Document:

EX-10.40

   Exhibit 10.40

 
  
 BROOKFIELD ASSET MANAGEMENT INC.

and
 WILMINGTON TRUST, NATIONAL
ASSOCIATION
 Rights Agent
 FORM OF RIGHTS AGREEMENT

Dated as of             , 2020

 

 

  
 

  

 

   
 Table of Contents
  

Page

	Section 1.     Certain Definitions.	2
	Section 2.     Appointment of Rights Agent.	5
	Section 3.     Secondary Exchange Rights.	5
	Section 4.     Satisfaction of Secondary Exchange Rights.	6
	Section 5.     Exercise of Rights.	9
	Section 6.     Confirmation Procedures.	9
	Section 7.     BEP Units Record Date.	11
	Section 8.     Collateral Account.	11
	Section 9.     Registration of BEP Unit Resales.	14
	Section 10.   Concerning BAM.	14
	Section 11.   Rights of Action.	16
	Section 12.   Concerning the Rights Agent.	16
	Section 13.   Merger or Consolidation or Change of Name of Rights Agent.	17
	Section 14.   Duties of Rights Agent.	17
	Section 15.   Change of Rights Agent.	20
	Section 16.   Notices.	21
	Section 17.   Supplements and Amendments.	22
	Section 18.   Successors.	23
	Section 19.   Benefits of this Agreement.	23
	Section 20.   Severability.	23
	Section 21.   Governing Law; Forum Selection.	23
	Section 22.   Counterparts.	24
	Section 23.   Descriptive Headings.	24
	Section 24.   Term.	24
	Section 25.   Administration; Termination.	24
	Section 26.   No Waiver; Cumulative Rights.	24
	Section 27.   Fractional Units.	24
	Section 28.   Book Entry.	25

 

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  RIGHTS AGREEMENT

This Rights Agreement (this “Agreement”) is dated as of
                  , 2020 between Brookfield Asset Management Inc., a corporation organized under the laws of Ontario, Canada (“BAM”), and
Wilmington Trust, National Association (the “Rights Agent”).
 WHEREAS, Brookfield Renewable Partners L.P.
(“BEP”) has agreed to distribute class A exchangeable subordinate voting shares (the “Class A Shares”) of Brookfield Renewable Corporation (the “Company,” and together with BEP, “our
group”) to the holders of BEP Units pursuant to a special distribution (the “Special Distribution”), and additionally to BAM and its subsidiaries (other than entities within our group), and in connection therewith,
certain Affiliates of BAM will become service providers to the Company and certain of the Company’s Affiliates pursuant to an amendment to the amended and restated master services agreement dated February 26, 2015 among BAM, BEP and others
(the “Master Services Agreement”), which amendment will be effective as of the distribution date for the Special Distribution (the “Distribution Date”);

WHEREAS, pursuant to the terms of the Company’s Articles, each Class A Shareholder will have the right (the “Exchange
Right”) to require the Company to exchange all or a portion of the Class A Shares held by such Class A Shareholder (such Class A Shares being hereafter referred to as “Subject Class A Shares” and such exchanging Class A
Shareholder, the “Exchanging Class A Shareholder”) for the BEP Units Amount or the Cash Amount in accordance with the terms and conditions of the Company’s Articles;

WHEREAS, BEP may, in its sole and absolute discretion (including by means of a standing resolution adopted by the board of directors of the
general partner of BEP, which may be amended or withdrawn at any time) elect to satisfy the Company’s Exchange Right obligation and acquire the Subject Class A Shares from such Exchanging Class A Shareholder in exchange for the BEP Units
Amount or the Cash Amount, in accordance with the terms and conditions of the Company’s Articles;
 WHEREAS BAM is willing to provide
for the delivery of the BEP Units Amount or, in its sole election, the Cash Amount to satisfy the Class A Shareholders’ Secondary Exchange Right in the event that, in connection with any Subject Class A Shares, (i) the Company has not
satisfied its Exchange Right obligation under the Company’s Articles by delivering the BEP Units Amount or Cash Amount on the Specified Exchange Date (as hereinafter defined) and (ii) BEP has not, upon its election in its sole and absolute
discretion, acquired such Subject Class A Shares from the Exchanging Class A Shareholder in exchange for the delivery of the BEP Units Amount or the Cash Amount pursuant to the Company’s Articles on the Specified Exchange Date;

WHEREAS, the Rights Agent desires to serve as agent for the Class A Shareholders with respect to the administration of the Secondary Exchange
Rights (as hereinafter defined); and
 WHEREAS, BAM and the Rights Agent desire to set forth their rights and obligations with respect to
the Secondary Exchange Rights and the delivery of the BEP Units Amount or, at BAM’s sole election, the Cash Amount in satisfaction of the Secondary Exchange Rights.

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

  

 

  Section 1.                Certain Definitions.

For purposes of this Agreement, the following terms have the meanings indicated:

“Affiliate” shall have the meaning ascribed thereto in Rule 12b-2 of the General Rules and Regulations under the Exchange
Act, as in effect on the date of this Agreement, including, for the avoidance of doubt, any future Affiliates.

“Agreement” shall have the meaning set forth in the recitals.

“Applicable Procedures” means, with respect to any transfer of securities that are held through DTC or another Depositary,
the rules and procedures of DTC or such other Depositary, as applicable, that apply to such transfer or exchange.

“BAM” shall have the meaning set forth in the recitals.

“BEP” shall have the meaning set forth in the recitals.

“BEP Unit” shall mean a limited partnership interest in BEP representing a fractional part of all the limited partner
interests in BEP as outstanding on the date hereof (or any other class of equity security of BEP into which the limited partnership interests in BEP may be converted after the date hereof), which is designated as a “Unit”, and
shall include any limited partnership interest or other equity interest of BEP or any successor to BEP into which such BEP Unit is converted or for which such Unit is exchanged.

“BEP Unit Convertible” shall mean any security, other than the Class A Shares, convertible into or redeemable for BEP
Unit(s), provided such conversion or redemption right is freely and immediately exercisable by the holder thereof at any time, including, for the avoidance of doubt and without limitation, redemption-exchange units of Brookfield Renewable Energy
L.P.
 “BEP Unit Release Price” shall mean, as of the date of withdrawal of any BEP Unit or BEP Unit Convertible from
the Collateral Account, an amount in cash or Cash Equivalents equal to one hundred and fifty percent (150%) of the BEP Unit Value of such BEP Units or the BEP Unit Value of the number of BEP Units into which such BEP Unit Convertible may be
converted or redeemed for, as of such date.
 “BEP Unit Value” shall have the meaning as provided in the Company’s
Articles.
 “BEP Units Amount” shall have the meaning as provided in the Company’s Articles.

“Business Day” shall mean any day other than a Saturday, Sunday, or a day on which banking institutions in New York, New
York are authorized or obligated by law or executive order to close.
 “Cash Amount” shall have the meaning as provided
in the Company’s Articles.
 

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  “Cash Equivalents” shall mean (i) securities
issued or directly and fully guaranteed or insured by the United States or any agency or instrumentality thereof (provided that the full faith and credit of the United States is pledged in support thereof) having maturities of not more than one year
from the date of acquisition, (ii) readily marketable direct obligations issued by any state of the United States or any political subdivision of any such state maturing within one year from the date of acquisition thereof and having one of the two
highest ratings obtainable from either S&P or Moody’s, (iii) dollar denominated time deposits, certificates of deposit and bankers acceptances of any commercial bank having, or which is the principal banking subsidiary of a bank holding
company having, a combined capital and surplus of at least $1,000,000,000 with maturities of not more than one year from the date of acquisition, (iv) repurchase obligations with a term of not more than seven (7) days for underlying securities of
the types described in clause (i) above entered into with any bank meeting the qualifications specified in clause (iii) above, and (v) investments in money market funds substantially all of whose assets are comprised of securities of the
types described in clauses (i) through (v) above.
 “Class A Shareholder” shall mean any holder of at least one
Class A Share.
 “Class A Shares” shall have the meaning set forth in the recitals.

“Close of Business” on any given date shall mean 5:00 P.M., New York City time, on such date; provided,
however, that if such date is not a Business Day it shall mean 5:00 P.M., New York City time, on the next succeeding Business Day.

“Collateral Account” shall have the meaning as provided in Section 8.

“Collateral Account Balance” shall mean the aggregate of the Collateral Account BEP Unit Balance and the Collateral
Account Cash Balance.
 “Collateral Account BEP Unit Balance” shall mean, as of any date, (i) the number of BEP
Units in the Collateral Account plus (ii) the number of BEP Units issuable upon conversion or redemption of BEP Unit Convertibles in the Collateral Account as of such date.

“Collateral Account Cash Balance” shall mean, as of any date, a number of BEP Units (rounded down to the nearest whole
unit) equal to the quotient of (i) the aggregate amount of cash and Cash Equivalents in the Collateral Account divided by (ii) the BEP Unit Value as of such date; provided that for purposes of Section 8(d) and
Section 8(e), the Collateral Account Cash Balance shall equal the aggregate amount of cash and Cash Equivalents in the Collateral Account as of such date.

“Company” shall have the meaning set forth in the recitals.

“Company Notice” shall mean a written notice in substantially the form attached hereto as Exhibit D-1 delivered by
the Company to the Rights Agent, BEP and BAM, with respect to any Subject Class A Share, stating that (i) the Company has not satisfied its obligation under section 26.14 of the Company’s Articles with respect to such Subject Class A
Share by delivering the Cash Amount or BEP Units Amount on the applicable Specified Exchange Date and (ii) BEP has not, upon its election in its sole and absolute discretion, acquired such Subject Class A Share from the Exchanging Class A
Shareholder and delivered the BEP Units Amount or Cash Amount in exchange therefor pursuant to section 26.24 of the Company’s Articles on the Specified Exchange Date.
 

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  “Company’s Articles” shall mean the Articles of
Incorporation of the Company substantially in the form attached hereto as Exhibit A, as amended from time to time following the Distribution Date in accordance with its terms.

“Conversion Factor” shall have the meaning as provided in the Company’s Articles.

“Depositary” means a clearing agency registered under the Exchange Act.

“Distribution Date” shall have the meaning set forth in the recitals, and BAM shall notify the Rights Agent in writing
immediately following the determination of such date.
 “DTC” means The Depository Trust Company.

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

“Exchange Right” shall have the meaning set forth in the recitals.

“Exchanging Class A Shareholder” shall have the meaning set forth in the recitals.

“Exchanging Class A Shareholder Notice” shall mean a written notice in substantially the form attached hereto as
Exhibit D-2 delivered by a Class A Shareholder to the Rights Agent and BAM and containing a medallion guarantee, with respect to any Subject Class A Share, that (i) the Company has not satisfied its obligation under section 26.14 of the
Company’s Articles by delivering the BEP Units Amount or Cash Amount on the applicable Specified Exchange Date and (ii) BEP has not, upon its election in its sole and absolute discretion, acquired such Subject Class A Share from the Exchanging
Class A Shareholder and delivered the BEP Units Amount or Cash Amount in exchange therefor pursuant to section 26.24 of the Company’s Articles on the applicable Specified Exchange Date.

“Participant” means, with respect to a Depositary, a Person who has an account with the Depositary.

“Person” shall mean any individual, firm, corporation, partnership, limited partnership, limited liability partnership,
business trust, limited liability company, unincorporated association or other entity, and shall include any successor (by merger or otherwise) of such entity.

“Received Class A Share Account” shall have the meaning as provided in Section 4(c).

“Registered BEP Unit” shall have the meaning set forth in Section 9.

“Required Collateral Account Balance” shall mean, as of a particular date, a number of BEP Units equal to the product of
(i) the total number of Class A Shares outstanding on such date, excluding Class A Shares owned by BAM or its Affiliates, multiplied by (ii) the Conversion Factor in effect on such date.

“Required Collateral Account Cash Balance” shall mean, as of a particular date, the product of (i)(a) the Required
Collateral Account Balance minus (b) the Collateral Account BEP Unit Balance, multiplied by (ii) one hundred and twenty-five percent (125%) of the BEP Unit Value as of such date.
 

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  “Rights Agent” shall have the meaning set forth in
the recitals.
 “Secondary Exchange Right” shall have the meaning as provided in the Company’s Articles.

“Securities Act” shall mean the Securities Act of 1933, as amended.

“Specified Exchange Date” shall have the meaning as provided in the Company’s Articles.

“Subject Class A Shares” shall have the meaning set forth in the recitals.

“Term” shall mean the initial term from and including the Distribution Date to but excluding the 7th anniversary of the
Distribution Date together with any renewal term(s) pursuant to Section 24, unless earlier terminated in accordance with the terms hereof.

Section 2.        
        Appointment of Rights Agent.
 The Rights Agent is hereby appointed to act as agent
for the holders of the Secondary Exchange Rights, as a class and not individually, in accordance with the express terms and conditions hereof, and the Rights Agent hereby accepts such appointment. The obligations of the Rights Agent hereunder shall
become effective as of the Distribution Date. The Rights Agent shall neither be responsible for, nor chargeable with, knowledge of the terms and conditions of any other agreement, instrument, or document (including, without limitation, the
Company’s Articles or the Class A Shares) other than this Agreement, except to the extent that defined terms set forth in the Company’s Articles are expressly incorporated herein, whether or not an original or a copy of such agreement,
instrument, or document has been provided to the Rights Agent; and the Rights Agent shall have no duty to know or inquire as to the performance or nonperformance of any provision of any such agreement, instrument, or document. Except to the extent
that defined terms set forth in the Company’s Articles are expressly incorporated herein, references in this Agreement to any other agreement, instrument, or document are for the convenience of the parties and the Rights Agent has no duties or
obligations with respect thereto.

Section 3.        
        Secondary Exchange Rights.
 (a)               The Secondary Exchange Rights are a part of the terms of the Class A Shares and shall not
be transferred or assigned separate or apart from the Class A Shares. The Secondary Exchange Rights shall not be separately evidenced. Any sale, transfer, assignment or other disposition of a Class A Share shall also constitute the sale, transfer,
assignment or other disposition of the Secondary Exchange Rights associated with such Class A Share.
 (b)               Physical certificates for Class A Shares, if any, which become outstanding prior to the
Close of Business on the Final Expiration Date shall have impressed on, printed on, written on or otherwise affixed to them the following legend:
 

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  This certificate also evidences and entitles the holder hereof to
certain Secondary Exchange Rights as set forth in a Rights Agreement between Brookfield Asset Management Inc. and Wilmington Trust, National Association, as Rights Agent, dated as of
            , 2020, as it may from time to time be amended or supplemented pursuant to its terms (the “Agreement”), the terms of which are hereby incorporated herein by
reference and a copy of which is on file at the principal executive offices of the Company. The Company will mail to the holder of this certificate a copy of the Agreement without charge after receipt of a written request therefor. The Secondary
Exchange Rights are a part of the terms of the Class A Shares and shall not be transferred or assigned separate or apart from the Class A Shares.

Notwithstanding this Section 3(b), the omission of a legend shall not affect the enforceability of any part of this Agreement or the rights of any
holder of the Secondary Exchange Rights.

Section 4.        
        Satisfaction of Secondary Exchange Rights.
 (a)               BAM hereby agrees to satisfy, or cause to be satisfied, the obligations with respect to
the Secondary Exchange Rights contained in the Company’s Articles in accordance with the terms of this Agreement in the event that, in connection with any Subject Class A Share, (i) the Company has not satisfied its obligation under
section 26.14 of the Company’s Articles by delivering the BEP Units Amount or Cash Amount on the applicable Specified Exchange Date and (ii) BEP has not, upon its election in its sole and absolute discretion, acquired such Subject Class A
Share from the Exchanging Class A Shareholder and delivered the BEP Units Amount or Cash Amount in exchange therefor pursuant to section 26.24 of the Company’s Articles on the applicable Specified Exchange Date.

(i)          
       In accordance with the Company’s Articles, the Company is required to deliver a Company Notice, which shall be executed by an authorized signatory identified in Exhibit B-1 attached hereto
(which exhibit may be updated by the Company from time to time in the Company’s reasonable discretion, provided that such update does not adversely affect any Class A Shareholder or its rights hereunder in any respect), to the Rights Agent and
BAM on the Specified Exchange Date if the conditions to the exercise of the Secondary Exchange Rights set forth in the immediately preceding sentence with respect to such Subject Class A Shares have been satisfied, which Company Notice shall set
forth the BEP Units Amount and the Cash Amount for such Subject Class A Shares and any wire transfer or other delivery instructions necessary to permit the Rights Agent to transfer the BEP Units or the Cash Amount to the Exchanging Class A
Shareholder and be in a format that is acceptable to the Rights Agent (determined by the Rights Agent acting reasonably and in good faith). If the Rights Agent shall not have received a signed written notice executed by an authorized signatory
identified in Exhibit B-2 attached hereto from BAM (which exhibit may be updated by BAM from time to time in BAM’s reasonable discretion, provided that such update does not adversely affect any Class A Shareholder or its rights
hereunder in any respect) by the Close of Business on the Business Day immediately following the date the Rights Agent received the Company Notice, providing that BAM has elected, in BAM’s sole discretion, to fund the Cash Amount pursuant to
Section 4(b) below, the Rights Agent shall exchange (in accordance with Section 4(e) below) such Subject Class A Shares for a number of BEP Units held in the Collateral Account equal to the BEP Units Amount for such Subject
Class A Shares set forth in such Company Notice and promptly, and in any event within two Business Days following the receipt of the Company Notice and the Subject Class A Shares in the Received Class A Share Account pursuant to
Section 4(c), deliver such BEP Units from the Collateral Account to the Exchanging Class A Shareholder; provided that if there shall not be enough BEP Units in the Collateral Account to satisfy the BEP Units Amount with respect to
one or more of such Subject Class A Shares, the Rights Agent shall exchange each such Subject Class A Share for an amount of cash from the Collateral Account equal to the Cash Amount for such Subject Class A Share and promptly, and in any event
within two Business Days of receipt of the Company Notice and the Subject Class A Shares in the Received Class A Share Account pursuant to Section 4(c), deliver the Cash Amount to the Exchanging Class A Shareholder. For the avoidance of
doubt, if for any given exercise of the Secondary Exchange Rights under this Section 4 there are not enough BEP Units in the Collateral Account to satisfy the BEP Units Amount with respect to all Subject Class A Shares subject to such
Secondary Exchange Right, the Rights Agent shall not cause any BEP Units to be exchanged with respect to any such Subject Class A Shares, and shall instead only deliver to the Exchanging Class A Shareholder the Cash Amount with respect to each such
Subject Class A Share from the Collateral Account.
 

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(ii)          
    In the event that, in connection with any Subject Class A Share, (i) the Company has not satisfied its obligation under section 26.14 of the Company’s Articles by delivering the BEP Units Amount or Cash Amount on
the applicable Specified Exchange Date and (ii) BEP has not, upon its election in its sole and absolute discretion, acquired such Subject Class A Share from the Exchanging Class A Shareholder and delivered the BEP Units Amount or Cash Amount in
exchange therefor pursuant to section 26.17 of the Company’s Articles on the applicable Specified Exchange Date, the Exchanging Class A Shareholder shall have the right to deliver, or cause to be delivered, an original Exchanging Class A
Shareholder Notice to the Rights Agent and BAM, which Exchanging Class A Shareholder Notice shall set forth the number of such Subject Class A Shares and any wire transfer or other delivery instructions necessary to permit the Rights Agent to
transfer the BEP Units Amount or the Cash Amount to the Exchanging Class A Shareholder and be in a format that is acceptable to the Rights Agent (determined by the Rights Agent acting reasonably and in good faith). As promptly as practicable and in
any event on or prior to the Business Day immediately following the date of such Exchanging Class A Shareholder Notice, BAM shall provide written notice to the Rights Agent, which notice shall (i) set forth the BEP Units Amount and the Cash
Amount for such Subject Class A Shares subject to such Exchanging Class A Shareholder Notice and (ii) either (A) provide that BAM has elected, in BAM’s sole discretion, to fund the Cash Amount pursuant to Section 4(b) below with
respect to such Subject Class A Shares, or (B) instruct the Rights Agent to exchange (in accordance with Section 4(c), and 4(e) below) each Subject Class A Share in accordance with this Section 4(a)(ii), it being
understood that BAM shall not be obligated to deliver such notice to the Rights Agent if it has determined in good faith that the conditions to the exercise of the Secondary Exchange Right set forth in Section 4(a) have not been
satisfied. Upon receipt of an instruction by BAM pursuant to clause (ii)(B) of the immediately preceding sentence and receipt of an original Exchanging Class A Shareholder Notice and the Subject Class A Shares in the Received Class A Share Account
pursuant to Section 4(c), the Rights Agent shall exchange such Subject Class A Shares for a number of BEP Units held in the Collateral Account equal to the BEP Units Amount for such Subject Class A Shares set forth in such BAM
instructions and, on or prior to the second Business Day following receipt of such instruction from BAM and receipt of an original Exchanging Class A Shareholder Notice, and the Subject Class A Shares in the Received Class A Share Account pursuant
to Section 4(c), deliver such BEP Units from the Collateral Account to the Exchanging Class A Shareholder; provided that if there shall not be enough BEP Units in the Collateral Account to satisfy the BEP Units Amount with respect
to one of more of such Subject Class A Shares, the Rights Agent shall exchange each such Subject Class A Share for an amount of cash from the Collateral Account equal to the Cash Amount for such Subject Class A Share and, on or prior to the second
Business Day following receipt of such instruction from BAM and receipt of an original Exchanging Class A Shareholder Notice, and the Subject Class A Shares in the Received Class A Share Account pursuant to Section 4(c), deliver the Cash
Amount to the Exchanging Class A Shareholder. The Rights Agent shall not take any action under this Section 4(a)(ii) or otherwise upon receipt of an Exchanging Class A Shareholder Notice unless BAM has instructed the Rights Agent to
exchange any Subject Class A Share for a number of BEP Units or the Cash Amount, as applicable, as set forth in this Section 4(a)(ii).
 

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(b)           
    With respect to any Company Notice or Exchanging Class A Shareholder Notice, BAM shall have the right, in its sole and absolute discretion, to elect that the Rights Agent exchange the Subject Class A Shares for the Cash
Amount for each Subject Class A Share by providing written notice of such election to the Rights Agent on or prior to the Close of Business on the Business Day immediately following the date the Rights Agent received the Company Notice or Exchanging
Class A Shareholder Notice, as applicable, in accordance with Section 4(a)(i) and Section 4(a)(ii), as applicable. In the event that BAM shall make the election described in the immediately preceding sentence and there shall
not be an amount of cash in the Collateral Account sufficient to exchange any such Subject Class A Share for the Cash Amount, BAM shall deposit an amount of cash into the Collateral Account equal to the Cash Amount with respect to each such Subject
Class A Share simultaneously with the delivery of the written notice set forth in the immediately preceding sentence. In the event that BAM shall elect that the Rights Agent exchange the Subject Class A Shares for the Cash Amount pursuant to this
Section 4(b), the Rights Agent shall deliver the Cash Amount for each Subject Class A Share from the Collateral Account to the Exchanging Class A Shareholder on or before the second Business Day following receipt of the written notice of
such election from BAM and receipt of an original Exchanging Class A Shareholder Notice (only if applicable per Section 4(a)(ii)) and the Subject Class A Shares in the Received Class A Share Account pursuant to
Section 4(c).

(c)           
    BAM shall establish a non-interest bearing trust account in the name of BAM that will be administered by the Rights Agent for purposes of receiving any Subject Class A Shares exchanged pursuant to this Agreement (the
“Received Class A Share Account”). Such Received Class A Share Account information is as set forth in Exhibits D-1 and D-2. Any Class A Shares received by the Rights Agent pursuant to Section 4(a) or
Section 4(b) shall be delivered to the Received Class A Share Account. Any Class A Shares in the Received Class A Share Account shall be transferable to BAM or, at BAM’s direction, an Affiliate of BAM which was the beneficial owner
of the BEP Units transferred to the Exchanging Class A Shareholder, pursuant to delivery instructions provided by BAM to the Rights Agent (which may be standing written instructions), and shall not be delivered into the Collateral Account, and
thereafter BAM or such Affiliate, as applicable, shall be the beneficial owner of such Class A Shares with all rights, powers, privileges and preferences appurtenant thereto, including, without limitation, the Exchange Right. Delivery to BAM or such
Affiliate pursuant to this Section 4(c) shall be accomplished by the Rights Agent instructing the transfer agent for the Class A Shares to record the transfer of the Class A Shares from the Received Class A Shares Account to, and the
ownership thereof by, BAM or such Affiliate in accordance with the Applicable Procedures. The Rights Agent shall provide BAM with online access to view the Received Class A Share Account, which online interface shall be kept reasonably up-to-date by
the Rights Agent.
 

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(d)           
    Notwithstanding anything to the contrary contained in this Agreement, BAM shall be entitled to cause any of its Affiliates to take any action required to satisfy BAM’s obligations with respect to the Secondary Exchange
Rights or otherwise pursuant to this Agreement; provided that nothing other than full and complete payment and performance of such obligations shall relieve BAM of such obligations.

(e)           
    In connection with an Exchanging Class A Shareholder’s exercise of the Secondary Exchange Right with respect to any Subject Class A Shares held through DTC or another Depositary, such Exchanging Class A Shareholder
shall deliver to the Rights Agent such Subject Class A Shares to the Received Class A Share Account pursuant to DTC’s or such other Depositary’s Applicable Procedures. In addition, such Exchanging Class A Shareholder shall deliver to the
Rights Agent via email or other appropriate method of communication on the Business Day prior to the delivery of such Subject Class A Shares, a copy of such Exchanging Class A Shareholder’s Exchanging Class A Shareholder Notice; provided
that the Rights Agent’s obligations pursuant to Section 4(a)(ii) shall not be affected by such Exchanging Class A Shareholder’s failure to so deliver a copy of such Exchanging Class A Shareholder Notice if such Exchanging Class
A Shareholder’s original Exchanging Class A Shareholder Notice is received by the Rights Agent within two Business Days of the date that the Rights Agent receives such Subject Class A Shares pursuant to DTC’s or another
Depositary’s Applicable Procedures. In connection with any transfer by an Exchanging Class A Shareholder of any Subject Class A Shares required by this Agreement which are not held through DTC or another Depositary, such Exchanging Class A
Shareholder shall take all necessary action to cause such Subject Class A Shares to be delivered to the Received Class A Share Account.

Section 5.          
      Exercise of Rights.
 The Rights Agent shall cause the BEP Units Amount delivered to any
Exchanging Class A Shareholder pursuant to Section 4(a) to be delivered to or upon the order of the Exchanging Class A Shareholder, registered in such name or names as such Exchanging Class A Shareholder held such Subject Class A Shares
(all as set forth in the Company Notice or the Exchanging Class A Shareholder Notice, as applicable).
 Section 6.                Confirmation Procedures.

(a)           
    If the BEP Units Amount or the Cash Amount to be delivered pursuant to Section 4 above is to be delivered in a name other than that in which the Subject Class A Shares surrendered in exchange therefor are
registered in the stock transfer books or ledger of the Company, the BEP Units Amount or the Cash Amount may be delivered to a Person other than the Person in whose name the Subject Class A Shares so surrendered are registered in the stock transfer
books or ledger of the Company only if such Subject Class A Shares are properly endorsed and otherwise in proper form for surrender and transfer and the Person requesting such delivery has paid to BAM (or any agent designated by BAM) any transfer
taxes reasonably expected to be required by reason of the payment of the BEP Units Amount or the Cash Amount to a Person other than the registered holder of such Subject Class A Shares, or established to the reasonable satisfaction of BAM (or any
agent designated by BAM) that such transfer taxes have been paid or are otherwise not payable. Upon satisfaction of the condition in the immediately preceding sentence, BAM shall instruct the Rights Agent in writing to deliver such BEP Units Amount
or Cash Amount to such other Person. Unless the Rights Agent has received such written instruction from BAM pursuant to the immediately preceding sentence prior to the delivery by the Rights Agent of the BEP Units Amount or Cash Amount with respect
to such Subject Class A Shares, the Rights Agent shall have no duty or obligation under this Section 6(a) and shall deliver or cause to be delivered the BEP Units Amount or Cash Amount to the party designated in the Company Notice
without further inquiry.
 

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(b)           
    All Subject Class A Shares shall be delivered to the Received Class A Share Account free and clear of all liens, claims and encumbrances whatsoever, and should any such liens, claims and encumbrances exist or arise with
respect to such Subject Class A Shares, the Exchanging Class A Shareholder shall not be entitled to exercise its Secondary Exchange Rights with respect to such Subject Class A Shares. Each Exchanging Class A Shareholder will pay to BAM the amount of
any tax withholding due upon the exchange of Subject Class A Shares pursuant to this Agreement and, in the event BAM elects to acquire some or all of the Subject Class A Shares from the Exchanging Class A Shareholder in exchange for the Cash Amount
in accordance with Section 4(b), will authorize BAM to retain such portion of the Cash Amount as BAM reasonably determines is necessary to satisfy its tax withholding obligations. In the event BAM elects to acquire some or all of the
Subject Class A Shares from the Exchanging Class A Shareholder in exchange for the BEP Units Amount, BAM may elect to either satisfy the amount of any tax withholding due upon the exchange of Subject Class A Shares by retaining BEP Units with a fair
market value, as reasonably determined by BAM in good faith, equal to the amount of such obligation, or satisfy such tax withholding obligation using amounts paid by BAM, which amounts shall be treated as a loan by BAM to the Exchanging Class A
Shareholder, in each case, unless the Exchanging Class A Shareholder, at the Exchanging Class A Shareholder’s election, has paid or has made arrangements satisfactory to BAM, in its sole discretion, to pay, the amount of any such tax
withholding. BAM shall notify the Exchanging Class A Shareholder within one Business Day following the date of the Company Notice or the Exchanging Class A Shareholder Notice, as applicable, of BAM’s good faith estimate of the amount of any
tax withholding due upon the exchange of the Subject Class A Shares subject to such Company Notice or the Exchanging Class A Shareholder Notice, provide the Exchanging Class A Shareholder with sufficient opportunity to provide any forms or other
documentation or take such other steps in order to avoid or reduce such withholding, and reasonably cooperate with the Exchanging Class A Shareholder in good faith to attempt to reduce any amounts that would otherwise be withheld pursuant to this
Section 6(b); provided that any determination with respect to the withholding shall be made by BAM, in its sole discretion exercised in good faith. Notwithstanding anything to the contrary in this Section 6(b), in no event
shall an Exchanging Class A Shareholder be subject to withholding both under section 26.19 of the Company’s Articles and under this Section 6(b), and any amounts paid or withheld with respect to a Subject Class A Share pursuant to
section 26.19 of the Company’s Articles shall be credited against and deemed to satisfy the Exchanging Class A Shareholder’s withholding obligation pursuant to this Section 6(b).
 

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Section 7.         
       EP Units Record Date.
 Each former Exchanging Class A Shareholder who receives the BEP
Units Amount upon the exercise of the Secondary Exchange Right with respect to any Subject Class A Share pursuant to this Agreement shall for all purposes be deemed to have become the owner of the BEP Units representing the BEP Units Amount for
which the Secondary Exchange Right with respect to such Subject Class A Share is exercisable as of the date upon which such Class A Shareholder’s Subject Class A Share is duly surrendered in accordance with this Agreement. Prior to such Class
A Shareholder’s surrender of such Subject Class A Share in accordance with this Agreement, the Class A Shareholder shall not be entitled to any rights of a holder of such BEP Units for which the Secondary Exchange Right with respect to such
Subject Class A Share shall be exercisable, including, without limitation, the right to vote, to receive dividends or other distributions or to exercise any preemptive rights, and shall not be entitled to receive any notice of any proceedings of BEP
with respect to such BEP Units. For the avoidance of doubt, any Class A Shareholder who receives the Cash Amount in satisfaction of the Secondary Exchange Right with respect to any Class A Share pursuant to this Agreement shall not be entitled to
any rights of a holder of BEP Units at any time with respect to the BEP Units for which the Secondary Exchange Right with respect to such Subject Class A Share was exercisable prior to the receipt of such Cash Amount.

Section 8.        
        Collateral Account.
 (a)               BAM or one or more Affiliates of BAM shall establish one or more non-interest bearing
trust accounts in the name of BAM or such Affiliates that will be administered by the Rights Agent (together, the “Collateral Account”). The Rights Agent shall requisition the BEP Units Amount or the Cash Amount, as applicable, without
any further action or approval from BAM, for payment to any Class A Shareholder in accordance with Section 4(a) or Section 4(b) in accordance with the terms and conditions set forth in this Agreement. BAM shall be responsible
for ensuring that the Collateral Account Balance shall at times equal or exceed the Required Collateral Account Balance. Notwithstanding anything to the contrary contained in this Section 8 and subject to any additional requirements with
respect to the Collateral Account Balance contained in this Section 8, in the event that the Collateral Account Balance shall at any time be less than the Required Collateral Account Balance, including, without limitation, as a result of
an adjustment to the Conversion Factor or an increase in the BEP Unit Value, within two Business Days, BAM shall, or shall cause an Affiliate to, deposit into the Collateral Account either (i) a number of BEP Units or BEP Unit Convertibles or
(ii) an amount of cash or Cash Equivalents, in an amount necessary to cause the Collateral Account Balance to be at least equal to the Required Collateral Account Balance. The Rights Agent shall have no duty or obligation to calculate the Required
Collateral Account Balance, determine the Conversion Factor, determine if the Collateral Account Balance equals or exceeds the Required Collateral Account Balance, or determine the amounts necessary to cause the Collateral Account Balance to equal
or exceed the Required Collateral Account Balance. BAM covenants and agrees that it will take all action within its control (including making requests of third parties and enforcing any contractual rights and/or obligations) to convert or redeem any
BEP Unit Convertibles if necessary to satisfy any Class A Shareholder’s Secondary Exchange Right in accordance with this Agreement, and any delivery of a BEP Units Amount pursuant to this Agreement shall be made in the form of BEP Units and
not, for the avoidance of doubt, in the form of BEP Unit Convertibles. To the extent that conversion or redemption of a BEP Unit Convertible results in the imposition of any fees, payments, premiums or penalties, such fees, payments, premiums or
penalties shall be borne by BAM, or its applicable Affiliates, and shall either be satisfied directly by BAM or such Affiliates or shall be deemed to reduce the Collateral Account Balance. BAM shall keep the Rights Agent informed of the Collateral
Account Balance and the Required Collateral Account Balance in writing on a regular basis, and shall inform the Rights Agent in writing within two Business Days of any change in the Collateral Account Balance or the Required Collateral Account
Balance for any reason, including as a result of an adjustment to the Conversion Factor or an increase in the BEP Unit Value.
 

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(b)           
    Prior to or substantially concurrently with the issuance of any Class A Shares by the Company, BAM shall, or cause an Affiliate of BAM to, deposit BEP Units or BEP Unit Convertibles into the Collateral Account such that,
after taking into account the number of BEP Units issued or issuable upon conversion or redemption of such BEP Unit Convertibles, the number of BEP Units deposited into the Collateral Account shall be equal to the product of (i) the number of
such Class A Shares issued (excluding any shares issued to BAM or its Affiliates) multiplied by (ii) the Conversion Factor. The Rights Agent shall have no duty or obligation to calculate the Conversion Factor, to determine the number of Class A
Shares issued, or to determine the number of BEP Units or BEP Unit Convertibles necessary to equal the product of (i) the number of such Class A Shares issued (excluding any shares issued to BAM or its Affiliates) multiplied by (ii) the
Conversion Factor.

(c)           
    Except as set forth in this Section 8(c), BAM and its Affiliates shall not be entitled to withdraw any BEP Unit or BEP Unit Convertible from the Collateral Account.

(i)          
       In the event that the Collateral Account Balance shall exceed the Required Collateral Account Balance, either as a result of a change in the Conversion Factor or a decrease in the number of Class A Shares
(excluding Class A Shares owned by BAM or its Affiliates) outstanding, BAM or an Affiliate of BAM shall be entitled to withdraw (pursuant to a written instruction from BAM to the Rights Agent) from the Collateral Account a number of BEP Units, or
BEP Unit Convertibles that are convertible into or redeemable for a number of BEP Units, up to an amount equal to (i) the Collateral Account Balance minus (ii) the Required Collateral Account Balance. The Rights Agent shall be entitled to
conclusively and exclusively rely upon such written instruction from BAM in accordance with this Section 8(c)(i) without liability or further inquiry.

(ii)          
    BAM, or any Affiliate of BAM, shall be permitted to withdraw from the Collateral Account a BEP Unit, or the number of BEP Unit Convertibles that are convertible into or redeemable for a BEP Unit, upon the deposit by BAM or
any Affiliate of BAM of the BEP Unit Release Price with respect to such BEP Unit, or the number of BEP Unit Convertibles that are convertible into or redeemable for such BEP Unit, in the Collateral Account.

(d)           
    If at any time the Collateral Account Cash Balance shall be less than the Required Collateral Account Cash Balance, BAM shall, or shall cause its Affiliates to, within two Business Days, deposit cash or Cash Equivalents
(pursuant to a written instruction from BAM to the Rights Agent and as selected by BAM) in an amount necessary to cause the Collateral Account Cash Balance to be at least equal to the Required Collateral Account Cash Balance.
 

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(e)           
    Except as set forth in this Section 8(e), BAM and its Affiliates shall not be entitled to withdraw any cash or Cash Equivalents from the Collateral Account.

(i)          
       If at any time the Collateral Account Cash Balance shall be greater than one hundred and twenty percent (120%) of the Required Collateral Account Cash Balance, either as a result of a change in the
Conversion Factor or a decrease in the number of Class A Shares (excluding Class A Shares owned by BAM or its Affiliates) outstanding, BAM or its Affiliates shall be permitted to withdraw (pursuant to a written instruction from BAM to the Rights
Agent) cash or Cash Equivalents in an amount not to exceed the excess of (i) the Collateral Account Cash Balance minus (ii) one hundred and twenty percent (120%) of the Required Collateral Account Cash Balance. The Rights Agent shall be
entitled to conclusively and exclusively rely upon such written instruction from BAM in accordance with this Section 8(e)(i) without liability or further inquiry.

(ii)          
    Upon the deposit in the Collateral Account of a number of BEP Units, or of BEP Unit Convertibles that are convertible into or redeemable for such number of BEP Units, BAM, or an Affiliate of BAM, shall be permitted to
withdraw (pursuant to a written instruction from BAM to the Rights Agent) cash or Cash Equivalents from the Collateral Account in an amount equal to the aggregate BEP Unit Value of such number of BEP Units, or of the number of BEP Units issuable
upon the conversion or redemption of such BEP Unit Convertibles, as applicable.
 (f)                For the avoidance of doubt, BAM, or its applicable Affiliates, shall remain the
beneficial owner of any BEP Units or BEP Unit Convertibles deposited by BAM or such Affiliates into the Collateral Account for so long as such BEP Units or BEP Unit Convertibles remain in the Collateral Account, and shall hold all of the rights,
powers, privileges and preferences appurtenant to such BEP Units or BEP Unit Convertibles, including, without limitation, the right to distributions on such BEP Units or BEP Unit Convertibles. In the event that the Collateral Account consists of
more than one account and (i) the Rights Agent has not received written instructions from BAM as to which account to use for any specific transaction described in this Section 8 or (ii) there shall not be an amount within the
account designated by BAM to satisfy any applicable BEP Units Amount or Cash Amount to be delivered pursuant to this Agreement, in such cases the Rights Agent shall follow an order of account priority, to be provided in writing by BAM upon the
establishment each new account, when determining which account to use for any of the transactions described in this Section 8. BAM also covenants and agrees that it will take all action within its control to ensure that any transfer
agent of the BEP Unit certificates and Class A Shares will comply with the Rights Agent’s instructions in carrying out the purposes of this Agreement. BAM shall provide the Rights Agent with all necessary information and contact details for
each transfer agent for the BEP Unit certificates and Class A Shares. The Rights Agent shall have no liability for the failure of any transfer agent to facilitate or effect any transfers contemplated hereby, or for any delay in doing so, or for the
failure of BAM of its obligations under this Section 8(f). Prior to any transfer contemplated by this Agreement, BAM shall instruct the transfer agents for any BEP Unit certificates and Class A Shares to follow the instructions of the
Rights Agent in connection with any exchange of Class A Shares for BEP Units as set forth herein.
 (g)               In connection with any transfer by BAM of BEP Units or BEP Unit Convertibles into the
Collateral Account required by this Agreement which are held through DTC or another Depositary, BAM shall deliver to the Rights Agent such BEP Units or BEP Unit Convertibles to the Collateral Account pursuant to DTC’s or such other
Depositary’s Applicable Procedures. In connection with any transfer by BAM of BEP Units or BEP Unit Convertibles into the Collateral Account required by this Agreement which are not held through DTC or another Depositary, BAM shall take all
necessary action to cause such BEP Units or BEP Unit Convertibles to be delivered to the Collateral Account.
 

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Section 9.        
        Registration of BEP Unit Resales.
 In the event that a shelf registration
statement, prospectus or Prospectus Exemption (as defined below) registering or exempting, as applicable, the transfer of BEP Units (including BEP Units that are issuable upon conversion of or redemption for BEP Unit Convertibles in the Collateral
Account) from the Collateral Account to an Exchanging Class A Shareholder (or to such other Person as may be entitled thereto pursuant to the terms of this Agreement) has, at any time, not been effective for five (5) consecutive Business Days, BAM
shall, or shall cause an Affiliate of BAM to, deposit in the Collateral Account an amount of cash or Cash Equivalents equal to the BEP Unit Release Price for all BEP Units held in the Collateral Account (including BEP Units that are issuable upon
conversion of for redemption for BEP Unit Convertibles in the Collateral Account) that cease to be Registered BEP Units (as defined below) as a result thereof, within five (5) Business Days; provided, however, for the avoidance of
doubt, no such deposit is required to the extent all of the BEP Units in the Collateral Account, including BEP Units that are issuable upon conversion of or redemption for BEP Unit Convertibles in the Collateral Account, and the transfer of such BEP
Units (including BEP Units that are issuable upon conversion of or redemption for BEP Unit Convertibles in the Collateral Account) from the Collateral Account to an Exchanging Class A Shareholder (or to such other Person as may be entitled thereto
pursuant to the terms of this Agreement) are (i) registered under the Securities Act pursuant to an effective shelf registration statement with the Securities and Exchange Commission and (ii) qualified for distribution by BAM to Exchanging
Class A Shareholders under the securities laws applicable in each of the provinces and territories of Canada through the filing of a prospectus (or exempt from the applicable prospectus requirements in such jurisdictions (a “Prospectus
Exemption”)) (each BEP Unit so registered, including BEP Units that are issuable upon conversion of or redemption for BEP Unit Convertibles in the Collateral Account, a “Registered BEP Unit”). The Rights Agent shall have
no duty or obligation (and no liability) to determine if any BEP Unit, including BEP Units that are issuable upon conversion of or redemption for BEP Unit Convertibles, or any BEP Unit Convertible held in the Collateral Account or transferred to an
Exchanging Class A Shareholder is a Registered BEP Unit freely transferable under the U.S. federal securities laws or the laws applicable in each of the provinces and territories of Canada.

Section 10.        
    Concerning BAM.

(a)           
    BAM agrees that any Class A Shareholder may at any time and from time to time, without notice to or further consent of BAM, extend the time of payment of the Exchange Rights or Secondary Exchange Rights, and may also make
any agreement with the Company, BEP, or any other Person, for the extension, renewal, payment, compromise, discharge or release thereof, in whole or in part, or for any modification of the terms thereof or of any agreement between a Class A
Shareholder, on the one hand, and the Company, BEP or any such other Person, on the other hand, it being understood that no such action shall impair, affect, alter or increase BAM’s obligations under this Agreement or affect the validity or
enforceability of this Agreement.
 

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(b)           
    BAM agrees that its obligations hereunder shall in no way be terminated, affected or impaired by reason of (a) the assertion by any Class A Shareholder of any rights or remedies which it may have under or with respect to
this Agreement or against any Person obligated hereunder, (b) any Class A Shareholder’s failure to exercise, or delay in exercising, any such right or remedy or any right or remedy such Class A Shareholder may have hereunder, (c) any
change in the structure or ownership of the Company, (d) any insolvency, bankruptcy, reorganization or other similar proceeding affecting the Company, BEP or any other Person, (e) the existence of any claim, set-off or other right that BAM may have
at any time against the Company, BEP or any of their respective Affiliates, whether in connection with the Exchange Right, the Secondary Exchange Rights or otherwise; (f) the validity or enforceability of the Exchange Right; or (g) any other
circumstance whatsoever which constitutes, or might be construed to constitute, an equitable or legal discharge of the Company with respect to the Exchange Right, in bankruptcy or any other instance, other than as provided herein.

(c)           
    To the fullest extent permitted by applicable law, BAM hereby expressly waives any and all rights or defenses arising by reason of any applicable law which would otherwise require any election of remedies by any Class A
Shareholder. BAM waives promptness, diligence, notice of the acceptance of this Agreement and of the Exchange Right, all defenses that may be available by virtue of any valuation, stay, moratorium law or other similar applicable law now or hereafter
in effect, any right to require the marshalling of assets of the Company or any other Person, and all suretyship defenses generally. BAM acknowledges that it will receive substantial direct and indirect benefits from the Master Services Agreement
and that this Agreement, including specifically the waivers set forth in this Agreement, is knowingly made in contemplation of such benefits and after the advice of counsel.

(d)           
    BAM hereby unconditionally waives any rights that it may now have or hereafter acquire against the Company or its subsidiaries that arise from the existence, payment, performance, or enforcement of BAM’s obligations
under or in respect of this Agreement, including, without limitation, any right of subrogation, reimbursement, exoneration, contribution or indemnification.

(e)           
    BAM hereby represents and warrants that:
 (i)                 the execution, delivery and performance of this Agreement have been duly and
validly authorized by all necessary action, and do not contravene any provision of BAM’s organizational documents or any applicable law, order, judgment or contractual restriction binding on BAM or its assets;

(ii)          
    all consents, approvals, authorizations, permits of, filings with and notifications to, any governmental entity necessary for the due execution, delivery and performance of this Agreement by BAM have been obtained or made
and all conditions thereof have been duly complied with, and no other action by, and no notice to or filing with, any governmental entity is required in connection with the execution, delivery or performance of this Agreement;
 

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  (iii)            this Agreement constitutes a legal, valid and binding obligation of the BAM enforceable against BAM in
accordance with its terms, subject to (i) the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other similar applicable laws affecting creditors’ rights generally, and (ii) general equitable
principles (whether considered in a proceeding in equity or at law); and
 (iv)             as of the date hereof, BAM has the financial capacity to pay and perform its obligations under this
Agreement.

Section 11.        
    Rights of Action.
 All rights of action in respect of this Agreement, excepting the rights of action given
to the Rights Agent under Section 12 hereof, are vested in the Class A Shareholders; and any Class A Shareholder may, without the consent of the Rights Agent or of any other Class A Shareholder, on such holder’s own behalf and for
such holder’s own benefit, enforce, and may institute and maintain any suit, action or proceeding against BAM to enforce, or otherwise act in respect of, such holder’s right to exercise the Secondary Exchange Rights and the Class A
Shareholders’ rights under this Agreement, in each case in the manner provided in the Company’s Articles and in this Agreement. Without limiting the foregoing or any remedies available to the Class A Shareholders, it is specifically
acknowledged that the Class A Shareholders would not have an adequate remedy at law for any breach of this Agreement and will be entitled to specific performance of the obligations under, and injunctive relief against actual or threatened violations
of the obligations of any Person subject to, this Agreement. BAM agrees to pay all expenses, including all reasonable and documented third party costs and out-of-pocket expenses (including reasonable fees of counsel), actually paid or incurred by
such Class A Shareholder in enforcing any of such Class A Shareholder’s rights hereunder or otherwise relating to any litigation or other proceeding brought by such Class A Shareholder to enforce such Class A Shareholder’s rights
hereunder, if such Class A Shareholder prevails in such litigation or proceeding.
 Section 12.            Concerning the Rights Agent.

(a)           
    BAM agrees to pay to the Rights Agent reasonable compensation for all services rendered by it hereunder in accordance with Exhibit C attached hereto and, from time to time, on demand of the Rights Agent, its
reasonable and documented out-of-pocket expenses and counsel fees and other disbursements incurred in the administration and execution of this Agreement and the exercise and performance of its duties hereunder. BAM also agrees to indemnify the
Rights Agent for, and to hold it harmless against, any loss, liability, or expense, incurred without gross negligence, bad faith or willful misconduct on the part of the Rights Agent, for anything done or omitted by the Rights Agent in connection
with the acceptance and administration of this Agreement, including the costs and expenses of defending against any claim or liability in connection therewith. The indemnification provided for hereunder shall survive the expiration of the Secondary
Exchange Rights and the termination of this Agreement. The costs and expenses of enforcing this right of indemnification shall also be paid by BAM. The Rights Agent shall have no right of set-off against any funds in the Collateral Account with
respect to any amounts owed to the Rights Agent by BAM hereunder.
 

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(b)           
    The Rights Agent may conclusively rely upon and shall be protected and shall incur no liability for or in respect of any action taken, suffered or omitted by it in connection with its administration of this Agreement in
reliance upon any instrument of assignment or transfer, power of attorney, endorsement, affidavit, letter, notice, direction, consent, certificate, statement, or other paper or document reasonably believed by it, in good faith, to be genuine and to
be signed, executed and, where necessary, verified or acknowledged, by the proper Person or Persons, or otherwise upon the advice of legal counsel to the Rights Agent (who may be an employee of the Rights Agent or outside legal counsel for the
Rights Agent). Notwithstanding anything in this Agreement to the contrary, in no event shall the Rights Agent be liable for special, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if
the Rights Agent has been advised of the likelihood of such loss or damage and regardless of the form of the action.
 Section 13.            Merger or Consolidation or Change of Name of Rights Agent.

Any Person into which the Rights Agent or any successor Rights Agent may be merged or with which it may be consolidated, or any Person
resulting from any merger or consolidation to which the Rights Agent or any successor Rights Agent shall be a party, or any Person succeeding to the corporate trust business of the Rights Agent or any successor Rights Agent, shall be the successor
to the Rights Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto, provided that such Person would be eligible for appointment as a successor Rights Agent under the
provisions of Section 15 hereof. The acquisition of substantially all of the Rights Agent’s assets employed in the exercise of corporate trust powers shall be deemed to be a merger or consolidation for purposes of this
Section 13.

Section 14.        
    Duties of Rights Agent.
 The Rights Agent undertakes the duties and obligations expressly set forth in
this Agreement which shall be deemed purely ministerial in nature and no implied duties or obligations shall be read into this Agreement against the Rights Agent. Under no circumstances will the Rights Agent be deemed to be a fiduciary to BAM, the
Company, any Class A Shareholder or any other person under this Agreement. The Rights Agent will not be responsible or liable for the failure of BAM, the Company, BEP, any transfer agent, any Class A Shareholder or any other person to perform in
accordance with this Agreement. The Rights Agent shall perform those duties and obligations upon the following terms and conditions:
 (a)               Before the Rights Agent acts or refrains from acting, it may consult with legal counsel
(who may be an employee of the Rights Agent or outside legal counsel for the Rights Agent), and the opinion of such counsel shall be full and complete authorization and protection to the Rights Agent as to any action taken or omitted by it in good
faith and in accordance with such opinion.

(b)           
    Whenever in the performance of its duties under this Agreement the Rights Agent shall deem it necessary or desirable that any fact or matter be proved or established prior to taking or suffering any action hereunder, such
fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a certificate signed by an authorized signatory of BAM identified in Exhibit B-2 attached
hereto (which exhibit may be updated by BAM from time to time in BAM’s reasonable discretion, provided that such update does not adversely affect any Class A Shareholder or its rights hereunder in any respect) and delivered to the Rights
Agent; and such certificate shall be full authorization to the Rights Agent for any action taken or suffered in good faith by it under the provisions of this Agreement in reliance upon such certificate.
 

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(c)           
    The Rights Agent shall be liable hereunder only for its own gross negligence, bad faith or willful misconduct. The Rights Agent shall not be liable, directly or indirectly, for any special, indirect or consequential damages
or losses of any kind whatsoever (including without limitation lost profits), even if the Rights Agent has been advised of the possibility of such losses or damages and regardless of the form of action.

(d)           
    The Rights Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement or in the Company’s Articles or be required to verify the same.

(e)           
    The Rights Agent shall not be under any responsibility in respect of the validity of this Agreement or the execution and delivery hereof (except the due execution hereof by the Rights Agent); nor shall it be responsible for
any breach by BAM of any covenant or condition contained in this Agreement; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any BEP Units to be issued pursuant to this
Agreement or as to whether any BEP Units will, when so issued, be validly authorized and issued, fully paid and nonassessable.
 (f)                BAM agrees that it will perform, execute, acknowledge and deliver or cause to be
performed, executed, acknowledged and delivered all such further and other acts, instruments and assurances as may reasonably be required by the Rights Agent for the carrying out or performing by the Rights Agent of the provisions of this
Agreement.

(g)           
    The Rights Agent is hereby authorized and directed to accept (and shall be entitled to conclusively and exclusively rely upon, without further inquiry) instructions with respect to the performance of its duties hereunder
from any Person reasonably believed by the Rights Agent to be one of the authorized signatories of BAM listed on Exhibit B-2 attached hereto (which exhibit may be updated by BAM from time to time in BAM’s reasonable discretion, provided
that such update does not adversely affect any Class A Shareholder or its rights hereunder in any respect), and to apply to such Persons for advice or instructions in connection with its duties, and it shall not be liable for any action taken or
suffered to be taken by it in good faith in accordance with instructions of any such officer. Without limiting the generality of the foregoing, whenever the Rights Agent is unable to decide between alternative courses of action permitted or required
by the terms of this Agreement, or in the event that the Rights Agent is unsure as to the application of any provision of this Agreement or believes any such provision is ambiguous as to its application, or is, or appears to be, in conflict with any
other applicable provision, or in the event that this Agreement permits any determination or discretion by the Rights Agent or is silent or is incomplete as to the course of action that the Rights Agent is required to take with respect to a
particular set of facts, the Rights Agent shall promptly give notice (in such form as shall be appropriate under the circumstances) to BAM requesting instruction as to the course of action to be adopted, and to the extent the Rights Agent acts in
good faith in accordance with any written instructions received from BAM the Rights Agent shall not be liable on account of such action to any person. If the Rights Agent shall not have received appropriate instruction within ten (10) days of such
notice (or such shorter period as reasonably may be specified in such notice or as may be necessary under the circumstances) it shall be entitled to take no action and shall give prompt written notice of its decision not to take action to BAM, to
the Company, and to any Exchanging Class A Shareholder that may be affected by such decision not to take action. Any application by the Rights Agent for written instructions from BAM may, at the option of the Rights Agent, set forth in writing any
action proposed to be taken or omitted by the Rights Agent under this Agreement and the date on or after which such action shall be taken or such omission shall be effective. The Rights Agent shall not be liable for any action taken by, or omission
of, the Rights Agent in accordance with a proposal included in any such application on or after the date specified in such application unless, prior to taking any such action (or the effective date in the case of an omission), the Rights Agent shall
have received, in response to such application, written instructions with respect to the proposed action or omission specifying a different action to be taken or omitted.
 

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(h)           
    To the extent permitted by applicable law, the Rights Agent and any shareholder, director, officer or employee of the Rights Agent may buy, sell or deal in any of the Class A Shares or other securities of the Company or
become pecuniarily interested in any transaction in which BAM or the Company may be interested, or contract with or lend money to BAM or the Company or otherwise act as fully and freely as though it were not Rights Agent under this Agreement.
Nothing herein shall preclude the Rights Agent from acting in any other capacity for BAM, the Company or for any other Person.
 (i)                 The Rights Agent may execute and exercise any of the rights or powers hereby
vested in it or perform any duty hereunder either itself or by or through its attorneys or agents, and the Rights Agent shall not be answerable or accountable for any act, default, neglect or misconduct of any such attorneys or agents or for any
loss to BAM or the Class A Shareholders resulting from any such act, default, neglect or misconduct, provided reasonable care was exercised in the selection and continued employment thereof.

(j)           
      No provision of this Agreement shall require the Rights Agent to expend or risk its own funds or otherwise incur any financial liability (other than expenses and overhead incurred in the ordinary course by the
Rights Agent’s performance under this Agreement) in the performance of any of its duties hereunder or in the exercise of its rights if there shall be reasonable grounds for believing that repayment of such funds or adequate indemnification
against such risk or liability is not reasonably assured to it.

(k)           
    Other than with respect to a Company Notice, Exchanging Class A Shareholder Notice, BAM instruction, or deposit of Class A Shares in the Received Class A Share Account in accordance with Section 4, the Rights
Agent shall not be required to take notice or be deemed to have notice of any fact, event or determination under this Agreement unless and until the Rights Agent shall be specifically notified in writing by BAM of such fact, event or
determination.
 

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(l)              
   The Rights Agent shall not be responsible or liable for any failure or delay in the performance of its obligation under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable
control, including, without limitation, acts of God; earthquakes; fire; flood; wars; acts of terrorism; civil or military disturbances; sabotage; epidemic; riots; interruptions, loss or malfunctions of utilities, computer (hardware or software) or
communications services; accidents; labor disputes; acts of civil or military authority or governmental action; it being understood that the Rights Agent shall use commercially reasonable efforts which are consistent with accepted practices in the
banking industry to resume performance as soon as reasonably practicable under the circumstances.
 (m)             The Rights Agent may rely upon and shall not be liable for acting or refraining from acting upon any
written notice, instruction or request furnished to it hereunder in accordance with the terms of this Agreement and reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties. The Rights Agent shall
be under no duty to inquire into or investigate the validity, accuracy or content of any such document.
 (n)               Unless subject to reimbursement by BAM pursuant to Section 12(a) or
reasonably necessary in order for the Rights Agent to perform its express obligations hereunder in accordance herewith, notwithstanding anything contained herein or elsewhere to the contrary, the Rights Agent shall not be required to take any action
in any jurisdiction other than in the State of Delaware if the taking of such action will (x) require the Rights Agent in its individual capacity to obtain the consent, approval, authorization or order of or the giving of notice to, or the
registration with, or taking of any action in respect of, any state or other governmental authority or agency other than the State of Delaware; (y) result in any fee, tax or other governmental charge under the laws of any jurisdiction other than the
State of Delaware becoming payable by the Rights Agent in its individual capacity, or (z) subject the Rights Agent in its individual capacity to personal jurisdiction in any jurisdiction other than the State of Delaware for causes of action arising
from acts unrelated to the consummation of the transactions by the Rights Agent contemplated hereby.
 (o)               The right of the Rights Agent to perform any discretionary act (if any) enumerated in
this Agreement shall not be construed as a duty.

Section 15.        
    Change of Rights Agent.
 The Rights Agent or any successor Rights Agent may resign and be discharged from
its duties under this Agreement upon 30 days’ notice in writing mailed to BAM and the Company and to each transfer agent of the Class A Shares and the BEP Units by registered or certified mail. BAM may remove the Rights Agent or any successor
Rights Agent upon 30 days’ notice in writing, mailed to the Rights Agent or successor Rights Agent, as the case may be, and to each transfer agent of the Class A Shares and the BEP Units by registered or certified mail. If the Rights Agent
shall resign or be removed or shall otherwise become incapable of acting, BAM shall appoint a successor to the Rights Agent. If BAM shall fail to make such appointment within a period of 30 days after giving notice of such removal or after it has
been notified in writing of such resignation or incapacity by the resigning or incapacitated Rights Agent or by a Class A Shareholder, then any Class A Shareholder may apply to any court of competent jurisdiction for the appointment of a new Rights
Agent. Any successor Rights Agent, whether appointed by BAM or by such a court, shall be a corporation organized and doing business under the laws of the United States or of any state of the United States, in good standing, which is authorized under
such laws to exercise corporate trust powers and is subject to supervision or examination by federal or state authority and which has at the time of its appointment as Rights Agent a combined capital and surplus of at least $100 million. After
appointment, the successor Rights Agent shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named as Rights Agent without further act or deed; but the predecessor Rights Agent shall deliver and
transfer to the successor Rights Agent any property at the time held by it hereunder, including, without limitation, the Collateral Account, and execute and deliver any further assurance, conveyance, act or deed necessary for the purpose. Not later
than the effective date of any such appointment BAM shall file notice thereof in writing with the predecessor Rights Agent, the Company, and each transfer agent of the Class A Shares and the BEP Units. Failure to give any notice provided for in this
Section 15, however, or any defect therein, shall not affect the legality or validity of the resignation or removal of the Rights Agent or the appointment of the successor Rights Agent, as the case may be.
 

  -
20
-

  

  

Section 16.        
    Notices.
 Notices or demands authorized by this Agreement to be given or made by the Rights Agent or by
any Exchanging Class A Shareholder, other Class A Shareholder, or other holder of a Secondary Exchange Right, to or on BAM shall be sufficiently given or made if sent by first-class mail, postage prepaid, addressed (until another address is filed in
writing with the Rights Agent) as follows:
 Brookfield Asset Management Inc.
 Brookfield Place, Suite 300
 181 Bay Street, P.O. Box 762
 Toronto, Ontario,
Canada M5J 2T3
 Attention: Chief Legal Officer
 Subject to the provisions of Section 15 hereof, any notice or demand
authorized by this Agreement to be given or made by BAM or by any Exchanging Class A Shareholder, other Class A Shareholder, or other holder of a Secondary Exchange Right to or on the Rights Agent shall be sufficiently given or made if sent by
registered or certified mail and shall be deemed given upon receipt and, addressed (until another address is filed in writing with BAM) as follows:
 Wilmington Trust,
National Association
 Attn: Robert L. Reynolds
 246 Goose Lane, Suite 105
 Guilford, CT 06437
 Phone: (203) 453-1318
 Fax: (203) 453-1183
 Email: rlreynolds@wilmingtontrust.com

With a copy to the following Email address: restructuring@wilmingtontrust.com

Notices or demands authorized by this Agreement to be given or made by BAM or the Rights Agent to any Class A Shareholder shall be
sufficiently given or made if sent by first-class mail, postage prepaid, addressed to such holder at the address of such holder as shown on the registry books of the Company or the transfer agent for the Class A Shares.
 

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21
-

  

  

Section 17.        
    Supplements and Amendments.
 BAM may from time to time, and the Rights Agent shall, if BAM so
directs, supplement or amend this Agreement without the approval of any Class A Shareholder in order to cure any ambiguity, to correct or supplement any provision contained herein which may be defective or inconsistent with any other provisions
herein, to make modifications necessary to reflect changes in applicable law, including, without limitation, tax law, or to make any other change, in each case, provided that such change, amendment, modification or supplementation does not adversely
affect any Class A Shareholder or its rights hereunder in any respect. Except (i) as set forth in the immediately preceding sentence, (ii) with respect to amendments or modifications to this Agreement that would reasonably be expected to impact the
economic equivalence of a Class A Share with a BEP Unit or (iii) as otherwise contemplated by Section 4(a)(i) or Section 14(b) with respect to updates to Exhibits B-1 and B-2, any amendment or modification to
this Agreement shall require (a) pursuant to a consent request duly conducted by, and at the expense of, BAM or (b) at a duly called annual or special meeting of the Company’s shareholders, the affirmative consent or vote, as applicable, of
holders of at least two-thirds of the outstanding Class A Shares not held by BAM, BEP or their controlled Affiliates, voting as a class, and the approval of a majority of the independent directors (within the meaning of sections 1.4 and 1.5 of
National Instrument 52-110 – Audit Committees of the Canadian Securities Administrators, as such provisions may be amended from time to time and, if applicable, the listing standards of the securities exchange(s) on which the Class A Shares
may then be listed) of the Company. Any amendment or modification to this Agreement that would reasonably be expected to impact the economic equivalence of a Class A Share with a BEP Unit shall require (i) at a duly called annual or special meeting
of the Company’s shareholders, the affirmative consent or vote, as applicable, of holders of a majority of the outstanding Class A Shares not held by BAM, BEP or their controlled Affiliates, voting as a class, or (ii) in the event that there
is more than one independent director of the Company (within the meaning of sections 1.4 and 1.5 of National Instrument 52-110 – Audit Committees of the Canadian Securities Administrators, as such provisions may be amended from time to time
and, if applicable, the listing standards of the securities exchange(s) on which the Class A Shares may then be listed) who does not also serve on the board of the general partner of BEP (each a “non-overlapping director”), the approval
of a majority of such non-overlapping directors. Any supplement or amendment authorized by this Section 17 shall be evidenced by a writing signed by BAM and the Rights Agent. Notwithstanding anything in this Agreement to the contrary, no
supplement or amendment that changes the rights and duties of the Rights Agent under this Agreement will be effective against the Rights Agent without the execution of such supplement or amendment by the Rights Agent. In executing any amendment or
supplement contemplated hereby, the Rights Agent shall be provided with, and shall be entitled to conclusively and exclusively rely upon, an opinion of counsel (which may be counsel to BAM) stating that the execution of such amendment or supplement
is authorized or permitted by this Agreement and all conditions precedent to the execution and delivery thereof have been duly satisfied or waived.
 

  -
22
-

  

  Section 18.            Successors.

All the covenants and provisions of this Agreement by or for the benefit of BAM or the Rights Agent shall bind and inure to the benefit of
their respective successors and assigns hereunder.
 Section 19.            Benefits of this Agreement.

Nothing in this Agreement shall be construed to give to any Person other than BAM, the Rights Agent and the Class A Shareholders any legal or
equitable right, remedy or claim under this Agreement; but this Agreement shall be for the sole and exclusive benefit of BAM, the Rights Agent and the Class A Shareholders.

Section 20.        
    Severability.
 If any term, provision, covenant or restriction of this Agreement is held by a court of
competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or
invalidated. If any provision of this Agreement is so broad as to be unenforceable, such provision shall be interpreted to be only so broad as is enforceable.

Section 21.        
    Governing Law; Forum Selection.
 This Agreement and the Secondary Exchange Rights issued hereunder shall
be governed by, and construed in accordance with, the laws of the State of Delaware, regardless of the laws that might otherwise govern under applicable principles of conflicts of law thereof. Each party to this Agreement irrevocably and
unconditionally agrees that any action suit or proceeding arising out of this Agreement, and all the rights and obligations governed by this Agreement, including the rights of the Class A Shareholders in accordance with Section 11, shall
be brought and determined exclusively in the Delaware Court of Chancery or, if the Delaware Court of Chancery declines to accept jurisdiction over a particular matter, any federal court within the State of Delaware, or, if both the Delaware Court of
Chancery and the federal courts within the State of Delaware decline to accept jurisdiction over a particular matter, any other state court within the State of Delaware, and, in each case, any appellate court therefrom. No action, suit or proceeding
relating thereto shall be commenced in any other court. Service of any process, summons, notice or document if delivered or made pursuant to Section 16 shall be effective service of process for any action, suit or proceeding. Each party
to this Agreement hereby irrevocably and unconditionally waives any objection which it may now or hereafter have to the laying of venue of any action, suit or proceeding arising out of this Agreement or the transactions contemplated hereby in the
aforementioned courts and hereby further irrevocably and unconditionally waives all claims, and agrees not to plead or claim in any such court, that any action, suit or proceeding brought in any such court has been brought in an inconvenient
forum.
 

  -
23
-

  

  Section 22.            Counterparts.

This Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an
original, and all such counterparts shall together constitute but one and the same instrument.
 Section 23.            Descriptive Headings.

The table of contents and descriptive headings of the several Sections of this Agreement are inserted for convenience only and shall not
control or affect the meaning or construction of any of the provisions hereof.
 Section 24.            Term

Subject to Section 25, this Agreement shall continue during the initial seven (7) year term and automatically renew for
successive periods of two years unless BAM provides the Rights Agent with written notice of termination at least 60 days prior to the expiry of the applicable Term.

Section 25.        
    Administration; Termination.
 This Agreement shall terminate on the earliest to occur of (i) the
first Business Day where there shall be no Class A Shares outstanding, other than Class A Shares owned by BAM or its Affiliates, (ii) (a) pursuant to a consent request duly conducted by, and at the expense of, BAM or (b) at a duly called annual
or special meeting of the Company’s shareholders, the affirmative consent or vote, as applicable, of holders of at least two-thirds of the outstanding Class A Shares not held by BAM, BEP or their controlled Affiliates, voting as a class, and
the approval of a majority of the independent directors (within the meaning of the listing standards of the securities exchange on which the Company’s securities may then be listed) of the Company, and (iii) termination in accordance with
Section 24. BAM shall provide the Rights Agent with written notice of the termination of this Agreement.
 Section 26.            No Waiver; Cumulative Rights.

No failure on the part of any Class A Shareholder to exercise, and no delay in exercising, any right, remedy or power hereunder shall operate
as a waiver thereof; nor shall any single or partial exercise by any Class A Shareholder of any right, remedy or power hereunder preclude any other or future exercise of any right, remedy or power hereunder by such Class A Shareholder or any other
Class A Shareholder. Each and every right, remedy and power hereby granted to the Class A Shareholders shall be cumulative and not exclusive of any other right, remedy or power, and may be exercised by any Class A Shareholder at any time or from
time to time.

Section 27.        
    Fractional Units.
 Class A Shareholders holding a number of Subject Class A Shares which would entitle
such holders to receive less than one whole BEP Unit pursuant to this Agreement shall receive cash in lieu of fractional units. Fractional BEP Units shall not be distributed to Class A Shareholders or credited to book-entry accounts. With respect to
any delivery of BEP Units to a Class A Shareholder under this Agreement, BAM shall promptly instruct the transfer agent for the BEP Units to, as soon as practicable, (a) determine the number of whole BEP Units and fractional BEP Units allocable to
each holder of record or beneficial owner of Class A Shares entitled to receive BEP Units at such time, (b) aggregate all such fractional units into whole BEP Units and sell the whole BEP Units obtained thereby in open market transactions, in each
case, at then-prevailing trading prices on behalf of holders who would otherwise be entitled to fractional BEP Units, and (c) distribute to each such holder, or for the benefit of each such beneficial owner, such holder or owner’s ratable
share of the net proceeds of such sale, based upon the average gross selling price per BEP Unit after making appropriate deductions for any amount required to be withheld for tax purposes and any brokerage fees incurred in connection with these
sales of fractional BEP Units. Neither BAM nor the Rights Agent will guarantee any minimum sale price for the fractional BEP Units. Neither BAM nor the Rights Agent will pay any interest on the proceeds from the sale of fractional BEP Units. The
transfer agent of the BEP Units acting on behalf of the applicable party will have the sole discretion to select the broker-dealers through which to sell the aggregated fractional BEP Units and to determine when, how and at what price to sell such
units, provided that neither the transfer agent nor the broker-dealers through which the aggregated fractional BEP Units are sold shall be Affiliates of BAM.
 

  -
24
-

  

   

Section 28.        
    Book Entry.
 Reference in this Agreement to certificates for Class A Shares or BEP Units shall include, in
the case of uncertificated shares or units, the balances indicated in the book-entry account system of the transfer agent for the Class A Shares or BEP Units, as applicable. Any legend required to be placed on any certificates for Class A Shares or
BEP Units may instead be included on any book-entry confirmation or notification to the registered holder of such Class A Shares or BEP Units.

  -
25
-

  

  

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective duly authorized officers as of the
day and year first above written.

	 	 	Brookfield Asset Management Inc.
	 	 	 	By:	 
	 	 	 	 	 Name:

Title:

  

	 	 	Wilmington Trust, National Association as Rights Agent
	 	 	 	By:	 
	 	 	 	 	 Name:

Title:

  
 

[Signature
Page to Rights Agreement]

  

  EXHIBIT A

Form of the Company’s Articles
  
 

  

 

  EXHIBIT B-1

Authorized Signatures for Brookfield Renewable Corporation (“BEPC”)
 under Rights Agreement dated as of
                      , 2020
 BEPC certifies that the names,
titles, telephone numbers and e-mail addresses set forth in this Exhibit B-1 identify the persons authorized to provide the Company Notice.

Name, Title, Telephone Number, and e-mail address for person(s) designated to provide the Company Notice

	Name	Title
	Telephone
Number	E-mail
Address	Signature

	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 
 

  

 

  EXHIBIT B-2

Authorized Signatures for Brookfield Asset Management Inc. (“BAM”)

under Rights Agreement dated as of
                        , 2020

BAM certifies that the names, titles, telephone numbers and e-mail addresses set forth in this Exhibit B-2 identify the persons authorized to provide
direction and initiate or confirm transactions, including funds equity transfer instructions, on behalf of the corporation.
 Name, Title, Telephone
Number, and e-mail address for person(s) designated to provide direction, including but not limited to funds/equity transfer instructions, and to otherwise direct Wilmington Trust, National Association, as Rights Agent

	Name	Title
	Telephone
Number	E-mail
Address	Signature

	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

  

 

  EXHIBIT C

Terms of Compensation of Rights Agent
 In consideration for the services of the
Rights Agent under the Rights Agreement dated as of                         , 2020 with Brookfield Asset Management Inc. the
Rights Agent shall receive the following compensation from the Liquidating Trust Assets:

	Initial Acceptance Fee (one time, payable in advance on the Effective Date)
 account opening, document negotiation, KYC solicitation,
client onboarding	$15,000
	Administration Fee (payable annually, in advance on the Effective Date and each anniversary thereof)
 establishment of books and
records, account maintenance, coordination with all professionals including legal, tax, BEP, BAM, DTC, etc.	$70,000
	Custody Fee (charged quarterly in arrears based on average daily market value of assets in account)
 *custody fee waived if funds held
in cash, money market funds, BEP Units or BEP Unit Convertible	1.0 basis points*
	Contingent Fee
 (billed only as required if the Rights Agent is required to process an exchange as contemplated by the Agreement)
 Fee
inclusive of administrative effort and all wire charges or free delivery of shares through DTC	$300/exchange/Exchanging Class A Shareholder
	 	 	 

 Out-of-Pocket Expenses:
 In
addition to the fees listed above, all reasonable out-of-pocket expenses will be billed and payable at cost. Out-of-pocket expenses include, but are not limited to, reasonable fees of counsel or other outside professional firms (legal counsel, tax
advisor) retained by the Rights Agent (including fees and expenses incurred in litigation), reasonable travel expenses of bank officers to attend closings.
 EXTRAORDINARY
ADMINISTRATION CHARGES (ONLY IF APPLICABLE):
 In the event of extraordinary circumstances requiring administrative time beyond the scope of typical account
duties set forth in the Instruments and supporting documents relevant to our appointment, including but not limited to, default and/or bankruptcy administration, additional charges shall accrue at an hourly rate, as follows:

Assistant Vice President, Vice President, Managing Director, Senior Vice President, or Member of Senior Management: $ 375.00 per hour

All of the above fees shall be subject to good faith negotiations as to reasonable revisions every two (2) years and shall be mutually agreed upon between the Rights Agent
and BAM.
 

  

 

  EXHIBIT D-1

Form of Company Notice
 To: Brookfield Asset Management Inc.

Attn: Investor Relations
 Brookfield Place, Suite 300

181 Bay Street, P.O. Box 762
 Toronto, Ontario, Canada M5J 2T3

Phone: 1-866-989-0311
 Email: enquiries@brookfield.com

 
 Brookfield Renewable Partners L.P.
 73 Front Street, 5th Floor
 Hamilton, HM
12, Bermuda
 Phone: (441) 294-3304
 E-mail:            
 Wilmington Trust, National
Association
 Attn: Project Remus Administrator
 50 South Sixth Street, Suite
1290
 Minneapolis, MN 55402
 Phone: (203) 453-1318

Fax: (203) 453-1183
 Email: rlreynolds@wilmingtontrust.com

With a copy to the following Email address: restructuring@wilmingtontrust.com

Wilmington Trust, National Association:
 Reference is made to that
certain Rights Agreement, dated as of                         2020, between Brookfield Asset Management Inc., and Wilmington Trust,
National Association (the “Rights Agreement”). Capitalized terms that are not otherwise defined in this Exchanging Class A Shareholder Notice shall have the meanings given to them in the Rights Agreement.

THE DTC FREE DELIVERY OF THE SUBJECT CLASS A SHARES SHOULD BE DIRECTED TO THE RIGHTS AGENT’S DTC PARTICIPANT NUMBER 990, FOR FURTHER
CREDIT OF THE RECEIVED CLASS A SHARE ACCOUNT, ACCOUNT NUMBER [WT TO INSERT].
 The Company represents and warrants that, with respect
to ______________ Subject Class A Share(s):

(i)          
       the Company has not satisfied its obligation under section 26.14 of the Company’s Articles by delivering the BEP Units Amount or Cash Amount on
the applicable Specified Exchange Date; and
 

  

 

  (ii)              BEP has not, upon its election in its
sole and absolute discretion, acquired such Subject Class A Share(s) from the Exchanging Class A Shareholder and delivered the BEP Units Amount or Cash Amount in exchange therefor pursuant to section 26.24 of the Company’s Articles on the
applicable Specified Exchange Date.
 The BEP Units Amount and the Cash Amount for such Subject Class A Share(s) are as follows:

BEP Units Amount:_______________________
 Cash
Amount:____________________________
 The BEP Units Amount or the Cash Amount, as applicable, shall be issued or paid to the Exchanging
Class A Shareholder, whose information is as follows:
 Please insert social security
 or other identifying
number
 (Please print name and address)

______________________________________________________________________________

Delivery instructions for BEP Units Amount:
 [Please insert
complete instructions including recipient’s DTC participant number and the account number at the participant.]
 Delivery instructions for Cash
Amount:
 [Please insert complete wire transfer instructions.]
 Dated:
_____________ __, ______
  

	 	 BROOKFIELD RENEWABLE CORPORATION, a British Columbia corporation

By:________________________
 Name:

Title:

  
 

  

 

  EXHIBIT D-2

Form of Exchanging Class A Shareholder Notice
 To: Brookfield Asset Management
Inc.
 Attn: Investor Relations
 Brookfield Place, Suite 300

181 Bay Street, P.O. Box 762
 Toronto, Ontario, Canada M5J 2T3

Phone: 1-866-989-0311
 Email: enquiries@brookfield.com

Wilmington Trust, National Association
 Attn: Project Remus
Administrator
 50 South Sixth Street, Suite 1290
 Minneapolis, MN 55402

Phone: (203) 453-1318
 Fax: (203) 453-1183

Email: rlreynolds@wilmingtontrust.com
 With a copy to the following Email
address: restructuring@wilmingtontrust.com
 Wilmington Trust, National Association:

Reference is made to that certain Rights Agreement, dated as of
                            , 2020, between Brookfield Asset Management Inc., and Wilmington Trust, National
Association (the “Rights Agreement”). Capitalized terms that are not otherwise defined in this Exchanging Class A Shareholder Notice shall have the meanings given to them in the Rights Agreement.

THE DTC FREE DELIVERY OF THE SUBJECT CLASS A SHARES SHOULD BE DIRECTED TO THE RIGHTS AGENT’S DTC PARTICIPANT NUMBER 990, FOR FURTHER
CREDIT OF THE RECEIVED CLASS A SHARE ACCOUNT, ACCOUNT NUMBER [WT TO INSERT].
 The undersigned (the “Holder”)
represents and warrants that, with respect to ______________ Subject Class A Share(s):

(i)                 the
Company has not satisfied its obligation under section 26.17 of the Company’s Articles by delivering the Cash Amount on the applicable Specified Exchange Date; and

(ii)              BEP has not, upon its
election in its sole and absolute discretion, acquired such Subject Class A Share(s) from the Exchanging Class A Shareholder and delivered the BEP Units Amount or Cash Amount in exchange therefor pursuant to section 26.24 of the Company’s
Articles on the applicable Specified Exchange Date.
 
 

  

 

  Pursuant to and in accordance with the terms and conditions of the Rights Agreement, the
Holder irrevocably elects to exercise its Secondary Exchange Rights for the Holder’s Subject Class A Shares identified above. The BEP Units Amount or the Cash Amount, as applicable, shall be issued or paid to:

Please insert social security
 or other identifying number

(Please print name and address)

______________________________________________________________________________

Delivery instructions for BEP Units Amount:
 [Please insert
complete instructions including recipient’s DTC participant number and the account number at the participant.]
 Delivery instructions for Cash
Amount:
 [Please insert complete wire transfer instructions.]
 Dated:
_____________ __, ______
 __________________________________

Signature
 Signature Medallion Guaranteed:

Signatures should be guaranteed by an eligible guarantor institution (bank, stock broker or savings and loan association with membership in
an approved signature medallion program).EX-10.42

 Exhibit 10.42

 
 FORM OF SUBORDINATE CREDIT AGREEMENT
  

between
  
 BROOKFIELD BRP HOLDINGS (CANADA) INC.

 
 as Borrower
  

and
  
 BEP SUBCO INC.

 
 as Lender
  

 
  
 Effective as of ■, 2020

 
 
	 
	 
	  

	 

  
 TABLE OF CONTENTS 

Page
  

	 ARTICLE 1 DEFINITIONS
	 1

	  
	  

	 1.1   
	 Defined Terms
	 1

	 1.2   
	 Terms Generally
	 9

	 1.3   
	 Accounting Terms; GAAP
	 9

	 1.4   
	 Time
	 9

	 1.5   
	 Borrowers Jointly and Severally Liable
	 9

	 1.6   
	 Borrowers Bound by Delivered Certificates and Notices
	 10

	 1.7   
	 Currency Equivalents
	 10

	 1.8   
	 Amount of Credit
	 10

	 1.9   
	 Divisions
	 10

	 1.10   
	 Schedules
	 10

	  
	  

	 ARTICLE 2 THE CREDIT FACILITY
	 11

	  
	  

	 2.1   
	 Establishment of Credit Facility
	 11

	 2.2   
	 Loans and Borrowings
	 11

	 2.3   
	 Requests for Borrowings
	 11

	 2.4   
	 Interest
	 12

	 2.5  
	 Evidence of Debt
	 14

	 2.6   
	 Termination and Reduction by Lender of Credit Commitment
	 14

	 2.7   
	 Mandatory Repayments of Excess Drawn Amounts
	 15

	 2.8   
	 Voluntary Prepayments and Cancellation
	 15

	 2.9   
	 Breakage Costs
	 15

	 2.10   
	 Alternate Rate of Interest
	 15

	 2.11   
	 Increased Costs; Illegality
	 16

	 2.12   
	 Payments Generally
	 17

	 2.13   
	 Addition of Borrowers
	 17

	 2.14   
	 Withholding Tax.
	 17

	  
	  

	 ARTICLE 3 REPRESENTATIONS AND WARRANTIES
	 18

	  
	  

	 3.1   
	 Organization; Powers
	 18

	 3.2   
	 Authorization; Enforceability
	 19

	 3.3   
	 Governmental Approvals; No Conflicts
	 19

	 3.4   
	 Financial Information
	 19

	 3.5   
	 Litigation
	 19

	 3.6   
	 Compliance with Laws and Agreements
	 19

	 3.7   
	 Taxes
	 20

	 3.8   
	 Pension Plans
	 20

	 3.9   
	 No Order or Judgments
	 20

	 3.10   
	 Insurance
	 20

	 3.11  
	 Solvency
	 20

	 3.12   
	 Environmental Matters
	 20

	 3.13   
	 Money Laundering Laws
	 21

	 3.14   
	 Office of Foreign Assets Control
	 21

	 3.15   
	 Survival of Representations and Warranties
	 21

	 3.16   
	 Deemed Repetition
	 21

	  
	  

	 ARTICLE 4 CONDITIONS PRECEDENT TO LOANS
	 21

	  
	  

	 4.1   
	 Effective Date
	 21

	 4.2   
	 Each Borrowing
	 22

	  
	  

	 ARTICLE 5 AFFIRMATIVE COVENANTS
	 22

	  
	  

	 5.1   
	 Financial Statements and Other Information
	 22

	 5.2   
	 Existence; Conduct of Business
	 23

	 5.3   
	 Timely Payment
	 23

	 5.4   
	 Books and Records
	 23

	 5.5   
	 Compliance with Laws
	 23

	 5.6   
	 Insurance
	 23

	 5.7   
	 Operation of Business
	 23

	 5.8   
	 Maintenance of Assets
	 23

	 5.9   
	 Payment of Taxes
	 24

	 5.10   
	 Use of Proceeds
	 24

	  
	  

	 ARTICLE 6 NEGATIVE COVENANTS
	 24

	  
	  

	 6.1   
	 Fundamental Changes
	 24

	  
	  

	 ARTICLE 7 EVENTS OF DEFAULT
	 25

	  
	  

	 7.1   
	 Events of Default
	 25

	 7.2   
	 Legal Proceedings
	 28

	 7.3  
	 Non-Merger
	 28

	  
	  

	 ARTICLE 8 SUBORDINATION AND DEPOSITS
	 28

	  
	  

	 8.1   
	 Subordination
	 28

	 8.2   
	 Deposits
	 29

	  
	  

	 ARTICLE 9 MISCELLANEOUS
	 29

	  
	  

	 9.1   
	 Notices
	 29

	 9.2   
	 Waivers
	 30

	 9.3  
	 Expenses; Indemnity
	 30

	 9.4   
	 Currency Indemnity
	 31

	 9.5   
	 Successors and Assigns and Additions of Lenders
	 32

	 9.6   
	 Amendments
	 32

	 9.7   
	 Survival
	 33

	 9.8   
	 Counterparts; Integration; Effectiveness
	 33

	 9.9   
	 Severability
	 33

	 9.10   
	 Right of Set Off
	 33

	 9.11   
	 Governing Law; Jurisdiction
	 34

	 9.12   
	 Waiver of Jury Trial
	 34

	 9.13   
	 Headings
	 34

	 9.14   
	 Limited Recourse
	 34

        
	 
	  -ii-

	  

	 

  

	 Exhibit A FORM OF BORROWING REQUEST
	  

	 Exhibit B FORM OF DEPOSIT RECORD
	  

	 Exhibit C FORM OF CONFIRMATION OF SUBORDINATION
	

  
 
	 
	  -iii-

	  

	 

  
 CREDIT AGREEMENT
  

THIS CREDIT AGREEMENT is effective as of ■, 2020 and is entered into between Brookfield BRP Holdings (Canada) Inc., as the initial Borrower, such Persons as become Borrowers
hereunder from time to time, and BEP Subco Inc., as the Lender(s).
  
 The parties hereto agree as follows:

 
 ARTICLE 1
 DEFINITIONS

 
 1.1   Defined Terms 
   

As used in this Agreement, the following terms have the meanings specified below:
  

“Agreement” means this agreement and all schedules attached hereto, as amended, restated or supplemented from time to time.

 
 “Applicable Law” means, in respect of any Person, property, transaction, event or other matter, as applicable,
all Laws relating or applicable to such Person, property, transaction, event or matter.
  
 “Applicable Margin”
means, with respect to any Loan, the applicable rate per annum, expressed as a percentage, set forth in the relevant column and row of the table below as adjusted pursuant to Section 2.4.1:
  

	 Type of Loan
	 Applicable Margin

	 Canadian Prime Rate Loan
	 ■%

	 U.S. Base Rate Loan
	 ■%

	 CDOR Loan
	 ■%

	 LIBOR Loan
	 ■%

  

“Authorization” means, with respect to any Person, any authorization, order, permit, approval, grant, licence, consent, franchise, privilege, certificate, judgment,
writ, injunction, award, determination, direction, decree, by-law, rule or regulation of any Governmental Authority having jurisdiction over such Person and legally binding on such Person.
  

“Available Amount” means the amount of the Credit Facility as set out in Section 2.1 as reduced from time to time in accordance with the provisions of this
Agreement.
  
 “Borrowers” means, collectively, Brookfield BRP Holdings (Canada) Inc. and each Person that agrees
to be bound hereunder as a Borrower hereunder pursuant to Section 2.13.
  
 
	 
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 “Borrowing” means any availment of the Credit Facility and includes a rollover
or conversion of any outstanding Loan.
  
 “Borrowing Request” means a request by any Borrower for a Borrowing
pursuant to Section 2.3.
  
 “Business Day” means any day that is not a Saturday, Sunday or other day on
which commercial banks in Toronto, Ontario or New York, New York are authorized or required by Applicable Law to remain closed and, in the case of any LIBOR Loan, is also not a day on which commercial banks in London, England are authorized or
required by Applicable Law to remain closed.
  
 “Canadian Dollars” and “Cdn$” refer to lawful money
of Canada.
  
 “Canadian Prime Borrowing” means a Borrowing comprised of one or more Canadian Prime Rate
Loans.
  
 “Canadian Prime Rate Loan” means a Loan denominated in Canadian Dollars which bears interest at a rate
based upon the Canadian Prime Rate.
  
 “Canadian Prime Rate” means, on any day, the annual rate of interest
equal to the greater of (a) the annual rate of interest announced by the Canadian Reference Lender and in effect as its prime rate at its principal office in Toronto, Ontario on such day for determining interest rates on Canadian Dollar-denominated
commercial loans in Canada, and (b) the annual rate of interest equal to the sum of the one-month CDOR in effect on such day plus 1.0% per annum.
  

“Canadian Reference Lender” means such bank that is listed on Schedule I of the Bank Act (Canada) that is selected by the Lender by giving written notice of
thereof to the Borrowers.
  
 “CDOR” means (a) with respect to a CDOR Loan, the rate per annum equal to the
average per annum rate applicable to Canadian Dollar bankers’ acceptances having an identical or comparable term as the proposed CDOR Loan displayed and identified as such on the “Reuters Screen CDOR Page” (as defined in the
International Swaps and Derivatives Association, Inc. 2000 definitions, as modified and amended from time to time), rounded to the nearest 1/100th of 1% (with .005% being rounded up), at approximately 10:00 a.m. (Toronto time) on the first day of
the Interest Period for such CDOR Loan, with a term equivalent to the Interest Period of such CDOR Loan or if such Interest Period is not equal to a number of months, with a term equivalent to the number of months closest to such Interest Period,
plus 0.10%; provided that if such rate does not appear on the Reuters Screen CDOR Page on such date as contemplated, then the CDOR on such date shall be calculated as the rate for the term referred to above applicable to Canadian Dollar
bankers’ acceptances quoted by the Canadian Reference Lender as of 10:00 a.m. (Toronto time) on such date or, if such date is not a Business Day, then on the immediately preceding Business Day, plus 0.10%; provided further that the CDOR
shall at no times be less than 0%. If no CDOR is available for a particular Interest Period but CDORs are available for maturities both longer and shorter than such Interest Period, then the CDOR for such Interest Period shall be the CDOR
Interpolated Rate plus 0.10%.
  
 
	 
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 “CDOR Borrowing” means a Borrowing comprised of one or more CDOR Loans.

 
 “CDOR Interpolated Rate” means, in relation to any CDOR Loan and its Interest Period, a rate per annum determined
by the Lender (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between (a) the applicable CDOR for the longest period for which a CDOR is available
that is shorter than such Interest Period and (b) the applicable CDOR for the shortest period for which a CDOR is available that is longer than such Interest Period, in each case as of 11:00 a.m., Toronto time on the day two Business Days prior to
the first day of such Interest Period; provided that the Interpolated Rate shall at no times be less than 0%.
  
 “CDOR
Loan” means a Loan denominated in Canadian Dollars which bears interest at a rate based upon CDOR.
  
 “Change in
Control” means the acquisition by any Person other than Brookfield Asset Management Inc. or its Affiliates (or any combination thereof) of Control of any Borrower.
  

“Change in Law” means (a) the adoption of any new Law after the date of this Agreement, (b) any change in any existing Law or in the official interpretation or
application thereof by any Governmental Authority after the date of this Agreement, or (c) compliance by the Lender or any of its lenders with any request, guideline or directive (whether or not having the force of law, but in the case of a request,
guideline or directive not having the force of law, being a request, guideline or directive with which Persons customarily, and are expected by the relevant Governmental Authority to, comply and nevertheless considered to be binding on a Person or
such Person’s property) of any Governmental Authority made or issued after the date of this Agreement.
  

“Control” and similar expressions mean a relationship between two Persons wherein one of such Persons has the power, through the ownership of Equity Securities, by
contract or otherwise, to directly or indirectly direct the management and policies of the other of such Persons, and includes, without limitation: (a) in the case of a corporation or a trust, the ownership, either directly or indirectly
through one or more Persons, of Equity Securities of such corporation or trust carrying more than 50% of the votes that may be cast to elect the directors or trustees of such corporation or trust or the Control of the corporate trustee of such
trust, either under all circumstances or under some circumstances that have occurred and are continuing, (other than Equity Securities held as collateral for a bona fide debt where the holder thereof is not entitled to exercise the voting
rights attached thereto unless a default has occurred), provided that such votes, if exercised, are sufficient to elect a majority of the directors or trustees of such corporation or trust or corporate trustee; and (b) in the case of a general
partnership or limited partnership, the power, through the ownership of Equity Securities, by contract or otherwise, to act as the managing partner appointed in respect of such general partnership or the general partner appointed in respect of such
limited partnership, or to otherwise Control such managing partner or general partner, as applicable.
  
 
	 
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 “Credit Facility” means the revolving credit facility established pursuant to
Section 2.1.1.
  
 “Default” means any event or condition which constitutes an Event of Default or which,
upon notice, lapse of time or both, would, unless cured or waived, become an Event of Default.
  
 “Distribution”
means, with respect to any Person: (a) the retirement, redemption, retraction, purchase or other acquisition of any Equity Securities of such Person for cash or other property of such Person; (b) the declaration or payment of any dividend, return of
capital or other distribution (in cash or other property of such Person) of, on or in respect of, any Equity Securities of such Person; or (c) any other payment or distribution (in cash or other property of such Person) of, on or in respect of any
Equity Securities of such Person.
  
 “Dollar Amount” means at any time with respect to outstanding Loans under
the Credit Facility, the aggregate of (a) the amount in Dollars of all Loans that are denominated in Dollars, and (b) the Dollar Equivalent at such time of all Loans that are denominated in Canadian Dollars.

 
 “Dollar Equivalent” means, at the date of determination, the amount of Dollars that the Lender could purchase, in
accordance with its normal practice, with a specified amount of Canadian Dollars based on the Exchange Rate on such date.
  

“Dollars” and “$” refer to lawful money of the United States unless otherwise indicated.

 
 “Effective Date” means ■, 2020.
  

“Environmental Laws” means all applicable federal, provincial, local or foreign laws, rules, regulations, codes, ordinances, orders, decrees, judgements,
injunctions, notices or binding agreements issued, promulgated or entered into by any Governmental Authority, having the force of law and relating to the environment, health and safety, or health protection, including the generation, use, handling,
collection, treatment, storage, transportation, recovery, recycling, release, threatened release or disposal of any hazardous or regulated material.
  

“Equity Securities” means, with respect to any Person, any and all shares, units, interests, participations, rights in, or other equivalents (however designated and
whether voting and non-voting) of, such Person’s capital, whether outstanding on the date hereof or issued after the date hereof, including without limitation any interest in a partnership, limited partnership or other similar Person and any
unit or beneficial interest in a trust, and any and all rights, warrants, options or other rights exchangeable for or convertible into any of the foregoing.
  

“Event of Default” has the meaning specified in Section 7.1.
  
 

	 
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 “Exchange Rate” means, on any day, the rate at which Canadian Dollars may be
exchanged into Dollars as set forth at approximately 11:00 a.m. New York City time on such date on the relevant Reuters screen for Canadian Dollars; provided that if such rate does not appear on any Reuters screen on any date, the Exchange Rate
shall be determined by reference to such other publicly available service for displaying exchange rates as may be reasonably selected by the Lender.
  

“FATCA” means Sections 1471 through 1474 of the IRC, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not
materially more onerous to comply with) and any current or future regulations or official interpretations thereof.
  
 “Federal
Funds (Effective) Rate” means, for any period, a fluctuating rate of interest per annum equal for each day during such period to (a) the weighted average of the rates on overnight federal funds transactions with members of the Federal
Reserve System arranged by federal funds brokers, as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or (b) if such rate is not so published for any day
which is a Business Day, the average of the quotations for such day on such transactions received by the Lender from three federal funds brokers of recognized standing selected by it.
  

“GAAP” means generally accepted accounting principles in Canada or the United States in effect from time to time which, for clarity, will include IFRS.

 
 “Governmental Authority” means the Government of Canada or the United States, any other nation or any political
subdivision thereof, whether provincial, state, territorial or local, and any agency, authority, instrumentality, regulatory body, court or other ether entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers
or functions of or pertaining to government.
  
 “Hostile Acquisition” means a proposed acquisition by any
Borrower or any Subsidiary in circumstances in which the Person subject to such acquisition will not have, as of the date of the acquisition notice in respect of such acquisition, evidenced its agreement or agreement in principle to such
acquisition.
  
 “IFRS” means the International Financial Reporting Standards as issued by the International
Accounting Standards Board and as in effect from time to time.
  
 “Indemnitee” has the meaning specified in
Section 9.3.2.
  
 “Interest Payment Date” means, (a) in the case of any Canadian Prime Rate Loan or U.S.
Base Rate Loan, the first Business Day of each month, and (b) in the case of any CDOR Loan or LIBOR Loan, the last day of the Interest Period relating to such Loan, provided that if an Interest Period for any CDOR Loan or LIBOR Loan exceeds
three months, then “Interest Payment Date” shall also include each date which occurs at each three month interval during such Interest Period.
  

	 
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 “Interest Period” means with respect to a CDOR Loan or LIBOR Loan, the period
commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is one, two, three or six months thereafter or such other periods thereafter as may from time to time be agreed to by the Borrower
requesting such Loan and the Lender; provided that (a) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the immediately succeeding Business Day unless such next succeeding Business
Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day, (b) any Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no
numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period, and (c) no Interest Period shall extend beyond the Maturity Date. For purposes
hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and, in the case of a converted or continued Borrowing, thereafter shall be the effective date of the most recent conversion or continuation of such
Borrowing.
  
 “IRC” means the Internal Revenue Code of 1986, as amended from time to time.

 
 “Laws” means all applicable federal, state, provincial, municipal, foreign and international statutes, acts,
codes, ordinances, decrees, treaties, rules, regulations, municipal by-laws, judicial or arbitral or administrative or ministerial or departmental or regulatory judgments, orders, decisions, rulings or awards or any provisions of the foregoing, and
all policies, practices, directives and guidelines in each case of any Governmental Authority and having the force of law; and “Law” means any one or more of the foregoing.

 
 “Lender” means, collectively, BEP Subco Inc. and each Person that becomes a Lender hereunder from time to
time.
  
 “LIBOR” means with respect to any LIBOR Loan denominated in Dollars, for any Interest Period, the rate
for Dollar borrowings appearing on the applicable Reuters screen (or, in each case, on any successor or substitute page of such service, or any successor to or substitute for such servicing, providing rate quotations comparable to those currently
provided on such page of such service, as determined by the Lender from time to time) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, in each case as the rate for Dollar deposits with a
maturity comparable to such Interest Period; provided that if such rate is not available at such time for any reason, then “LIBOR” with respect to such LIBOR Loan for such Interest Period will be the rate at which
Dollar deposits approximately equal to the amount of such LIBOR Loan and for a maturity comparable to such Interest Period are offered by the principal London office of a commercial bank selected by the Lender in immediately available funds in the
London interbank market at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period; provided further that if any such rate is below zero, LIBOR shall be deemed to be zero and LIBOR shall be
adjusted as applicable to reflect the Statutory Reserve Rate by multiplying the rate described above by the Statutory Reserve Rate.
  

“LIBOR Borrowing” means a Borrowing comprised of one or more LIBOR Loans.
  

	 
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 “LIBOR Loan” means a loan denominated in Dollars which bears interest at a
rate based upon LIBOR.
  
 “Loan” means any LIBOR Loan, Canadian Prime Rate Loan, CDOR Loan or U.S. Base Rate
Loan made by the Lender to a Borrower pursuant to this Agreement.
  
 “Material Adverse Effect” means any event,
development or circumstance which has had or would have (a) a material adverse effect on the business, assets, properties, operations or financial condition of the Borrowers and their Subsidiaries taken as a whole, or (b) a material adverse effect
on the ability of the Borrowers (taken as a whole) to perform their obligations under this Agreement.
  
 “Maturity
Date” means the date that is ten (10) years from the Effective Date, unless the Agreement is terminated in accordance with Section 2.6, in which case the Maturity Date shall be the date the Agreement is so terminated.

 
 “Money Laundering Laws” has the meaning specified in Section 3.13.

 
 “Obligations” means all present and future debts, liabilities and obligations of the Borrowers to the Lender
under this Agreement, whether absolute or contingent, due or to become due, existing on the Effective Date or thereafter arising, including without limitation with respect to all Loans, and all interest and fees owing hereunder (including those that
accrue after the commencing by or against any Borrower of any insolvency or similar proceeding).
  
 “OFAC” has
the meaning specified in Section 3.14.
  
 “OFAC Lists” has the meaning specified in Section 3.14.

 
 “Person” includes any natural person, corporation, company, limited liability company, unlimited liability
company, trust, joint venture, association, incorporated organization, partnership, limited partnership, Governmental Authority or other entity.
  

“Responsible Officer” means, in respect of any Person, any director or officer of such Person or the general or managing partner of such Person.

 
 “Senior Debt” has the meaning given to that term in Section 8.1(a).

 
 “Specified Threshold Amount” means, as at any date, the greater of (a) $125,000,000 and (b) an amount equal to
10% of the Borrowers’ consolidated equity as at such date.
  
 “Statutory Reserve Rate” means a fraction
(expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve, liquid asset, fees or similar reserve requirements (including any marginal, special,
emergency or supplemental reserves or other requirements) established by any central bank, monetary authority, the Federal Reserve Board, the Financial Services Authority, the European Central Bank or other Governmental Authority for any category of
deposits or liabilities customarily used to fund loans in the applicable currency, expressed in the case of each such requirement as a decimal. Such reserve, liquid asset, fee or similar requirements shall, in the case of Dollar denominated Loans,
include those imposed pursuant to Regulation D of the Federal Reserve Board. LIBOR Loans shall be deemed to be subject to such reserve, liquid asset, fee or similar requirements without the benefit of or credit for proration, exemptions or offsets
that may be available to lenders from time to time under any Applicable Law. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any such change in any reserve, liquid asset, fee or similar requirement.

 
 
	 
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 “subsidiary” means, with respect to any Person (the
“parent”) at any date, any corporation, limited liability company, partnership, limited partnership, trust or other entity of which securities or other ownership interests representing more than 50% of the combined
voting stock are owned, directly or indirectly, by such Person or by any one or more subsidiaries of such Person.
  

“Subsidiaries” means, collectively, the subsidiaries of the Borrowers, and “Subsidiary” means any of them.

 
 “Taxes” means all present and future taxes, charges, fees, levies, imposts, surtaxes, duties and other
assessments, including all income, sales, use, goods and services, value added, capital, capital gains, alternative, net worth, transfer, profits, withholding, payroll, employer health, excise, real property and personal property taxes, and any
other taxes, customs duties, fees, assessments, or similar charges of any nature, imposed by any Governmental Authority and whether disputed or not.
  

“Type”, when used in reference to any Loan or Borrowing, refers to whether such Loan or Borrowing is a U.S. Base Rate Loan, Canadian Prime Rate Loan, LIBOR Loan or
CDOR Loan or a U.S. Base Rate Borrowing, Canadian Prime Borrowing, LIBOR Borrowing or CDOR Borrowing, as the case may be.
  

“U.S. Base Rate” means, on any day, the annual rate of interest equal to the greater of (a) the annual rate of interest announced by a commercial Canadian bank
selected by the Lender and in effect as its base rate at its principal office in Toronto, Ontario on such day for determining interest rates on Dollar demand commercial loans in Canada, (b) the sum of the Federal Funds (Effective) Rate plus 0.50%
per annum, and (c) LIBOR for Dollars for one-month term in effect on such day plus 1.00%. Any change in the U.S. Base Rate due to a change in the applicable base rate, the Federal Funds (Effective) Rate or such LIBOR shall be effective from and
including the effective date of such change in the applicable base rate, the Federal Funds (Effective) Rate or such LIBOR, respectively.
  

“U.S. Base Rate Borrowing” means a Borrowing comprised of one or more U.S. Base Rate Loans.
  

“U.S. Base Rate Loan” means a Loan denominated in Dollars which bears interest at a rate based upon the U.S. Base Rate.

 
 “Withholdings” has the meaning given to that term in Section 2.14.

 
 
	 
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 1.2 Terms Generally 
  

The definitions of terms herein will apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun will include the corresponding masculine,
feminine and neuter forms. The words “include”, “includes” and “including” will be deemed to be followed by the phrase “without limitation”. Unless the context requires otherwise: (a) any definition of
or reference to any agreement, instrument or other document herein will be construed as referring to such agreement, instrument or other document as from time to time amended, amended and restated, supplemented or otherwise modified (subject to any
restrictions on such amendments, supplements or modifications set forth herein); (b) any reference herein to any statute or any Section thereof will, unless otherwise expressly stated, be deemed to be a reference to such statute or Section as
amended, restated or re-enacted from time to time; (c) any reference herein to any Person will be construed to include such Person’s successors and permitted assigns; (d) the words “herein”, “hereof” and
“hereunder”, and words of similar import, will be construed to refer to this Agreement in its entirety and not to any particular provision hereof; (e) all references herein to Articles, Sections and Exhibits will be construed to refer to
Articles and Sections of, and Exhibits to, this Agreement; and (f) the words “asset” and “property” will be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and
properties, including cash, securities, accounts and contractual rights.
  
 1.3 Accounting Terms; GAAP 

 
 Except as otherwise expressly provided herein, all terms of an accounting or financial nature will be construed in accordance with GAAP, as in
effect from time to time.
  
 1.4 Time 
  

All time references herein will, unless otherwise specified, be references to local time in Toronto, Ontario, Canada. Time is of the essence of this Agreement.

 
 1.5 Borrowers Jointly and Severally Liable 
  

Each Person that becomes a Borrower is jointly and severally liable for all Obligations, including the obligation to pay all amounts owing hereunder to the Lender on the dates such amounts are due
and on the Maturity Date. Each Borrower agrees that if any of the Obligations are not paid in full when due (whether at stated maturity, as a mandatory repayment, by acceleration or otherwise), the Borrowers will, jointly and severally, promptly pay
the same without any demand or notice whatsoever and each Borrower jointly and severally irrevocably and unconditionally accepts joint and several liability with respect to the payment and performance of all Obligations of each other Borrower, it
being the intention of the parties hereto that all Obligations be joint and several obligations of each Borrower without preference or distinction among them. Each Borrower agrees that delivery of funds to any Borrower under this Agreement shall
constitute valuable consideration and reasonably equivalent value to all Borrowers for purposes of binding them and their assets on a joint and several basis for the Obligations hereunder. Each Borrower agrees that it will not seek payment, directly
or indirectly, from any other Borrower through a claim of indemnity, contribution, subrogation or otherwise until all Obligations have been repaid in full and the Credit Facility has terminated.

 
 
	 
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 1.6 Borrowers Bound by Delivered Certificates and Notices 

 
 Each Borrower hereby authorizes each other Borrower to deliver or submit to the Lender on behalf of such Borrower (and all other Borrowers) any
Borrowing Request, notice or certificate required or permitted to be delivered or submitted by it or on its behalf hereunder and agrees that it will be bound by, and shall be responsible for any information set forth in any such Borrowing Request,
notice or certificate to the same extent as if such Borrowing Request, notice or certificate had been executed by a Responsible Officer of such Borrower and delivered or submitted by such Borrower.

 
 1.7 Currency Equivalents
  

For purposes of determining (a) whether the amount of any Borrowing, together with all other Borrowings then outstanding or to be borrowed at the same time as such Borrowing, would exceed the
Available Amount, (b) the unutilized amount of the Credit Facility, and (c) the outstanding principal amount of any Borrowing, the outstanding principal amount of any Loan that is denominated in Canadian Dollars shall be deemed to be the Dollar
Equivalent of such amount determined as of the applicable determination date.
  
 1.8 Amount of Credit 

 
 Any reference herein to the amount of credit outstanding means, at any particular time:
  

(a) in the case of a Canadian Prime Rate Loan or CDOR Loan, the Dollar Equivalent of the principal amount thereof; and 
  

(b) in the case of a LIBOR Loan or U.S. Base Rate Loan, the principal amount of such Loan. 
  

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

 
 The following are the Schedules and Exhibits annexed hereto, incorporated by reference and deemed to be a part hereof:

 

	 Exhibits:
	 A
	 -
	 Borrowing Request

	  
	 B
	 -
	 Form of Deposit Record

	  
	 C
	 -
	 Form of Confirmation of Subordination

  
 
	 
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 ARTICLE 2
 THE CREDIT
FACILITY
  
 2.1 Establishment of Credit Facility 
  

2.1.1 Subject to the terms and conditions set forth herein, the Lender hereby establishes in favour of the Borrowers a Credit Facility in the amount of $1,750,000,000 (the “Available
Amount”) and commits to make Loans to the Borrowers from time to time during the period commencing on the Effective Date and ending on the Maturity Date, the aggregate outstanding principal amount of all such Loans not exceeding at
any time the Available Amount. Subject to the terms and conditions of this Agreement, the Borrowers may borrow, repay and re-borrow Loans. 
  
 2.1.2
Advances under the Credit Facility are to be used by the Borrowers for their general corporate purposes, including as contemplated by Section 9.6, provided that in no event will the Credit Facility be used to finance a Hostile Acquisition
without the consent of the Lender. 
  
 2.2 Loans and Borrowings 

 
 Each Borrowing under the Credit Facility will be comprised of U.S. Base Rate Loans or LIBOR Loans in Dollars or Canadian Prime Rate Loans or CDOR Loans in
Canadian Dollars, as any Borrower may request in accordance herewith.
  
 2.3 Requests for Borrowings 

 
 2.3.1 To request a Borrowing under the Credit Facility, any Borrower shall notify the Lender of such request by written Borrowing Request substantially in
the form of Exhibit A not later than 11:00 a.m., Toronto time, four (4) Business Days before the date of the proposed Borrowing or such shorter period as the Lender may agree to. Each Borrowing Request shall be irrevocable. The Lender is entitled to
rely upon and act upon any Borrowing Request given or purportedly given by any Borrower, and each Borrower hereby waives the right to dispute the authenticity and validity of any such transaction once the Lender has advanced funds, based on such
Borrowing Request. Each Borrowing Request shall specify the following information: 
  
 (a) the aggregate amount of the requested Borrowing;

  
 (b) the date of such Borrowing, which shall be a Business Day; 

 
 (c) whether such Borrowing is to be a U.S. Base Rate Borrowing, a LIBOR Borrowing, a Canadian Prime Borrowing or a CDOR Borrowing;

  
 (d) in the case of a CDOR Borrowing or LIBOR Borrowing, the initial Interest Period to be applicable to such Borrowing, which
shall be a period contemplated by the definition of the term “Interest Period”; and 
  
 
	 
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 (e)   the location and number of the Borrower’s account to which funds are to be
disbursed. 
  
 2.3.2   Each CDOR Borrowing and LIBOR Borrowing under the Credit Facility initially shall have the Interest Period specified
in the applicable Borrowing Request. Thereafter, a Borrower may elect to convert any Borrowing to any different Type or to continue such Borrowing and, in the case of a CDOR Borrowing or LIBOR Borrowing, may elect the Interest Periods therefor. The
Borrowers may elect different options with respect to different portions of the affected Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. To make an election pursuant to this Section 2.3.2, a
Borrower shall notify the Lender of such election by delivering a Borrowing Request required under Section 2.3.1 as if the Borrower were requesting a Borrowing to be made on the effective date of such election. Each such Borrowing Request shall
be irrevocable. In addition to the information specified in Section 2.3.1, each Borrowing Request shall specify the Borrowing to which such request applies and, if different options are elected with respect to different portions thereof, the
portions thereof to be allocated to each resulting Borrowing. If no election is made pursuant to this Section 2.3.2 at the end of an Interest Period applicable to any CDOR Loan or LIBOR Loan, the applicable Borrower shall be deemed to have
elected an Interest Period of one month for such CDOR Loan or LIBOR Loan for the immediately following Interest Period. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Lender so notifies
the Borrowers, then so long as an Event of Default is continuing (a) no outstanding Borrowing may be converted to or continued as a CDOR Borrowing or LIBOR Borrowing and (b) unless repaid, each CDOR Borrowing and LIBOR Borrowing shall be converted
to a Canadian Prime Borrowing or U.S. Base Rate Borrowing, respectively, at the end of the then-current Interest Period applicable thereto. 
  

 2.3.3   If at any time the Lender determines that LIBOR or CDOR is no longer determinable or the supervisor for the administrator of LIBOR or CDOR or a Governmental Authority having
jurisdiction over banks or other financial institutions has made a public statement identifying a specific date after which LIBOR or CDOR shall no longer be used for determining interests rates for loans, then the Lender shall give written notice of
such determination to the Borrowers and the Lender and the Borrowers shall endeavour to establish an alternate rate of interest to LIBOR or CDOR (as applicable) that gives due consideration to the then prevailing market convention for determining a
replacement standard and shall enter into an amendment to this Agreement to reflect such agreed upon alternate rate of interest. 
  
  2.3.4
  Each CDOR Borrowing and LIBOR Borrowing will be subject to Sections 2.10 and 2.11. 
  
  2.4
  Interest  
  
  2.4.1   The Loans under the Credit Facility comprising each U.S. Base Rate Borrowing
and Canadian Prime Borrowing shall bear interest (computed on the basis of the actual number of days elapsed over a year of 365 days or 366 days, as the case may be) at a rate per annum equal to the U.S. Base Rate and Canadian Prime Rate,
respectively, plus the Applicable Margin from time to time in effect. It is understood and agreed that if at any time after the date hereof the Lender’s cost of borrowing is increased, the Lender will be entitled, after consultation with the
Borrowers, to increase the Applicable Margin that is applicable to all or any Types of Loans or Borrowings to reflect the Lender’s increased cost of making such Loans or Borrowings available to the Borrowers.  

 
 
	 
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 2.4.2 The Loans under the Credit Facility comprising each CDOR Borrowing shall bear interest (computed on the basis of the
actual number of days in the relevant Interest Period over a year of 365 or 366 days, as the case may be) at CDOR for the Interest Period in effect for such CDOR Loans plus the Applicable Margin from time to time in effect. 

 
 2.4.3 The Loans under the Credit Facility comprising each LIBOR Borrowing shall bear interest (computed on the basis of the actual number of days in the
relevant Interest Period over a year of 360 days) at LIBOR for the Interest Period in effect for such LIBOR Loans plus the Applicable Margin from time to time in effect. 
  

2.4.4 The applicable U.S. Base Rate, Canadian Prime Rate, LIBOR and CDOR Rate shall be determined by the Lender, and such determination shall, absent manifest error, constitute prima facie evidence
thereof. 
  
 2.4.5 Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date and upon termination of the Credit Facility, and
in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment together with all applicable breakage costs. 

 
 2.4.6 All interest hereunder shall be payable for the actual number of days elapsed (including the first day but excluding the last day). Any Loan that is
repaid on the same day on which it is made shall bear interest for one day. 
  
 2.4.7 For the purposes of the Interest Act (Canada) and disclosure
thereunder, whenever any interest or any fee to be paid hereunder or in connection herewith is to be calculated on the basis of any period of time that is less than a calendar year, the yearly rate of interest to which the rate used in such
calculation is equivalent is the rate so used multiplied by the actual number of days in the calendar year in which the same is to be ascertained and divided by 360, 365 or 366, as applicable. The rates of interest under this Agreement are nominal
rates, and not effective rates or yields. The principle of deemed reinvestment of interest does not apply to any interest calculation under this Agreement. 
  

2.4.8 If any provision of this Agreement would oblige any Borrower to make any payment of interest or other amount payable to the Lender in an amount or calculated at a rate which would be prohibited by Law
or would result in a receipt by the Lender of “interest” at a “criminal rate” (as such terms are construed under the Criminal Code (Canada)), then, notwithstanding such provision, such amount or rate shall be deemed
to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by Law or so result in a receipt by the Lender of “interest” at a “criminal rate”,
such adjustment to be effected, to the extent necessary (but only to the extent necessary), as follows: 
  
 
	 
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 (a) first, by reducing the amount or rate of interest required to be paid to the Lender under this Section
2.4; and 
  
 (b) thereafter, by reducing any fees, commissions, premiums and other amounts required to be paid to the Lender
which would constitute interest for purposes of Section 347 of the Criminal Code (Canada). 
  
 2.4.9 Notwithstanding the foregoing, if an Event of
Default has occurred and is continuing, the Loans will bear interest to the extent permitted by Applicable Law, after as well as before judgment, at a rate per annum equal to 2.0% plus the rate otherwise applicable to such Loans. All other amounts
owing under this Agreement will bear interest at an interest rate equal to the one month LIBOR rate plus 4.0% per annum. 
  
 2.5
Evidence of Debt 
  
 2.5.1 The Lender shall maintain accounts in which it shall record (a) the amount of each Loan made hereunder and the
relevant Interest Periods applicable thereto, (b) the amount of any principal or interest due and payable or to become due and payable from the Borrowers to the Lender hereunder, and (c) the amount of any sum received by the Lender hereunder. 

 
 2.5.2 The entries made in the accounts maintained pursuant to Section 2.5.1 shall be prima facie evidence (absent manifest error) of the existence
and amounts of the obligations recorded therein; provided that the failure of the Lender to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrowers to repay the Loans and all other amounts payable
in connection therewith, including interest and fees, in accordance with the terms of this Agreement. 
  
 2.6 Termination and
Reduction by Lender of Credit Commitment 
  
 2.6.1 The Lender may at any time after the fifth anniversary of the Effective Date, upon giving the
Borrowers 90 days’ prior written notice, terminate its commitment with respect to the Credit Facility and the Borrowers must repay all amounts outstanding under the Credit Facility (including all interest and fees payable hereunder) on the
termination date that is so elected by the Lender. 
  
 2.6.2 Upon the occurrence of a Change in Control, the Lender shall have the right to terminate its
commitment with respect to the Credit Facility upon giving the Borrowers 90 days’ prior written notice. If the Lender so terminates the Credit Facility, the Borrowers must repay all amounts outstanding under the Credit Facility (including all
interest and fees payable hereunder) on the termination date that is so elected by the Lender. 
  
 2.6.3 Unless previously terminated, the commitment of
the Lender with respect to the Credit Facility will terminate on the Maturity Date and each Borrower hereby unconditionally jointly and severally promises to pay to the Lender the then unpaid principal amount of each Loan on the Maturity Date (or
such earlier date that the Loans have been accelerated pursuant to the last paragraph of Section 7.1) together with all interest accrued thereon and other amounts outstanding under this Agreement. 

 
 
	 
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 2.7 Mandatory Repayments of Excess Drawn Amounts 

 
 If at any time the Lender determines that the Dollar Amount outstanding under the Credit Facility exceeds the Available Amount, then upon
written notice from the Lender to such effect, the Borrowers will, within 24 hours, make a prepayment of the Credit Facility in an amount equal to such excess.
  

2.8 Voluntary Prepayments and Cancellation 
  
 The Borrowers may,
from time to time at their option, prepay any Loan without premium or penalty or permanently reduce the Available Credit of the Credit Facility, provided that:
  

(a) any prepayment or reduction is in a minimum amount of $100,000; 
  
 (b)
the Borrowers pay concurrently with any such prepayment all interest accrued on the amount prepaid together with breakage costs, if any, incurred by the Lender as a result of any such prepayment and that are payable pursuant to Section 2.9; 

 
 (c) the Lender receives written notice of such prepayment, at least three Business Days prior to the date of such prepayment and
specifying the amount and date of such prepayment. Any such notice shall be irrevocable and the Borrowers shall be bound to prepay in accordance with such notice; and 
  

(d) in the event that the notice provided to the Lender in accordance with (c) above, indicates that the prepaid amount is to permanently prepay the Credit Facility pursuant to this Section 2.8,
then the amount prepaid may not be re-borrowed thereunder (otherwise, the Borrowers will retain the right to re-borrow amounts prepaid in accordance with the terms and conditions of this Agreement). 

 
 2.9 Breakage Costs 
  

If (a) any Borrower fails to borrow or continue any CDOR Loan or LIBOR Loan on the date specified in any Borrowing Request delivered pursuant hereto, or (b) any CDOR Loan or LIBOR Loan is paid for
any reason on any day other than on the last day of the Interest Period applicable thereto (including as a result of an Event of Default or voluntary or mandatory prepayment), then the Borrowers will compensate the Lender for all loss, costs and
expenses that the Lender incurs in connection with such event (including all loss, costs and expenses that the Lender incurs under its own credit facilities), as determined by the Lender. A certificate of the Lender setting forth any amount or
amounts that the Lender is entitled to receive pursuant to this Section 2.9 will be delivered to the Borrowers and will, absent manifest error, constitute prima facie evidence thereof. The Borrowers will pay the Lender the amount shown as
due on any such certificate within 30 days after receipt thereof.
  
 2.10 Alternate Rate of Interest 

 
 If prior to the commencement of any Interest Period for a CDOR Borrowing or LIBOR Borrowing:

 
 
	 
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 (a) the Lender determines that adequate and reasonable means do not exist for ascertaining CDOR or LIBOR for
such Interest Period; or 
  
 (b) the Lender determines that CDOR or LIBOR for such Interest Period will not adequately and fairly
reflect the cost to the Lender of making or maintaining CDOR Loans or LIBOR Loans included in such Borrowing for such Interest Period; 
  
 then
the Lender shall give notice thereof to the Borrowers as promptly as practicable thereafter and, until the Lender notifies the Borrowers that the circumstances giving rise to such notice no longer exist, (i) any Borrowing Request that requests the
continuation of any Borrowing as an affected CDOR Borrowing or a LIBOR Borrowing (as applicable) shall be deemed to request conversion to a Canadian Prime Borrowing or U.S. Base Rate Borrowing (as applicable), and (ii) any Borrowing Request that
requests an affected CDOR Borrowing or LIBOR Borrowing (as applicable) shall be made as a Canadian Prime Borrowing or U.S. Base Rate Borrowing (as applicable).
  

2.11 Increased Costs; Illegality 
  
 2.11.1 If any Change in Law shall: 

 
 (a) impose, modify or deem applicable any reserve, special deposit, additional capital, compulsory loan, insurance charge or similar
requirement against assets of, deposits with or for the account of, or credit extended by, the Lender or any of its lenders; or 
  

(b) impose on the Lender or any of its lenders or the London interbank market any other condition affecting any cost or charge directly or indirectly incurred by the Lender in connection with a
Loan hereunder (including the imposition on the Lender or any of its lenders of, or any change to, any Tax or other charge with respect to its or their CDOR Loans or LIBOR Loans or participation therein, or its obligation to make CDOR Loans or LIBOR
Loans); 
  
 and the result of any of the foregoing shall be to increase the cost to the Lender of making, continuing, converting to or
maintaining any Loan (or of maintaining its obligation to make any such Loan) or to reduce the amount of any sum received or receivable by the Lender hereunder (whether of principal, interest or otherwise), then the Borrowers will pay to the Lender
such additional amount or amounts as will compensate the Lender for such additional costs incurred or reduction suffered.
  
 2.11.2 If the Lender
determines that any Change in Law regarding capital requirements has or would have the effect of reducing the Lender’s rate of return with respect to the Loans made by the Lender to a level below that which the Lender would have achieved but
for such Change in Law prior to the occurrence of such Change in Law, then from time to time the Borrowers will pay to the Lender such additional amount or amounts as will compensate the Lender for any such reduction suffered. 

 
 2.11.3 A certificate of the Lender setting forth the amount or amounts necessary to compensate the Lender as specified in Sections 2.11.1 or 2.11.2 shall be
delivered to the Borrowers, and any such certificate shall include a brief description of the Change in Law and a calculation of the amount or amounts necessary to compensate the Lender and shall, absent manifest error, be prima facie
evidence of the amount of such compensation. The Borrowers shall pay the Lender the amount shown as due on any such certificate within 30 days after receipt thereof. 
  
	 
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 2.11.4 Failure or delay on the part of the Lender to demand compensation pursuant to this Section 2.11 shall not constitute
a waiver of the Lender’s right to demand such compensation. 
  
 2.11.5 In the event that the Lender shall have determined (which determination shall
be reasonably exercised and shall, absent manifest error, constitute prima facie evidence thereof) at any time that the making or continuance of any Type of Loan has become unlawful or materially restricted as a result of compliance by the
Lender in good faith with any Applicable Law, then, in any such event, the Lender shall give prompt notice (by telephone and confirmed in writing) to the Borrowers of such determination. Upon the giving of the notice to the Borrowers referred to in
this Section 2.11.5, the Borrowers’ right to request (by continuation or otherwise), and the Lender’s obligation to make, Loans of that Type shall be immediately suspended and if the affected Type of Loans are then outstanding, the
Borrowers shall immediately, or if permitted by Applicable Law, no later than the date permitted thereby, upon at least one Business Day prior written notice to the Lender, convert each such affected Type of Loan into a Type of Loan that is not so
affected. 
  
 2.12 Payments Generally 
  

The Borrowers shall make each payment required to be made by them hereunder (whether of principal, interest or fees, amounts payable under any of Sections 2.9 or 2.11 or otherwise) prior to 12:00 p.m.,
Toronto time, on the date when due, in immediately available funds, without set-off or counterclaim except for any deductions or withholdings for any present or future Taxes or similar charges that the Borrower is required to make pursuant to
Applicable Law. Any amounts received after such time on any date may, in the discretion of the Lender, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. If any payment hereunder shall
be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. The
Borrowers shall make payments to the Lender in accordance with instructions provided by the Lender to the Borrowers.
  
 2.13
Addition of Borrowers 
  
 Any Borrower may elect from time to time to designate another Subsidiary or subsidiary of Brookfield Renewable
Corporation as a Borrower hereunder subject to delivering to the Lender a signed accession agreement in the form required by the Lender and from and after the date of such designation, such Person shall for all purposes be a
“Borrower” hereunder.
  
 2.14 Withholding Tax. 

 
 2.14.1 Any and all payments required to be made by or on behalf of the Borrowers under this Agreement will be made free and clear of, and without deduction
or withholding for, or on account of, any present or future Taxes or similar charges (collectively, the “Withholdings”) unless such Withholdings are required to be made under Applicable Law. If a Borrower is so required
to deduct or withhold any Withholdings from any amount payable to the Lender: 
  
 
	 
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 (a) The applicable Borrower will remit the Withholdings to the appropriate taxation authority following its
deduction or withholding prior to the date on which penalties attach thereto. 
  
 (b) Within 30 days after such Withholdings have
been remitted, the applicable Borrower will deliver to the Lender evidence satisfactory to the Lender, acting reasonably, that the taxes or charges in respect of which such deduction or withholding was made have been remitted to the appropriate
taxation authority. 
  
 2.14.2 If a payment made to the Lender under this Agreement by any Borrower would be subject to U.S. federal withholding tax
imposed by FATCA if the Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the IRC, as applicable), the Lender shall deliver to such Borrower at the time or
times prescribed by law and at such time or times reasonably requested by such Borrower such documentation prescribed by Applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the IRC) and such additional documentation reasonably
requested by such Borrower as may be necessary for it to comply with its obligations under FATCA and to determine that the Lender has complied with the Lender’s obligations under FATCA or to determine the amount to deduct and withhold from
such payment. Solely for purposes of this 2.14.2, “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 
  

2.14.3 The Borrowers will pay any and all present or future stamp or documentary taxes or any other taxes or arising from any payment made hereunder or from the execution, delivery or enforcement of, or
otherwise with respect to, this Agreement to the relevant Governmental Authority in accordance with Applicable Law. 
  
 ARTICLE 3

REPRESENTATIONS AND WARRANTIES
  
 Each Borrower represents and warrants to the
Lender that:
  
 3.1 Organization; Powers 
  

It is organized, validly existing and in good standing under the laws of the jurisdiction of its organization, has all requisite power and authority and holds all requisite licences, permits,
approvals and qualifications necessary to carry on its business as presently conducted, and is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required, except to the extent that the failure to
be so qualified would not have a Material Adverse Effect.
  
 
	 
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 3.2 Authorization; Enforceability 

 
 This Agreement is within its corporate or partnership power and has been authorized by all necessary corporate and other action. This Agreement
has been executed and delivered by it and constitute legal, valid and binding obligations of it, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganisation, moratorium or other Laws affecting
creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.
  

3.3 Governmental Approvals; No Conflicts 
  
 This Agreement, except
for matters that, individually or in the aggregate would not result in a Material Adverse Effect, (a) does not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, (b) does not violate
any Applicable Law or its constating or organizational documents or any order of any Governmental Authority, (c) does not violate in any material way or result in a default under any indenture, agreement or other instrument binding upon it or any of
its assets, or give rise to a right thereunder to require any payment to be made by it, and (d) does not result in the creation or imposition of any lien on any of its assets.
  

3.4 Financial Information 
  
 3.4.1 All financial statements delivered to the
Lender pursuant to this Agreement in respect of a Borrower present fairly, in all material respects, the financial position and results of operations and cash flows of such Borrower as of such dates and for such periods of such financial statements,
in accordance with GAAP. 
  
 3.4.2 All written information (including that disclosed in all financial statements) pertaining to the Borrowers that has been
made available to the Lender by any Borrower or any authorized representative of any Borrower, taken as a whole, was, when furnished, complete and correct in all material respects and did not, when furnished, contain any untrue statement of a
material fact or omit to state a material fact necessary in order to make the statements contained therein not materially misleading in light of the circumstances under which such statements were made. 

 
 3.5 Litigation 
  

There are no actions, suits or proceedings pending or, to any Borrower’s actual knowledge, threatened against or affecting any Borrower, any of the Subsidiaries or any of their assets that
would, if determined adversely, affect the legality or enforceability of this Agreement or have a Material Adverse Effect.
  
 3.6
Compliance with Laws and Agreements 
  
 Except for any matters that, individually or in the aggregate, would not result in a
Material Adverse Effect, the Borrowers and the Subsidiaries are in compliance with all Laws applicable to them or their property (including all labour laws) and all indentures, agreements and other instruments binding upon them or their property
(including all labour contracts). Except for any matters that, individually or in the aggregate, would not result in a Material Adverse Effect, the Borrowers and the Subsidiaries have not violated or failed to obtain any Authorization necessary to
the ownership of their property or assets or the conduct of their businesses.
  
 
	 
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 3.7 Taxes 
  

The Borrowers and the Subsidiaries have timely filed or caused to be filed all Tax returns and reports required to have been filed and have paid or caused to be paid all Taxes required to have
been paid (including all instalments with respect to the current period) and have made adequate provision for Taxes for the current period, except Taxes which individually or in the aggregate would not have a Material Adverse Effect.

 
 3.8 Pension Plans 
  

All material obligations of the Borrowers and the Subsidiaries (including fiduciary, funding, investment and administration obligations) required to be performed in connection with their pension
and benefit plans and the funding agreements therefor have been performed on a timely basis and there are no unfunded or undisclosed liabilities thereunder, except to the extent that the same individually or in aggregate would not result in a
Material Adverse Effect.
  
 3.9 No Order or Judgments 
  

There are no orders, judgments, award or decrees outstanding against any Borrower or any Subsidiary, or affecting their assets, that would have a Material Adverse Effect.

 
 3.10 Insurance 
  

Except for any matters which would individually or in aggregate not have a Material Adverse Effect, all policies of fire, liability, workers’ compensation, casualty, flood, business
interruption, third party liability, and other forms of insurance owned or held by the Borrowers and the Subsidiaries provide insurance coverage in at least such amounts and against at least such risks (but including in any event public liability)
in each case as are usually insured against in the same general area by companies engaged in the same or a similar business for the assets and operations of the Borrowers and the Subsidiaries (as applicable).

 
 3.11 Solvency 
  

No Borrower is an “insolvent person” within the meaning of the Bankruptcy and Insolvency Act (Canada) or the United States Bankruptcy Code.

 
 3.12 Environmental Matters 
  

Neither the property of the Borrowers and the Subsidiaries, nor the operations conducted thereon violate any applicable order of any Governmental Authority made pursuant to Environmental Laws,
where such violation would result in remedial obligations having a Material Adverse Effect.
  
 
	 
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 3.13 Money Laundering Laws 
  

The operations of the Borrowers are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements of the U.S. Currency and Foreign
Transactions Reporting Act of 1970, as amended, the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada) and the other applicable money laundering Laws to which they are subject, including the rules and regulations
thereunder (collectively, the “Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental agency, authority or body involving any of them with respect to the Money Laundering Laws is
pending, except as disclosed in writing to the Lender or as would not have a Material Adverse Effect.
  
 3.14 Office of Foreign
Assets Control 
  
 None of the Borrowers and none of their respective directors, officers, Subsidiaries, or, to their knowledge,
employees is (a) a person included in the Specially Designated Nationals and Blocked Persons Lists (the “OFAC Lists”), as published from time to time by the Office of Foreign Assets Control of the U.S. Treasury
Department (“OFAC”), or (b) currently subject to any U.S. economic sanctions administered by OFAC.
  
 3.15
Survival of Representations and Warranties 
  
 The representations and warranties set out in this Article 3 and in any
certificate, notice, delivered pursuant to this Agreement will survive the execution and delivery of this Agreement notwithstanding any investigation or examination that may be made by the Lender.

 
 3.16 Deemed Repetition 
  

The representations and warranties of the Borrowers contained in this Article 3 will be deemed to be repeated on the date of the delivery of each Borrowing Request and each rollover of a Borrowing
as if made on each such date, unless such representations and warranties expressly refer to a different date.
  
 ARTICLE
4
 CONDITIONS PRECEDENT TO LOANS
  
 4.1
Effective Date 
  
 The obligations of the Lender to make Loans hereunder shall not become effective until the date on which
the Lender confirms to each Borrower that is a party to this agreement on the date hereof that each of the following conditions is satisfied (or waived by the Lender in accordance with Section 9.2):

 
 4.1.1 Credit Agreement. The Lender shall have received from such Borrower a counterpart of this Agreement signed on behalf of such Borrower. 

 
 4.1.2 Other Documentation. The Lender shall have received such other documents and instruments as are both customary for transactions of this type
and as it may reasonably request. 
  
	 
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 4.2 Each Borrowing 
  

The obligation of the Lender to make a Loan on the occasion of any Borrowing (including on the occasion of the initial Borrowings hereunder), is subject to the satisfaction of the following
conditions: it being understood that the conditions are included for the exclusive benefit of the Lender and may be waived in writing in whole or in part by the Lender at any time:
  

(a) the representations and warranties of the Borrowers set forth in this Agreement shall be true and correct on and as of the date of each such Borrowing, as if made on such date unless such
representations and warranties expressly refer to a different date; 
  
 (b) at the time of and immediately after giving effect to
such Borrowing, no Default or Event of Default shall have occurred and be continuing; and 
  
 (c) the Lender shall have received
a Borrowing Request in the manner and within the time period required by Section 2.3. 
  
  

ARTICLE 5
AFFIRMATIVE COVENANTS
  
 From (and including) the
Effective Date until the expiry or termination of the Credit Facility and the payment in full of all Obligations owing hereunder, the Borrowers covenant and agree with the Lender that:
  

5.1 Financial Statements and Other Information 
  
 The Borrowers
will furnish or cause to be furnished to the Lender:
  
 5.1.1 at the request of the Lender, the most recently prepared unaudited financial statements of
any Borrower; 
  
 5.1.2 forthwith after a Responsible Officer of a Borrower learns of the existence of a Default or Event of Default, the certificate of
such Borrower, signed by a Responsible Officer, specifying the event which constitutes a Default or Event of Default and the steps being taken to cure such Default or Event of Default; 
  

5.1.3 forthwith after a Responsible Officer of a Borrower learns that any representation or warranty is inaccurate in any material respect when made or deemed to have been made, notice thereof; 

 
 5.1.4 forthwith upon receipt thereof, notice to the Lender of any action, suit or proceeding affecting any Borrower or any Subsidiary that would, if
determined adversely, have a Material Adverse Effect and will, from time to time, furnish the Lender with such information reasonably required by the Lender with respect to the status of any such action, suit or proceeding; and 

 
 5.1.5 such other information as the Lender may from time to time reasonably request. 
  

	 
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 5.2 Existence; Conduct of Business 

 
 Each Borrower will maintain its existence in good standing and conduct its businesses in a prudent manner.

 
 5.3 Timely Payment 
  

The Borrowers will make due and timely payment, as provided for herein, of the principal of all Loans, all interest thereon and all fees and other amounts required to be paid hereunder.

 
 5.4 Books and Records 
  

The Borrowers will at all times keep true and complete financial books and records and accounts in accordance with, to the extent applicable, GAAP.

 
 5.5 Compliance with Laws 
  

The Borrowers will, and will cause the Subsidiaries to, comply with all Laws applicable to them or their property, except where the occurrence of such non-compliance, individually or in the
aggregate, would not result in a Material Adverse Effect. The Borrowers will not directly or indirectly (a) lend or contribute by way of equity the proceeds of the Loans to any Person on the OFAC Lists at the time of such loan or contribution or any
Person that is known to the Borrowers as being owned or controlled by a Person on the OFAC Lists at such time, or (b) knowingly use or otherwise knowingly make available the proceeds of the Loans to any subsidiary, joint venture partner or other
Person in violation of any of the U.S. economic sanctions administered by OFAC.
  
 5.6 Insurance 

 
 The Borrowers will, and will cause the Subsidiaries to, maintain or cause to be maintained, with financially sound and reputable insurers,
insurance with respect to their respective properties and business against such liabilities, casualties, risks and contingencies and in such types (including business interruption insurance and, to the extent available at commercially reasonable
rates, flood insurance) and amounts as is customary in the case of Persons engaged in the same or similar businesses, except where the occurrence of such non-compliance, individually or in the aggregate, would not result in a Material Adverse
Effect.
  
 5.7 Operation of Business 
  

The Borrowers will, and will cause the Subsidiaries to, maintain all necessary licences, approvals and permits and manage and operate their businesses in compliance in all material respects with
all Applicable Laws, except where a failure to so maintain, manage and operate would not result in a Material Adverse Effect.
  
 5.8
Maintenance of Assets 
  
 The Borrowers will cause their properties and the properties of the Subsidiaries, to be maintained
and kept in good condition, repair and working order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof, all as in their judgment may be necessary
so that the business carried on in connection therewith may be properly and advantageously conducted at all times; provided, however, that nothing will prevent or restrict the sale, abandonment or other disposition of any of such properties or any
failure to take any of the foregoing actions where such action or failure would not result in a Material Adverse Effect.
  
 
	 
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 5.9 Payment of Taxes 
  

The Borrowers will, and will cause the Subsidiaries to, on or before the date for payment thereof, pay all Taxes imposed upon them or upon their assets, the non-payment of which would result in a
Material Adverse Effect, except any such Tax that is being contested in good faith and by proper proceedings and as to which appropriate reserves are maintained in accordance with generally accepted accounting principles.

 
 5.10 Use of Proceeds 
  

The Borrowers will use the proceeds of all Borrowings obtained under the Credit Facility only for the purposes set out in Section 2.1.2 of this Agreement.

 
 ARTICLE 6
NEGATIVE COVENANTS
  

From (and including) the Effective Date until the termination or expiry of the Credit Facility and the payment in full of all Obligations owing hereunder, the Borrowers covenant and agree with the
Lender that:
  
 6.1 Fundamental Changes 
  

None of the Borrowers (in each case, a “Predecessor”) will enter into any transaction whereby all or substantially all of its assets would become the property of any
other Person (a “Successor”) whether by way of reorganization, reconstruction, consolidation, amalgamation, merger, transfer, sale or otherwise, unless:
  

(a) no Default or Event of Default will have occurred and remain outstanding and such transaction will not result in the occurrence of any Default or Event of Default; and 

 
 (b) prior to or contemporaneously with the consummation of such transaction the Predecessor and/or the Successor have executed
such instruments and delivered such legal opinions as the Lender reasonably requests in forms acceptable to the Lender acting reasonably, and done such things as are necessary or advisable to establish that upon the consummation of such transaction;

  
 (i) the Successor will have assumed all the covenants and obligations of the Predecessor under this Agreement; and 

 
 (ii) this Agreement will be a valid and binding obligation of the Successor entitling the Lender, as against the Successor, to
exercise all its rights under its Agreement; 
  
 
	 
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 (whereupon such Successor will become a Borrower hereunder, entitled to exercise every right and power of the
Predecessor hereunder with the same effect as if such Successor had been named as a Borrower hereunder, whereupon the Predecessor will be released from all of its covenants and the Obligations).

 
 The foregoing will not apply to any transfer of any assets by any Borrower to any other Borrower or any Subsidiary.

 
 ARTICLE 7
EVENTS OF DEFAULT
  

 7.1   Events of Default 
  
  

If any of the following events (“Events of Default”) occurs:
  

(a) the Borrowers fail to pay the Obligations (or any part thereof) on the Maturity Date; 
  

(b) the Borrowers fail to pay other amount owing hereunder when due and such failure continues unremedied for a period of five Business Days after written notice thereof from the Lender; 

 
 (c) any representation or warranty made or deemed made by or on behalf of any Borrower hereunder will prove to have been incorrect
in any material respect when made or deemed to be made and if such incorrect representation or warranty is not remedied within 15 Business Days after notice thereof from the Lender to the Borrowers; 

 
 (d) any Borrower fails to observe or perform any other covenant, condition or agreement contained in this Agreement and such
failure continues unremedied for a period of 20 Business Days after written notice thereof from the Lender; 
  
 (e) any Borrower:

  
 (i) becomes insolvent, or generally does not or becomes unable to pay its debts or meet its liabilities as the same become
due, or admits in writing its inability to pay its debts generally, or declares any general moratorium on its indebtedness, or proposes a compromise or arrangement between it and any class of its creditors; 

 
 (ii) commits an act of bankruptcy under the Bankruptcy and Insolvency Act (Canada), the United States Bankruptcy
Code or under analogous foreign law, or makes an assignment of its property for the general benefit of its creditors under such Act or under analogous foreign law, or makes a proposal (or files a notice of its intention to do so) under such Act
or under analogous foreign law; 
  
 
	 
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 (iii) institutes any proceeding seeking to adjudicate it an insolvent, or seeking liquidation, dissolution,
winding-up, reorganization, compromise, arrangement, adjustment, protection, moratorium, relief, stay of proceedings of creditors generally (or any class of creditors), or composition of it or its debts or any other relief, under any federal,
provincial or foreign Law in effect on the Effective Date or thereafter arising relating to bankruptcy, winding-up, insolvency, reorganization, receivership, plans of arrangement or relief or protection of debtors (including the Bankruptcy and
Insolvency Act (Canada), the Companies’ Creditors Arrangement Act (Canada), the United States Bankruptcy Code and any applicable corporations legislation) or at common law or in equity, or files an answer admitting the
material allegations of a petition filed against it in any such proceeding; 
  
 (iv) applies for the appointment of, or the
taking of possession by, a receiver, interim receiver, receiver/manager, sequestrator, conservator, custodian, administrator, trustee, liquidator or other similar official for it or any substantial part of its property; or 

 
 (v) threatens to do any of the foregoing, or takes any action, corporate or otherwise, to approve, effect, consent to or
authorize any of the actions described in this Section 7.1(e) or in Section 7.1(f), or otherwise acts in furtherance thereof or fails to act in a timely and appropriate manner in defence thereof; 

 
 (f) any petition, proposal or notice of intention to file a proposal is filed, application made or other proceeding instituted against or in
respect of any Borrower: 
  
 (i) seeking to adjudicate it an insolvent; 

 
 (ii) seeking a receiving order against it under the Bankruptcy and Insolvency Act (Canada), the United States
Bankruptcy Code or under analogous foreign law; 
  
 (iii) seeking liquidation, dissolution, winding-up, reorganization,
compromise, arrangement, adjustment, protection, moratorium, relief, stay of proceedings of creditors generally (or any class of creditors), or composition of it or its debts or any other relief under any federal, provincial or foreign Law in effect
on the Effective Date or thereafter arising relating to bankruptcy, winding-up, insolvency, reorganization, receivership, plans of arrangement or relief or protection of debtors (including the Bankruptcy and Insolvency Act (Canada), the
Companies’ Creditors Arrangement Act (Canada), the United States Bankruptcy Code and any applicable corporations legislation) or at common law or in equity; or 

 
 (iv) seeking the entry of an order for relief or the appointment of, or the taking of possession by, a receiver, interim
receiver, receiver/manager, sequestrator, conservator, custodian, administrator, trustee, liquidator or other similar official for it or any substantial part of its property; 
  

	 
	-27-
	  

	 

  
 and such petition, application or proceeding continues undismissed, or unstayed and in effect, for a period
of 60 days after the institution thereof; provided that if an order, decree or judgment is granted or entered (whether or not entered or subject to appeal) against the applicable Borrower thereunder in the interim, such grace period will cease to
apply, and provided further that if such Borrower files an answer admitting the material allegations of a petition filed against it in any such proceeding, such grace period will cease to apply;

 
 (g) any other event occurs which, under the Laws of any applicable jurisdiction, has an effect equivalent to any of the events referred to in
either of Sections 7.1(e) or (f) and, if the event is equivalent to the event referred to in (f) (subject to the same provisos), the 60 day grace period will apply as set out in (f); 

 
 (h) any one or more judgments for the payment of borrowed money in an aggregate amount in excess of the Specified Threshold Amount
is rendered against any Borrower and such Borrower has not (i) provided for the discharge of such judgment in accordance with its terms within 30 days from the date of entry thereof, or (ii) procured a stay of execution thereof within 30 days from
the date of entry thereof and within such period, or such longer period during which execution of such judgment continues to be stayed, appealed such judgment and caused the execution thereof to be stayed during such appeal; provided that if
enforcement and/or realization proceedings or similar process are lawfully commenced in respect thereof in the interim, such grace period will cease to apply; 
  

(i) any property of any Borrower having a fair market value in excess of the Specified Threshold Amount is seized (including by way of execution, attachment, garnishment, levy or distraint) or
any lien thereon securing indebtedness is enforced against such property, or such property has become subject to any charging order or equitable execution of a Governmental Authority, or any writ of execution or distress warrant exists in respect of
such property, or any sheriff or other Person becomes lawfully entitled by operation of law or otherwise to seize or distrain upon such property, and in any case such seizure, enforcement, execution, attachment, garnishment, distraint, charging
order or equitable execution or other seizure or right, continues in effect and is not released or discharged for more than 30 days or such longer period during which entitlement to the use of such property continues with the affected Borrower and
the affected Borrower is contesting the same in good faith and by appropriate proceedings, provided that if the property is removed form the use of the affected Borrower or is sold in the interim, such grace period shall cease to apply; 

 
 (j) any Borrower shall fail to pay any principal or premium or interest in respect of any indebtedness for borrowed money in an
aggregate amount exceeding the Specified Threshold Amount when the same becomes due and payable (whether at scheduled maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace
period, if any, specified in the agreement or instrument relating to such indebtedness for borrowed money; or 
  
  

	 
	-28-
	  

	 

  
 (k) this Agreement, at any time for any reason, terminates or ceases to be in full force and effect and a
legally valid, binding and enforceable obligation of the Borrowers is declared to be void or voidable or is repudiated, or the validity, binding effect, legality or enforceability hereof or thereof is at any time contested by any Borrower, or any
Borrower denies that it has any or any further liability or obligation hereunder or thereunder, or any action or proceeding is commenced to enjoin or restrain the performance or observance by the Borrowers of any material terms hereof or thereof or
to question the validity or enforceability hereof or thereof, 
  
 then, and in every such event (other than an event with respect to a Borrower described
in clause (e), (f) or (g) above), and at any time thereafter during the continuance of such event or any other such event, the Lender may, by notice to the Borrowers, take either or both of the following actions, at the same or different times: (i)
terminate the availability of the Credit Facility, and thereupon the Credit Facility will terminate immediately, and (ii) declare all Loans and Obligations then outstanding to be due and payable in whole (or in part, in which case any principal not
so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of all Loans so declared to be due and payable, together with accrued interest thereon and all fees and other Obligations of the
Borrowers accrued hereunder, will become due and payable immediately, without presentment, demand, protest or other notice of any kind except as set forth earlier in this paragraph, all of which are hereby waived by the Borrowers.

 
 7.2 Legal Proceedings 
  

If any Event of Default occurs, the Lender may, in its discretion, exercise any right or recourse and/or proceed by any action, suit, remedy or proceeding against the Borrowers authorized or
permitted by law for the recovery of all the indebtedness and liabilities of the Borrowers to the Lender and proceed to exercise any and all rights and remedies hereunder, and no such remedy for the enforcement of the rights of the Lender will be
exclusive of or dependent on any other remedy but any one or more of such remedies may from time to time be exercised independently or in combination.
  

7.3 Non-Merger 
  
 The taking of a judgment or judgments or any
other action or dealing whatsoever by the Lender in respect of this Agreement will not operate as a merger of any indebtedness of any Borrower to the Lender or in any way suspend payment or affect or prejudice the rights, remedies and powers, legal
or equitable, which the Lender may have in connection with such liabilities and the surrender, cancellation or any other dealings with any security for such liabilities will not release or affect the liability of any Borrower hereunder.

 
 ARTICLE 8
SUBORDINATION AND DEPOSITS
  

 8.1   Subordination
  
 The Lender hereby agrees as
follows:
  
 
	 
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 (a) the payment of the Obligations is subordinated and, subject to the right of payment to the extent and in
the manner set forth in paragraph (b) below, postponed to the repayment in full of all other indebtedness of the Borrowers (or any of them) and all liabilities and obligations of the Borrowers (or any of them) to any holder of such indebtedness of
any kind, now or hereafter existing, direct or indirect, absolute or contingent, joint or several, whether as principal or surety and whether under a credit agreement, promissory note, guarantee or otherwise (collectively, the “Senior
Debt”), as such Senior Debt may be modified renewed, extended, increased or modified in any way from time to time and including all principal, interest, fees, expenses and other amounts owing from time to time in respect of such
Senior Debt; 
  
 (b) the Lender may not receive any payment in respect of any Obligations unless, at the time of such payment,
all amounts then due and owing under or in respect of the Senior Debt have been paid in full and no default exists in respect of the Senior Debt or any document evidencing, securing or relating to the Senior Debt; 

 
 (c) the Lender shall not accept any mortgage, pledge, hypothec or other charge, lien or encumbrance on any property, asset or
undertaking of any Borrower in respect of the Obligations; 
  
 (d) the Lender shall not initiate or prosecute any claim, action
or other proceeding challenging the enforceability of any Senior Debt or object to any borrowing under any Senior Debt; 
  
 (e)
the Lender agrees, at the request of any holder of Senior Debt, to execute and deliver to such holder a confirmation of the subordination provided for herein in the form attached as Exhibit C, but without prejudice to the rights of any holder of
Senior Debt that does not request or receive such a confirmation; and 
  
 (f) the Borrowers are not restricted from incurring
indebtedness or charging their property and undertaking to secure any indebtedness or other obligations. 
  
 8.2 Deposits

  
 Until the Maturity Date, the Lender or its nominee may from time to time request to place amounts on deposit with a Borrower or its
nominee. If a Borrower or its nominee agrees to accept such a deposit, then the parties agree that the terms set out in Exhibit B will govern such deposit and the parties to such arrangement will execute a form of Deposit Record substantially in the
form of Exhibit B.
  
 ARTICLE 9
MISCELLANEOUS
  

9.1 Notices 
  
 Except in the case of notices and other
communications expressly permitted to be given by telephone, all notices and other communications provided for herein will be in writing and will be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by
facsimile in each case to the addressee, as follows:
  
 
	 
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	 9.1.1
	 if to the Borrower:  
 Brookfield BRP Holdings (Canada) Inc.
73 Front Street, 5th Floor
 Hamilton, Bermuda HM12

	  
	  

	  
	 Attention: ■
 Facsimile: ■
 E-mail: ■

	  
	  

	  
	  

	 9.1.2
	 if to the Lender: 
 BEP Subco Inc.
 181 Bay Street, Suite 300
 Toronto, Ontario, M5J 2T3
  

Attention: ■
 E-mail: ■

  
 Any party hereto may change its address or facsimile number for notices
and other communications hereunder by notice to the other parties hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement will be deemed to have been given on the date of
receipt.
  
 9.2 Waivers 
  

No failure or delay by the Lender in exercising any right or power hereunder will operate as a waiver thereof, nor will any single or partial exercise of any such right or power, or any
abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Lender hereunder are cumulative and are not exclusive
of any rights or remedies that it would otherwise have. Any waiver of any provision of this Agreement or consent to any departure by the Borrowers therefrom will be effective only in the specific instance and for the purpose for which given. Without
limiting the generality of the foregoing, the making of any Loan will not be construed as a waiver of any Default, regardless of whether the Lender may have had notice or knowledge of such Default at the time.

 
 9.3 Expenses; Indemnity 
  

9.3.1 The Borrowers will pay all reasonable out-of-pocket expenses incurred by the Lender, including the reasonable fees, charges and disbursements of external counsel for the Lender in connection with the
negotiation and preparation of this Agreement (whether or not the transactions contemplated hereby or thereby will be consummated), the management and administration of Loans and this Agreement (whether or not any Borrowings are made hereunder), any
amendments, modifications or waivers of the provisions of this Agreement, and the collection, enforcement or protection of the Lender’s rights in connection with this Agreement, including all such out-of-pocket expenses incurred during any
workout, restructuring or negotiations in respect of the Credit Facility and the Loans. 
  
 
	 
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 9.3.2 Each Borrower will indemnify the Lender, its directors, officers and employees (each such Person including the
directors, officers and employees herein referred to as an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, cost recovery actions, damages, expenses and liabilities of whatsoever
nature or kind asserted by third parties, and all reasonable out-of-pocket expenses to which any Indemnitee may become subject arising out of or in connection with (a) the execution or delivery by the Lender of this Agreement or any agreement or
instrument contemplated hereby, the performance by the Lender of its obligations hereunder and the consummation of the transactions contemplated hereunder, (b) any Loan or any actual or proposed use of the proceeds therefrom, (c) any actual or
prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto, (d) any other aspect of this Agreement, and
(e) the enforcement of any Indemnitee’s rights hereunder and any related investigation, defence, preparation of defence, litigation and enquiries; provided that such indemnity will not, as to any Indemnitee, be available to the extent
that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from the gross negligence, wilful misconduct or wilful material breach of
this Agreement by such Indemnitee. 
  
 9.4 Currency Indemnity 
  

If, for the purposes of obtaining judgment in any court in any jurisdiction with respect to this Agreement or any other Financing Document, it becomes necessary to convert into the currency of
such jurisdiction (the “Judgment Currency”) any amount due under this Agreement or under any other Financing Document in any currency other than the Judgment Currency (the “Currency Due”),
then conversion shall be made at the rate of exchange prevailing on the Business Day before the day on which judgment is given. For this purpose “rate of exchange” means the rate at which the Lender is able, on the relevant date, to
purchase the Currency Due with the Judgment Currency in accordance with its normal practice. In the event that there is a change in the rate of exchange prevailing between the Business Day before the day on which the judgment is given and the date
of receipt by the Lender of the amount due, the Borrowers will, on the date of receipt by the Lender, pay such additional amounts, if any, or be entitled to receive reimbursement of such amount, if any, as may be necessary to ensure that the amount
received by the Lender on such date is the amount in the Judgment Currency which when converted at the rate of exchange prevailing on the date of receipt by the Lender is the amount then due under this Agreement or such other Financing Document in
the Currency Due. If the amount of the Currency Due which the Lender is so able to purchase is less than the amount of the Currency Due originally due to it, the Borrowers shall indemnify and save the Lender harmless from and against all loss or
damage arising as a result of such deficiency. This indemnity shall constitute an obligation separate and independent from the other obligations contained in this Agreement and the other Financing Documents, shall give rise to a separate and
independent cause of action, shall apply irrespective of any indulgence granted by the Lender from time to time and shall continue in full force and effect notwithstanding any judgment or order for a liquidated sum in respect of an amount due under
this Agreement or any other Financing Document or under any judgment or order.
  
 
	 
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 9.5 Successors and Assigns and Additions of Lenders 

 
 9.5.1 The provisions of this Agreement will be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns
permitted hereby, except that no Borrower may, without the prior written consent of the Lender, assign or otherwise transfer any of its rights or obligations hereunder to any Person other than a Successor pursuant to a transaction that is completed
in compliance with Section 6.1. 
  
 9.5.2 The Lender may assign to one or more assignees all or any portion of its rights and obligations under this
Agreement at any time upon giving the Borrowers written notice thereof. 
  
 9.5.3 Any Lender may at any time and from time to time add any Person as a
Lender hereunder by delivering written notice of such designation to the Borrowers. From and after the delivery of any such written notice by any Lender, each Person that is so designated as a Lender hereunder will be entitled to all rights and
benefits of this Agreement and be jointly and severally liable with each other Lender hereunder for the obligations of the Lenders hereunder. The Lenders may designate and appoint one or more of the Lenders or any other Person as their agents under
this Agreement for the purposes of receiving all notices and requests to be issued, giving all consents and approvals and receiving all payments to be made to the Lenders hereunder and the Borrowers will be entitled to rely on any such designation
and appointment and will be deemed to have discharged their obligations hereunder if such notices and requests are delivered, consents and approvals are obtained and payments are made in accordance with such designations and appointments. 

 
 9.6 Amendments 
  

The Lender acknowledges that the Borrower will be entitled to borrow money under the Credit Facility for the purposes of making distributions to its indirect parent company, Brookfield Renewable
Corporation (“BEPC”). Any amendment, modification or waiver to this Agreement that would reasonably be expected to adversely impact the Borrower’s ability to so use the Credit Facility and as a result, the economic
equivalence of a class A exchangeable voting share (“Class A Share”) of BEPC with a limited partnership unit of Brookfield Renewable Partners L.P., shall only be consented to by the Borrower if such amendment,
modification or waiver has been approved (i) by the affirmative consent or vote, as applicable, of holders of a majority of the outstanding Class A Shares not held by Brookfield Asset Management Inc., Brookfield Renewable Partners L.P. or their
controlled affiliates, voting as a class, at a duly called annual or special meeting of BEPC, or (ii) in the event that there is more than one independent director of BEPC (within the meaning of sections 1.4 and 1.5 of National Instrument 52-110
– Audit Committees of the Canadian Securities Administrators, as such provisions may be amended from time to time and, if applicable, the listing standards of the securities exchange(s) on which the Class A Shares may then be listed) who does
not also serve on the board of the general partner of Brookfield Renewable Partners L.P. (each a “non-overlapping director”), the approval of a majority of such non-overlapping directors.

 
 
	 
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 9.7 Survival 
  

All covenants, agreements, representations and warranties made by the Borrowers herein will be considered to have been relied upon by the Lender and will survive the execution and delivery of this
Agreement and the making of any Loans, and all such covenants and agreements will continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is
outstanding and unpaid and so long as the Credit Facility has not expired or been terminated other than these amounts claimed or capable of being claimed under sections of this Agreement which by the terms of this Agreement, survive termination of
this Agreement. Sections 2.9, 9.3 and 9.6 will survive and remain in full force and effect, regardless of the repayment of the Obligations or the expiration or termination of the Credit Facility or this Agreement or any provision hereof.

 
 9.8 Counterparts; Integration; Effectiveness 
  

This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which will constitute an original, but all of which when taken together will
constitute a single contract. This Agreement and any separate letter agreements with respect to fees payable to the Lender, constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous
agreements and understandings, oral or written, relating to the subject matter hereof. This Agreement will become effective when it will have been executed by the Lender and when the Lender will have received the counterpart hereof which, when taken
together, bears the Borrowers’ signatures, and thereafter will be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed original counterpart of a signature page of this
Agreement by facsimile will be as effective as delivery of a manually executed original counterpart of this Agreement.
  
 9.9
Severability 
  
 Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction will, as to
such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof, and the invalidity of a particular provision in a
particular jurisdiction will not invalidate such provision in any other jurisdiction.
  
 9.10 Right of Set Off 

 
 If an Event of Default will have occurred and be continuing, the Lender is hereby authorized at any time and from time to time, to the fullest
extent permitted by Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other obligations at any time owing by the Lender to or for the credit or the account of any Borrower
against any of and all of the obligations of the Borrowers under this Agreement held by the Lender, irrespective of whether or not the Lender will have made any demand under this Agreement and although such obligations may be unmatured. The rights
of the Lender under this section are in addition to other rights and remedies (including other rights of set off) which the Lender may have.
  
 
	 
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 9.11 Governing Law; Jurisdiction 
  

This Agreement will be construed in accordance with and governed by the Laws of the Province of Ontario. Each of the Borrowers hereby irrevocably and unconditionally submits, for itself and its
property, to the non-exclusive jurisdiction of the Courts of the Province of Ontario.
  
 9.12 Waiver of Jury Trial 

 
 Each party hereto waives, to the fullest extent permitted by Applicable Law, any right it may have to trial by jury in any legal proceeding
directly or indirectly arising out of or relating to this Agreement.
  
 9.13 Headings 

 
 Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and
will not affect the construction of, or be taken into consideration in interpreting, this Agreement.
  
 9.14 Limited
Recourse 
  
 Recourse under this Agreement against each Borrower will be limited to the property and assets of such Borrower, and this
Agreement will not be personally binding upon, and resort will not be had to, nor will recourse or satisfaction be sought from the private property of, any of the limited partners, unitholders or securityholders of such Borrower (unless such Person
is also a Borrower hereunder).
  
 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers as of the day and year first above written.
  

	  
	 BROOKFIELD BRP HOLDINGS (CANADA) INC.

		 	
	  
	 Per: 
	
		  
	 Name:

		  
	 Title:

  
 
	 
	-35-
	  

	 

  

	  
	 BEP SUBCO INC.

		 	
	  
	 Per: 
	
		  
	 Name:

		  
	 Title:

  
 EXHIBIT A
FORM OF BORROWING
REQUEST
  
 Date:      ■
  

The undersigned, ● (a “Borrower”), refers to the Credit Agreement dated as of ■, 2020, between Brookfield BRP Holdings (Canada) Inc., as Borrower, and BEP
Subco Inc., as Lender (the “Credit Agreement”). Capitalized terms used herein and not otherwise defined herein will have the meanings assigned to such terms in the Credit Agreement.

 
 The Borrowers hereby gives you notice pursuant to Sections 2.3 of the Credit Agreement that it requests a Borrowing under the Credit Agreement
as follows:
  
 (A) Amount and Interest Period: a ■ Loan in the amount of $■ and with an Interest Period of ■ months. 

 
 (B) Date of Borrowing: ■
  

(C) Account of the Borrower to which the funds are to be disbursed: ■
  

(D) The undersigned confirms having read the provisions of the Credit Agreement which are relevant to the furnishing of this Borrowing Request. The undersigned confirms that the Borrowers have complied with
all conditions precedent for the requested Borrowing.
  
 The Borrower hereby certifies that the representations and warranties of the Borrowers
set forth in the Credit Agreement are true and correct on and as of the date hereof as if made as of the date hereof, and that no Default or Event of Default exists.
  

	  
	 Per: 
		
		  
	 Name:
	
		  
	 Title:
	

  
 
	 
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 EXHIBIT B
FORM OF DEPOSIT RECORD
  

	 ■, 201■
	 Toronto

	  
	   

  

FOR VALUE RECEIVED, ■ (“Depositee”), having its principal office at ■, promises to pay on demand to the order of ■
(“Depositor”), having its principal office at ■, the Principal Amounts (as defined below) as the Depositor may from time to time advance to the Depositee, together with interest from the date hereof at the
Applicable Interest Rate (as defined below), calculated and compounded monthly, both before and after maturity, default and judgment and until actual payment, with interest on overdue interest at the same rate.

 
 WHEREAS, the Depositor may make deposits with the Depositee from time to time (each a
“Deposit”);
  
 NOW, THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
  

WHEN USED HEREIN, the following capitalized terms will have the following meanings:
  

“Applicable Interest Rate” will mean a rate of [one month LIBOR [+ ■%] per annum/■% per annum], noting that such rate may be revised so as to
reflect market terms prior to any deposit being made, based on the deposit rates of at least two commercial banks.
  

“Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in New York City or Toronto, Canada are authorized or required
by law to close.
  
 “Deposit Date” will be the date of each advance under this Note.

 
 “Default Rate” will be the Applicable Interest Rate plus five percent (5%) per annum.

 
 “Deposits” mean, collectively, all Deposits advanced by the Depositor to the Depositee from time to
time.
  
 “Events of Default” means the occurrence of any of the following, each of which will constitute
an Event of Default under this Note:
  
 
	 
	-2-
	  

	 

  
 i. Failure to make any payment of interest or principal on this Note
when due, or failure to pay the principal balance of this Note on demand; or
  
 ii. Failure
to pay any other amount payable pursuant to this Note when due and payable in accordance with the provisions hereof, with such failure continuing for ten (10) Business Days after Depositor delivers written notice thereof to Depositee; or

 
 iii. Any default in the performance of the obligations pursuant to Section 3; or

 
 iv. Any insolvency or bankruptcy of the Depositee. 

 
 “Governmental Authority” will mean any nation or government, any federal, state, provincial, local
or other political subdivision thereof and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government.
  

“Material Adverse Effect” will mean any event or condition that has a material adverse effect on the ability of Depositee to repay the principal and interest of the
Obligations as they become due.
  
 “Note” means this deposit record and “Notes”
means collectively, all such deposit records evidencing Deposits advanced by the Depositor to the Depositee from time to time.
  

“Obligations” will mean all obligations, liabilities and indebtedness of every nature of Depositee from time to time owing to Depositor under or in connection with this
Note and the Deposits (including all Principal Amounts and all interest accrued thereon).
  
 “Payment
Dates” will be ■ and ■ in each calendar year, commencing on ■.
  

“Person” will mean an individual, a corporation, a partnership, an association, a trust, a limited liability company or any other entity or organization, including a
government or political subdivision or an agency or instrumentality thereof.
  
 “Principal Amount”
will mean, with respect to any Deposit, the principal amount of such Deposit.
  
 “Requirements of
Law” will mean, as to any Person, the charter and by-laws or other organizational or governing documents of such Person, and any law, rule or regulation, or determination of an arbitrator or a court or other Governmental Authority, in each
case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject.
  

1. The Obligations will be due and payable in lawful money of Canada as follows:
  
 
	 
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 a. On each Payment Date until this Note is paid in full on demand, Depositee will pay to
Depositor all interest then accrued on each Principal Amount at the Applicable Interest Rate. Depositee may request, and Depositor may, in its sole discretion, agree that any interest payable by Depositee under this Note will continue to accrue
until such date as Depositor may agree to.
  
 b. On demand, but in any event, no later than
■, Depositee will pay to Depositor the Obligations then outstanding.
  
 c. Amounts
due on this Note will be payable, without any counterclaim, setoff or deduction whatsoever except for any withholding taxes that the Depositee is required to withhold at law, at the office of Depositor or its agent or designee at the address set
forth in the first paragraph of this Note or at such other place as Depositor or its agent or designee may from time to time designate in writing.
  

d. The Depositee acknowledges that the actual recording of amounts advanced and amounts paid on the attached grid schedule shall, in the absence of manifest error, be prima
facie evidence of the same; provided that the failure of the Depositor to record the same on the grid schedule shall not affect the obligation of the undersigned to pay or repay the amounts advanced by the Depositor, together with interest
thereon at the Applicable Interest Rate.
  
 2. In order to induce Depositor to make the Deposits, Depositee makes the following
representations and warranties as of each Deposit Date. Such representations and warranties, will survive the effectiveness of this Note, the execution and delivery hereof and the making of the Deposits.

 
 a. Depositee is (i) duly formed, validly existing and in good standing under the laws of the jurisdiction of
its formation, (ii) is duly authorized and qualified to do business and is in good standing under the laws of each jurisdiction except where the failure to be so qualified and in good standing would not result in a Material Adverse Effect, and (iii)
has all powers and all material governmental licenses, authorizations, consents and approvals required to carry on its business as now conducted or as it is presently proposed to be conducted except where the failure to have the same would not
result in a Material Adverse Effect.
  
 b. Depositee has the power and authority to
execute, deliver and carry out the terms and provisions of this Note and has taken all necessary action to authorize the execution and delivery on behalf of Depositee and the performance by Depositee hereof. Depositee has duly executed and delivered
this Note and this Note constitutes the legal, valid and binding obligation of Depositee, enforceable in accordance with its terms.
  
 
	 
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 c. Neither the execution, delivery or performance by the Depositee of this Note, nor
compliance by the Depositee with the terms and provisions hereof, nor the consummation of the transactions contemplated hereby, (i) will contravene any applicable provision of any material law, statute, rule, regulation, order, writ, injunction or
decree of any court or governmental instrumentality that is binding on the Depositee or its property, or (ii) will conflict, in any material respect, with or result in any breach of, any of the terms, covenants, conditions or provisions of, or
constitute a material default under, or result in the creation or imposition of (or the obligation to create or impose) any agreement to which the Depositee is a party or by which it or any of its assets is bound.

 
 3. Depositee covenants and agrees that so long as the Deposits are outstanding and until payment in full of all of the Obligations,
unless Depositor will otherwise give prior written consent:
  
 a. Depositee will at all times maintain its existence and
preserve and keep in full force and effect its rights and franchises material to its businesses, except where the loss or termination of such rights and franchises would not have a Material Adverse Effect;

 
 b. Depositee will remain qualified to do business and maintain its good standing in each
jurisdiction in which the nature of its business and the ownership of its property requires it to be so qualified and in good standing, except where noncompliance would not have a Material Adverse Effect; and

 
 c. Depositee will comply with all Requirements of Law, except where noncompliance would not
have a Material Adverse Effect.
  
 4. Depositee may prepay the Principal Amount of any Deposit in full or in part at any time [together
with all interest accrued on such prepaid amount].
  
 5. If the Depositee defaults in the payment of any payment that
is due on any Payment Date (or such later date as the Depositor has agreed pursuant to section 1(a) that such installment is due), then the Depositee will pay to Depositor a late payment charge in an amount equal to five percent (5%) of the amount
of the installment not paid as aforesaid. Said late charge payments, if payable, will be payable without notice or demand by the Depositor, and are independent of and have no effect upon the rights of the Depositor under paragraph 1 above.

 
 6. This Note will be governed by and construed in accordance with the laws of the Province of Ontario.

 
 7. The Depositee will execute and acknowledge (or cause to be executed and acknowledged) and deliver to the Depositor
all documents, and take all actions, reasonably required by the Depositor from time to time to confirm the rights created or now or hereafter intended to be created under this Note, to protect and further the validity and enforceability of this
Note, or otherwise carry out the purposes of the Note and the transactions contemplated hereunder; provided, however, that no such further actions, assurances and confirmations will increase the Depositee's obligations under this
Note.
  
 
	 
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 8. No modification, amendment, extension, discharge, termination or waiver (a
“Modification”) of any provision of this Note, nor consent to any departure by the Depositee therefrom, will in any event be effective unless the same will be in a writing signed by the Depositor, and then such waiver or consent
will be effective only in the specific instance, and for the purpose, for which given. Except as otherwise expressly agreed to by the Depositor in writing, no Modification will entitle the Depositee to any other or future Modification, whether in
the same, similar or other circumstances. The Depositor does not hereby agree to, nor does the Depositor hereby commit itself to, enter into any Modification.
  

IN WITNESS WHEREOF, Depositee has caused this Note to be executed and delivered as of the day and year first above written. 
  

	  
	 ■

	  
	  
	  

	  
	  
	  

	  
	 By: 
	
		  
	 Name:

		  
	 Title:

  
 Currency: Canadian Dollars

 

	 DATE
	  
	 LOAN NUMBER
		 ADVANCES
	  
	 PRINCIPAL PAYMENTS
	  
	 UNPAID BALANCE
	  
	 NOTATION 
MADE BY

		  
	 1
								
	  
	  
	  
	  
	  
	  
	  
	  
	  
	  
	  

	  
	  
	  
	  
	  
	  
	  
	  
	  
	  
	  

	  
	  
	  
	  
	  
	  
	  
	  
	  
	  
	  

	  
	  
	  
	  
	  
	  
	  
	  
	  
	  
	  

	  
	  
	  
	  
	  
	  
	  
	  
	  
	  
	  

	  
	  
	  
	  
	  
	  
	  
	  
	  
	  
	  

	  
	  
	  
	  
	  
	  
	  
	  
	  
	  
	  

  
  
 
	 
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 EXHIBIT C
FORM OF CONFIRMATION OF SUBORDINATION

 

	 TO:
	 ■ and its successors and assigns (the "Senior Lender")

  

	 RE:
	 Credit agreement dated as of ■ between ■ (the “Borrower”) and the Senior Lender, as amended, modified or supplemented from time to time (the "Senior Credit
Agreement")

	  
	  

	 AND RE: 
	 Credit Agreement dated ■, 2020 between ■, as borrowers, and ■, as lenders (the “Subordinate Lenders”), as amended, modified or supplemented from time
to time (the “Subordinate Credit Agreement”)

  
 Pursuant to section 8.1 of the Subordinate Credit
Agreement, the undersigned confirms in favour of the Senior Lender that (i) all indebtedness, liabilities and obligations of the Borrower owing from time to time under or pursuant to the Senior Credit Agreement constitutes "Senior
Debt" for all purposes of the Subordinate Credit Agreement, and (ii) the Senior Lender is entitled to all the rights and benefits of section 8.1 of the Subordinate Credit Agreement in respect of the Senior Debt owing to it from time to
time.
  
 All terms that are capitalized but not defined herein have the meanings attributed to such terms in the Subordinate Credit
Agreement.
  
 This confirmation is binding upon the undersigned and its successors and assigns, and enures to the benefit of the Senior Lender
and its respective successors and assigns.
  
 DATED this   day of ■.
  

[Signature Page Follows]

  
 
	 
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	 Per:    
	
		  
	 Name:

		  
	 Title:

			  
	  
	 Per:
	
		  
	 Name:

		  
	 Title:

  

	  
	 Per:    
	
		  
	 Name:

		  
	 Title:

			 
	  
	 Per:
	
		  
	 Name:

		  
	 Title:

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