Interest Payment Date” means, (a) as to any Loan other than a Base Rate Loan or, the last day of each Interest
Period applicable to such Loan and the Maturity Date; provided that if any Interest Period for a Eurocurrency Rate Loan exceeds three months, the respective dates that fall every three months after the beginning of such Interest Period shall
also be Interest Payment Dates; and (b) as to any Base Rate Loan), the last Business Day of each March, June, September and December and the Maturity Date. 
  

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 “Interest Period” means, as to each Eurocurrency Rate Loan, the period
commencing on the date such Eurocurrency Rate Loan is disbursed or converted to or continued as a Eurocurrency Rate Loan and ending on the date one, two, three or six months thereafter, or to the extent available to each Lender of such Eurocurrency
Rate Loan, nine or twelve months thereafter or any earlier date, as selected by the Borrower in its Committed Loan Notice; provided that: 

(a) any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next
succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day; 

(b) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no
numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and 

(c) no Interest Period shall extend beyond the Maturity Date. 

“Intermediate Holding Company” means any wholly-owned Subsidiary of the Borrower that, directly or indirectly, owns 100%
of the issued and outstanding Equity Interests of the Company. 
 “Investment” means, as to any Person, any
direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase or other acquisition of Equity Interests or debt or other securities of another Person, (b) a loan, advance or capital contribution to,
Guarantee Obligation with respect to or assumption of Indebtedness of, or purchase or other acquisition of any other debt or equity participation or interest in, another Person, including any partnership or joint venture interest in such other
Person (excluding, in the case of the Borrower and its Subsidiaries, intercompany loans, advances, or Indebtedness having a term not exceeding 364 days (inclusive of any roll-over or extensions of terms) and made in the ordinary course of business
consistent with past practice) or (c) the purchase or other acquisition (in one transaction or a series of transactions) of all or substantially all of the property and assets or business of another Person or assets constituting a business
unit, line of business or division of such Person. For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment.

 “Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s
and BBB- (or the equivalent) by S&P, or an equivalent rating by Dominion Bond Rating Service Inc. or any other nationally recognized statistical rating agency selected by the Borrower. 

“Investors” means Apax School 1 S.à.r.l., Apax School 2 S.à.r.l., and Apax School 3, S.à.r.l., each
an affiliate of the Sponsor organized and existing under the laws of the Grand Duchy of Luxembourg. 
 “IP
Rights” has the meaning specified in Section 5.14. 
  

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 “Joint Lead Arranger” means each of Deutsche Bank Securities Inc. and
Lloyds TSB Bank PLC, each in their capacity as a Joint Lead Arranger under this Agreement. 
 “Judgment
Currency” has the meaning specified in Section 10.17. 
 “Laws” means, collectively, all
international, foreign, federal, state, provincial and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by
any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental
Authority. 
 “Lender” has the meaning specified in the introductory paragraph to this Agreement and,
includes its respective successors and assigns as permitted hereunder, each of which is referred to herein as a “Lender”. 

“Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or
other), charge, deemed trust, or preference, priority or other security interest or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other
encumbrance on title to real property, and any Capitalized Lease having substantially the same economic effect as any of the foregoing). 

“Loan” means a loan made pursuant to Section 2.01. 

“Loan Documents” means, collectively, (i) this Agreement and (ii) the Notes. 

“Make-Whole Premium” means, with respect to the principal amount of any Loan, the excess, if any, of (x) the
Discounted Value of the Deemed Repayment with respect to such amount over (y) such amount. For such purpose: 

(a) “Deemed Repayment” means, with respect to the principal amount of any Loan, the payment of such
principal (including Deferred Interest), premium thereon equal to 2.0% and interest thereon (for this purpose, determined by calculating the Eurocurrency Rate (or, if applicable, the Base Rate) on the second Business Day before the respective
Prepayment Date and assuming that all interest determinations for all Interest Periods beginning after the Prepayment Date would be based on the interest rate as so determined (plus the Applicable Margin) that would be due after the Prepayment Date
and to and including the Deemed Repayment Date with respect to such amount if no payment of such amount were made prior to the Deemed Repayment Date. 

(b) “Deemed Repayment Date” means the second anniversary of the Closing Date. 

(c) “Discount Value” means, with respect to the principal amount of any Loan, the amount obtained by
discounting a Deemed Repayment with respect to such amount from the Deemed Repayment Date to the Prepayment Date with respect to such amount, in accordance with accepted financial practice and at a discount factor (applied on the same periodic basis
as that on which interest on the Loans is payable) equal to the sum of (x) the Reinvestment Yield with respect to such amount, and (y) 0.50%. 
  

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 (d) “Reinvestment Yield” means, with respect to the
principal amount of any Loan, the yield to maturity implied by (i) the yields reported, as of 10:00 A.M. (New York City time) on the second Business Day preceding the Prepayment Date with respect to such amount, on the display designated as
“Page 678” on the Telerate Access Service (or such other display as may replace Page 678 on Telerate Access Service) for actively traded U.S. Treasury Securities having a maturity equal to the Remaining Life of such amount as of such
Prepayment Date, or (ii) if such yields are not reported as of such time or the yields reported as of such time are not ascertainable, the Treasury Constant Maturity Series Yields reported, for the latest day for which such yields have been so
reported as of the second Business Day preceding the Prepayment Date, in Federal Reserve Statistical Release H.15 (519) (or any comparable successor publication) for actively traded U.S. Treasury securities having a constant maturity equal to
the Remaining Life of such amount as of such Prepayment Date. Such implied yield will be determined, if necessary, by (a) converting U.S. Treasury bill quotations to bond-equivalent yields in accordance with accepted financial practice and
(b) interpolating linearly between (1) the actively traded U.S. Treasury Security with the duration closest to and greater than the Remaining Life and (2) the actively traded U.S. Treasury Security with the duration closest to and
less than the Remaining Life. 
 (e) “Remaining Life” means, with respect to the principal
amount of any Loan, the number of years (calculated to the nearest one-twelfth year) that will elapse between the Prepayment Date with respect to such amount and the Deemed Repayment Date. 

(f) “Prepayment Date” means, with respect to the principal amount of any Loan, the date on which such
amount is to be prepaid. 
 “Management Stockholders” means the members of management of the Borrower or any
direct or indirect parent thereof or any of its Subsidiaries, including the Company, who are investors in the Borrower or any direct or indirect parent thereof. 

“Master Agreement” has the meaning specified in the definition of “Swap Contract”. 

“Material Adverse Effect” means (a) a material adverse effect on the business, operations, assets, liabilities
(actual or contingent) or financial condition of the Company and its Restricted Subsidiaries, taken as a whole, (b) a material adverse effect on the ability of the Borrower to perform its payment obligations under any Loan Document or
(c) a material adverse effect on the rights and remedies of the Lenders or the Agents under any Loan Document. 

“Material Domestic Subsidiary” means, at any date of determination, each of the Company’s Domestic Subsidiaries
(a) whose total assets at the last day of the most recent Test Period were equal to or greater than 5% of the Total Assets of the Company and its Restricted Subsidiaries at such date or (b) whose gross revenues for such Test Period were
equal to or 
  

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greater than 5% of the consolidated gross revenues of the Company and its Restricted Subsidiaries for such period, in each case determined in accordance with GAAP; provided that
“Material Domestic Subsidiary” shall also include any of the Company’s Subsidiaries selected by the Borrower which is required to ensure that all Material Domestic Subsidiaries have in the aggregate (i) total assets at the last
day of the most recent Test Period that were equal to or greater than 90% of the total assets of the Company and the Restricted Subsidiaries that are Domestic Subsidiaries at such date and (ii) gross revenues for such Test Period that were
equal to or greater than 90% of the consolidated gross revenues of the Company and the Restricted Subsidiaries that are Domestic Subsidiaries for such period, in each case determined in accordance with GAAP. Notwithstanding the foregoing, at all
times the Company or any successor Person pursuant to a transaction permitted by Section 7.04 shall be deemed to be a Material Domestic Subsidiary of the Borrower. 

“Material Foreign Subsidiary” means, at any date of determination, each of the Company’s Foreign Subsidiaries
(a) whose total assets at the last day of the most recent Test Period were equal to or greater than 5% of the Total Assets of the Company and its Restricted Subsidiaries at such date or (b) whose gross revenues for such Test Period were
equal to or greater than 5% of the consolidated gross revenues of the Company and its Restricted Subsidiaries for such period, in each case determined in accordance with GAAP. 

“Material Subsidiary” means any Material Domestic Subsidiary, Material U.S. Subsidiary or any Material Foreign
Subsidiary. 
 “Material U.S. Subsidiary” means, at any date of determination, each of the Company’s U.S.
Subsidiaries (a) whose total assets at the last day of the most recent Test Period were equal to or greater than 5% of the Total Assets of the Company and its Restricted Subsidiaries at such date or (b) whose gross revenues for such Test
Period were equal to or greater than 5% of the consolidated gross revenues of the Company and its Restricted Subsidiaries for such period, in each case determined in accordance with GAAP. 

“Maturity Date” means the eighth anniversary of the Closing Date; provided that if such day is not a Business
Day, the Maturity Date shall be the Business Day immediately preceding such day. 
 “Minority Investment” means
any person (other than a Subsidiary) in which the Company or any Restricted Subsidiary owns capital stock. 

“Moody’s” means Moody’s Investors Service, Inc. and any successor thereto. 

“Net Cash Proceeds” means: 

(a) with respect to the Disposition of any asset by the Borrower or any Restricted Subsidiary, the excess, if any, of
(i) the sum of cash and Cash Equivalents received in connection with such Disposition (including any cash or Cash Equivalents received by way of deferred payment pursuant to, or by monetization of, a note receivable or otherwise, but only as
and when so received) over (ii) the sum of (A) the principal amount, premium or penalty, if any, interest and other amounts on any Indebtedness that is secured by the asset subject to such Disposition and that is required

  

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to be repaid (and is timely repaid) in connection with such Disposition (other than Indebtedness under the First Lien Loan Documents or the Second Lien Loan Documents), (B) the
out-of-pocket fees and expenses (including attorneys’ fees, investment banking fees, survey costs, title insurance premiums, and related search and recording charges, transfer taxes, deed or mortgage recording taxes, other customary expenses
and brokerage, consultant and other customary fees) actually incurred by the Borrower or such Restricted Subsidiary in connection with such Disposition, (C) taxes paid or reasonably estimated to be actually payable in connection therewith,
and (D) any reserve for adjustment in respect of (x) the sale price of such asset or assets established in accordance with GAAP and (y) any liabilities associated with such asset or assets and retained by the Borrower or any
Restricted Subsidiary after such sale or other disposition thereof, including pension and other post-employment benefit liabilities and liabilities related to environmental matters or with respect to any indemnification obligations associated with
such transaction, and it being understood that “Net Cash Proceeds” shall include (i) any cash or Cash Equivalents received upon the Disposition of any non-cash consideration by the Borrower or any Restricted Subsidiary in any such
Disposition and (ii) upon the reversal (without the satisfaction of any applicable liabilities in cash in a corresponding amount) of any reserve described in clause (D) above or if such liabilities have not been satisfied in cash and
such reserve is not reversed within three hundred and sixty-five (365) days after such Disposition, the amount of such reserve; provided that (x) no net cash proceeds calculated in accordance with the foregoing realized in a single
transaction or series of related transactions shall constitute Net Cash Proceeds unless such net cash proceeds shall exceed $2,500,000 and (y) no such net cash proceeds shall constitute Net Cash Proceeds under this clause (a) in any fiscal
year until the aggregate amount of all such net cash proceeds in such fiscal year shall exceed $10,000,000 (and thereafter only net cash proceeds in excess of such amount shall constitute Net Cash Proceeds under this clause (a)); and 

(b) (i) with respect to the incurrence or issuance of any Indebtedness by the Borrower or any Restricted Subsidiary,
the excess, if any, of (x) the sum of the cash received in connection with such incurrence or issuance over (y) the investment banking fees, underwriting discounts, commissions, costs and other out-of-pocket expenses and other customary
expenses, incurred by the Borrower or such Restricted Subsidiary in connection with such incurrence or issuance and (ii) with respect to any Permitted Equity Issuance by any direct or indirect parent of the Borrower, the amount of cash from
such Permitted Equity Issuance contributed to the capital of the Borrower. 
 “Net Income” means, with respect
to any Person, the net income (loss) of such Person, determined in accordance with GAAP and before any reduction in respect of preferred stock dividends. 

“Non-Cash Charges” has the meaning specified in the definition of the term “Consolidated EBITDA”. 

“Non-Consenting Lender” has the meaning specified in Section 3.07(d). 

 

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 “Note” means a promissory note of the Borrower payable to any Lender or its
registered assigns, in substantially the form of Exhibit B hereto, evidencing the aggregate Indebtedness of the Borrower to such Lender resulting from the Loans made by such Lender. 

“Not Otherwise Applied” means, with reference to any amount of Net Cash Proceeds of any transaction or event or of
Excess Cash Flow or of the Available Amount that is proposed to be applied to a particular use or transaction, that such amount (a) was not required to be applied to prepay the “Term Loans” (as defined in the First Lien Credit
Agreement) pursuant to Section 2.06(b) of the First Lien Credit Agreement or the “Loans” (as defined in the Second Lien Credit Agreement) pursuant to Section 2.06(b) of the Second Lien Credit Agreement, and
(b) has not previously been (and is not simultaneously being) applied to anything other than that such particular use or transaction. 

“Obligations” means all advances to, and debts, liabilities, obligations, covenants and duties of, the Borrower arising
under any Loan Document or otherwise with respect to any Loan, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest (including
Deferred Interest) and fees that accrue after the commencement by or against the Borrower of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed
claims in such proceeding. Without limiting the generality of the foregoing, the Obligations of the Borrower under the Loan Documents include (a) the obligation (including guarantee obligations) to pay principal, interest, charges, expenses,
fees, Attorney Costs, indemnities and other amounts payable by the Borrower under any Loan Document and (b) the obligation of the Borrower to reimburse any amount in respect of any of the foregoing that any Lender, in its sole discretion, may
elect to pay or advance on behalf of the Borrower. 
 “Ontario Securities Act” means the Securities Act
(Ontario), as amended, and any successor statute thereto and the rules and regulations of the Ontario Securities Commission and the Canadian Securities Administrators promulgated thereunder. 

“Organization Documents” means (a) with respect to any corporation, the certificate or articles of incorporation or
amalgamation and the bylaws (or equivalent or comparable constitutive documents with respect to any unlimited liability company or non-Canadian jurisdiction); (b) with respect to any limited liability company, the certificate or articles of
formation or organization and operating agreement; and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any
agreement, declaration, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any
certificate or articles of formation or organization of such entity. 
 “Other Shareholder Loans” has the
meaning specified in Section 7.03(w). 
 “Other Taxes” has the meaning specified in
Section 3.01(b). 
  

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 “Outstanding Amount” means with respect to the Loans on any date, the
outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of Loans occurring on such date. 

“Participant” has the meaning specified in Section 10.07(e). 

“Participant Register” has the meaning specified in Section 10.07(e). 

“Permitted Acquisition” has the meaning specified in Section 7.02(j). 

“Permitted Equity Issuance” means any sale or issuance of any Qualified Equity Interests of the Borrower or any direct
or indirect parent of the Borrower (and, after a Qualifying IPO, of any Intermediate Holding Company), in each case to the extent permitted hereunder. 

“Permitted Holders” means any of (i) the Sponsor, (ii) the Management Stockholders, (iii) Intel
Corporation or any of its affiliates and (iv) IFF Holdings, Inc. or any of its affiliates. 
 “Permitted
Refinancing” means, with respect to any Person, any modification (other than a release of such Person), refinancing, refunding, renewal or extension of any Indebtedness of such Person; provided that (a) the principal amount (or
accreted value, if applicable) thereof does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness so modified, refinanced, refunded, renewed or extended except by an amount equal to unpaid accrued interest and
premium thereon plus other reasonable amounts paid, and fees and expenses reasonably incurred, in connection with such modification, refinancing, refunding, renewal or extension and by an amount equal to any existing commitments unutilized
thereunder, and as otherwise permitted under Section 7.03, (b) other than with respect to a Permitted Refinancing in respect of Indebtedness permitted pursuant to Section 7.03(f), such modification, refinancing,
refunding, renewal or extension has a final maturity date equal to or later than the final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being
modified, refinanced, refunded, renewed or extended, (c) other than with respect to a Permitted Refinancing in respect of Indebtedness permitted pursuant to Section 7.03(f), at the time thereof, no Event of Default shall have
occurred and be continuing, and (d) if such Indebtedness being so modified, refinanced, refunded, renewed or extended is Indebtedness permitted pursuant to Section 7.03(c), (i) to the extent such Indebtedness being so modified,
refinanced, refunded, renewed or extended is subordinated in right of payment to the Obligations, such modification, refinancing, refunding, renewal or extension is subordinated in right of payment to the Obligations on terms at least as favorable
to the Lenders as those contained in the documentation governing the Indebtedness being so modified, refinanced, refunded, renewed or extended, (ii) the terms and conditions (including, if applicable, as to collateral but excluding as to
subordination, interest rate and redemption premium) of any such modified, refinanced, refunded, renewed or extended Indebtedness, taken as a whole, are not materially less favorable to the Borrower or the Lenders than the terms and conditions of
the Indebtedness being modified, refinanced, refunded, renewed or extended; provided that a certificate of a Responsible Officer delivered to the Administrative Agent at least five Business Days prior to the incurrence of such Indebtedness,
together with a reasonably detailed description of the material terms and conditions of such Indebtedness or 
  

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drafts of the documentation relating thereto, stating that the Borrower has determined in good faith that such terms and conditions satisfy the foregoing requirement shall be conclusive evidence
that such terms and conditions satisfy the foregoing requirement unless the Administrative Agent notifies the Borrower within such five Business Day period that it disagrees with such determination (including a reasonable description of the basis
upon which it disagrees) and (iii) such modification, refinancing, refunding, renewal or extension is incurred by the Person who is the obligor of the Indebtedness being so modified, refinanced, refunded, renewed or extended. 

“Permitted Sale Leaseback” means any Sale Leaseback consummated by the Company or any of its Restricted Subsidiaries
after the Closing Date, provided that any such Sale Leaseback not between a Restricted Subsidiary to another Restricted Subsidiary is, in each case, consummated for fair value as determined at the time of consummation in good faith by
(i) the Company or such Restricted Subsidiary and (ii) in the case of any Sale Leaseback (or series of related Sales Leasebacks) the aggregate proceeds of which exceed $5,000,000, the board of directors of the Company or such Restricted
Subsidiary (which such determination may take into account any retained interest or other Investment of the Company or such Restricted Subsidiary in connection with, and any other material economic terms of, such Sale Leaseback). 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, Governmental Authority or other entity. 
 “Plan” means any “employee benefit plan” (as
such term is defined in Section 3(3) of ERISA), other than a Foreign Plan or Canadian Benefit Plan, established by the Borrower or, with respect to any such plan that is subject to Section 412 of the Code or Title IV of ERISA, any ERISA
Affiliate. 
 “Post-Acquisition Period” means, with respect to any Permitted Acquisition or the conversion of
any Unrestricted Subsidiary into a Restricted Subsidiary, the period beginning on the date such Permitted Acquisition or conversion is consummated and ending on the last day of the sixth full consecutive fiscal quarter immediately following the date
on which such Permitted Acquisition or conversion is consummated. 
 “PPSA” means the Personal Property
Security Act, R.S.A. 2000, c.p.7, as now and hereafter in effect, or any successor statute, or any similar or equivalent legislation as in effect in any applicable jurisdiction. 

“Pro Forma Adjustment” means, for any Test Period that includes all or any part of a fiscal quarter included in any
Post-Acquisition Period, with respect to the Acquired EBITDA of the applicable Acquired Entity or Business or Converted Restricted Subsidiary or the Consolidated EBITDA of the Company, the pro forma increase or decrease in such
Acquired EBITDA or such Consolidated EBITDA, as the case may be, projected by the Company in good faith as a result of (a) actions taken during such Post-Acquisition Period for the purposes of realizing reasonably identifiable and factually
supportable cost savings or (b) any additional costs incurred during such Post-Acquisition Period, in each case in connection with the combination of the operations of such Acquired Entity or Business or Converted Restricted Subsidiary with the
operations of the Company and its Restricted Subsidiaries; provided that, 
  

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(i) at the election of the Company, such Pro Forma Adjustment shall not be required to be determined for any Acquired Entity or Business or Converted Restricted Subsidiary to
the extent the aggregate consideration paid in connection with such acquisition was less than $5,000,000, and (ii) so long as such actions are taken during such Post-Acquisition Period or such costs are incurred during such Post-Acquisition
Period, as applicable, for purposes of projecting such pro forma increase or decrease to such Acquired EBITDA or such Consolidated EBITDA, as the case may be, it may be assumed that such cost savings will be realizable during the
entirety of such Test Period, or such additional costs, as applicable, will be incurred during the entirety of such Test Period; provided further that any such pro forma increase or decrease to such Acquired EBITDA or
such Consolidated EBITDA, as the case may be, shall be without duplication for cost savings or additional costs already included in such Acquired EBITDA or such Consolidated EBITDA, as the case may be, for such Test Period. 

“Pro Forma Balance Sheet” has the meaning specified in Section 5.05(a)(ii). 

“Pro Forma Basis” and “Pro Forma Effect” mean, with respect to compliance with any test hereunder for
an applicable period of measurement, that (A) to the extent applicable, the Pro Forma Adjustment shall have been made and (B) all Specified Transactions and the following transactions in connection therewith shall be deemed
to have occurred as of the first day of the applicable period of measurement (as of the last date in the case of a balance sheet item) in such test: (a) income statement items (whether positive or negative) attributable to the property or
Person subject to such Specified Transaction, (i) in the case of a Disposition of all or substantially all Equity Interests in any Subsidiary of the Company or any division, product line, or facility used for operations of the Company or any of
its Subsidiaries, shall be excluded, and (ii) in the case of a Permitted Acquisition or Investment described in the definition of “Specified Transaction”, shall be included, (b) any retirement of Indebtedness, and
(c) any Indebtedness incurred or assumed by the Company or any of its Restricted Subsidiaries in connection therewith and if such Indebtedness has a floating or formula rate, shall have an implied rate of interest for the applicable period for
purposes of this definition determined by utilizing the rate which is or would be in effect with respect to such Indebtedness as at the relevant date of determination; provided that, without limiting the application of the Pro
Forma Adjustment pursuant to (A) above, the foregoing pro forma adjustments may be applied to any such test solely to the extent that such adjustments are consistent with the definition of Consolidated EBITDA and give
effect to events (including operating expense reductions) that are (as determined by the Company in good faith) (i) (x) directly attributable to such transaction, (y) expected to have a continuing impact on the Company and its Restricted
Subsidiaries and (z) factually supportable or (ii) otherwise consistent with the definition of Pro Forma Adjustment. 

“Pro Forma Financial Statements” has the meaning specified in Section 5.05(a)(ii). 

“Pro Rata Share” means, with respect to each Lender at any time a fraction (expressed as a percentage, carried out to
the ninth decimal place), the numerator of which is the amount of the Commitment of such Lender at such time and the denominator of which is the amount of the Aggregate Commitments at such time; provided that if such Commitment has been
terminated, then the Pro Rata Share of each Lender shall be determined based on the Pro Rata Share of such Lender immediately prior to such termination and after giving effect to any subsequent assignments made pursuant
to the terms hereof. 
  

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 “Purchase Agreement” means the Master Transaction Agreement dated as of
June 28, 2007, by and among the Seller, the Investors, 1329169 Alberta Ltd., the Borrower and the Company. 

“Qualified Equity Interests” means any Equity Interests that are not Disqualified Equity Interests. 

“Qualified Securitization Financing” means any Securitization Financing of a Securitization Subsidiary that meets the
following conditions: (a) the board of directors of the Company shall have determined in good faith that such Qualified Securitization Financing (including financing terms, covenants, termination events and other provisions) is in the aggregate
economically and commercially fair and reasonable to the Company and the Securitization Subsidiary, (b) all sales and/or contributions of Securitization Assets and related assets to the Securitization Subsidiary are made at fair market value
(as determined in good faith by the Company), and (c) the financing terms, covenants, termination events and other provisions thereof shall be market terms (as determined in good faith by the Company) and may include Standard Securitization
Undertakings. The grant of a security interest in any Securitization Assets of the Company or any of its Restricted Subsidiaries (other than a Securitization Subsidiary) to secure Indebtedness under this Agreement prior to engaging in any
Securitization Financing shall not be deemed a Qualified Securitization Financing. 
 “Qualifying IPO” means
the issuance by the Borrower, any Intermediate Holding Company, any direct or indirect parent of the Borrower or the Company of its common Equity Interests in an underwritten primary public offering (other than a public offering pursuant to a
registration statement on Form S-8) pursuant to an effective registration statement filed with the SEC in accordance with the Securities Act (whether alone or in connection with a secondary public offering) or in a firm commitment underwritten
offering (or series of related offerings of securities to the public pursuant to a final prospectus) made pursuant to the Ontario Securities Act. 

“RBC” means Royal Bank of Canada in its individual capacity, and any successor corporation thereto by merger,
consolidation or otherwise. 
 “Reference Date” has the meaning specified in the definition of “Available
Amount”. 
 “Refinanced Term Loans” has the meaning specified in Section 10.01. 

“Register” has the meaning specified in Section 10.07(d). 

“Replacement Term Loans” has the meaning specified in Section 10.01. 

“Required Lenders” means, as of any date of determination, Lenders having more than 50% of the sum of the (a) Total
Outstandings and (b) aggregate unused Commitments. 
  

 -38- 

 “Responsible Officer” means the chief executive officer, president, vice
president, chief financial officer, treasurer or assistant treasurer or other similar officer of the Borrower and, as to any document delivered on the Closing Date, any secretary or assistant secretary of the Borrower. Any document delivered
hereunder that is signed by a Responsible Officer of the Borrower shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of the Borrower and such Responsible Officer shall be
conclusively presumed to have acted on behalf of the Borrower. 
 “Restricted Payment” means any dividend or
other distribution (whether in cash, securities or other property) with respect to any Equity Interest in the Borrower or any Restricted Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or
similar deposit, on account of the purchase, redemption, retirement, defeasance, acquisition, cancellation or termination of any such Equity Interest, or on account of any return of capital to the holders of Equity Interests of the Borrower.

 “Restricted Subsidiary” means any Subsidiary of the Borrower other than an Unrestricted Subsidiary (and in
any event including the Company (or any successor Person pursuant to a transaction permitted by Section 7.04)). 

“Retained Declined Proceeds” has the meaning specified in the Second Lien Loan Documents. 

“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., and any
successor thereto. 
 “Sale Leaseback” means any transaction or series of related transactions pursuant to
which the Company or any of its Restricted Subsidiaries (a) sells, transfers or otherwise disposes of any property, real or personal, whether now owned or hereafter acquired, and (b) as part of such transaction, thereafter rents or leases
such property or other property that it intends to use for substantially the same purpose or purposes as the property being sold, transferred or disposed. 

“Scheduled Disposition” has the meaning specified in Section 7.05(k). 

“SEC” means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal
functions. 
 “Second Lien Credit Agreement” means the Second Lien Credit Agreement dated as of the date hereof
(as the same may be amended, restated, modified, supplemented, extended or amended and restated from time to time) among the Borrower, the Company, DB Canada, as administrative agent and collateral agent, and each lender from time to time party
thereto. 
 “Second Lien Loan Documents” means the “Loan Documents” under and as defined in the
Second Lien Credit Agreement. 
 “Second Lien Obligations” means the “Obligations” under and as
defined in the Second Lien Credit Agreement. 
  

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 “Second Lien Loans” means the “Loans” under and as defined in the
Second Lien Credit Agreement. 
 “Securities Act” means the Securities Act of 1933. 

“Securityholders Agreement” means the Amended and Restated Securityholders Agreement dated as of August 28, 2007
among Holdings, the Borrower, Investor (as defined therein), Founder (as defined therein), Intel (as defined therein), School 3 ULC and School S.à.r.l. 

“Securitization Assets” means the accounts receivable, royalty or other revenue streams and other rights to payment
related thereto subject to a Qualified Securitization Financing and the proceeds thereof. 
 “Securitization
Fees” means distributions or payments made directly or by means of discounts with respect to any participation interest issued or sold in connection with, and other fees paid to a Person that is not a Securitization Subsidiary in connection
with any Qualified Securitization Financing. 
 “Securitization Financing” means any transaction or series of
transactions that may be entered into by the Company or any of its Subsidiaries pursuant to which the Company or any of its Subsidiaries may sell, convey or otherwise transfer to (a) a Securitization Subsidiary (in the case of a transfer by the
Company or any of its Subsidiaries) or (b) any other Person (in the case of a transfer by a Securitization Subsidiary), or may grant a security interest in, any Securitization Assets of the Company or any of its Subsidiaries, and any assets
related thereto, including all collateral securing such Securitization Assets, all contracts and all guarantees or other obligations in respect of such Securitization Assets, proceeds of such Securitization Assets and other assets that are
customarily transferred or in respect of which security interests are customarily granted in connection with asset securitization transactions involving Securitization Assets. 

“Securitization Repurchase Obligation” means any obligation of a seller of Securitization Assets in a Qualified
Securitization Financing to repurchase Securitization Assets arising as a result of a breach of a representation, warranty or covenant or otherwise, including as a result of a receivable or portion thereof becoming subject to any asserted defense,
dispute, off set or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating to the seller. 

“Securitization Subsidiary” means a wholly-owned Subsidiary of the Company (or another Person formed for the purposes of
engaging in a Qualified Securitization Financing in which the Company or any Subsidiary of the Company makes an Investment and to which the Company or any Subsidiary of the Company transfers Securitization Assets and related assets) that engages in
no activities other than in connection with the financing of Securitization Assets of the Company or its Subsidiaries, all proceeds thereof and all rights (contingent and other), collateral and other assets relating thereto, and any business or
activities incidental or related to such business, and which is designated by the board of directors of the Company or such other Person (as provided below) as a Securitization Subsidiary and (a) no portion of the Indebtedness

  

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or any other obligations (contingent or otherwise) of which (i) is guaranteed by the Company or any other Subsidiary of the Company, other than another Securitization Subsidiary (excluding
guarantees of obligations (other than the principal of, and interest on, Indebtedness) pursuant to Standard Securitization Undertakings), (ii) is recourse to or obligates the Company or any other Subsidiary of the Company, other than another
Securitization Subsidiary, in any way other than pursuant to Standard Securitization Undertakings or (iii) subjects any property or asset of the Company or any other Subsidiary of the Company, other than another Securitization Subsidiary,
directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings, (b) with which none of the Company or any other Subsidiary of the Company, other than another
Securitization Subsidiary, has any material contract, agreement, arrangement or understanding other than on terms which the Company reasonably believes to be no less favorable to the Company or such Subsidiary than those that might be obtained at
the time from Persons that are not Affiliates of the Company and (c) to which none of the Company or any other Subsidiary of the Company, other than another Securitization Subsidiary, has any obligation to maintain or preserve such
entity’s financial condition or cause such entity to achieve certain levels of operating results. Any such designation by the board of directors of the Company or such other Person shall be evidenced to the Administrative Agent by delivery to
the Administrative Agent of a certified copy of the resolution of the board of directors of the Company or such other Person giving effect to such designation and a certificate executed by a Responsible Officer certifying that such designation
complied with the foregoing conditions. 
 “Seller” means, collectively, Nancy Knowlton, David Martin, 560224
Alberta Limited, 1332489 Alberta Ltd., Intel Corporation, Fairy Financial Corp., Grant Billing, Leonard Ruggins, Gene Englund, Sandra Stahl, Cyndi Lyle and Patrick Weinmayr. 

“Senior Secured Incurrence Test” means, with respect to the most recent Test Period, the Senior Secured Leverage Ratio
(calculated on a Pro Forma Basis) shall be no greater than 6.25 to 1.00. 
 “Senior Secured Leverage
Ratio” means, with respect to any Test Period, the ratio of (a) Consolidated Senior Secured Debt as of the last day of such Test Period to (b) Consolidated EBITDA of the Company and its Restricted Subsidiaries for such Test
Period. 
 “Shareholder Loans” means collectively, the loans and other obligations evidenced by the Shareholder
Loan Documents. 
 “Shareholder Loan Documents” means one or more Subordinated Promissory Notes dated as of the
Closing Date issued by the Borrower in favor of, directly or indirectly, one or more Permitted Holders evidencing loans in the principal amount of C$253,971,862.30 and any other documents amending, restating, modifying, supplementing, extending or
refinancing the loans referred to therein. 
 “Sold Entity or Business” has the meaning specified in the
definition of the term “Consolidated EBITDA”. 
  

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 “Solvent” and “Solvency” mean, (a) with respect to
any Person other than any Canadian Person on any date of determination, that on such date (i) the fair value of the property (for the avoidance of doubt, calculated to include goodwill and other intangibles) of such Person is greater than the
total amount of liabilities, including contingent liabilities, of such Person, (ii) the present fair salable value of the assets of such Person is not less than the amount that will be required to pay the probable liability of such Person on
its debts as they become absolute and matured, (iii) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay such debts and liabilities as they mature and
(iv) such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which such Person’s property would constitute an unreasonably small capital; the amount of contingent liabilities at
any time shall be computed as the amount that, in the light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability; and (b) with respect to any
Canadian Person on any date of determination that (i) the property of such Canadian Person, if disposed of at a fairly conducted sale under legal process, and not on a distressed or liquidation sale basis, would be sufficient to enable payment
of all its obligations, due and accruing due; and (ii) such Canadian Person is able to meet its obligations as they generally become due. 

“SPC” has the meaning specified in Section 10.07(h). 

“Specified Transaction” means any Investment, Disposition, incurrence or repayment of Indebtedness, Restricted Payment
or Subsidiary designation that by the terms of this Agreement requires such test to be calculated on a “Pro Forma Basis” or after giving “Pro Forma Effect”. 

“Sponsor” means Apax Partners Worldwide, L.L.P. and its Affiliates and funds or partnerships managed by it or any of its
Affiliates, but not including, however, any of their portfolio companies. 
 “Sponsor Management Agreement”
means the management agreement between certain of the management companies associated with the Sponsor or its advisors and the Company. 

“Sponsor Termination Fees” means the one time payment under the Sponsor Management Agreement of a termination fee to one
or more of the Sponsor and its Affiliates in the event of either a Change of Control or the completion of a Qualifying IPO. 

“Standard Securitization Undertakings” means representations, warranties, covenants and indemnities entered into by the
Company or any Subsidiary of the Company which the Company has determined in good faith to be customary, necessary or advisable in a Qualified Securitization Financing. 

“Sterling” means the lawful currency of the United Kingdom. 

“Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company or other business
entity of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason of the happening of a

  

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contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person. Unless
otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Borrower. 

“Successor Borrower” has the meaning specified in Section 7.04(d). 

“Supplemental Administrative Agent” has the meaning specified in Section 9.13(a) and “Supplemental
Administrative Agents” shall have the corresponding meaning. 
 “Swap Contract” means (a) any and
all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or
options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency
rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or
subject to any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps
and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such
obligations or liabilities under any Master Agreement. 
 “Swap Termination Value” means, in respect of any one
or more Swap Contracts, after taking into account the effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s)
determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined by the
“Hedge Bank” (as defined in the First Lien Credit Agreement) in accordance with the terms thereof and in accordance with customary methods for calculating mark-to-market values under similar arrangements by such Hedge Bank. 

“Tax Act” means the Income Tax Act (Canada), as amended from time to time, and regulations promulgated thereunder.

 “Taxes” has the meaning specified in Section 3.01(a). 

“Test Period” in effect at any time shall mean the most recent period of four consecutive fiscal quarters of the Company
ended on or prior to such time (taken as one accounting period) in respect of which financial statements for each quarter or fiscal year in such period have been or are required to be delivered pursuant to Section 6.01(a) or (b);
provided that, prior to the first date that financial statements have been or are required to be delivered pursuant 
  

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to Section 6.01(a) or (b), the Test Period in effect shall be the period of four consecutive fiscal quarters of the Company ended June 30, 2007. A Test Period may be
designated by reference to the last day thereof (i.e., the “June 30, 2007 Test Period” refers to the period of four consecutive fiscal quarters of the Company ended June 30, 2007), and a Test Period shall be deemed to end
on the last day thereof. 
 “Threshold Amount” means $15,000,000. 

“Total Assets” means the total assets of the Company and its Restricted Subsidiaries on a consolidated basis, as shown
on the most recent balance sheet of the Company delivered pursuant to Section 6.01(a) or (b) or, for the period prior to the time any such statements are so delivered pursuant to Section 6.01(a) or (b), the
pro forma financial statements of the Company giving effect to the Transaction. 
 “Total Leverage
Ratio” means, with respect to any Test Period, the ratio of (a) Consolidated Total Debt as of the last day of such Test Period to (b) Consolidated EBITDA of the Company for such Test Period. 

“Total Outstandings” means the aggregate Outstanding Amount of all Loans. 

“Transaction” means, collectively, (a) the Equity Contribution, (b) the Acquisition, (c) the funding of
the Loans on the Closing Date, (d) the funding of the First Lien Loans and the Second Lien Loans on the Closing Date, (e) the consummation of any other transactions in connection with the foregoing, and (f) the payment of the fees and
expenses incurred in connection with any of the foregoing. 
 “Transaction Expenses” means any fees or expenses
incurred or paid by the Borrower, the Company or any other Restricted Subsidiary in connection with the Transaction, this Agreement and the other Loan Documents and the transactions contemplated hereby and thereby. 

“Type” means, with respect to a Loan, its character as a Base Rate Loan, or a Eurocurrency Rate Loan. 

“Unaudited Financial Statements” means the unaudited combined balance sheets and related statements of income and cash
flows of the Company, for each fiscal quarter ended at least sixty (60) days before the Closing Date, previously delivered to the Administrative Agent. 

“Uniform Commercial Code” means the Uniform Commercial Code as the same may from time to time be in effect in the State
of New York or the Uniform Commercial Code (or similar code or statute) of another jurisdiction, to the extent it may be required to apply to any item of Collateral. 

“United States” and “U.S.” mean the United States of America. 

“Unrestricted Subsidiary” means (i) each Subsidiary of the Company listed on Schedule 1.01A,
(ii) each Securitization Subsidiary, (iii) the Calgary SPV and (iv) any Subsidiary of the Company designated by the board of directors of the Company as an 

 

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Unrestricted Subsidiary pursuant to Section 6.14 subsequent to the date hereof and any Subsidiary of an Unrestricted Subsidiary. Notwithstanding anything to the contrary contained
herein, the Company or any successor Person pursuant to a transaction permitted by Section 7.04 shall at all times be a Restricted Subsidiary. 

“USA PATRIOT Act” means The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism Act of 2001 (Title III of Pub. L. No. 107-56 (signed into law October 26, 2001)), as amended or modified from time to time. 

“U.S. Subsidiary” means any Subsidiary that is organized under the Laws of the United States, any state thereof or the
District of Columbia. 
 “Weighted Average Life to Maturity” means, when applied to any Indebtedness at any
date, the number of years obtained by dividing: (i) the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment
at final maturity, in respect thereof, by (b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment by (ii) the then outstanding principal amount of such Indebtedness.

 “wholly-owned” means, with respect to a Subsidiary of a Person, a Subsidiary of such Person all of the
outstanding Equity Interests of which (other than (x) director’s qualifying shares and (y) shares issued to foreign nationals to the extent required by applicable Law) are owned by such Person and/or by one or more wholly-owned
Subsidiaries of such Person. 
 “WURA” means the Winding Up and Restructuring Act, (Canada) as now and
hereafter in effect, or any successor statute. 
 Section 1.02 Other Interpretive Provisions. With reference to this
Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document: 
 (a)
The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms. 

(b) (i) The words “herein”, “hereto”, “hereof” and “hereunder” and words of
similar import when used in any Loan Document shall refer to such Loan Document as a whole and not to any particular provision thereof. 

(ii) Article, Section, Exhibit and Schedule references are to the Loan Document in which such reference appears.

 (iii) The term “including” is by way of example and not limitation. 

(iv) The term “documents” includes any and all instruments, documents, agreements, certificates, notices,
reports, financial statements and other writings, however evidenced, whether in physical or electronic form. 
  

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 (c) In the computation of periods of time from a specified date to a later
specified date, the word “from” means “from and including”; the words “to” and “until” each mean “to but excluding”; and the word “through” means “to and including”. 

(d) Section headings herein and in the other Loan Documents are included for convenience of reference only and shall
not affect the interpretation of this Agreement or any other Loan Document. 
 Section 1.03 Accounting Terms.

 (a) All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all
financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP, applied in a manner consistent with that used in preparing the Audited
Financial Statements, except as otherwise specifically prescribed herein. 
 (b) Notwithstanding anything to the contrary
herein, for purposes of determining compliance with any test contained in this Agreement with respect to any period during which any Specified Transaction occurs, the Total Leverage Ratio and the Senior Secured Leverage Ratio shall be calculated
with respect to such period and such Specified Transaction on a Pro Forma Basis. 
 (c) Where reference is made to “the
Company and its Restricted Subsidiaries on a consolidated basis” or similar language, such consolidation shall not include any Subsidiaries of the Company other than Restricted Subsidiaries. 

Section 1.04 Rounding. Any financial ratios required to be satisfied in order for a specific action to be permitted under
this Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the
nearest number (with a rounding-up if there is no nearest number). 
 Section 1.05 References to Agreements, Laws,
Etc. Unless otherwise expressly provided herein, (a) references to Organization Documents, agreements (including the Loan Documents) and other contractual instruments shall be deemed to include all subsequent amendments, restatements,
extensions, supplements and other modifications thereto, but only to the extent that such amendments, restatements, extensions, supplements and other modifications are permitted by any Loan Document; and (b) references to any Law shall include
all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Law. 

Section 1.06 Times of Day. Unless otherwise specified, all references herein to times of day shall be references to Eastern
time (daylight or standard, as applicable). 
 Section 1.07 Timing of Payment or Performance. When the payment of
any obligation or the performance of any covenant, duty or obligation is stated to be due or performance required on a day which is not a Business Day, the date of such payment (other than as described in the definition of Interest Period) or
performance shall extend to the immediately succeeding Business Day. 
  

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 Section 1.08 Currency Equivalents Generally. 

(a) Any amount specified in this Agreement (other than in Article II, Article IX and Article X or as set forth in
paragraph (b) of this Section) or any of the other Loan Documents to be in Dollars shall also include the equivalent of such amount in any currency other than Dollars, such equivalent amount to be determined at the rate of exchange quoted by
the Reuters World Currency Page for the applicable currency at 11:00 a.m. (London time) on such day (or, in the event such rate does not appear on any Reuters World Currency Page, by reference to such other publicly available service for displaying
exchange rates as may be agreed upon by the Administrative Agent and the Borrower, or, in the absence of such agreement, such rate shall instead be the arithmetic average of the spot rates of exchange of the Administrative Agent in the market where
its foreign currency exchange operations in respect of such currency are then being conducted, at or about 10:00 a.m. (New York City time) on such date for the purchase of Dollars for delivery two (2) Business Days later). Notwithstanding the
foregoing, for purposes of determining compliance with Sections 7.01, 7.02 and 7.03 with respect to any amount of Indebtedness or Investment in a currency other than Dollars, no Default shall be deemed to have occurred
solely as a result of changes in rates of exchange occurring after the time such Indebtedness or Investment is incurred; provided that, for the avoidance of doubt, the foregoing provisions of this Section 1.08 shall otherwise
apply to such Sections, including with respect to determining whether any Indebtedness or Investment may be incurred at any time under such Sections. 

(b) For purposes of determining compliance under Sections 7.02, 7.05 and 7.06, any amount in a currency other
than Dollars will be converted to Dollars in a manner consistent with that used in calculating net income in the Borrower’s annual financial statements delivered pursuant to Section 6.01(a); provided, however, that the
foregoing shall not be deemed to apply to the determination of any amount of Indebtedness. 
 Section 1.09 Company
Certificates and Notice. Notwithstanding any other provision of this Agreement, any requirement for the Borrower to deliver a certificate, any information to the Administrative Agent or any Lender or any other notice shall be deemed satisfied to
the extent the Company has delivered such certificate, information or notice to the Administrative Agent or such Lender. 

ARTICLE II 

The Commitments and Borrowings 

Section 2.01 The Loans. 

Subject to the terms and conditions set forth herein, each Lender severally agrees to make to the Borrower a single loan denominated in
Dollars in a principal amount equal to such Lender’s Commitment on the Closing Date. Amounts borrowed under this Section 2.01 and repaid or prepaid may not be reborrowed. Loans may be Base Rate Loans or Eurocurrency Rate Loans, as
further provided herein. 
  

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 Section 2.02 Borrowings, Conversions and Continuations of Loans. 

(a) Each Borrowing, each conversion of Loans from one Type to the other, and each continuation of Eurocurrency Rate Loans shall be made
upon the Borrower’s irrevocable notice to the Administrative Agent, which may be given by telephone. Each such notice must be received by the Administrative Agent not later than 12:00 noon (New York, New York time) (i) three
(3) Business Days prior to the requested date of any Borrowing or continuation of Eurocurrency Rate Loans or any conversion of Base Rate Loans to Eurocurrency Rate Loans, and (ii) one (1) Business Day before the requested date of any
Borrowing of Base Rate Loans or any conversion of Eurocurrency Rate Loans to Base Rate Loans. Each telephonic notice by the Borrower pursuant to this Section 2.02(a) must be confirmed promptly by delivery to the Administrative Agent of a
written Committed Loan Notice, appropriately completed and signed by a Responsible Officer of the Borrower. Each Borrowing of, conversion to or continuation of Eurocurrency Rate Loans shall be in a principal amount of $2,500,000 or a whole multiple
of $500,000 in excess thereof. Except as provided in Sections 2.04(c) and 2.05(c), each Borrowing of or conversion to Base Rate Loans shall be in a principal amount of 1,000,000 in the applicable currency or a whole multiple of
$100,000 in excess thereof. Each Committed Loan Notice (whether telephonic or written) shall specify (i) whether the Borrower is requesting a Borrowing, a conversion of Loans from one Type to the other, or a continuation of Eurocurrency Rate
Loans, (ii) the requested date of the Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of Loans to be borrowed, converted or continued, (iv) the Type of Loans to be
borrowed or to which existing Loans are to be converted, and (v) if applicable, the duration of the Interest Period with respect thereto. If the Borrower fails to specify a Type of Loan in a Committed Loan Notice or fails to give a timely
notice requesting a conversion or continuation, then the applicable Loans shall be made as, or converted to, Base Rate Loans. Any such automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest Period then in
effect with respect to the applicable Eurocurrency Rate Loans. If the Borrower requests a Borrowing of, conversion to, or continuation of Eurocurrency Rate Loans in any such Committed Loan Notice, but fails to specify an Interest Period, it will be
deemed to have specified an Interest Period of one (1) month. For the avoidance of doubt, the Borrower and Lenders acknowledge and agree that any conversion or continuation of an existing Loan shall be deemed to be a continuation of that Loan
with a converted interest rate methodology and not a new Loan. 
 (b) Following receipt of a Committed Loan Notice, the
Administrative Agent shall promptly notify each Lender of the amount of its Pro Rata Share of the Loans, and if no timely notice of a conversion or continuation is provided by the Borrower, the Administrative Agent shall notify each
Lender of the details of any automatic conversion to Base Rate Loans or continuation described in Section 2.02(a). In the case of each Borrowing, each Lender shall make (or cause its Applicable Lending Office to make) the amount of its
Loan available to the Administrative Agent in immediately available funds at the Administrative Agent’s Office not later than 1:00 p.m. on the Business Day specified in the applicable Committed Loan Notice. Upon satisfaction of the conditions
set forth in Section 4.01, the Administrative Agent shall make all funds so received available to the Borrower in like funds as received by the 

 

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Administrative Agent either by (i) crediting the account of the Borrower on the books of the Administrative Agent with the amount of such funds or (ii) wire transfer of such funds, in
each case in accordance with instructions provided to (and reasonably acceptable to) the Administrative Agent by the Borrower. 

(c) Except as otherwise provided herein, a Eurocurrency Rate Loan may be continued or converted only on the last day of an Interest
Period for such Eurocurrency Rate Loan unless the Borrower pays the amount due, if any, under Section 3.05 in connection therewith. During the existence of an Event of Default, the Administrative Agent or the Required Lenders may require
that no Loans may be converted to or continued as Eurocurrency Rate Loans. 
 (d) The Administrative Agent shall promptly notify
the Borrower and the Lenders of the interest rate applicable to any Interest Period for Eurocurrency Rate Loans upon determination of such interest rate. The determination of the Eurocurrency Rate by the Administrative Agent shall be conclusive in
the absence of manifest error. 
 (e) After giving effect to all Borrowings, all conversions of Loans from one Type to the
other, and all continuations of Loans as the same Type, there shall not be more than five (5) Interest Periods in effect. 

Section 2.03 [Reserved]. 

Section 2.04 [Reserved]. 

Section 2.05 [Reserved]. 

Section 2.06 Prepayments and Offers to Prepay. 

(a) Optional Prepayments. 

(i) The Borrower may, upon notice to the Administrative Agent, at any time or from time to time voluntarily prepay Loans in whole or in
part without premium or penalty (except to the extent provided in Section 2.10); provided that (1) such notice must be received by the Administrative Agent not later than 12:00 noon (New York, New York time) (A) two
(2) Business Days prior to any date of prepayment of Eurocurrency Rate Loans and (B) on the date of prepayment of Base Rate Loans; (2) any prepayment of Eurocurrency Rate Loans shall be in a principal amount of $2,500,000 or a whole
multiple of $500,000 in excess thereof; and (3) any prepayment of Base Rate Loans shall be in a principal amount of $1,000,000 or a whole multiple of $100,000 in excess thereof or, in each case, if less, the entire principal amount thereof then
outstanding. Each such notice shall specify the date and amount of such prepayment and the and Type(s) of Loans to be prepaid. The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such
Lender’s pro rata Share of such prepayment. If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein.
Any prepayment of a Eurocurrency Rate Loan shall be accompanied by all accrued interest thereon, together with any additional amounts required pursuant to Section 3.05. Each prepayment of the Loans pursuant to this
Section 2.06(a) shall be applied as directed by the Borrower and shall be paid to the Lenders in accordance with their respective Pro Rata Shares. 

 

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 (ii) Notwithstanding anything to the contrary contained in this Agreement, the Borrower may
rescind any notice of prepayment under Section 2.06(a)(i) if such prepayment would have resulted from a refinancing of all of the Loans, which refinancing shall not be consummated or shall otherwise be delayed. 

(b) [Reserved.] 

(c) Interest, Funding Losses, Etc. All prepayments under this Section 2.06 shall be accompanied by all accrued
interest thereon, together with, in the case of any such prepayment of a Eurocurrency Rate Loan on a date other than the last day of an Interest Period therefor, any amounts owing in respect of such Eurocurrency Rate Loan pursuant to
Section 3.05. 
 Notwithstanding any of the other provisions of this Section 2.06, so long as no Event
of Default shall have occurred and be continuing, if any prepayment of Eurocurrency Rate Loans is required to be made under this Section 2.06, prior to the last day of the Interest Period therefor, in lieu of making any
payment pursuant to this Section 2.06 in respect of any such Eurocurrency Rate Loan prior to the last day of the Interest Period therefor, the Borrower may, in its sole discretion, deposit with the Administrative Agent the amount of any
such prepayment otherwise required to be made hereunder until the last day of such Interest Period, at which time the Administrative Agent shall be authorized (without any further action by or notice to or from the Borrower or any other Loan Party)
to apply such amount to the prepayment of such Loans in accordance with this Section 2.06. Such deposit shall constitute cash collateral for the Eurocurrency Rate Loans to be so prepaid, provided that the Borrower may at any time
direct that such deposit be applied to make the applicable payment required pursuant to this Section 2.06. 

Section 2.07 Termination or Reduction of Commitments. 

(a) Optional. The Borrower may, upon written notice to the Administrative Agent, terminate the unused Commitments, or from time to
time permanently reduce the unused Commitments; provided that (i) any such notice shall be received by the Administrative Agent three (3) Business Days prior to the date of termination or reduction and (ii) any such partial
reduction shall be in an aggregate amount of $1,000,000 or any whole multiple of $100,000 in excess thereof. Notwithstanding the foregoing, the Borrower may rescind or postpone any notice of termination of the Commitments if such termination would
have resulted from a refinancing of all of the Loans, which refinancing shall not be consummated or otherwise shall be delayed. 

(b) Mandatory. The Commitment of each Lender shall be automatically and permanently reduced to $0 upon the making of such
Lender’s Loan pursuant to Section 2.01. 
 (c) Application of Commitment Reductions; Payment of Fees.
The Administrative Agent will promptly notify the Lenders of any termination or reduction of the unused Commitments under this Section 2.07. Upon any reduction of unused Commitments, the Commitment of each Lender shall be reduced by such
Lender’s Pro Rata Share of the amount by which such Commitments are reduced (other than the termination of the Commitment of any Lender as provided in Section 3.07). 

 

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 Section 2.08 Repayment of Loans. 

(a) The Borrower shall repay to the Administrative Agent for the ratable account of the Lenders on the Maturity Date, the aggregate
principal amount of all Loans outstanding on such date. 
 (b) For the avoidance of doubt, all Loans shall be repaid, whether
pursuant to this Section 2.08 or otherwise, in the currency in which they were made. 
 Section 2.09
Interest. 
 (a) Subject to the provisions of Sections 2.09(b) and (e), (i) each Eurocurrency
Rate Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Eurocurrency Rate for such Interest Period plus the Applicable Rate and (ii) each Base Rate Loan shall bear
interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate. 

(b) The Borrower shall pay interest on past due amounts hereunder at a fluctuating interest rate per annum at all times equal to the
Default Rate to the fullest extent permitted by applicable Laws. Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand. 

(c) Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as
may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law. 

(d) Interest on each Loan shall be payable in the currency in which each Loan was made. 

(e) Notwithstanding anything to the contrary contained herein, prior to the fourth anniversary of the Closing Date, all regularly
scheduled accrued interest due on any Interest Payment Date hereunder shall not be paid in cash but shall be deferred (“Deferred Interest”),” with the amount of such Deferred Interest thereafter to bear interest on the same
terms and at the same rate, and to be due and payable in cash at the same time or times, as the principal of the Loans on which it originally accrued as such Loans are continued or converted hereunder from time to time. Following each such Interest
Payment Date, all references herein and in the other Loan Documents to a Loan or the principal of a Loan shall be deemed to include all Deferred Interest on such Loan. 
  

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 Section 2.10 Prepayment and Other Fees. 

(a) Prepayment Premium. Each voluntary prepayment of the Loans pursuant to Section 2.06(a) and each prepayment of the
Loans with the proceeds of Indebtedness (which for the avoidance of doubt shall be deemed to include any refinancing of the Loans contemporaneous with a transaction that would constitute a Change of Control if the Loans were not so refinanced) shall
be subject to the payment of a prepayment premium in an amount equal to (a) in the case of a prepayment or repayment made on or prior to the second anniversary of the Closing Date (but subject to Section 2.10(b) below), the
Make-Whole Premium with respect to the principal amount of such prepayment or repayment, (b) in the case of a prepayment or repayment made after the second anniversary of the Closing Date and on or before the third anniversary of the Closing
Date, 2.0% of the aggregate principal amount of the Loans that are so prepaid or repaid, (c) in the case of a prepayment or repayment made after the third anniversary of the Closing Date and on or before the fourth anniversary of the Closing
Date, 1.0% of the aggregate principal amount of the Loans that are so prepaid or repaid, and (d) in the case of any prepayment or repayment made after the fourth anniversary of the Closing Date, zero. 

(b) Notwithstanding Section 2.10(a) above, if prior to the second anniversary of the Closing Date, the Borrower prepays up to
35% of the original aggregate principal of the Loans (plus Deferred Interest thereon) with the net proceeds from a Qualifying IPO or any other equity investment in the Borrower, then the prepayment premium on such principal amount of the Loans so
prepaid shall be an amount equal to the lesser of (i) the Make-Whole Premium with respect to the principal amount of such prepayment and (ii) such principal amount multiplied by a percentage equal to the weighted average interest rate on
the Loans at the time of such prepayment; provided that at least 50% of the aggregate principal amount of the Loans originally incurred on the Closing Date (plus Deferred Interest thereon) remains outstanding immediately following such
prepayment. 
 (c) Other Fees. The Borrower shall pay to the Agents such fees as shall have been separately agreed upon
in writing in the amounts and at the times so specified. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever (except as expressly agreed between the Borrower and the applicable Agent.) 

Section 2.11 Computation of Interest and Fees. All computations of interest for Base Rate Loans when the Base Rate is
determined by the Prime Rate shall be made on the basis of a year of three hundred and sixty-five (365) days or three hundred and sixty-six (366) days, as the case may be, and actual days elapsed. All other computations of fees and
interest shall be made on the basis of a three hundred and sixty (360) day year and actual days elapsed. Interest shall accrue on each Loan for the day on which such Loan is made, and shall not accrue on such Loan, or any portion thereof, for
the day on which such Loan or such portion is paid; provided that any such Loan that is repaid on the same day on which it is made shall, subject to Section 2.13(a), bear interest for one (1) day. Each determination by the
Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error. 
  

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 For purposes of the Interest Act (Canada), whenever any interest or fee under this Agreement
is calculated using a rate based on a number of days less than a full year, such rate determined pursuant to such calculation, when expressed as an annual rate, is equivalent to (x) the applicable rate based on a year of 360, 365 or 366 days,
as the case may be, (y) multiplied by the actual number of days in the calendar year in which the period for which such interest or fee is payable (or compounded) ends, and (z) divided by the number of days based on which such rate is
calculated. The principle of deemed reinvestment of interest does not apply to any interest calculation under this Agreement. The rates of interest stipulated in this Agreement are intended to be nominal rates and not effective rates or yields.

 Section 2.12 Evidence of Indebtedness. 

(a) The Borrowings made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and evidenced by
one or more entries in the Register maintained by the Administrative Agent, acting solely for purposes of Treasury Regulation Section 5f.103-1(c), as agent for the Borrower, in each case in the ordinary course of business. The accounts
or records maintained by the Administrative Agent and each Lender shall be prima facie evidence absent manifest error of the amount of the Loans made by the Lenders to the Borrower and the interest and payments thereon. Any failure to so record or
any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrower hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts and records maintained by any
Lender and the accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error. Upon the request of any Lender made through the
Administrative Agent, the Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Note payable to such Lender, which shall evidence such Lender’s Loans in addition to such accounts or records. Each Lender may
attach schedules to its Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans and payments with respect thereto. 

(b) [Reserved]. 

(c) Entries made in good faith by the Administrative Agent in the Register pursuant to Section 2.12(a), and by each Lender in
its account or accounts pursuant to Section 2.12(a), shall be prima facie evidence of the amount of principal and interest due and payable or to become due and payable from the Borrower to, in the case of the Register, each Lender and,
in the case of such account or accounts, such Lender, under this Agreement and the other Loan Documents, absent manifest error; provided that the failure of the Administrative Agent or such Lender to make an entry, or any finding that an
entry is incorrect, in the Register or such account or accounts shall not limit or otherwise affect the obligations of the Borrower under this Agreement and the other Loan Documents. 

Section 2.13 Payments Generally. 

(a) All payments to be made by the Borrower shall be made without condition or deduction for any counterclaim, defense, recoupment or
setoff. Except as otherwise expressly provided herein, all payments by the Borrower hereunder shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the Administrative Agent’s
Office in Dollars in immediately available funds not later than 3:00 p.m. 
  

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(New York City time) on the date specified herein. The Administrative Agent will promptly distribute to each Lender its Pro Rata Share (or other applicable share as provided herein)
of such payment in like funds as received by wire transfer to such Lender’s Applicable Lending Office. All payments received by the Administrative Agent after 3:00 p.m. shall be deemed received on the next succeeding Business Day and any
applicable interest or fee shall continue to accrue. 
 (b) If any payment to be made by the Borrower shall come due on a day
other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be; provided that, if such extension would cause payment of
interest on or principal of Eurocurrency Rate Loans to be made in the next succeeding calendar month, such payment shall be made on the immediately preceding Business Day. 

(c) Unless the Borrower or any Lender has notified the Administrative Agent, prior to the date any payment is required to be made by it
to the Administrative Agent hereunder, that the Borrower or such Lender, as the case may be, will not make such payment, the Administrative Agent may assume that the Borrower or such Lender, as the case may be, has timely made such payment and may
(but shall not be so required to), in reliance thereon, make available a corresponding amount to the Person entitled thereto. If and to the extent that such payment was not in fact made to the Administrative Agent in immediately available funds,
then: 
 (i) if the Borrower failed to make such payment, each Lender shall forthwith on demand repay to the Administrative
Agent the portion of such assumed payment that was made available to such Lender in immediately available funds, together with interest thereon in respect of each day from and including the date such amount was made available by the Administrative
Agent to such Lender to the date such amount is repaid to the Administrative Agent in immediately available funds at the Federal Funds Rate; and 

(ii) if any Lender failed to make such payment, such Lender shall forthwith on demand pay to the Administrative Agent the amount thereof
in immediately available funds, together with interest thereon for the period from the date such amount was made available by the Administrative Agent to the Borrower to the date such amount is recovered by the Administrative Agent (the
“Compensation Period”) at a rate per annum equal to the Federal Funds Rate. When such Lender makes payment to the Administrative Agent (together with all accrued interest thereon), then such payment amount (excluding the amount of
any interest which may have accrued and been paid in respect of such late payment) shall constitute such Lender’s Loan included in the applicable Borrowing. If such Lender does not pay such amount forthwith upon the Administrative Agent’s
demand therefor, the Administrative Agent may make a demand therefor upon the Borrower, and the Borrower shall pay such amount to the Administrative Agent, together with interest thereon for the Compensation Period at a rate per annum equal to the
rate of interest applicable to the applicable Borrowing. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitment or to prejudice any rights which the Administrative Agent or the Borrower may have against
any Lender as a result of any default by such Lender hereunder. 
 A notice of the Administrative Agent to any Lender or the
Borrower with respect to any amount owing under this Section 2.13(c) shall be conclusive, absent manifest error. 
  

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 (d) If any Lender makes available to the Administrative Agent funds for any Loan to be made
by such Lender as provided in the foregoing provisions of this Article II, and such funds are not made available to the Borrower by the Administrative Agent because the conditions to the applicable Borrowing set forth in
Article IV are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds as received from such Lender) to such Lender, without interest. 

(e) The obligations of the Lenders hereunder to make Loans are several and not joint. The failure of any Lender to make any Loan on any
date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Loan. 

(f) Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner or to
constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner. 

(g) Whenever any payment received by the Administrative Agent under this Agreement or any of the other Loan Documents is insufficient to
pay in full all amounts due and payable to the Administrative Agent and the Lenders under or in respect of this Agreement and the other Loan Documents on any date, such payment shall be distributed by the Administrative Agent and applied by the
Administrative Agent and the Lenders in the order of priority set forth in Section 8.04. If the Administrative Agent receives funds for application to the Obligations of the Borrower under or in respect of the Loan Documents under
circumstances for which the Loan Documents do not specify the manner in which such funds are to be applied, the Administrative Agent may, but shall not be obligated to, elect to distribute such funds to each of the Lenders in accordance with such
Lender’s pro rata Share of the Outstanding Amount of all Loans outstanding at such time, in repayment or prepayment of such of the outstanding Loans or other Obligations then owing to such Lender. 

Section 2.14 Sharing of Payments. If, other than as expressly provided elsewhere herein, any Lender shall obtain on account
of the Loans made by it, any payment (whether voluntary, involuntary, through the exercise of any right of setoff, or otherwise) in excess of its ratable share (or other share contemplated hereunder) thereof, such Lender shall immediately
(a) notify the Administrative Agent of such fact, and (b) purchase from the other Lenders such participations in the Loans made by them, as shall be necessary to cause such purchasing Lender to share the excess payment in respect of such
Loans, pro rata with each of them; provided that if all or any portion of such excess payment is thereafter recovered from the purchasing Lender under any of the circumstances described in Section 10.06 (including
pursuant to any settlement entered into by the purchasing Lender in its discretion), such purchase shall to that extent be rescinded and each other Lender shall repay to the purchasing Lender the purchase price paid therefor, together with an amount
equal to such paying Lender’s ratable share (according to the proportion of (i) the amount of such paying Lender’s required repayment to (ii) the total amount so recovered from the purchasing Lender) of any interest or other
amount paid or payable by the purchasing Lender in respect of the total amount so recovered, without further interest thereon. The Borrower agrees that any Lender so purchasing a participation from another Lender may, to the fullest extent permitted
by applicable Law, exercise all its rights of payment (including the right of setoff, but subject to Section 10.09) with respect to such 
  

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participation as fully as if such Lender were the direct creditor of the Borrower in the amount of such participation. The Administrative Agent will keep records (which shall be conclusive and
binding in the absence of manifest error) of participations purchased under this Section 2.14 and will in each case notify the Lenders following any such purchases or repayments. Each Lender that purchases a participation pursuant to
this Section 2.14 shall from and after such purchase have the right to give all notices, requests, demands, directions and other communications under this Agreement with respect to the portion of the Obligations purchased to the same
extent as though the purchasing Lender were the original owner of the Obligations purchased. 
 Section 2.15 Structural
Changes . (a) If (i) an Incremental Amendment (as defined in the First Lien Credit Agreement and/or the Second Lien Credit Agreement) is entered into pursuant to the terms thereof and (ii) the Incremental Borrower (as defined in
the First Lien Credit Agreement and/or the Second Lien Credit Agreement) is a direct or indirect holding company of the Borrower, then the Borrower and the Administrative Agent shall enter into, and shall be authorized to enter into, an amendment to
this Agreement in form and substance reasonably satisfactory to the Administrative Agent and the Borrower (the “Permitted Amendment”) pursuant to which references to the Company in this Agreement immediately prior to such Permitted
Amendment shall be deemed to be (except where the context otherwise requires), from and after the effectiveness of such Permitted Amendment, such Incremental Borrower. Such Permitted Amendment shall provide, among other things, that: 

(i) all incurrence tests and other provisions calculated prior to such Permitted Amendment by reference to the financial performance or
circumstance of the Company and its Restricted Subsidiaries (including without limitation Capital Expenditure, Capitalized Software Expenditures, Consolidated EBITDA, Consolidated Lease Expense, Consolidated Senior Secured Debt, Consolidated Total
Debt, Consolidated Working Capital, Cumulative Excess Cash Flow and Excess Cash Flow) shall be, immediately following such Permitted Amendment, calculated by reference to the financial performance or circumstance of such Incremental Borrower and its
Restricted Subsidiaries provided that it is understood and agreed that (A) the applicable maximum or minimum financial ratios or amounts shall not be amended and (B) such incurrence tests and other calculations shall be determined
without giving effect to the Loans or any other Indebtedness of the Borrower not guaranteed by the Incremental Borrower or any of its other Subsidiaries. 

(ii) solely in connection with consummation of an acquisition previously identified to the Administrative Agent and the financing
thereof, (A) for purposes of Sections 7.02(j)(ii), 7.03(u)(ii) and 7.03(v)(ii), the incurrence tests set forth therein shall be calculated as if the Loans were Second Lien Loans of the Company at such time,
(B) the ratio set forth in the definition of Senior Secured Incurrence Test shall be deemed to be 7.25:1.00 and (C) the ratio set forth in Section 7.03(u)(ii) shall be deemed to be 7.25:1.00; 

(iii) save as provided in this Section 2.15(a) or as the context otherwise requires references to the Company in this
Agreement immediately prior to such Permitted Amendment shall include, from and after the effectiveness of such Permitted Amendment, such Incremental Borrower; 
  

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 (iv) except as set forth in clause (a)(i) above, all representations and warranties,
covenants and Events of Default contained in this Agreement applicable to the Company (immediately prior to such Permitted Amendment) and its Subsidiaries or Restricted Subsidiaries on a consolidated basis shall be modified to apply to such
Incremental Borrower and its Subsidiaries and Restricted Subsidiaries, as the case may be, on a consolidated basis unless otherwise mutually determined by the Administrative Agent and the Borrower; and 

(v) references in this Agreement and the other Loan Documents to the Company and an Intermediate Holding Company shall be modified to be
references to such Incremental Borrower to the extent appropriate as mutually determined by the Administrative Agent and the Borrower. 

(a) This Section 2.15 shall supersede any provision in Section 2.14 or 10.01 to the contrary. 

ARTICLE III 

Taxes, Increased Costs Protection and Illegality 

Section 3.01 Taxes. 

(a) Except as provided in this Section 3.01, any and all payments by the Borrower to or for the account of any Agent or any
Lender under any Loan Document shall be made free and clear of and without deduction for any and all present or future taxes, duties, levies, imposts, deductions, assessments, fees, withholdings or similar charges, and all liabilities (including
additions to tax, penalties and interest) with respect thereto, excluding the Excluded Taxes (all such non-excluded taxes, duties, levies, imposts, deductions, assessments, fees, withholdings or similar charges, and liabilities being hereinafter
referred to as “Taxes”). If the Borrower shall be required by any Laws to deduct any Taxes from or in respect of any sum payable under any Loan Document to any Agent or any Lender, (i) the sum payable shall be increased as
necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section 3.01), each of such Agent and such Lender receives an amount equal to the sum it would have received
had no such deductions been made, (ii) the Borrower shall make such deductions, (iii) the Borrower shall pay the full amount deducted to the relevant taxation authority or other authority in accordance with applicable Laws, and
(iv) within thirty (30) days after the date of such payment (or, if receipts or evidence are not available within thirty (30) days, as soon as possible thereafter), the Borrower shall furnish to such Agent or Lender (as the case may
be) the original or a facsimile copy of a receipt evidencing payment thereof to the extent such a receipt is issued therefor, or other written proof of payment thereof that is reasonably satisfactory to the Administrative Agent. If the Borrower
fails to pay any Taxes when due to the appropriate taxing authority or fails to remit to any Agent or any Lender the required receipts or other required documentary evidence, the Borrower shall indemnify such Agent and such Lender for any Taxes that
may become payable by such Agent or such Lender arising out of such failure. 
  

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 (b) In addition, the Borrower agrees to pay any and all present or future stamp, court or
documentary taxes and any other excise, property, intangible or mortgage recording taxes or charges or similar levies which arise from any payment made under any Loan Document or from the execution, delivery, performance, enforcement or registration
of, or otherwise with respect to, any Loan Document excluding, in each case, such amounts that result from an Assignment and Assumption, grant of a Participation, transfer or assignment to or designation of a new Applicable Lending Office or other
office for receiving payments under any Loan Document, except to the extent that any such change is requested in writing by the Borrower (all such non-excluded taxes described in this Section 3.01(b) being hereinafter referred to as
“Other Taxes”). 
 (c) The Borrower agrees to indemnify each Agent and each Lender for (i) the full amount
of Taxes and Other Taxes (including any Taxes or Other Taxes imposed or asserted by any jurisdiction on amounts payable and paid under this Section 3.01) payable by such Agent and such Lender and (ii) any reasonable expenses arising
therefrom or with respect thereto, in each case whether or not such Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. Such Agent or Lender, as the case may be, will, at the Borrower’s
request, (A) provide the Borrower with a written statement thereof setting forth in reasonable detail the basis and calculation of such amounts or (B) have the amount of such Taxes or Other Taxes verified by an independent account. Payment
under this Section 3.01(c) shall be made within ten (10) days after the date such Lender or such Agent makes a demand therefor. 

(d) If any Lender or Agent determines, in its reasonable discretion, that it has received a refund in respect of any Taxes or Other Taxes
as to which indemnification or additional amounts have been paid to it by the Borrower pursuant to this Section 3.01, it shall promptly remit such refund (but only to the extent of indemnity payments made, or additional amounts paid, by
the Borrower under this Section 3.01 with respect to the Taxes or Other Taxes giving rise to such refund plus any interest included in such refund by the relevant taxing authority attributable thereto) to the Borrower, net of all
reasonable out-of-pocket expenses of the Lender or Agent, as the case may be and without interest (other than any interest paid by the relevant taxing authority with respect to such refund); provided that the Borrower, upon the request of the
Lender or Agent, as the case may be, agrees promptly to return such refund to such party in the event such party is required to repay such refund to the relevant taxing authority. Such Lender or Agent, as the case may be, shall, at the
Borrower’s request, provide the Borrower with a copy of any notice of assessment or other evidence of the requirement to repay such refund received from the relevant taxing authority (provided that such Lender or Agent may delete any
information therein that such Lender or Agent deems confidential). Nothing herein contained shall interfere with the right of a Lender or Agent to arrange its tax affairs in whatever manner it thinks fit nor oblige any Lender or Agent to claim any
tax refund or to make available its tax returns or disclose any information relating to its tax affairs or any computations in respect thereof or require any Lender or Agent to do anything that would prejudice its ability to benefit from any other
refunds, credits, reliefs, remissions or repayments to which it may be entitled. 
 (e) Each Lender agrees that, upon the
occurrence of any event giving rise to the operation of Section 3.01(a) or (c) with respect to such Lender it will, if requested by the Borrower, use commercially reasonable efforts (subject to legal and regulatory
restrictions) to designate another Applicable Lending Office for any Loan affected by such event; provided that such efforts are made on terms that, in the judgment of such Lender, cause such Lender and its

  

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Applicable Lending Office(s) to suffer no material economic, legal or regulatory disadvantage, and provided further that nothing in this Section 3.01(d) shall affect or
postpone any of the Obligations of the Borrower or the rights of such Lender pursuant to Section 3.01(a) or (c). 

Section 3.02 Illegality. 

If any Lender determines that any Law has made it unlawful, or that any Governmental Authority that is a court, statutory board or
commission has asserted that it is unlawful, for any Lender or its Applicable Lending Office to make, maintain or fund Eurocurrency Rate Loan, to determine or charge interest rates based upon the Eurocurrency Rate as contemplated by this Agreement,
then, on notice thereof by such Lender to the Borrower through the Administrative Agent, (A) any obligation of such Lender to make or continue Eurocurrency Rate Loans or to convert Base Rate Loans to Eurocurrency Rate Loans shall be suspended
until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer exist, (B) upon receipt of such notice, the Borrower shall upon demand from such Lender (with a copy to the
Administrative Agent), prepay in the case of Eurocurrency Rate Loans that have become unlawful or, if applicable, convert all Eurocurrency Rate Loans of such Lender to Base Rate Loans, either on the last day of the Interest Period therefor, if such
Lender may lawfully continue to maintain such Eurocurrency Rate Loans to such day, or promptly, if such Lender may not lawfully continue to maintain such Eurocurrency Rate Loans, (C) upon any such prepayment or conversion, the Borrower shall
also pay accrued interest on the amount so prepaid or converted and all amounts due, if any, in connection with such prepayment or conversion under Section 3.05. Each Lender agrees to designate a different Applicable Lending Office if
such designation will avoid the need for any such notice and will not, in the good faith judgment of such Lender, otherwise be materially disadvantageous to such Lender. 

Section 3.03 Inability to Determine Rates. If the Required Lenders determine that for any reason adequate and reasonable
means do not exist for determining the Eurocurrency Rate for any requested Interest Period with respect to a proposed Eurocurrency Rate Loan, or that the Eurocurrency Rate for any requested Interest Period with respect to a proposed Eurocurrency
Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, or that Dollar deposits are not being offered to banks in the London interbank eurodollar market for the applicable amount and the Interest Period of
such Eurocurrency Rate Loan, the Administrative Agent will promptly so notify the Borrower and each Lender. Thereafter, the obligation of the Lenders to make or maintain Eurocurrency Rate Loans shall be suspended until the Administrative Agent (upon
the instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurocurrency Rate Loans or, failing that, will be deemed to
have converted such request into a request for a Borrowing of Base Rate Loans in the amount specified therein. 
  

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 Section 3.04 Increased Cost and Reduced Return; Capital Adequacy; Reserves on
Eurocurrency Rate Loans. 
 (a) If any Lender determines that as a result of the introduction of or any Change in Law or a
change in the interpretation of any Law, in each case after the date hereof, or such Lender’s compliance therewith, there shall be any increase in the cost to such Lender of agreeing to make or making, funding or maintaining any Eurocurrency
Rate Loan, or a reduction in the amount received or receivable by such Lender in connection with any of the foregoing (excluding for purposes of this Section 3.04(a) any such increased costs or reduction in amount resulting from
(i) Taxes or Other Taxes covered by Section 3.01, (ii) the imposition of, or any change in the rate of, any taxes imposed on or measured by net income (including branch profits) and franchise (and similar) taxes imposed
in lieu of net income taxes payable by such Lender, or (iii) reserve requirements contemplated by Section 3.04(c)), then from time to time within fifteen (15) days after demand by such Lender setting forth in
reasonable detail such increased costs (with a copy of such demand to the Administrative Agent given in accordance with Section 3.06), the Borrower shall pay to such Lender such additional amounts as will compensate such Lender for such
increased cost or reduction. 
 (b) If any Lender determines that the introduction of any Law regarding capital adequacy or any
change therein or in the interpretation thereof, in each case after the date hereof, or compliance by such Lender (or its Applicable Lending Office) therewith, has the effect of reducing the rate of return on the capital of such Lender or any
corporation controlling such Lender as a consequence of such Lender’s obligations hereunder (taking into consideration its policies with respect to capital adequacy and such Lender’s desired return on capital), then from time to time upon
demand of such Lender setting forth in reasonable detail the charge and the calculation of such reduced rate of return (with a copy of such demand to the Administrative Agent given in accordance with Section 3.06), the Borrower shall pay
to such Lender such additional amounts as will compensate such Lender for such reduction within fifteen (15) days after receipt of such demand. 

(c) The Borrower shall pay to each Lender, (i) as long as such Lender shall be required to maintain reserves with respect to
liabilities or assets consisting of or including Eurocurrency funds or deposits, additional interest on the unpaid principal amount of each Eurocurrency Rate Loan equal to the actual costs of such reserves allocated to such Loan by such Lender (as
determined by such Lender in good faith, which determination shall be conclusive in the absence of manifest error), and (ii) as long as such Lender shall be required to comply with any reserve ratio requirement or analogous requirement of any
other central banking or financial regulatory authority imposed in respect of the maintenance of the Commitments or the funding of the Eurocurrency Rate Loans, such additional costs (expressed as a percentage per annum and rounded upwards, if
necessary, to the nearest five decimal places) equal to the actual costs allocated to such Commitment or Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive absent manifest error) which in each
case shall be due and payable on each date on which interest is payable on such Loan, provided the Borrower shall have received at least fifteen (15) days’ prior notice (with a copy to the Administrative Agent) of such additional interest
or cost from such Lender. If a Lender fails to give notice fifteen (15) days prior to the relevant Interest Payment Date, such additional interest or cost shall be due and payable fifteen (15) days from receipt of such notice. 

(d) Subject to Section 3.06(b), failure or delay on the part of any Lender to demand compensation pursuant to this
Section 3.04 shall not constitute a waiver of such Lender’s right to demand such compensation. 
  

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 (e) If any Lender requests compensation under this Section 3.04, then such
Lender will, if requested by the Borrower, use commercially reasonable efforts to designate another Applicable Lending Office for any Loan affected by such event; provided that such efforts are made on terms that, in the reasonable judgment
of such Lender, cause such Lender and its Applicable Lending Office(s) to suffer no material economic, legal or regulatory disadvantage; and provided further that nothing in this Section 3.04(e) shall affect or postpone any
of the Obligations of the Borrower or the rights of such Lender pursuant to Section 3.04(a), (b), (c) or (d). 

Section 3.05 Funding Losses. Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, the
Borrower shall promptly compensate such Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result of: 

(a) any continuation, conversion, payment or prepayment of any Eurocurrency Rate Loan on a day other than the last day of
the Interest Period for such Loan; or 
 (b) any failure by the Borrower (for a reason other than the failure of
such Lender to make a Loan) to prepay, borrow, continue or convert any Eurocurrency Loan on the date or in the amount notified by the Borrower; 

including any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable to
terminate the deposits from which such funds were obtained. 
 For purposes of calculating amounts payable by the Borrower to
the Lenders under this Section 3.05, each Lender shall be deemed to have funded each Eurocurrency Rate Loan made by it at the Eurocurrency Rate for such Loan by a matching deposit or other borrowing in the London interbank eurodollar
market for a comparable amount and for a comparable period, whether or not such Eurocurrency Rate Loan was in fact so funded. 

Section 3.06 Matters Applicable to All Requests for Compensation. 

(a) Any Agent or any Lender claiming compensation under this Article III shall deliver a certificate to the Borrower setting
forth the additional amount or amounts to be paid to it hereunder which shall be conclusive in the absence of manifest error. In determining such amount, such Agent or such Lender may use any reasonable averaging and attribution methods. 

(b) With respect to any Lender’s claim for compensation under Sections 3.01, 3.02, 3.03 or 3.04,
the Borrower shall not be required to compensate such Lender for any amount incurred more than one hundred and eighty (180) days prior to the date that such Lender notifies the Borrower of the event that gives rise to such claim;
provided that, if the circumstance giving rise to such claim is retroactive, then such 180-day period referred to above shall be extended to include the period of retroactive effect thereof. If any Lender requests compensation by the Borrower
under Section 3.04, the Borrower may, by notice to such Lender (with a copy to the Administrative Agent), suspend the obligation of such Lender to make or continue Eurocurrency Rate Loans from one Interest Period to another, or to
convert Base Rate Loans into Eurocurrency 
  

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Rate Loans, until the event or condition giving rise to such request ceases to be in effect (in which case the provisions of Section 3.06(c) shall be applicable); provided that
such suspension shall not affect the right of such Lender to receive the compensation so requested. 
 (c) If the obligation of
any Lender to make or continue any Eurocurrency Rate Loan from one Interest Period to another, or to convert Base Rate Loans into Eurocurrency Rate Loans shall be suspended pursuant to Section 3.06(b) hereof, such Lender’s
Eurocurrency Rate Loans shall be automatically converted into Base Rate Loans on the last day(s) of the then current Interest Period(s) for such Eurocurrency Rate Loans (or, in the case of an immediate conversion required by
Section 3.02, on such earlier date as required by Law) and, unless and until such Lender gives notice as provided below that the circumstances specified in Section 3.01, 3.02, 3.03 or 3.04 hereof that
gave rise to such conversion no longer exist: 
 (i) to the extent that such Lender’s Eurocurrency Rate Loans have been so
converted, all payments and prepayments of principal that would otherwise be applied to such Lender’s Eurocurrency Rate Loans shall be applied instead to its Base Rate Loans; and 

(ii) all Loans that would otherwise be made or continued from one Interest Period to another by such Lender as Eurocurrency Rate Loans
shall be made or continued instead as Base Rate Loans, and all Base Rate Loans of such Lender that would otherwise be converted into Eurocurrency Rate Loans shall remain as Base Rate Loans. 

(d) If any Lender gives notice to the Borrower (with a copy to the Administrative Agent) that the circumstances specified in
Section 3.01, 3.02, 3.03 or 3.04 hereof that gave rise to the conversion of such Lender’s Eurocurrency Rate Loans pursuant to this Section 3.06 no longer exist (which such Lender agrees to do
promptly upon such circumstances ceasing to exist) at a time when Eurocurrency Rate Loans made by other Lenders are outstanding, such Lender’s Base Rate Loans shall be automatically converted to Eurocurrency Rate Loans, on the first day(s) of
the next succeeding Interest Period(s) for such outstanding Eurocurrency Rate Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding Eurocurrency Rate Loans and by such Lender are held pro
rata (as to principal amounts, interest rate basis, and Interest Periods) in accordance with their respective Commitments. 

Section 3.07 Replacement of Lenders under Certain Circumstances. 

(a) If at any time (i) any Lender requests reimbursement for amounts owing pursuant to Section 3.01 or 3.04 as a
result of any condition described in such Sections or any Lender ceases to make Eurocurrency Rate Loans as a result of any condition described in Section 3.02 or Section 3.04 or (ii) any Lender becomes a
Non-Consenting Lender, then the Borrower may, on ten (10) Business Days’ prior written notice to the Administrative Agent and such Lender, replace such Lender by requiring such Lender to (and such Lender shall be obligated to) assign
pursuant to Section 10.07(b) (with the assignment fee to be paid by the Borrower in such instance) all of its rights and obligations under this Agreement to one or more Eligible Assignees; provided that neither the Administrative
Agent nor any Lender shall have any obligation to the Borrower to find a replacement Lender or other such Person; and provided further that (A) in the case of any such assignment resulting from a claim for compensation

  

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under Section 3.04 or payments required to be made pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments and (B) in
the case of any such assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable Eligible Assignees shall have agreed to the applicable departure, waiver or amendment of the Loan Documents. 

(b) Any Lender being replaced pursuant to Section 3.07(a) above shall (i) execute and deliver an Assignment and
Assumption with respect to such Lender’s Commitment and outstanding Loans and (ii) deliver Notes, if any, evidencing such Loans to the Borrower or Administrative Agent. Pursuant to such Assignment and Assumption, (A) the assignee
Lender shall acquire all or a portion, as the case may be, of the assigning Lender’s Commitment and outstanding Loans, (B) all obligations of the Borrower owing to the assigning Lender relating to the Loans so assigned shall be paid in
full by the assignee Lender to such assigning Lender concurrently with such assignment and assumption and (C) upon such payment and, if so requested by the assignee Lender, the assignor Lender shall deliver to the assignee Lender the
appropriate Note or Notes executed by the Borrower, the assignee Lender shall become a Lender hereunder and the assigning Lender shall cease to constitute a Lender hereunder with respect to such assigned Loans and Commitments, except with respect to
indemnification provisions under this Agreement, which shall survive as to such assigning Lender. 
 (c) [Reserved]. 

(d) In the event that (i) the Borrower or the Administrative Agent has requested that the Lenders consent to a departure or waiver
of any provisions of the Loan Documents or agree to any amendment thereto, (ii) the consent, waiver or amendment in question requires the agreement of all affected Lenders in accordance with the terms of Section 10.01 and
(iii) the Required Lenders have agreed to such consent, waiver or amendment, then any Lender who does not agree to such consent, waiver or amendment shall be deemed a “Non-Consenting Lender”. 

Section 3.08 Survival. All of the Borrower’s obligations under this Article III shall survive termination of
the Aggregate Commitments and repayment of all other Obligations hereunder. 
 ARTICLE IV 

Conditions Precedent to Closing Date 

Section 4.01 Conditions of Closing Date. The obligation of each Lender to make its Loans hereunder on the Closing Date is
subject to satisfaction of the following conditions precedent except as otherwise agreed between the Borrower and the Administrative Agent: 

(a) The Administrative Agent’s receipt of the following, each of which shall be originals or facsimiles (followed promptly by
originals) unless otherwise specified, each properly executed by a Responsible Officer of the signing Loan Party, each in form and substance reasonably satisfactory to the Administrative Agent and its legal counsel: 

(i) executed counterparts of this Agreement; 
  

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 (ii) a Note executed by the Borrower in favor of each Lender that has requested a Note at
least five (5) Business Days in advance of the Closing Date; 
 (iii) such certificates (including a certificate
substantially in the form of Exhibit F) of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Administrative Agent may reasonably require evidencing the identity,
authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents; 

(iv) an opinion from Simpson Thacher & Bartlett LLP, New York, counsel to the Borrower, substantially in the form of
Exhibit F-1; 
 (v) an opinion from each of Fasken Martineau DuMoulin LLP and Burnet, Duckworth & Palmer
LLP, each Canadian counsel to the Borrower, substantially in the form of Exhibit F-2 and Exhibit F-3, respectively; 

(vi) a certificate signed by a Responsible Officer of the Borrower certifying that since March 31, 2007 there has been no Closing
Date Material Adverse Effect; 
 (vii) a certificate attesting to the Solvency of the Borrower and its Subsidiaries (taken as a
whole) on the Closing Date after giving effect to the Transaction, from a Responsible Officer of the Borrower; 
 (viii) a
Committed Loan Notice, relating to the Borrowing to be made on the Closing Date; and 
 (ix) good standing certificate or
certificate of status, as applicable and bring-down telegrams or facsimiles, for the Borrower. 
 (b) All fees and expenses
required to be paid hereunder and invoiced prior to the Closing Date shall have been paid in full in cash or will be paid on the Closing Date out of the initial Borrowing. 

(c) Prior to or simultaneously with the Borrowing on the Closing Date, (i) the Equity Contribution shall have been consummated and
(ii) the Acquisition shall be consummated in accordance with the terms of the Purchase Agreement (without giving effect to any amendments or waivers thereto that are materially adverse to the Lenders without the reasonable consent of the
Administrative Agent (which consent shall not be unreasonably withheld or delayed)). 
 (d) To the extent Equity Interests other
than common Equity Interests were issued in connection with the Equity Contribution, such issuance shall be on terms and conditions, and pursuant to documentation, reasonably satisfactory to the Administrative Agent to the extent material to the
interests of the Lenders. 
  

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 (e) The Shareholder Loans shall be on terms and conditions, and pursuant to documentation,
reasonably satisfactory to the Administrative Agent to the extent material to the interests of the Lenders. 
 (f) The
Administrative Agent shall have received (i) the Audited Financial Statements and the audit report for such financial statements, (ii) the Pro Forma Financial Statements. 

(g) All Indebtedness of the Company and its Subsidiaries under the Existing Credit Agreement shall have been repaid in full, together
with all fees and other amounts owing thereon, all commitments under the Existing Credit Agreement shall have been terminated and (except with respect to the Existing Letters of Credit (as defined in the First Lien Credit Agreement) as provided in
Section 2.04(a) thereof) all letters of credit issued pursuant to the Existing Credit Agreements shall have been terminated or incorporated into the First Lien Credit Agreement, all as set forth in the respective payoff letters from each
of the respective agents for the Existing Credit Agreement. 
 (h) The representations and warranties of the Borrower contained
in Article V or any other Loan Document (except the representations contained in Sections 5.03, 5.05, 5.06, 5.07, 5.08, 5.09, 5.10, 5.11, 5.13, 5.14, 5.15
and 5.16 and in any other Loan Document; it being understood and agreed that such non-excluded representations are the only representations being made by the Borrower on the Closing Date) shall be true and correct in all material respects on
and as of the Closing Date; provided that, to the extent that such representations and warranties specifically refer to an earlier date, they shall be true and correct in all material respects as of such earlier date; provided further
that any representation and warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language shall be true and correct (after giving effect to any qualification therein) in all respects on such
respective dates. 
 (i) No Default shall exist, or would result from such proposed Borrowing or from the application of the
proceeds therefrom. 
 Each Committed Loan Notice (other than a Committed Loan Notice requesting only a conversion of Loans to
the other Type or a continuation of Eurocurrency Rate Loans) submitted by the Borrower shall be deemed to be a representation and warranty that the conditions specified in Sections 4.01(h) and (i) have been satisfied on and as of
the date of the applicable Borrowing. 
  

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 ARTICLE V 

Representations and Warranties 

The Borrower represents and warrants to the Agents and the Lenders that: 

Section 5.01 Existence, Qualification and Power; Compliance with Laws. The Borrower and each Restricted Subsidiary
(a) is a Person duly incorporated, amalgamated, organized or formed, and validly existing and in good standing under the Laws of the jurisdiction of its incorporation, amalgamation or organization, (b) has all requisite power and authority
to (i) own or lease its assets and carry on its business and (ii) execute, deliver and perform its obligations under the Loan Documents to which it is a party, (c) is duly qualified and in good standing under the Laws of each
jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification, (d) is in compliance with all Laws, orders, writs, injunctions and orders and (e) has all requisite governmental
licenses, authorizations, consents and approvals to operate its business as currently conducted; except in each case referred to in clause (c), (d) or (e), to the extent that failure to do so could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. 
 Section 5.02 Authorization; No Contravention. The
execution, delivery and performance by the Borrower of each Loan Document to which it is a party, and the consummation of the Transaction, are within the Borrower’s corporate or other powers, have been duly authorized by all necessary corporate
or other organizational action, and do not and will not (a) contravene the terms of the Borrower’s Organization Documents, (b) conflict with or result in any breach or contravention of, or the creation of any Lien under (other than as
permitted by Section 7.01), or require any payment to be made under (i) any Contractual Obligation to which the Borrower is a party or affecting the Borrower or the properties of the Borrower or any of its Subsidiaries or
(ii) any material order, injunction, writ or decree of any Governmental Authority or any arbitral award to which the Borrower or its property is subject; or (c) violate any material Law; except with respect to any conflict, breach or
contravention or payment (but not creation of Liens) referred to in clause (b)(i), to the extent that such conflict, breach, contravention or payment could not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect. 
 Section 5.03 Governmental Authorization; Other Consents. No approval, consent, exemption, authorization,
or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with (a) the execution, delivery or performance by, or enforcement against, the Borrower of this Agreement
or any other Loan Document, or for the consummation of the Transaction, (b) the exercise by the Administrative Agent or any Lender of its rights under the Loan Documents except for (i) the approvals, consents, exemptions, authorizations,
actions, notices and filings which have been duly obtained, taken, given or made and are in full force and effect and (iii) those approvals, consents, exemptions, authorizations or other actions, notices or filings, the failure of which to
obtain or make could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

Section 5.04 Binding Effect. This Agreement and each other Loan Document has been duly executed and delivered by the
Borrower. This Agreement and each other Loan Document constitutes a legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, except as such enforceability may be limited by Debtor Relief
Laws and by general principles of equity. 
  

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 Section 5.05 Financial Statements; No Material Adverse Effect. 

(a) (i) The Audited Financial Statements and Unaudited Financial Statements fairly present in all material respects the financial
condition of the Business as of the dates thereof and their results of operations for the period covered thereby in accordance with GAAP consistently applied throughout the periods covered thereby, except as otherwise disclosed to the Administrative
Agent prior to the Closing Date. 
 (ii) The unaudited pro forma consolidated balance sheet of the Company and its
Subsidiaries as at June 30, 2007 (including the notes thereto) (the “Pro Forma Balance Sheet”) and the unaudited pro forma consolidated statement of operations of the Company and its Subsidiaries for the 12 month
period ending on June 30, 2007 (together with the Pro Forma Balance Sheet, the “Pro Forma Financial Statements”), copies of which have heretofore been furnished to the Administrative Agent, have been prepared giving effect (as
if such events had occurred on such date or at the beginning of such periods, as the case may be) to the Transaction and each material acquisition by the Company or any of its Subsidiaries consummated after March 31, 2007 and prior to the
Closing Date. The Pro Forma Financial Statements have been prepared in good faith, based on assumptions believed by the Borrower to be reasonable as of the date of delivery thereof, and present fairly in all material respects on a
pro forma basis the estimated financial position of the Company and its Subsidiaries as at June 30, 2007 and their estimated results of operations for the periods covered thereby, assuming that the events specified in the
preceding sentence had actually occurred at such date or at the beginning of the periods covered thereby. 
 (b) Since the
Closing Date, there has been no event or circumstance, either individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect. 

(c) The forecasts of consolidated balance sheets, income statements and cash flow statements of the Business for each fiscal year ending
after the Closing Date until the seventh anniversary of the Closing Date, copies of which have been furnished to the Administrative Agent prior to the Closing Date in a form reasonably satisfactory to it, have been prepared in good faith on the
basis of the assumptions stated therein, which assumptions were believed to be reasonable at the time of preparation of such forecasts, it being understood that actual results may vary from such forecasts and that such variations may be material.

 Section 5.06 Litigation. Except as set forth on Schedule 5.06, there are no actions, suits,
proceedings, claims or disputes pending or, to the knowledge of the Borrower, threatened in writing or contemplated, at law, in equity, in arbitration or before any Governmental Authority, by or against the Borrower or any Restricted Subsidiary or
against any of their properties or revenues that either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 

Section 5.07 Ownership of Property; Liens. The Borrower and each of its Subsidiaries has good and defensible title in fee
simple to, or valid leasehold interests in, or easements or other limited property interests in, all real property necessary in the ordinary conduct of its business, free and clear of all Liens except for minor defects in title that do not

  

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materially interfere with its ability to conduct its business or to utilize such assets for their intended purposes and Liens permitted by Section 7.01 and except where the failure to
have such title or other interest could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

Section 5.08 Environmental Compliance. 

(a) There are no pending or, to the knowledge of the Borrower, threatened claims, actions, suits, or proceedings by or against the
Borrower or any Subsidiary alleging potential liability or responsibility for violation of, or otherwise relating to, any applicable Environmental Law that could, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect. 
 (b) Except as could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect,
(i) there are no and never have been any underground or aboveground storage tanks or any surface impoundments, septic tanks, pits, sumps or lagoons in which Hazardous Materials are being or have been treated, stored or disposed on any property
currently owned, leased or operated by the Borrower or any Subsidiary or, to its knowledge, on any property formerly owned or operated by the Borrower or any Restricted Subsidiary; (ii) there is no asbestos or asbestos-containing material on
any property currently owned or operated by the Borrower or any Subsidiary; and (iii) Hazardous Materials have not been released, discharged or disposed of by the Borrower or any Subsidiary at any location in a manner which would give rise to
liability under applicable Environmental Laws. 
 (c) The properties currently or formerly owned, leased or operated by the
Borrower and its Subsidiaries do not contain any Hazardous Materials in amounts or concentrations which (i) constitute a violation of, (ii) require remedial action under, or (iii) could give rise to liability under, applicable
Environmental Laws, which violations, remedial actions and liabilities, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. 

(d) Neither the Borrower nor any of its Subsidiaries is undertaking, or has completed, either individually or together with other
potentially responsible parties, any investigation or assessment or remedial or response action relating to any actual or threatened release, discharge or disposal of Hazardous Materials at any site or location, either voluntarily or pursuant to the
order of any Governmental Authority or the requirements of any applicable Environmental Law except for such investigation or assessment or remedial or response action that, individually or in the aggregate, could not reasonably be expected to result
in a Material Adverse Effect. 
 (e) All Hazardous Materials transported from any property currently or formerly owned or
operated by the Borrower or any Subsidiary for off-site disposal have been disposed of in a manner not reasonably expected to result, individually or in the aggregate, in a Material Adverse Effect. 

(f) Except as would not reasonably be expected to result, individually or in the aggregate, in a Material Adverse Effect, neither the
Borrower nor any Subsidiary has contractually assumed any liability or obligation under or relating to any applicable Environmental Law. 
  

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 (g) Except as would not reasonably be expected to result, individually or in the aggregate,
in a Material Adverse Effect, the Loan Parties and each other Subsidiary and their respective businesses, operations and properties are and have been in compliance with all applicable Environmental Laws. 

Section 5.09 Taxes. Except as could not, either individually or in the aggregate, reasonably be expected to result in a
Material Adverse Effect, the Borrower and each Restricted Subsidiary have timely filed all federal, provincial, state, municipal, foreign and other tax returns and reports required to be filed, and have timely paid all federal, provincial, state,
municipal, foreign and other taxes, assessments, fees and other governmental charges levied or imposed upon them or their properties, income or assets otherwise due and payable, except those which are being contested in good faith by appropriate
proceedings diligently conducted and for which adequate reserves have been provided in accordance with GAAP. 

Section 5.10 Compliance with ERISA. Except as would not, either individually or in the aggregate, reasonably be expected to
result in a Material Adverse Effect, each Plan is in compliance with the applicable provisions of ERISA, the Code and other Federal or state Laws. 

Section 5.11 Subsidiaries; Equity Interests. As of the Closing Date, the Borrower has no Subsidiaries other than those
specifically disclosed in Schedule 5.11, and all of the outstanding Equity Interests in the Borrower and the Material Subsidiaries have been validly issued, are fully paid and nonassessable and all Equity Interests owned by the Borrower
are owned free and clear of all Liens except (i) those created under the First Lien Loan Documents and the Second Lien Loan Documents and (ii) any nonconsensual Lien that is permitted under Section 7.01. As of the Closing Date,
Schedule 5.11 sets forth the name and jurisdiction of organization of each Subsidiary, and (b) sets forth the ownership interest the Borrower and any of its Subsidiaries in each of its Subsidiaries, including the percentage of such
ownership. 
 Section 5.12 Margin Regulations; Investment Company Act. (a) The Borrower is not engaged nor will
it engage, principally or as one of its important activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying margin stock,
and no proceeds of any Borrowings will be used for any purpose that violates Regulation U. 
 (a) None of the Borrower, any
Person Controlling the Borrower or any Subsidiary is or is required to be registered as an “investment company” under the Investment Company Act of 1940, as amended. 

Section 5.13 Disclosure. No report, financial statement, certificate or other written information furnished by or on behalf
of the Borrower to any Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder or any other Loan Document (as modified or supplemented by other information so
furnished) when taken as a whole contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the 

 

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circumstances under which they were made, not materially misleading; provided that, with respect to projected financial information and pro forma financial information, the
Borrower represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time of preparation; it being understood that such projections may vary from actual results and that such variances may
be material. 
 Section 5.14 Intellectual Property; Licenses, Etc. The Borrower and the Restricted Subsidiaries own,
license or possess the right to use, all of the trademarks, service marks, trade names, domain names, copyrights, patents, patent rights, technology, software, know-how database rights, design rights and other intellectual property rights
(collectively, “IP Rights”) that are reasonably necessary for the operation of their respective businesses as currently conducted, and, to the knowledge of the Borrower, without violation of the rights of any Person, except to the
extent such violations, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. To the knowledge of the Borrower, no such IP Rights infringe upon any rights held by any Person except for such
infringements, individually or in the aggregate, which could not reasonably be expected to have a Material Adverse Effect. No claim or litigation regarding any such IP Rights, is pending or, to the knowledge of the Borrower, threatened against the
Borrower or Subsidiary, which, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 

Section 5.15 Solvency. On the Closing Date after giving effect to the Transaction the Borrower, on a consolidated basis with
its Subsidiaries, is Solvent. 
 Section 5.16 Pension Plans. 

(a) The Canadian Pension Plans are duly registered under the Tax Act (if required to be so registered) and any other applicable Laws
which require registration, have been administered in accordance with their terms, the Tax Act and such other applicable Laws and no event has occurred which could reasonably be expected to cause the loss of such registered status or result in a
full or partial termination of a Canadian Pension Plan, except, in each case, to the extent that any failure to do so, or any such occurrence, could not reasonably be expected to have a Material Adverse Effect. All material obligations of the
Borrower and any Restricted Subsidiary (including fiduciary, funding, investment and administration obligations) required to be performed in connection with the Canadian Pension Plans and the funding agreements therefor have been performed on a
timely basis, except to the extent that any failure to do so could not reasonably be expected to have a Material Adverse Effect. There are no outstanding disputes concerning the assets of the Canadian Pension Plans or Canadian Benefit Plans that
could reasonably be expected to have a Material Adverse Effect. All contributions or premiums required to be made or paid by the Borrower and any Restricted Subsidiary to the Canadian Pension Plans or Canadian Benefit Plans have been made on a
timely basis in accordance with the terms of such plans and all applicable Laws, except to the extent that any failure to do so could not reasonably be expected to have a Material Adverse Effect. There have been no improper withdrawals or
applications of the assets of the Canadian Pension Plans that could reasonably be expected to have a Material Adverse Effect. As of the Closing Date, no Canadian Pension Plan provides for pension benefit accruals on a defined benefit basis.

  

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 (b) Except where noncompliance would not reasonably be expected, individually or in the
aggregate, to result in a Material Adverse Effect, (i) each Foreign Plan has been maintained in compliance with its terms and with the requirements of any and all applicable laws, statutes, rules, regulations and orders, and (ii) neither
the Borrower nor any Restricted Subsidiary have incurred any obligations in connection with the termination of or withdrawal from any Foreign Plan. Except as would not reasonably be expected to result in a Material Adverse Effect, the present value
of the accrued benefit liabilities (whether or not vested) under each Foreign Plan which is funded, determined as of the end of the most recently ended fiscal year of the Borrower or other Restricted Subsidiary (based on the actuarial assumptions
used for purposes of the applicable jurisdiction’s financial reporting requirements), did not exceed the current value of the assets of such Foreign Plan, and for each Foreign Plan which is not funded, the obligations of such Foreign Plan are
properly accrued. 
 ARTICLE VI 

Affirmative Covenants 

So long as any Lender shall have any Commitment hereunder or any Loan or other Obligation hereunder which is accrued and payable shall
remain unpaid or unsatisfied, the Borrower shall, and shall (except in the case of the covenants set forth in Sections 6.01, 6.02 and 6.03) cause each Restricted Subsidiary to: 

Section 6.01 Financial Statements. Deliver to the Administrative Agent for prompt further distribution to each Lender:

 (a) (i) as soon as available, but in any event within one hundred and twenty (120) days after the end of
the first fiscal year ending after the Closing Date and within ninety (90) days after the end of each subsequent fiscal year of the Borrower, a consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal year,
and the related consolidated statements of income or operations, stockholders’ equity and cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and
prepared in accordance with GAAP, audited and accompanied by a report and opinion of KPMG LLP or any other independent registered public accounting firm of nationally recognized standing, which report and opinion shall be prepared in accordance with
generally accepted auditing standards; 
 (ii) as soon as available, but in any event within one hundred and
twenty (120) days after the end of the first fiscal year ending after the Closing Date and within ninety (90) days after the end of each subsequent fiscal year of the Company, a consolidated balance sheet of the Company and its
Subsidiaries as at the end of such fiscal year, and the related consolidated statements of income or operations, stockholders’ equity and cash flows for such fiscal year, setting forth in each case in comparative form the figures for the
previous fiscal year, all in reasonable detail and prepared in accordance with GAAP, audited and accompanied by a report and opinion of KPMG LLP or any other independent registered public accounting firm of nationally recognized standing, which
report and opinion shall be prepared in accordance with generally accepted auditing standards; 
  

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 (b) (i) as soon as available, but in any event within forty-five
(45) days (or, solely in the case of the first three full fiscal quarters ending after the Closing Date, within sixty (60) days) after the end of each of the first three (3) fiscal quarters of each fiscal year of the Borrower
(commencing with the first full fiscal quarter ended after the Closing Date), a consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal quarter, and the related (i) consolidated statements of income or
operations for such fiscal quarter and for the portion of the fiscal year then ended and 
 (ii) consolidated
statements of cash flows for the portion of the fiscal year then ended, setting forth in each case in comparative form the figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the previous fiscal
year, all in reasonable detail and certified by a Responsible Officer of the Borrower as fairly presenting in all material respects the financial condition, results of operations, stockholders’ equity and cash flows of the Borrower and its
Subsidiaries in accordance with GAAP, subject only to normal year-end adjustments and the absence of footnotes; (ii) as soon as available, but in any event within forty-five (45) days (or, solely in the case of the first three full fiscal
quarters ending after the Closing Date, within sixty (60) days) after the end of each of the first three (3) fiscal quarters of each fiscal year of the Company (commencing with the first full fiscal quarter ended after the Closing Date), a
consolidated balance sheet of the Company and its Subsidiaries as at the end of such fiscal quarter, and the related (i) consolidated statements of income or operations for such fiscal quarter and for the portion of the fiscal year then ended
and (ii) consolidated statements of cash flows for the portion of the fiscal year then ended, setting forth in each case in comparative form the figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding
portion of the previous fiscal year, all in reasonable detail and certified by a Responsible Officer of the Company as fairly presenting in all material respects the financial condition, results of operations, stockholders’ equity and cash
flows of the Company and its Subsidiaries in accordance with GAAP, subject only to normal year-end adjustments and the absence of footnotes; and 

(c) simultaneously with the delivery of each set of consolidated financial statements referred to in
Sections 6.01(a) and (b) above (i) the related consolidating financial statements reflecting the adjustments necessary to eliminate the accounts of Unrestricted Subsidiaries (if any) from such consolidated financial
statements, and (ii) the same consolidated financial statements prepared in accordance with the Accounting Principles, together with a reconciliation statement of GAAP against the Accounting Principles. 

Notwithstanding the foregoing, the obligations in paragraphs (a) and (b) of this Section 6.01 may be satisfied with respect to
financial information of the Borrower and its Subsidiaries by furnishing (A) the applicable financial statements of any direct or indirect parent of the Borrower that holds all of the Equity Interests of the Borrower or (B) the
Borrower’s (or any direct or indirect parent thereof), as applicable, Form 10-K or 10-Q, as applicable, filed with the SEC or any comparable continuous disclosures made under the Ontario Securities Act; provided that,

  

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with respect to each of clauses (A) and (B), (i) to the extent such information relates to a parent of the Borrower, such information is accompanied by consolidating information that
explains in reasonable detail the differences between the information relating to the Borrower (or such parent), on the one hand, and the information relating to the Borrower and its Restricted Subsidiaries on a standalone basis, on the other hand
and (ii) to the extent such information is in lieu of information required to be provided under Section 6.01(a), such materials are accompanied by a report and opinion of KPMG LLP or any other independent registered
public accounting firm of nationally recognized standing, which report and opinion shall be prepared in accordance with generally accepted auditing standards. 

Section 6.02 Certificates; Other Information. Deliver to the Administrative Agent for prompt further distribution to each
Lender: 
 (a) no later than five (5) days after the delivery of the financial statements referred to in
Section 6.01(a)(i) and (b)(i), a duly completed Compliance Certificate signed by a Responsible Officer of the Borrower; 

(b) promptly after the same are publicly available, copies of all annual, regular, periodic and special reports and
registration statements which the Borrower files with the SEC or with any Governmental Authority that may be substituted therefor (other than amendments to any registration statement (to the extent such registration statement, in the form it became
effective, is delivered), exhibits to any registration statement and, if applicable, any registration statement on Form S-8) and in any case not otherwise required to be delivered to the Administrative Agent pursuant hereto; 

(c) promptly after the furnishing thereof, copies of any material requests or material notices received by the Borrower
(other than in the ordinary course of business) or material statements or material reports furnished to any holder of debt securities of the Borrower or of any of its Subsidiaries having an aggregate outstanding principal amount greater than the
Threshold Amount or pursuant to the terms of the First Lien Loan Documents or Second Lien Loan Documents, in each case, so long as the aggregate outstanding principal amount thereunder is greater than the Threshold Amount and not otherwise required
to be furnished to the Lenders pursuant to any other clause of this Section 6.02; 
 (d) together
with the delivery of the financial statements pursuant to Section 6.01(a) and each Compliance Certificate pursuant to Section 6.02(a), (i) a list of Subsidiaries that identifies each Subsidiary as a Restricted Subsidiary
or an Unrestricted Subsidiary as of the date of delivery of such Compliance Certificate or a confirmation that there is no change in such information since the later of the Closing Date or the date of the last such list and (ii) such other
information required by the Compliance Certificate; 
 (e) No later than ninety (90) days following the
first day of each fiscal year of the Company (commencing with the fiscal year of the Company beginning on April 1, 2008), a budget for such fiscal year in form customarily prepared by the Company; and 

 

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 (f) promptly, such additional information regarding the business, legal,
financial or corporate affairs of the Borrower or any Restricted Subsidiary, or compliance with the terms of the Loan Documents, as the Administrative Agent or any Lender through the Administrative Agent may from time to time reasonably request.

 Documents required to be delivered pursuant to Section 6.01(a) or (b) or Section 6.02(c)
may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Borrower posts such documents, or provides a link thereto on the Borrower’s website on the Internet at the website
address listed on Schedule 10.02; or (ii) on which such documents are posted on the Borrower’s behalf on IntraLinks/IntraAgency or another relevant website, if any, to which each Lender and the Administrative Agent have access
(whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided that: (i) upon written request by the Administrative Agent, the Borrower shall deliver paper copies of such documents to the
Administrative Agent for further distribution to each Lender until a written request to cease delivering paper copies is given by the Administrative Agent and (ii) the Borrower shall notify (which may be by facsimile or electronic mail) the
Administrative Agent of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents. Notwithstanding the foregoing, the Borrower shall deliver
originally executed Compliance Certificates to the Administrative Agent (in addition to the electronic copies pursuant to the foregoing). Each Lender shall be solely responsible for timely accessing posted documents or requesting delivery of paper
copies of such documents from the Administrative Agent and maintaining its copies of such documents. 
 Section 6.03
Notices. Promptly after a Responsible Officer obtains actual knowledge thereof, notify the Administrative Agent: 

(a) of the occurrence of any Default, which notice shall specify the nature thereof, the period of existence thereof and
what action the Borrower proposes to take with respect thereto; and 
 (b) any litigation or governmental
proceeding (including without limitation pursuant to any applicable Environmental Laws) pending against the Borrower or any of the Subsidiaries that could reasonably be expected to be determined adversely and, if so determined, to result in a
Material Adverse Effect. 
 Section 6.04 [Reserved]. 

Section 6.05 Maintenance of Existence. (a) Preserve, renew and maintain in full force and effect its legal existence
under the Laws of the jurisdiction of its organization and (b) take all reasonable action to maintain all rights, privileges (including its good standing), permits, licenses and franchises necessary or desirable in the normal conduct of its
business, except in the case of clause (a) and (b), (i) to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect or (ii) pursuant to a transaction permitted by Section 7.04 or
7.05. 
  

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 Section 6.06 Maintenance of Properties. Except if the failure to do so could
not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (a) maintain, preserve and protect all of its material properties and equipment necessary in the operation of its business in good working order,
repair and condition, ordinary wear and tear excepted and casualty or condemnation excepted, and (b) make all necessary renewals, replacements, modifications, improvements, upgrades, extensions and additions thereof or thereto in accordance
with prudent industry practice. 
 Section 6.07 Maintenance of Insurance. Maintain with financially sound and
reputable insurance companies, insurance with respect to its properties and business against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar business, of such types and in such amounts (after giving
effect to any self-insurance reasonable and customary for similarly situated Persons engaged in the same or similar businesses as the Borrower and its Restricted Subsidiaries) as are customarily carried under similar circumstances by such other
Persons. 
 Section 6.08 Compliance with Laws. Comply in all respects with the requirements of all Laws and all
orders, writs, injunctions, decrees and judgments applicable to it or to its business or property (including without limitation Environmental Laws and ERISA), except if the failure to comply therewith could not, individually or in the aggregate
reasonably be expected to have a Material Adverse Effect. 
 Section 6.09 Books and Records. Maintain proper books
of record and account, in which entries that are full, true and correct in all material respects and are in conformity with GAAP consistently applied shall be made of all material financial transactions and matters involving the assets and business
of the Borrower or such Subsidiary, as the case may be. 
 Section 6.10 Inspection Rights. Permit representatives
and independent contractors of the Administrative Agent and each Lender to visit and inspect any of its properties and to discuss its affairs, finances and accounts with its directors, officers, and independent public accountants, all at the
reasonable expense of the Borrower and at such reasonable times during normal business hours and as often as may be reasonably desired, upon reasonable advance notice to the Borrower; provided that, excluding any such visits and inspections
during the continuation of an Event of Default, only the Administrative Agent on behalf of the Lenders may exercise rights of the Administrative Agent and the Lenders under this Section 6.10 and the Administrative Agent shall not
exercise such rights more often than two (2) times during any calendar year absent the existence of an Event of Default and only one (1) such time shall be at the Borrower’s expense; provided further that when an Event
of Default exists, the Administrative Agent or any Lender (or any of their respective representatives or independent contractors) may do any of the foregoing at the expense of the Borrower at any time during normal business hours and upon reasonable
advance notice. The Administrative Agent and the Lenders shall give the Borrower the opportunity to participate in any discussions with the Borrower’s independent public accountants. Notwithstanding anything to the contrary in this
Section 6.10, none of the Borrower or any Restricted Subsidiary will be required to disclose or permit the inspection or discussion of, any document, information or other matter (i) that constitutes non-financial trade secrets or
non-financial proprietary information, (ii) in respect of which disclosure to the Administrative Agent or any Lender (or their respective representatives or contractors) is prohibited by Law or any binding agreement or (iii) that is
subject to attorney-client or similar privilege or constitutes attorney work product. 
  

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 Section 6.11 [Reserved]. 

Section 6.12 Use of Proceeds. Use the proceeds of the Loans, whether directly or indirectly, in a manner consistent with the
uses set forth in the preliminary statements to this Agreement. 
 Section 6.13 [Reserved]. 

Section 6.14 Designation of Subsidiaries. (a) Subject to Section 6.14(b) below, the board of directors of
the Company may at any time designate any Restricted Subsidiary as an Unrestricted Subsidiary or any Unrestricted Subsidiary as a Restricted Subsidiary. The designation of any Subsidiary as an Unrestricted Subsidiary shall constitute an Investment
by the Company therein at the date of designation in an amount equal to the net book value of the Company’s investment therein. The designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute the incurrence at the
time of designation of any Indebtedness or Liens of such Subsidiary existing at such time. 
 (a) The Company may not
(x) designate any Restricted Subsidiary as an Unrestricted Subsidiary, or (y) designate an Unrestricted Subsidiary as a Restricted Subsidiary, in each case unless: 

(i) no Default or Event of Default exists or would result therefrom; 

(ii) the Senior Secured Incurrence Test (calculated on a Pro Forma Basis) would be satisfied immediately after giving
effect to such designation; and 
 (iii) in the case of clause (x) only, (A) the Subsidiary to be so designated does
not (directly, or indirectly through its Subsidiaries) own any Equity Interests or Indebtedness of, or own or hold any Lien on any property of, the Borrower or any Restricted Subsidiary, and (B) neither the Borrower nor any Restricted
Subsidiary shall at any time be directly or indirectly liable for any Indebtedness that provides that the holder thereof may (with the passage of time or notice or both) declare a default thereon or cause the payment thereof to be accelerated or
payable prior to its stated maturity upon the occurrence of a default with respect to any Indebtedness, Lien or other obligation of any Unrestricted Subsidiary (including any right to take enforcement action against such Unrestricted Subsidiary).

 Section 6.15 [Reserved]. 

Section 6.16 Payment of Taxes. The Borrower will pay and discharge, and will cause each of the Restricted Subsidiaries to pay
and discharge, all taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits, or upon any properties belonging to it, in each case on a timely basis, and all lawful claims which, if unpaid, might become a
lien or charge upon any properties of the Borrower or any of the Restricted Subsidiaries not otherwise permitted under this Agreement; provided that neither the Borrower nor any of the Restricted Subsidiaries shall be required to pay any such
tax, assessment, charge, levy or claim which is being contested in good faith and by proper proceedings if it has maintained adequate reserves with respect thereto in accordance with GAAP. 

 

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 Section 6.17 End of Fiscal Years; Fiscal Quarters. The Borrower will cause
(i) its fiscal year to end on March 31 of each calendar year and (ii) its fiscal quarters to end on March 31, June 30, September 30 and December 31 of each calendar year, in each case unless otherwise approved by
the Administrative Agent. 
 ARTICLE VII 

Negative Covenants 

So long as any Lender shall have any Commitment hereunder or any Loan or other Obligation hereunder which is accrued and payable shall
remain unpaid or unsatisfied, the Borrower shall not, nor shall it permit any of its Restricted Subsidiaries to, directly or indirectly: 

Section 7.01 Liens. Create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether
now owned or hereafter acquired, other than the following: 
 (a) Liens pursuant to any Loan Document; 

(b) Liens pursuant to the First Lien Loan Documents and/or Second Lien Loan Documents; 

(c) Liens existing on the date hereof; provided that any Lien securing Indebtedness in excess of (x) $550,000 individually or
(y) $1,650,000 in the aggregate (when taken together with all other Liens securing obligations outstanding in reliance on this clause (c) that are not listed on Schedule 7.01(c)) shall only be permitted to the extent such Lien
is listed on Schedule 7.01(c); 
 (d) Liens for taxes, assessments or governmental charges which are not overdue for
a period of more than thirty (30) days or which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person to the extent
required in accordance with GAAP; 
 (e) statutory or common law Liens of landlords, carriers, warehousemen, mechanics,
materialmen, repairmen, construction contractors or other like Liens arising in the ordinary course of business which secure amounts not overdue for a period of more than thirty (30) days or if more than thirty (30) days overdue, are
unfiled (or if filed have been discharged or stayed) and no other action has been taken to enforce such Lien or which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto
are maintained on the books of the applicable Person to the extent required in accordance with GAAP; 
 (f) (i) pledges or
deposits in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other social security legislation and (ii) pledges and deposits in the ordinary course of business securing liability for
reimbursement or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees for the benefit of) insurance carriers providing property, casualty or liability insurance to the Borrower or any Restricted
Subsidiary; 
  

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 (g) deposits to secure the performance of bids, trade contracts, governmental contracts and
leases (other than Indebtedness for borrowed money), statutory obligations, surety, stay, customs and appeal bonds, performance bonds and other obligations of a like nature (including those to secure health, safety and environmental obligations)
incurred in the ordinary course of business; 
 (h) easements, rights-of-way, restrictions, encroachments, protrusions and other
similar encumbrances and minor title defects affecting real property which, in the aggregate, do not in any case materially interfere with the ordinary conduct of the business of the Borrower or any Material Subsidiary and any exception on the title
polices issued in connection with the Mortgaged Property (as defined in the First Lien Loan Documents); 
 (i) Liens securing
judgments for the payment of money not constituting an Event of Default under Section 8.01(h); 
 (j) Liens securing
Indebtedness permitted under Section 7.03(f); provided that (i) such Liens attach concurrently with or within two hundred and seventy (270) days after the acquisition, construction, repair, replacement or improvement (as
applicable) of the property subject to such Liens, (ii) such Liens do not at any time encumber any property other than the property financed by such Indebtedness, replacements thereof and additions and accessions to such property and the
proceeds and the products thereof and customary security deposits, and (iii) with respect to Capitalized Leases, such Liens do not at any time extend to or cover any assets (except for additions and accessions to such assets, replacements and
products thereof and customary security deposits) other than the assets subject to such Capitalized Leases; provided that individual financings of equipment provided by one lender may be cross-collateralized to other financings of equipment
provided by such lender; 
 (k) leases, licenses, subleases or sublicenses granted to others in the ordinary course of business
which do not (i) interfere in any material respect with the business of the Borrower or any Material Subsidiary, taken as a whole, or (ii) secure any Indebtedness; 

(l) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with
the importation of goods in the ordinary course of business; 
 (m) Liens (i) of a collection bank (including those arising
under Section 4-210 of the Uniform Commercial Code) on the items in the course of collection, (ii) attaching to commodity trading accounts or other commodities brokerage accounts incurred in the ordinary course of business and
(iii) in favor of a banking or other financial institution arising as a matter of law encumbering deposits or other funds maintained with a financial institution (including the right of set off) and which are within the general parameters
customary in the banking industry; 
 (n) Liens (i) on cash advances in favor of the seller of any property to be acquired
in an Investment permitted pursuant to Section 7.02(j) or (o) to be applied against the purchase price for such Investment and (ii) consisting of an agreement to Dispose of any property in a Disposition permitted under
Section 7.05, in each case, solely to the extent such Investment or Disposition, as the case may be, would have been permitted on the date of the creation of such Lien; 

 

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 (o) Liens on property of any Subsidiary securing Indebtedness incurred pursuant to
Section 7.03(t) or (v); 
 (p) Liens in favor of the Borrower or a Restricted Subsidiary securing
Indebtedness permitted under Section 7.03(e); 
 (q) Liens existing on property at the time of its acquisition or
existing on the property of any Person at the time such Person becomes a Restricted Subsidiary (other than by designation as a Restricted Subsidiary pursuant to Section 6.14), in each case after the date hereof; provided that
(i) such Lien was not created in contemplation of such acquisition or such Person becoming a Restricted Subsidiary, (ii) such Lien does not extend to or cover any other assets or property (other than the proceeds or products thereof and
other than after-acquired property subjected to a Lien securing Indebtedness and other obligations incurred prior to such time and which Indebtedness and other obligations are permitted hereunder that require, pursuant to their terms at such time, a
pledge of after-acquired property, it being understood that such requirement shall not be permitted to apply to any property to which such requirement would not have applied but for such acquisition), and (iii) the Indebtedness secured thereby
is permitted under Section 7.03(f) or (h); 
 (r) any interest or title of a lessor or sublessor under leases
or subleases entered into by the Borrower or any of its Restricted Subsidiaries in the ordinary course of business; 
 (s) Liens
arising out of conditional sale, title retention, consignment or similar arrangements for sale of goods entered into by the Borrower or any of its Restricted Subsidiaries in the ordinary course of business; 

(t) Liens deemed to exist in connection with Investments in repurchase agreements under Section 7.02 and reasonable customary
initial deposits and margin deposits and similar Liens attaching to commodity trading accounts or other brokerage accounts maintained in the ordinary course of business and not for speculative purposes; 

(u) Liens that are contractual rights of set-off (i) relating to the establishment of depository relations with banks or other
financial institutions not given in connection with the incurrence of Indebtedness, (ii) relating to pooled deposit or sweep accounts of the Borrower or any Restricted Subsidiary to permit satisfaction of overdraft or similar obligations
incurred in the ordinary course of business of the Borrower or its Restricted Subsidiaries or (iii) relating to purchase orders and other agreements entered into with customers of the Borrower or any Restricted Subsidiary in the ordinary course
of business; 
 (v) Liens solely on any cash earnest money deposits made by the Borrower or any of its Restricted Subsidiaries
in connection with any letter of intent or purchase agreement permitted hereunder; 
  

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 (w) ground leases in respect of real property on which facilities owned or leased by the
Borrower or any of its Subsidiaries are located; 
 (x) Liens arising from precautionary Uniform Commercial Code or PPSA
financing statement filings; 
 (y) Liens on insurance policies and the proceeds thereof securing the financing of the premiums
with respect thereto; 
 (z) any zoning or similar law or right reserved to or vested in any Governmental Authority to control
or regulate the use of any real property that does not materially interfere with the ordinary conduct of the business of the Borrower or any Material Subsidiary; 

(aa) Liens on specific items of inventory or other goods and the proceeds thereof securing such Person’s obligations in respect of
documentary letters of credit or banker’s acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or goods; 

(bb) Liens securing letters of credit in a currency other than Dollars or Canadian Dollars permitted under Section 7.03(p) in
an aggregate amount at any time outstanding not to exceed $16,500,000; 
 (cc) Liens on the Securitization Assets arising in
connection with a Qualified Securitization Financing; 
 (dd) Liens on assets of Restricted Subsidiaries of the Company securing
Indebtedness permitted pursuant to Section 7.03(n), (p) or (t); 
 (ee) Liens on property of the
Company and its Subsidiaries securing Indebtedness permitted under Section 7.03(v); 
 (ff) the modification,
replacement, renewal or extension of any Lien permitted by clauses (c), (j) and (q) of this Section 7.01; provided that (i) the Lien does not extend to any additional property other than (A) after-acquired
property that is affixed or incorporated into the property covered by such Lien or financed by Indebtedness permitted under Section 7.03, and (B) proceeds and products thereof; and (ii) the renewal, extension or refinancing of
the obligations secured or benefited by such Liens is permitted by Section 7.03; and 
 (gg) other Liens securing
Indebtedness or other obligations in an aggregate principal amount at any time outstanding not to exceed $16,500,000. 

Section 7.02 Investments. Make any Investments, except: 

(a) Investments by the Borrower or a Restricted Subsidiary in assets that were Cash Equivalents when such Investment was made;

  

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 (b) loans or advances to officers, directors and employees of the Borrower (or any direct or
indirect parent thereof), any Intermediate Holding Company, the Company or its Restricted Subsidiaries (i) for reasonable and customary business-related travel, entertainment, relocation and analogous ordinary business purposes, (ii) in
connection with such Person’s purchase of Equity Interests of the Borrower (or any direct or indirect parent thereof or after a Qualifying IPO, any Intermediate Holding Company or the Company) and (iii) for purposes not described in the
foregoing clauses (i) and (ii), in an aggregate principal amount outstanding not to exceed $5,500,000; 
 (c) asset
purchases (including purchases of inventory, supplies and materials) and the licensing or contribution of intellectual property pursuant to joint marketing arrangements with other Persons, in each case in the ordinary course of business; 

(d) Investments (i) by the Borrower in any Restricted Subsidiary and (ii) by any Restricted Subsidiary in the Borrower or in
any other Restricted Subsidiary; 
 (e) Investments consisting of extensions of credit in the nature of accounts receivable or
notes receivable arising from the grant of trade credit in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors and other credits to suppliers in the
ordinary course of business; 
 (f) Investments consisting of Liens, Indebtedness, fundamental changes, Dispositions and
Restricted Payments permitted under Sections 7.01, 7.03, 7.04, 7.05 and 7.06, respectively; 

(g) Investments consisting of any modification, replacement, renewal, reinvestment or extension of any Investment existing on the date
hereof; provided that the amount of any Investment permitted pursuant to this Section 7.02(g) is not increased from the amount of such Investment on the Closing Date except pursuant to the terms of such Investment as of the
Closing Date or as otherwise permitted by this Section 7.02; 
 (h) Investments in Swap Contracts permitted under
Section 7.03; 
 (i) promissory notes and other noncash consideration received in connection with Dispositions
permitted by Section 7.05; 
 (j) the purchase or other acquisition of property and assets or businesses of any
Person or of assets constituting a business unit, a line of business or division of such Person, or Equity Interests in a Person that, upon the consummation thereof, will be a Restricted Subsidiary of the Borrower (including as a result of a merger
or consolidation); provided that, with respect to each purchase or other acquisition made pursuant to this Section 7.02(j) (each, a “Permitted Acquisition”) (i) immediately before and immediately after giving
Pro Forma Effect to any such purchase or other acquisition, no Default shall have occurred and be continuing; and (ii) after giving Pro Forma Effect to any such purchase or other acquisition, (A) the Senior
Secured Incurrence Test would be satisfied, (B) the Senior Secured Leverage Ratio (calculated on a Pro Forma Basis) in effect immediately after such purchase or other acquisition shall be no greater than the Senior Secured
Leverage Ratio in effect immediately prior to such purchase or other acquisition or (C) the Senior Secured Leverage Ratio (calculated on a Pro Forma Basis) in effect immediately after such purchase or other acquisition does not
exceed the Senior Secured Leverage Ratio as of the Closing Date 
  

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 (k) the Transaction; 

(l) Investments in the ordinary course of business consisting of endorsements for collection or deposit and customary trade arrangements
with customers consistent with past practices; 
 (m) Investments (including debt obligations and Equity Interests) received in
connection with the bankruptcy or reorganization of suppliers and customers or in settlement of delinquent obligations of, or other disputes with, customers and suppliers arising in the ordinary course of business or upon the foreclosure with
respect to any secured Investment or other transfer of title with respect to any secured Investment; 
 (n) loans and advances
to the Borrower (or any direct or indirect parent thereof) in lieu of, and not in excess of the amount of (after giving effect to any other such loans or advances or Restricted Payments in respect thereof), Restricted Payments to the
extent permitted to be made to the Borrower (or such direct or indirect parent) in accordance with Section 7.06(f) or (g); 

(o) so long as immediately after giving effect to any such Investment no Default has occurred and is continuing, other Investments that
do not exceed $40,000,000 in the aggregate, net of any return representing return of capital in respect of any such investment and valued at the time of the making thereof; provided that such amount shall be increased by (i) the Net Cash
Proceeds of Permitted Equity Issuances that are Not Otherwise Applied and (ii) the Available Amount that is Not Otherwise Applied; provided, further, that the aggregate amount of such $40,000,000 that may be used for the
designation of a Restricted Subsidiary as an Unrestricted Subsidiary shall not exceed $20,000,000, plus any return representing the return of capital in respect of any such Unrestricted Subsidiary and valued at the time of the making of any such
designation; 
 (p) advances of payroll payments to employees in the ordinary course of business; 

(q) Investments to the extent that payment for such Investments is made solely with Qualified Equity Interests of the Borrower (or of the
Company or any Intermediate Holding Company or any direct or indirect parent of the Borrower after a Qualifying IPO of the Company, such Intermediate Holding Company or such direct or indirect parent of the Borrower, as the case may be); 

(r) Investments held by a Restricted Subsidiary acquired after the Closing Date or of a corporation merged into the Borrower or merged or
consolidated with a Restricted Subsidiary in accordance with Section 7.04 after the Closing Date to the extent that such Investments were not made in contemplation of or in connection with such acquisition, merger or consolidation and
were in existence on the date of such acquisition, merger or consolidation; 
  

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 (s) Guarantee Obligations of the Borrower or any Restricted Subsidiary in respect of leases
(other than Capitalized Leases) or of other obligations that do not constitute Indebtedness, in each case entered into in the ordinary course of business; 

(t) (i) Investments in a Securitization Subsidiary or any Investment by a Securitization Subsidiary in any other Person;
provided, however, that any such Investment in a Securitization Subsidiary is in the form of a contribution of additional Securitization Assets or of equity in connection with a Qualified Securitization Financing, and
(ii) distributions or payments of Securitization Fees and purchases of Securitization Assets pursuant to a Securitization Repurchase Obligation in connection with a Qualified Securitization Financing; 

(u) Investments constituting the non-cash portion of consideration received in a Disposition permitted by Section 7.05;

 (v) the transfer of the Calgary Property by the Borrower or any Restricted Subsidiary to the Calgary SPV; and 

(w) Investments of cash by the Borrower or any Restricted Subsidiary into the Calgary SPV, so long as the aggregate amount of such
Investments (including for this purpose Investments of cash by the Borrower or any Restricted Subsidiary in the Calgary Property prior to the time the Calgary Property is transferred to the Calgary SPV) do not exceed $20,000,000. 

Section 7.03 Indebtedness. Create, incur, assume or suffer to exist any Indebtedness, except: 

(a) Indebtedness of the Borrower under the Loan Documents; 

(b) Indebtedness of the Borrower and any of its Subsidiaries under the First Lien Loan Documents and/or Second Lien Loan Documents and
any Permitted Refinancing thereof, so long as the aggregate outstanding principal amount of such Indebtedness shall not exceed an amount equal to the sum of (i) the Cap Amount (as defined in the Intercreditor Agreement referred to therein),
(ii) $100,000,000 and (iii) in the case of a DIP Financing (as defined in such Intercreditor Agreement) only, $50,000,000; 

(c) (i) Indebtedness outstanding on the date hereof and listed on Schedule 7.03(c) and any Permitted Refinancing thereof
and (ii) intercompany Indebtedness outstanding on the date hereof; 
 (d) Guarantee Obligations of the Borrower and its
Restricted Subsidiaries in respect of Indebtedness of the Borrower or any Restricted Subsidiary otherwise permitted hereunder; 

(e) Indebtedness of the Borrower or any Restricted Subsidiary owing to the Borrower or any other Restricted Subsidiary to the extent
constituting an Investment permitted by Section 7.02; 
  

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 (f) (i) Attributable Indebtedness and other Indebtedness (including Capitalized Leases)
financing the acquisition, construction, repair, replacement or improvement of fixed or capital assets; provided that such Indebtedness is incurred concurrently with or within two hundred and seventy (270) days after the applicable
acquisition, construction, repair, replacement or improvement, (ii) Attributable Indebtedness arising out of Permitted Sale Leasebacks and (iii) any Permitted Refinancing of any Indebtedness set forth in the immediately preceding
clauses (i) and (ii); and provided, further, that the aggregate principal amount of Indebtedness (including without limitation Attributable Indebtedness) under this Section 7.03(f) does not exceed $55,000,000;

 (g) Indebtedness in respect of Swap Contracts designed to hedge against interest rates, foreign exchange rates or commodities
pricing risks incurred in the ordinary course of business and not for speculative purposes; 
 (h) Indebtedness assumed in
connection with any Permitted Acquisition, provided that (x) such Indebtedness (i) was not incurred in contemplation of such Permitted Acquisition, (ii) is secured only by the assets acquired in the applicable Permitted
Acquisition (including any acquired Equity Interests), (iii) the only obligors with respect to any Indebtedness incurred pursuant to this clause (h) shall be those Persons who were obligors of such Indebtedness prior to such Permitted
Acquisition, and (y) both immediately prior and after giving effect thereto no Default shall exist or result therefrom; 

(i) Indebtedness representing deferred compensation to employees of the Borrower (or any direct or indirect parent of the Borrower) and
its Restricted Subsidiaries incurred in the ordinary course of business; 
 (j) Indebtedness to current or former officers,
directors, managers, consultants and employees, their respective estates, spouses or former spouses to finance the purchase or redemption of Equity Interests of the Borrower (or any direct or indirect parent thereof) permitted by
Section 7.06; 
 (k) Indebtedness incurred by the Borrower or any of its Restricted Subsidiaries in a Permitted
Acquisition, any other Investment expressly permitted hereunder or any Disposition, in each case to the extent constituting indemnification obligations or obligations in respect of purchase price (including earn-outs) or other similar adjustments;

 (l) Indebtedness consisting of obligations of the Borrower or any of its Restricted Subsidiaries under deferred compensation
or other similar arrangements incurred by such Person in connection with the Transaction and Permitted Acquisitions or any other Investment expressly permitted hereunder; 

(m) Cash Management Obligations and other Indebtedness in respect of netting services, automatic clearinghouse arrangements, overdraft
protections and similar arrangements in each case in connection with deposit accounts incurred in the ordinary course; 
 (n)
Indebtedness of the Company and its Restricted Subsidiaries in an aggregate principal amount not to exceed $55,500,000 at any time outstanding; 
  

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 (o) Indebtedness consisting of (a) the financing of insurance premiums or
(b) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary course of business; 
 (p)
Indebtedness incurred by the Borrower or any of its Restricted Subsidiaries in respect of letters of credit, bank guarantees, banker’s acceptances, warehouse receipts or similar instruments issued or created in the ordinary course of business,
including in respect of workers compensation claims, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance or other Indebtedness with respect to reimbursement-type obligations regarding workers
compensation claims; 
 (q) obligations in respect of performance, bid, appeal and surety bonds and performance and completion
guarantees and similar obligations provided by the Borrower or any of its Restricted Subsidiaries or obligations in respect of letters of credit, bank guarantees or similar instruments related thereto, in each case in the ordinary course of business
or consistent with past practice; 
 (r) Indebtedness incurred by a Securitization Subsidiary in connection with a Qualified
Securitization Financing that is not recourse (except for Standard Securitization Undertakings) to the Borrower or any of its Restricted Subsidiaries; 

(s) Indebtedness supported by a Letter of Credit in a principal amount not to exceed the face amount of such Letter of Credit;

 (t) Indebtedness incurred by Restricted Subsidiaries of the Company which are not guarantors of the First Lien Credit
Agreement and the Second Lien Credit Agreement, so long as such Indebtedness, when aggregated with the principal amount of all other Indebtedness incurred pursuant to this clause (t) and Section 7.03(n) by such Restricted
Subsidiaries and then outstanding, does not exceed the greater of $27,500,000 and 11% of Foreign Subsidiary Total Assets; 
 (u)
unsecured Indebtedness of the Company or any Restricted Subsidiary; provided that (i) both immediately prior and after giving Pro Forma Effect to such incurrence, no Default or Event of Default shall exist or result
therefrom, and (ii) either (A) the Total Leverage Ratio (calculated on a Pro Forma Basis) would be no greater than 6.25:1.00 or (B) the Total Leverage Ratio (calculated on a Pro Forma Basis) would be no
greater than the Total Leverage Ratio in effect immediately prior to such incurrence; 
 (v) other secured Indebtedness of the
Company or any Restricted Subsidiary; provided that, (i) both immediately prior to and after giving effect thereto, no Default shall exist or result therefrom and (ii) after giving Pro Forma Effect to the incurrence of
such Indebtedness either (A) the Senior Secured Incurrence Test (calculated on a Pro Forma Basis) would have been satisfied, or (B) the Senior Secured Leverage Ratio (calculated on a Pro Forma Basis) would be no
greater than the Senior Secured Leverage Ratio in effect immediately prior to such incurrence; 
 (w) Indebtedness of the
Borrower and the Company under the Shareholder Loan Documents and other shareholder loans between the Borrower and the Company outstanding on the date hereof, as amended, restated, modified, supplemented or refinanced (the “Other Shareholder
Loans”); and 
  

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 (x) all premiums (if any), interest (including post-petition interest), fees, expenses,
charges and additional or contingent interest on obligations described in clauses (a) through (w) above. 
 For
purposes of determining compliance with any Dollar-denominated restriction on the incurrence of Indebtedness, the Dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency
exchange rate in effect on the date such Indebtedness was incurred, in the case of term debt, or first committed, in the case of revolving credit debt; provided that if such Indebtedness is incurred to extend, replace, refund, refinance,
renew or defease other Indebtedness denominated in a foreign currency, and such extension, replacement, refunding, refinancing, renewal or defeasance would cause the applicable Dollar-denominated restriction to be exceeded if calculated at the
relevant currency exchange rate in effect on the date of such extension, replacement, refunding, refinancing, renewal or defeasance, such Dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of
such refinancing Indebtedness does not exceed the principal amount of such Indebtedness being extended, replaced, refunded, refinanced, renewed or defeased. 

For purposes of determining compliance with this Section 7.03, in the event that an item of Indebtedness meets the criteria
of more than one of the categories of Indebtedness described in clauses (a) through (x) above, the Borrower shall, in its sole discretion, classify and reclassify or later divide, classify or reclassify such item of Indebtedness (or any
portion thereof) and will only be required to include the amount and type of such Indebtedness in one or more of the above clauses; provided that all Indebtedness outstanding under the Loan Documents will be deemed to have been incurred in
reliance only on the exception in clause (a) of this Section 7.03. 
 The accrual of interest, the accretion of
accreted value and the payment of interest in the form of additional Indebtedness shall not be deemed to be an incurrence of Indebtedness for purposes of this Section 7.03. 

Section 7.04 Fundamental Changes. Merge, amalgamate, dissolve, liquidate, consolidate with or into another Person, or Dispose
of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person, except that: 

(a) any Restricted Subsidiary may merge or amalgamate with (i) the Borrower (including a merger or amalgamation, the
purpose of which is to reorganize the Borrower in a new jurisdiction); provided that (x) the Borrower shall be the continuing or surviving Person, and (y) such merger or amalgamation does not result in the Borrower ceasing to be
incorporated under the Laws of Canada or any province thereof or (ii) any one or more other Restricted Subsidiaries; 
  

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 (b) (i) any Subsidiary of the Company may merge, amalgamate or
consolidate with or into any other Subsidiary that is not a Loan Party, (ii) (A) any Subsidiary may liquidate or dissolve, (B) any Subsidiary may change its legal form, in each case, if the Borrower determines in good faith that such
action is in the best interests of the Borrower and its Subsidiaries and is not materially disadvantageous to the Lenders and (iii) the Borrower may change its legal form if it determines in good faith that such action is in the best interests
of the Borrower and its Subsidiaries, and the Administrative Agent reasonably determines it is not disadvantageous to the Lenders; 

(c) any Restricted Subsidiary may Dispose of all or substantially all of its assets (upon voluntary liquidation or
otherwise) to another Restricted Subsidiary; 
 (d) so long as no Default exists or would result therefrom, the
Borrower may merge or amalgamate with any other Person; provided that (i) the Borrower shall be the continuing or surviving corporation or (ii) if the Person formed by or surviving any such merger or amalgamation is not the Borrower
(any such Person, the “Successor Borrower”), (A) the Successor Borrower shall be an entity organized or existing under the laws of Canada or any province or territory thereof, (B) the Successor Borrower shall expressly
assume all the obligations of the Borrower under this Agreement and the other Loan Documents to which the Borrower is a party pursuant to a supplement hereto or thereto in form reasonably satisfactory to the Administrative Agent, and (C) the
Borrower shall have delivered to the Administrative Agent an officer’s certificate and an opinion of counsel, each stating that such merger or amalgamation and such supplement to this Agreement or any other Loan Document comply with this
Agreement; provided further that if the foregoing are satisfied, the Successor Borrower will succeed to, and be substituted for, the Borrower under this Agreement and the other Loan Documents; 

(e) so long as no Default exists or would result therefrom, any Restricted Subsidiary may merge or amalgamate with any
other Person in order to effect an Investment permitted pursuant to Section 7.02; provided that the continuing or surviving Person shall be a Restricted Subsidiary; 

(f) so long as no Default exists or would result therefrom and no material assets have been transferred to such
Subsidiaries from the Borrower or any Subsidiary thereof from the Closing Date to the date of such dissolution or liquidation, the Subsidiaries listed on Schedule 7.04(f) may be dissolved or liquidated; 

(g) the Acquisition may be consummated; and 

(h) so long as no Default exists or would result therefrom, a merger, amalgamation, dissolution, liquidation,
consolidation or Disposition, the purpose of which is to effect a Disposition permitted pursuant to Section 7.05, may be effected. 

Section 7.05 Dispositions. Make any Disposition or enter into any agreement to make any Disposition, except: 

(a) Dispositions of obsolete, worn out or surplus property, whether now owned or hereafter acquired, in the ordinary
course of business and Dispositions of property no longer used or useful in the conduct of the business of the Borrower and its Restricted Subsidiaries; 
  

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 (b) Dispositions of inventory and immaterial assets in the ordinary course
of business (including allowing any registrations or any applications for registration of any immaterial IP Rights to lapse or go abandoned in the ordinary course of business); 

(c) Dispositions of property to the extent that (i) such property is exchanged for credit against the purchase price
of similar replacement property that is promptly purchased or (ii) the proceeds of such Disposition are promptly applied to the purchase price of such replacement property (which replacement property is actually promptly purchased); 

(d) Dispositions of property to the Borrower or a Restricted Subsidiary; 

(e) Dispositions permitted by Sections 7.02, 7.04 and 7.06 and Liens permitted by
Section 7.01; 
 (f) Permitted Sale Leasebacks; 

(g) Dispositions in the ordinary course of business of Cash Equivalents; 

(h) leases, subleases, licenses or sublicenses, in each case in the ordinary course of business and which do not
materially interfere with the business of the Borrower and its Restricted Subsidiaries, taken as a whole; 
 (i)
transfers of property subject to Casualty Events upon receipt of the Net Cash Proceeds of such Casualty Event; 

(j) Dispositions of property not otherwise permitted under this Section 7.05; provided that the
Borrower or its applicable Restricted Subsidiaries, as the case may be, makes any required prepayment of First Lien Loans and or Second Lien Loans in accordance with the terms of the First Lien Loan Documents and the Second Lien Loan Documents;

 (k) Dispositions listed on Schedule 7.05(k) (“Scheduled Dispositions”);

 (l) Dispositions of Investments in joint ventures to the extent required by, or made pursuant to customary
buy/sell arrangements between, the joint venture parties set forth in joint venture arrangements and similar binding arrangements; 

(m) Dispositions of accounts receivable in the ordinary course of business in connection with the collection or compromise
thereof; 
 (n) any issuance or sale of Equity Interests in, or Indebtedness or other securities of, an
Unrestricted Subsidiary; 
 (o) the unwinding of any Swap Contract pursuant to its terms; 

(p) any Disposition of Securitization Assets to a Securitization Subsidiary; and 

 

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 (q) the transfer of the Calgary Property by the Borrower to the Calgary SPV.

 Section 7.06 Restricted Payments. Declare or make, directly or indirectly, any Restricted Payment, except:

 (a) each Restricted Subsidiary may make Restricted Payments to the Borrower and to other Restricted
Subsidiaries (and, in the case of a Restricted Payment by a non-wholly-owned Restricted Subsidiary, to the Borrower and any other Restricted Subsidiary and to each other owner of Equity Interests of such Restricted Subsidiary based on their relative
ownership interests of the relevant class of Equity Interests); 
 (b) (i) the Borrower or the Company may
(or may make Restricted Payments to permit any direct or indirect parent thereof to) redeem in whole or in part any of its Equity Interests for another class of its (or such parent’s) Equity Interests or rights to acquire its Equity Interests
or with proceeds from substantially concurrent equity contributions or issuances of new Equity Interests, provided that any terms and provisions material to the interests of the Lenders, when taken as a whole, contained in such other class of
Equity Interests are at least as advantageous to the Lenders as those contained in the Equity Interests redeemed thereby and (ii) the Borrower and each Restricted Subsidiary may declare and make dividend payments or other distributions payable
solely in the Equity Interests (other than Disqualified Equity Interests not otherwise permitted by Section 7.03) of such Person; 

(c) Restricted Payments made on the Closing Date to consummate the Transaction; 

(d) to the extent constituting Restricted Payments, the Borrower and its Restricted Subsidiaries may enter into and
consummate transactions expressly permitted by any provision of Section 7.02, 7.04 or 7.08 (other than Section 7.08(f)); 

(e) repurchases of Equity Interests in the Borrower (or any direct or indirect parent thereof) or any Restricted
Subsidiary deemed to occur upon exercise of stock options or warrants if such Equity Interests represent a portion of the exercise price of such options or warrants; 

(f) the Borrower or any Restricted Subsidiary may pay (or make Restricted Payments to allow any direct or indirect parent
thereof to pay) for the repurchase, retirement or other acquisition or retirement for value of Equity Interests of it or any direct or indirect parent thereof held by any future, present or former employee, director, officer or consultant (or any
Affiliates, spouses, former spouses, other immediate family members, successors, executors, administrators, heirs, legatees or distributees of any of the foregoing) of the Borrower (or any direct or indirect parent of the Borrower) or any of its
Subsidiaries pursuant to any employee, management or director equity plan, employee, management or director stock option plan or any other employee, management or director benefit plan or any agreement (including any stock subscription or
shareholder agreement) with any employee, director, officer or consultant of the Borrower (or any direct or indirect parent thereof), any Intermediate Holding Company, the Company or 

 

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any Subsidiary; provided that cancellation of Indebtedness owing to the Borrower (or any direct or indirect parent thereof) or any of its Subsidiaries from members of management of the
Borrower, any of the Borrower’s direct or indirect parent companies or any of the Borrower’s Restricted Subsidiaries in connection with a repurchase of Equity Interests of any of the Borrower’s or the Company’s direct or indirect
parent companies will not be deemed to constitute a Restricted Payment for purposes of this covenant or any other provision of this Agreement. 

(g) the Borrower and its Restricted Subsidiaries may make Restricted Payments to any direct or indirect holder of an
Equity Interest in the Borrower or the Company: 
 (i) the proceeds of which will be used to pay the tax
liability to each relevant jurisdiction attributable to the income of the Borrower or its Subsidiaries determined as if the Borrower and its Subsidiaries filed separately; 

(ii) the proceeds of which shall be used to pay such equity holder’s operating costs and expenses incurred in the
ordinary course of business, other corporate overhead costs and expenses and fees (including administrative, legal, accounting and similar expenses provided by third parties as well as trustee, directors and general partner fees) which are
reasonable and customary and incurred in the ordinary course of business and attributable to the ownership or operations of the Borrower and its Subsidiaries (including any reasonable and customary indemnification claims made by directors or
officers of any direct or indirect parent of the Borrower or the Company attributable to the direct or indirect ownership or operations of the Borrower and its Subsidiaries) and fees and expenses otherwise due and payable by the Borrower or any
Restricted Subsidiary and permitted to be paid by the Borrower or such Restricted Subsidiary under this Agreement; 

(iii) the proceeds of which shall be used to pay franchise and excise taxes and other fees, taxes and expenses required to
maintain its (or any of its direct or indirect parents’) corporate existence; 
 (iv) to finance any
Investment permitted to be made pursuant to Section 7.02; provided that (A) such Restricted Payment shall be made substantially concurrently with the closing of such Investment and (B) the Borrower, the Company or such
parent shall, immediately following the closing thereof, cause (1) all property acquired (whether assets or Equity Interests) to be held by or contributed to a Restricted Subsidiary or (2) the merger (to the extent permitted in
Section 7.04) of the Person formed or acquired into it or a Restricted Subsidiary in order to consummate such Permitted Acquisition, in each case, in accordance with the requirements of Section 6.11; 

(v) the proceeds of which shall be used to pay customary costs, fees and expenses (other than to Affiliates) related to
any unsuccessful equity or debt offering permitted by this Agreement; 
  

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 (vi) the proceeds of which shall be used to pay customary salary, bonus and
other benefits payable to officers and employees of any direct or indirect parent company of the Borrower or the Company to the extent such salaries, bonuses and other benefits are attributable to the ownership or operation of the Borrower and its
Restricted Subsidiaries; and 
 (vii) the proceeds of which shall be used to pay (A) withholding taxes
imposed in connection with the Shareholder Loans and the Other Shareholder Loans or (B) Canadian tax liability attributable to net interest income earned on the Shareholder Loans and the Other Shareholder Loans net of interest expense on the
Loans which is deductible pursuant to paragraph 20(1)(c) of the Canadian Income Tax Act. 
 (h) the Borrower
or any Restricted Subsidiary may (a) pay cash in lieu of fractional Equity Interests in connection with any dividend, split or combination thereof or any Permitted Acquisition and (b) honor any conversion request by a holder
of convertible Indebtedness and make cash payments in lieu of fractional shares in connection with any such conversion and may make payments on convertible Indebtedness in accordance with its terms; 

(i) the Borrower or any Restricted Subsidiary may pay any dividend or distribution within 60 days after the date of
declaration thereof, if at the date of declaration such payment would have complied with the provisions of this Agreement; 

(j) the declaration and payment of dividends on the Borrower’s or the Company’s common stock following the first
public offering of the Borrower’s or the Company’s common stock or the common stock (or equivalent thereof) of any direct or indirect holders of Equity Interests in the Borrower or the Company after the Closing Date, of up to 6.5% per
annum of the Net Cash Proceeds received by or contributed to the Borrower in or from any such public offering to the extent such Net Cash Proceeds are Not Otherwise Applied; 

(k) the Borrower or any Restricted Subsidiary may make Restricted Payments in an amount equal to withholding or similar
Taxes payable or expected to be payable by any future, present or former employee, director, manager or consultant (or any Affiliates, spouses, former spouses, other immediate family members, successors, executors, administrators, heirs, legatees or
distributees of any of the foregoing) and any repurchases of Equity Interests in consideration of such payments including deemed repurchases in connection with the exercise of stock options; 

(l) [Reserved]; 

(m) [Reserved]; 

(n) the Borrower or the Company may make additional Restricted Payments in an aggregate amount, together with the
aggregate amount of (1) prepayments, redemptions, purchases, defeasances and other payments in respect of the Shareholder Loans made pursuant to Section 7.09(a) and (2) loans and advances to any direct or

  

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indirect parent of the Borrower or the Company made pursuant to Section 7.02(n) in lieu of Restricted Payments permitted by this clause (n), not to exceed
the sum of (i) (A) $15,000,000 at all times when the Senior Secured Leverage Ratio is greater than 4.00:1.00, or (B) $25,000,000 when the Senior Secured Leverage Ratio is less than or equal to 4.00:1.00, in each case determined on a
Pro Forma Basis for the Restricted Payment, (ii) the aggregate amount of the Net Cash Proceeds of Permitted Equity Issuances that are Not Otherwise Applied and (iii) the Available Amount that is Not Otherwise Applied; and

 (o) (i) after the fourth anniversary of the Closing Date, the Company may pay dividends to the Borrower
in an amount equal to regularly scheduled interest on the Loans accruing after such fourth anniversary, so long as (x) the Borrower uses the proceeds of such dividends to pay such interest and (y) no Event of Default exist at the time of
such dividends or (ii) at any time, the Company may pay dividends to the Borrower to finance interest payments on the Shareholder Loans and the Other Shareholder Loans if such payments are funded from additional shareholder loans from the
Borrower to the Company. 
 Section 7.07 Change in Nature of Business. Engage in any material line of business
substantially different from those lines of business conducted by the Borrower and its Restricted Subsidiaries on the date hereof or any business reasonably related or ancillary thereto. 

Section 7.08 Transactions with Affiliates. Enter into any transaction of any kind with any Affiliate of the Borrower, whether
or not in the ordinary course of business, other than 
 (a) transactions between or among the Borrower or any Restricted
Subsidiary or any entity that becomes a Restricted Subsidiary as a result of such transaction; 
 (b) transactions on terms
substantially as favorable to the Borrower or such Restricted Subsidiary as would be obtainable by the Borrower or such Restricted Subsidiary at the time in a comparable arm’s-length transaction with a Person other than an Affiliate;

 (c) the Transaction and the payment of fees and expenses related to the Transaction; 

(d) the issuance of Equity Interests to any officer, director, employee or consultant of the Borrower or any of its Subsidiaries or any
direct or indirect parent of the Borrower in connection with the Transaction; 
 (e) the payment of management and monitoring
fees to the Sponsor in an aggregate amount in any fiscal year not to exceed the amount permitted to be paid pursuant to the Sponsor Management Agreement as in effect on the date hereof and any Sponsor Termination Fees not to exceed the amount set
forth in the Sponsor Management Agreement as in effect on the date hereof and related indemnities and reasonable expenses; 
  

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 (f) equity issuances, repurchases, redemptions, retirements or other acquisitions or
retirements of Equity Interests by the Borrower or any Restricted Subsidiary permitted under Section 7.06; 
 (g)
loans and other transactions by and among the Borrower and/or one or more Subsidiaries to the extent permitted under this Article VII; 

(h) employment and severance arrangements between the Borrower or any of its Subsidiaries and their respective officers and employees in
the ordinary course of business and transactions pursuant to stock option plans and employee benefit plans and arrangements; 

(i) payments by the Borrower (and any direct or indirect parent thereof) and its Restricted Subsidiaries pursuant to the tax sharing
agreements among the Borrower (and any such direct or indirect parent thereof) and its Restricted Subsidiaries on customary terms to the extent attributable to the ownership or operation of the Borrower and its Restricted Subsidiaries; 

(j) the payment of customary fees and reasonable out of pocket costs to, and indemnities provided on behalf of, directors, officers,
employees and consultants of the Borrower and its Restricted Subsidiaries or any direct or indirect parent of the Borrower in the ordinary course of business to the extent attributable to the ownership or operation of the Borrower and its Restricted
Subsidiaries; 
 (k) transactions pursuant to permitted agreements in existence on the Closing Date and set forth on
Schedule 7.08 or any amendment thereto to the extent such an amendment is not adverse to the Lenders in any material respect; 

(l) dividends permitted under Section 7.06; 

(m) customary payments by the Borrower and any Restricted Subsidiaries to the Sponsor made for any financial advisory, financing,
underwriting or placement services or in respect of other investment banking activities (including in connection with acquisitions or divestitures), which payments are approved by the majority of the members of the board of directors or a majority
of the disinterested members of the board of directors of the Borrower in good faith; 
 (n) any Disposition of Securitization
Assets or related assets in connection with any Qualified Securitization Financing and any repurchase of Securitization Assets pursuant to a Securitization Repurchase Obligation; and 

(o) the transfer of the Calgary Property to the Calgary SPV and Investments by the Company and its Restricted Subsidiaries in the Calgary
SPV, in each case to the extent otherwise permitted hereunder. 
 Section 7.09 Shareholder Loans. (a) Prepay,
redeem, purchase, defease or otherwise satisfy in any manner (whether in cash or otherwise) the Shareholder Loans, or make any payment of cash interest on the Shareholder Loans, except prepayments, redemptions, purchases, defeasances and other
payments in respect of the Shareholder Loans in an aggregate amount, together with the aggregate amount of Restricted Payments made pursuant to 

 

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Section 7.06(n), not to exceed the sum of (A) (I) $15,000,000 at all times when the Senior Secured Leverage Ratio is greater than 4.00:1.00, or (II) $25,000,000 when the
Senior Secured Leverage Ratio is less than or equal to 4.00:1.00, in each case determined on a Pro Forma Basis for the Restricted Payment, (B) the amount of the Net Cash Proceeds of Permitted Equity Issuances that are Not
Otherwise Applied, and (C) the Available Amount that is Not Otherwise Applied. 
 (b) Amend, modify or change in any manner
materially adverse to the interests of the Lenders any term or condition of the Shareholder Loan Documents or Section 4.7 of the Securityholders Agreement without the consent of the Administrative Agent. 

ARTICLE VIII 

Events of Default and Remedies 

Section 8.01 Events of Default. Any of the following events referred to in any of clauses (a) through (n) inclusive
of this Section 8.01 shall constitute an “Event of Default”: 
 (a)
Non-Payment. The Borrower fails to pay (i) when and as required to be paid herein, any amount of principal of any Loan or (ii) within seven (7) Business Days after the same becomes due, any interest on any Loan or any other
amount payable hereunder or with respect to any other Loan Document; or 
 (b) Specific Covenants. The
Borrower fails to perform or observe any term, covenant or agreement contained in any of Sections 6.03(a) or 6.05(a) (solely with respect to the Borrower) 6.12, 6.15 or Article VII; or 

(c) Other Defaults. The Borrower fails to perform or observe any other covenant or agreement (not specified in
Section 8.01(a) or (b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for forty-five (45) days after receipt by the Borrower of written notice thereof by the
Administrative Agent or the Required Lenders; or 
 (d) Representations and Warranties. Any
representation, warranty, certification or statement of fact made or deemed made by or on behalf of the Borrower herein, in any other Loan Document, or in any document required to be delivered in connection herewith or therewith shall be incorrect
or misleading in any material respect when made or deemed made; or 
 (e) Cross-Default; Cross
Acceleration. The Borrower or any Restricted Subsidiary (A) fails to make any payment beyond the applicable grace period with respect thereto, if any (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise)
in respect of any Indebtedness (other than Indebtedness hereunder, Indebtedness in respect of the Calgary Bridge Financing or the Calgary Permanent Financing and Indebtedness under the First Lien Loan Documents or the Second Lien Loan Documents)
having an aggregate principal amount of not less than the Threshold Amount, (B) fails to observe or perform any other agreement or condition relating to any 

 

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such Indebtedness, or any other event occurs (other than, with respect to Indebtedness consisting of Swap Contracts, termination events or equivalent events pursuant to the terms of such Swap
Contracts), the effect of which default or other event is to cause, or to permit the holder or holders of such Indebtedness (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of
notice if required, all such Indebtedness to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem all such Indebtedness to be made, prior to its stated
maturity; provided that this clause (e)(B) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness, if such sale or transfer is permitted
hereunder and under the documents providing for such Indebtedness; provided further that such failure is unremedied and is not waived by the holders of such Indebtedness; or (C) fails to observe or perform any agreement or
condition (including without limitation any payment obligation) relating to any Indebtedness under the First Lien Loan Documents or the Second Lien Loan Documents, or any other event occurs (other than (i) with respect to Indebtedness
consisting of Swap Contracts, termination events or equivalent events pursuant to the terms of such Swap Contracts and (ii) any event requiring prepayment of First Lien Loans pursuant to Section 2.06(b) of each of the First Lien Credit
Agreement or the Second Lien Credit Agreement), in each case the effect of which default or other event is to cause, with the giving of notice if required, all such Indebtedness to become due or to be repurchased, prepaid, defeased or redeemed
(automatically or otherwise) and/or to be secured by cash collateral, or an offer to repurchase, prepay, defease or redeem all such Indebtedness to be made, prior to its stated maturity; or 

(f) Insolvency Proceedings, Etc. The Borrower or any of the Restricted Subsidiaries institutes or consents to the
institution of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, interim receiver, receiver and manager, trustee, custodian, conservator,
liquidator, rehabilitator, administrator, administrative receiver or similar officer for it or for all or any material part of its property; or any receiver, interim receiver, receiver and manager, trustee, custodian, conservator, liquidator,
rehabilitator, administrator, administrative receiver or similar officer is appointed without the application or consent of such Person and the appointment continues undischarged or unstayed for seventy-five (75) calendar days; or any
proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted without the consent of such Person and continues undismissed or unstayed for seventy-five (75) calendar days; or an
order for relief is entered in any such proceeding; or 
 (g) Inability to Pay Debts; Attachment.
(i) The Borrower or any Restricted Subsidiary becomes unable or admits in writing its inability or fails generally to pay its debts in excess of the Threshold Amount as they become due, or (ii) any writ or warrant of attachment or
execution or similar process is issued or levied against all or any material part of the property of the Borrower, taken as a whole, and is not released, vacated or fully bonded within seventy-five (75) days after its issue or levy; or

  

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 (h) Judgments. There is entered against the Borrower or any
Restricted Subsidiary a final judgment or order for the payment of money in an aggregate amount exceeding the Threshold Amount (to the extent not covered by independent third-party insurance) and such judgment or order shall not have been satisfied,
vacated, discharged or stayed or bonded pending an appeal for a period of seventy-five (75) consecutive days; or 

(i) Pension Plans. The Borrower or any Restricted Subsidiary shall have failed to make any required contribution
when due in accordance with applicable laws or regulations with respect to a Canadian Pension Plan, Canadian Benefit Plan and/or Foreign Plan, or any other event shall have occurred, giving rise to a lien (statutory or otherwise) against, or deemed
trust in respect of, any of the assets of the Borrower or any Restricted Subsidiary in respect of a Canadian Pension Plan Canadian Benefit Plan and/or Foreign Plan, where such failure or lien could reasonably be expected to result in a Material
Adverse Effect; or 
 (j) [Reserved]; 

(k) Change of Control. There occurs any Change of Control; or 

(l) [Reserved]; 

(m) [Reserved]. 

Section 8.02 Remedies Upon Event of Default. If any Event of Default occurs and is continuing, the Administrative Agent may
and, at the request of the Required Lenders, shall take any or all of the following actions: 
 (a) declare the
commitment of each Lender to make Loans to be terminated, whereupon such commitments and obligation shall be terminated; 

(b) declare the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other
amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; 

(c) exercise on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Loan
Documents or applicable Law; 
 provided that upon the occurrence of an Event of Default under Section 8.01(f) with respect
to the Borrower, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable, without further act of the Administrative Agent or any Lender. 

Section 8.03 Exclusion of Immaterial Subsidiaries. Solely for the purpose of determining whether a Default has occurred under
clause (f) or (g) of Section 8.01, any reference in any such clause to any Restricted Subsidiary or the Borrower shall be deemed not to include 

 

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any Restricted Subsidiary affected by any event or circumstances referred to in any such clause that is not a Material Subsidiary (it being agreed that all Restricted Subsidiaries affected
by any event or circumstance referred to in any such clause shall be considered together, as a single consolidated Restricted Subsidiary, for purposes of determining whether the condition specified above is satisfied). 

Section 8.04 Application of Funds. After the exercise of remedies provided for in Section 8.02 (or after the
Loans have automatically become immediately due and payable as set forth in the proviso to Section 8.02), including in any bankruptcy or insolvency proceeding, any amounts received on account of the Obligations shall be applied by the
Administrative Agent in the following order: 
 First, to payment of that portion of the Obligations constituting fees,
indemnities, expenses and other amounts (other than principal and interest, but including Attorney Costs payable under Section 10.04 and amounts payable under Article III) payable to each Agent in its capacity as such;

 Second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than
principal and interest) payable to the Lenders (including Attorney Costs payable under Section 10.04 and amounts payable under Article III), ratably among them in proportion to the amounts described in this clause Second
payable to them; 
 Third, to payment of that portion of the Obligations constituting accrued and unpaid interest
(including, but not limited to, post-petition interest), ratably among the Lenders in proportion to the respective amounts described in this clause Third payable to them; 

Fourth, to payment of that portion of the Obligations constituting unpaid principal, of the Loans, ratably among the Lenders in
proportion to the respective amounts described in this clause Fourth held by them; 
 Fifth, to the payment of all
other Obligations of the Loan Parties that are due and payable to the Administrative Agent and the other Lenders on such date, ratably based upon the respective aggregate amounts of all such Obligations owing to the Administrative Agent and the
other Lenders on such date; and 
 Last, the balance, if any, after all of the Obligations have been indefeasibly paid in
full, to the Borrower or as otherwise required by Law. 
 ARTICLE IX 

Administrative Agent and Other Agents 

Section 9.01 Appointment and Authorization of Agents. Each Lender hereby irrevocably appoints, designates and authorizes the
Administrative Agent to take such action on its behalf under the provisions of this Agreement and each other Loan Document and to exercise such powers and perform such duties as are expressly delegated to it by the terms of this Agreement or any
other Loan Document, together with such powers as are reasonably incidental 
  

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thereto. Notwithstanding any provision to the contrary contained elsewhere herein or in any other Loan Document, the Administrative Agent shall have no duties or responsibilities, except those
expressly set forth herein, nor shall the Administrative Agent have or be deemed to have any fiduciary relationship with any Lender or participant, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be
read into this Agreement or any other Loan Document or otherwise exist against the Administrative Agent. Without limiting the generality of the foregoing sentence, the use of the term “agent” herein and in the other Loan Documents with
reference to any Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead, such term is used merely as a matter of market custom, and is intended to create
or reflect only an administrative relationship between independent contracting parties. 
 Section 9.02 Delegation of
Duties. The Administrative Agent may execute any of its duties under this Agreement or any other Loan Document by or through Affiliates, agents, employees or attorneys-in-fact, such sub-agents as shall be deemed necessary by the Administrative
Agent, and shall be entitled to advice of counsel, both internal and external, and other consultants or experts concerning all matters pertaining to such duties. The Administrative Agent shall not be responsible for the negligence or misconduct of
any agent or sub-agent or attorney-in-fact that it selects in the absence of gross negligence or willful misconduct. 

Section 9.03 Liability of Agents. No Agent-Related Person shall (a) be liable to any Lender for any action taken or
omitted to be taken by any of them under or in connection with this Agreement or any other Loan Document or the transactions contemplated hereby (except for its own gross negligence or willful misconduct, as determined by the final judgment of a
court of competent jurisdiction, in connection with its duties expressly set forth herein), or (b) be responsible in any manner to any Lender or participant for any recital, statement, representation or warranty made by the Borrower or any
officer thereof, contained herein or in any other Loan Document, or in any certificate, report, statement or other document referred to or provided for in, or received by the Administrative Agent under or in connection with, this Agreement or any
other Loan Document, or the validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document or for any failure of the Borrower or any other party to any Loan Document to perform its obligations
hereunder or thereunder. No Agent-Related Person shall be under any obligation to any Lender or participant to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any
other Loan Document, or to inspect the properties, books or records of the Borrower or any Affiliate thereof. 

Section 9.04 Reliance by Agents. 

(a) Each Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, communication, signature,
resolution, representation, notice, consent, certificate, affidavit, letter, telegram, facsimile, telex or telephone message, electronic mail message, statement or other document or conversation believed by it to be genuine and correct and to have
been signed, sent or made by the proper Person or Persons, and upon advice and statements of legal counsel (including counsel to the Borrower), independent accountants and other experts selected by such Agent. Each Agent shall be fully justified in
failing or refusing to take any action under any Loan Document unless it shall first receive such advice or concurrence 

 

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of the Required Lenders as it deems appropriate and, if it so requests, it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense which may be
incurred by it by reason of taking or continuing to take any such action. Each Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any other Loan Document in accordance with a request or
consent of the Required Lenders (or such greater number of Lenders as may be expressly required hereby in any instance) and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders. 

(b) For purposes of determining compliance with the conditions specified in Section 4.01, each Lender that has signed this
Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative
Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto. 

Section 9.05 Notice of Default. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of
any Default, except with respect to defaults in the payment of principal, interest and fees required to be paid to the Administrative Agent for the account of the Lenders, unless the Administrative Agent shall have received written notice from a
Lender or the Borrower referring to this Agreement, describing such Default and stating that such notice is a “notice of default”. The Administrative Agent will notify the Lenders of its receipt of any such notice. The Administrative Agent
shall take such action with respect to any Event of Default as may be directed by the Required Lenders in accordance with Article VIII; provided that unless and until the Administrative Agent has received any such direction, the
Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Event of Default as it shall deem advisable or in the best interest of the Lenders. 

Section 9.06 Credit Decision; Disclosure of Information by Agents. Each Lender acknowledges that no Agent-Related Person has
made any representation or warranty to it, and that no act by any Agent hereafter taken, including any consent to and acceptance of any assignment or review of the affairs of the Borrower or any Affiliate thereof, shall be deemed to constitute any
representation or warranty by any Agent-Related Person to any Lender as to any matter, including whether Agent-Related Persons have disclosed material information in their possession. Each Lender represents to each Agent that it has, independently
and without reliance upon any Agent-Related Person and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, prospects, operations, property, financial and other
condition and creditworthiness of the Borrower and its Subsidiaries, and all applicable bank or other regulatory Laws relating to the transactions contemplated hereby, and made its own decision to enter into this Agreement and to extend credit to
the Borrower hereunder. Each Lender also represents that it will, independently and without reliance upon any Agent-Related Person and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit
analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents, and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property,
financial and other condition and creditworthiness of the Borrower. Except for notices, reports and other documents expressly required to be furnished to the Lenders by any 

 

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Agent herein, such Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, prospects, operations, property, financial
and other condition or creditworthiness of the Borrower or any of its Affiliates which may come into the possession of any Agent-Related Person. 

Section 9.07 Indemnification of Agents. Whether or not the transactions contemplated hereby are consummated, the Lenders
shall indemnify upon demand each Agent-Related Person (to the extent not reimbursed by or on behalf of the Borrower and without limiting the obligation of the Borrower to do so), pro rata, and hold harmless each Agent-Related Person
from and against any and all Indemnified Liabilities incurred by it; provided that no Lender shall be liable for the payment to any Agent-Related Person of any portion of such Indemnified Liabilities resulting from such Agent-Related
Person’s own gross negligence or willful misconduct, as determined by the final judgment of a court of competent jurisdiction; provided that no action taken in accordance with the directions of the Required Lenders (or such other number
or percentage of the Lenders as shall be required by the Loan Documents) shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section 9.07. In the case of any investigation, litigation or proceeding
giving rise to any Indemnified Liabilities, this Section 9.07 applies whether any such investigation, litigation or proceeding is brought by any Lender or any other Person. Without limitation of the foregoing, each Lender shall reimburse
the Administrative Agent upon demand for its ratable share of any costs or out-of-pocket expenses (including Attorney Costs) incurred by the Administrative Agent in connection with the preparation, execution, delivery, administration, modification,
amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement, any other Loan Document, or any document contemplated by or referred to
herein, to the extent that the Administrative Agent is not reimbursed for such expenses by or on behalf of the Borrower, provided that such reimbursement by the Lenders shall not affect the Borrower’s continuing reimbursement obligations
with respect thereto, if any. The undertaking in this Section 9.07 shall survive termination of the Aggregate Commitments, the payment of all other Obligations and the resignation of the Administrative Agent. 

Section 9.08 Agents in their Individual Capacities. DB Canada and its Affiliates may make loans to, issue letters of credit
for the account of, accept deposits from, acquire Equity Interests in and generally engage in any kind of banking, trust, financial advisory, underwriting or other business with the Borrower and its Affiliates as though DB Canada were not the
Administrative Agent hereunder and without notice to or consent of the Lenders. The Lenders acknowledge that, pursuant to such activities, DB Canada or its Affiliates may receive information regarding the Borrower or any Affiliate of the Borrower
(including information that may be subject to confidentiality obligations in favor of the Borrower or such Affiliate) and acknowledge that the Administrative Agent shall be under no obligation to provide such information to them. With respect to its
Loans, DB Canada shall have the same rights and powers under this Agreement as any other Lender and may exercise such rights and powers as though it were not the Administrative Agent, and the terms “Lender” and “Lenders” include
DB Canada in its individual capacity. 
  

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 Section 9.09 Successor Agents. The Administrative Agent may resign as the
Administrative Agent upon thirty (30) days’ notice to the Lenders and the Borrower. If the Administrative Agent resigns under this Agreement, the Required Lenders shall appoint from among the Lenders a successor agent for the Lenders,
which appointment of a successor agent shall require the consent of the Borrower at all times other than during the existence of an Event of Default under Section 8.01(f) or (g) (which consent of the Borrower shall not be
unreasonably withheld or delayed). If no successor agent is appointed prior to the effective date of the resignation of the Administrative Agent, the Administrative Agent may appoint, after consulting with the Lenders and the Borrower, a successor
agent from among the Lenders. Upon the acceptance of its appointment as successor agent hereunder, the Person acting as such successor agent shall succeed to all the rights, powers and duties of the retiring Administrative Agent and the term
“Administrative Agent”, shall mean such successor administrative agent and/or supplemental administrative agent, as the case may be, and the retiring Administrative Agent’s appointment, powers and duties as the Administrative Agent
shall be terminated. After the retiring Administrative Agent’s resignation hereunder as the Administrative Agent, the provisions of this Article IX and Sections 10.04 and 10.05 shall inure to its benefit as to any
actions taken or omitted to be taken by it while it was the Administrative Agent under this Agreement. If no successor agent has accepted appointment as the Administrative Agent by the date which is thirty (30) days following the retiring
Administrative Agent’s notice of resignation, the retiring Administrative Agent’s resignation shall nevertheless thereupon become effective and the Lenders shall perform all of the duties of the Administrative Agent hereunder until such
time, if any, as the Required Lenders appoint a successor agent as provided for above. Upon the acceptance of any appointment as the Administrative Agent hereunder by a successor, the Administrative Agent shall thereupon succeed to and become vested
with all the rights, powers, discretion, privileges, and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations under the Loan Documents. 

Section 9.10 Administrative Agent May File Proofs of Claim. In case of the pendency of any receivership, insolvency,
liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Borrower, the Administrative Agent (irrespective of whether the principal of any Loan shall then be due and payable as herein
expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise: 

(a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, and all other
Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and the Administrative Agent (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the Administrative Agent under Sections 2.10 and 10.04) allowed in such
judicial proceeding; and 
 (b) to collect and receive any monies or other property payable or deliverable on any such claims
and to distribute the same; 
 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official
in any such judicial proceeding is hereby authorized by each Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders, to pay to the
Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Agents and their respective agents and counsel, and any other amounts due to the Administrative Agent under Sections 2.10
and 10.04. 
  

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 Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize
or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to authorize the Administrative Agent to vote in respect of the
claim of any Lender in any such proceeding. 
 Section 9.11 [Reserved]. 

Section 9.12 Other Agents; Arrangers and Managers. None of the Lenders or other Persons identified on the facing page or
signature pages of this Agreement as a “syndication agent”, or “arranger” shall have any right, power, obligation, liability, responsibility or duty under this Agreement other than those applicable to all Lenders as such. Without
limiting the foregoing, none of the Lenders or other Persons so identified shall have or be deemed to have any fiduciary relationship with any Lender. Each Lender acknowledges that it has not relied, and will not rely, on any of the Lenders or other
Persons so identified in deciding to enter into this Agreement or in taking or not taking action hereunder. 
 Section 9.13
Appointment of Supplemental Administrative Agents. 
 (a) It is the purpose of this Agreement and the other Loan
Documents that there shall be no violation of any Law of any jurisdiction denying or restricting the right of banking corporations or associations to transact business as agent or trustee in such jurisdiction. It is recognized that in case of
litigation under this Agreement or any of the other Loan Documents, and in particular in case of the enforcement of any of the Loan Documents, or in case the Administrative Agent deems that by reason of any present or future Law of any jurisdiction
it may not exercise any of the rights, powers or remedies granted herein or in any of the other Loan Documents or take any other action which may be desirable or necessary in connection therewith, the Administrative Agent is hereby authorized to
appoint an additional individual or institution selected by the Administrative Agent in its sole discretion as a separate trustee, co-trustee, administrative agent, collateral agent, administrative sub-agent or administrative co-agent (any such
additional individual or institution being referred to herein individually as a “Supplemental Administrative Agent” and collectively as “Supplemental Administrative Agents”). 

(b) Should any instrument in writing from the Borrower be required by any Supplemental Administrative Agent so appointed by the
Administrative Agent for more fully and certainly vesting in and confirming to him or it such rights, powers, privileges and duties, the Borrower shall execute, acknowledge and deliver any and all such instruments promptly upon request by the
Administrative Agent. In case any Supplemental Administrative Agent, or a successor thereto, shall die, become incapable of acting, resign or be removed, all the rights, powers, privileges and duties of such Supplemental Administrative Agent, to the
extent permitted by Law, shall vest in and be exercised by the Administrative Agent until the appointment of a new Supplemental Administrative Agent. 
  

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 ARTICLE X 

Miscellaneous 

Section 10.01 Amendments, Etc. Except as otherwise set forth in this Agreement, no amendment or waiver of any provision of
this Agreement or any other Loan Document, and no consent to any departure by the Borrower therefrom, shall be effective unless in writing signed by the Required Lenders and the Borrower, and each such waiver or consent shall be effective only in
the specific instance and for the specific purpose for which given; provided that no such amendment, waiver or consent shall: 

(a) extend or increase the Commitment of any Lender without the written consent of each Lender directly affected thereby
(it being understood that a waiver of any condition precedent set forth in Section 4.02 or the waiver of any Default shall not constitute an extension or increase of any Commitment of any Lender); 

(b) postpone any date scheduled for, or reduce the amount of, any payment of principal or interest under
Section 2.08 or 2.09 without the written consent of each Lender directly affected thereby, it being understood that the waiver of (or amendment to the terms of) any mandatory prepayment of the Loans shall not constitute a
postponement of any date scheduled for the payment of principal or interest; 
 (c) reduce the principal of, or
the rate of interest specified herein on, any Loan, or (subject to clause (iii) of the second proviso to this Section 10.01) any fees or other amounts payable hereunder or under any other Loan Document without the written
consent of each Lender directly affected thereby; provided that only the consent of the Required Lenders shall be necessary to amend the definition of “Default Rate” or to waive any obligation of the Borrower to pay interest
at the Default Rate; or 
 (d) change any provision of this Section 10.01, the definition of
“Required Lenders” or “Pro Rata Share” or Section 2.06(b)(ii)(Y), 2.07(c), 8.04 or 2.14 without the written consent of each Lender affected thereby; 

and provided further that (i) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in
addition to the Lenders required above, affect the rights or duties of, or any fees or other amounts payable to, the Administrative Agent under this Agreement or any other Loan Document; and (ii) Section 10.07(h) may not be amended,
waived or otherwise modified without the consent of each Granting Lender all or any part of whose Loans are being funded by an SPC at the time of such amendment, waiver or other modification. Notwithstanding anything to the contrary herein, no
Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except that the Commitment of such Lender may not be increased or extended without the consent of such Lender (it being understood that any
Commitments or Loans held or deemed held by any Defaulting Lender shall be excluded for a vote of the Lenders hereunder requiring any consent of the Lenders). 
  

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 Notwithstanding the foregoing, this Agreement may be amended (or amended and restated) with
the written consent of the Required Lenders, the Administrative Agent and the Borrower (a) to add one or more additional credit facilities to this Agreement and to permit the extensions of credit from time to time outstanding thereunder and the
accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the Loans, the Incremental Loans and Additional Incremental Loans, if any, and the accrued interest and fees in respect
thereof and (b) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders. 

In addition, notwithstanding the foregoing, this Agreement may be amended with the written consent of the Administrative Agent, the
Borrower and the Lenders providing the relevant Replacement Term Loans (as defined below) to permit the refinancing of all outstanding Loans (“Refinanced Term Loans”) with a replacement term loan denominated in Dollars
(“Replacement Term Loans”) hereunder; provided that (a) the aggregate principal amount of such Replacement Term Loans shall not exceed the aggregate principal amount of such Refinanced Term Loans, (b) the Applicable
Rate with respect to such Replacement Term Loans (or similar interest rate spread applicable to such Replacement Term Loans) shall not be higher than the Applicable Rate for such Refinanced Term Loans (or similar interest rate spread applicable to
such Refinanced Term Loans) immediately prior to such refinancing, (c) the Weighted Average Life to Maturity of such Replacement Term Loans shall not be shorter than the Weighted Average Life to Maturity of such Refinanced Term Loans at the
time of such refinancing (except to the extent of nominal amortization for periods where amortization has been eliminated as a result of prepayment of the Refinanced Term Loans) and (d) all other terms applicable to such Replacement Term Loans
shall be substantially identical to, or less favorable to the Lenders providing such Replacement Term Loans than those applicable to such Refinanced Term Loans, except to the extent necessary to provide for covenants and other terms applicable to
any period after the latest final maturity of the Loans in effect immediately prior to such refinancing. 
 Section 10.02
Notices and Other Communications; Facsimile Copies. 
 (a) General. Unless otherwise expressly provided herein, all
notices and other communications provided for hereunder or under any other Loan Document shall be in writing (including by facsimile transmission). All such written notices shall be mailed, faxed or delivered to the applicable address, facsimile
number or electronic mail address, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows: 

(i) if to the Borrower or the Administrative Agent, to the address, facsimile number, electronic mail address or telephone number
specified for such Person on Schedule 10.02 or to such other address, facsimile number, electronic mail address or telephone number as shall be designated by such party in a notice to the other parties; and 

 

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 (ii) if to any other Lender, to the address, facsimile number, electronic mail address or
telephone number specified in its Administrative Questionnaire or to such other address, facsimile number, electronic mail address or telephone number as shall be designated by such party in a written notice to the Borrower and the Administrative
Agent. 
 All such notices and other communications shall be deemed to be given or made upon the earlier to occur of (i) actual receipt by
the relevant party hereto and (ii) (A) if delivered by hand or by courier, when signed for by or on behalf of the relevant party hereto; (B) if delivered by mail, four (4) Business Days after deposit in the mails, postage prepaid;
(C) if delivered by facsimile, when sent and receipt has been confirmed by telephone; and (D) if delivered by electronic mail (which form of delivery is subject to the provisions of Section 10.02(b)), when delivered;
provided that notices and other communications to the Administrative Agent, pursuant to Article II shall not be effective until actually received by such Person during the person’s normal business hours. In no event shall a
voice mail message be effective as a notice, communication or confirmation hereunder. 
 (b) Effectiveness of Facsimile
Documents and Signatures. Loan Documents may be transmitted and/or signed by facsimile or other electronic communication. The effectiveness of any such documents and signatures shall, subject to applicable Law, have the same force and effect as
manually signed originals and shall be binding on all Loan Parties, the Agents and the Lenders. 
 (c) Reliance by Agents and
Lenders. The Administrative Agent and the Lenders shall be entitled to rely and act upon any notices (including telephonic Committed Loan Notices) purportedly given by or on behalf of the Borrower even if (i) such notices were not made in a
manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Borrower shall
indemnify each Agent-Related Person and each Lender from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Borrower in the absence of gross negligence or
willful misconduct. All telephonic notices to the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording. 

Section 10.03 No Waiver; Cumulative Remedies. No failure by any Lender or the Administrative Agent to exercise, and no delay
by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder
preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided, and provided under each other Loan Document, are cumulative and not exclusive
of any rights, remedies, powers and privileges provided by Law. 
 Section 10.04 Attorney Costs and Expenses. The
Borrower agrees (a) if the Closing Date occurs, to pay or reimburse the Administrative Agent, the Co-Syndication Agents and the Arranger for all reasonable and documented out-of-pocket costs and expenses incurred in connection with the
preparation, syndication, execution, delivery and administration of this 
  

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Agreement and the other Loan Documents, and any amendment, waiver, consent or other modification of the provisions hereof and thereof (whether or not the transactions contemplated thereby are
consummated), including all Attorney Costs of White & Case LLP, Osler, Hoskin & Harcourt LLP and one local and foreign counsel in each relevant jurisdiction, and (b) to pay or reimburse the Administrative Agent, the
Co-Syndication Agents, the Arranger and each Lender for all reasonable and documented out-of-pocket costs and expenses incurred in connection with the enforcement of any rights or remedies under this Agreement or the other Loan Documents (including
all such costs and expenses incurred during any legal proceeding, including any proceeding under any Debtor Relief Law, and including all Attorney Costs of counsel to the Administrative Agent). The foregoing costs and expenses shall include all
reasonable search, filing and recording charges and fees related thereto, and other reasonable and documented out-of-pocket expenses incurred by any Agent. The agreements in this Section 10.04 shall survive the termination of the
Aggregate Commitments and repayment of all other Obligations. All amounts due under this Section 10.04 shall be paid within ten (10) Business Days of receipt by the Borrower of an invoice relating thereto setting forth such expenses
in reasonable detail. If the Borrower fails to pay when due any costs, expenses or other amounts payable by it hereunder or under any Loan Document, such amount may be paid on behalf of the Borrower by the Administrative Agent in its sole
discretion. 
 Section 10.05 Indemnification by the Borrower. Whether or not the transactions contemplated hereby
are consummated, the Borrower shall indemnify and hold harmless each Agent-Related Person, each Lender and their respective Affiliates, directors, officers, employees, counsel, agents, trustees, investment advisors and attorneys-in-fact
(collectively the “Indemnitees”) from and against any and all liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses and disbursements (including Attorney Costs) of any kind
or nature whatsoever which may at any time be imposed on, incurred by or asserted against any such Indemnitee in any way relating to or arising out of or in connection with (a) the execution, delivery, enforcement, performance or administration
of any Loan Document or any other agreement, letter or instrument delivered in connection with the transactions contemplated thereby or the consummation of the transactions contemplated thereby, (b) any Commitment or Loan or the use or proposed
use of the proceeds therefrom, or (c) any actual or alleged presence or release of Hazardous Materials on, at, under or from any property currently or formerly owned or operated by the Borrower or any Subsidiary, or any Environmental Liability
related in any way to the Borrower or any Subsidiary, or (d) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory (including any
investigation of, preparation for, or defense of any pending or threatened claim, investigation, litigation or proceeding) (all the foregoing, collectively, the “Indemnified Liabilities”), in all cases, whether or not caused by or
arising, in whole or in part, out of the negligence of the Indemnitee; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such liabilities, obligations, losses, damages, penalties, claims, demands,
actions, judgments, suits, costs, expenses or disbursements resulted from (x) the gross negligence, bad faith or willful misconduct of such Indemnitee or of any affiliate, director, officer, employee, counsel, agent or attorney-in-fact of such
Indemnitee or (y) a material breach of the Loan Documents by such Indemnitee or of any affiliate, director, officer, employee, counsel, agent or attorney-in-fact of such Indemnitee. No Indemnitee shall be liable for any damages arising from the
use by others of any information or other materials obtained through IntraLinks or other similar information transmission systems 

 

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in connection with this Agreement, nor shall any Indemnitee or the Borrower have any liability for any special, punitive, indirect or consequential damages relating to this Agreement or any other
Loan Document or arising out of its activities in connection herewith or therewith (whether before or after the Closing Date). In the case of an investigation, litigation or other proceeding to which the indemnity in this Section 10.05
applies, such indemnity shall be effective whether or not such investigation, litigation or proceeding is brought by the Borrower, its directors, stockholders or creditors or an Indemnitee or any other Person, whether or not any Indemnitee is
otherwise a party thereto and whether or not any of the transactions contemplated hereunder or under any of the other Loan Documents is consummated. All amounts due under this Section 10.05 shall be paid within ten (10) Business
Days after demand therefor; provided, however, that such Indemnitee shall promptly refund such amount to the extent that there is a final judicial or arbitral determination that such Indemnitee was not entitled to indemnification or
contribution rights with respect to such payment pursuant to the express terms of this Section 10.05. The agreements in this Section 10.05 shall survive the resignation of the Administrative Agent, the replacement of any
Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other Obligations. 

Section 10.06 Payments Set Aside. To the extent that any payment by or on behalf of the Borrower is made to any Agent or any
Lender, or any Agent or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant
to any settlement entered into by such Agent or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such
recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender severally agrees to
pay to the Administrative Agent upon demand its applicable share of any amount so recovered from or repaid by any Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the Federal
Funds Rate. 
 Section 10.07 Successors and Assigns. 

(a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns permitted hereby, except that, except as otherwise provided herein (including without limitation as permitted under Section 7.04), the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder
without the prior written consent of each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Eligible Assignee, (ii) by way of participation in accordance with the provisions
of Section 10.07(e), (iii) by way of pledge or assignment of a security interest subject to the restrictions of Section 10.07(g) or (iv) to an SPC in accordance with the provisions of Section 10.07(h)
(and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors
and assigns permitted hereby, Participants to the extent provided in Section 10.07(e) and, to the extent expressly contemplated hereby, the Indemnitees) any legal or equitable right, remedy or claim under or by reason of this Agreement.

  

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 (b) (i) Subject to the conditions set forth in paragraph (b)(ii) below, any
Lender may assign to one or more assignees (“Assignees”) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it) with the prior written
consent (such consent not to be unreasonably withheld or delayed) of: 
 (A) the Borrower, provided that,
no consent of the Borrower shall be required for an assignment to any other Lender, any Affiliate of a Lender or any Approved Fund) or, if an Event of Default under Section 8.01(a) or, with respect to the Borrower only,
Section 8.01(f) or (g), has occurred and is continuing, any Assignee; provided, however, that during the 30 day period following the Closing Date, the Borrower shall be deemed to have consented to an assignment to
any Lender if such Lender was previously identified in the initial allocations of the Loans provided by the Arranger to the Borrower and reviewed and approved by the Borrower in writing on or prior to the Closing Date; and 

(B) the Administrative Agent; provided that no consent of the Administrative Agent shall be required for an
assignment of all or any portion of a Loan to another Lender, an Affiliate of a Lender or an Approved Fund. 

(ii) Assignments shall be subject to the following additional conditions: 

(A) except in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund or an assignment of
the entire remaining amount of the assigning Lender’s Commitment or Loans, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to
such assignment is delivered to the Administrative Agent) shall not be less than $1,000,000 unless the Borrower and the Administrative Agent otherwise consents, provided that (1) no such consent of the Borrower shall be required if an
Event of Default under Section 8.01(a) or, with respect to the Borrower only, Section 8.01(f) or (g), has occurred and is continuing and (2) such amounts shall be aggregated in respect of each Lender and its
Affiliates or Approved Funds, if any; 
 (B) the parties to each assignment shall execute and deliver to the
Administrative Agent an Assignment and Assumption; and 
 (C) the Assignee, if it shall not be a Lender, shall
deliver to the Administrative Agent an Administrative Questionnaire and any documentation required by Section 3.01(e). 

(c) Subject to acceptance and recording thereof by the Administrative Agent pursuant to Section 10.07(d) and receipt by the
Administrative Agent from the parties to each assignment of a processing and recordation fee of $3,500, from and after the effective date specified in each Assignment and Assumption, the Eligible Assignee thereunder shall be a party to this
Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning 

 

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Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and
Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 3.01, 3.04,
3.05, 10.04 and 10.05 with respect to facts and circumstances occurring prior to the effective date of such assignment). Upon request, and the surrender by the assigning Lender of its Note, the Borrower (at its expense) shall
execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this clause (c) shall be treated for purposes of this Agreement as a sale by such
Lender of a participation in such rights and obligations in accordance with Section 10.07(e). For greater certainty, any assignment by a Lender pursuant to this Section 10.07 shall not in any way constitute or be deemed to
constitute a novation, discharge, recession, extinguishment or substitution of the existing Indebtedness and any Indebtedness so assigned shall continue to be the same obligation and not a new obligations. 

(d) The Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at the Administrative
Agent’s Office a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and related interest amounts) of the Loans, and
amounts due under Section 2.04, owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, absent manifest error, and the Borrower, the Agents
and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for
inspection by the Borrower, any Agent and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

(e) Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent, sell participations to
any Person (other than a natural person) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans owing to it);
provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the
Borrower, the Agents and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells
such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and the other Loan Documents and to approve any amendment, modification or waiver of any provision of this Agreement or the other Loan
Documents; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 10.01(a), (b),
(c), (e) or (f) that directly affects such Participant. Subject to Section 10.07(f), the Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.01 (subject to the
requirements of Section 3.01(e)), 3.04 and 3.05 (through the applicable Lender) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 10.07(b). To the extent
permitted by applicable Law, each Participant also shall be entitled to the benefits of Section 10.09 as though it were a Lender; provided that such Participant agrees to be subject to

  

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Section 2.14 as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrower, maintain a register on which it
enters the name and address of each participant and the principal amounts of each participant’s interest in the Loans or other obligations under this Agreement (the “Participant Register”). The entries in the Participant
Register shall be conclusive, absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such Loan or other obligation hereunder as the owner thereof for all purposes of this
Agreement notwithstanding any notice to the contrary. Any such Participant Register shall be available for inspection by the Administrative Agent and the Borrower at any reasonable time and from time to time upon reasonable prior notice.
Notwithstanding anything to the contrary contained in this Section 10.07(e), each Lender shall have the right to sell one or more participations in all or any part of its Loans, Commitments or other Obligations to one or more lenders or
other Persons that provide financing to such Lender in the form of sales and repurchases of participations without having to satisfy the foregoing requirements. 

(f) A Participant shall not be entitled to receive any greater payment under Section 3.01, 3.04 or 3.05 than
the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent. 

(g) Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement (including
under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations
hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 
 (h) (Notwithstanding anything to the
contrary contained herein, any Lender (a “Granting Lender”) may grant to a special purpose funding vehicle identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Borrower (an
“SPC”) the option to provide all or any part of any Loan that such Granting Lender would otherwise be obligated to make pursuant to this Agreement; provided that (i) nothing herein shall constitute a commitment by any
SPC to fund any Loan, and (ii) if an SPC elects not to exercise such option or otherwise fails to make all or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof. Each party hereto hereby
agrees that (i) neither the grant to any SPC nor the exercise by any SPC of such option shall increase the costs or expenses or otherwise increase or change the obligations of the Borrower under this Agreement (including its obligations under
Section 3.01, 3.04 or 3.05), (ii) no SPC shall be liable for any indemnity or similar payment obligation under this Agreement for which a Lender would be liable and such liability shall remain with the Granting Lender,
and (iii) the Granting Lender shall for all purposes, including the approval of any amendment, waiver or other modification of any provision of any Loan Document, remain the lender of record hereunder. The making of a Loan by an SPC hereunder
shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by such Granting Lender. Notwithstanding anything to the contrary contained herein, any SPC may (i) with notice to, but without prior consent
of the Borrower and the Administrative Agent, assign all or any portion of its right to receive payment with respect to any Loan to the Granting Lender and (ii) disclose on a confidential basis any non-public information relating to its funding
of Loans to any rating agency, commercial paper dealer or provider of any surety or Guarantee Obligation or credit or liquidity enhancement to such SPC. 
  

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 (i) Notwithstanding anything to the contrary contained herein, (1) any Lender may in
accordance with applicable Law create a security interest in all or any portion of the Loans owing to it and the Note, if any, held by it and (2) any Lender that is a Fund may create a security interest in all or any portion of the Loans owing
to it and the Note, if any, held by it to the trustee for holders of obligations owed, or securities issued, by such Fund as security for such obligations or securities; provided that unless and until such trustee actually becomes a Lender in
compliance with the other provisions of this Section 10.07, (i) no such pledge shall release the pledging Lender from any of its obligations under the Loan Documents and (ii) such trustee shall not be entitled to exercise any
of the rights of a Lender under the Loan Documents even though such trustee may have acquired ownership rights with respect to the pledged interest through foreclosure or otherwise. 

(j) [Reserved]. 

Section 10.08 Confidentiality. Each of the Agents and the Lenders agrees to maintain the confidentiality of the Information
and to not use or disclose such information, except that Information may be disclosed (a) to its Affiliates and its and its Affiliates’ directors, officers, employees, trustees, investment advisors and agents, including accountants, legal
counsel and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential); (b) to the extent requested
by any Governmental Authority; (c) to the extent required by applicable Laws or regulations or by any subpoena or similar legal process; (d) to any other party to this Agreement; (e) subject to an agreement containing provisions
substantially the same as those of this Section 10.08 (or as may otherwise be reasonably acceptable to the Borrower), to any pledgee referred to in Section 10.07(g) or 10.07(i), counterparty to a Swap Contract,
Eligible Assignee of or Participant in, or any prospective Eligible Assignee of or Participant in, any of its rights or obligations under this Agreement; (f) with the written consent of the Borrower; (g) to the extent such Information
becomes publicly available other than as a result of a breach of this Section 10.08; (h) to any Governmental Authority or examiner (including the National Association of Insurance Commissioners or any other similar organization)
regulating any Lender; (i) to any rating agency when required by it (it being understood that, prior to any such disclosure, such rating agency shall undertake to preserve the confidentiality of any Information relating to the Borrower received
by it from such Lender); or (j) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder
or thereunder. In addition, the Agents and the Lenders may disclose the existence of this Agreement and information about this Agreement to market data collectors, similar service providers to the lending industry, and service providers to the
Agents and the Lenders in connection with the administration and management of this Agreement, the other Loan Documents, the Commitments and the Loans. For the purposes of this Section 10.08, “Information” means all
information received from the Borrower or its Affiliates or its Affiliates’ directors, officers, employees, trustees, investment advisors or agents, relating to the Borrower or any of its subsidiaries or their business, other than any such

  

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information that is publicly available to any Agent or any Lender prior to disclosure by the Borrower other than as a result of a breach of this Section 10.08; provided that,
in the case of information received from the Borrower after the date hereof, such information is clearly identified at the time of delivery as confidential or (ii) is delivered pursuant to Section 6.01, 6.02 or 6.03
hereof. 
 Section 10.09 Setoff. In addition to any rights and remedies of the Lenders provided by Law, upon the
occurrence and during the continuance of any Event of Default, each Lender and its Affiliates is authorized at any time and from time to time, without prior notice to the Borrower, any such notice being waived by the Borrower (on its own behalf and
on behalf of its Subsidiaries) to the fullest extent permitted by applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held by, and other Indebtedness at any time owing by,
such Lender and its Affiliates, to or for the credit or the account of the Borrower and its Subsidiaries against any and all Obligations owing to such Lender and its Affiliates hereunder or under any other Loan Document, now or hereafter existing,
irrespective of whether or not such Agent or such Lender or Affiliate shall have made demand under this Agreement or any other Loan Document and although such Obligations may be contingent or unmatured or denominated in a currency different from
that of the applicable deposit or Indebtedness. Notwithstanding anything to the contrary contained herein, no Lender or its Affiliates shall have a right to set off and apply any deposits held or other Indebtedness owning by such Lender or its
Affiliates, to or for the credit or the account of any Subsidiary of the Borrower which is not a “United States person” within the meaning of Section 7701(a)(30) of the Code unless such Subsidiary is not a direct or indirect
subsidiary of the Borrower. Each Lender agrees promptly to notify the Borrower and the Administrative Agent after any such set off and application made by such Lender; provided that the failure to give such notice shall not affect the
validity of such setoff and application. The rights of the Administrative Agent and, each Lender under this Section 10.09 are in addition to other rights and remedies (including other rights of setoff) that the Administrative Agent and,
such Lender may have. 
 Section 10.10 Counterparts. This Agreement and each other Loan Document may be executed in
one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery by telecopier of an executed counterpart of a signature page to this Agreement and each other Loan
Document shall be effective as delivery of an original executed counterpart of this Agreement and such other Loan Document. The Agents may also require that any such documents and signatures delivered by telecopier be confirmed by a manually signed
original thereof; provided that the failure to request or deliver the same shall not limit the effectiveness of any document or signature delivered by telecopier. 

Section 10.11 Integration. This Agreement, together with the other Loan Documents, comprises the complete and integrated
agreement of the parties on the subject matter hereof and thereof and supersedes all prior agreements, written or oral, on such subject matter. In the event of any conflict between the provisions of this Agreement and those of any other Loan
Document, the provisions of this Agreement shall control; provided that the inclusion of supplemental rights or remedies in favor of the Agents or the Lenders in any other Loan Document shall not be deemed a conflict with this Agreement. Each
Loan Document was drafted with the joint participation of the respective parties thereto and shall be construed neither against nor in favor of any party, but rather in accordance with the fair meaning thereof. 

 

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 Section 10.12 Survival of Representations and Warranties. All representations
and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and
warranties have been or will be relied upon by each Agent and each Lender, regardless of any investigation made by any Agent or any Lender or on their behalf and notwithstanding that any Agent or any Lender may have had notice or knowledge of any
Default at the time of any Borrowing, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied. 

Section 10.13 Severability. If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or
unenforceable, the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby. The invalidity of a provision in a particular jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. 
 Section 10.14 GOVERNING LAW.

 (a) THIS AGREEMENT AND EACH OTHER LOAN DOCUMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE
OF NEW YORK (EXCEPT AS OTHERWISE EXPRESSLY PROVIDED THEREIN). 
 (b) ANY LEGAL ACTION OR PROCEEDING ARISING UNDER ANY LOAN
DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, MAY
BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK CITY OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF SUCH STATE, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, THE BORROWER, EACH AGENT AND EACH LENDER CONSENTS, FOR
ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. THE BORROWER, EACH AGENT AND EACH LENDER IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON
CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF ANY LOAN DOCUMENT OR OTHER DOCUMENT RELATED THERETO. 

Section 10.15 WAIVER OF RIGHT TO TRIAL BY JURY. EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY
JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER ANY LOAN DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH

  

 -113- 

 
RESPECT TO ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY
HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 10.15 WITH
ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 

Section 10.16 Binding Effect. This Agreement shall become effective when it shall have been executed by the Borrower and the
Administrative Agent shall have been notified by each Lender, that each such Lender has executed it and thereafter shall be binding upon and inure to the benefit of the Borrower, each Agent and each Lender and their respective successors and
assigns, except that the Borrower shall not have the right to assign its rights hereunder or any interest herein without the prior written consent of the Lenders except as permitted by Section 7.04. 

Section 10.17 Judgment Currency. If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum
due hereunder or any other Loan Document in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase the first currency with such other
currency on the Business Day preceding that on which final judgment is given. The obligation of the Borrower in respect of any such sum due from it to the Administrative Agent or the Lenders hereunder or under the other Loan Documents shall,
notwithstanding any judgment in a currency (the “Judgment Currency”) other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the “Agreement Currency”), be
discharged only to the extent that on the Business Day following receipt by the Administrative Agent of any sum adjudged to be so due in the Judgment Currency, the Administrative Agent may in accordance with normal banking procedures purchase the
Agreement Currency with the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum originally due to the Administrative Agent from the Borrower in the Agreement Currency, the Borrower agrees, as a separate
obligation and notwithstanding any such judgment, to indemnify the Administrative Agent or the Person to whom such obligation was owing against such loss. If the amount of the Agreement Currency so purchased is greater than the sum originally due to
the Administrative Agent in such currency, the Administrative Agent agrees to return the amount of any excess to the Borrower (or to any other Person who may be entitled thereto under applicable Law). 

Section 10.18 Lender Action. Each Lender agrees that it shall not take or institute any actions or proceedings, judicial or
otherwise, for any right or remedy against the Borrower or any other obligor under any of the Loan Documents (including the exercise of any right of setoff, rights on account of any banker’s lien or similar claim or other rights of self-help),
or institute any actions or proceedings, or otherwise commence any remedial procedures, with respect to any Collateral or any other property of the Borrower, without the prior written consent of the Administrative Agent. The provision of this
Section 10.18 are for the sole benefit of the Lenders and shall not afford any right to, or constitute a defense available to, the Borrower. 
  

 -114- 

 Section 10.19 USA PATRIOT Act. Each Lender hereby notifies the Borrower that
pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such
Lender to identify the Borrower in accordance with the USA PATRIOT Act. 
 [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT
BLANK.] 
  

 -115- 

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

					
	SMART TECHNOLOGIES (HOLDINGS) INC.,
	 as Borrower,

		
	By:	 	/s/ D.A. Martin
		 	Name: 	 	David A. Martin
		 	Title:	 	Executive Chairman

  

 Smart Holdco Credit Agreement 

					
	DEUTSCHE BANK AG, CANADA BRANCH
	 as Administrative Agent, Collateral Agent, and as a Lender,

		
	By:	 	/s/ Leigh Knowles
		 	Name: 	 	Leigh Knowles
		 	Title:	 	Vice President
		
	By:	 	/s/ Rupert Gaws
		 	Name: 	 	Rupert Gaws
		 	Title:	 	Vice President

  

 Smart Holdco Credit Agreement 

					
	ROYAL BANK OF CANADA,
	 as Co-Syndication Agent

		
	By:	 	/s/ Mark Gronich
		 	Name: 	 	Mark Gronich
		 	Title:	 	Authorized Signatory
	
	ROYAL BANK OF CANADA, as a Lender
		
	By:	 	/s/ Mark Gronich
		 	Name: 	 	Mark Gronich
		 	Title:	 	Authorized Signatory

  

 Smart Holdco Credit Agreement 

					
	LLOYDS TSB BANK PLC,
	 as Co-Syndication Agent and

		
	By:	 	/s/ Ian Brown
		 	Name: 	 	Ian Brown
		 	Title:	 	MD, Acquisition Finance

  

 Smart Holdco Credit Agreement 

 Schedule 1.01A 

Unrestricted Subsidiaries 

N/A 

 Schedule 2.01 

Commitment 
  

				
	 Lender
	  	Commitment
	 DEUTSCHE BANK AG, CANADA BRANCH
	  	$	30,000,000
	 LLOYDS TSB BANK PLC
	  	$	18,000,000
	 ROYAL BANK OF CANADA
	  	$	12,000,000
	 Total
	  	$	60,000,000

 Schedule 5.06 

Litigations 

Current Litigations: 
  

	1.	Case Name: 

 Polyvision Corporation v. SMART
Technologies Inc. and SMART Technologies Corporation (Case No. 1:03-cv-476) consolidated with SMART Technologies Inc. v. Polyvision Corporation and Paragram Sales Company, Inc. (Case No. 1:04-cv-713) 

Jurisdiction: 
 United States District Court
for the Western District of Michigan 
  

	2.	Case Name: 

 M.D.K.M. Management Ltd. v. SMART
Technologies Inc. (Case No. 07-CV-37589) 
 Jurisdiction 

Ontario Superior Court of Justice 

Pending/Threatened: 
 HCL Comnet
and SMART Technologies Inc. 
 HCL Comnet is contesting SMART’s use of SMART Board mark in India. Asserting confusion with its trademark
“SMART Manage”. India-based counsel retained to defend. We wrote letter in late 2006 asserting disagreement with HCL’s position. India-base counsel has not heard reply from HCL. 

 Schedule 5.11 

Subsidiaries and Other Equity Investments 

Subsidiary name, jurisdiction of formation and as to each such Subsidiary, the percentage of each class of stock owned by the Borrower and its
Subsidiaries: 
  

					
	 Subsidiary Name
	  	Jurisdiction of Formation	  	
Percentage of each class of

Capital Stock owned by the

Borrower and its

Subsidiaries

	 Smart Technologies ULC
	  	Alberta	  	100% by the Borrower
	 SMART Technologies China Inc.
	  	Alberta	  	100% by the Company
	 SMART Bricks and Mortar Inc.
	  	Alberta	  	100% by the Company
	 SMART Technologies Corporation
	  	Delaware	  	100% by the Company
	 SMART Technologies (Japan) Inc.
	  	Japan	  	100% by the Company
	 SMART Technologies GmbH
	  	Germany	  	100% by the Company

 Schedule 7.01(c) 

Existing Liens 

N/A 

 Schedule 7.03(c) 

Existing Indebtedness 

N/A 

 Schedule 7.04(f) 

Subsidiaries to be Dissolved 

N/A 

 Schedule 7.05(k) 

Dispositions 

The Company, a wholly owned Subsidiary of the Borrower, intends to transfer and assign to the Calgary SPV all of its interest, rights and
obligations in and to the Calgary Property, as well as all of its interest, rights and obligations in and to a construction management contract with CANA Management Ltd. dated September 25, 2006; a contract for architectural services with GEC
Architecture dated May 31, 2006; and a project manager consulting agreement with Dean Slater dated November 1, 2006 and any other agreements which relate to the development of the Calgary Property. 

 Schedule 7.08 

Transactions with Affiliates 

The Company, a wholly owned Subsidiary of the Borrower, intends to transfer and assign to the Calgary SPV all of its interest, rights and
obligations in and to the Calgary Property, as well as all of its interest, rights and obligations in and to a construction management contract with CANA Management Ltd. dated September 25, 2006; a contract for architectural services with GEC
Architecture dated May 31, 2006; and a project manager consulting agreement with Dean Slater dated November 1, 2006 and any other agreements which relate to the development of the Calgary Property. 

 Schedule 10.02 

Administrative Agent’s Office, Certain Addresses for Notice 

If to the Administrative Agent: 
 Marcellus
Leung 
 Deutsche Bank AG, Canada Branch 

199 Bay Street, Suite 4700 
 Commerce Court West,
Box 263 
 Toronto, Ontario, Canada M5L 1E9 

Phone: (416) 682-8252 
 Fax:
(416) 682-8484 
 If to the Borrower: 

SMART Technologies (Holdings) Inc. 
 Suite 300,
1207 11 Ave SW 
 Calgary, Alberta Canada 

T3C 0M5 
 Attention: Susan Ruf 

Borrower’s website: not applicable. 

 Exhibit A 

COMMITTED LOAN NOTICE 
  

	To:	Deutsche Bank AG, Canada Branch, as Administrative Agent 

  

	Attention:	Deutsche Bank AG, Canada Branch 

	 	199 Bay Street, Suite 4700 

	 	Toronto, Ontario, Canada M5L 1E9 

  

	Fax:	(416) 682-8484 

 [Date]

 Ladies and Gentlemen: 

Reference is made to the holdings credit agreement dated as of August 22, 2007 (as amended, supplemented or otherwise modified from
time to time, the “Holdings Credit Agreement”), among SMART Technologies (Holdings) Inc., as borrower (the “Borrower”), Deutsche Bank AG, Canada Branch, as Administrative Agent, the Lenders from time to time party
thereto and the other parties party thereto. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Holdings Credit Agreement. 

The Borrower hereby requests (select one): 
  

	 	 ̈	A Borrowing of new Loans 

  

	 	 ̈	A conversion of Loans 

  

	 	 ̈	A continuation of Loans 

 to be made on the
terms set forth below: 
  

					
	 (A)
	  	Date of Borrowing, conversion or continuation (which is a Business Day)	  	 
			
	 (B)
	  	Principal amount	  	 
			
	 (C)
	  	Type of
Loan1	  	 
			
	 (D)
	  	Interest
Period2	  	 

 The above request has been made to the
Administrative Agent by telephone at (416) 682-8252 (Marcellus Leung). 
  

 

	1
	 Specify Eurocurrency Rate Loan or Base Rate Loan. 

	2
	 Applicable for Eurocurrency Rate Loans only. 

 [The Borrower hereby represents and warrants to the Administrative Agent
and the Lenders that, on the date of this Committed Loan Notice and on the date of the related Borrowing, the conditions to lending specified in paragraphs (h) and (i) of Section 4.01 of the Holdings Credit Agreement have been
satisfied.]3 

 

			
	SMART TECHNOLOGIES (HOLDINGS) INC.
		
	By:	 	 
		 	 Name:

Title:

  

 

	3
	 Insert bracketed language if the Borrower is requesting a Borrowing of new Loans. 

 

 Page 2 

 EXHIBIT B 

[Reserved] 

 EXHIBIT C 
  

			
	 LENDER:
	  	[                    ]
	PRINCIPAL AMOUNT: $[                    ]	  	

 FORM OF 

NOTE 
 New York,
New York 
 [Date] 

FOR VALUE RECEIVED, the undersigned, SMART TECHNOLOGIES (HOLDINGS) INC., a corporation incorporated under the laws of Alberta (the
“Borrower”), hereby promises to pay to the Lender set forth above (the “Lender”) or its registered assigns, in lawful money of the United States of America in immediately available funds at the Administrative
Agent’s Office (such term, and each other capitalized term used but not defined herein, having the meaning assigned to it in the holdings credit agreement dated as of August 28, 2007 (as amended, supplemented or otherwise modified from
time to time, the “Holdings Credit Agreement”), among the Borrower, Deutsche Bank AG, Canada Branch, as Administrative Agent,, the Lenders from time to time party thereto and the other parties party thereto), (i) on the dates
set forth in the Holdings Credit Agreement, the principal amounts set forth in the Holdings Credit Agreement with respect to Loans made by the Lender to the Borrower pursuant to the Holdings Credit Agreement and (ii) on each Interest Payment
Date, interest at the rate or rates per annum as provided in the Holdings Credit Agreement on the unpaid principal amount of all Loans made by the Lender to the Borrower pursuant to the Holdings Credit Agreement. 

The Borrower promises to pay interest, on demand, on any overdue principal and, to the extent permitted by law, overdue interest from
their due dates at the rate or rates provided in the Holdings Credit Agreement. 
 The Borrower hereby waives diligence,
presentment, demand, protest and notice of any kind whatsoever. The nonexercise by the holder hereof of any of its rights hereunder in any particular instance shall not constitute a waiver thereof in that or any subsequent instance. 

All borrowings evidenced by this note and all payments and prepayments of the principal thereof and interest thereon and the respective
dates thereof shall be endorsed by the holder hereof on the schedule attached hereto and made a part hereof or on a continuation thereof which shall be attached hereto and made a part hereof, or otherwise recorded by such holder in its internal
records; provided, however, that the failure of the holder hereof to make such a notation or any error in such notation shall not affect the obligations of the Borrower under this note. 

This note is one of the Term Notes referred to in the Holdings Credit Agreement that, among other things, contains provisions for the
acceleration of the maturity hereof upon the happening of certain events, for optional and mandatory prepayment of the principal hereof prior to the maturity hereof and for the amendment or waiver of certain provisions of the Holdings Credit
Agreement, all upon the terms and conditions therein specified. 

 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF
NEW YORK. 
  

			
	SMART TECHNOLOGIES (HOLDINGS) INC.
		
	By:	 	 
		 	 Name:

Title:

  

 2 

 LOANS AND PAYMENTS 

 

											
	 Date
	  	Amount of
Loan ($)	  	Maturity
Date	  	Payments of
Principal/Interest ($)	  	Principal
Balance of
Note ($)	  	Name of
Person
Making the
Notation

 

 3 

 EXHIBIT D 

[Reserved] 

 EXHIBIT E 

FORM OF 

ASSIGNMENT AND ASSUMPTION 

This Assignment and Assumption (this “Assignment and Assumption”) is dated as of the Effective Date set forth below and
is entered into by and between the Assignor (as defined below) and the Assignee (as defined below). Capitalized terms used in this Assignment and Assumption and not otherwise defined herein have the meanings specified in the holdings credit
agreement dated as of August 28, 2007 (as amended, supplemented or otherwise modified from time to time, the “Holdings Credit Agreement”), among SMART Technologies (Holdings) Inc., as borrower (the “Borrower”),
Deutsche Bank AG, Canada Branch, as Administrative Agent, the Lenders from time to time party thereto and the other parties party thereto, receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth
in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. 

For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably
purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Holdings Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below, (i) all of the
Assignor’s rights and obligations in its capacity as a Lender under the Holdings Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of
all of such outstanding rights and obligations of the Assignor under the facility identified below and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor (in
its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Holdings Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in
any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned
pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as the “Assigned Interest”). Such sale and assignment is without
recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor. 
  

	 	1.	Assignor (the “Assignor”): 

  

	 	2.	Assignee (the “Assignee”): 

  

	 	    	[Assignee is a Lender.] 

  

	 	    	[Assignee is an Affiliate of: [Name of Lender], a Lender] 

  

	 	    	[Assignee is an Approved Fund of: [Name of Lender], a Lender] 

	 	3.	Borrower: SMART Technologies (Holdings) Inc. 

  

	 	4.	Administrative Agent: Deutsche Bank AG, Canada Branch 

  

	 	5.	Assigned Interest: 

  

										
	 Facility
	  	Aggregate Amount of
Commitment/Loans
of all Lenders	  	Amount of
Commitment/Loans
Assigned	  	Percentage 
Assigned
of
Commitment/Loans1	 
	 Loans
	  	$	            	  	$	            	  	            	% 

 Effective Date:
[                                        ]

 [Remainder of Page Intentionally Blank] 

 

	1
	 Set forth, to at least 8 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder. 

 The terms set forth in this Assignment and Assumption are hereby agreed to: 

 

			
	[NAME OF ASSIGNOR], as Assignor
		
	By:	 	 
		 	 Name:

Title:

  

			
	[NAME OF ASSIGNEE], as Assignee
		
	By:	 	 
		 	 Name:

Title:

			
	[Consented to
and]2 Accepted:
	
	 DEUTSCHE BANK AG, CANADA BRANCH,

    as Administrative Agent,

		
	By:	 	 
		 	 Name:

Title:

  

 

	2
	 No consent of the Administrative Agent shall be required for an assignment of all or any portion of a Loan to another Lender, an Affiliate of a Lender
or an Approved Fund. 

			
	SMART TECHNOLOGIES (HOLDINGS) INC.,
as Borrower
		
	By:	 	 
		 	 Name:

Title:

 ANNEX I 

TO EXHIBIT E 

STANDARD TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ASSUMPTION 

1. Representations and Warranties. 

1.1 Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned
Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and
to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Holdings Credit Agreement, (ii) the execution,
legality, validity, enforceability, genuineness, sufficiency or value of the Holdings Credit Agreement, (iii) the financial condition of the Borrower, or any of their Subsidiaries or Affiliates or any other Person obligated in respect of the
Holdings Credit Agreement or (iv) the performance or observance by the Borrower, or any of its Subsidiaries or Affiliates or any other Person of any of its obligations under the Holdings Credit Agreement. 

1.2 Assignee. The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all
action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Holdings Credit Agreement, (ii) it satisfies the requirements, if any, specified in
the Holdings Credit Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and become a Lender, (iii) from and after the Effective Date, it shall be bound by the provisions of the Holdings Credit Agreement
as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it has received a copy of the Holdings Credit Agreement, together with copies of the most recent financial statements
delivered pursuant to Section 6.01 thereof, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on
the basis of which it has made such analysis and decision independently and without reliance on any Agent or any other Lender, and (v) attached to this Assignment and Assumption is any documentation required to be delivered by it pursuant to
Section 3.01(g) of the Holdings Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the Assignor, any Agent or any other Lender, and based on such
documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Holdings Credit Agreement, and (ii) it will perform in accordance with their terms all of the
obligations which by the terms of the Holdings Credit Agreement are required to be performed by it as a Lender. 
 2.
Payments. From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have
accrued to but excluding the Effective Date and to the Assignee for amounts which have accrued from and after the Effective Date. 

 3. General Provisions. This Assignment and Assumption shall be binding upon and inure
to the benefit of the parties hereto and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a
signature page of this Assignment and Assumption by facsimile or other electronic transmission shall be as effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be construed
in accordance with and governed by the law of the State of New York. 

 Exhibit F-1 

SIMPSON THACHER& BARTLETT LLP 

425 LEXINGTON AVENUE 

NEW YORK, N.Y. 10017-3954 

(212) 455-0000 
  

 

FACSIMILE: (212) 455-2502 
  

			
	 DIRECT DIAL NUMBER
	  	E-MAIL ADDRESS

August 28, 2007 
 Deutsche
Bank AG, Canada Branch, as Administrative Agent under 
 the Credit Agreement, as hereinafter 

defined (the “Administrative Agent”) 

and 
 The Lenders listed on Schedule I hereto

 which are parties to the Credit Agreement 

on the date hereof 
  

	Re:	Holdings Credit Agreement dated as of August 28, 2007 (the “Credit Agreement”) among 

	    	SMART Technologies (Holdings) Inc. (the “Company”), the lending institutions 

	    	identified in the Credit Agreement (the “Lenders”) and the Administrative Agent 

Ladies and Gentlemen: 
 We have
acted as counsel to the Company in connection with the preparation, execution and delivery of the following documents: (i) the Credit Agreement and (ii) the Notes delivered to the Lenders on the date hereof. The documents described in the
foregoing clauses (i) and (ii) are collectively referred to herein as the “Credit Documents”. Unless otherwise indicated, capitalized terms used but not defined herein shall have the respective meanings set forth in the Credit
Agreement. This opinion is furnished to you pursuant to Section 4.01(a)(iv) of the Credit Agreement. 
 In connection with
this opinion, we have examined (i) the Credit Agreement, signed by the Company and by the Administrative Agent and certain of the Lenders and (ii) the Notes, signed by the Company. We also have examined the originals, or duplicates or
certified or 
  

											
	LOS ANGELES	  	PALO ALTO	  	WASHINGTON, D.C.	  	HONG KONG	  	LONDON	  	TOKYO

			
	 SIMPSON THACHER & BARTLETT LLP
	 	August 28, 2007

  

 
conformed copies, of such records, agreements, instruments and other documents and have made such other investigations as we have deemed relevant and necessary in connection with the opinions
expressed herein. As to questions of fact material to this opinion, we have relied upon certificates of public officials and of officers and representatives of the Company. In addition, we have examined, and have relied as to matters of fact upon,
the representations made in the Credit Documents. 
 In rendering the opinion set forth below, we have assumed the genuineness
of all signatures, the legal capacity of natural persons, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as duplicates or certified or conformed copies, and the
authenticity of the originals of such latter documents. 
 In rendering the opinion set forth in paragraph 1 below we have
assumed that (1) each of the Credit Documents is a valid and legally binding obligation of each of the parties thereto other than the Company, (2) the Company is validly existing and in good standing under the laws of the jurisdiction in
which it is organized and has duly authorized, executed and delivered each of the Credit Documents in accordance with its organizational documents, (3) execution, delivery and performance by the Company of the Credit Documents do not violate
the laws of Canada or any province thereof or any other applicable laws (excepting the law of the State of New York and the federal laws of the United States) and (4) execution, delivery and performance by the Company of the Credit Documents do
not constitute a breach or violation of any agreement or instrument which is binding upon the Company. 
 Based upon and subject
to the foregoing, and subject to the qualifications and limitations set forth herein, we are of the opinion that: 
 1. Each
Credit Document constitutes the valid and legally binding obligation of the Company, enforceable against the Company in accordance with its terms. 

2. The execution and delivery by the Company of the Credit Documents, the Company’s borrowings in accordance with the terms of the
Credit Documents and performance of the Company’s payment obligations thereunder assuming that proceeds of the borrowings will be used in accordance with the terms of the Credit Documents, will not result in any violation of any Federal or New
York statute or any rule or regulation issued pursuant to any New York or Federal statute or any order known to us issued by any court or governmental agency or body. 

 

 -2- 

			
	 SIMPSON THACHER & BARTLETT LLP
	 	August 28, 2007

  

 3. No consent, approval, authorization, order, filing, registration or qualification of
or with any Federal or New York governmental agency or body is required for the execution and delivery by the Company of the Credit Documents, the borrowings by the Company in accordance with the terms of the Credit Documents or the performance by
the Company of its payment obligations under the Credit Documents. 
 4. The Company is not an “investment company”
within the meaning of, and subject to regulation under, the Investment Company Act of 1940, as amended. 
 5. To our knowledge
there is no action, suit or proceeding now pending before or by any court, arbitrator or governmental agency, body or official of the United States or any State of the United States to which the Company is a party or to which the business, assets or
property of the Company is subject, and no such action, suit or proceeding is threatened to which the Company would be a party or to which the business, assets or property of the Company would be subject, that in either case questions the validity
of the Credit Documents. 
 6. Assuming that the Company will comply with the provisions of the Credit Agreement relating to the
use of proceeds, the execution and delivery of the Credit Agreement by the Company and the making of the Loans under the Credit Agreement will not violate Regulation T, U or X of the Board of Governors of the Federal Reserve System. 

Our opinion in paragraph 1 above is subject to (i) the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium and other similar laws relating to or affecting creditors’ rights generally, (ii) general equitable principles (whether considered in a proceeding in equity or at law), (iii) an implied covenant of good faith and fair
dealing and (iv) the effects of the possible judicial application of foreign laws or foreign governmental or judicial action affecting creditors rights. 

We note that (A) a New York statute provides that with respect to a foreign currency obligation a court of the State of New York
shall render a judgment or decree in such foreign currency and such judgment or decree shall be converted into currency of the United States at the rate of exchange prevailing on the date of entry of such judgment or decree and (B) with respect
to a foreign currency obligation a United States Federal court in New York may award judgment in United States dollars, provided that we express no opinion as to the rate of exchange such court would apply. 

We express no opinion with respect to: 

(A) the effect of any provision of the Credit Documents which is intended to permit modification thereof only by means of an agreement in
writing by the parties thereto; 
  

 -3- 

			
	 SIMPSON THACHER & BARTLETT LLP
	 	August 28, 2007

  

 (B) the effect of any provision of the Credit Documents insofar as it provides that any
Person purchasing a participation from a Lender or other Person may exercise set-off or similar rights with respect to such participation or that any Lender or other Person may exercise set-off or similar rights other than in accordance with
applicable law; 
 (C) the effect of any provision of the Credit Documents imposing penalties or forfeitures; 

(D) the enforceability of any provision of the Credit Documents to the extent that such provision constitutes a waiver of illegality as a
defense to performance of contract obligations; 
 (E) the effect of any provision of the Credit Documents relating to
indemnification or exculpation in connection with violations of any securities laws or relating to indemnification, contribution or exculpation in connection with willful, reckless or criminal acts or gross negligence of the indemnified or
exculpated Person or the Person receiving contribution; and 
 (F) the enforceability of the provision of Section 10.17 of
the Credit Agreement. 
 In connection with the provisions of the Credit Agreement whereby the parties submit to the
jurisdiction of the courts of the United States of America located in the State of New York, we note the limitations of 28 U.S.C. §§ 1331 and 1332 on subject matter jurisdiction of the Federal courts. In connection with the provisions of
the Credit Agreement which relate to forum selection (including, without limitation, any waiver of any objection to venue or any objection that a court is an inconvenient forum), we note that under NYCPLR § 510 a New York State court may
have discretion to transfer the place of trial, and under 28 U.S.C. § 1404(a) a United States District Court has discretion to transfer an action from one Federal court to another. 

With respect to matters of Canadian law, we understand that you are relying on the opinions of Bumet Duckworth & Palmer LLP and
Fasken Martineau DuMoulin LLP each dated the date hereof. 
 We do not express any opinion herein concerning any law other than
the law of the State of New York and the Federal law of the United States. 
 This opinion letter is rendered to you in
connection with the above described transactions. This opinion letter may not be relied upon by you for any other purpose, or relied upon by, or furnished to, any other person, firm or corporation without our prior written consent, except that this
opinion letter may be furnished (but not relied upon by such other Person, firm or corporation) without our prior written consent (i) to any Person that purchases an interest in or a 

 

 -4- 

			
	 SIMPSON THACHER & BARTLETT LLP
	 	August 28, 2007

  

 
participation in the Credit Agreement, (ii) to accountants and counsel for any Lender or the Administrative Agent on the basis that they make no further disclosure, (iii) to bank and
insurance company examiners and (iii) pursuant to judicial or governmental order or legal requirement. 

Very truly yours, 

SIMPSON THACHER & BARTLETT LLP 
  

 -5- 

 SIMPSON THACHER & BARTLETT LLP

 SCHEDULE I 

THE LENDERS 
 Deutsche
Bank AG, Canada Branch 
 Royal Bank of Canada 

Lloyds TSB Bank Plc 

 EXHIBIT F-2 

 

					
		  	Fasken Martineau DuMoulin LLP	  	www.fasken.com
		  	Barristers and Solicitors	  	
		  	Patent and Trade-mark Agents	  	
			
		  	66 Wellington Street West	  	
		  	Suite 4200, Toronto Dominion Bank Tower	  	FASKEN
		  	Box 20, Toronto-Dominion Centre	  	MARTINEAU
		  	Toronto, Ontario, Canada M5K 1N6	  	
			
		  	416 366 8381 Telephone	  	
		  	416 364 7813 Facsimile	  	

 August 28, 2007 

File No.: 273523.00001 
 Deutsche Bank AG,
Canada Branch, as Administrative Agent and Collateral Agent under the First Lien Credit Agreement (as defined below) and the Second Lien Credit Agreement (as defined below) and as Administrative Agent under the Holdings Credit Agreement (as defined
below). 
 - and to - 
 Royal Bank of
Canada, as RC Agent 
 - and to - 

The Lenders (including each L/C Issuer and Swing Line Lender, as such terms are defined in the First Lien Credit Agreement) on the date hereof

 - and to - 
 The Lenders (as
defined in the Second Lien Credit Agreement) on the date hereof 
 - and to - 

The Lenders (as defined in the Holdings Credit Agreement) on the date hereof 

Dear Sirs/Mesdames: 
  

	Re:	SMART Technologies ULC – Credit Facilities 

We have acted as special counsel in the Province of Ontario to SMART Technologies ULC (the “Borrower”) and SMART Technologies (Holdings)
Inc. (“SMART Holdings” and together with the Borrower, the “Canadian Obligors”) in connection with (a) First Lien Credit Agreement dated as of August 28, 2007 and made among SMART and SMART Holdings,

  

  

	*	Fashion Martineau DuMoulin LLP is a limited liability partnership and includes law corporations 

 

															
	Vancouver	  	Calgary	  	Toronto	  	Montréal	  	Québec City	  	New York	  	London	  	Johannesburg

			
		 	FASKEN
 MARTINEAU

 

 
Deutsche Bank AG, Canada Branch, as administrative agent and collateral agent (the “First Lien Agent”), Royal Bank of Canada, as administrative agent for the revolving credit
facility, as issuer of letters of credit and as swingline lender and the lenders party thereto from time to time, (b) a Second Lien Credit Agreement dated as of August 28, 2007 (the “Second Lien Credit Agreement”) and made
among SMART, SMART Holdings, Deutsche Bank AG, Canada Branch, as administrative agent and collateral agent (the “Second Lien Agent” and together with the First Lien Agent, the “Agents”) and the lenders party thereto
from time to time and (c) a Credit Agreement dated as of August 28, 2007 and made among SMART Holdings, Deutsche Bank AG, Canada Branch, as administrative agent and the lenders party thereto from time to time (the “Holdings Credit
Agreement”). 
 In connection with the foregoing, we have examined copies of: 

 

	 	(a)	a First Lien Pledge and Security Agreement dated as of August 28, 2007 made between SMART, SMART Holdings and the First Lien Agent (the “First
Pledge”); 

  

	 	(b)	a Second Lien Pledge and Security Agreement dated as of August 28, 2007 made between SMART, SMART Holdings and the Second Lien Agent (the “Second
Pledge” and together with the First Pledge, the “Pledge Agreements”); and 

  

	 	(c)	verification statements issued by the Ontario Personal Property Security Registry System (“OPPSR”) in respect of the Financing Statements (as defined
below) registered under the Personal Property Security Act (Ontario) (the “PPSA”) against the Canadian Obligors. 

  

	A.	Scope of Enquiry 

 In addition, we have
examined such statutes and regulations, public records and certificates of government officials, made such further examinations, investigations and searches and considered such questions of law as we have considered relevant or necessary as a basis
for the opinions hereinafter expressed. 
  

	B.	Definitions 

 The terms
“account”, “collateral”, “financing change statement”, “financing statement”, “goods”, “instrument”, “personal property”,
“proceeds”, “security” and “security interest” are used in this opinion letter with the same respective defined meanings assigned to them in Subsection 1(1) of the PPSA and the terms
“attached” and “perfected” (and other grammatical forms of each thereof) are used in this opinion letter with the same respective meanings attributed to them in the PPSA. 

 

	C.	Jurisdiction 

 The opinions expressed in
this opinion letter are limited to questions of law applicable in the Province of Ontario, and such statutes and regulations of the Province of Ontario and of Canada applicable in Ontario (collectively, “Ontario Law”) in force as at
the date of this opinion letter. 
  

 Page 2 

			
		 	FASKEN
 MARTINEAU

 

 
Without limiting the generality of the immediately preceding sentence, (a) we express no opinion with respect to the laws of any other jurisdiction to the extent that those laws may govern
the validity, perfection, effect of perfection or non-perfection or enforcement of the security interests created by the Pledge Agreements as a result of the application of the conflict of laws rules of Ontario Law, including, without limitation,
Sections 5 to 8 of the PPSA and (b) we express no opinion whether, pursuant to those conflict of laws rules, any Ontario Law would govern the validity, perfection, effect of perfection or non-perfection or enforcement of those security
interests. 
  

	D.	Assumptions 

 As a basis for our opinions,
we have made the following assumptions: 
  

	 	(a)	all signatures on documents submitted to us are genuine, the documents submitted to us as originals are authentic and complete, and the documents submitted to us as
copies conform to authentic and complete original documents; 

  

	 	(b)	all facts set forth in official public records and certificates and other documents supplied by public officials or otherwise conveyed to us by public officials are and
remain at all material times complete, true and accurate; 

  

	 	(c)	all relevant individuals had full legal capacity at all relevant times; 

  

	 	(d)	none of the documents, originals or copies of which we have examined has been amended, and there are no agreements or understandings between the parties, written or
oral, and there is no usage of trade or course of prior dealing between the parties that would, in either case, define, supplement or qualify the terms of these documents; 

 

	 	(e)	neither Financing Statement has been amended or discharged since its registration date; 

 

	 	(f)	the Pledge Agreements constitute legal, valid and binding obligations of the parties thereto under the laws of the Province of Alberta and of Canada applicable in
Alberta (“Alberta Law”) enforceable against the parties thereto in accordance with the respective terms of the Pledge Agreements under Alberta Law and would be enforced under Alberta Law as written and the provisions thereof would
be given the same meaning under Alberta Law that would be given if the Pledge Agreements were governed by Ontario Law; and 

  

	 	(g)	each party to the Pledge Agreements is a body corporate, limited partnership or other legal entity validly existing under the laws of its jurisdiction of incorporation
or formation, has all requisite capacity and power to execute, deliver and perform the Pledge Agreements to which it is a party, has taken all necessary corporate or partnership, statutory, regulatory and other action to authorize the execution,
delivery and performance by it of such Pledge Agreements to which it is a party and has duly executed and delivered such Pledge Agreements. 

  

 Page 3 

			
		 	FASKEN
 MARTINEAU

 

	E.	Registrations 

 The Agents have provided
us with verification statements verifying the registrations of financing statements under the PPSA on August 17, 2007 as ‘registration number 20070817 1741 1590 9910, file reference number 638289837 and registration 20070817 1741 1590
9909, file reference number 638289828, respectively against each of the Borrower and SMART Holdings (the “Financing Statements”) in respect of the security interests created by each of the Borrower and SMART Holdings in favour of
the applicable Agent under their respective Pledge Agreements. 
  

	F.	Opinions 

 Based and relying on the
foregoing and subject to the qualifications outlined below, we are of the opinion that: 
  

	1.	Each Pledge Agreement creates valid security interests in favour of the Agent for the benefit of the Secured Parties in the Collateral (as defined therein) (the
“Ontario Personal Property Collateral”) in which the Canadian Obligor party thereto now has rights which secures the payment and performance of the Secured Obligations (as defined therein). Each Pledge Agreement is sufficient to
create valid security interests in Ontario Personal Property Collateral in which the Canadian Obligor party thereto hereafter acquires rights when those rights are acquired to secure the payment and performance of the Secured Obligations (as defined
therein). 

  

	2.	Registration has been made in all public offices provided for under Ontario Law where such registration is necessary to preserve, protect or perfect the security
interests created in favour of the Agents under the Pledge Agreements. 

  

	3.	The execution and delivery of the Pledge Agreements by each Canadian Obligor and the grant of security contemplated thereunder do not contravene any applicable Ontario
Law. 

  

	G.	Qualifications 

 The opinions expressed in
this opinion letter are subject to the following qualifications: 
 General Qualifications 

 

	 	(a)	No opinion is expressed in this opinion letter as to any of those matters which we have assumed for the purposes of rendering the opinions expressed herein.

  

 Page 4 

			
		 	FASKEN
 MARTINEAU

 

 PPSA Qualifications 

 

	 	(b)	With respect to the security interests in the Ontario Personal Property Collateral created in favour of the Agents under the Pledge Agreements:

  

	 	(i)	a security interest perfected by registration of either Financing Statement will only remain perfected by such registration until its expiry date, unless it is renewed
before its expiry date by the filing of a financing change statement or Form 3C properly completed in the manner prescribed under the PPSA. We will not renew any such registration unless specifically retained for that purpose shortly before its
expiry; 

  

	 	(ii)	changes in the corporate name of a Canadian Obligor, the adoption of a French or combined English/French form of the name of a Canadian Obligor or transfer by a
Canadian Obligor to any other person of any of its property subject to the security interests created in favour of the applicable Agent would require timely registration of a financing change statement properly completed in the manner prescribed
under the PPSA to preserve the priority and perfection of the security interests therein; 

  

	 	(iii)	any security interest expressed to be created under any Pledge Agreement in any collateral acquired by a Canadian Obligor after the execution and delivery thereof will
not attach to such collateral (and will not be enforceable against third parties or perfected) until such Canadian Obligor acquires rights in such collateral; and 

 

	 	(iv)	no opinion is expressed in this opinion letter with respect to any security interest in collateral that is transformed in such a way that it is not identifiable or
traceable or in any proceeds of collateral that are not identifiable or traceable. 

  

	 	(c)	No opinion is expressed in this opinion letter on any security interest expressed to be created under any Pledge Agreement in any property to the extent the PPSA does
not apply to such interest or property in accordance with section 4 of the PPSA, or the validity of which is not governed by the PPSA in accordance with sections 5 to 8 of the PPSA. 

Real Property Qualifications 
  

	 	(d)	No opinion is expressed in this opinion letter on the creation, validity, effect or perfection of any mortgage, charge or security interest in real property, any
personal property that is or becomes a fixture or any building materials that have been affixed to real property. 

 General
Security Qualifications 
  

	 	(e)	 No opinion is expressed in this opinion letter as to title to, rights in or the beneficial interest of a Canadian Obligor or any other person in any
real or personal property or as to the priority of any mortgage, charge or security interest contained in or to be granted pursuant to any Pledge Agreement. Our opinions expressed in this opinion letter do not address the fact that more
particularized registrations may be made relative to certain types of collateral specified in the 

 

 Page 5 

			
		 	FASKEN
 MARTINEAU

 

	 	
PPSA (such as motor vehicles) which would afford greater protection to the Agents against competing claims to the same type of collateral. In addition, the security interests created in favour of
the Agents under the Pledge Agreements may rank subsequent in priority to liens, charges and claims arising pursuant to legislation and not requiring registration. 

 

	 	(f)	A security interest in (i) a trade mark, copyright, industrial design, patent, patent application, license or any goods purchased under any licence, (ii) an
approval, privilege, quota, franchise, permit or lease, (iii) an instrument, contract, account or agreement or (iv) property subject to any of the Canada Shipping Act (Canada), the Copyright Act (Canada), the Integrated Circuits Topography
Act (Canada), the Industrial Designs Act (Canada), the Patent Act (Canada), the Plant Breeders’ Rights Act (Canada), the Canada Transportation Act (Canada), the Trade-marks Act (Canada), the Financial Administration Act (Canada) or the Railway
Act (Ontario) (the “Special Property Statutes”) may not be perfected, valid, binding or enforceable because of the nature or terms of such property, or to the extent the nature or terms of such property or any statute or regulation require
a consent, approval, acknowledgment, notice or other authorization or registration which has not been given or made. No opinion is expressed with respect to any security interest in any privilege, quota, license, franchise or permit which may not
constitute personal property. 

  

	 	(g)	No opinion is expressed in this opinion letter as to any required registration, filing, recording or notice under any of the Special Property Statutes in respect of
such security interest in any personal property subject to the Special Property Statutes. 

  

	 	(h)	Our opinions in paragraph 2 do not address any of the following matters: 

  

	 	(i)	any required registration, filing, recording or notice in respect of any fixtures, goods that may become fixtures, crops, minerals or hydrocarbons to be extracted, or
timber to be cut; or 

  

	 	(ii)	any required caution filing which may be required in certain circumstances where goods are intended to be brought or are brought into Ontario. 

 

	H.	Reliance 

 The opinions expressed in this
opinion letter are given solely for the benefit for the addressees in connection with the transactions referred to in this opinion letter, and may not, in whole or in part, be relied upon by or shown or distributed to any other person; provided
however that this opinion may be shown to prospective Lenders and Participants (as such terms are defined under the applicable credit agreements referred to in this opinion letter). 

Yours truly, 
 FASKEN MARTINEAU DuMOULIN LLP

  

 Page 6 

					
		  	Fasken Martineau DuMoulin LLP *	  	www.fasken.com
		  	Barristers and Solicitors	  	
		  	Patent and Trade-mark Agents	  	
			
		  	3400 First Canadian Centre	  	
		  	350 - 7th Avenue SW	  	FASKEN
		  	Calgary, Alberta, Canada T2P 3N9	  	MARTINEAU
			
		  	403 261 5350 Telephone	  	
		  	403 261 5351 Facsimile	  	

 August 28, 2007 

File No.: 273253.00001 
 Deutsche Bank AG,
Canada Branch, as Administrative Agent and Collateral Agent under the First Lien Credit Agreement (as defined below) and the Second Lien Credit Agreement (as defined below) and as Administrative Agent under the Holdings Credit Agreement (as defined
below) 
 - and to - 
 Royal Bank of
Canada as RC Agent 
 - and to - 
 The
Lenders, including each L/C Issuer and Swingline Lender (as each such term is defined in the First Lien Credit Agreement), on the date hereof 

- and to - 
 The Lenders (as defined in the
Second Lien Credit Agreement) on the date hereof 
 - and to - 

The Lenders (as defined in the Holdings Credit Agreement) on the date hereof 

Dear Sirs/Mesdames: 
  

	Re:	SMART Technologies ULC — Credit Facilities 

We have acted as special counsel in the Province of Alberta to SMART Technologies ULC (“SMART”) and SMART Technologies (Holdings) Inc.
(“SMART Holdings”) for the purpose of rendering this opinion in connection with: 
  

	(a)	a First Lien Credit Agreement dated as of August 28, 2007 and made among SMART and SMART Holdings, Deutsche Bank AG, Canada Branch, as administrative agent and
collateral agent (the “First Lien Agent”), Royal Bank of Canada, as administrative agent for the revolving credit facility, as issuer of letters of credit and as swingline lender and the other lenders party thereto from time to time
(the “First Lien Credit Agreement”); 

  

  

	*	Fashion Martineau DuMoulin LLP is a limited liability partnership and includes law corporations 

 

															
	Vancouver	  	Calgary	  	Toronto	  	Montréal	  	Québec City	  	New York	  	London	  	Johannesburg

			
		 	FASKEN
 MARTINEAU

 

	(b)	a Second Lien Credit Agreement dated as of August 28, 2007 and made among SMART, SMART Holdings, Deutsche Bank AG, Canada Branch, as administrative agent and
collateral agent (the “Second Lien Agent”) and the other lenders party thereto from time to time (the “Second Lien Credit Agreement”); 

 

	(c)	a Credit Agreement dated as of August 28, 2007 and made among SMART Holdings, Deutsche Bank AG, Canada Branch, as administrative agent and the lenders party
thereto from time to time (the “Holdings Credit Agreement”); 

  

	(d)	the following notes: 

  

	 	(i)	a term note dated August 28, 2007 and issued by SMART in favour of Deutsche Bank AG, Canada Branch pursuant to the terms of the First Lien Credit Agreement;

  

	 	(ii)	a term note dated August 28, 2007 and issued by SMART in favour of Royal Bank of Canada pursuant to the terms of the First Lien Credit Agreement;

  

	 	(iii)	a term note dated August 28, 2007 and issued by SMART in favour of Lloyds TSB Bank Plc pursuant to the terms of the First Lien Credit Agreement;

  

	 	(iv)	a term note dated August 28, 2007 and issued by SMART in favour of Deutsche Bank AG, Canada Branch pursuant to the terms of the Second Lien Credit Agreement;

  

	 	(v)	a term note dated August 28, 2007 and issued by SMART in favour of Royal Bank of Canada pursuant to the terms of the Second Lien Credit Agreement;

  

	 	(vi)	a term note dated August 28, 2007 and issued by SMART in favour of Lloyds TSB Bank Plc pursuant to the terms of the Second Lien Credit Agreement;

  

	 	(vii)	a term note dated August 28, 2007 and issued by SMART in favour of Deutsche Bank AG, Canada Branch pursuant to the terms of the Holdings Credit Agreement;

  

	 	(viii)	a term note dated August 28, 2007 and issued by SMART in favour of Royal Bank of Canada pursuant to the terms of the Holdings Credit Agreement;

  

	 	(ix)	a term note dated August 28, 2007 and issued by SMART in favour of Lloyds TSB Bank Plc pursuant to the terms of the Holdings Credit Agreement; and

  

	 	(x)	a revolving credit note dated August 28, 2007 and issued by SMART in favour of Deutsche Bank AG Canada Branch, pursuant to the terms of First Lien Credit
Agreement; 

  

 Page 2 

			
		 	FASKEN
 MARTINEAU

 

	 	(xi)	a revolving credit note dated August 28, 2007 and issued by SMART in favour of Royal Bank of Canada, pursuant to the terms of First Lien Credit Agreement;

  

	 	(xii)	a revolving credit note dated August 28, 2007 and issued by SMART in favour of Lloyds TSB Bank PLC, pursuant to the terms of First Lien Credit Agreement;

  

	 	    	(collectively, the “Notes”) 

  

	(e)	a First Lien Pledge and Security Agreement dated as of August 28, 2007 made between SMART, SMART Holdings and the First Lien Agent (the “First Lien
Security Agreement”); 

  

	(f)	a Second Lien Pledge and Security Agreement dated as of August 28, 2007 made between SMART, SMART Holdings and the Second Lien Agent (the “Second Lien
Security Agreement”); 

  

	(g)	a First Lien Guarantee dated as of August 28, 2007 made between SMART Holdings and the First Lien Agent (the “First Lien Guarantee”);

  

	(h)	a Second Lien Guarantee dated as of August 28, 2007 made between SMART Holdings and the Second Lien Agent (the “Second Lien Guarantee”); and

  

	(i)	an Intercreditor Agreement dated as of August 28, 2007 made between the First Lien Agent, the Second Lien Agent, SMART, SMART Holdings and SMART Technologies
Corporation (the “Intercreditor Agreement”) 

  

	    	(collectively, the “Transaction Documents” and individually a “Transaction Document”). 

 

	A.	Additional Definitions 

 In this opinion
letter: 
 “Alberta Agreements” means the Security Agreements and the Guarantees; 

“Alberta Court” means the Court of Queen’s Bench in the Province of Alberta; 

“Canadian Obligors” means SMART and SMART Holdings; 

“Credit Agreements” means the First Lien Credit Agreement, the Second Lien Credit Agreement and Holdings Credit Agreement; 

“Guarantees” means the First Lien Guarantee and the Second Lien Guarantee; 

“New York Transaction Documents” means the Credit Agreements, the Notes and the Intercreditor Agreement; and 

 

 Page 3 

			
		 	FASKEN
 MARTINEAU

 

 “Security Agreements” means the First Lien Security Agreement and the Second Lien
Security Agreement. 
 Each capitalized term used but not otherwise defined herein, has the meaning ascribed to it in the First Credit
Agreement. 
 In addition, as the context permits, the terms “account”, “collateral”, “consumer
goods”, “control”, “debtor”, “equipment”, “financing change statement”, “financing statement”, “goods”, “instrument”,
“intangibles”, “inventory”, “investment property”, “personal property”, “proceeds”, “secured party”, “security”, “security
account”, “security interest”, “serial number”, “serial number goods”, and other terms defined in the PPSA are used in this opinion letter with the same respective defined meanings assigned
to them in Subsection 1(1) of the Personal Property Security Act (Alberta) (“PPSA”), and the terms “attached” and “perfected” (and any grammatical forms of each thereof), are used in this opinion letter
with the same respective meanings attributed to them in the PPSA. 
  

	B.	Documentation 

 We have examined an
executed original, or a copy, notarized, certified or otherwise identified to our satisfaction of each of the Transaction Documents. 
  

	C.	Jurisdiction 

 We are solicitors qualified
to practise law in the Province of Alberta and, we express no opinion in this opinion letter as to any laws or any matters governed by any laws other than the laws of the Province of Alberta and the federal laws of Canada applicable in the Province
of Alberta (“Alberta Law”). In particular, without limiting the generality of the immediately preceding sentence, no opinion is expressed with respect to the laws of any other jurisdiction to the extent these laws may govern the
validity, perfection, effect of perfection or non-perfection or enforcement of the security interests created by the Security Agreements as a result of the application of the Alberta conflict of laws rules including, without limitation, the
provisions of the PPSA. In addition, we express no opinion as to whether Alberta Law would govern the validity, perfection, effect of perfection or non-perfection or enforcement of those security interests. 

 

	D.	Scope of Examination 

 In connection with
the opinions expressed in this letter, we have considered such questions of law and examined such public records, certificates and other documents and conducted such other examinations as we have considered necessary for the purposes of the opinions
expressed in this letter. 
  

	E.	Assumptions and Reliance 

 For the
purposes of the opinions expressed in this opinion letter, we have assumed: 
  

	 	(a)	that each of the Canadian Obligors: 

  

	 	(i)	is a valid and subsisting corporation under the Business Corporations Act (Alberta); 

 

 Page 4 

			
		 	FASKEN
 MARTINEAU

 

	 	(ii)	has the requisite corporate power and capacity to execute, deliver and perform its obligations under the Transaction Documents to which it is a party;

  

	 	(iii)	has taken all necessary corporate action to authorize the execution, delivery and performance by it of the Transaction Documents to which it is a party; and

  

	 	(iv)	has duly executed and delivered the Transaction Documents to which it is a party; 

 

	 	(b)	the legal capacity of all individuals at all relevant times, the genuineness of all signatures and the authenticity of all documents submitted to us as originals and
the conformity to authentic original documents of all documents submitted to us as copies or reproductions; 

  

	 	(c)	the accuracy, currency and completeness of the indices and filing systems maintained at the public offices where we have searched or enquired or have caused searches or
enquiries to be conducted; 

  

	 	(d)	that all facts set forth in all certificates supplied, or otherwise conveyed to us are true, complete and accurate; 

 

	 	(e)	the collateral as specified in the Security Agreements (the “Collateral”) does not include consumer goods (as the term “consumer goods” is
defined in the PPSA); 

  

	 	(f)	value has been given by the Collateral Agent to the Canadian Obligors, the Canadian Obligors have rights in the Collateral, and the Collateral Agent has not agreed in
writing with the Canadian Obligors to postpone the time for attachment of the security interests purported to be created by the Security Agreements; and 

  

	 	(g)	that insofar as any obligation under the Security Agreements is to be performed in any jurisdiction other than the Province of Alberta, its performance will not be
illegal or unenforceable by virtue of the laws of that other jurisdiction; 

  

	 	(h)	the name and address of the Collateral Agent are as set forth in the financing statement(s) that have been registered at the Alberta Personal Property Registry;

  

	 	(i)	the New York Transaction Documents and the Obligations thereunder constitute legal, valid and binding obligations of the parties thereto under the laws of the State of
New York (“New York Law”) enforceable against the parties thereto in accordance with the respective terms of the New York Transaction Documents under New York Law and would be enforced under New York Law as written and the
provisions thereof and Obligations thereunder would be given the same meaning under New York Law that would be given if the New York Transaction Documents were governed by Alberta Law; and 

 

 Page 5 

			
		 	FASKEN
 MARTINEAU

 

	 	(j)	Our opinions expressed in paragraphs 7 and 8 are based on the current provisions of the Income Tax Act (Canada) (the “Tax Act:”), the
Regulations thereunder, any proposed amendments thereto publicly announced by or on behalf of the Minister of Finance for Canada prior to the delivery of this opinion (the “Tax Proposals”) and on our understanding of the current
published administrative and assessing practices and policies of the Canada Revenue Agency. Except for the Tax Proposals, such opinion does not anticipate or take into account any change in law or regulations or administrative or assessing practices
and policies, whether judicial, legislative or governmental decision or action. Any such change could affect the validity of this opinion. In addition, in rendering the opinion set forth in paragraph 7 hereof, we have assumed that the terms and
conditions of the First Lien Credit Agreement constitute the full agreement between SMART and the Term Lenders thereunder with respect to the Term Loan and that there are no ancillary agreements, written or verbal, which would affect the terms and
conditions of the Term Loan as set out in the First Lien Credit Agreement or the respective rights and obligations of SMART and/or the Lenders set out therein. In addition, in rendering the opinions set forth in paragraphs 7 and 8 hereof, we have
assumed that the terms and conditions of the Second Lien Credit Agreement and Holdings Credit Agreement constitute the full agreement between SMART and SMART Holdings, as the case may be, and the lenders thereunder with respect to the loans
thereunder and that there are no ancillary agreements, written or verbal, which would affect the terms and conditions of such loans as set out in the Second Lien Credit Agreement and Holdings Credit Agreement or the respective rights and obligations
of SMART and SMART Holdings and/or the lenders set out therein. 

  

	F.	Opinions 

 On the basis of the foregoing
and subject to the qualifications and limitations expressed in Section G, we are of the opinion that: 
  

	1.	Each of the Alberta Agreements is legal, valid and binding and is enforceable against the Canadian Obligors party thereto in accordance with its terms.

  

	2.	Each of the Security Agreements creates a valid security interest in favour of the Collateral Agent on behalf of the Secured Parties in the Collateral (as defined
therein) in which each Canadian Obligor has rights, and is sufficient to create a valid security interest in favour of the Collateral Agent on behalf of the Secured Parties in the Collateral (as defined therein) in which each Canadian Obligor
acquires rights when those rights are acquired, in each case, to secure payment and performance of each of the Secured Obligations (as defined therein). 

 

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 MARTINEAU

 

	3.	Registration has been made in all public offices provided for under Alberta Law where such registration is generally necessary to perfect the security interests created
by the Security Agreements in favour of the Collateral Agent on behalf of the Secured Parties in the Collateral, and no other registration, filing or recording is required to perfect the security interests created by the Security Agreements. The
particulars of the registrations made in the Province of Alberta with respect for the Security Agreements are set out in Schedule A. 

  

	4.	An action to enforce the New York Transaction Documents against a Canadian Obligor party thereto could be commenced by any of the Secured Parties party thereto in an
Alberta Court, in which event an Alberta Court would recognize the choice of New York Law as a valid choice of law to govern the New York Transaction Documents and would apply New York Law to all issues that an Alberta Court characterizes as
substantive under the conflict of laws’ rules of the laws of the Province of Alberta, assuming that: 

  

	 	(a)	such choice of law is legal under New York Law; 

  

	 	(b)	such choice of law was made bona fide (without limiting the foregoing such choice of law was made for the purpose of avoiding the mandatory laws of any other
jurisdiction); 

  

	 	(c)	such New York Law is not of a revenue, expropriatory, penal, criminal or similar nature; 

 

	 	(d)	there is no reason for avoiding such choice of law on the grounds of public policy in the Province of Alberta as determined by an Alberta Court;

  

	 	(e)	New York Law is not an assertion of sovereign power of a political nature by the State of New York or the United States of America; and 

 

	 	(f)	New York Law was specifically pleaded and proved as a question of fact before the Alberta Court. 

 

	 	(g)	An Alberta Court will, however, apply the laws of the Province of Alberta to those issues that the Alberta Court characterizes as procedural or administrative under the
conflicts of laws’ rules of the laws of the Province of Alberta. In addition, no opinion is expressed as to whether remedies available under New York Law would be available from an Alberta Court. 

 

	5.	Any subsisting in personam judgment (a “New York Judgment”) obtained by any Secured Party against a Canadian Obligor in any action taken in the
courts of the state of New York or the United States District Court for the Southern District of New York (the “New York Court”) to enforce the obligations of a Canadian Obligor under the New York Transaction Documents in the
Province of Alberta, would be recognized and enforced by an Alberta Court in a separate Alberta action without re-examination of the merits of the New York action, if each of the following criteria is satisfied: 

 

	 	(a)	the New York Judgment was for a debt or fixed sum of money other than a judgment in proceedings of a revenue, expropriatory, penal, criminal or similar nature;

  

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	 	(b)	the New York Judgment is final and conclusive where rendered; 

  

	 	(c)	the New York Judgment Court that rendered the New York Judgment had jurisdiction over the Canadian Obligor and the subject matter of the New York Law Documents;

  

	 	(d)	the New York Judgment does not conflict with another final and conclusive judgment in the same cause of action; 

 

	 	(e)	the New York Judgment was not obtained by fraud or trick; 

  

	 	(f)	the claim of relief on which the New York Judgment is based and enforcement of the New York Judgment in Alberta are not repugnant to public policy under the laws of the
Province of Alberta; 

  

	 	(g)	the New York Court rendering the New York Judgment was impartial and provided procedures compatible with the due process standards of an Alberta Court, without limiting
the foregoing: 

  

	 	(i)	the proceedings leading to the New York Judgment are not contrary to the rules of natural justice; and 

 

	 	(ii)	the Canadian Obligor received sufficient notice of the proceedings in the New York Court to enable it to defend the action in which the New York Judgment was rendered;

  

	 	(h)	the procedural rules for commencement and maintenance of the enforcement proceedings in Alberta have been observed; 

 

	 	(i)	the enforcement of the New York Judgment would not be contrary to any order made by the Attorney General of Canada under the Foreign Extraterritorial Measures
Act (Canada) or the Competition Tribunal under the Competition Act (Canada) in respect of certain judgments, laws and directives having effect on competition in Canada or the Governor-in-Council under the United Nations Act
(Canada) or the Special Economic Measures Act (Canada); and 

  

	 	(j)	any action to enforce the New York Judgment in an Alberta Court must be commenced within the applicable limitation period under the Limitations Act (Alberta).

  

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	6.	The express submission by the Canadian Obligors to the non-exclusive jurisdiction of a New York Court contained in the New York Transaction Documents would be regarded
by an Alberta Court as sufficient under the laws of the Province of Alberta to grant personal jurisdiction over the Canadian Obligors to a New York Court. 

  

	7.	No withholding tax is payable under Part XIII of the Tax Act and SMART is not required to deduct, withhold or collect any tax under Part XIII of the Tax Act on any
amount that SMART pays or credits, or is deemed to pay or credit, under the 

  

	 	(i)	First Lien Credit Agreement in respect of a Term Loan; and 

  

	 	(ii)	Second Lien Credit Agreement in respect of a loan made pursuant to section 2.01 thereof. 

to a lender who is neither resident in Canada nor deemed to be resident in Canada for purposes of the Tax Act as, on account or in lieu of
payment of, or in satisfaction of the principal amount of any loan referred to above in this paragraph 7 or interest on such principal amount including premiums on early retirement, or interest on such interest, provided that at the time of any such
payment or crediting, the lender deals at arm’s length with SMART for the purposes of the Tax Act. 
  

	8.	No withholding tax is payable under Part XIII of the Tax Act and SMART Holdings is not required to deduct, withhold or collect any tax under Part XIII of the Tax Act on
any amount that SMART Holdings pays or credits, or is deemed to pay or credit, under the Holdings Credit Agreement in respect of a loan made pursuant to section 2.01 thereof to a lender who is neither resident in Canada nor deemed to be resident in
Canada for purposes of the Tax Act as, on account or in lieu of payment of, or in satisfaction of the principal amount of the loan or interest on such principal amount including premiums on early retirement, or interest on such interest, provided
that at the time of any such payment or crediting, the lender deals at arm’s length with SMART Holdings for the purposes of the Tax Act. 

  

	G.	Qualifications 

 The opinions expressed in
this opinion letter are subject to the following qualifications: 
 General Qualifications 

 

	 	(a)	The legality, validity, binding effect and enforceability of each of the Alberta Agreements or any judgment arising out of or in connection with each Alberta Agreement
may be limited by applicable bankruptcy, insolvency, winding-up, reorganization, arrangement, moratorium, limitation or other laws affecting creditors’ rights generally. Without limiting the generality of the foregoing:

  

	 	(i)	The provisions in each of the Alberta Agreements relating to payment of costs and expenses may be unenforceable to the extent that an Alberta Court decides that any
payment required thereunder would derogate from the court’s discretion in respect of the costs of and incidental to proceedings or a step in a proceeding, or would be inconsistent with the court’s determination by whom and to what extent
such costs shall be paid; 

  

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	 	(ii)	Under the Judgment Interest Act (Alberta), interest after judgment may be limited to a rate which is less than a rate specified in any of the Alberta Agreements;

  

	 	(iii)	Section 347 of the Criminal Code (Canada) prohibits the payment of “interest” at a “criminal rate” (as such terms are defined therein);
and 

  

	 	(iv)	Under the provisions of the Currency Act (Canada), courts in Canada are precluded from rendering any monetary judgments in any currency other than the lawful
currency of Canada and such judgments may be based on a rate of exchange in existence on a date other than the date of payment. 

  

	 	(b)	The legality, validity, binding effect and enforceability of each of the Alberta Agreements may be limited by general principles of equity, and no opinion is given as
to any specific remedy that may be granted, imposed or rendered (including equitable remedies such as specific performance and injunction). Without limiting the generality of the foregoing: 

 

	 	(i)	A certificate, determination, notification or opinion of any party as to any matter provided for in any of the Alberta Agreements may be held by an Alberta Court not to
be conclusive if it can be shown to have a unreasonable or arbitrary basis or in the event of manifest error; 

  

	 	(ii)	Any provision of any of the Alberta Agreements that provides for interest to be paid at a higher rate after than before default, that provides for a forfeiture of a
deposit of any other property or that provides for a particular calculation of damages upon breach may not be enforceable if it is interpreted by a court to be a penalty or if the court determines that relief from forfeiture is appropriate;

  

	 	(iii)	A waiver or release of or limitation on rights or remedies available to a Canadian Obligor in respect of future actions or omissions of the other parties, or any agent
or receiver and manager appointed by or on the application of the other parties, may not be enforced by an Alberta Court; 

  

	 	(iv)	The effectiveness of provisions which purport to relieve a person from a liability or duty otherwise owed may be limited by law, and provisions requiring
indemnification or reimbursement may not be enforced by an Alberta Court to the extent they relate to the failure of such person to have performed such duty or liability; 

 

	 	(v)	 The enforceability of the Alberta Agreements may be limited by general principles of law and equity relating to the conduct of the parties prior to the
execution of, or in the administration or performance of that Security 

  

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Agreement, including, without limitation, (a) fraud, duress or undue influence, misrepresentation and deceit, (b) estoppel and waiver, (c) laches, and (d) reasonableness and
good faith in the exercise of discretionary powers; and 

  

	 	(vi)	The enforceability of any Alberta Agreement may be limited if there has been any mutual mistake of fact. 

 

	 	(c)	Provisions of the Alberta Agreements purporting to sever invalid or unenforceable provisions may not be enforceable as an Alberta Court may reserve to itself a decision
as to whether any provision is severable or otherwise of no force or effect. 

  

	 	(d)	No opinion is expressed as to the enforceability of any provision in any Alberta Agreement which suggests that modifications, amendments or waivers that are not in
writing will not be effective. 

  

	 	(e)	Our opinions address statutes and regulations of general application and do not address or extend to (i) any necessary consents, license, approval,
acknowledgement, order or exemption from, registrations or filing with, or notice to, any government department or agency or any regulatory body or authority required by the Canadian Obligor under Alberta Law in order to carry on its particular
businesses, or (ii) any agreement the Canadian Obligor may have entered into with, or any decision, order or award made by, any government department or agency or any regulatory body or authority of the Province of Alberta or of Canada.

 PPSA Qualifications 
  

	 	(f)	Scope of Security Interests – to the extent that the security interests created by the Security Agreements 

 

	 	(i)	attach intangibles (as defined in the PPSA), which would include accounts receivable; 

 

	 	(ii)	goods that are of a kind that are normally used in more than one jurisdiction, if the goods are equipment or are inventory leased or held for lease by the debtor to
others; or 

  

	 	(iii)	are non-possessory security interests in chattel paper, a negotiable document of title, an instrument or money (as such terms are defined in the PPSA);

 the validity, perfection and effect of perfection or non-perfection of the security interests created by the
Security Agreements are governed by the laws of the jurisdiction where the Canadian Obligor is located when the respective security interests attach. If at such time the Canadian Obligor has more than one place of business, the Canadian Obligor is
deemed to be located at its chief executive office. 
  

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 MARTINEAU

 

	 	(g)	Scope of Security Interests in Investment Property – the validity of a security interest in investment property (as defined in the PPSA) is governed by the
law, at the time the security interest attaches: 

  

	 	(i)	of the jurisdiction where the certificate is located if the collateral is a certificated security (as defined in the PPSA); 

 

	 	(ii)	of the issuer’s jurisdiction if the collateral is an uncertificated security (as defined in the PPSA); or 

 

	 	(iii)	of the security intermediary’s jurisdiction if the collateral is a security entitlement or a securities account (as defined in the PPSA). 

 

	 	(h)	Perfection of Investment Property – the law of the jurisdiction in which a debtor is located governs perfection of a security interest in investment
property by registration. 

  

	 	(i)	Collateral Not Governed by PPSA – we express no opinion as to the creation, validity or perfection of the security interests created by a Security Agreement
in any part of the collateral which is of a type or kind that would not be governed by the PPSA or in respect of which there is applicable federal legislation which is paramount. 

 

	 	(j)	Unidentifiable Property – we express no opinion as to any security interest created by a Security Agreement with respect to any property of a Canadian
Obligor that is transformed in such a way that it is not identifiable or traceable or any proceeds (as defined in the PPSA) of property of a Canadian Obligor that is not identifiable or traceable, and security interests may not be enforceable in
respect of proceeds of the collateral which are not identifiable or traceable. 

  

	 	(k)	Intangibles – if the collateral now or hereafter includes an intangible or chattel paper (as those terms are defined in the PPSA), the security interest
therein is subject to section 41 of the PPSA, including, inter alia, the giving of proper notice of the security interest to the account debtors thereunder. 

 

	 	(I)	Money and Negotiable Instruments – if the collateral now or hereafter includes money, an instrument, a negotiable document of title or chattel paper (as
those terms are defined in the PPSA), the Collateral Agent should perfect the security interest therein by possession of such collateral pursuant to Section 24 of the PPSA in order to maintain the priority of such security interest in such
collateral. 

  

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 MARTINEAU

 

	 	(m)	Investment Property – if the collateral now or hereafter includes investment property the Collateral Agent should perfect the security interest in such
collateral by obtaining control of the investment property pursuant to Section 24.1 of the PPSA in order to maintain the priority of such security interest in such collateral. 

 

	 	(n)	Insurance – if the collateral now or hereafter includes an interest or claim in or under any contract of annuity or policy of insurance, no opinion is
expressed herein as to the creation, validity or perfection of the security interest therein other than in respect of the right of the transfer of a right to money or other value payable under a policy of insurance as indemnity or compensation for
loss of, or damage to, such collateral. 

  

	 	(o)	Serial Number Goods – if the collateral now or hereafter includes serial number goods, the Collateral Agent should identify such collateral by serial number
in the financing statement registering the security interest in order to maintain the priority of the security interest in such collateral. 

  

	 	(p)	Searches – with respect to the opinion expressed in paragraph 3 under Section E, we have conducted searches in the public offices in the Province of Alberta
where the law in force in the Province of Alberta provides that interests in the collateral may be filed or registered to perfect such interests. We have also conducted searches at certain other offices in the Province of Alberta. A list of the
public office in Alberta which were searched, the debtor names and serial numbers searched, the effective dates of such searches and all encumbrances registered in respect of the collateral including the registrations are set forth in Schedule A. It
should be noted that the searches conducted in Alberta will not reveal: 

  

	 	(i)	security interests that may have been granted by predecessors or successors in interest to the collateral or any part thereof; 

 

	 	(ii)	interests of parties in respect of the collateral or any part thereof under agreements which are not required to be registered in Alberta; 

 

	 	(iii)	a lien, charge or other interest given by an Act or rule of law in force in Alberta; or 

 

	 	(iv)	security interests in the collateral governed by an Act of the Parliament of Canada. 

 

	 	(q)	Title or Priority – no opinion is expressed herein as to: 

  

	 	(i)	a Canadian Obligor’s title to or ownership of its collateral; or 

  

	 	(ii)	the priority of the security interests in the collateral. 

  

	 	(r)	Special Property – we express no opinion as to the creation of any security interest in property consisting of a receivable, licence, approval, privilege,
franchise, permit, lease or agreement (collectively, “Special Property”) to the extent that the terms of the Special Property or any Alberta Law prohibit the assignment thereof or require, as a condition of assignability, a consent,
approval or other notice, authorization or registration which has not been made or given. 

  

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 MARTINEAU

 

	 	(s)	Commercial Reasonableness – notwithstanding any term or condition contained in the Security Agreements including, without limitation, the right of any party
to exercise its sole discretion, a court of competent jurisdiction may retain the discretion to determine when such party’s or its agents’ actions have been conducted in good faith and in a “commercially reasonable” manner.

  

	 	(t)	PPSA, Civil Enforcement Act and Law of Property Act Enforcement – our opinion is subject to the qualification that the remedy and enforcement provisions of
the PPSA, the Civil Enforcement Act (Alberta), and Law of Property Act (Alberta) may affect the enforcement of certain remedies in Alberta under the Security Agreements. 

 

	 	(u)	PPSA Duty – any provision of the Security Agreement which purports to exclude a duty or onus imposed by the PPSA, which may not be waived or amended by
contract, or which purports to limit the liability of any secured party for failure to discharge duties imposed on it by the PPSA, which may not be waived or amended by contract, may be void. 

 

	 	(v)	Mortgagee in Possession – if the Collateral Agent takes possession of certain collateral, it may be considered to be a mortgagee in possession of such
collateral and may be liable to fulfil the obligations of a mortgagee in possession with respect thereto. 

  

	 	(w)	Licenses, Permits and Approvals – we express no opinion as to any licences, permits or approvals that may be required in connection with the enforcement of
the Security Agreements. 

  

	 	(x)	Enforceability – no opinion is expressed regarding the enforceability of any provisions of the Security Agreement which: 

 

	 	(i)	purport to establish evidentiary standards; 

  

	 	(ii)	provide for a covenant to take actions, the taking of which are discretionary with or subject to the approval of a third party, or which are otherwise subject to a
contingency, the fulfilment of which is not within the control of the parties so covenanting; 

  

	 	(iii)	provide for non judicial or self-help remedies; or 

  

	 	(iv)	relate to delay or omission of enforcement of remedies. 

  

	 	(y)	Judicial Challenge – notwithstanding any provision contained in the Security Agreement, any determination provided for in such agreement may be subject to
challenge in a court on the grounds of fraud, collusion or mistake. 

  

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 MARTINEAU

 

	 	(z)	Reasonable Time – the enforceability of any of the provisions of the Security Agreements entitling the parties thereto to exercise rights and remedies may
be limited by Alberta Law requiring creditors and secured parties to give borrowers a reasonable time to rectify any default or to repay as demanded prior to taking any action to exercise such rights and remedies. 

 

	 	(aa)	Limitations Act (Alberta), – enforceability of the Security Agreement will be subject to the limitations contained in the
Limitations Act (Alberta) and we express no opinion as to whether a court may find any provision of the Security Agreements to be unenforceable as an attempt to vary or exclude a limitation period under that Act. 

 

	 	(bb)	Costs and Expenses – the ability and extent to which the secured parties or their agent would be able to recover or claim for certain costs and expenses may
be subject to judicial discretion notwithstanding express provisions in the Security Agreements to the contrary. 

  

	H.	Searches and Administrative Matters 

 We
have conducted or caused to be conducted searches current as of the dates indicated in Schedule A, under the statutes and at the offices of public record in the Province of Alberta specified in Schedule A. The results of the searches are set out in
Schedule A, as of the respective currency dates. 
 The registration period of the financing statement referred to in Schedule A will expire,
and the security interests perfected thereby will become unperfected, in 9 years from the date of registration unless the registration period is extended prior to that time by registration under the PPSA of a financing change statement designated as
a renewal. We assume no responsibility for registering this financing change statement or for reminding you of the date by which it must be registered. 

Any change in the name of a Canadian Obligor and any transfer by a Canadian Obligor of any or all of the Collateral will require the filing of a
financing change statement under the PPSA in accordance with the time periods set out therein. We assume no responsibility for making this type of registration or for notifying you if circumstances arise which necessitate this type of registration.

 The opinions expressed in this opinion letter are given solely for the benefit of the addressees, in connection with the transactions
referred to in this opinion letter, and may not, in whole or in part, be relied upon by or shown or distributed to any other person provided however, that this opinion letter may be shown to prospective Lenders and Participants under the applicable
Credit Agreement. 
 Yours truly, 

FASKEN MARTINEAU DuMOULIN LLP 
  

 Page 15 

 SCHEDULE “A”  

SEARCH SUMMARIES 

1. Alberta Personal Property Registry 
 Name
Searched: Smart Technologies (Holdings) Inc. 
 Date and Time of Search: August 24, 2007 at 13:14:17 

 

											
	 	  	 Registration No. and
Registration
Date
	  	 Expiry Date
	  	 Debtor
	  	 Severed Party
	  	 Collateral

	1.	  	 07081900396
 19 Aug
2007
	  	 11:59 pm on
 19 Aug
2016
	  	Smart Technologies (Holdings) Inc.	  	Deutsche Bank AG, Canada Branch	  	All present and after-acquired personal property of the Debtor and proceeds

Name Searched: Smart Technologies ULC 

Date and Time of Search: August 24, 2007 at 13:14:53 
  

											
	 	  	 Registration No. and
Registration
Date
	  	 Expiry Date
	  	 Debtor
	  	 Severed Party
	  	 Collateral

	1.	  	 07081900404
 19 Aug
2007
	  	 11:59 pm on
 19 Aug
2016
	  	Smart Technologies ULC	  	Deutsche Bank AG, Canada Branch	  	All present and after-acquired personal property of the Debtor and proceeds

Name Searched: Smart Technologies Inc. 

Date and Time of Search: August 27. 2007 at 14:06:47 
  

											
	 	  	 Registration No. and
Registration
Date
	  	 Expiry Date
	  	 Debtor
	  	 Severed Party
	  	 Collateral

	1.	  	 03063023406
 30 Jun
2003
	  	 11:59 pm on
 30 June
2008
	  	Smart Technologies Inc.	  	Ricoh Canada Inc.	  	Photocopying equipment together with all attachments, accessories, accessions, replacements, substitutions, additions and improvements and proceeds
						
	2.	  	 05092203107
 22 Sep
2005
	  	 11:59 pm on
 22 Sep
2010
	  	Smart Technologies Inc.	  	Ricoh Canada Inc.	  	All goods supplied by the Secured Party pursuant to a lease between the Debtor and the Secured Party, together with all parts and accessories thereto and accession thereto and all
replacements or substitutions for such goods and proceeds

  

  

	*	Fashion Martineau DuMoulin LLP is a limited liability partnership and includes law corporations 

 

															
	Vancouver	  	Calgary	  	Toronto	  	Montréal	  	Québec City	  	New York	  	London	  	Johannesburg

			
		 	FASKEN
 MARTINEAU

 

											
	 	  	 Registration No. and
Registration
Date
	  	 Expiry Date
	  	 Debtor
	  	 Severed Party
	  	 Collateral

	3.	  	 06030818899
 08 Mar
2006
	  	 11:59 pm on
 08 Mar
2011
	  	Smart Technologies Inc.	  	Xerox Canada Ltd.	  	Equipment, other all present and future office equipment and software supplied or financed from time to time by the Secured Party
						
	4.	  	 06060723647
 07 Jun
2006
	  	 11:59 pm on
 07 Jun
2009
	  	Smart Technologies Inc.	  	Ricoh Canada Inc.	  	Certain office equipment with all attachments, accessories and proceeds thereof
						
	5.	  	 0607269535
 26 Jul
2006
	  	 11:59 pm on
 26 Jul
2009
	  	Smart Technologies Inc.	  	Ricoh Canada Inc.	  	Certain office equipment with all attachments, accessories and proceeds thereof
						
	6.	  	 07031621381
 16 Mar
2007
	  	 11:59 pm on
 16 Mar
2010
	  	Smart Technologies Inc.	  	Ricoh Canada Inc.	  	Certain office equipment with all attachments, accessories and proceeds thereof
						
	7.	  	 07081900388
 19 Aug
2007
	  	 11:59 pm on
 19 Aug
2016
	  	Smart Technologies Inc.	  	Deutsche Bank AG, Canada Branch	  	Certain office equipment with all attachments, accessories and proceeds thereof

Name Searched: 1329169 Alberta Ltd. 

Date and Time Searched: August 27, 2007 at 14:30:20 

** NO REGISTRATIONS FOUND** 
 2. Bank Act

  

					
	 Name Searched
	  	 Date of Search
	  	 Registrations

	 Smart Technologies (Holdings) Inc.
	  	August 24, 2007	  	No matches were found.
			
	 Smart Technologies ULC
	  	August 24, 2007	  	No matches were found.
			
	 Smart Technologies Inc.
	  	August 24, 2007	  	No matches were found.
			
	 1329169 Alberta Ltd.
	  	August 27, 2007	  	No matches were found.

 3. Office of the
Superintendent of Bankruptcy Canada 
  

					
	 Name Searched
	  	 Date of Search
	  	 Registrations

	 Smart Technologies (Holdings) Inc.
	  	August 24, 2007	  	The public record was found to contain no facts nor any reference to the aforementioned name, from 1978 to 2007/08/21.
			
	 Smart Technologies ULC
	  	August 24, 2007	  	The public record was found to contain no facts nor any reference to the aforementioned name, from 1978 to 2007/08/21.
			
	 Smart Technologies Inc.
	  	August 24, 2007	  	The public record was found to contain no facts nor any reference to the aforementioned name, from 1978 to
2007/08/21.

  

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		 	FASKEN
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	 1329169 Alberta Ltd.
	  	August 27, 2007	  	The public record was found to contain no facts nor any reference to the aforementioned name, from 1978 to 2007/08/22

 

 Page 18 

 EXHIBIT F-3 

Burnet, 
 Duckworth 

& Palmer LLP 
 Law Firm

 Our File: 47232-102 

August 28, 2007 
 Deutsche Bank AG, Canada
Branch, as Administrative Agent and Collateral Agent under the First Lien Credit Agreement and the Second Lien Credit Agreement and as Administrative Agent under the Holdings Credit Agreement 

- and to - 
 Royal Bank of Canada, as RC Agent
(as defined in the First Lien Credit Agreement) 
 - and to - 

The Lenders (including each L/C Issuer and Swing Line Lender) (as such terms are defined in the First Lien Credit Agreement) 

- and to - 
 The Lenders (as defined in the
Second Lien Credit Agreement) 
 - and to - 

The Lenders (as defined in the Holdings Credit Agreement) 

- and to - 
 Fasken Martineau DuMoulin LLP

 3400 First Canadian Centre 
 350
– 7th Avenue SW 
 Calgary, Alberta T2P 3N9 

Dear Sirs/Mesdames: 
  

	Re:	SMART Technologies ULC - Credit Facilities 

  

	1.	Scope of Review 

 1.1 We have acted as
counsel in the Province of Alberta to SMART Technologies ULC (“SMART”) and SMART Technologies (Holdings) Inc. (“SMART Holdings”) in respect of: 

 

	(a)	a First Lien Credit Agreement dated as of August 28, 2007 (the “First Lien Credit Agreement”) and made among SMART and SMART Holdings, Deutsche
Bank AG, Canada Branch, as administrative agent and collateral agent (the “First Lien Agent”), Royal Bank of Canada, as administrative agent for the revolving credit facility, as issuer of letters of credit and as swingline lender
and the lenders party thereto from time to time; 

			
	BURNET, DUCKWORTH PALMER LLP	  	August 28, 2007

  

	(b)	a Second Lien Credit Agreement dated as of August 28, 2007 (the “Second Lien Credit Agreement”) and made among SMART, SMART Holdings, Deutsche
Bank AG, Canada Branch, as administrative agent and collateral agent (the “Second Lien Agent”) and the lenders party thereto from time to time; 

 

	(c)	a Credit Agreement dated as of August 28, 2007 (the “Holdings Credit Agreement”) and made among SMART Holdings, Deutsche Bank AG, Canada Branch,
as administrative agent and the lenders party thereto from time to time; 

  

	(d)	a First Lien Pledge and Security Agreement dated as of August 28, 2007 between SMART, SMART Holdings and the First Lien Agent; 

 

	(e)	a Second Lien Pledge and Security Agreement dated as of August 28, 2007 between SMART, SMART Holdings and the Second Lien Agent; 

 

	(f)	a First Lien Guarantee dated as of August 28, 2007 between SMART Holdings and the First Lien Agent; 

 

	(g)	a Second Lien Guarantee dated as of August 28, 2007 between SMART Holdings and the Second Lien Agent; 

 

	(h)	a U.S. First Lien Security Agreement dated as of August 28, 2007 between SMART Technologies Corporation (“SMART US”), SMART and the First Lien
Agent; 

  

	(i)	a U.S. Second Lien Security Agreement dated as of August 28, 2007 between SMART US, SMART and the Second Lien Agent; 

 

	(j)	a term note dated August 28, 2007 and issued by SMART in favour of Deutsche Bank AG, Canada Branch pursuant to the terms of the First Lien Credit Agreement;

  

	(k)	a term note dated August 28, 2007 and issued by SMART in favour of Royal Bank of Canada pursuant to the terms of the First Lien Credit Agreement;

  

	(l)	a term note dated August 28, 2007 and issued by SMART in favour of Lloyds TSB Bank Plc pursuant to the terms of the First Lien Credit Agreement;

  

	(m)	a term note dated August 28, 2007 and issued by SMART in favour of Deutsche Bank AG, Canada Branch pursuant to the terms of the Second Lien Credit Agreement;

  

	(n)	a term note dated August 28, 2007 and issued by SMART in favour of Royal Bank of Canada pursuant to the terms of the Second Lien Credit Agreement;

  

	(o)	a term note dated August 28, 2007 and issued by SMART in favour of Lloyds TSB Bank Plc pursuant to the terms of the Second Lien Credit Agreement;

  

 Page 2 

			
	BURNET, DUCKWORTH PALMER LLP	  	August 28, 2007

  

	(p)	a term note dated August 28, 2007 and issued by SMART Holdings in favour of Deutsche Bank AG, Canada Branch pursuant to the terms of the Holdings Credit Agreement;

  

	(q)	a term note dated August 28, 2007 and issued by SMART Holdings in favour of Royal Bank of Canada pursuant to the terms of the Holdings Credit Agreement;

  

	(r)	a term note dated August 28, 2007 and issued by SMART Holdings in favour of Lloyds TSB Bank Plc pursuant to the terms of the Holdings Credit Agreement;

  

	(s)	a revolving credit note dated August 28,2007 and issued by SMART in favour of Deutsche Bank AG, Canada Branch pursuant to the terms of the First Lien Credit
Agreement; 

  

	(t)	a revolving credit note dated August 28, 2007 and issued by SMART in favour of Royal Bank of Canada pursuant to the terms of the First Lien Credit Agreement;

  

	(u)	a revolving credit note dated August 28, 2007 and issued by SMART in favour of Lloyds TSB Bank Plc pursuant to the terms of the First Lien Credit Agreement; and

  

	(v)	an Intercreditor agreement dated as of August 28, 2007 made between the First Lien Agent, the Second Lien Agent, SMART, SMART Holdings and SMART US,

 (collectively, the “Transaction Documents” and individually a “Transaction Document”).

 1.2 For the purposes of the opinions expressed below, we have examined originals or copies, certified or otherwise identified to our
satisfaction of the Transaction Documents. We have also examined, reviewed and relied upon each of the following, copies of which are provided to you herewith or have been previously provided to you: 

 

	(a)	Certificates of Status dated August 28, 2007 issued by the Alberta Registrar of Corporations in respect of each of the Transaction Parties pursuant to the
Business Corporations Act (Alberta) (the “Act”); 

  

	(b)	Officers’ Certificates dated August 28, 2007 executed by an officer of each of the Transaction Parties respecting certain factual matters and attaching, inter
alia, a copy of each of the Articles of Incorporation or Amalgamation, By-Laws together with any amendments thereto and unanimous shareholder agreement of each such Transaction Party and a copy of an amended and restated securityholders agreement
dated August 28, 2007 (the “Securityholders Agreement”) between SMART Holdings, SMART, Founder (as defined therein), Investor (as defined therein), Intel (as defined therein), School 3 ULC and School S.á.r.l.; and

  

	(c)	certified resolutions of the shareholders of each of the Transaction Parties authorizing and approving the execution and delivery of each of the Transaction Documents
to which it is a party and the performance by such Transaction Party of its obligations thereunder. 

  

 Page 3 

			
	BURNET, DUCKWORTH PALMER LLP	  	August 28, 2007

  

 1.3 In addition to the matters referred to in paragraph 1.2, we have (i) examined such corporate
proceedings, records, certificates and documents, and (ii) considered such questions of law and made such investigations and inquiries, in each case as we have considered prudent or advisable for the purpose of rendering this opinion.

 1.4 In this opinion: 
  

	(a)	SMART and SMART Holdco are herein collectively referred to as the “Transaction Parties”; 

 

	(b)	the expression “to our knowledge”, when used in this opinion: 

 

	 	(i)	refers to the actual knowledge of matters which have come or been brought to the attention of those lawyers presently with our firm who have acted on behalf of the
Transaction Parties in respect of the Transaction Documents and who have given substantive attention to the Transaction Documents without us conducting any specific searches, inquiries or further investigations; and 

 

	 	(ii)	does not include constructive knowledge or knowledge imputed to our firm under common law principles of agency or otherwise. 

 

	2.	Legal System 

 2.1 The scope of our review
is restricted to, and this opinion is rendered solely with respect to, the laws of the Province of Alberta and the federal laws of Canada applicable therein as of the date hereof (“Alberta Law”). 

 

	3.	Reliance and Assumptions 

 3.1 In the
examination and consideration of the documents required to deliver this opinion, we have assumed: 
  

	(a)	the genuineness of all signatures thereto; 

  

	(b)	the legal capacity of any natural person signing any document, agreement or certificate; 

 

	(c)	the authenticity, accuracy and completeness of all documents purporting to be originals and the conformity to authentic original documents of all documents purporting
to be photocopied, telecopied or certified copies; and 

  

	(d)	that the Transaction Documents constitute the legal, valid and binding obligations of each of the parties thereto (other than the Transaction Parties), enforceable
against each such party in accordance with their terms. 

 3.2 We have relied upon the Officers’ Certificates referred to in
paragraph 1.2 hereof with respect to the accuracy of all factual matters contained therein and we have not independently investigated or verified such factual matters. 
  

 Page 4 

			
	BURNET, DUCKWORTH PALMER LLP	  	August 28, 2007

  

 3.3 We have made or caused to be made or obtained the searches and certificates of public officials of
recent date as set out in paragraphs 1.2 and 1.3. We have assumed that the information contained in these searches is accurate and has not changed between the effective dates of the searches or certificates and the date of this opinion. 

3.4 For the purposes of the opinions expressed in paragraph 4.1(a), we have relied exclusively, without independent investigation, upon the Certificates
of Status referred to in paragraph 1.2 electronically retrieved from the official records as maintained by the Registrar of Corporations under the Act and the certified copies of the Articles of Incorporation or Amalgamation of the Transaction
Parties referred to in paragraph 1.2. 
  

	4.	Opinions 

 4.1 Based upon and subject to
the foregoing and subject to the qualifications hereinafter set forth, we are of the opinion that each of the Transaction Parties: 
  

	(a)	is a valid and subsisting corporation under the Act; 

  

	(b)	has the requisite corporate power and capacity to execute, deliver and perform its obligations under each of the Transaction Documents to which it is a party;

  

	(c)	has taken all necessary corporate action to authorize the execution, delivery and performance by it of each of the Transaction Documents to which it is a party; and

  

	(d)	has duly executed and delivered each of the Transaction Documents to which it is a party. 

4.2 The execution and delivery by each Transaction Party of the Transaction Documents to which it is a party, and the performance of its obligations
thereunder do not: 
  

	(a)	contravene its articles or by-laws or result in a breach or violation of, or constitute a default under the Securityholders Agreement; or 

 

	(b)	contravene any law or regulation in force in Alberta applicable to it. 

4.3 No authorization, consent, approval, exemption from, or filing or registration with, or giving notice to any governmental authority is required in
connection with the execution or delivery by each Transaction Party of the Transaction Documents to which it is a party or the performance by it of its obligations thereunder. 

4.4 To our knowledge, there is no action, suit or proceeding now pending before or by any court, arbitrator or governmental agency, body or official of
Canada or any province of Canada to which any Transaction Party is a party or to which the business, assets or property of any Transaction Party is subject, and no such action, suit or proceeding is threatened to which any Transaction Party would be
a party or to which the business, assets or property of any Transaction Party would be subject, that in either case questions the validity of the Transaction Documents. 
  

 Page 5 

			
	BURNET, DUCKWORTH PALMER LLP	  	August 28, 2007

  

	5.	Reliance Limitation 

 5.1 This opinion is
given solely for the benefit of the addressees hereof, relates exclusively to the transactions outlined above and may not be used, relied upon or distributed to any other person or used in connection with any other transaction without our express
prior written consent; provided that a copy of this opinion may be shown to prospective Lenders and Participants in accordance with and subject to the confidentiality provisions of the First Lien Credit Agreement, the Second Lien Credit Agreement
and the Holdings Credit Agreement and Participants may rely on this opinion as if they are addressees. This opinion is given as of the date hereof and we disclaim any obligation or undertaking to advise you of a change in law or fact affecting or
bearing upon the opinions rendered herein occurring after the date hereof which may come or be brought to our attention. 
 Yours truly,

 BURNET, DUCKWORTH & PALMER LLP 

 

 Page 6 

 EXHIBIT G 

SMART TECHNOLOGIES (HOLDINGS) INC. 

FORM OF CLOSING CERTIFICATE 

August 28, 2007 

Pursuant to Section 4.01(a)(iii) of the Holdings Credit Agreement, dated as of August 28, 2007 (the “Credit
Agreement”; terms defined therein being used herein as therein defined), among SMART Technologies (Holdings) Inc. (the “Borrower”), the Lenders from time to time party thereto, Deutsche Bank AG, Canada Branch, as
administrative agent, and the other parties thereto, the undersigned Corporate Secretary of the Borrower hereby certifies on behalf of the Borrower and not in any personal capacity and without assuming any personal liability whatsoever as follows:

 1. Attached hereto as Annex 1 is a true and complete copy of resolutions duly adopted by the shareholders of the Borrower on
August 28, 2007 and a true and complete copy of the unanimous shareholders agreement dated as of August 28, 2007 between the Borrower and IFF Holdings Inc.; such resolutions and shareholders agreement have not in any way been amended,
modified, revoked or rescinded, have been in full force and effect since their adoption or execution to and including the date hereof and are now in full force and effect and are the only corporate proceedings of the Borrower now in force relating
to or affecting the matters referred to therein. 
 2. Attached hereto as Annex 2 is a true and complete copy of the By-Laws of the
Borrower as in effect on the date hereof. 
 3. Attached hereto as Annex 3 is a true and complete copy of the Certificate of
Incorporation, Certificate of Amendment and Articles of Incorporation of the Borrower, all as in effect on the date hereof. 
 4. Attached
hereto as Annex 4 is a true and correct copy of a certificate of status issued to the Borrower by the jurisdiction set forth thereon. 

5. The following persons are now duly elected and qualified officers of the Borrower holding the offices indicated next to their respective names below,
and the signatures appearing opposite their respective names below are the true and genuine signatures of such officers, and each of such officers is duly authorized to execute and deliver on behalf of the Borrower each of the Loan Documents to
which it is a party and any certificate or other document to be delivered by the Borrower pursuant to the Loan Documents to which it is a party: 
  

					
	 Name
	  	 Office
	 	 Signature

			
	[Name]	  	[Title]	 	      

[remainder of page left intentionally blank] 

 IN WITNESS WHEREOF, I have hereunto set my hand on behalf of the Borrower as of the date
first written above. 
  

	
	
	  
	 Name:

Title:

The undersigned, the duly qualified
                     of the Borrower does hereby certify that
                     is the duly elected or appointed
                     of the Borrower and that the signature set forth above his/her name is his/her true signature. 

IN WITNESS WHEREOF, the undersigned has executed this certificate as of the date first written above. 

 

	
	
	  
	 Name:

Title:

  

 [Signature Page – Holdco Facility Closing Certificate] 

 ANNEX 1 

Resolutions and Unanimous Shareholders Agreement 

 ANNEX 2 

By-Laws 

 ANNEX 3 

Certificate of Incorporation, Certificate of Amendment and Articles of Incorporation 

 ANNEX 4 

Certificate of Status 

 COMMITTED LOAN NOTICE 

 

	To:	Deutsche Bank AG, Canada Branch, as Administrative Agent 

  

	Attention:	Deutsche Bank AG, Canada Branch 

	 	199 Bay Street, Suite 4700 

	 	Toronto, Ontario, Canada M5L 1E9 

  

	Fax:	(416) - 682-8484 

 August 24,
2007 
 Ladies and Gentlemen: 

Reference is made to the holdings credit agreement dated as of August 22, 2007 (as amended, supplemented or otherwise modified from
time to time, the “Holdings Credit Agreement”), among SMART Technologies (Holdings) Inc., as borrower (the “Borrower”), Deutsche Bank AG, Canada Branch, as Administrative Agent, the Lenders from time to time party
thereto and the other parties party thereto. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Holdings Credit Agreement. 

The Borrower hereby requests (select one): 
  

	 	x	A Borrowing of new Loans 

  

	 	 ̈	A conversion of Loans 

  

	 	 ̈	A continuation of Loans 

 to be made on the
terms set forth below: 
  

					
	 (A)
	  	Date of Borrowing, conversion or continuation (which is a Business Day)	  	August 28, 2007
			
	 (B)
	  	Principal amount	  	USD 60,000,000
			
	 (C)
	  	Type of
Loan1	  	Base Rate Loan
			
	 (D)
	  	Interest
Period2	  	__________________

 The above request has
been made to the Administrative Agent by telephone at (416) 682-8252 (Marcellus Leung). 
  

 

	1
	 Specify Eurocurrency Rate Loan or Base Rate Loan. 

	2
	 Applicable for Eurocurrency Rate Loans only. 

 EXHIBIT A 

[The Borrower hereby represents and warrants to the Administrative Agent and the Lenders that, on the date of this
Committed Loan Notice and on the date of the related Borrowing, the conditions to lending specified in paragraphs (h) and (i) of Section 4.01 of the Holdings Credit Agreement have been
satisfied.]3 

 

			
	SMART TECHNOLOGIES (HOLDINGS) INC.
		
	By:	 	 
		 	 Name: Susan Ruf
 Title: VP
Finance

  
  

	3
	 Insert bracketed language if the Borrower is requesting a Borrowing of new Loans. 

 

 Page 2 

 COMMITTED LOAN NOTICE 

 

	To:	Deutsche Bank AG, Canada Branch, as Administrative Agent 

  

	Attention:	Deutsche Bank AG, Canada Branch 

	 	199 Bay Street, Suite 4700 

	 	Toronto, Ontario, Canada M5L 1E9 

  

	Fax:	(416) - 682-8484 

 August 24,
2007 
 Ladies and Gentlemen: 

Reference is made to the holdings credit agreement dated as of August 22, 2007 (as amended, supplemented or otherwise modified from
time to time, the “Holdings Credit Agreement”), among SMART Technologies (Holdings) Inc., as borrower (the “Borrower”), Deutsche Bank AG, Canada Branch, as Administrative Agent, the Lenders from time to time party
thereto and the other parties party thereto. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Holdings Credit Agreement. 

The Borrower hereby requests (select one): 
  

	 	 ̈	A Borrowing of new Loans 

  

	 	x	A conversion of Loans 

  

	 	 ̈	A continuation of Loans 

 to be made on the
terms set forth below: 
  

					
	 (A)
	  	Date of Borrowing, conversion or continuation (which is a Business Day)	  	August 30, 2007
			
	 (B)
	  	Principal amount	  	USD 60,000,000
			
	 (C)
	  	Type of
Loan1	  	Eurocurrency Rate Loan
			
	 (D)
	  	Interest
Period2	  	one month

 The above request has been made
to the Administrative Agent by telephone at (416) 682-8252 (Marcellus Leung). 
  

 

	1
	 Specify Eurocurrency Rate Loan or Base Rate Loan. 

	2
	 Applicable for Eurocurrency Rate Loans only. 

 EXHIBIT A 

[The Borrower hereby represents and warrants to the Administrative Agent and the Lenders that, on the date of this
Committed Loan Notice and on the date of the related Borrowing, the conditions to lending specified in paragraphs (h) and (i) of Section 4.01 of the Holdings Credit Agreement have been
satisfied.]3 

 

			
	SMART TECHNOLOGIES (HOLDINGS) INC.
		
	By:	 	 
		 	 Name: Susan Ruf
 Title: VP
Finance

  
  

	3
	 Insert bracketed language if the Borrower is requesting a Borrowing of new Loans. 

 

 Page 2 

			
	 LENDER:
	  	DEUTSCHE BANK AG, CANADA BRANCH
	 PRINCIPAL AMOUNT
	  	$30,000,000.00

 NOTE

 New York, New York 

August 28, 2007 

FOR VALUE RECEIVED, the undersigned, SMART TECHNOLOGIES (HOLDINGS) INC., a corporation incorporated under the laws of Alberta (the
“Borrower”), hereby promises to pay to the Lender set forth above (the “Lender”) or its registered assigns, in lawful money of the United States of America in immediately available funds at the Administrative
Agent’s Office (such term, and each other capitalized term used but not defined herein, having the meaning assigned to it in the holdings credit agreement dated as of August 28, 2007 (as amended, supplemented or otherwise modified from
time to time, the “Holdings Credit Agreement”), among the Borrower, Deutsche Bank AG, Canada Branch, as Administrative Agent and Collateral Agent, the Lenders from time to time party thereto and the other parties party thereto),
(i) on the dates set forth in the Holdings Credit Agreement, the principal amounts set forth in the Holdings Credit Agreement with respect to Loans made by the Lender to the Borrower pursuant to the Holdings Credit Agreement and (ii) on
each Interest Payment Date, interest at the rate or rates per annum as provided in the Holdings Credit Agreement on the unpaid principal amount of all Loans made by the Lender to the Borrower pursuant to the Holdings Credit Agreement. 

The Borrower promises to pay interest, on demand, on any overdue principal and, to the extent permitted by law, overdue interest from
their due dates at the rate or rates provided in the Holdings Credit Agreement. 
 The Borrower hereby waives diligence,
presentment, demand, protest and notice of any kind whatsoever. The nonexercise by the holder hereof of any of its rights hereunder in any particular instance shall not constitute a waiver thereof in that or any subsequent instance. 

All borrowings evidenced by this note and all payments and prepayments of the principal thereof and interest thereon and the respective
dates thereof shall be endorsed by the holder hereof on the schedule attached hereto and made a part hereof or on a continuation thereof which shall be attached hereto and made a part hereof, or otherwise recorded by such holder in its internal
records; provided, however, that the failure of the holder hereof to make such a notation or any error in such notation shall not affect the obligations of the Borrower under this note. 

This note is one of the Term Notes referred to in the Holdings Credit Agreement that, among other things, contains provisions for the
acceleration of the maturity hereof upon the happening of certain events, for optional and mandatory prepayment of the principal hereof prior to the maturity hereof and for the amendment or waiver of certain provisions of the Holdings Credit
Agreement, all upon the terms and conditions therein specified. 

 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF
NEW YORK. 

			
	SMART TECHNOLOGIES (HOLDINGS) INC.
		
	By:	 	 
		 	 Name:

Title:

 LOANS AND PAYMENTS 

 

											
	 Date
	  	Amount of
Loan ($)	  	Maturity
Date	  	Payments of
Principal/
Interest ($)	  	Principal
Balance of
Note ($)	  	Name of
Person
Making the
Notation

			
	 LENDER:
	  	ROYAL BANK OF CANADA
	 PRINCIPAL AMOUNT
	  	$12,000,000.00

 NOTE

 New York, New York 

August 28, 2007 

FOR VALUE RECEIVED, the undersigned, SMART TECHNOLOGIES (HOLDINGS) INC., a corporation incorporated under the laws of Alberta (the
“Borrower”), hereby promises to pay to the Lender set forth above (the “Lender”) or its registered assigns, in lawful money of the United States of America in immediately available funds at the Administrative
Agent’s Office (such term, and each other capitalized term used but not defined herein, having the meaning assigned to it in the holdings credit agreement dated as of August 28, 2007 (as amended, supplemented or otherwise modified from
time to time, the “Holdings Credit Agreement”), among the Borrower, Deutsche Bank AG, Canada Branch, as Administrative Agent and Collateral Agent, the Lenders from time to time party thereto and the other parties party thereto),
(i) on the dates set forth in the Holdings Credit Agreement, the principal amounts set forth in the Holdings Credit Agreement with respect to Loans made by the Lender to the Borrower pursuant to the Holdings Credit Agreement and (ii) on
each Interest Payment Date, interest at the rate or rates per annum as provided in the Holdings Credit Agreement on the unpaid principal amount of all Loans made by the Lender to the Borrower pursuant to the Holdings Credit Agreement. 

The Borrower promises to pay interest, on demand, on any overdue principal and, to the extent permitted by law, overdue interest from
their due dates at the rate or rates provided in the Holdings Credit Agreement. 
 The Borrower hereby waives diligence,
presentment, demand, protest and notice of any kind whatsoever. The nonexercise by the holder hereof of any of its rights hereunder in any particular instance shall not constitute a waiver thereof in that or any subsequent instance. 

All borrowings evidenced by this note and all payments and prepayments of the principal thereof and interest thereon and the respective
dates thereof shall be endorsed by the holder hereof on the schedule attached hereto and made a part hereof or on a continuation thereof which shall be attached hereto and made a part hereof, or otherwise recorded by such holder in its internal
records; provided, however, that the failure of the holder hereof to make such a notation or any error in such notation shall not affect the obligations of the Borrower under this note. 

This note is one of the Term Notes referred to in the Holdings Credit Agreement that, among other things, contains provisions for the
acceleration of the maturity hereof upon the happening of certain events, for optional and mandatory prepayment of the principal hereof prior to the maturity hereof and for the amendment or waiver of certain provisions of the Holdings Credit
Agreement, all upon the terms and conditions therein specified. 

 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF
NEW YORK. 
  

			
	SMART TECHNOLOGIES (HOLDINGS) INC.
		
	By:	 	 
		 	 Name:

Title:

 LOANS AND PAYMENTS 

 

											
	 Date
	  	Amount of
Loan ($)	  	Maturity
Date	  	Payments of
Principal/
Interest ($)	  	Principal
Balance of
Note ($)	  	Name of
Person
Making the
Notation

			
	 LENDER:
	  	LLOYDS TSB BANK PLC
	 PRINCIPAL AMOUNT
	  	$18,000,000.00

 NOTE

 New York, New York 

August 28, 2007 

FOR VALUE RECEIVED, the undersigned, SMART TECHNOLOGIES (HOLDINGS) INC., a corporation incorporated under the laws of Alberta (the
“Borrower”), hereby promises to pay to the Lender set forth above (the “Lender”) or its registered assigns, in lawful money of the United States of America in immediately available funds at the Administrative
Agent’s Office (such term, and each other capitalized term used but not defined herein, having the meaning assigned to it in the holdings credit agreement dated as of August 28, 2007 (as amended, supplemented or otherwise modified from
time to time, the “Holdings Credit Agreement”), among the Borrower, Deutsche Bank AG, Canada Branch, as Administrative Agent and Collateral Agent, the Lenders from time to time party thereto and the other parties party thereto),
(i) on the dates set forth in the Holdings Credit Agreement, the principal amounts set forth in the Holdings Credit Agreement with respect to Loans made by the Lender to the Borrower pursuant to the Holdings Credit Agreement and (ii) on
each Interest Payment Date, interest at the rate or rates per annum as provided in the Holdings Credit Agreement on the unpaid principal amount of all Loans made by the Lender to the Borrower pursuant to the Holdings Credit Agreement. 

The Borrower promises to pay interest, on demand, on any overdue principal and, to the extent permitted by law, overdue interest from
their due dates at the rate or rates provided in the Holdings Credit Agreement. 
 The Borrower hereby waives diligence,
presentment, demand, protest and notice of any kind whatsoever. The nonexercise by the holder hereof of any of its rights hereunder in any particular instance shall not constitute a waiver thereof in that or any subsequent instance. 

All borrowings evidenced by this note and all payments and prepayments of the principal thereof and interest thereon and the respective
dates thereof shall be endorsed by the holder hereof on the schedule attached hereto and made a part hereof or on a continuation thereof which shall be attached hereto and made a part hereof, or otherwise recorded by such holder in its internal
records; provided, however, that the failure of the holder hereof to make such a notation or any error in such notation shall not affect the obligations of the Borrower under this note. 

This note is one of the Term Notes referred to in the Holdings Credit Agreement that, among other things, contains provisions for the
acceleration of the maturity hereof upon the happening of certain events, for optional and mandatory prepayment of the principal hereof prior to the maturity hereof and for the amendment or waiver of certain provisions of the Holdings Credit
Agreement, all upon the terms and conditions therein specified. 

 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF
NEW YORK. 
  

			
	SMART TECHNOLOGIES (HOLDINGS) INC.
		
	By:	 	 
		 	 Name:

Title:

 LOANS AND PAYMENTS 

 

											
	 Date
	  	Amount of
Loan ($)	  	Maturity
Date	  	Payments of
Principal/
Interest ($)	  	Principal
Balance of
Note ($)	  	Name of
Person
Making the
Notation

 SMART TECHNOLOGIES (HOLDINGS) INC. 

CLOSING CERTIFICATE 

August 28, 2007 

Pursuant to Section 4.01(a)(iii) of the Holdings Credit Agreement, dated as of August 28, 2007 (the “Credit
Agreement”; terms defined therein being used herein as therein defined), among SMART Technologies (Holdings) Inc. (the “Borrower”), the Lenders from time to time party thereto, Deutsche Bank AG, Canada Branch, as
administrative agent, and the other parties thereto, the undersigned Corporate Secretary of the Borrower hereby certifies on behalf of the Borrower and not in any personal capacity and without assuming any personal liability whatsoever as follows:

 1. Attached hereto as Annex 1 is a true and complete copy of resolutions duly adopted by the shareholders of the Borrower on
August 28, 2007 and a true and complete copy of the unanimous shareholders agreement dated as of August 28, 2007 between the Borrower and IFF Holdings Inc.; such resolutions and shareholders agreement have not in any way been amended,
modified, revoked or rescinded, have been in full force and effect since their adoption or execution to and including the date hereof and are now in full force and effect and are the only corporate proceedings of the Borrower now in force relating
to or affecting the matters referred to therein. 
 2. Attached hereto as Annex 2 is a true and complete copy of the By-Laws of the
Borrower as in effect on the date hereof. 
 3. Attached hereto as Annex 3 is a true and complete copy of the Certificate of
Incorporation, Certificate of Amendment and Articles of Incorporation of the Borrower, all as in effect on the date hereof. 
 4. Attached
hereto as Annex 4 is a true and correct copy of a certificate of status issued to the Borrower by the jurisdiction set forth thereon. 

 5. The following persons are now duly elected and qualified officers of the Borrower holding the offices
indicated next to their respective names below, and the signatures appearing opposite their respective names below are the true and genuine signatures of such officers, and each of such officers is duly authorized to execute and deliver on behalf of
the Borrower each of the Loan Documents to which it is a party and any certificate or other document to be delivered by the Borrower pursuant to the Loan Documents to which it is a party: 

 

					
	 Name
	  	 Office
	 	 Signature

			
	David Martin	  	Executive Chairman	 	  
			
	Nancy Knowlton	  	President and Chief Executive Officer	 	  
			
	Susan Ruf	  	Vice-President, Finance	 	  
			
	Barbara Munroe	  	Corporate Secretary	 	  

[remainder of page left intentionally blank] 

 

 -2- 

 IN WITNESS WHEREOF, I have hereunto set my hand on behalf of the Borrower as of the date
first written above. 
  

	
	
	  
	 Name:

Title:

The undersigned, the duly qualified
                     of the Borrower does hereby certify that
                     is the duly elected or appointed
                     of the Borrower and that the signature set forth above his/her name is his/her true signature. 

IN WITNESS WHEREOF, the undersigned has executed this certificate as of the date first written above. 

 

	
	
	  
	 Name:

Title:

  

 [Signature Page – Holdco Facility Closing Certificate]

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